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STOCK COMPARISON

Air Products and Chemicals vs Freeport-McMoran Copper & Gold: Fair Value & Quality

Both stocks run through our valuation models. Here is how Air Products and Chemicals (APD) and Freeport-McMoran Copper & Gold (FCX) compare, as of Sep 30, 2026.

As of Sep 30, 2026, Fair Value Calculator sees Air Products and Chemicals as the less overvalued of the two: Air Products and Chemicals trades at $279 versus a fair value of $243 (−13.0%), while Freeport-McMoran Copper & Gold trades at $71.96 versus $16.47 (−77.1%).
Air Products and Chemicals
APD · USD · Materials
−13.0%
upside to fair value
overvalued
Price$279
Fair Value$243
Quality36/100
Freeport-McMoran Copper & Gold
FCX · USD · Materials
−77.1%
upside to fair value
overvalued
Price$71.96
Fair Value$16.47
Quality53/100
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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 ChemicalsFreeport-McMoran Copper & Gold
Valuation
31.6×P/E (TTM)35.3×
23.2×P/E ex one-offs (FY2025)46.1×
19.3×Forward P/E (FY2027)17.4×
24.6×Median P/E at FY-end (9 FY, ex one-offs where documented)n/a
4.93×P/S (TTM)7.56×
4.13×P/B5.49×
16.6×EV/EBITDA21.8×
2.07×PEG4.54×
−13.0%Fair value upside−77.1%
2.6%Dividend yield0.8%
$7.20Dividend per share$0.60
Profitability
25.5%Operating margin33.4%
n/aEBIT margin trend (5Y)1.79×
0.0%Return on equity14.8%
4.7%Return on assets14.3%
Growth
4.6%Revenue growth (YoY)-7.3%
-1.8%Avg. growth/yr (3Y)3.3%
6.3%Avg. growth/yr (5Y)13.2%
n/aValue creation/yr+6.6%
Balance & size
n/aInterest coverage (EBIT/interest)17.0×
1.13×Debt / equity0.53×
$62BMarket cap$104B
mixedGrowth qualitymixed
The P/E excluding one-off items is scored: for at least one of the two companies, special items (write-downs, restructuring, litigation) move the reported P/E by 15 % or more. The trailing P/E is shown for reference.
Air Products and Chemicals, median P/E at fiscal year-end, 9 fiscal years (2017 to 2025), reported earnings, FY2025 ex one-offs: 24.6.
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.

Air Products and Chemicals leads: 7 to 5 metric wins.

Group holding company: FCX (53 %) consolidates subsidiaries in full but owns only the stated share. Revenue, EBITDA and margin ratios are therefore restated for its own shareholders; earnings per share, P/E and return on equity already were.

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 Chemicalsof which business quality 35 · market factors 57 Freeport-McMoran Copper & Goldof which business quality 53 · market factors 68
ProfitabilityMargins and returns on capital today
11
35
Quality GrowthAre margins and returns improving?
20
31
CashflowEarnings quality: real cash, not paper profit
31
52
Fin. StrengthBalance sheet, leverage, solvency risk
44
67
InvestmentDisciplined investing over empire-building
35
53
Low VolatilityCalm price path (market factor)
78
28
MomentumPrice trend over the last 3–12 months (market factor)
46
82
52W MomentumDistance to the 52-week high (market factor)
51
91
Net IssuanceShare count: buybacks or dilution?
82
82

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 $279Freeport-McMoran Copper & GoldPrice $71.96
DCF Modelsn/a−77.6%below the price$16.09
Earnings-Basedn/a−79.9%below the price$14.49
Dividend Discount−61.9%below the price$106−92.2%below the price$5.63
Multiplesn/a−63.7%below the price$26.09
Asset-Based−83.8%below the price$45.21−87.7%below the price$8.82
Growth DCFn/a−86.0%below the price$10.11
Economic Profitn/a−79.5%below the price$14.78
Growth Earningsn/a−68.3%below the price$22.84
Minimum−83.8%below the price$45.21−92.2%below the price$5.63
Maximum−61.9%below the price$106−63.7%below the price$26.09
Median−72.9%below the price$75.67−79.7%below the price$14.64
Geometric mean−75.2%below the price$69.27−81.4%below the price$13.38

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Air Products and Chemicals: 3 of 3 models see the stock below the current price.

Freeport-McMoran Copper & Gold: 26 of 26 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 $279
Fair Value $243
Bear $135Bull $386
Freeport-McMoran Copper & Gold
Price $71.96
Fair Value $16.47
Bear $10.44Bull $28.30

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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 score36 · bottom 25%
Fair value upside−13.0% · above median

Freeport-McMoran Copper & Gold · Materials

Quality score53 · above median
Fair value upside−77.1% · bottom 25%

Bottom line

As of Sep 30, 2026, Fair Value Calculator sees Air Products and Chemicals as the less overvalued of the two: Air Products and Chemicals trades at $279 versus a fair value of $243 (−13.0%), while Freeport-McMoran Copper & Gold trades at $71.96 versus $16.47 (−77.1%).

Freeport-McMoran Copper & Gold has the higher quality score (53/100).

Open Air Products and Chemicals live analysis →
Air Products and Chemicals · Freeport-McMoran Copper & Gold

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