ValueScreener company report

Air Products and Chemicals, Inc. (APD)

Name: Air Products and Chemicals, Inc. (APD) filed financial figures
Creator: ValueScreener

NYSE / Basic Materials / Chemicals - Specialty

Share price

296.60 USD Market dataClose of Oct 15, 2026

Market capitalisation

66.05B USD Market dataClose of Oct 15, 2026

Market data: Oct 15, 2026
Filed accounts: FY2025, filed Nov 20, 2025
Ratios computed: Oct 15, 2026
Filed years: 10, FY2016 to FY2025

Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means

SEC filingFiled with the SEC: Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement: What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data: Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener: Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.

Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Quality

Return on equity

-2.6% Computed

From the FY2025 filing

Read quality

Financial strength

Current ratio

1.38 Computed

From the FY2025 filing

Read financial strength

Valuation

Price to book

4.40x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

-5.7% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.

Named tests met: 0 of 30 Which tests

The business, and the score behind its five axes

The reading, in brief

Is it good

Return on equity was -2.6% in FY2025, in the band labelled "Likely below the cost of equity" (below 8.0%), on lines anchored on Damodaran's cost-of-capital data, suggesting returns on shareholders' money below the usual cost of equity.

Today, against the Chemicals - Specialty industry (52 companies), -2.6% sits at the 38th percentile; the middle half of that group runs from -11.1% to 13.8%.

Is it safe

Current ratio was 1.38 in FY2025, in the band labelled "Tight" (1.00 to 1.50), on lines anchored on Graham's defensive-investor criteria.

Today, against the Chemicals - Specialty industry (52 companies), 1.38 sits at the 18th percentile; the middle half of that group runs from 1.62 to 2.95.

Year by year against peers: Whether Air Products and Chemicals, Inc.'s return on equity stayed above the median of the Chemicals - Specialty industry, year by year. (FY2017 to FY2025, 9 fiscal years of Air Products and Chemicals, Inc. with a comparable figure)
The direction: Which way Air Products and Chemicals, Inc.'s return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Air Products and Chemicals, Inc.)
What could explain it: What in Air Products and Chemicals, Inc.'s filed statements could explain the movements. (3 readings drawn from the statement lines Air Products and Chemicals, Inc. filed)
What to check next: What to check next on Air Products and Chemicals, Inc., and where in its filings. (4 questions for Air Products and Chemicals, Inc.)
In one paragraph: One paragraph on Air Products and Chemicals, Inc.'s returns, cash, balance sheet and price. (9 of sixteen figures read for Air Products and Chemicals, Inc.)

These are APD’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research APDPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Nov 20, 2025, accession 0000002969-25-000055.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Air Products and Chemicals, Inc: returns on capital and margins, each with its source
Figure	Value, source and document
Return on invested capital, after tax Why n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.	n/a ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Return on equity	-2.6% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Return on capital employed, pre-tax	-2.4% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Return on assets	-1.0% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Gross margin	31.4% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Operating margin	-7.3% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Net margin	-3.3% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055

APD -3.3%

-3.3%12.9%

Net margin: APD against the 5 companies named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Air Products and Chemicals, Inc: leverage, liquidity and distress, each with its source
Figure	Value, source and document
Debt to equity Why n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.	n/a ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Current ratio	1.38 ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Quick ratio	1.20 ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Interest coverage Why n/m Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).	n/m ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Altman Z-score	2.54 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Net debt Why n/a The FY2025 balance sheet carries no net debt we could read.	n/a ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055

Total assets Total liabilities Shareholders’ equity

The balance sheet, line by line

Financial health

What Air Products and Chemicals, Inc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Nov 20, 2025, 0000002969-25-000055).

Air Products and Chemicals, Inc: balance sheet position
Total assets	41.06B FiledFY2025 10-K, filed Nov 20, 2025
Total liabilities	23.71B FiledFY2025 10-K, filed Nov 20, 2025
Shareholders' equity	15.02B FiledFY2025 10-K, filed Nov 20, 2025
Cash	1.86B FiledFY2025 10-K, filed Nov 20, 2025
Total debt	n/a FiledFY2025 10-K, filed Nov 20, 2025
Net debt	n/a
Current ratio	1.38
Debt to equity	n/a

Debt to equity: FY2025: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Interest cover: FY2025: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Air Products and Chemicals, Inc: what the market charges, each with its source
Figure	Value, source and document
Price to earnings Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
P/E on trailing twelve months	31.11x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book	4.40x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Price to sales	5.49x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Enterprise value to EBIT Why n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Enterprise value to EBITDA Why n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.	n/a ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Price to earnings over growth Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Diluted earnings per share	-1.77 USD FiledFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Graham number Why n/m Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.	n/m ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055

We publish no fair value or price target of our own. Value APD on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Air Products and Chemicals, Inc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Air Products and Chemicals, Inc: valuation
Share price	296.60 USD
Market capitalisation	66.05B USD
Enterprise value to EBITDA	n/a
Graham number	n/m
Diluted earnings per share, FY2025	-1.77 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since Aug 1, 2017: low 11.00x, median 27.78x, high 43.49x, latest 31.11x. 2,151 trading days with a meaningful ratio, 162 more on a loss and left out. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Air Products and Chemicals, Inc

Same industry (Chemicals - Specialty) and size band (Large, 10B to 200B), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Air Products and Chemicals, Inc: cash generation and what is paid out, each with its source
Figure	Value, source and document
Free cash flow yield	-5.7% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Free cash flow	-3.77B USD ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Free cash flow margin	-31.3% ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Dividend yield	2.4% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Payout ratio Why n/a We do not hold this figure for this company, so there is nothing to show.	n/a ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055

Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Air Products and Chemicals, Inc.: the eight ratios, with the fiscal year and filing date behind each.
Figure	Value	Year	As of
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaShare price / earnings per share. Where the filing states no earnings per share this listing can be priced on, which is every 20-F and 40-F filer because theirs is stated per ordinary share, it is market capitalisation / net income: the same multiple, undiluted. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	4.40x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / shareholders equity As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	n/a	FY2025	Oct 15, 2026
n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Formula(Market capitalisation + total debt - cash) / operating income, or over the filing's own EBIT (income before tax + interest expense) where the filer tags no operating line, as Johnson & Johnson does not in any of its ten filed years. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	-5.7%	FY2025	Oct 15, 2026
FormulaFree cash flow per share / share price x 100 As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	n/a	FY2025	Nov 20, 2025
n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
FormulaVendor trailing-twelve-month return on invested capital where one is published, which uses after-tax operating profit over total assets less current liabilities. Otherwise our own recompute: NOPAT / (shareholders equity + total debt - cash) x 100, where NOPAT is the filed operating profit after tax, or the filing's own EBIT after tax where the filer tags no operating line. As ofThe filing date of the statements below, for FY2025. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	2.4%	FY2025	Oct 15, 2026
FormulaCommon dividends paid in the latest filed year / market capitalisation x 100. n/a where the filing cannot support it: a special or first-year payment, a total that mixes preferred dividends, or a cash-flow statement over 15 months old. As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	n/a	FY2025	Nov 20, 2025
n/a The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
FormulaTotal debt / shareholders equity As ofThe filing date of the statements below, for FY2025. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	1.38	FY2025	Nov 20, 2025
FormulaCurrent assets / current liabilities As ofThe filing date of the statements below, for FY2025. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	5.49x	FY2025	Oct 15, 2026
FormulaMarket capitalisation / revenue As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	n/m	FY2025	Oct 15, 2026
n/m Not meaningful for this company, such as a P/E on negative earnings or a bank's EV/EBIT.
FormulaPrice to earnings / the annual earnings growth rate, in percentage points As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	2.54	FY2025	Oct 15, 2026
Formula1.2 x working capital/assets + 1.4 x retained earnings/assets + 3.3 x EBIT/assets + 0.6 x market value of equity/total liabilities + 1.0 x revenue/assets As ofThe close on Oct 15, 2026, over the filed figures of FY2025: a price is in this figure, and it moved after the filing. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	-2.53	FY2025	Nov 20, 2025
FormulaAn eight-variable index of year-on-year changes in receivables, gross margin, asset quality, revenue, depreciation, overheads, leverage and accruals As ofThe filing date of the statements below, for FY2025. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab
	3/9	FY2025	Nov 20, 2025
FormulaOne point each for: positive return on assets, positive operating cash flow, rising return on assets, operating cash flow above net income, falling leverage, rising current ratio, no new shares issued, rising gross margin, rising asset turnover. As ofThe filing date of the statements below, for FY2025. Form10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itIncome statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itBalance sheetFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tabForm10-KFiledNov 20, 2025PeriodFY2025Accession0000002969-25-000055What we read from itCash flow statementFY2025Open on SEC.gov, accession 0000002969-25-000055, leaves this page and opens in a new tab

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Air Products and Chemicals, Inc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Air Products and Chemicals, Inc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
Year	Revenue	Operating income	Net income	EPS, diluted	Free cash flow	Operating margin	Return on equity	Filing
FY2025	12.04B	-877.0M	-394.5M	-1.77	-3.77B	-7.3%	-2.6%	10-K, Nov 20, 20250000002969-25-000055
FY2024	12.10B	4.47B	3.83B	17.18	-3.15B	36.9%	22.5%	10-K, Nov 21, 20240000002969-24-000056
FY2023	12.60B	2.49B	2.30B	10.33	-1.42B	19.8%	16.1%	10-K, Nov 16, 20230000002969-23-000047
FY2022	12.70B	2.34B	2.26B	10.14	244.1M	18.4%	17.2%	10-K, Nov 22, 20220000002969-22-000054
FY2021	10.32B	2.28B	2.10B	9.43	871.0M	22.1%	15.5%	10-K, Nov 18, 20210000002969-21-000055
FY2020	8.86B	2.24B	1.89B	8.49	755.7M	25.3%	15.6%	10-K, Nov 19, 20200000002969-20-000049
FY2019	8.92B	2.14B	1.76B	7.94	980.2M	24.0%	15.9%	10-K, Nov 26, 20190000002969-19-000051
FY2018	8.93B	1.97B	1.50B	6.78	978.8M	22.0%	13.8%	10-K, Nov 20, 20180000002969-18-000044
FY2017	8.19B	1.44B	3.00B	13.65	1.49B	17.6%	29.8%	10-K, Nov 16, 20170000002969-17-000039
FY2016	7.50B	1.54B	631.1M	2.89	1.35B	20.5%	8.9%	10-K, Nov 21, 20160001193125-16-773346

Revenue, compound annual growth FY2016 to FY2025: 5.4%
Earnings: Earnings was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Earnings per share: Earnings per share was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.
Free cash flow: Free cash flow was not positive in both 2016 and 2025, so a compound rate across the window is not defined. Both figures are in the table.

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Air Products and Chemicals, Inc: accounting screens and published tests, each with its source
Figure	Value, source and document
Beneish M-score	-2.53 ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Piotroski F-score	3/9 ComputedFY2025 10-K, filed Nov 20, 2025, 0000002969-25-000055
Named tests met	0 of 30 Computed
Beta	0.71 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 0 met, 23 not met, 7 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)

Meets: None of the named tests.
Does not: Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; High F-score, low P/B (Joseph Piotroski); Three forensic scores; High returns and growth; Gross margin, turnover (Robert Novy-Marx); High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Cash-covered dividend; Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/B (David Dreman)
Not measured: Earnings yield and ROIC (Joel Greenblatt); Low PEG, low debt (Peter Lynch); EV/EBITDA and coverage; ROIC at or above WACC; P/E times P/B (Benjamin Graham); Cheapest quarter on P/E (David Dreman); Low P/E, growth, yield (John Neff). A test with a figure we could not read is incomplete, never met and never failed.

Figures we could not read(11)

Debt to Equity: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
P/E Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
EV/EBIT: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Return on Invested Capital: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
PEG Ratio: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.
Eps Growth 5Y: We do not hold this figure for this company, so there is nothing to show.
EV/EBITDA: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Interest Coverage: Operating income is zero or below, so there is no operating profit to cover the interest bill and coverage is not meaningful (n/m).
Payout Ratio: We do not hold this figure for this company, so there is nothing to show.
ROIC-WACC Spread: The debt total on file was summed from short-term debt, long-term debt and lease obligations, and at least one of those was never captured. An absent term is spent as a zero inside that sum, and this balance sheet does not show the term is empty, so we will not build a leverage ratio, an enterprise value or a return on capital on it, or rank the company on one.
Price To Graham: Earnings are zero or negative, so a price to earnings multiple is not meaningful. A negative P/E is not a cheap company and a large positive one from a near-zero denominator is not an expensive one.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

Value it in the DCF workbench

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

What this cannot tell you

11 figures could not be read on this company, among them Debt to Equity, P/E Ratio, EV/EBIT. Each blank in the table above names the rest, with its reason. 7 named tests come back incomplete because of them, which is neither met nor missed.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Four questions, at a glance

Quality

Financial strength

Valuation

Cash generation

Revenue and net income, as filed

The reading, in brief

Financial health

Valuation

Companies like Air Products and Chemicals, Inc

The filed figures

Ten years of filed figures

The named tests

What this cannot tell you

Margin Notes