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Amundi decreased its holdings in shares of Air Products and Chemicals, Inc. (NYSE:APD – Free Report) by 11.1% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 621,653 shares of the basic materials company’s stock after selling 77,909 shares during the period. Amundi owned approximately 0.28% of Air Products and Chemicals worth $182,256,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in APD. Lloyd Advisory Services LLC. acquired a new position in shares of Air Products and Chemicals in the fourth quarter valued at approximately $25,000. Evolution Wealth Management Inc. purchased a new position in Air Products and Chemicals in the 1st quarter valued at $25,000. Fiduciary Financial Advisors acquired a new position in Air Products and Chemicals in the 2nd quarter valued at $25,000. Meeder Asset Management Inc. acquired a new position in Air Products and Chemicals in the 4th quarter valued at $25,000. Finally, Mcguire Capital Advisors Inc. purchased a new position in Air Products and Chemicals during the 4th quarter worth $25,000. Institutional investors and hedge funds own 81.66% of the company’s stock.

Air Products and Chemicals Stock Performance APD opened at $297.74 on Wednesday. The stock has a market cap of $66.30 billion, a P/E ratio of -1,353.36, a P/E/G ratio of 3.04 and a beta of 0.75. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.08 and a quick ratio of 0.92. The stock’s 50 day simple moving average is $301.60 and its 200 day simple moving average is $292.63. Air Products and Chemicals, Inc. has a 1-year low of $229.11 and a 1-year high of $314.87.

Air Products and Chemicals (NYSE:APD – Get Free Report) last posted its earnings results on Thursday, July 30th. The basic materials company reported $3.47 EPS for the quarter, topping analysts’ consensus estimates of $3.34 by $0.13. Air Products and Chemicals had a positive return on equity of 16.87% and a negative net margin of 0.38%.The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.20 billion. During the same period in the previous year, the business earned $3.09 earnings per share. Air Products and Chemicals’s quarterly revenue was up 4.6% compared to the same quarter last year. Air Products and Chemicals has set its FY 2026 guidance at 13.390-13.490 EPS and its Q4 2026 guidance at 3.550-3.650 EPS. As a group, equities analysts anticipate that Air Products and Chemicals, Inc. will post 13.45 EPS for the current fiscal year. Air Products and Chemicals Dividend Announcement The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Investors of record on Thursday, October 1st will be paid a $1.81 dividend. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $7.24 dividend on an annualized basis and a yield of 2.4%. Air Products and Chemicals’s dividend payout ratio is presently -3,290.91%.

Wall Street Analysts Forecast Growth Several analysts have recently weighed in on APD shares. UBS Group lifted their target price on shares of Air Products and Chemicals from $330.00 to $336.00 and gave the company a “neutral” rating in a report on Friday, July 31st. Morgan Stanley set a $320.00 price objective on shares of Air Products and Chemicals in a research report on Monday, August 3rd. Royal Bank Of Canada lifted their price objective on Air Products and Chemicals from $358.00 to $360.00 and gave the company an “outperform” rating in a report on Thursday, August 6th. Mizuho increased their target price on Air Products and Chemicals from $345.00 to $355.00 and gave the stock an “outperform” rating in a research note on Friday, July 31st. Finally, Deutsche Bank Aktiengesellschaft reissued a “hold” rating and issued a $320.00 price target on shares of Air Products and Chemicals in a report on Monday, August 3rd. One investment analyst has rated the stock with a Strong Buy rating, ten have given a Buy rating and six have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $332.76.

View Our Latest Report on APD

Air Products and Chemicals Company Profile (Free Report)

Air Products and Chemicals, Inc is a global industrial gases and chemicals company headquartered in Allentown, Pennsylvania. Founded in 1940, the company supplies atmospheric and process gases, including oxygen, nitrogen, argon, hydrogen, helium, carbon monoxide and syngas, along with related equipment and technical services.

Air Products serves customers in industries such as refining, chemicals, metals, electronics, manufacturing, food and beverage, healthcare and energy. Its offerings support applications including combustion, metal fabrication, semiconductor production, food preservation, medical care and industrial processing.

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Q3 showed stronger profitability, with adjusted operating margin up 110 bps and EPS rising 12%, supporting higher full-year guidance. The new CEO is reshaping the energy-transition portfolio, exiting weaker projects and prioritizing investments with higher returns and better capital efficiency. Lower CAPEX and a $3 billion industrial-gas backlog should improve free cash flow and reduce dependence on large-scale transition projects.

Key Takeaways Air Products gained 24.7% YTD as investments, deals, acquisitions and productivity initiatives aided growth.APD's $3 billion project backlog and cost actions are supporting earnings, cash flow and margins.Air Products topped Q3 earnings estimates and raised fiscal 2026 adjusted EPS guidance to $13.39-$13.49. Air Products and Chemicals, Inc.’s (APD - Free Report) shares have gained 24.7% so far this year. The company has also outperformed the Zacks Chemicals Diversified industry’s 21.1% rise over the same time frame. APD is benefiting from investments in high-return projects, new business deals, acquisitions and productivity initiatives.

Let’s take a look into the factors that are driving APD stock.

Image Source: Zacks Investment Research

High-Return Projects & Productivity Actions Aid Air ProductsAir Products is gaining from investments in high-return industrial gas projects and productivity initiatives. The company remains committed to its gasification strategy while advancing key growth projects, which are expected to contribute positively to earnings and cash flow.

APD has an industrial gas project backlog of around $3 billion, with most projects focused on serving electronics customers. It also plans to invest around $1.5 billion annually in traditional industrial gas projects.

Air Products is currently pursuing the NEOM green hydrogen project in Saudi Arabia. The project is expected to supply up to 1.2 million tons per year of renewable ammonia. Air Products and Yara International have finalized a marketing and distribution agreement for renewable ammonia from the project. Under the deal, Yara will transport and market green ammonia not sold by Air Products as renewable hydrogen.

 Air Products is also driving productivity to improve its cost structure. It is seeing the positive impacts of its productivity actions. Benefits from additional productivity and cost improvement programs are likely to support its margins moving ahead. The company also remains focused on improving pricing amid an inflationary environment. Air Products is also taking action to right-size the organization through headcount reductions and expects these reductions to result in $250 million in annual cost savings once completed. It has already realized roughly $75 million in savings from headcount reductions, as divulged in its fiscal third-quarter earnings call.

APD delivered forecast-topping earnings performance in the fiscal third quarter. Adjusted earnings of $3.47 per share rose from $3.09 a year ago and topped the Zacks Consensus Estimate of $3.36. Higher on-site volumes, favorable currency, new assets, pricing and productivity supported results.

Air Products raised its fiscal 2026 adjusted earnings guidance to $13.39-$13.49 per share from the prior range of $13.00-$13.25. For the fourth quarter of fiscal 2026, Air Products expects adjusted earnings of $3.55-$3.65 per share, implying 5-8% growth from the prior-year period. The growth is expected to be supported by new asset contributions, pricing actions and productivity initiatives.

APD’s Zacks Rank & Key PicksAPD currently carries a Zacks Rank #3 (Hold).

Better-ranked stocks in the Basic Materials space are Worthington Steel, Inc. (WS - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Avient Corporation (AVNT - Free Report) . WS currently carries a Zacks Rank #1 (Strong Buy), while CRS and AVNT carry a Zacks Rank #2 (Buy) each. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for WS’s current-year earnings stands at $3.4 per share, implying a 52.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 13.8%.

The Zacks Consensus Estimate for CRS’s current fiscal-year earnings is pegged at $13.08 per share, implying a 21.6% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, with the average surprise being 8.4%.

 The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.2 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, with the average surprise being 3.4%.

For those looking to find strong Basic Materials stocks, it is prudent to search for companies in the group that are outperforming their peers. Is Air Products and Chemicals (APD - Free Report) one of those stocks right now? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.

Air Products and Chemicals is one of 275 companies in the Basic Materials group. The Basic Materials group currently sits at #15 within the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. Air Products and Chemicals is currently sporting a Zacks Rank of #2 (Buy).

Over the past 90 days, the Zacks Consensus Estimate for APD's full-year earnings has moved 1.9% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the latest available data, APD has gained about 24% so far this year. In comparison, Basic Materials companies have returned an average of 23.7%. This means that Air Products and Chemicals is performing better than its sector in terms of year-to-date returns.

Avient (AVNT - Free Report) is another Basic Materials stock that has outperformed the sector so far this year. Since the beginning of the year, the stock has returned 42.2%.

For Avient, the consensus EPS estimate for the current year has increased 3.9% over the past three months. The stock currently has a Zacks Rank #2 (Buy).

Looking more specifically, Air Products and Chemicals belongs to the Chemical - Diversified industry, which includes 31 individual stocks and currently sits at #93 in the Zacks Industry Rank. Stocks in this group have gained about 21.9% so far this year, so APD is performing better this group in terms of year-to-date returns. Avient is also part of the same industry.

Investors with an interest in Basic Materials stocks should continue to track Air Products and Chemicals and Avient. These stocks will be looking to continue their solid performance.

Barrow Hanley Mewhinney & Strauss LLC cut its holdings in Air Products and Chemicals, Inc. (NYSE:APD – Free Report) by 6.8% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,044,182 shares of the basic materials company’s stock after selling 148,109 shares during the quarter. Air Products and Chemicals accounts for 1.8% of Barrow Hanley Mewhinney & Strauss LLC’s portfolio, making the stock its 13th biggest holding. Barrow Hanley Mewhinney & Strauss LLC owned 0.92% of Air Products and Chemicals worth $599,313,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Lloyd Advisory Services LLC. acquired a new stake in shares of Air Products and Chemicals in the fourth quarter valued at about $25,000. Evolution Wealth Management Inc. purchased a new position in Air Products and Chemicals in the first quarter valued at about $25,000. Meeder Asset Management Inc. acquired a new stake in shares of Air Products and Chemicals during the 4th quarter valued at approximately $25,000. Mcguire Capital Advisors Inc. acquired a new stake in shares of Air Products and Chemicals in the 4th quarter worth approximately $25,000. Finally, Motiv8 Investments LLC acquired a new position in Air Products and Chemicals during the fourth quarter worth $26,000. Institutional investors and hedge funds own 81.66% of the company’s stock.

Air Products and Chemicals Price Performance APD opened at $305.55 on Monday. Air Products and Chemicals, Inc. has a 1 year low of $229.11 and a 1 year high of $314.87. The company’s 50 day simple moving average is $295.82 and its 200 day simple moving average is $290.89. The stock has a market capitalization of $68.04 billion, a PE ratio of -1,388.86, a P/E/G ratio of 2.65 and a beta of 0.73. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 1.08.

Air Products and Chemicals (NYSE:APD – Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The basic materials company reported $3.47 earnings per share for the quarter, topping analysts’ consensus estimates of $3.34 by $0.13. Air Products and Chemicals had a negative net margin of 0.38% and a positive return on equity of 16.87%. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.20 billion. During the same quarter last year, the firm posted $3.09 earnings per share. Air Products and Chemicals’s revenue was up 4.6% on a year-over-year basis. Air Products and Chemicals has set its FY 2026 guidance at 13.390-13.490 EPS and its Q4 2026 guidance at 3.550-3.650 EPS. As a group, sell-side analysts expect that Air Products and Chemicals, Inc. will post 13.45 EPS for the current year. Air Products and Chemicals Announces Dividend The company also recently declared a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Thursday, October 1st will be paid a dividend of $1.81 per share. The ex-dividend date is Thursday, October 1st. This represents a $7.24 annualized dividend and a yield of 2.4%. Air Products and Chemicals’s dividend payout ratio is currently -3,290.91%.

Wall Street Analysts Forecast Growth A number of research analysts have recently weighed in on the company. JPMorgan Chase & Co. raised their price target on Air Products and Chemicals from $310.00 to $330.00 and gave the company an “overweight” rating in a research report on Friday, May 1st. Citigroup increased their price target on shares of Air Products and Chemicals from $315.00 to $330.00 and gave the company a “neutral” rating in a research report on Friday, July 31st. Evercore reaffirmed an “outperform” rating and issued a $342.00 target price on shares of Air Products and Chemicals in a research note on Friday, July 10th. Sanford C. Bernstein restated an “outperform” rating and issued a $373.00 price objective on shares of Air Products and Chemicals in a research report on Friday, July 31st. Finally, Morgan Stanley set a $320.00 target price on shares of Air Products and Chemicals in a research note on Monday, August 3rd. One analyst has rated the stock with a Strong Buy rating, ten have assigned a Buy rating and six have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $332.76.

View Our Latest Stock Analysis on APD

(Free Report)

Air Products and Chemicals, Inc is a global supplier of industrial gases and related equipment and services, headquartered in Allentown, Pennsylvania. The company produces and delivers atmospheric gases such as oxygen, nitrogen and argon, as well as specialty and process gases used across a wide range of industrial applications. Air Products designs, builds and operates gas production facilities, merchant distribution networks and on-site gas systems for customers that require reliable, high-purity gases and integrated supply solutions.

The company’s product and service portfolio includes packaged and bulk gas supply, pipeline distribution, on-site generation, gas handling and storage equipment, and engineered systems for gas liquefaction and purification.

See Also Five stocks we like better than Air Products and Chemicals VIG, VYM, and VYMI: Which Vanguard Dividend ETF Is Right for You? 3 Closed-End Funds to Maximize Dividend Payments Rocket Lab’s Sell-Off Is Fading—Is It Finally Safe to Buy? $27 Billion in Buybacks: 3 Stocks Betting Their Strong Runs Aren’t Over Want to see what other hedge funds are holding APD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Air Products and Chemicals, Inc. (NYSE:APD – Free Report).

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Key Takeaways Air Products is advancing high-return projects, including its $3 billion industrial gas backlog. Headcount reductions are expected to deliver meaningful annual cost savings once completed.Lower helium prices and weak industrial activity in Europe continue to pressure Air Products. Air Products and Chemicals, Inc. (APD - Free Report) is benefiting from investments in high-return projects, new business deals, acquisitions and productivity initiatives amid headwinds from weak helium prices and softness in Europe.

The company’s shares have gained 3.3% over a year compared with the Zacks Chemicals Diversified industry’s 4.2% rise.

Image Source: Zacks Investment Research

Let’s find out why APD stock is worth retaining at the moment.

High-Return Projects & Productivity Actions Aid Air ProductsAir Products is well-placed to gain from its investments in high-return industrial gas projects and productivity measures. It remains focused on its gasification strategy and is executing its key growth projects. These projects are expected to be accretive to earnings and cash flows.

The company has an industrial gas backlog of roughly $3 billion in projects, mainly supporting electronics customers. It plans to invest about $1.5 billion annually in traditional industrial gas projects.

Air Products is currently pursuing the NEOM green hydrogen project in Saudi Arabia. The project is expected to supply up to 1.2 million tons per year of renewable ammonia. Air Products and Yara International have finalized a marketing and distribution agreement for renewable ammonia from the project. Under the deal, Yara will transport and market green ammonia not sold by Air Products as renewable hydrogen.

Air Products is also driving productivity to improve its cost structure. It is seeing the positive impacts of its productivity actions. Benefits from additional productivity and cost improvement programs are likely to support its margins moving ahead. The company also remains focused on improving pricing amid an inflationary environment. Air Products is also taking action to right-size the organization through headcount reductions and expects these reductions to result in $250 million in annual cost savings once completed. It has already realized roughly $75 million in savings from headcount reductions, as divulged in its fiscal third-quarter earnings call.

Weak Helium Prices & Softness in Europe Ail APDDespite improving volumes, Air Products faces headwinds from lower helium prices. It saw pressure on helium pricing in the most recent quarter. Helium-related headwinds on earnings in the fiscal third quarter were roughly 2%. Air Products sees a roughly 2% and 3% headwind for the fiscal fourth quarter and fiscal 2026, respectively. Lower helium pricing is expected to continue to offset some of the benefits from stronger on-site volumes, electronics demand and pricing initiatives.

Air Products remains exposed to a challenging macroeconomic environment. Weak industrial activity could limit merchant gas demand, pressure volumes and reduce pricing power in certain end markets. Europe remains a difficult market with limited industrial growth. Industrial markets are not expanding, while parts of Asia outside electronics also remain challenged. Sluggish demand could limit volume growth and make earnings increasingly dependent on pricing actions and cost controls.

APD’s Zacks Rank & Other Key PicksAPD currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the Basic Materials space are Worthington Steel, Inc. (WS - Free Report) , Carpenter Technology Corporation (CRS - Free Report) and Avient Corporation (AVNT - Free Report) . WS currently carries a Zacks Rank #1 (Strong Buy), while CRS and AVNT carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for WS’s current-year earnings stands at $3.4 per share, implying a 52.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 13.8%.

The Zacks Consensus Estimate for CRS’s current fiscal-year earnings is pegged at $12.92 per share, implying a 20.1% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, with the average surprise being 8.4%.

The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.2 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in all of the trailing four quarters, with the average surprise being 3.4%.

Investors might want to bet on Air Products and Chemicals (APD - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.

A company's changing earnings picture is at the core of the Zacks rating. The system tracks the Zacks Consensus Estimate -- the consensus measure of EPS estimates from the sell-side analysts covering the stock -- for the current and following years.

Since a changing earnings picture is a powerful factor influencing near-term stock price movements, the Zacks rating system is very useful for individual investors. They may find it difficult to make decisions based on rating upgrades by Wall Street analysts, as these are mostly driven by subjective factors that are hard to see and measure in real time.

Therefore, the Zacks rating upgrade for Air Products and Chemicals basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.

For Air Products and Chemicals, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for Air Products and ChemicalsFor the fiscal year ending September 2026, this seller of gases for industrial, medical and other uses is expected to earn $13.43 per share, which is unchanged compared with the year-ago reported number.

Analysts have been steadily raising their estimates for Air Products and Chemicals. Over the past three months, the Zacks Consensus Estimate for the company has increased 1.9%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Air Products and Chemicals to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

Investors looking for stocks in the Chemical - Diversified sector might want to consider either Akzo Nobel NV (AKZOY) or Air Products and Chemicals (APD). But which of these two stocks presents investors with the better value opportunity right now?

Srpen patří mezi slabší měsíce pro akciové trhy, a investoři proto mohou hledat dividendové tituly, které dokážou nabídnout stabilnější výnos i v období zvýšené volatility. CNBC proto upozorňuje na několik společností z dividendových aristokratů, které vedle pravidelného růstu dividend nabízejí i zajímavý potenciál dalšího růstu ceny akcií.

Srpen bývá třetím nejslabším měsícem roku. Historická data ukazují, že index S&P 500 v srpnu v průměru přidává jen nepatrné zisky. A přitom už v červenci byly trhy letos poměrně volatilní, když se investoři museli vypořádat s napětím na Blízkém východě a obavami ohledně dalšího směřování Fedu. Index S&P 500 tak nakonec v červenci oslabil o 0,1 %, technologický index Nasdaq ztratil 3,2 % a Dow Jones Industrial Average si připsal 0,3 %.

Dividendové akcie si však ve stejný měsíc vedly lépe než širší trh. Fond ProShares S&P 500 Dividend Aristocrats ETF (NOBL) vzrostl téměř o 8 % a fond Vanguard Dividend Appreciation ETF (VIG) přidal přibližně 1 %. NOBL investuje do společností z indexu S&P 500, které dlouhodobě každoročně zvyšují dividendy a jeho dividendový výnos činí 2,42 %. Stejně tak VIG se zaměřuje na firmy s historií růstu dividend a nabízí dividendový výnos 1,54 %.

Právě akcie vyplácející dividendy nabízí během tržní volatility stabilnější a předvídatelnější výnosy a mohou zmírnit propady portfolia. „Trhy jsou volatilní, budoucí vývoj je nejistý a růst dividend navíc pomáhá kompenzovat inflaci, která zůstává vyšší a odolnější, než se očekávalo,“ uvedl v červnu pro CNBC Michael Clarfeld, manažer dividendové strategie společnosti ClearBridge Investments.

Investoři by se však neměli zaměřovat pouze na akcie s nejvyšším dividendovým výnosem. Někdy totiž mimořádně vysoká dividenda může signalizovat problémy - pokud cena akcie výrazně klesne, dividendový výnos naopak matematicky vzroste, což může vytvářet klamný dojem atraktivity. Proto se pozornost často obrací na takzvané dividendové aristokraty, tedy společnosti z indexu S&P 500, které zvyšovaly dividendu každý rok po dobu nejméně 25 let v řadě. Jejich dividendové výnosy sice nebývají nejvyšší na trhu, ale obecně jde o kvalitní a finančně stabilní firmy s dlouhodobě prověřeným byznysem.

CNBC zveřejnila seznam akcií z fondu NOBL, které mají podle analytiků stále zajímavý růstový potenciál (tj. alespoň 15% možnost růstu oproti aktuální ceně) a zároveň je alespoň 55 % analytiků doporučuje k nákupu:

Jednou z těchto akcií je Albemarle, jeden z největších světových producentů lithia. Akcie v červenci ztratily 13 %, analytici však věří, že by mohly výrazně posílit. Průměrná cílový cena naznačuje potenciální růst až o 63 % a mezitím investoři dostávají dividendový výnos 1,4 %. Přibližně 58 % analytiků, kteří akcii sledují, doporučuje její nákup. Patří mezi ně i banka Citigroup, která v červnu své doporučení zvýšila.

Ceny akcií Albemarle v poslední době negativně ovlivňují obavy z příliš vysoké nabídky lithia na trhu. Analytik Citi Patrick Cunningham si však nemyslí, že by došlo k výraznému přebytku suroviny. „I v případě vyrovnaného trhu považujeme Albemarle za jednoho z hlavních vítězů dlouhodobě rostoucí poptávky po lithiu díky kvalitním aktivům, zpracovatelské síti a schopnosti investovat kapitál do růstových projektů s vysokou návratností. Domníváme se, že současné ocenění akcie dostatečně nezohledňuje další fázi růstu společnosti.“

Další zajímavou dividendovou akcií na seznamu je Air Products and Chemicals, která nabízí nejvyšší dividendový výnos z uvedených společností, a to 2,5 %. Podle průměrné cílové ceny analytiků má akcie 17% potenciál růstu a zároveň jí 56 % analytiků doporučuje k nákupu.

Minulý týden společnost Air Products and Chemicals oznámila výsledky za třetí fiskální čtvrtletí. Zisk překonal očekávání analytiků, avšak tržby byly o něco nižší, než trh předpokládal. Firma zároveň zvýšila svůj výhled celoročního zisku, a naopak snížila plánované kapitálové výdaje, tedy investice do nových projektů a infrastruktury. Akcie společnosti v červenci mírně posílily.

Dover vyrábí specializovaná zařízení, komponenty, software a průmyslová řešení pro firmy a k nákupu ho doporučuje téměř 62 % analytiků. Akcie nabízí 1% dividendový výnos a potenciální zhodnocení o 23 %. Management se nedávno zavázal transformovat portfolio směrem k rychlejšímu strukturálnímu růstu na trzích, jako je zemní plyn a biomedicína. Provozní marže se v posledních 10 letech rozšířila díky optimalizaci portfolia a kontrole nákladů a rozvaha firmy navíc značí prostor pro velké akvizice.

Ecolab je globálním lídrem v oblasti úpravy vody, hygieny a sanitace a prevence infekcí a mezi jeho zákazníky jsou mimo jiné i datová centra, u kterých firma očekává růst tržeb alespoň o 20 % ročně. Tento titul doporučuje k nákupu 60 % analytiků a jeho cena představuje 18% možnost zhodnocení, a navíc s dividendovým výnosem 1,1 %.

S&P Global doporučuje ke koupi až 79 % analytiků, což je nejvíce z akcií na seznamu, přičemž u ní vidí 26% zhodnocení. K tomu má titul 0,9% dividendový výnos. Nicméně poslední výsledky investory mírně zklamaly poté, co firma nedoručila očekávané výnosy ze segmentů energetiky a tržních dat. Nicméně na lince marží a zisku na akcii splnila odhady a potvrdila výhled.

Další společností na seznamu je Walmart. Ten sice nabízí relativně nízký dividendový výnos 0,9 %, podle dat společnosti FactSet však má potenciál růstu ceny akcie téměř o 26 %. Přibližně 67 % analytiků, kteří akcii sledují, doporučuje její nákup. Akcie Walmartu během července ztratily asi 2 %.

Walmart své výsledky zveřejní 20. srpna. Investiční společnost Bernstein, která akcii hodnotí doporučením „outperform“, doporučuje akcie dokoupit v případě, že by po případně slabších výsledcích výrazněji oslabily. „Přestože v nejbližší době může dojít ke zpomalení růstu srovnatelných tržeb, Walmart podle nás zůstává ve velmi silné fundamentální pozici. Má cenovou výhodu oproti konkurenci, širší nabídku produktů a stále atraktivnější služby doručování,“ napsal analytik Zhihan Ma.

West Pharmaceutical Services doporučuje 68 % analytiků k nákupu a vidí u ní cílovou cenu o 20 % nad současnou tržní cenou. Dividendový výnos je zde ale pouze 0,3 %. V posledních výsledcích tato farmacie překonala odhady trhu u tržeb, organického růstu, provozní marže i zisku na akcii. Deutsche Bank považuje tuto banku za „jeden z jasných titulů, které překonávají očekávání a od roku 2026 do roku 2027 rostou“, uvedl analytik DB Justin Bowers.

Posted by Defense World Staff on Jul 31st, 2026

Bank of America Corp DE grew its position in shares of Air Products and Chemicals, Inc. (NYSE:APD – Free Report) by 14.3% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 4,443,531 shares of the basic materials company’s stock after buying an additional 556,188 shares during the period. Bank of America Corp DE owned approximately 2.00% of Air Products and Chemicals worth $1,290,801,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also modified their holdings of the business. Norges Bank acquired a new stake in Air Products and Chemicals in the 4th quarter worth about $1,063,906,000. Capital International Investors increased its holdings in shares of Air Products and Chemicals by 44.2% during the fourth quarter. Capital International Investors now owns 12,792,580 shares of the basic materials company’s stock worth $3,160,023,000 after purchasing an additional 3,922,567 shares during the period. Viking Global Investors LP acquired a new stake in shares of Air Products and Chemicals in the second quarter valued at approximately $607,601,000. Clearbridge Investments LLC boosted its stake in shares of Air Products and Chemicals by 70.2% in the fourth quarter. Clearbridge Investments LLC now owns 2,694,659 shares of the basic materials company’s stock valued at $665,609,000 after buying an additional 1,111,378 shares during the period. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its position in Air Products and Chemicals by 644.6% during the third quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 1,031,306 shares of the basic materials company’s stock worth $281,258,000 after buying an additional 892,793 shares in the last quarter. 81.66% of the stock is currently owned by institutional investors and hedge funds.

Air Products and Chemicals Stock Performance NYSE APD opened at $299.75 on Friday. The company has a debt-to-equity ratio of 0.95, a quick ratio of 1.21 and a current ratio of 1.43. Air Products and Chemicals, Inc. has a fifty-two week low of $229.11 and a fifty-two week high of $314.87. The stock has a market cap of $66.75 billion, a PE ratio of 31.72, a PEG ratio of 2.67 and a beta of 0.73. The firm’s fifty day moving average price is $289.60 and its two-hundred day moving average price is $286.63.

Air Products and Chemicals (NYSE:APD – Get Free Report) last issued its earnings results on Thursday, July 30th. The basic materials company reported $3.47 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.34 by $0.13. Air Products and Chemicals had a return on equity of 16.11% and a net margin of 16.91%.The business had revenue of $3.16 billion during the quarter, compared to analysts’ expectations of $3.20 billion. During the same quarter in the prior year, the firm earned $3.09 EPS. The business’s revenue for the quarter was up 4.6% compared to the same quarter last year. Air Products and Chemicals has set its FY 2026 guidance at 13.390-13.490 EPS and its Q4 2026 guidance at 3.550-3.650 EPS. On average, equities analysts expect that Air Products and Chemicals, Inc. will post 13.22 EPS for the current fiscal year.

Air Products and Chemicals Announces Dividend The business also recently announced a quarterly dividend, which will be paid on Monday, November 9th. Shareholders of record on Thursday, October 1st will be issued a dividend of $1.81 per share. The ex-dividend date of this dividend is Thursday, October 1st. This represents a $7.24 annualized dividend and a yield of 2.4%. Air Products and Chemicals’s payout ratio is presently 76.61%.

Analysts Set New Price Targets APD has been the topic of a number of recent research reports. Morgan Stanley raised their price objective on Air Products and Chemicals from $290.00 to $310.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 5th. Citigroup boosted their price target on Air Products and Chemicals from $285.00 to $315.00 and gave the company a “neutral” rating in a research note on Monday, April 13th. Berenberg Bank set a $350.00 price objective on shares of Air Products and Chemicals and gave the stock a “buy” rating in a research report on Monday, April 20th. Royal Bank Of Canada reiterated an “outperform” rating and set a $358.00 price objective on shares of Air Products and Chemicals in a research note on Friday, July 17th. Finally, Weiss Ratings raised shares of Air Products and Chemicals from a “hold (c-)” rating to a “hold (c)” rating in a report on Monday, May 4th. One research analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and six have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $326.88.

Read Our Latest Research Report on APD

Trending Headlines about Air Products and Chemicals Here are the key news stories impacting Air Products and Chemicals this week:

Positive Sentiment: Adjusted fiscal third-quarter EPS was $3.47, above the roughly $3.34-$3.36 analyst consensus and ahead of the company’s guidance range. Adjusted operating income reached $810 million, supported by higher on-site volumes, pricing and favorable currency effects. APD Q3 Earnings Top Estimates Positive Sentiment: Air Products raised its fiscal 2026 adjusted EPS outlook to $13.39-$13.49, above the prior consensus estimate of $13.22, and issued fourth-quarter EPS guidance of $3.55-$3.65 versus a $3.52 consensus. The raised forecast was a key catalyst for the stock. Air Products FY2026 EPS Outlook Positive Sentiment: The company’s decision to discontinue the Louisiana Clean Energy Complex, an Arizona zero-carbon liquid hydrogen facility and other smaller projects reduces expected fiscal 2026 capital expenditures to approximately $3.5 billion. Investors may view the portfolio reset as improving capital discipline and reducing exposure to costly, lower-return projects. Air Products Reports Fiscal 2026 Third Quarter Results Neutral Sentiment: Air Products also announced an electronics-related agreement in Taiwan to build and operate four air-separation units and related gas infrastructure, while finalizing a renewable-ammonia marketing agreement connected to the NEOM Green Hydrogen Project. These initiatives support longer-term growth but are unlikely to materially affect near-term earnings. Air Products Third Quarter Results and Projects Negative Sentiment: GAAP results were sharply negative, with a $6.47 loss per share and a $2.1 billion operating loss, primarily from project and asset-action charges, including a reported $2.9 billion Louisiana-related charge. Revenue of $3.16 billion rose 4.6% year over year but fell short of the approximately $3.20 billion consensus. Air Products Swings to Third-Quarter Loss About Air Products and Chemicals (Free Report)

Air Products and Chemicals, Inc is a global supplier of industrial gases and related equipment and services, headquartered in Allentown, Pennsylvania. The company produces and delivers atmospheric gases such as oxygen, nitrogen and argon, as well as specialty and process gases used across a wide range of industrial applications. Air Products designs, builds and operates gas production facilities, merchant distribution networks and on-site gas systems for customers that require reliable, high-purity gases and integrated supply solutions.

The company’s product and service portfolio includes packaged and bulk gas supply, pipeline distribution, on-site generation, gas handling and storage equipment, and engineered systems for gas liquefaction and purification.

Featured Stories Five stocks we like better than Air Products and Chemicals Microsoft Just Flipped the AI Spending Narrative Overnight Qualcomm’s Turnaround Is Working, So Why Is Wall Street Selling? Meta’s Earnings Show Why Wall Street Is Losing Patience With AI Spending Can Starbucks Keep This Turnaround Going? The Latest Results Say Yes Want to see what other hedge funds are holding APD? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Air Products and Chemicals, Inc. (NYSE:APD – Free Report).

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Air Products and Chemicals, Inc. (APD) Q3 2026 Earnings Call Transcript

For the quarter ended June 2026, Air Products and Chemicals (APD - Free Report) reported revenue of $3.16 billion, up 4.6% over the same period last year. EPS came in at $3.47, compared to $3.09 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $3.18 billion, representing a surprise of -0.49%. The company delivered an EPS surprise of +3.27%, with the consensus EPS estimate being $3.36.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Air Products and Chemicals performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Americas: $1.32 billion versus $1.3 billion estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +4.8% change.Revenue- Asia: $886 million compared to the $871.35 million average estimate based on three analysts. The reported number represents a change of +9.4% year over year.Revenue- Europe: $815.7 million versus $827.28 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +5.9% change.Revenue- Middle East and India: $34.8 million versus the three-analyst average estimate of $36.2 million. The reported number represents a year-over-year change of -9.1%.Revenue- Corporate and other: $103.1 million versus the two-analyst average estimate of $146.48 million. The reported number represents a year-over-year change of -27.9%.View all Key Company Metrics for Air Products and Chemicals here>>>

Shares of Air Products and Chemicals have returned -4% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Q3 FY26 Summary of Results

GAAP results, including loss per share# of $6.47 and operating loss of $2.1 billion, driven by charges for business and asset actions announced June 30, 2026 Adjusted earnings per share ("EPS")* of $3.47, exceeding top-end of guidance, and adjusted operating income* of $810 million Guidance

Raising fiscal 2026 full-year adjusted EPS guidance* to $13.39 to $13.49; fiscal 2026 fourth quarter adjusted EPS guidance* of $3.55 to $3.65 Now expect fiscal year 2026 capital expenditures* of approximately $3.5 billion News and Highlights

Electronics growth: Announced long-term agreement for Air Products San Fu to build, own and operate four large state-of-the-art air separation units, bulk gas supply systems and new underground pipeline systems supporting a semiconductor manufacturer's expansion in Taiwan Optimizing project portfolio: Announced decision to not proceed with Louisiana Clean Energy Complex and discontinue zero-carbon liquid hydrogen facility in Arizona (Casa Grande) and other smaller-scale clean energy distribution projects Signed NEOM Green Hydrogen Project agreement: Finalized marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia Fiscal 2026 Third Quarter Consolidated Results (comparison versus prior year)

, /PRNewswire/ -- Air Products (NYSE:APD) today reported third quarter fiscal 2026 GAAP results, including  operating loss of $2.1 billion and loss per share# of $6.47, each down over 300 percent, and GAAP operating margin of negative 66.3 percent, compared to 26.2 percent in the prior year. Fiscal 2026 results include charges of approximately $2.9 billion pre-tax ($2.2 billion after-tax, or $9.92 per share) associated with project exit decisions announced on June 30, 2026. The non-GAAP financial measures discussed below exclude these charges, as well as other items, as described in the "Reconciliations of Non-GAAP Financial Measures" section of this release.

On a non-GAAP basis, third quarter adjusted operating income* of $810 million increased nine percent on higher on-site volumes, favorable currency, and higher pricing, partially offset by higher costs. Adjusted operating margin* of 25.6 percent improved 110 basis points. Adjusted EPS* of $3.47 increased 12 percent and also benefited from higher equity affiliates' income.

Third quarter sales of $3.2 billion increased five percent on three percent higher volumes, one percent higher pricing, and one percent favorable currency.

Chief Executive Officer Eduardo Menezes said, "Despite macroeconomic volatility, Air Products delivered 12 percent growth in adjusted EPS and high single-digit adjusted operating income improvement this quarter through continued discipline in our underlying business. Having taken additional decisions to further optimize our large project portfolio, we have a clear pathway to reduce capital expenditures and drive continued profitable growth through high-quality, traditional industrial gas projects. We are also pleased to have finalized our marketing and distribution agreement with Yara, creating the first fully integrated value chain for renewable ammonia by enabling product from the world's first large-scale green ammonia plant to be sold and delivered through Yara's existing global supply chain."

#

Per share amounts are calculated and presented on a diluted basis from continuing operations attributable to Air Products.

*

Certain results in this release include references to non-GAAP financial measures on a consolidated, continuing operations basis. Additional information regarding these measures and reconciliations of GAAP to non-GAAP historical results can be found below. Management is unable to reconcile, without unreasonable efforts, the Company's forecasted range of adjusted EPS or capital expenditures to a comparable GAAP range or amount because management is not able to predict the timing or occurrence of events or transactions that management believes are not representative of the Company's underlying business performance or the timing or occurrence of future investment activity, which are necessary to calculate forward-looking adjusted EPS from continuing operations and capital expenditures, respectively. Refer to the "Capital Expenditures" and "Adjusted EPS Outlook" sections below for additional information.

Fiscal 2026 Third Quarter Results by Business Segment 

Americas sales of $1.3 billion increased five percent from the prior year as seven percent higher volumes were partially offset by two percent lower energy cost pass-through. Operating income of $395 million increased six percent, driven by volume growth from HyCO facilities and a new on-site asset, and favorable pricing. These benefits were partially offset by higher costs, primarily reflecting fixed-cost inflation, increased product distribution and dislocation costs, and project development costs, net of lower depreciation expense. Operating margin of 29.9 percent increased 20 basis points, including an approximate 50-basis-point favorable impact from energy cost pass-through. Asia sales of $886 million increased nine percent from the prior year on six percent higher volumes, two percent favorable currency, and one percent higher energy cost pass-through. Volume growth was driven by higher on-site volumes, including new assets, as well as improved helium volumes. Operating income of $256 million increased 18 percent and operating margin of 28.9 percent improved 210 basis points, primarily due to higher volumes and lower depreciation due to certain gasification assets being classified as held for sale, partially offset by higher costs driven by incentive compensation. Europe sales of $816 million increased six percent from the prior year on three percent higher energy cost pass-through, three percent favorable currency, and two percent higher pricing, partially offset by two percent lower volumes. Operating income of $231 million increased two percent, driven by higher pricing, net of higher power costs, favorable currency, and favorable business mix attributable to higher-margin on-site volumes. These benefits were partially offset by higher costs, including fixed-cost inflation. Operating margin of 28.3 percent decreased 90 basis points, which included an approximate 50-basis-point headwind from energy cost pass-through. Middle East and India equity affiliates' income of $101 million increased 18 percent from the prior year, primarily from affiliates in Saudi Arabia. Corporate and other sales of $103 million decreased 28 percent from the prior year. Operating loss of $80 million improved three percent on productivity and favorable foreign exchange impacts, partially offset by lower sale of equipment activity. Outlook
Air Products is raising its full-year fiscal 2026 adjusted EPS guidance* to a range of $13.39 to $13.49. For the fiscal 2026 fourth quarter, Air Products' adjusted EPS guidance* is $3.55 to $3.65. Air Products remains cautious given macroeconomic uncertainty but expects to see benefits from new asset contributions, pricing actions, and progress on productivity initiatives.

Air Products now expects capital expenditures* to be approximately $3.5 billion for full-year fiscal 2026.

Earnings Teleconference
Access the fiscal 2026 third quarter earnings teleconference scheduled for 8:00 a.m. Eastern Time on July 30, 2026 by calling 646-769-9200 and entering passcode 7872000 or by accessing the Event Details page on Air Products' Investor Relations website.

About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world's largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

Cautionary Note Regarding Forward-Looking Statements

This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements about earnings and capital expenditure guidance, business outlook, investment opportunities and potential transactions that are subject to ongoing negotiations and their expected impact and timing. Forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including, without limitation: changes in global or regional economic conditions, inflation, and supply and demand dynamics in the market segments we serve, including demand for technologies and projects to limit the impact of global climate change; changes in the financial markets may affect the availability and terms on which we may obtain financing; the ability to execute agreements with customers and implement price increases to offset cost increases; disruptions to our supply chain and related distribution delays and cost increases; risks associated with having extensive international operations, including political risks, risks associated with unanticipated government actions and risks of investing in developing markets; project delays, scope changes, cost escalations, contract terminations, customer cancellations, or postponement of projects and sales; our ability to safely develop, operate, and manage costs of large-scale and technically complex projects; the future financial and operating performance of major customers, joint ventures, and equity affiliates; our ability to safely and effectively develop, implement, and operate new technologies and to market products produced utilizing new technologies; our ability to execute the projects in our backlog and refresh our pipeline of new projects; tariffs, economic sanctions and regulatory activities in jurisdictions in which we, our affiliates and joint ventures, and our customers and other counterparties operate; the impact of environmental, tax, safety, or other legislation, as well as regulations and other public policy initiatives affecting our business and the business of our affiliates and related compliance requirements, including legislation, regulations, or policies intended to address global climate change; changes in tax rates and other changes in tax law; safety incidents relating to our operations; the timing, impact, and other uncertainties relating to acquisitions, divestitures, joint venture activities, and other commercial transactions, as well as our ability to integrate acquisitions and separate divested businesses, respectively; risks relating to cybersecurity incidents, including risks from the interruption, failure or compromise of our information systems or those of our business partners or service providers; catastrophic events, such as natural disasters and extreme weather events, pandemics and other public health crises, acts of war, including Russia's invasion of Ukraine, the conflict with Iran and other new and ongoing conflicts in the Middle East, or terrorism; the impact on our business and customers of price fluctuations in oil and natural gas and disruptions in markets and the economy due to oil and natural gas price volatility; costs and outcomes of legal or regulatory proceedings and investigations; asset impairments due to economic conditions or specific events; significant fluctuations in inflation, interest rates, and foreign currency exchange rates from those currently anticipated; damage to facilities, pipelines or delivery systems, including those we are constructing or that we own or operate for third parties; availability and cost of electric power, natural gas, and other raw materials; the commencement and success of any productivity and operational improvement programs; and other risks described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and subsequent filings we have made with the U.S. Securities and Exchange Commission. You are cautioned not to place undue reliance on our forward-looking statements. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in assumptions, beliefs, or expectations or any change in events, conditions, or circumstances upon which any such forward-looking statements are based.

Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED INCOME STATEMENTS
(Unaudited)

Three Months Ended

Nine Months Ended

30 June

30 June

(Millions of U.S. Dollars, except for share and per share data)

2026

2025

2026

2025

Sales

$3,161.0

$3,022.7

$9,435.3

$8,870.4

Cost of sales

2,125.0

2,040.1

6,416.9

6,110.5

Selling and administrative expense

219.1

222.6

675.0

687.0

Research and development expense

21.5

24.1

63.5

69.0

Business and asset actions

2,907.4

24.1

2,929.4

2,952.0

Shareholder activism-related costs

—

25.0

—

86.3

Gain on sale of business

—

67.3

—

67.3

Other income (expense), net

14.9

36.5

39.6

73.3

Operating Income (Loss)

(2,097.1)

790.6

(609.9)

(893.8)

Equity affiliates' income

205.2

167.6

556.8

463.7

Interest expense

49.4

61.4

153.4

146.2

Other non-operating income (expense), net

3.6

(6.0)

3.1

14.3

Income (Loss) From Continuing Operations Before Taxes

(1,937.7)

890.8

(203.4)

(562.0)

Income tax expense (benefit)

(515.4)

159.6

(197.3)

(205.5)

Income (Loss) From Continuing Operations

(1,422.3)

731.2

(6.1)

(356.5)

Loss from discontinued operations, net of tax

—

(8.0)

—

(8.0)

Net Income (Loss)

(1,422.3)

723.2

(6.1)

(364.5)

Net income attributable to noncontrolling interests

18.5

9.4

46.1

34.9

Net Income (Loss) Attributable to Air Products

($1,440.8)

$713.8

($52.2)

($399.4)

Net Income (Loss) Attributable to Air Products

Net income (loss) from continuing operations

($1,440.8)

$721.8

($52.2)

($391.4)

Net loss from discontinued operations

—

(8.0)

—

(8.0)

Net Income (Loss) Attributable to Air Products

($1,440.8)

$713.8

($52.2)

($399.4)

Per Share Data(A) (U.S. Dollars per share)

Basic earnings (loss) per share from continuing operations

($6.47)

$3.24

($0.23)

($1.76)

Basic loss per share from discontinued operations

—

(0.04)

—

(0.04)

Basic earnings (loss) per share attributable to Air Products

($6.47)

$3.20

($0.23)

($1.79)

Diluted earnings (loss) per share from continuing operations

($6.47)

$3.24

($0.23)

($1.76)

Diluted loss per share from discontinued operations

—

(0.04)

—

(0.04)

Diluted earnings (loss) per share attributable to Air Products

($6.47)

$3.20

($0.23)

($1.79)

Weighted Average Common Shares (in millions)

Basic

222.8

222.8

222.8

222.7

Diluted

222.8

222.9

222.8

222.7

(A) Earnings (loss) per share is calculated independently for each component and may not sum to total earnings (loss) per share
due to rounding.

Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED BALANCE SHEETS
(Unaudited)

30 June

30 September

(Millions of U.S. Dollars)

2026

2025

Assets

Current Assets

Cash and cash items

$980.5

$1,856.0

Trade receivables, net

1,881.5

1,901.2

Inventories

751.6

776.5

Prepaid expenses

155.1

174.9

Assets held for sale

475.5

427.7

Other receivables and current assets

719.3

689.5

Total Current Assets

$4,963.5

$5,825.8

Investment in net assets of and advances to equity affiliates

5,577.4

5,366.1

Plant and equipment, at cost

43,120.4

42,754.8

Less: accumulated depreciation

18,125.3

17,417.0

Plant and equipment, net

$24,995.1

$25,337.8

Goodwill, net

957.4

963.9

Intangible assets, net

278.4

293.5

Operating lease right-of-use assets, net

790.6

944.0

Noncurrent lease receivables

283.0

307.1

Financing receivables

946.4

1,000.0

Other noncurrent assets

1,653.8

1,021.3

Total Noncurrent Assets

$35,482.1

$35,233.7

Total Assets

$40,445.6

$41,059.5

Liabilities and Equity

Current Liabilities

Payables and accrued liabilities

$3,529.6

$3,237.7

Accrued income taxes

98.0

179.4

Short-term borrowings

126.7

34.7

Current portion of long-term debt

769.5

716.3

Liabilities held for sale

51.5

50.5

Total Current Liabilities

$4,575.3

$4,218.6

Long-term debt

16,585.1

16,769.9

Long-term debt – related party

186.2

177.5

Noncurrent operating lease liabilities

489.8

616.0

Other noncurrent liabilities

1,374.4

1,348.1

Deferred income taxes

638.4

579.6

Total Noncurrent Liabilities

$19,273.9

$19,491.1

Total Liabilities

$23,849.2

$23,709.7

Air Products Shareholders' Equity

13,883.8

15,024.9

Noncontrolling Interests

2,712.6

2,324.9

Total Equity

$16,596.4

$17,349.8

Total Liabilities and Equity

$40,445.6

$41,059.5

Air Products and Chemicals, Inc. and Subsidiaries
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)

Nine Months Ended

30 June

(Millions of U.S. Dollars)

2026

2025

Operating Activities

Net loss

($6.1)

($364.5)

Less: Net income attributable to noncontrolling interests of continuing operations

46.1

34.9

Net loss attributable to Air Products

($52.2)

($399.4)

Net loss from discontinued operations

—

8.0

Net loss from continuing operations attributable to Air Products

(52.2)

(391.4)

Adjustments to reconcile net loss to cash provided by operating activities:

Depreciation and amortization

$1,131.1

$1,151.4

Deferred income taxes

(511.7)

(497.2)

Tax reform repatriation

—

(34.9)

Gain on sale of business

—

(67.3)

Business and asset actions

2,929.4

2,952.0

Undistributed earnings of equity method investments

(83.8)

(137.8)

Gain on sale of assets and investments

(4.7)

(46.9)

Share-based compensation

38.7

65.7

Noncurrent lease receivables

36.4

40.1

Other adjustments

37.2

31.4

Working capital changes that provided (used) cash, excluding effects of acquisitions:

Trade receivables

(12.4)

(91.4)

Inventories

19.9

(35.6)

Other receivables

(72.3)

(102.8)

Payables and accrued liabilities

(202.6)

(215.1)

Other working capital

56.6

(624.6)

Cash Provided by Operating Activities

$3,309.6

$1,995.6

Investing Activities

Additions to plant and equipment, including long-term deposits

($3,354.5)

($5,504.9)

Acquisitions, less cash acquired

—

(59.9)

Investments in and advances to unconsolidated affiliates

(108.8)

(365.4)

Investments in financing receivables

—

(53.8)

Proceeds from sale of assets and investments

132.8

185.4

Purchases of short-term investments

—

(117.6)

Proceeds from short-term investments

—

122.5

Proceeds from other investing activities

19.0

112.7

Cash Used for Investing Activities

($3,311.5)

($5,681.0)

Financing Activities

Long-term debt proceeds

$644.0

$3,978.2

Payments on long-term debt

(662.8)

(380.1)

Net increase in commercial paper and short-term borrowings

77.0

214.7

Dividends paid to shareholders

(1,200.0)

(1,185.7)

Investments by noncontrolling interests

301.5

485.9

Other financing activities

(36.1)

(78.7)

Cash (Used for) Provided by Financing Activities

($876.4)

$3,034.3

Effect of Exchange Rate Changes on Cash

2.8

(4.3)

Decrease in cash and cash items

($875.5)

($655.4)

Cash and cash items – Beginning of Year

1,856.0

2,979.7

Cash and Cash Items – End of Period

$980.5

$2,324.3

Supplemental Cash Flow Information

Cash paid for taxes, net of refunds

$388.8

$856.1

Air Products and Chemicals, Inc. and Subsidiaries
BUSINESS SEGMENT INFORMATION
(Unaudited) 

(Millions of U.S. Dollars)

Americas

Asia

Europe

Middle East
 and India

Corporate
and other

Total

Three Months Ended 30 June 2026

Sales

$1,321.4

$886.0

$815.7

$34.8

$103.1

$3,161.0

Operating income (loss)(A)

395.4

256.4

230.7

8.0

(80.2)

810.3

Depreciation and amortization

181.4

117.2

72.2

5.8

8.8

385.4

Equity affiliates' income

56.2

12.9

32.6

101.1

2.4

205.2

Three Months Ended 30 June 2025

Sales

$1,261.0

$810.0

$770.5

$38.3

$142.9

$3,022.7

Operating income (loss)(A)

374.1

216.8

225.2

8.1

(83.1)

741.1

Depreciation and amortization

192.4

126.7

64.9

6.8

10.2

401.0

Equity affiliates' income

37.8

9.5

29.7

86.0

4.6

167.6

Nine Months Ended 30 June 2026

Sales

$4,047.0

$2,550.1

$2,386.7

$94.3

$357.2

$9,435.3

Operating income (loss)(A)

1,173.1

728.7

665.8

18.4

(266.5)

2,319.5

Depreciation and amortization

525.0

346.7

214.5

18.0

26.9

1,131.1

Equity affiliates' income (loss)

163.7

38.4

87.9

264.8

2.0

556.8

Nine Months Ended 30 June 2025

Sales

$3,835.8

$2,401.2

$2,195.1

$103.9

$334.4

$8,870.4

Operating income (loss)(A)

1,128.0

624.6

607.2

4.6

(318.5)

2,045.9

Depreciation and amortization

544.2

381.4

176.2

19.7

29.9

1,151.4

Equity affiliates' income(B)

104.1

30.3

75.6

249.2

11.3

470.5

Total Assets

30 June 2026

$10,408.3

$6,869.5

$7,170.2

$11,887.2

$4,110.4

$40,445.6

30 September 2025

12,058.7

6,712.2

6,916.8

10,919.4

4,452.4

41,059.5

(A)

Operating income (loss) for our reportable segments does not include gains or losses that management does not consider to be indicative of underlying business performance, such as charges related to business and asset actions. Refer below for a reconciliation of total segment operating income to consolidated results.

(B)

Segment equity affiliates' income for the nine months ended 30 June 2025 excludes a $6.8 impairment charge related to a joint venture in China, which was recorded as part of our business and asset actions during the second quarter of fiscal year 2025. As a result, total segment equity affiliates' income does not reconcile to equity affiliates' income for the total company as reported on the consolidated income statement for the nine months ended 30 June 2025.

Reconciliation of Total Segment Operating Income to Consolidated Results

The table below reconciles total segment operating income to income (loss) before taxes as reflected on our consolidated income statements:

Three Months Ended

Nine Months Ended

30 June

30 June

(Millions of U.S. Dollars)

2026

2025

2026

2025

Total Segment Operating Income

$810.3

$741.1

$2,319.5

$2,045.9

Business and asset actions

(2,907.4)

(24.1)

(2,929.4)

(2,952.0)

Shareholder activism-related costs

—

(25.0)

—

(86.3)

Gain on sale of business

—

67.3

—

67.3

Gain on sale of other assets(A)

—

31.3

—

31.3

Consolidated Operating Income (Loss)

($2,097.1)

$790.6

($609.9)

($893.8)

Equity affiliates' income

205.2

167.6

556.8

463.7

Interest expense

49.4

61.4

153.4

146.2

Other non-operating income (expense), net

3.6

(6.0)

3.1

14.3

Income (Loss) From Continuing Operations Before Taxes

($1,937.7)

$890.8

($203.4)

($562.0)

(A)

Reflected on the consolidated income statements within "Other income (expense), net.

RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES
(Millions of U.S. Dollars unless otherwise indicated, except for per share data)

We present certain financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP") because they exclude items that management does not consider to be representative of our underlying business operations. We provide these adjusted non-GAAP financial measures to allow investors, potential investors, securities analysts, and others to evaluate our business in the same manner as management. When viewed together with our GAAP results, we believe these non-GAAP financial measures offer a more complete understanding of the factors and trends affecting our financial performance and support analysis of our results on a more consistent basis.

Readers are cautioned that non‑GAAP financial measures have inherent limitations and should not be considered in isolation or as a substitute for the corresponding GAAP measures. Our definitions and calculations of non‑GAAP financial measures may differ from those used by other companies, which may limit comparability.

Non-GAAP Performance Measures
Management uses non-GAAP performance measures, including adjusted operating income, adjusted operating margin, and adjusted earnings per share ("EPS"), to assess our performance because these measures exclude items that management does not consider to be representative of our underlying business operations. In addition, adjusted operating income and adjusted EPS are important components of our incentive compensation plans. We also use adjusted operating margin to assess operational efficiency, cost discipline, and overall profitability.

Our non‑GAAP performance measures are adjusted to exclude gains or losses that management believes are not associated with the ongoing operations of our business. These adjustments, which are described below for the periods presented, are not reflected in the results of our reportable segments. Although these items are often difficult to predict, readers should be aware that similar gains or losses may occur in future periods. The related tax effects reflect the expected current and deferred income tax impacts of our non-GAAP adjustments, which are primarily driven by the statutory tax rates of the applicable jurisdictions and the taxability of the underlying adjustments in those jurisdictions.

We reconcile each non‑GAAP performance measure to its most directly comparable GAAP measure in the table below, followed by descriptions of each non-GAAP adjustment. Margins are calculated by dividing the applicable line item by consolidated sales for the relevant period. In addition to our non-GAAP performance measures, we also present components used in calculating adjusted EPS to illustrate the per share effect of our non‑GAAP adjustments. All per share amounts are calculated on a diluted basis from continuing operations attributable to Air Products. Because margins and per share amounts are calculated independently, the individual components may not sum to the related totals due to rounding.

Q3 2026 vs. Q3 2025

Operating
Income/Loss

Operating
Margin

Equity
Affiliates'
Income

Other Non-
Operating
Inc/Exp,
Net

Income Tax
Expense/Benefit

Net Income/Loss
Attributable to
Air Products

Earnings/
Loss per
Share (A)

Q3 2026 GAAP Measures

($2,097.1)

(66.3 %)

$205.2

$3.6

($515.4)

($1,440.8)

($6.47)

Q3 2025 GAAP Measures

790.6

26.2 %

167.6

(6.0)

159.6

721.8

3.24

$ GAAP Change

($2,887.7)

($9.71)

%/bp GAAP Change

(365 %)

 (9,250 bp)

(300 %)

Q3 2026 GAAP Measures

($2,097.1)

(66.3 %)

$205.2

$3.6

($515.4)

($1,440.8)

($6.47)

Business and asset actions

2,907.4

92.0 %

—

—

695.4

2,212.0

9.92

Non-service pension cost, net

—

— %

—

3.2

0.8

2.4

0.01

Q3 2026 Adjusted Measures

$810.3

25.6 %

$205.2

$6.8

$180.8

$773.6

$3.47

Q3 2025 GAAP Measures

$790.6

26.2 %

$167.6

($6.0)

$159.6

$721.8

$3.24

Business and asset actions

24.1

0.8 %

—

—

8.7

15.4

0.07

Shareholder activism-related costs

25.0

0.8 %

—

—

6.2

18.8

0.08

Gain on sale of business

(67.3)

(2.2 %)

—

—

(15.4)

(51.9)

(0.23)

Gain on sale of other assets(B)

(31.3)

(1.0 %)

—

—

(7.5)

(23.8)

(0.11)

Loss on de-designation of cash flow hedges(C)

—

— %

—

0.3

0.1

0.1

—

Non-service pension cost, net

—

— %

—

10.9

2.8

8.1

0.04

Q3 2025 Adjusted Measures

$741.1

24.5 %

$167.6

$5.2

$154.5

$688.5

$3.09

$ Adjusted Change

$69.2

$0.38

%/bp Adjusted Change

9 %

    110 bp

12 %

(A)

Calculated and presented on a diluted basis from continuing operations attributable to Air Products. Because we reported a loss from operations in fiscal year 2026, GAAP loss per share is calculated using the basic weighted average share value of 222.8 million, which does not consider outstanding share-based awards due to their anti-dilutive effect. Adjusted earnings per share is calculated using a diluted weighted average share value of 222.9 million.

(B)

Reflected on the consolidated income statements within "Other income (expense), net."

(C)

Loss attributable to noncontrolling interests was $0.1.

Non-GAAP Adjustments

Business and Asset Actions
During the quarter ended 30 June 2026, the Company recognized project exit charges of approximately $2.9 billion pre-tax ($2.2 billion after-tax, or $9.92 per share) associated with actions announced on 30 June 2026, including the exit of a clean energy complex under construction in Louisiana and a green hydrogen production facility under construction in Casa Grande, Arizona, as well as certain other smaller-scale clean energy distribution projects. In the prior-year quarter, the Company recognized $24.1 of project exit charges pre-tax ($15.4 after-tax, or $0.07 per share), primarily reflecting revisions to cost estimates associated with project exit actions approved in the second quarter of fiscal year 2025.

Shareholder Activism-Related Costs
We recorded shareholder activism-related costs in fiscal year 2025 in connection with a proxy contest that concluded in January 2025 following certification of the election of directors at the 2025 Annual Meeting of Shareholders. Costs recorded during the third quarter of fiscal year 2025 were $25.0 pre-tax ($18.8 after-tax, or $0.08 per share), primarily related to the reimbursement of proxy-related expenses incurred by Mantle Ridge LP and its affiliated entities.

Gain on Sale of Business
In April 2025, we completed the sale of our 100% ownership interest in a consolidated subsidiary in Singapore for cash proceeds of $104.3. We recognized a gain of $67.3 pre-tax ($51.9 after-tax, or $0.23 per share) as a result of the transaction during the third quarter of fiscal year 2025.

Gain on Sale of Other Assets
In June 2025, we sold a regional office in Hersham, England, for cash proceeds of $37.7. We recognized a gain on sale of $31.3 pre-tax ($23.8 after-tax, or $0.11 per share) during the third quarter of fiscal year 2025 that is presented within "Other income (expense), net" on our consolidated income statements.

Loss on De-designation of Cash Flow Hedges
In fiscal year 2024, we discontinued cash flow hedge accounting for certain interest rate swaps due to changes in the anticipated drawdown timeline for hedged borrowings related to the NEOM Green Hydrogen Project. These swaps are held by NEOM Green Hydrogen Company, a consolidated joint venture accounted for under the variable interest model, in which Air Products holds a one-third ownership interest. As a result of the de-designation, unrealized gains and losses related to the affected swaps were recorded in "Other non-operating income (expense), net" on our consolidated income statements. During the third quarter of fiscal year 2025, we recorded an unrealized loss of $0.3 pre-tax ($0.1 attributable to Air Products after tax), with $0.1 attributable to our noncontrolling partners.

We re-designated the affected swaps as cash flow hedges when the outstanding borrowings under the available project financing became commensurate with the swaps' notional values. As of 1 January 2026, all swaps were re-designated as cash flow hedges.

Loss From Discontinued Operations
Our non-GAAP financial measures are presented on a continuing operations basis, which excludes a pre-tax loss from discontinued operations of $10.6 ($8.0 after tax, or $0.04 per share) recorded during the third quarter of fiscal year 2025 primarily to increase retained environmental remediation obligations associated with businesses sold in 2008.

Non-Service Related Pension Items
Non-service related pension items resulted in net non-operating costs of $3.2 ($2.4 after tax, or $0.01 per share) in the third quarter of fiscal year 2026 compared to $10.9 ($8.1 after tax, or $0.04 per share) in the third quarter of fiscal year 2025. Non-service related components are recurring, non-operating items that include interest cost, expected returns on plan assets, prior service cost amortization, actuarial loss amortization, as well as special termination benefits, curtailments, and settlements. The net impact of non-service related components is reflected within "Other non-operating income (expense), net" on our consolidated income statements. Adjusting for the impact of non-service pension components provides management and users of our financial statements with a more accurate representation of our underlying business performance because these components are driven by factors that are unrelated to our operations, such as volatility in equity and debt markets. Further, non-service related components are not indicative of our defined benefit plans' future contribution needs due to the funded status of the plans.

Capital Expenditures (Non-GAAP)

Capital expenditures is a non-GAAP financial measure that management uses to evaluate our deployment of capital and assess alignment with our strategic priorities. Our calculation of this measure begins as the sum of cash paid for additions to plant and equipment, including long-term deposits, acquisitions (less cash acquired), investment in and advances to unconsolidated affiliates, and investment in financing receivables, each of which are reported on our consolidated statements of cash flows.

We then adjust this amount to exclude spending for additions to plant and equipment by our consolidated joint venture, NEOM Green Hydrogen Company ("NGHC"), to the extent such spending is funded by sources other than Air Products' cash. These other funding sources include NGHC's project financing, which is non‑recourse to Air Products, as well as equity contributions from the other joint venture partners. Management believes this adjustment provides a more useful view of the capital we deploy to support the ongoing growth of our business.

The most directly comparable GAAP measure to our non‑GAAP capital expenditures is "Cash used for investing activities," as reported on our consolidated statements of cash flows. The reconciliation of cash used for investing activities to our reported capital expenditures is provided below:

Nine Months Ended

30 June

2026

2025

Cash used for investing activities

$3,311.5

$5,681.0

Proceeds from sale of assets and investments

132.8

185.4

Purchases of short-term investments

—

(117.6)

Proceeds from short-term investments

—

122.5

Proceeds from other investing activities

19.0

112.7

NGHC expenditures not funded by Air Products' equity(A)

(817.1)

(1,981.2)

Capital expenditures

$2,646.2

$4,002.8

(A)

Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures.

The table below outlines the cash flow components included in our definition of capital expenditures:

Nine Months Ended

30 June

2026

2025

Additions to plant and equipment, including long-term deposits

$3,354.5

$5,504.9

Acquisitions, less cash acquired

—

59.9

Investments in and advances to unconsolidated affiliates

108.8

365.4

Investments in financing receivables

—

53.8

NGHC expenditures not funded by Air Products' equity(A)

(817.1)

(1,981.2)

Capital expenditures

$2,646.2

$4,002.8

(A)

Reflects the portion of "Additions to plant and equipment, including long-term deposits" that is associated with NGHC, less our approximate cash investment in the joint venture. Substantially all the funding we provide to NGHC is limited for use by the joint venture for its capital expenditures.

Outlook for Investing Activities
It is not possible, without unreasonable efforts, to reconcile our forecasted capital expenditures to future cash used for investing activities because management is unable to identify the timing or occurrence of our future investment activity, which is driven by our assessment of competing opportunities at the time we enter into transactions. These decisions, either individually or in the aggregate, could have a significant effect on our cash used for investing activities. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted capital expenditures to future cash used for investing activities.

We expect capital expenditures of approximately $3.5 billion for fiscal year 2026.

Adjusted EPS Outlook (Non-GAAP)

The adjusted EPS guidance below is provided on a diluted basis from continuing operations attributable to Air Products and is compared to historical adjusted EPS. These adjusted measures exclude the impact of certain items that we believe are not representative of our underlying business performance, such as the non-service components of net periodic benefit/cost for our defined benefit pension plans, the incurrence of costs for business, asset, and cost reduction actions and impairment charges, or the recognition of gains or losses on certain disclosed items. The per share impact for each non-GAAP adjustment is calculated independently and may not sum to total adjusted EPS due to rounding.

It is not possible, without unreasonable efforts, to predict the timing or occurrence of these or similar future events or the potential for other events or transactions that may impact future GAAP EPS. Furthermore, it is not possible to identify the potential significance of these events in advance; however, any of these events, if they were to occur, could have a significant effect on our future GAAP EPS. Accordingly, management is unable to fully reconcile, without unreasonable efforts, our forecasted range of adjusted EPS to a comparable GAAP range.

Diluted EPS

Q4

Full Year

2025 Earnings (Loss) Per Share

$0.02

($1.74)

Business and asset actions

3.33

13.68

Shareholder activism-related costs

—

0.32

Gain on sale of business

—

(0.23)

Gain on sale of other assets

—

(0.11)

Gain on de-designation of cash flow hedges

—

(0.03)

Non-service pension cost, net

0.04

0.15

Tax reform adjustment related to deemed foreign dividends

—

(0.16)

Tax on repatriation of foreign earnings

—

0.14

2025 Adjusted EPS

$3.39

$12.03

2026 Adjusted EPS Outlook

$3.55 – $3.65

$13.39 – $13.49

$ Change

0.16 – 0.26

1.36 – 1.46

% Change

5% – 8%

11% – 12%

SOURCE Air Products

The upcoming report from Air Products and Chemicals (APD - Free Report) is expected to reveal quarterly earnings of $3.36 per share, indicating an increase of 8.7% compared to the year-ago period. Analysts forecast revenues of $3.18 billion, representing an increase of 5.1% year over year.

The current level reflects a downward revision of 0.5% in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this period.

Before a company reveals its earnings, it is vital to take into account any changes in earnings projections. These revisions play a pivotal role in predicting the possible reactions of investors toward the stock. Multiple empirical studies have consistently shown a strong association between trends in earnings estimates and the short-term price movements of a stock.

While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.

In light of this perspective, let's dive into the average estimates of certain Air Products and Chemicals metrics that are commonly tracked and forecasted by Wall Street analysts.

The average prediction of analysts places 'Revenue- Middle East and India' at $36.20 million. The estimate suggests a change of -5.5% year over year.

The consensus among analysts is that 'Revenue- Americas' will reach $1.30 billion. The estimate points to a change of +3% from the year-ago quarter.

Analysts expect 'Revenue- Europe' to come in at $827.28 million. The estimate indicates a change of +7.4% from the prior-year quarter.

Analysts forecast 'Revenue- Asia' to reach $871.35 million. The estimate points to a change of +7.6% from the year-ago quarter.

It is projected by analysts that the 'Revenue- Corporate and other' will reach $146.48 million. The estimate suggests a change of +2.5% year over year.

View all Key Company Metrics for Air Products and Chemicals here>>>

Shares of Air Products and Chemicals have demonstrated returns of +7.8% over the past month compared to the Zacks S&P 500 composite's +1.7% change. With a Zacks Rank #3 (Hold), APD is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .

Air Products and Chemicals (APD - Free Report) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The earnings report, which is expected to be released on July 30, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis seller of gases for industrial, medical and other uses is expected to post quarterly earnings of $3.36 per share in its upcoming report, which represents a year-over-year change of +8.7%.

Revenues are expected to be $3.18 billion, up 5.1% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 0.46% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Air Products and Chemicals?For Air Products and Chemicals, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -0.51%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination makes it difficult to conclusively predict that Air Products and Chemicals will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Air Products and Chemicals would post earnings of $3.05 per share when it actually produced earnings of $3.20, delivering a surprise of +4.92%.

Over the last four quarters, the company has beaten consensus EPS estimates three times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Air Products and Chemicals doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

, /PRNewswire/ -- The Board of Directors of Air Products (NYSE: APD) today declared a quarterly dividend of $1.81 per share of common stock.

The dividend is payable on November 9, 2026 to shareholders of record at the close of business on October 1, 2026.

About Air Products 

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world's largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

SOURCE Air Products

New investment to support next-generation facility expansion

, /PRNewswire/ -- Air Products (NYSE: APD), a world-leading industrial gases company, today announced Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer's expansion in Taiwan. The project will supply multiple new semiconductor fabs and back-end packaging facilities, supporting growing demand driven by artificial intelligence and high-performance computing.

Air Products San Fu will build, own, and operate four large state-of-the-art air separation units and bulk gas supply systems with new underground pipeline systems. The company will supply a range of industrial gases, including nitrogen, oxygen, argon, and helium to support the customer's semiconductor operations.

The new underground pipeline systems will be connected to Air Products' existing pipeline network in Taiwan, further enhancing supply reliability, operational efficiency, and resilience.  

"Air Products is honored to be selected by our strategic customer to support their continued growth, building on our proven track record and strong long-term partnership," said Paul Yang, President, Air Products San Fu. "This project further reinforces our role as a trusted supplier in Taiwan and reflects our long-term commitment to grow with our customers. It also underscores our world-class performance in safety, reliability and operational excellence, which are critical to meeting the increasingly demanding requirements of the electronics industry."

Air Products has been serving the Taiwan market through Air Products San Fu for more than 70 years and has established leading supply positions across key science parks with extensive pipeline networks. The company operates one of the world's largest ultra-high purity nitrogen pipeline systems in Southern Taiwan and is the first gas company in Taiwan awarded ISO9002 and ISO14000 certifications. 

This latest project further strengthens Air Products' integrated supply footprint across both front-end semiconductor manufacturing and back-end advanced packaging, reinforcing its position as a key supplier to the electronics industry in Taiwan.

Air Products has served the global electronics industry for more than 40 years, supplying industrial gases safely and reliably to many of the world's leading technology companies.

About Air Products
Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global hydrogen supplier, Air Products develops, engineers, builds, owns and operates some of the world's largest hydrogen projects. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

This release contains "forward-looking statements" within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management's expectations and assumptions as of the date of this release and are not guarantees of future performance. While forward-looking statements are made in good faith and based on assumptions, expectations and projections that management believes are reasonable based on currently available information, actual performance and financial results may differ materially from projections and estimates expressed in the forward-looking statements because of many factors, including the risk factors described in our Annual Report on Form 10-K for the fiscal year ended September 30, 2025 and other factors disclosed in our filings with the Securities and Exchange Commission. Except as required by law, we disclaim any obligation or undertaking to update or revise any forward-looking statements contained herein to reflect any change in the assumptions, beliefs or expectations or any change in events, conditions or circumstances upon which any such forward-looking statements are based.

SOURCE Air Products

Getting big returns from financial portfolios, whether through stocks, bonds, ETFs, other securities, or a combination of all, is an investor's dream. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

Cash flow can come from bond interest, interest from other types of investments, and, of course, dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends account for significant portions of long-term returns, with dividend contributions exceeding one-third of total returns in many cases.

Based in Allentown, Air Products and Chemicals (APD - Free Report) is in the Basic Materials sector, and so far this year, shares have seen a price change of 21.26%. The seller of gases for industrial, medical and other uses is paying out a dividend of $1.81 per share at the moment, with a dividend yield of 2.42% compared to the Chemical - Diversified industry's yield of 1.66% and the S&P 500's yield of 1.35%.

Looking at dividend growth, the company's current annualized dividend of $7.24 is up 1.7% from last year. Over the last 5 years, Air Products and Chemicals has increased its dividend 5 times on a year-over-year basis for an average annual increase of 6.01%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Air Products and Chemicals's current payout ratio is 56%, meaning it paid out 56% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for APD for this fiscal year. The Zacks Consensus Estimate for 2026 is $13.23 per share, representing a year-over-year earnings growth rate of 9.98%.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. But, not every company offers a quarterly payout.

Big, established firms that have more secure profits are often seen as the best dividend options, but it's fairly uncommon to see high-growth businesses or tech start-ups offer their stockholders a dividend. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, APD is a compelling investment opportunity. Not only is it a strong dividend play, but the stock currently sits at a Zacks Rank of #3 (Hold).

Since February, Air Products and Chemicals has trounced the S&P 500 index. The company's decision to not proceed with the Louisiana Clean Energy Project and the finalized agreement with Yara for renewable ammonia bode well for the future. APD's adjusted net debt-to-EBITDA ratio remained unchanged at 2.2x in Q2 2026.

Air Products and Chemicals (APD) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term.

All investors love getting big returns from their portfolio, whether it's through stocks, bonds, ETFs, or other types of securities. But for income investors, generating consistent cash flow from each of your liquid investments is your primary focus.

While cash flow can come from bond interest or interest from other types of investments, income investors hone in on dividends. A dividend is that coveted distribution of a company's earnings paid out to shareholders, and investors often view it by its dividend yield, a metric that measures the dividend as a percent of the current stock price. Many academic studies show that dividends make up large portions of long-term returns, and in many cases, dividend contributions surpass one-third of total returns.

Air Products and Chemicals (APD - Free Report) is headquartered in Allentown, and is in the Basic Materials sector. The stock has seen a price change of 13.32% since the start of the year. Currently paying a dividend of $1.81 per share, the company has a dividend yield of 2.59%. In comparison, the Chemical - Diversified industry's yield is 1.61%, while the S&P 500's yield is 1.45%.

Looking at dividend growth, the company's current annualized dividend of $7.24 is up 1.7% from last year. Over the last 5 years, Air Products and Chemicals has increased its dividend 5 times on a year-over-year basis for an average annual increase of 6.01%. Looking ahead, future dividend growth will be dependent on earnings growth and payout ratio, which is the proportion of a company's annual earnings per share that it pays out as a dividend. Air Products and Chemicals's current payout ratio is 56%, meaning it paid out 56% of its trailing 12-month EPS as dividend.

Earnings growth looks solid for APD for this fiscal year. The Zacks Consensus Estimate for 2026 is $13.23 per share, with earnings expected to increase 9.98% from the year ago period.

Investors like dividends for many reasons; they greatly improve stock investing profits, decrease overall portfolio risk, and carry tax advantages, among others. It's important to keep in mind that not all companies provide a quarterly payout.

High-growth firms or tech start-ups, for example, rarely provide their shareholders a dividend, while larger, more established companies that have more secure profits are often seen as the best dividend options. Income investors have to be mindful of the fact that high-yielding stocks tend to struggle during periods of rising interest rates. With that in mind, APD presents a compelling investment opportunity; it's not only an attractive dividend play, but the stock also boasts a strong Zacks Rank of #2 (Buy).

, /PRNewswire/ -- Air Products (NYSE: APD) will highlight its flash freezing solutions for specialty foods at the Summer Fancy Food Show 2026 at the Javits Center in New York City from June 28-30.

Attendees are invited to visit Air Products' booth 2581, to speak with an industry specialist to learn how flash freeze technology with cryogenic gases can address their specific processes and challenges, while increasing product quality and throughput.

Specialty food producers will have the opportunity to learn more about Air Products' Freshline® solutions, which use liquid nitrogen (LIN) and carbon dioxide (CO2) to improve a variety of processes. The extremely cold temperatures of these cryogenic gases enable food products to be chilled or frozen in minutes instead of the hours traditionally required with alternative systems. This rapid freeze results in smaller yield losses and helps ensure moisture and quality are preserved.

Air Products' Freshline® IQ Freezer offers continuous high throughput freezing or chilling for a broad range of food products and requires minimal floorspace. It is designed in 10-foot modular sections making it easily field expandable. Couple this advanced machine with Freshline® Smart Technology, and Air Products' engineers can work with a customer's team to easily troubleshoot from afar, minimizing downtime and the impact to the bottom line.

The Freshline® MP Tunnel Freezer has been designed to provide exceptional performance while incorporating the latest international hygiene standards. The Freshline MP freezer's ability to efficiently extract heat makes for quick freezing in a smaller, modular design.

As a leader in cryogenic technology applications, Air Products operates a state-of-the-art food and grinding lab at its global headquarters in Allentown, Pa. Customers and prospects can utilize the facility to test products on production-scale equipment to help determine the feasibility of using cryogenics in their process. Working with industry specialists, prospective customers can quantify the benefits and cost of using cryogenics in their operation without investing in any capital.

Air Products has been supplying the food industry with gases, equipment and technology for over 60 years. The company has Freshline® solutions for every type of customer, from large manufacturers with multiple production lines, to small food processors with niche products. Air Products offers industrial gases in a variety of delivery options to match each customer's requirements.

About Air Products

Air Products (NYSE: APD) is a world-leading industrial gases company in operation for over 85 years focused on serving energy, environmental, and emerging markets and generating a cleaner future. The Company supplies essential industrial gases, related equipment and applications expertise to customers in dozens of industries, including refining, chemicals, metals, electronics, manufacturing, medical and food. As the leading global supplier of hydrogen, Air Products also develops, engineers, builds, owns and operates some of the world's largest clean hydrogen projects, supporting the transition to low- and zero-carbon energy in the industrial and heavy-duty transportation sectors. Through its sale of equipment businesses, the Company also provides turbomachinery, membrane systems and cryogenic containers globally.

Air Products had fiscal 2025 sales of $12 billion from operations in approximately 50 countries. For more information, visit airproducts.com or follow us on LinkedIn, X, Facebook or Instagram.

SOURCE Air Products

It doesn't matter your age or experience: taking full advantage of the stock market and investing with confidence are common goals for all investors. Luckily, Zacks Premium offers several different ways to do both.

The research service features daily updates of the Zacks Rank and Zacks Industry Rank, full access to the Zacks #1 Rank List, Equity Research reports, and Premium stock screens, all of which will help you become a smarter, more confident investor.

It also includes access to the Zacks Style Scores.

What are the Zacks Style Scores? The Zacks Style Scores is a unique set of guidelines that rates stocks based on three popular investing types, and were developed as complementary indicators for the Zacks Rank. This combination helps investors choose securities with the highest chances of beating the market over the next 30 days.

Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.

The Style Scores are broken down into four categories:

Value ScoreFor value investors, it's all about finding good stocks at good prices, and discovering which companies are trading under their true value before the broader market catches on. The Value Style Score utilizes ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to help pick out the most attractive and discounted stocks.

Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.

Momentum ScoreMomentum investors, who live by the saying "the trend is your friend," are most interested in taking advantage of upward or downward trends in a stock's price or earnings outlook. Utilizing one-week price change and the monthly percentage change in earnings estimates, among other factors, the Momentum Style Score can help determine favorable times to buy high-momentum stocks.

VGM ScoreIf you like to use all three kinds of investing, then the VGM Score is for you. It's a combination of all Style Scores, and is an important indicator to use with the Zacks Rank. The VGM Score rates each stock on their shared weighted styles, narrowing down the companies with the most attractive value, best growth forecast, and most promising momentum.

How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.

Investors can count on the Zacks Rank's success, with #1 (Strong Buy) stocks producing an unmatched +24% average annual return since 1988, more than double the S&P 500's performance. But the model rates a large number of stocks, and there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.

This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.

That's where the Style Scores come in.

You want to make sure you're buying stocks with the highest likelihood of success, and to do that, you'll need to pick stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you like a stock that only has a #3 (Hold) rank, it should also have Scores of A or B to guarantee as much upside potential as possible.

As mentioned above, the Scores are designed to work with the Zacks Rank, so any change to a company's earnings outlook should be a deciding factor when picking which stocks to buy.

For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.

Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.

Stock to Watch: Air Products and Chemicals (APD - Free Report) Pennsylvania-based Air Products and Chemicals Inc. makes industrial gases as well as a variety of polymer and performance chemicals. It also supplies processing equipment. Air Products' reporting segments are as follows:

APD is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.

Additionally, the company could be a top pick for growth investors. APD has a Growth Style Score of B, forecasting year-over-year earnings growth of 10% for the current fiscal year.

Eight analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $0.21 to $13.23 per share. APD also boasts an average earnings surprise of +3%.

With a solid Zacks Rank and top-tier Growth and VGM Style Scores, APD should be on investors' short list.

On May 11, 2026, Air Products and Chemicals Inc APD shares rose 3.1% to a current price of $304.50. The stock has performed well recently, showing a year-to-date increase of 24.9% and a 15.3% gain over the past year. Over the last 52 weeks, APD reached a high of $307.29 and a low of $229.11.

GF Value™ verdict: Current price is $304.50 vs GF Value™ of $281.97, indicating the stock is 8.0% overvalued.GF Score™ is 82/100, categorized as Strong, suggesting favorable long-term returns.Notable signal: Insiders sold $20.8 million in shares over the last 3 months, indicating a lack of buying interest. Is APD Overvalued or Undervalued? The current market price of Air Products and Chemicals Inc APD at $304.50 is approximately 8.0% above the GF Value™ of $281.97, signifying that the stock is overvalued. The GF Valuation label categorizes APD as fairly valued, but the current price suggests a lack of margin of safety for prospective investors. An overvalued stock carries risks, particularly in volatile market conditions or if the company's fundamentals do not support such a high valuation.

GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the current overvaluation, potential investors might consider waiting for a more favorable entry point, as the risk of a price correction could be present if the market adjusts its expectations for the company.

How Does APD's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 32.2x 27.2x Forward P/E 23.0x N/A The current P/E (TTM) ratio of 32.2x is significantly above the 5-year median P/E of 27.2x, indicating that APD is trading at a premium compared to its historical valuation. This P/E analysis aligns with the GF Value™ verdict, reinforcing the indication that the stock may be overvalued at this time.

What Does APD's GF Score™ Tell Us? Metric Rating GF Score™ 82/100 Financial Strength 5/10 Profitability 7/10 Growth 6/10 Valuation 7/10 Momentum 10/10 APD's GF Score™ of 82/100 indicates a strong position relative to its peers, particularly highlighted by its perfect momentum rank of 10/10. However, the financial strength score of 5/10 suggests that there may be room for improvement in this area, which could impact the company's stability in challenging market conditions. Overall, the scores reflect a solid operational foundation but also indicate some caution regarding financial strength.

What Are Insiders Doing with APD Stock? Insider activity surrounding Air Products and Chemicals Inc APD has been notably bearish, with insiders selling $20.8 million worth of shares in the last three months and no reported buying activity. This trend may suggest a lack of confidence among insiders about the company's future prospects, which can be a red flag for potential investors. It is important to monitor insider activities as they can provide additional signals regarding a company's performance and outlook.

What This Means for Investors Based on the GF Value™ assessment, Air Products and Chemicals Inc APD is currently overvalued. Potential investors may want to exercise caution and consider waiting for a more attractive valuation before entering the stock. The combination of high current P/E ratios and recent insider selling further supports this outlook.

For the complete analysis, visit the Air Products and Chemicals Inc APD stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.

Frequently Asked Questions What is APD's GF Score™?

APD's GF Score™ is 82/100, indicating a strong potential for long-term returns based on its financial strength, profitability, growth, valuation, and momentum.

Is APD overvalued or undervalued?

APD is overvalued, with its current price of $304.50 being 8.0% above the GF Value™ of $281.97.

What is APD's P/E ratio?

APD's P/E ratio is 32.2x (TTM), which is 18% above its 5-year median of 27.2x, indicating that it is trading at a premium compared to its historical valuation.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Investors looking for stocks in the Chemical - Diversified sector might want to consider either BASF SE (BASFY - Free Report) or Air Products and Chemicals (APD - Free Report) . But which of these two stocks offers value investors a better bang for their buck right now? We'll need to take a closer look.

There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank favors stocks with strong earnings estimate revision trends, and our Style Scores highlight companies with specific traits.

BASF SE has a Zacks Rank of #2 (Buy), while Air Products and Chemicals has a Zacks Rank of #3 (Hold) right now. The Zacks Rank favors stocks that have recently seen positive revisions to their earnings estimates, so investors should rest assured that BASFY has an improving earnings outlook. But this is just one factor that value investors are interested in.

Value investors also try to analyze a wide range of traditional figures and metrics to help determine whether a company is undervalued at its current share price levels.

Our Value category grades stocks based on a number of key metrics, including the tried-and-true P/E ratio, the P/S ratio, earnings yield, and cash flow per share, as well as a variety of other fundamentals that value investors frequently use.

BASFY currently has a forward P/E ratio of 18.84, while APD has a forward P/E of 22.10. We also note that BASFY has a PEG ratio of 1.27. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. APD currently has a PEG ratio of 2.56.

Another notable valuation metric for BASFY is its P/B ratio of 1.39. The P/B ratio pits a stock's market value against its book value, which is defined as total assets minus total liabilities. For comparison, APD has a P/B of 3.58.

These are just a few of the metrics contributing to BASFY's Value grade of A and APD's Value grade of D.

BASFY sticks out from APD in both our Zacks Rank and Style Scores models, so value investors will likely feel that BASFY is the better option right now.