Air Products & Chemicals Inc. (0HBH) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Air Products & Chemicals Inc. $42.02, price $278, upside -84.9%, quality 38 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range $195.86 – $331.41 · fair‑value band $31.36 – $62.71 · the $278.10 price screens above the $42.02 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally.
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Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, equipment, and related services in the Americas, Asia, Europe, the Middle East, India, and internationally. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.
Stock analysis
Air Products & Chemicals Inc. (0HBH) currently trades at $278.10, while our model-based Fair Value estimate is $42.02, 84.9% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 86/100, which puts the evidence level at low.
Scenario range: $31.36 (bear) to $62.71 (bull), the price of $278.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Industrials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Air Products & Chemicals Inc. reported revenue of $12.0B in FY2025 versus $10.3B in FY2021, a compound +3.9%/yr. Reported net income was −$395M in FY2025.
Key figures
Market cap $62.0B · P/E ratio 0.3 · EPS (TTM) $10.04 · Dividend yield 2.6% · Net margin −3.3% · Return on equity 12.4% · Return on assets (EBIT) 6.0% · Operating margin 23.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 11% below its 52-week high and 20% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −34% fair-value upside, at −85%, 0HBH screens richer than that median.
Fair Value models
Bear $31.36Fair Value $42.02Bull $62.71
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then ($2.86 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.38/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
−0.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−1.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.3%
Start year 2020 (pandemic). Over 10 years: +4.4% a year
Revenue growth 40 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+4.8%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
24.1% (2020) → −7.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
Compare Air Products & Chemicals Inc. with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Industrial Gases” was too small, so the broader sector is used.)Industrials · 5266 stocks
Beats the sector median on 7/10 measures
Overall it ranks above its sector peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−84.9% · Bottom 25%
Profitability
Return on equity (TTM)12.4% · Above median
Return on assets3.6% · Above median
Net margin (TTM)16.9% · Top 25%
Operating margin (TTM)23.6% · Top 25%
Growth and dividend
Revenue growth8.8% · Above median
Dividend yield (TTM)2.6% · Above median
Balance sheet
Debt / equity0.48× · Highest 25%
Valuation Multiplesvs Industrials median · lower = cheaper
P/E (TTM)0.3× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 17
FUTURE (revenue growth)44· sector 35
PAST (return on equity)49· sector 29
HEALTH (low debt)76· sector 94
DIVIDEND (yield)52· sector 37
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Air Products & Chemicals Inc. Fair Value". https://www.fairvalue-calculator.com/stock/0HBH
Frequently asked questions
Is Air Products & Chemicals Inc. (0HBH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $42.02 versus a price of $278.10, about −85% upside (overvalued).
What is the fair value of 0HBH?
Our model-based fair value for Air Products & Chemicals Inc. is $42.02 (as of Sep 24, 2026), built from audited fundamentals. The current price: $278.10.
What is the quality score of 0HBH?
Air Products & Chemicals Inc. has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Air Products & Chemicals Inc. (0HBH)?
Our model-based price target is the fair value of $42.02 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario $31.36, optimistic scenario $62.71. It is a calculation from audited fundamentals, not an analyst target.
What is the Air Products & Chemicals Inc. stock forecast for 2026?
Our models put fair value at $42.02, about −85% upside versus a price of $278.10 (overvalued). Cautious scenario $31.36, optimistic scenario $62.71. The calculation is refreshed regularly with new filings.
What is the revenue of Air Products & Chemicals Inc. (0HBH)?
Air Products & Chemicals Inc. reported trailing-twelve-month revenue of about $12.5B (latest available figure, as of Sep 24, 2026).
Does Air Products & Chemicals Inc. pay a dividend?
Air Products & Chemicals Inc. currently shows a dividend yield of about 2.58% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Air Products & Chemicals Inc. (0HBH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Air Products & Chemicals Inc. it is $42.02 per share (as of Sep 24, 2026), against a price of $278.10. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Air Products & Chemicals Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0HBH trades above its calculated fair value: price $278.10, fair value $42.02, a gap of about −85% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0HBH?
No. The price is what the market pays today ($278.10); the fair value is what the company's own numbers justify ($42.02). For Air Products & Chemicals Inc. the two are $236.08 per share apart. That gap is exactly why we show both numbers side by side.
How much is Air Products & Chemicals Inc. worth?
The market values Air Products & Chemicals Inc. at about $62.0B (market capitalisation, as of Sep 24, 2026). Per share that is $278.10; our models calculate a fair value of $42.02 per share.
What do the bullish and bearish scenarios say about 0HBH?
Our models span a range for Air Products & Chemicals Inc.: cautious scenario $31.36, base $42.02, optimistic $62.71 per share (as of Sep 24, 2026, price $278.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of 0HBH?
Air Products & Chemicals Inc. trades at a price-to-earnings ratio of 0.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $42.02 is built from several models across several years.
How solid is the balance sheet of Air Products & Chemicals Inc. (0HBH)?
Balance-sheet figures for Air Products & Chemicals Inc. (as of Sep 24, 2026): return on equity 12.4%, debt of 0.48 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is 0HBH from its 52-week high?
Air Products & Chemicals Inc. trades at $278.10, about 11% below its 52-week high of $311.05 and 20% above the low of $231.18 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $42.02 is for.
Which stocks are comparable to Air Products & Chemicals Inc.?
From the same area (Industrials) we also value BHAGWOX, Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Air Products & Chemicals Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price $278.10, calculated fair value $42.02 (−85%), Quality Score 38/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0HBH calculated?
We run Air Products & Chemicals Inc. through 2 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $42.02, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Air Products & Chemicals Inc. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Air Products & Chemicals Inc. (0HBH)?
The closing price on Oct 2, 2026 was $278.10. Our model-based fair value is $42.02, about −85% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Air Products & Chemicals Inc. right now?
The price sits above even our optimistic bull case ($62.71). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range ($31.36 to $62.71) leaves room in how you read the outcome.
Where does the earnings growth of Air Products & Chemicals Inc. (0HBH) come from?
Earnings per share at Air Products & Chemicals Inc. grew +12.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +2.3 %, tax rate +0.7 %, residual (interest, one-offs) +4.5 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Air Products & Chemicals Inc.
How large is the market capitalisation of Air Products & Chemicals Inc. (0HBH)?
The market capitalisation of Air Products & Chemicals Inc. is $62.0B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What are the earnings per share of Air Products & Chemicals Inc. (0HBH)?
Earnings per share at Air Products & Chemicals Inc. are $10.04 (price ÷ EPS = P/E 0.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Air Products & Chemicals Inc. (0HBH)?
The dividend yield of Air Products & Chemicals Inc. is 2.6% (payout 71.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Air Products & Chemicals Inc. (0HBH)?
The net margin of Air Products & Chemicals Inc. is −3.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Air Products & Chemicals Inc. (0HBH)?
The return on equity (ROE) of Air Products & Chemicals Inc. is 12.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Air Products & Chemicals Inc. (0HBH)?
On an EBIT basis the return on assets of Air Products & Chemicals Inc. is 6.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Air Products & Chemicals Inc. (0HBH)?
The operating margin of Air Products & Chemicals Inc. is 23.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Air Products & Chemicals Inc. (0HBH)?
Revenue at Air Products & Chemicals Inc. is growing +8.8% versus a year earlier (3y avg −1.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Air Products & Chemicals Inc. (0HBH)?
Earnings per share at Air Products & Chemicals Inc. are growing +9.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Air Products & Chemicals Inc. (0HBH) generate?
The free cash flow of Air Products & Chemicals Inc. is −$3.8B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Air Products & Chemicals Inc. (0HBH) carry?
The net debt of Air Products & Chemicals Inc. is $16.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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