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Arphra AIPlain-English read on Air Products and Chemicals, Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $10.32B | $12.7B | $12.6B | $12.1B | $12.04B | $12.75B | $13.55B | $14.28B | $16.25B |
| Cost of revenue | $7.19B | $9.34B | $8.83B | $8.17B | $8.26B | $9.01B | $9.47B | $10.09B | $11.38B |
| Gross profit | $3.14B | $3.36B | $3.77B | $3.93B | $3.78B | $4.02B | $4.35B | $4.59B | $5.04B |
| Gross margin | +30.39% | +26.46% | +29.90% | +32.49% | +31.41% | +31.57% | +32.12% | +32.12% | +31.01% |
| Operating | |||||||||
| Research & development | $93.5M | $102.9M | $105.6M | $100.2M | $96.3M | $103.3M | $109.48M | $115.82M | $136.97M |
| Selling, general & administrative | $828.4M | $900.6M | $957M | $942.4M | $906.1M | $949.22M | $1.02B | $1.09B | $1.25B |
| Total operating expenses | $869.1M | $1.02B | $1.27B | -$534.2M | $4.66B | $1.91B | $2.01B | $2.09B | $2.39B |
| Operating income | $2.28B | $2.34B | $2.49B | $4.47B | -$877M | $2.14B | $2.26B | $2.28B | $2.66B |
| Operating margin | +22.10% | +18.42% | +19.80% | +36.91% | -7.29% | +16.77% | +16.66% | +16.00% | +16.35% |
| EBITDA | $3.97B | $4.22B | $4.42B | $6.49B | $1.34B | $4.26B | $4.62B | $4.89B | $5.37B |
| EBIT | $2.65B | $2.88B | $3.06B | $5.04B | -$226.7M | $2.69B | $2.97B | $3.05B | $3.38B |
| Below the line | |||||||||
| Interest expense | $141.8M | $128M | $177.5M | $218.8M | $214M | $208.53M | $223.61M | $241.58M | $274.78M |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $226M | $415.9M | $387.8M | $355.1M | $436.3M | — | — | — | — |
| Pre-tax income | $2.51B | $2.75B | $2.88B | $4.82B | -$440.7M | $2.53B | $2.65B | $2.82B | $3.22B |
| Income tax expense | $462.8M | $500.8M | $551.2M | $944.9M | -$94.3M | $472.43M | $525.78M | $532.6M | $615.83M |
| Earnings | |||||||||
| Net income | $2.1B | $2.26B | $2.3B | $3.83B | -$394.5M | $1.99B | $2.1B | $2.28B | $2.57B |
| Net income · continuing ops | $2.04B | $2.25B | $2.33B | $3.88B | -$346.4M | $1.96B | $2.22B | $2.31B | $2.54B |
| Net margin | +20.33% | +17.77% | +18.26% | +31.64% | -3.28% | +15.60% | +15.53% | +15.98% | +15.80% |
| EPS · basic | $9.16 | $10.11 | $10.31 | $17.21 | $-1.77 | $13.16 | $14.35 | $15.37 | $18.41 |
| EPS · diluted | $9.12 | $10.08 | $10.30 | $17.18 | $-1.77 | $13.21 | $14.29 | $15.55 | $18.40 |
| EPS · low estimate | — | — | — | — | — | $13.01 | $14.02 | $15.04 | $17.25 |
| EPS · high estimate | — | — | — | — | — | $13.33 | $14.54 | $16.40 | $19.14 |
| Shares · basic | 221.6M | 222M | 222.3M | 222.5M | 222.8M | 224.27M | 220.67M | 221.65M | 222.39M |
| Shares · diluted | 222.5M | 222.5M | 222.7M | 222.8M | 222.9M | 222.88M | 222.76M | 223.24M | 224.97M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 15 | 15 | 10 |
| Analysts (EPS) | — | — | — | — | — | 11 | 12 | 4 | 1 |
Coverage notes. Historical figures come from FMP’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS from FMP consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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