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Air Products and Chemicals, Inc. (AP3) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Air Products and Chemicals, Inc. €217, price €248, upside -12.6%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Basic Materials · DE · Home US

AP Thin data Sep 24, 2026

Air Products and Chemicals, Inc.

AP3 · XETRA

Weak valuationQuality is weak on top of the rich price.

!Fair value €216.93 · Overvalued (−12.6%)
!Quality 40/100
!Weak Growth (revenue 3y −1.8 %/yr)
✓Solidly profitable · 16.9% net margin (TTM)
!Moderate debt · negative free cash flow
!2.9% dividend yield · Watch coverage
!Mixed vs. peers (6/14)
!Moderate moat 58/100
!Evidence only low, so the estimate is less certain
!Weak on valuation: 17 out of 100
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26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

€314.30 €178.76 Fair Value €216.93 Aug 2021 Oct 2026

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 €178.76 – €314.30 · fair‑value band €120.50 – €344.80 · the €248.20 price screens above the €216.93 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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Company profile

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 and Chemicals, Inc. (AP3) currently trades at €248.20, while our model-based Fair Value estimate is €216.93, 12.6% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €101.14 per share, and 0 of the 6 models we run sit above the €248.20 price.

Bear case: the Asset-Based group reads lowest at €40.16, and 6 of the 6 models stay below the price. Evidence for this calculation is low.

Scenario range: €120.50 (bear) to €344.80 (bull), the price of €248.20 sits inside 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 40/100 (below-average quality), in the Basic Materials sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Air Products and Chemicals, Inc. reported revenue of $12.0B in FY2025 versus $12.7B in FY2022, a compound −1.8%/yr. Reported net income was −$395M in FY2025.

Key figures

Market cap €55.2B · P/E ratio 29.8 · P/S ratio 4.73 · EPS (TTM) €8.32 · Dividend yield 2.9% · Net margin −3.3% · Return on equity 12.4% · Return on assets (EBIT) 8.0%.

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 8% below its 52-week high and 27% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Basic Materials peers we cover trades at −39% fair-value upside, at −13%, AP3 screens cheaper than that median.

Fair Value models

The price assumes far more growth than our models allow for, so the models scatter widely (€11.83 to €117.44). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear €120.50 Fair Value €216.93 Bull €344.80
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 (€1.14 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.
Highest evidence
EPV €26.51 €40.96 €53.60 70
ROIC Compounder €26.51 €40.96 €53.60 68
EV/EBITDA €73.03 €117.44 €161.85 66
All 6 models by family
Earnings-Based
EPV €26.51 €40.96 €53.60 70
Multiples
EV/EBIT €60.81 €101.14 €141.48 64
EV/EBITDA €73.03 €117.44 €161.85 66
EV/Revenue n/a €11.83 €33.43 50
Asset-Based
NCAV (Graham) €29.97 €40.16 €59.94 54
Economic Profit
ROIC Compounder €26.51 €40.96 €53.60 68

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Quality Score breakdown

Overall quality 40/100

Of which business quality 38 · Market factors (momentum, volatility) 56

Profitability 11
Margins and returns on capital today
Quality Growth 25
Are margins and returns improving?
Cashflow 31
Earnings quality: real cash, not paper profit
Fin. Strength 55
Balance sheet, leverage, solvency risk
Investment 35
Disciplined investing over empire-building
Low Volatility 76
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 56
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 18/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
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%
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.
19.0% (2022) → 24.0% (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
not computed

AP3 screens overvalued: fair value 13% below the price. Compare with Linde plc →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 699 stocks

Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −11.2% · Above median
Profitability
Return on equity (TTM) 12.4% · Top 25%
Return on assets 3.6% · Above median
Net margin (TTM) 16.9% · Top 25%
Operating margin (TTM) 23.6% · Top 25%
Growth and dividend
Revenue growth 8.8% · Below median
Dividend yield (TTM) 2.9% · Top 25%
Balance sheet
Debt / equity 1.13× · Highest 25%

Valuation Multiplesvs Specialty Chemicals median · lower = cheaper

P/E (TTM) 29.8× · Pricier than median
P/B 4.14× · Priciest 25%
P/S (TTM) 4.99× · Priciest 25%
EV/EBITDA 19.9× · Priciest 25%
PEG 2.19× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)17 · sector 0
FUTURE (revenue growth)44 · sector 56
PAST (return on equity)49 · sector 25
HEALTH (low debt)44 · sector 95
DIVIDEND (yield)58 · sector 29

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Linde plc LIN $474.65 $441.72 −7%
The Sherwin-Williams Company SHW $330.44 $151.68 −54%
Ecolab Inc ECL $274.58 $96.56 −65%
Nan Ya Plastics Corporation 1303 238.00 TWD 234.23 TWD −2%
Givaudan SA GIVN CHF 3,360 CHF 1,527 −55%
Wanhua Chemical Group 600309 ¥69.45 ¥68.03 −2%
DSM-Firmenich AG DSFIR CHF 92.30 CHF 29.70 −68%
Asian Paints Limited ASIANPAINT ₹2,444 ₹1,479 −39%
PPG Industries, Inc PPG $104.67 $76.98 −26%
EMS-CHEMIE HOLDING AG EMSN CHF 833.00 CHF 284.63 −66%

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Air Products and Chemicals, Inc. · Fair Value
€216.93 −13%Fair Value
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Cite: Fair Value Calculator (2026). "Air Products and Chemicals, Inc. Fair Value". https://www.fairvalue-calculator.com/stock/AP3

Frequently asked questions

Is Air Products and Chemicals, Inc. (AP3) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of €216.93 versus a price of €248.20, about −13% upside (overvalued).
What is the fair value of AP3?
Our model-based fair value for Air Products and Chemicals, Inc. is €216.93 (as of Sep 24, 2026), built from audited fundamentals. The current price: €248.20.
What is the quality score of AP3?
Air Products and Chemicals, Inc. has a Quality Score of 40/100. 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 and Chemicals, Inc. (AP3)?
Our model-based price target is the fair value of €216.93 (as of Sep 24, 2026) from 6 valuation models. Cautious scenario €120.50, optimistic scenario €344.80. It is a calculation from audited fundamentals, not an analyst target.
What is the Air Products and Chemicals, Inc. stock forecast for 2026?
Our models put fair value at €216.93, about −13% upside versus a price of €248.20 (overvalued). Cautious scenario €120.50, optimistic scenario €344.80. The calculation is refreshed regularly with new filings.
What is the revenue of Air Products and Chemicals, Inc. (AP3)?
Air Products and Chemicals, Inc. reported trailing-twelve-month revenue of about $12.5B (latest available figure, as of Sep 24, 2026).
Does Air Products and Chemicals, Inc. pay a dividend?
Air Products and Chemicals, Inc. currently shows a dividend yield of about 2.89% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Air Products and Chemicals, Inc. (AP3)?
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 and Chemicals, Inc. it is €216.93 per share (as of Sep 24, 2026), against a price of €248.20. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Air Products and Chemicals, Inc. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, AP3 trades above its calculated fair value: price €248.20, fair value €216.93, a gap of about −13% (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 AP3?
No. The price is what the market pays today (€248.20); the fair value is what the company's own numbers justify (€216.93). For Air Products and Chemicals, Inc. the two are €31.27 per share apart. That gap is exactly why we show both numbers side by side.
How much is Air Products and Chemicals, Inc. worth?
The market values Air Products and Chemicals, Inc. at about €55.2B (market capitalisation, as of Sep 24, 2026). Per share that is €248.20; our models calculate a fair value of €216.93 per share.
What do the bullish and bearish scenarios say about AP3?
Our models span a range for Air Products and Chemicals, Inc.: cautious scenario €120.50, base €216.93, optimistic €344.80 per share (as of Sep 24, 2026, price €248.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of AP3?
Air Products and Chemicals, Inc. trades at a price-to-earnings ratio of 29.8 (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 €216.93 is built from several models across several years. Other multiples: PEG 2.2, P/B 4.1, P/S 5.0, EV/EBITDA 19.9.
What is the PEG ratio of AP3?
The PEG ratio of Air Products and Chemicals, Inc. is 2.19 (P/E divided by earnings growth, as of Sep 24, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Air Products and Chemicals, Inc. (AP3)?
Balance-sheet figures for Air Products and Chemicals, Inc. (as of Sep 24, 2026): return on equity 12.4%, debt of 1.13 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is AP3 from its 52-week high?
Air Products and Chemicals, Inc. trades at €248.20, about 8% below its 52-week high of €270.80 and 27% above the low of €195.19 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €216.93 is for.
Which stocks are comparable to Air Products and Chemicals, Inc.?
From the same area (Basic Materials) we also value Linde plc, The Sherwin-Williams Company, Ecolab Inc, Nan Ya Plastics Corporation, 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 and Chemicals, Inc. stock attractive at the current price?
The data as of Sep 24, 2026: price €248.20, calculated fair value €216.93 (−13%), Quality Score 40/100, from 6 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 AP3 calculated?
We run Air Products and Chemicals, Inc. through 6 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 €216.93, 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 and 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 and Chemicals, Inc. (AP3)?
The closing price on Oct 2, 2026 was €248.20. Our model-based fair value is €216.93, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Air Products and Chemicals, Inc. right now?
The model range is unusually wide (€120.50 to €344.80). The outcome hinges heavily on assumptions, so read the point estimate with caution. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Air Products and Chemicals, Inc.

How large is the market capitalisation of Air Products and Chemicals, Inc. (AP3)?
The market capitalisation of Air Products and Chemicals, Inc. is €55.2B. 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 is the P/S ratio of Air Products and Chemicals, Inc. (AP3)?
The price-to-sales ratio of Air Products and Chemicals, Inc. is 4.73 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Air Products and Chemicals, Inc. (AP3)?
Earnings per share at Air Products and Chemicals, Inc. are €8.32 (price ÷ EPS = P/E 29.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Air Products and Chemicals, Inc. (AP3)?
The dividend yield of Air Products and Chemicals, Inc. is 2.9% (payout 86.3%). 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 and Chemicals, Inc. (AP3)?
The net margin of Air Products and 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 and Chemicals, Inc. (AP3)?
The return on equity (ROE) of Air Products and 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 and Chemicals, Inc. (AP3)?
On an EBIT basis the return on assets of Air Products and Chemicals, Inc. is 8.0% (avg 4y). 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 and Chemicals, Inc. (AP3)?
The operating margin of Air Products and 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 and Chemicals, Inc. (AP3)?
Revenue at Air Products and 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 and Chemicals, Inc. (AP3)?
Earnings per share at Air Products and 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 and Chemicals, Inc. (AP3) generate?
The free cash flow of Air Products and 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 and Chemicals, Inc. (AP3) carry?
The net debt of Air Products and Chemicals, Inc. is $15.8B (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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