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As used in this report, unless the context indicates otherwise, the terms we, our, us, the Company, "Air Products," or registrant include our controlled subsidiaries and affiliates. Additional information about Air Products is available on our website at www.airproducts.com.
$303.65
+$6.89 (+2.32%)
Price from 41 days ago
The business is unprofitable at the operating level (-7.29% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 0.5% YoY. Margins deteriorated 44.2pp alongside, both lines moving the wrong way.
ROIC dropped from 20.46% to -3.96%, capital efficiency is deteriorating. Negative free cash flow of -$3.77B. The business is consuming cash, not generating it.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$12.28B
▼ -0.5% YoY
Net Income (TTM)
-$302M
▼ -110.3% YoY
Op. Margin
-6.25%
▼ -44.2pp YoY
ROIC
-3.59%
▼ -24.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$2.46B
▼ -19.5% YoY
Op. Cash Flow (TTM)
$3.55B
▼ -10.7% YoY
Net Debt
$137M
Cash & Equiv.
$951M
5Y CAGR: +6.3%
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