Financials Air Products & Chemicals, Inc.

Equities

APD

US0091581068

Commodity Chemicals

Market Closed - Nyse Other stock markets 21:00:02 13/02/2026 GMT			5-day change	1st Jan Change
279.74 ^USD	-4.03%		-1.19%	+13.25%

02-09	Deutsche Bank Raises Price Target on Air Products & Chemicals to $300 From $255, Keeps Hold Rating	MT
02-02	Goldman Sachs Adjusts Air Products and Chemicals Price Target to $325 From $310, Maintains Buy Rating	MT

Projected Income Statement: Air Products & Chemicals, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	10,323	12,699	12,600	12,101	12,037	12,550	13,280	14,052
Change	-	23.01%	-0.78%	-3.96%	-0.52%	4.26%	5.82%	5.81%
EBITDA ¹	3,883	4,247	4,702	5,046	5,076	5,451	5,761	6,137
Change	-	9.37%	10.71%	7.33%	0.6%	7.38%	5.68%	6.53%
EBIT ¹	2,268	2,412	2,739	2,948	2,858	3,170	3,413	3,727
Change	-	6.38%	13.54%	7.6%	-3.05%	10.94%	7.65%	9.2%
Interest Paid ¹	-141.8	-128	-177.5	-218.8	-214	-251.9	-248.1	-258.6
Earnings before Tax (EBT) ¹	2,507	2,755	2,882	4,821	-440.7	3,350	3,736	4,041
Change	-	9.86%	4.64%	67.26%	-109.14%	860.04%	11.55%	8.16%
Net income ¹	2,029	2,244	2,293	3,842	-386.5	2,890	3,129	3,411
Change	-	10.58%	2.2%	67.57%	-110.06%	847.63%	8.28%	9%
Announcement Date	04/11/21	03/11/22	07/11/23	07/11/24	06/11/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	2,502	2,605	2,841	2,994	2,945	3,189	3,570	3,175	3,200	3,034	3,191	2,997	2,930	2,986	3,188	2,932	2,916	3,023	3,167	3,102	3,059	3,145	3,275	3,281	3,202	3,290	3,431
Change	-	4.1%	9.08%	5.39%	-1.64%	8.29%	11.94%	-11.07%	0.8%	-5.19%	5.19%	-6.08%	-2.24%	1.89%	6.77%	-8.03%	-0.52%	3.65%	4.77%	-2.03%	-1.39%	2.81%	4.13%	0.2%	-2.42%	2.75%	4.28%
EBITDA ¹	934	976	1,041	1,003	1,019	1,081	1,145	1,084	1,151	1,208	1,259	1,174	1,198	1,267	1,407	1,191	1,167	1,310	1,409	-	1,305	1,379	1,456	1,409	1,409	1,453	1,532
Change	-	4.5%	6.67%	-3.65%	1.55%	6.1%	5.91%	-5.29%	6.17%	4.97%	4.24%	-6.73%	2.03%	5.72%	11.04%	-15.34%	-1.99%	12.21%	7.55%	-	-	5.7%	5.61%	-3.24%	0.01%	3.12%	5.46%
EBIT ¹	534.9	577.1	616.7	523	561.9	627.4	700.2	652	645.4	644.2	738.6	666.9	694.2	737.6	848.8	673.5	631.3	741.1	811.8	756.5	744.8	807.7	868	823.9	844	893	978
Change	-	7.89%	6.86%	-15.19%	7.44%	11.66%	11.6%	-6.88%	-1.01%	-0.19%	14.65%	-9.71%	4.09%	6.25%	15.08%	-20.65%	-6.27%	17.39%	9.54%	-6.81%	-1.55%	8.45%	7.46%	-5.08%	2.44%	5.81%	9.52%
Charge d'intérêts ¹	-36.1	-35.6	-33.4	-30.5	-32.3	-32.7	-32.5	-41.2	-40.9	-47.4	-48	-53.5	-59.9	-55.7	-49.7	-42.6	-42.2	-61.4	-67.8	-54.5	-55	-57.67	-58.67	-42	-42	-38	-40
Earnings before Tax (EBT) ¹	599	625.8	692.3	662.9	659.5	721.3	711	720.2	570.9	750.1	841.2	757	711.4	849.5	2,503	790.5	-2,243	890.8	121.3	850.8	828	911	982	-	-	-	-
Change	-	4.47%	10.63%	-4.25%	-0.51%	9.37%	-1.43%	1.29%	-20.73%	31.39%	12.15%	-10.01%	-6.02%	19.41%	194.68%	-68.42%	-383.78%	139.71%	-86.38%	601.4%	-2.68%	10.02%	7.79%	-	-	-	-
Net income ¹	473.1	533.6	558.6	560.4	530.5	582.1	570.5	572.2	439.8	595.6	685.2	609.3	572.4	696.6	1,964	617.4	-1,731	721.8	4.9	678.2	668.5	748	800.5	-	-	-	-
Change	-	12.79%	4.69%	0.32%	-5.34%	9.73%	-1.99%	0.3%	-23.14%	35.43%	15.04%	-11.08%	-6.06%	21.7%	181.91%	-68.56%	-380.3%	141.71%	-99.32%	13,740.82%	-1.43%	11.89%	7.02%	-	-	-	-
Announcement Date	10/05/21	09/08/21	04/11/21	04/02/22	05/05/22	04/08/22	03/11/22	02/02/23	09/05/23	03/08/23	07/11/23	05/02/24	30/04/24	01/08/24	07/11/24	06/02/25	01/05/25	31/07/25	06/11/25	30/01/26	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Air Products & Chemicals, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	1,836	4,343	8,357	11,243	15,842	17,074	16,543	17,127
Change	-	136.55%	92.42%	34.53%	40.91%	7.77%	-3.11%	3.53%
Announcement Date	04/11/21	03/11/22	07/11/23	07/11/24	06/11/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Air Products & Chemicals, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	2,464	2,926	4,626	6,797	7,023	4,002	3,415	3,188
Change	-	18.76%	58.09%	46.91%	3.32%	-43.01%	-14.67%	-6.65%
Free Cash Flow (FCF) ¹	871	244	-1,421	-3,150	-3,766	468.3	1,561	2,400
Change	-	-71.99%	-682.25%	-121.72%	-19.55%	112.44%	233.4%	53.75%
Announcement Date	04/11/21	03/11/22	07/11/23	07/11/24	06/11/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Air Products & Chemicals, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	37.62%	33.44%	37.32%	41.7%	42.17%	43.43%	43.38%	43.67%
EBIT Margin (%)	21.97%	19%	21.74%	24.36%	23.74%	25.26%	25.7%	26.52%
EBT Margin (%)	24.29%	21.69%	22.88%	39.84%	-3.66%	26.69%	28.13%	28.76%
Net margin (%)	19.65%	17.67%	18.2%	31.75%	-3.21%	23.02%	23.56%	24.27%
FCF margin (%)	8.44%	1.92%	-11.28%	-26.03%	-31.28%	3.73%	11.76%	17.08%
FCF / Net Income (%)	42.93%	10.88%	-61.96%	-81.99%	974.33%	16.21%	49.9%	70.38%
Profitability
ROA	7.8%	8.3%	8.66%	10.7%	6.65%	6.87%	7.05%	7.42%
ROE	15.84%	17.36%	18.67%	24.42%	16.72%	18.13%	17.94%	18.03%
Financial Health
Leverage (Debt/EBITDA)	0.47x	1.02x	1.78x	2.23x	3.12x	3.13x	2.87x	2.79x
Debt / Free cash flow	2.11x	17.8x	-5.88x	-3.57x	-4.21x	36.46x	10.6x	7.13x
Capital Intensity
CAPEX / Current Assets (%)	23.87%	23.05%	36.72%	56.17%	58.34%	31.89%	25.72%	22.69%
CAPEX / EBITDA (%)	63.46%	68.91%	98.4%	134.69%	138.34%	73.42%	59.29%	51.95%
CAPEX / FCF (%)	282.92%	1,199.39%	-325.64%	-215.77%	-186.48%	854.69%	218.76%	132.82%
Items per share
Cash flow per share ¹	14.99	14.25	14.39	16.37	14.62	20.21	19.91	20.9
Change	-	-4.94%	1.02%	13.71%	-10.65%	38.18%	-1.49%	4.99%
Dividend per Share ¹	5.84	6.36	6.87	7.06	7.14	7.247	7.392	7.592
Change	-	8.9%	8.02%	2.77%	1.13%	1.5%	2%	2.7%
Book Value Per Share ¹	61.14	59.21	64.27	76.47	67.47	72.9	78.97	85.82
Change	-	-3.16%	8.55%	18.98%	-11.77%	8.05%	8.33%	8.68%
EPS ¹	9.12	10.08	10.3	17.24	-1.74	12.96	14	15.29
Change	-	10.53%	2.18%	67.38%	-110.09%	845%	8.04%	9.19%
Nbr of stocks (in thousands)	221,365	221,799	222,149	222,315	222,554	222,656	222,656	222,656
Announcement Date	04/11/21	03/11/22	07/11/23	07/11/24	06/11/25	-	-	-