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Air Products and Chemicals, Inc.
NYSE: APD Materials Chemicals 🔎 Screen
S&P 500
$62.8B
Market Cap
17.3
P/E
2.96
PEG
-2.0%
ROCE
-1.9%
ROE
1.01
D/E
-7.3%
OPM
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🌏 Global Investor Returns
Currency-adjusted total returns for APD including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
Shareholding
About

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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⭐ Superinvestors Holding APD
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Manager Shares Value % of Fund Period
Andreas Halvorsen Viking Global Investors 4.10M $1.2B 3.33% Mar 2026
Steve Cohen Point72 Asset Management 580.6K $168.6M 0.22% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Mixed → Stable 4 quarters Full tone analysis in Intelligence →
Good quarter Investor Presentation One-Pager? Q2 2026
Revenue
$3.2B
+9% YoY
Operating Income
$753M
+19% YoY
Operating Margin
23.7%
+2.1pp YoY
What Went Right
  • Adjusted EPS of $3.20 exceeded top-end of guidance, up 19% YoY
  • Operating margin expanded 200+ bps to 23.7% driven by on-site volumes and productivity
  • New wins in Electronics (Samsung) and Aerospace (Artemis II) bolster growth pipeline
What to Watch
  • Helium remains a headwind, still expected to drag EPS by ~4% in FY2026
  • Uncertainty from Middle East conflict impacts helium supply and macro visibility
  • Q4 implied low single-digit EPS growth, with turnarounds and cautious macro outlook
Management Guidance
  • FY2026 adjusted EPS raised to $13.00-$13.25 (8-10% growth from prior year)
  • Q3 FY2026 adjusted EPS guidance of $3.25-$3.35 (5-8% YoY growth)
  • FY2026 capital expenditures expected to be approximately $4.0 billion
Investor Lens
The thesis strengthens after this call: strong beat and raised guidance demonstrate underlying momentum from on-site volumes and cost productivity, while new project wins in electronics and aerospace add visibility. However, persistent helium headwinds and geopolitical uncertainty in the Middle East / Europe require monitoring. The capital discipline and commitment to reducing CapEx by ~$1B support shareholder returns.
From investor presentation · AI-generated analysis · Not investment advice
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📈 STRONG Strong Q2 beat, FY guidance raised on broad-based improvement
Revenue
Sales of $3.2 billion increased 9% YoY, driven by 4% higher volumes, 4% favorable currency, and 2% energy pass-through, partially offset by 1% lower pricing. Americas rose 8%, Asia 8%, Europe also contributed, while helium volume improved modestly.
Profitability
Adjusted operating income of $753 million and adjusted EPS of $3.20 each grew 19% YoY. GAAP EPS was $3.19, up over 130% from prior year due to lapping large charges. Net income not explicitly stated but implied by EPS growth.
Margins
Operating margin improved to 23.7%, up 210 bps from 21.6% a year ago. Non-helium merchant pricing rose ~2% in Americas and Europe. Productivity savings of $50 million year-to-date from headcount reductions helped offset fixed-cost inflation and higher power costs.
Balance Sheet
Net debt-to-EBITDA ratio is 2.2x; company targets returning to Aa2 rating over long term. CapEx guidance maintained at ~$4B for FY2026, down ~$1B from prior year. $800 million returned to shareholders via dividends in H1.
Key Risks
1) Helium pricing headwind persists, expected to bottom by end of FY2026; 2) Middle East conflict creates supply chain uncertainty for helium and macro demand in Europe/Asia; 3) Potential for further cost inflation and turnarounds in H2, especially in Americas.
Outlook
FY2026 adjusted EPS raised to $13.00-$13.25 (8-10% growth). Q3 FY2026 guided $3.25-$3.35. Management remains cautious on macro in Europe and Asia but sees benefit from non-helium pricing and new asset ramp-ups.
Generated by AI · Q2 2026 results · Not investment advice
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
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