Is the business good?
How good a business is APD?
Air Products earns −3.4% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
−3.4%
Return on invested capital · cost of capital 9.0% · 12 points below what the capital costs: growth destroys value
- Operating margin
- −4.7%
Operating margin · Specialty Chemicals median 9.1% · 12 months to Q3 2026
- Share count, year on year
- −0.04%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 0.72%
R&D as % of revenue
| Year | Operating margin |
|---|---|
| FY2020 | 25% |
| FY2021 | 22% |
| FY2022 | 18% |
| FY2023 | 20% |
| FY2024 | 37% |
| FY2025 | −7.3% |
Details›
- Gross margin12 months to Q3 2026
- 32%
- Operating margin12 months to Q3 2026
- −4.7%
- Net margin12 months to Q3 2026
- −0.38%
- R&D as % of revenue
- 0.72%
- Revenue, trailing twelve months
- $12.6B
- Net income, trailing twelve months
- −$47M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- −3.4%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion from the cash flow statement.
Specialty Chemicals
Ranks #18 of 36 by Smart Score