APDAir Products
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
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.
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 7.4% · 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 is operating cash flow over operating profit after tax.
Specialty Chemicals
The closest names by size in the same industry