Air Products and Chemicals Inc (APD) fair value: what the stock is really worth
We calculate from audited financials what Air Products and Chemicals Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 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 17, 2026.
How to read this chart
60‑month range $194.54 – $325.22 · fair‑value band $135.30 – $389.78 · the $279.46 price screens above the $244.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 17, 2026.
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 (APD) currently trades at $279.46, while our model-based Fair Value estimate is $244.28, implying the stock looks roughly 14.4% overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $97.32 per share, and 0 of the 3 models we run sit above the $279.46 price.
Bear case: the Asset-Based group reads lowest at $45.21, and 3 of the 3 models stay below the price. Evidence for this calculation is medium.
Scenario range: $135.30 (bear) to $389.78 (bull), the price of $279.46 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 38/100 (below-average quality), in the Basic Materials sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Air Products and 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 $62.3B · P/E ratio 29.5 · P/S ratio 5.35 · EPS (TTM) $9.48 · Dividend yield 2.6% · Net margin −3.3% · Return on equity 12.4% · Return on assets (EBIT) 6.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 9% below its 52-week high and 24% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −53% fair-value upside, at −13%, APD screens cheaper than that median.
Fair Value models
Bear $135.30Fair Value $244.28Bull $389.78
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 ($2.27 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.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%
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.
25.3% (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
News mood ⓘNews mood, the average tone of recent news (90 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
Compare Air Products and 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 industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Specialty Chemicals · 703 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−19% · Above median
Profitability
Return on equity (TTM)12% · Top 25%
Return on assets4% · Above median
Net margin (TTM)17% · Top 25%
Operating margin (TTM)24% · Top 25%
Growth and dividend
Revenue growth9% · Above median
Dividend yield (TTM)2.6% · Above median
Balance sheet
Debt / equity1.13× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Air Products and Chemicals Inc Fair Value". https://www.fairvalue-calculator.com/stock/APD
Frequently asked questions
Is Air Products and Chemicals Inc (APD) overvalued or undervalued?
As of Sep 17, 2026, our model estimates a fair value of $244.28 versus a price of $279.46, about −13% upside (overvalued).
What is the fair value of APD?
Our model-based fair value for Air Products and Chemicals Inc is $244.28 (as of Sep 17, 2026), built from audited fundamentals. The current price: $279.46.
What is the quality score of APD?
Air Products and 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 and Chemicals Inc (APD)?
Our model-based price target is the fair value of $244.28 (as of Sep 17, 2026) from 3 valuation models. Cautious scenario $135.30, optimistic scenario $389.78. 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 $244.28, about −13% upside versus a price of $279.46 (overvalued). Cautious scenario $135.30, optimistic scenario $389.78. The calculation is refreshed regularly with new filings.
What is the revenue of Air Products and Chemicals Inc (APD)?
Air Products and Chemicals Inc reported trailing-twelve-month revenue of about $12.5B (latest available figure, as of Sep 17, 2026).
Does Air Products and Chemicals Inc pay a dividend?
Air Products and Chemicals Inc currently shows a dividend yield of about 2.57% relative to its recent price (as of Sep 17, 2026).
What is the intrinsic value of Air Products and Chemicals Inc (APD)?
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 $244.28 per share (as of Sep 17, 2026), against a price of $279.46. It is the blended result of 3 valuation models (cash flow, earnings, asset, dividend).
Is Air Products and Chemicals Inc stock overvalued or undervalued in 2026?
As of Sep 17, 2026, APD trades above its calculated fair value: price $279.46, fair value $244.28, 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 APD?
No. The price is what the market pays today ($279.46); the fair value is what the company's own numbers justify ($244.28). For Air Products and Chemicals Inc the two are $35.18 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 $62.3B (market capitalisation, as of Sep 17, 2026). Per share that is $279.46; our models calculate a fair value of $244.28 per share.
What do the bullish and bearish scenarios say about APD?
Our models span a range for Air Products and Chemicals Inc: cautious scenario $135.30, base $244.28, optimistic $389.78 per share (as of Sep 17, 2026, price $279.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of APD?
Air Products and Chemicals Inc trades at a price-to-earnings ratio of 29.5 (as of Sep 17, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $244.28 is built from several models across several years. Other multiples: PEG 2.2, P/B 4.4, P/S 5.3, EV/EBITDA 21.1.
What is the PEG ratio of APD?
The PEG ratio of Air Products and Chemicals Inc is 2.24 (P/E divided by earnings growth, as of Sep 17, 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 (APD)?
Balance-sheet figures for Air Products and Chemicals Inc (as of Sep 17, 2026): return on equity 12.4%, debt of 1.13 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is APD from its 52-week high?
Air Products and Chemicals Inc trades at $279.46, about 9% below its 52-week high of $307.96 and 24% above the low of $226.03 (as of Sep 17, 2026). Distance from the high says nothing about value: that is what the fair value of $244.28 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, Givaudan SA, 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 17, 2026: price $279.46, calculated fair value $244.28 (−13%), Quality Score 38/100, from 3 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 APD calculated?
We run Air Products and Chemicals Inc through 3 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 $244.28, 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 16.1 % 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 (APD)?
The closing price on Sep 21, 2026 was $279.46. Our model-based fair value is $244.28, 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 ($135.30 to $389.78). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits in the upper half of our model range, so the margin of safety is thin. Read the verdict with care: some models are missing inputs, so the estimate scatters more than usual.
Where does the earnings growth of Air Products and Chemicals Inc (APD) come from?
Earnings per share at Air Products and Chemicals Inc grew +14.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.0 %, EBIT margin +6.9 %, tax rate +1.2 %, residual (interest, one-offs) +1.4 %. 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 and Chemicals Inc
How large is the market capitalisation of Air Products and Chemicals Inc (APD)?
The market capitalisation of Air Products and Chemicals Inc is $62.3B. 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 (APD)?
The price-to-sales ratio of Air Products and Chemicals Inc is 5.35 (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 (APD)?
Earnings per share at Air Products and Chemicals Inc are $9.48 (price ÷ EPS = P/E 29.5). 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 (APD)?
The dividend yield of Air Products and Chemicals Inc is 2.6% (payout 75.7%). 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 (APD)?
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 (APD)?
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 (APD)?
On an EBIT basis the return on assets of Air Products and Chemicals Inc is 6.8% (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 and Chemicals Inc (APD)?
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 (APD)?
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 (APD)?
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 (APD) 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 (APD) carry?
The net debt of Air Products and Chemicals Inc is $16.6B (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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Sep 17, 2026