Explain this page
Arphra AIPlain-English read on Air Products and Chemicals, Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | — | — | — | — | — | — |
| Enterprise value | — | — | — | — | — | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | — | — | — | — | — | — |
| EV / FCF | — | — | — | — | — | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | — | — | — | — | — | — |
| Free cash flow yield | — | — | — | — | — | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +30.39% | +26.46% | +29.90% | +32.49% | +31.41% | +31.57% | +32.12% | +32.12% | +31.01% |
| Operating margin | +22.10% | +18.42% | +19.80% | +36.91% | -7.29% | +16.77% | +16.66% | +16.00% | +16.35% |
| EBITDA margin | +38.46% | +33.24% | +35.07% | +53.64% | +11.11% | +33.38% | +34.06% | +34.25% | +33.05% |
| EBIT margin | +25.66% | +22.70% | +24.28% | +41.65% | -1.88% | +21.12% | +21.88% | +21.33% | +20.82% |
| Pre-tax margin | +24.29% | +21.69% | +22.88% | +39.84% | -3.66% | +19.83% | +19.53% | +19.77% | +19.83% |
| Net margin | +20.33% | +17.77% | +18.26% | +31.64% | -3.28% | +15.60% | +15.53% | +15.98% | +15.80% |
| Cost structure | |||||||||
| Cost of revenue / sales | +69.61% | +73.54% | +70.10% | +67.51% | +68.59% | +70.67% | +69.91% | +70.64% | +70.01% |
| R&D intensity | +0.91% | +0.81% | +0.84% | +0.83% | +0.80% | +0.81% | +0.81% | +0.81% | +0.84% |
| SG&A intensity | +8.02% | +7.09% | +7.60% | +7.79% | +7.53% | +7.45% | +7.54% | +7.64% | +7.68% |
| Effective tax rate | +18.46% | +18.18% | +19.12% | +19.60% | — | +18.69% | +19.86% | +18.87% | +19.11% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +14.90% | +16.46% | +14.69% | +20.50% | -2.27% | +10.77% | +10.85% | +11.30% | +11.06% |
| Return on assets (ROA) | +7.82% | +8.30% | +7.19% | +9.67% | -0.96% | +5.08% | +5.17% | +5.21% | +5.29% |
| Return on capital (ROC) | +10.23% | +10.62% | +9.35% | +13.26% | -2.45% | +6.35% | +6.25% | +6.07% | +6.20% |
| Return on invested capital (ROIC) | +9.41% | +10.24% | +8.62% | +11.37% | -1.84% | +5.91% | +5.83% | +6.06% | +5.99% |
| Asset turnover | +38.43% | +46.70% | +39.37% | +30.58% | +29.32% | +32.54% | +33.32% | +32.62% | +33.46% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +20.33% | +17.77% | +18.26% | +31.64% | -3.28% | +15.60% | +15.53% | +15.98% | +15.80% |
| Asset turnover (× revenue / assets) | +38.43% | +46.70% | +39.37% | +30.58% | +29.32% | +32.54% | +33.32% | +32.62% | +33.46% |
| Equity multiplier (× assets / equity) | +190.65% | +198.45% | +204.35% | +211.93% | +236.66% | +212.23% | +209.71% | +216.69% | +209.16% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.38 | 0.47 | 0.39 | 0.31 | 0.29 | 0.33 | 0.33 | 0.33 | 0.33 |
| Fixed-asset turnover | 0.75 | 0.85 | 0.68 | 0.50 | 0.46 | — | — | — | — |
| Inventory turnover | 15.83 | 18.16 | 13.55 | 10.66 | 10.63 | — | — | — | — |
| Receivables turnover | 6.24 | 6.24 | 5.83 | 5.58 | 4.79 | — | — | — | — |
| Payables turnover | 9.75 | 8.33 | 7.28 | 5.63 | 5.75 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 58.52 | 58.50 | 62.65 | 65.40 | 76.22 | — | — | — | — |
| Days inventory outstanding (DIO) | 23.05 | 20.10 | 26.93 | 34.23 | 34.33 | — | — | — | — |
| Days payables outstanding (DPO) | 37.42 | 43.80 | 50.12 | 64.86 | 63.53 | — | — | — | — |
| Cash conversion cycle | 44.15 | 34.80 | 39.46 | 34.77 | 47.02 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 1.59 | 1.43 | 1.39 | 0.95 | -8.24 | 1.77 | 1.72 | 1.72 | 1.76 |
| FCF / Net income | 0.42 | 0.13 | -0.62 | -0.82 | 9.55 | -1.46 | -1.49 | -1.45 | -1.44 |
| FCF margin | +8.50% | +2.39% | -11.27% | -26.03% | -31.28% | -22.76% | -23.14% | -23.20% | -22.79% |
| OCF margin | +32.37% | +25.44% | +25.44% | +30.14% | +26.99% | +27.56% | +26.71% | +27.47% | +27.85% |
| CapEx / Revenue | +23.87% | +23.05% | +36.72% | +56.17% | +58.34% | +51.24% | +51.65% | +48.95% | +50.02% |
| CapEx / D&A | 1.86 | 2.19 | 3.41 | 4.68 | 4.49 | — | — | — | — |
| Stock-based comp / Revenue | +0.43% | +0.38% | +0.48% | +0.51% | +0.63% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 9.12 | 10.08 | 10.30 | 17.18 | -1.77 | 13.21 | 14.29 | 15.55 | 18.40 |
| EPS · basic | 9.16 | 10.11 | 10.31 | 17.21 | -1.77 | 13.16 | 14.35 | 15.37 | 18.41 |
| Book value / share | 63.32 | 61.58 | 70.32 | 83.81 | 77.84 | 82.81 | 87.05 | 90.49 | 103.22 |
| Tangible BV / share | 57.33 | 56.32 | 64.95 | 78.35 | 72.20 | 82.81 | 87.05 | 90.49 | 103.22 |
| Sales / share | 46.40 | 57.07 | 56.58 | 54.31 | 54.00 | 57.19 | 60.84 | 63.96 | 72.24 |
| Operating CF / share | 15.02 | 14.52 | 14.39 | 16.37 | 14.58 | 15.76 | 16.25 | 17.57 | 20.12 |
| Free cash flow / share | 3.94 | 1.36 | -6.38 | -14.14 | -16.89 | -13.02 | -14.08 | -14.84 | -16.47 |
| Dividends / share | 5.65 | 6.22 | 6.72 | 7.02 | 7.11 | 7.03 | 7.85 | 8.29 | 9.28 |
| Payout ratio | +59.87% | +61.31% | +65.06% | +40.88% | -401.55% | +78.80% | +83.09% | +81.09% | +81.29% |
| Retention ratio | +40.13% | +38.69% | +34.94% | +59.12% | +501.55% | +21.20% | +16.91% | +18.91% | +18.71% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | +23.01% | -0.78% | -3.96% | -0.52% | +5.90% | +6.31% | +5.36% | +13.82% | +5.84% |
| Gross profit · YoY | — | +7.12% | +12.11% | +4.38% | -3.83% | +6.41% | +8.18% | +5.35% | +9.90% | +6.11% |
| Profit | ||||||||||
| Operating income · YoY | — | +2.52% | +6.66% | +79.03% | -119.64% | +343.75% | +5.63% | +1.15% | +16.35% | +1.93% |
| EBITDA · YoY | — | +6.31% | +4.67% | +46.92% | -79.39% | +218.16% | +8.46% | +5.97% | +9.80% | +3.85% |
| Net income · YoY | — | +7.48% | +1.95% | +66.43% | -110.31% | +604.08% | +5.81% | +8.45% | +12.52% | +2.55% |
| Operating | ||||||||||
| EBIT · YoY | — | +8.81% | +6.15% | +64.71% | -104.50% | +1287.77% | +10.13% | +2.71% | +11.08% | +3.10% |
| R&D · YoY | — | +10.05% | +2.62% | -5.11% | -3.89% | +7.27% | +5.98% | +5.79% | +18.26% | +4.89% |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | +10.53% | +2.18% | +66.80% | -110.30% | +846.08% | +8.22% | +8.79% | +18.35% | +9.17% |
| EPS · basic · YoY | — | +10.37% | +1.98% | +66.93% | -110.28% | +843.50% | +9.05% | +7.14% | +19.77% | +9.12% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $8.22B | $8.33B | $11.03B | $15.01B | $18.41B | $15.21B | $16.73B | $17.44B | $19.66B |
| Net debt | $3.75B | $5.62B | $9.41B | $12.03B | $16.55B | $12.98B | $14.38B | $14.85B | $16.86B |
| Net debt / EBITDA | 0.94 | 1.33 | 2.13 | 1.85 | 12.37 | 3.05 | 3.12 | 3.04 | 3.14 |
| Debt / equity | 0.58 | 0.61 | 0.70 | 0.80 | 1.06 | 0.82 | 0.86 | 0.86 | 0.85 |
| Debt / assets | +30.60% | +30.62% | +34.47% | +37.92% | +44.83% | +38.83% | +41.14% | +39.84% | +40.48% |
| Equity / assets | +52.45% | +50.39% | +48.93% | +47.19% | +42.26% | +47.12% | +47.68% | +46.15% | +47.81% |
| Coverage | |||||||||
| EBITDA / interest expense | 28.00 | 32.98 | 24.89 | 29.67 | 6.25 | 20.41 | 20.64 | 20.25 | 19.54 |
| Operating income / interest | 16.09 | 18.27 | 14.05 | 20.41 | -4.10 | 10.25 | 10.10 | 9.45 | 9.67 |
| Interest expense | $141.8M | $128M | $177.5M | $218.8M | $214M | $208.53M | $223.61M | $241.58M | $274.78M |
| Liquidity | |||||||||
| Current ratio | 2.99 | 1.81 | 1.33 | 1.52 | 1.38 | — | — | — | — |
| Quick ratio | 2.66 | 1.54 | 1.06 | 1.23 | 1.04 | — | — | — | — |
| Cash ratio | 1.60 | 0.78 | 0.42 | 0.71 | 0.44 | — | — | — | — |
| Working capital | $5.58B | $2.82B | $1.3B | $2.18B | $1.61B | — | — | — | — |
| Working capital / revenue | +54.03% | +22.18% | +10.35% | +18.04% | +13.35% | — | — | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).