Air Products & Chemicals, Inc.
APD · Industrial Inorganic Chemicals · 222.7M shares · +0%/yr ↑ shares · EDGAR filings ↗
Net buyback after stock comp: $402M (gross $462M, SBC $60M)
Reference price $303.76 · est. market cap ~$67.6B — last insider sale, 2026-05-01 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B74Wide-moat industrial-gases franchise whose FY2025 net loss reflects one-time project-cancellation charges, not operating distress.
Strengths
- Top-of-sector gross margin (31.4%, 100th pct) and durable oligopoly moat with long-term, energy-pass-through contracts
- Adjusted operating income still ~$2.9B; strong cash balance ($1.9B, 88.9th pct)
Risks
- GAAP net loss (margin -3.3%, ROE -2.6%) from ~$3.7B pre-tax business/asset charges
- Transitional year under new CEO with project exits and softer volumes; current ratio below median
Notable findings
- Net lossNet loss (net margin -3.3%)
- Customer concentration~60% of revenue from one customer/distributor — In fiscal year 2025, approximately 60% of our sales were derived from customers outside the United States and many of our operations, suppliers, customers, and employees are located outside the United
- Strong balance sheetStrong balance sheet — $1.9B cash & investments
- Insider sellingInsider selling — 2 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$21M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
31.4%
Operating margin
-7.3%
Net margin
-3.3%
Return on equity
-2.6%
Return on assets
-1.0%
Revenue growth (QoQ)
2.2%
Net-income growth
-110.3%
Current ratio
1.4×
EBITDA
$687M
Tangible book value
$13.8B
Cash & investments
$1.9B
Stock comp / revenue
0.6%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-01 | Schaeffer Melissa N. | Sell | 2.7K | $303.76 |
| 2026-02-12 | Mantle Ridge LP | Gift | 1.8K | — |
| 2026-02-12 | Mantle Ridge LP | Sell | 70K | $284.21 |
| 2026-02-12 | Mantle Ridge LP | Other | 3.9M | — |
| 2025-12-03 | Maione Francesco | Other | 11 | — |
| 2025-12-03 | Menezes Eduardo F | Other | 38 | — |
| 2025-12-03 | Schaeffer Melissa N. | Other | 44 | — |
| 2025-12-03 | Pellicciotti William J Jr | Other | 116 | — |
| 2025-12-03 | Lefevere Kurt | Grant | 144 | — |
| 2025-12-03 | Lefevere Kurt | Tax withheld | 65 | $261.28 |
| 2025-12-03 | Lefevere Kurt | Tax withheld | 80 | $261.28 |
| 2025-12-03 | Lefevere Kurt | Tax withheld | 64 | $261.28 |
| 2025-12-02 | Maione Francesco | Tax withheld | 283 | $261.28 |
| 2025-12-02 | Maione Francesco | Tax withheld | 380 | $261.28 |
| 2025-12-02 | Schaeffer Melissa N. | Tax withheld | 1.4K | $261.28 |
| 2025-12-02 | Schaeffer Melissa N. | Tax withheld | 709 | $261.28 |
| 2025-12-02 | Bols Ivo | Grant | 873 | — |
| 2025-12-02 | Schaeffer Melissa N. | Grant | 3.2K | — |
| 2025-12-02 | Maione Francesco | Grant | 873 | — |
| 2025-12-01 | Lefevere Kurt | Grant | 1.9K | — |
| 2025-12-01 | Menezes Eduardo F | Grant | 17K | — |
| 2025-12-01 | LEPORE MATTHEW | Grant | 2.1K | — |
| 2025-12-01 | Pellicciotti William J Jr | Grant | 850 | — |
| 2025-12-01 | Maione Francesco | Grant | 2.5K | — |
| 2025-12-01 | Bols Ivo | Grant | 1.9K | — |
| 2025-12-01 | Schaeffer Melissa N. | Grant | 5.2K | — |
| 2025-10-28 | Pellicciotti William J Jr | Tax withheld | 303 | $256.03 |
| 2025-08-18 | LEPORE MATTHEW | Grant | 3.5K | — |
| 2025-08-05 | Brifo Victoria | Sell | 1.4K | $292.38 |
| 2025-06-23 | Maione Francesco | Grant | 11K | — |
| 2025-04-03 | Evans Andrew W | Sell | 5 | $283.20 |
| 2025-04-02 | Evans Andrew W | Buy | 5 | $294.96 |
| 2025-03-05 | Nelson Walter L. | Sell | 589 | $308.50 |
| 2025-02-24 | Menezes Eduardo F | Grant | 13K | — |
| 2025-02-20 | Lefevere Kurt | Sell | 1.5K | $316.17 |
| 2025-02-18 | Mok Wilbur | Sell | 1.3K | $315.88 |
| 2025-02-18 | Brifo Victoria | Sell | 2.4K | $315.82 |
| 2025-02-18 | Bols Ivo | Sell | 18K | $313.82 |
| 2025-02-13 | Galovich Brian | Sell | 2.1K | $315.79 |
| 2025-02-11 | Hababou Ahmed | Sell | 1.6K | $307.97 |
| 2025-02-10 | Maione Francesco | Sell | 2.0K | $306.00 |
| 2025-02-10 | Schaeffer Melissa N. | Sell | 3.2K | $307.32 |
| 2025-02-07 | Major Sean D | Sell | 4.5K | $315.46 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-04-30 | ResultsExhibits | filing ↗ |
| 2026-01-30 | ResultsExhibits | filing ↗ |
| 2026-01-29 | Shareholder vote | filing ↗ |
| 2025-11-25 | Exec/director changeOtherExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-08-20 | Exec/director changeExhibits | filing ↗ |
| 2025-07-31 | ResultsExhibits | filing ↗ |
| 2025-07-08 | Exec/director change | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-04-30 | 2026-04-30 | 0000002969-26-000018 ↗ |
| 10-Q | 2026-04-30 | 2026-03-31 | 0000002969-26-000020 ↗ |
| 10-Q | 2026-01-30 | 2025-12-31 | 0000002969-26-000008 ↗ |
| 8-K | 2026-01-30 | 2026-01-30 | 0000002969-26-000006 ↗ |
| 8-K | 2026-01-29 | 2026-01-28 | 0001193125-26-029381 ↗ |
| 8-K | 2025-11-25 | 2025-11-23 | 0001193125-25-297255 ↗ |
| 10-K | 2025-11-20 | 2025-09-30 | 0000002969-25-000055 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0000002969-25-000051 ↗ |
| 8-K | 2025-08-20 | 2025-08-18 | 0001193125-25-183782 ↗ |
| 10-Q | 2025-07-31 | 2025-06-30 | 0000002969-25-000044 ↗ |
| 8-K | 2025-07-31 | 2025-07-31 | 0000002969-25-000042 ↗ |
| 8-K | 2025-07-08 | 2025-07-07 | 0001193125-25-156605 ↗ |