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STOCK COMPARISON

Air Products and Chemicals vs Ecolab: Fair Value & Quality

Both stocks run through our valuation models. Here is how Air Products and Chemicals (APD) and Ecolab (ECL) compare, as of Nov 13, 2026.

As of Nov 13, 2026, Fair Value Calculator sees Ecolab as the less overvalued of the two: Air Products and Chemicals trades at $317 versus a fair value of $75.33 (−76.2%), while Ecolab trades at $309 versus $97.18 (−68.6%). The fair value of Air Products and Chemicals carries the note "Extreme value": read it with caution.
Air Products and Chemicals
APD · USD · Materials
−76.2%
upside to fair value
overvalued
Extreme value
Price$317
Fair Value$75.33
Quality47/100
Fair ValueQualityUptrend
Ecolab
ECL · USD · Materials
−68.6%
upside to fair value
overvalued
Price$309
Fair Value$97.18
Quality63/100
Fair ValueQualityUptrend
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Air Products and ChemicalsEcolab
Valuation
132.4×P/E (TTM)42.1×
20.3×Forward P/E32.9×
27.5×Median P/E at FY-end (10 FY, ex one-offs where documented)35.8×
5.43×P/S (TTM)5.04×
4.69×P/B8.95× · book value is mostly intangible assets
18.3×EV/EBITDA22.0×
2.19×PEG2.41×
−76.2%Fair value upside−68.6%
2.3%Dividend yield0.2%
$7.22Dividend per share$0.73
Profitability
17.7%Operating margin19.0%
n/aEBIT margin trend (5Y)1.25×
3.2%Return on equity20.8%
1.3%Return on assets8.4%
Growth
12.3%Revenue growth (YoY)12.7%
1.0%Avg. growth/yr (3Y)4.3%
4.7%Avg. growth/yr (5Y)6.4%
−21.7%Value creation/yr+13.0%
Balance & size
n/aInterest coverage (EBIT/interest)12.1×
1.13×Debt / equity0.75×
$71BMarket cap$87B
expensiveGrowth qualityhealthy
Air Products and Chemicals, median P/E at fiscal year-end, 10 fiscal years (2017 to 2026), reported earnings, 6 of the years ex one-offs: 27.5. Ecolab, median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), earnings ex one-offs: 35.8.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Ecolab leads: 10 to 3 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Air Products and Chemicals Ecolab
ProfitabilityHow much profit the company makes from its sales and capital
22
57
Quality GrowthAre margins and returns getting better?
45
34
CashflowDo the profits arrive as real cash?
57
58
Financial strengthDebt, balance sheet and risk of trouble
47
56
InvestmentDoes it invest with discipline instead of growing at any price?
35
66
Low VolatilityHow calm the share price moves, does not count
82
78
Price momentumPrice momentum of the last 3 to 12 months, does not count
53
61
Near the 52-week highDistance to the 52-week high, does not count
79
74
New sharesBuys back shares or issues new ones?
82
88

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyAir Products and ChemicalsPrice $317EcolabPrice $309
DCF Modelsn/a−64.2%below the price$111
Earnings-Based−88.7%below the price$35.78−73.6%below the price$81.51
Dividend Discount−60.6%below the price$125−71.2%below the price$88.97
Multiples−87.2%below the price$40.62−68.8%below the price$96.56
Asset-Based−86.9%below the price$41.42n/a
Growth DCFn/a−68.4%below the price$97.74
Economic Profit−83.9%below the price$51.00−75.6%below the price$75.61
Growth Earnings−89.1%below the price$34.39−61.6%below the price$119
Matching families5 of 8
Minimum−89.1%below the price$34.39−75.6%below the price$75.61
Maximum−60.6%below the price$125−61.6%below the price$119
Median−87.2%below the price$40.62−71.2%below the price$88.97
Geometric mean−84.2%below the price$50.17−70.5%below the price$91.15
Ahead family by family1 of 54 of 5

Minimum, maximum, median and geometric mean only use the families both stocks have (matching families: 5 of 8), so a family without a value on one side does not distort the comparison. Ahead in a family is the stock whose fair value there sits higher relative to its price. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Family by family: Ecolab is ahead in 4 of 5 shared families, Air Products and Chemicals in 1.

Air Products and Chemicals: 10 of 10 models see the stock below the current price.

Ecolab: 24 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Air Products and Chemicals
Price $317
Fair Value $75.33
Bear $55.42Bull $95.88
Ecolab
Price $309
Fair Value $97.18
Bear $61.89Bull $154

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Air Products and Chemicals · Materials

Quality score47 · below median
Fair value upside−76.2% · bottom 25%

Ecolab · Materials

Quality score63 · Top 25%
Fair value upside−68.6% · bottom 25%

Bottom line

As of Nov 13, 2026, Fair Value Calculator sees Ecolab as the less overvalued of the two: Air Products and Chemicals trades at $317 versus a fair value of $75.33 (−76.2%), while Ecolab trades at $309 versus $97.18 (−68.6%). The fair value of Air Products and Chemicals carries the note "Extreme value": read it with caution.

Ecolab has the higher quality score (63/100).

Open Ecolab live analysis →

More comparisons

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.