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Air Products Overview
About Air Products
Since its founding in 1940, Air Products has become one of the leading industrial gas suppliers globally, with operations in 50 countries and 19,000 employees. The company is the world's largest supplier of hydrogen and helium. It has a unique portfolio serving customers across industries, including chemicals, energy, healthcare, metals, and electronics. Air Products generated roughly $12 billion in revenue in fiscal 2025.
Founded
1961
HQ
Employees
21.3K
Website
Sectors
Financials (LTM)
EV
$82B
Air Products Financials
Air Products reported last 12-month revenue of $12B and EBITDA of $5B.
In the same LTM period, Air Products generated $4B in gross profit, $5B in EBITDA, and $3B in net income.
Revenue (LTM)
Air Products P&L
In the most recent fiscal year, Air Products reported revenue of $12B and EBITDA of $5B.
Air Products expects next 12-month revenue of XXX and NTM EBITDA of XXX
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue | $12B | XXX | $12B | XXX | XXX | XXX |
| Gross Profit | $4B | XXX | $4B | XXX | XXX | XXX |
| Gross Margin | 36% | XXX | 31% | XXX | XXX | XXX |
| EBITDA | $5B | XXX | $5B | XXX | XXX | XXX |
| EBITDA Margin | 43% | XXX | 42% | XXX | XXX | XXX |
| EBIT Margin | 25% | XXX | 24% | XXX | XXX | XXX |
| Net Profit | $3B | XXX | $3B | XXX | XXX | XXX |
| Net Margin | 23% | XXX | 22% | XXX | XXX | XXX |
| Net Debt | — | — | $16B | XXX | XXX | XXX |
Financial data powered by Morningstar, Inc.
Air Products Stock Performance
Air Products has current market cap of $65B, and enterprise value of $82B.
Market Cap Evolution
Air Products' stock price is $291.81.
| EV | Market Cap | Price 1D | Price 1M | Price 3M | Price 12M | EPS |
|---|---|---|---|---|---|---|
| $82B | $65B | 0.0% | XXX | XXX | XXX | $12.04 |
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Start Free TrialAir Products Valuation Multiples
Air Products trades at 6.6x EV/Revenue multiple, and 15.6x EV/EBITDA.
EV / Revenue (LTM)
Air Products Financial Valuation Multiples
As of April 20, 2026, Air Products has market cap of $65B and EV of $82B.
Equity research analysts estimate Air Products' 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX
Air Products has a P/E ratio of 23.1x.
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Market cap (current) | $65B | XXX | $65B | XXX | XXX | XXX |
| EV (current) | $82B | XXX | $82B | XXX | XXX | XXX |
| EV/Revenue | 6.6x | XXX | 6.8x | XXX | XXX | XXX |
| EV/EBITDA | 15.6x | XXX | 16.2x | XXX | XXX | XXX |
| EV/EBIT | 27.1x | XXX | 28.4x | XXX | XXX | XXX |
| EV/Gross Profit | 18.6x | XXX | 21.7x | XXX | XXX | XXX |
| P/E | 23.1x | XXX | 24.2x | XXX | XXX | XXX |
| EV/FCF | (62.4x) | XXX | (26.8x) | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Verified Air Products Valuation Multiples
Access all public comps and forward-looking valuation multiples like EV/Revenue in 2027, based on consensus analyst estimates. Powered by FactSet and Morningstar.
Air Products Margins & Growth Rates
Air Products' revenue in the last 12 month grew by 6%.
Air Products' revenue per employee in the last FY averaged $0.6M, while opex per employee averaged $0.0M for the same period.
Air Products' rule of 40 is 48% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).
Air Products' rule of X is 56% (created by Bessemer, rule of X is another metric to measure SaaS companies, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).
Air Products Operational Valuation Multiples
| LTM | NTM | Last FY | FY 2026 | FY 2027 | FY 2028 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 6% | XXX | 5% | XXX | XXX | XXX |
| EBITDA Margin | 43% | XXX | 42% | XXX | XXX | XXX |
| EBITDA Growth | 7% | XXX | 7% | XXX | XXX | XXX |
| Rule of 40 | — | XXX | 48% | XXX | XXX | XXX |
| Bessemer Rule of X | — | XXX | 56% | XXX | XXX | XXX |
| Revenue per Employee | — | XXX | $0.6M | XXX | XXX | XXX |
| Opex per Employee | — | XXX | $0.0M | XXX | XXX | XXX |
| R&D Expenses to Revenue | 1% | XXX | 1% | XXX | XXX | XXX |
| Opex to Revenue | — | XXX | 7% | XXX | XXX | XXX |
Valuation data powered by FactSet, Inc. and Morningstar, Inc.
Air Products Public Comps
See public comps and valuation multiples for other Chemicals comps.
| EV/Revenue | EV/EBITDA | |||||
|---|---|---|---|---|---|---|
| LTM | 2026E | 2027E | LTM | 2026E | 2027E | |
| Air Products | XXX | XXX | XXX | XXX | XXX | XXX |
| BASF | XXX | XXX | XXX | XXX | XXX | XXX |
| Ecolab | XXX | XXX | XXX | XXX | XXX | XXX |
| Shin-Etsu | XXX | XXX | XXX | XXX | XXX | XXX |
| SABIC | XXX | XXX | XXX | XXX | XXX | XXX |
| Sherwin-Williams | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
| XXXXXXXX | XXX | XXX | XXX | XXX | XXX | XXX |
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Air Products M&A Activity
Air Products acquired XXX companies to date.
Last acquisition by Air Products was on XXXXXXXX, XXXXX. Air Products acquired XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Acquisitions by Air Products
| Acquired Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAir Products Investment Activity
Air Products invested in XXX companies to date.
Air Products made its latest investment on XXXXXXXX, XXXXX. Air Products invested in XXXXXXXX for XXX (EV/Revenue multiple of XXX).
Latest Investments by Air Products
| Company | Valuation | EV/Revenue | EV/EBITDA |
|---|---|---|---|
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
| XXXXXXXXXXXX | XXX | XXX | XXX |
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Start Free TrialAbout Air Products
| When was Air Products founded? | Air Products was founded in 1961. |
| Where is Air Products headquartered? | Air Products is headquartered in United States. |
| How many employees does Air Products have? | As of today, Air Products has over 21K employees. |
| Who is the CEO of Air Products? | Air Products' CEO is Eduardo F. Menezes. |
| Is Air Products publicly listed? | Yes, Air Products is a public company listed on NYSE. |
| What is the stock symbol of Air Products? | Air Products trades under APD ticker. |
| When did Air Products go public? | Air Products went public in 1961. |
| Who are competitors of Air Products? | Air Products main competitors are BASF, Ecolab, Shin-Etsu, SABIC. |
| What is the current market cap of Air Products? | Air Products' current market cap is $65B. |
| What is the current revenue of Air Products? | Air Products' last 12 months revenue is $12B. |
| What is the current revenue growth of Air Products? | Air Products revenue growth (NTM/LTM) is 6%. |
| What is the current EV/Revenue multiple of Air Products? | Current revenue multiple of Air Products is 6.6x. |
| Is Air Products profitable? | Yes, Air Products is EBITDA-positive (as of the last 12 months). |
| What is the current EBITDA of Air Products? | Air Products' last 12 months EBITDA is $5B. |
| What is Air Products' EBITDA margin? | Air Products' last 12 months EBITDA margin is 43%. |
| What is the current EV/EBITDA multiple of Air Products? | Current EBITDA multiple of Air Products is 15.6x. |
| What is the current FCF of Air Products? | Air Products' last 12 months FCF is ($1B). |
| What is Air Products' FCF margin? | Air Products' last 12 months FCF margin is (11%). |
| What is the current EV/FCF multiple of Air Products? | Current FCF multiple of Air Products is (62.4x). |
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