What each dimension measures and where the thresholds come from.
Gross Profit Margin
Revenue minus cost of goods sold. Graham's ≥40% threshold identifies businesses with durable pricing power. Note: software and financial companies naturally exceed this; retailers and manufacturers rarely reach it due to their cost structures.
Operating Margin
Profit after operating costs before interest and taxes. A consistent ≥15% operating margin signals a business with real competitive advantages. Capital-intensive industries (airlines, auto, commodities) rarely hit this threshold due to their structural cost base — compare within industry for context.
Net Income Margin
Bottom-line profit as a percentage of revenue. The ≥20% target reflects Buffett's preference for highly profitable businesses. Financial engineering (buybacks, tax optimisation) can inflate this temporarily — look for consistency across multiple years rather than a single strong result.
Years to Pay Off Debt
Total Debt ÷ Net Income. Lower = stronger balance sheet. Important caveat: utilities, telecoms, REITs, and infrastructure companies carry large structural debt by design — their bond-like cash flows service it comfortably at ratios that would alarm Graham. Compare within sector.
Working Capital vs Long-Term Debt
Working Capital minus Long-Term Debt. Negative results are common and expected in capital-return-focused businesses like Apple, Domino's, and McDonald's — where aggressive buybacks and dividends intentionally reduce book equity. This does not indicate financial distress in high-FCF businesses.
Working Capital
Current Assets minus Current Liabilities. Negative working capital can be a deliberate efficiency strategy in businesses that collect cash before paying suppliers (retailers, fast food franchises, subscription businesses). Assess alongside free cash flow generation for full context.
Price-to-Book
Market price vs book value per share. Rarely below 1.5x for quality businesses today. Intangible assets (brand, software, patents) don't appear on the balance sheet under accounting rules, making P/B artificially high for asset-light companies. Negative P/B indicates book equity has been reduced by buybacks — common in highly profitable capital-return businesses.
Free Cash Flow
Operating cash flow minus capital expenditures. Buffett's most important metric — cash a business actually generates for its owners after maintaining and growing its asset base. Consistently positive FCF is one of the strongest indicators of a durable, well-run business regardless of accounting profits.
Owner Earnings
Net Income + Depreciation & Amortisation − Capital Expenditures. Buffett's preferred measure of a company's true annual earning power — what could theoretically be distributed to owners without impairing the business. More reliable than reported EPS because it accounts for the capital cost of maintaining the business.
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. The company produces atmospheric gases, including oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, and syngas; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.
Showing Key Metrics
Income Highlights
Metric
2025
2024
2023
2022
2021
Gross Profit %
31.4%▼
32.5%
29.9%
26.5%
N/A
Operating Margin %
24.0%▼
24.4%
21.7%
19.0%
N/A
Net Income %
-3.3%▼
31.6%
18.3%
17.8%
N/A
Diluted EPS
-1.77▼
17.18
10.33
10.14
N/A
Balance Sheet Highlights
Metric
2025
2024
2023
2022
2021
Total Assets
$41.1B
$39.6B
$32.0B
$27.2B
N/A
Total Debt
$18.4B↑
$15.0B
$11.0B
$8.3B
N/A
Working Capital
$1.6B▼
$2.2B
$1.3B
$2.8B
N/A
Years to Pay Debt
-46.66
3.92
4.80
3.69
N/A
Cash Flow Highlights
Metric
2025
2024
2023
2022
2021
Free Cash Flow
-$3.8B▼
-$3.1B
-$1.4B
$304M
N/A
Owner Earnings
$8.2B
$12.1B
$8.3B
$6.5B
N/A
CapEx % of Net Income
N/A
177.5%
201.1%
129.7%
N/A
Income Statement
2025
2024
2023
2022
2021
Tax Effect Of Unusual Items
-805,924
297,646
-46,719
-13,413
Tax Rate For Calcs
0
0
0
0
Normalized EBITDA
5,103,500
4,972,500
4,662,800
4,294,600
Total Unusual Items
-3,766,000
1,518,600
-244,600
-73,700
Total Unusual Items Excluding Goodwill
-3,766,000
1,518,600
-244,600
-73,700
Net Income From Continuing Operation Net Minority Interest
-386,500
3,842,100
2,292,800
2,243,500
Reconciled Depreciation
1,564,200
1,451,100
1,358,300
1,338,200
Reconciled Cost Of Revenue
8,256,000
8,168,700
8,833,000
9,338,500
EBITDA
1,337,500
6,491,100
4,418,200
4,220,900
EBIT
-226,700
5,040,000
3,059,900
2,882,700
Net Interest Income
-214,000
-218,800
-177,500
-128,000
Interest Expense
214,000
218,800
177,500
128,000
Normalized Income
2,573,576
2,621,146
2,490,681
2,303,787
Net Income From Continuing And Discontinued Operation
-394,500
3,828,200
2,300,200
2,256,100
Total Expenses
9,148,300
9,153,100
9,860,800
10,286,100
Total Operating Income As Reported
-877,000
4,466,100
2,494,600
2,338,800
Diluted Average Shares
222,700
222,800
222,700
222,500
Basic Average Shares
222,700
222,500
222,300
222,000
Diluted EPS
0
0
0
0
Basic EPS
0
0
0
0
Diluted NI Availto Com Stockholders
-394,500
3,828,200
2,300,200
2,256,100
Net Income Common Stockholders
-394,500
3,828,200
2,300,200
2,256,100
Net Income
-394,500
3,828,200
2,300,200
2,256,100
Minority Interests
-40,100
-34,200
-38,400
-10,400
Net Income Including Noncontrolling Interests
-354,400
3,862,400
2,338,600
2,266,500
Net Income Discontinuous Operations
-8,000
-13,900
7,400
12,600
Net Income Continuous Operations
-346,400
3,876,300
2,331,200
2,253,900
Tax Provision
-94,300
944,900
551,200
500,800
Pretax Income
-440,700
4,821,200
2,882,400
2,754,700
Other Income Expense
-3,115,700
2,092,500
320,700
470,200
Other Non Operating Income Expenses
2,600
-73,800
-39,000
62,400
Special Income Charges
-3,766,000
1,518,600
-244,600
-73,700
Gain On Sale Of Business
-3,679,700
1,518,600
-244,600
-73,700
Other Special Charges
86,300
23,200
Earnings From Equity Interest
647,700
647,700
604,300
481,500
Net Non Operating Interest Income Expense
-214,000
-218,800
-177,500
-128,000
Interest Expense Non Operating
214,000
218,800
177,500
128,000
Operating Income
2,889,000
2,947,500
2,739,200
2,412,500
Operating Expense
892,300
984,400
1,027,800
947,600
Other Operating Expenses
-110,100
-58,200
-34,800
-55,900
Research And Development
96,300
100,200
105,600
102,900
Selling General And Administration
906,100
942,400
957,000
900,600
General And Administrative Expense
900,600
828,400
Other Gand A
900,600
828,400
Gross Profit
3,781,300
3,931,900
3,767,000
3,360,100
Cost Of Revenue
8,256,000
8,168,700
8,833,000
9,338,500
Total Revenue
12,037,300
12,100,600
12,600,000
12,698,600
Operating Revenue
12,037,300
12,100,600
12,600,000
12,698,600
Balance Sheet
2025
2024
2023
2022
2021
Treasury Shares Number
26,867
27,083
27,256
27,617
Ordinary Shares Number
222,588
222,372
222,200
221,839
Share Issued
249,456
249,456
249,456
249,456
Net Debt
15,842,400
11,248,200
8,688,800
4,933,800
Total Debt
18,406,200
15,006,100
11,031,600
8,326,900
Tangible Book Value
13,767,500
15,819,800
13,116,600
11,973,500
Invested Capital
32,723,300
31,264,400
24,618,700
20,788,800
Working Capital
1,607,200
2,183,400
1,304,700
2,817,100
Net Tangible Assets
13,767,500
15,819,800
13,116,600
11,973,500
Capital Lease Obligations
707,800
778,200
725,800
682,100
Common Stock Equity
15,024,900
17,036,500
14,312,900
13,144,000
Total Capitalization
31,972,300
30,569,500
23,744,200
20,229,800
Total Equity Gross Minority Interest
17,349,800
18,673,700
15,660,300
13,702,400
Minority Interest
2,324,900
1,637,200
1,347,400
558,400
Stockholders Equity
15,024,900
17,036,500
14,312,900
13,144,000
Gains Losses Not Affecting Retained Earnings
-2,087,800
-2,027,700
-2,449,400
-2,786,100
Other Equity Adjustments
-2,087,800
-2,027,700
-2,449,400
-2,786,100
Treasury Stock
2,001,800
1,984,100
1,967,300
1,981,000
Retained Earnings
17,558,600
19,545,700
17,289,700
16,520,300
Additional Paid In Capital
1,306,500
1,253,200
1,190,500
1,141,400
Capital Stock
249,400
249,400
249,400
249,400
Common Stock
249,400
249,400
249,400
249,400
Total Liabilities Net Minority Interest
23,709,700
20,900,900
16,342,200
13,490,200
Total Non Current Liabilities Net Minority Interest
19,491,100
16,721,300
12,446,400
10,024,400
Other Non Current Liabilities
335,100
308,600
221,100
227,300
Derivative Product Liabilities
57,700
56,000
112,700
138,200
Employee Benefits
271,100
245,000
202,600
205,000
Non Current Pension And Other Postretirement Benefit Plans
271,100
245,000
202,600
205,000
Tradeand Other Payables Non Current
0
60,800
109,400
134,600
Non Current Deferred Liabilities
863,200
1,449,900
1,402,900
1,314,600
Non Current Deferred Revenue
283,600
290,000
136,900
67,200
Non Current Deferred Taxes Liabilities
579,600
1,159,900
1,266,000
1,247,400
Long Term Debt And Capital Lease Obligation
17,563,400
14,210,900
10,062,400
7,677,900
Long Term Capital Lease Obligation
616,000
677,900
631,100
592,100
Long Term Debt
16,947,400
13,533,000
9,431,300
7,085,800
Long Term Provisions
400,600
390,100
335,300
326,800
Current Liabilities
4,218,600
4,179,600
3,895,800
3,465,800
Other Current Liabilities
86,400
44,600
98,700
228,300
Current Deferred Liabilities
253,400
240,000
413,000
439,100
Current Deferred Revenue
253,400
240,000
413,000
439,100
Current Debt And Capital Lease Obligation
842,800
795,200
969,200
649,000
Current Capital Lease Obligation
91,800
100,300
94,700
90,000
Current Debt
751,000
694,900
874,500
559,000
Other Current Borrowings
751,000
694,900
615,000
548,300
Line Of Credit
83,500
259,500
10,700
2,400
Pensionand Other Post Retirement Benefit Plans Current
117,400
45,300
9,600
11,100
Payables And Accrued Expenses
2,918,600
3,054,500
2,405,300
2,138,300
Current Accrued Expenses
620,400
377,800
672,300
523,000
Interest Payable
138,800
120,600
106,400
64,700
Payables
2,298,200
2,676,700
1,733,000
1,615,300
Other Payable
283,400
273,000
Dividends Payable
398,400
393,600
388,900
359,400
Total Tax Payable
179,400
558,500
131,200
135,200
Income Tax Payable
179,400
558,500
131,200
135,200
Accounts Payable
1,437,000
1,451,600
1,212,900
1,120,700
Total Assets
41,059,500
39,574,600
32,002,500
27,192,600
Total Non Current Assets
35,233,700
33,211,600
26,802,000
20,909,700
Other Non Current Assets
282,000
352,900
278,900
319,000
Defined Pension Benefit
210,900
200,000
120,000
133,900
Non Current Prepaid Assets
100,400
41,000
22,200
17,000
Non Current Deferred Assets
247,800
461,800
421,300
135,700
Non Current Deferred Taxes Assets
127,900
127,800
159,600
135,700
Non Current Accounts Receivable
1,307,100
1,612,300
1,311,900
583,100
Financial Assets
162,800
48,700
320,600
74,700
Investments And Advances
5,383,500
4,859,600
4,684,700
3,420,500
Other Investments
17,400
67,100
66,900
66,700
Long Term Equity Investment
5,366,100
4,792,500
4,617,800
3,353,800
Investmentsin Associatesat Cost
1,649,300
Goodwill And Other Intangible Assets
1,257,400
1,216,700
1,196,300
1,170,500
Other Intangible Assets
293,500
311,600
334,600
347,500
Goodwill
963,900
905,100
861,700
823,000
Net PPE
26,281,800
24,418,600
18,446,100
15,055,300
Accumulated Depreciation
-17,417,000
-16,580,000
-15,274,200
-13,999,600
Gross PPE
43,698,800
40,998,600
33,720,300
29,054,900
Construction In Progress
13,456,800
11,190,200
6,159,100
3,876,700
Other Properties
944,000
1,047,700
974,000
694,800
Machinery Furniture Equipment
27,188,900
26,717,900
24,722,700
22,785,400
Buildings And Improvements
1,766,100
1,730,700
1,543,700
1,431,300
Land And Improvements
343,000
312,100
320,800
266,700
Current Assets
5,825,800
6,363,000
5,200,500
6,282,900
Other Current Assets
77,100
66,600
97,300
76,300
Hedging Assets Current
81,600
93,900
73,500
114,400
Assets Held For Sale Current
427,700
0
Current Deferred Assets
85,400
103,700
89,000
84,100
Prepaid Assets
174,900
179,900
177,000
156,800
Inventory
776,500
766,000
651,800
514,200
Finished Goods
191,900
210,200
211,600
162,000
Work In Process
42,400
42,200
28,400
22,000
Raw Materials
542,200
513,600
411,800
330,200
Receivables
2,346,600
2,168,200
2,162,700
2,035,400
Other Receivables
202,000
150,700
252,700
146,800
Taxes Receivable
243,400
195,900
209,600
94,200
Accounts Receivable
1,901,200
1,821,600
1,700,400
1,794,400
Allowance For Doubtful Accounts Receivable
-30,200
-26,300
-22,900
-24,100
Gross Accounts Receivable
1,931,400
1,847,900
1,723,300
1,818,500
Cash Cash Equivalents And Short Term Investments
1,856,000
2,984,700
1,949,200
3,301,700
Other Short Term Investments
0
5,000
332,200
590,700
Cash And Cash Equivalents
1,856,000
2,979,700
1,617,000
2,711,000
Cash Flow
2025
2024
2023
2022
2021
Free Cash Flow
-3,765,800
-3,150,000
-1,420,100
303,700
Repayment Of Debt
-429,900
-486,200
-615,400
-400,000
Issuance Of Debt
4,386,700
4,678,300
3,516,200
766,200
Capital Expenditure
-7,022,600
-6,796,700
-4,626,400
-2,926,500
End Cash Position
1,856,000
2,979,700
1,617,000
2,711,000
Beginning Cash Position
2,979,700
1,617,000
2,711,000
4,468,900
Effect Of Exchange Rate Changes
-7,000
19,800
6,500
-130,300
Changes In Cash
-1,116,700
1,342,900
-1,100,500
-1,627,600
Financing Cash Flow
2,795,200
2,615,400
1,609,600
-1,000,600
Cash Flow From Continuing Financing Activities
2,795,200
2,615,400
1,609,600
-1,000,600
Net Other Financing Charges
496,100
270,200
-86,800
-20,700
Proceeds From Stock Option Exercised
1,100
7,900
24,000
19,300
Cash Dividends Paid
-1,584,100
-1,564,900
-1,496,600
-1,383,300
Common Stock Dividend Paid
-1,584,100
-1,564,900
-1,496,600
-1,383,300
Net Issuance Payments Of Debt
3,882,100
3,902,200
3,169,000
384,100
Net Short Term Debt Issuance
-74,700
-289,900
268,200
17,900
Short Term Debt Issuance
268,200
1,000
Net Long Term Debt Issuance
3,956,800
4,192,100
2,900,800
366,200
Long Term Debt Payments
-429,900
-486,200
-615,400
-400,000
Long Term Debt Issuance
4,386,700
4,678,300
3,516,200
766,200
Investing Cash Flow
-7,168,700
-4,919,200
-5,916,400
-3,857,200
Cash Flow From Continuing Investing Activities
-7,168,700
-4,919,200
-5,916,400
-3,857,200
Net Other Investing Changes
299,300
1,548,200
-634,900
53,200
Net Investment Purchase And Sale
4,900
329,300
256,900
739,600
Sale Of Investment
122,500
470,700
897,000
2,377,400
Purchase Of Investment
-117,600
-141,400
-640,100
-1,637,800
Net Business Purchase And Sale
-450,300
0
-912,000
-1,723,500
Purchase Of Business
-450,300
0
-912,000
-1,723,500
Net PPE Purchase And Sale
-7,022,600
-6,796,700
-4,626,400
-2,926,500
Purchase Of PPE
-7,022,600
-6,796,700
-4,626,400
-2,926,500
Operating Cash Flow
3,256,800
3,646,700
3,206,300
3,230,200
Cash From Discontinued Operating Activities
0
0
600
59,600
Cash Flow From Continuing Operating Activities
3,256,800
3,646,700
3,205,700
3,170,600
Change In Working Capital
-851,600
-183,000
-424,800
-115,800
Change In Other Working Capital
-562,600
370,100
-119,000
-77,000
Change In Payables And Accrued Expense
-224,000
-338,700
-213,300
532,500
Change In Inventory
-35,800
-137,800
-129,400
-94,300
Change In Receivables
-29,200
-76,600
36,900
-477,000
Changes In Account Receivables
-36,300
-111,000
130,700
-475,200
Other Non Cash Items
100,500
300,000
-23,400
-210,900
Stock Based Compensation
76,400
61,800
59,900
48,400
Asset Impairment Charge
0
0
23,200
Deferred Tax
-589,700
-69,300
-24,700
32,300
Deferred Income Tax
-589,700
-69,300
-24,700
32,300
Depreciation Amortization Depletion
1,564,200
1,451,100
1,358,300
1,338,200
Depreciation And Amortization
1,564,200
1,451,100
1,358,300
1,338,200
Amortization Cash Flow
37,300
31,500
32,500
35,500
Amortization Of Intangibles
37,300
31,500
32,500
35,500
Depreciation
1,526,900
1,419,600
1,325,800
1,302,700
Operating Gains Losses
3,343,500
-1,756,000
-32,400
-165,100
Earnings Losses From Equity Investments
-269,800
-206,000
-261,200
-214,700
Gain Loss On Sale Of Business
3,679,700
-1,518,600
244,600
73,700
Net Income From Continuing Operations
-386,500
3,842,100
2,292,800
2,243,500
These metrics estimate what Air Products and Chemicals, Inc. is worth based on its fundamentals — independent of what the market currently prices it at.
Graham's Fair Value and NCAV are conservative floors rooted in 1930s–60s principles.
EPV assumes zero growth. None are price targets — they are reference points for judging whether the current price offers a margin of safety.
Graham's Fair Value
N/A (negative EPS)
Margin of Safety
—
Market Cap ÷ Company Value
1.84
P/B Ratio
4.41
Warren's Owner Earnings
$8.2B
Latest fiscal year
Graham's 7 Criteria
Defensive Investor Checklist
3/7 — Speculative Investor
✅Adequate Size
$12.0B
vs > $1.5B revenue
❌Strong Financial Condition
1.38x
vs Current Ratio > 2.0x
❌Earnings Stability
1 loss years (4 yrs data)
vs No negative EPS years
✅Dividend Record
2.38%
vs Uninterrupted dividends
✅Earnings Growth
+69.4% EPS growth
vs > 33% EPS growth
❌Moderate P/E Ratio
31.4x
vs P/E ≤ 15.0x
❌Moderate Price-to-Book
4.41x P/B (P/E×P/B: 138.4)
vs P/B ≤ 1.5x | P/E × P/B ≤ 22.5
Graham's 7 Criteria — Explained
What each criterion measures and why it may or may not apply to modern businesses.
✅ Adequate Size — $12.0Bvs > $1.5B revenue
Graham required companies large enough to withstand economic downturns. This threshold ($1.5B) is inflation-adjusted from Graham's original $100M — virtually all S&P 500 companies pass this today.
"The minimum size of an enterprise should be not less than $100 million of annual sales."
❌ Strong Financial Condition — 1.38xvs Current Ratio > 2.0x
Current assets must be at least twice current liabilities. Note: highly profitable companies (Apple, Domino's) often run negative or low working capital deliberately — they collect cash fast and stretch payables. A failing score here is not always a warning sign.
"For industrial companies, current assets should be at least twice current liabilities."
❌ Earnings Stability — 1 loss years (4 yrs data)vs No negative EPS years
Graham required uninterrupted positive earnings. Any loss year is a red flag for defensive investors. Growth companies and cyclicals may show occasional losses during investment cycles or downturns without being fundamentally unsound.
"The company should have shown no deficit in the past ten years."
✅ Dividend Record — 2.38%vs Uninterrupted dividends
Graham valued dividends as evidence of financial discipline and shareholder alignment. Many excellent modern businesses (Alphabet, Amazon, Berkshire Hathaway) pay no dividend, preferring to reinvest cash at high rates of return. Failing this criterion does not indicate a poor business — it may indicate a high-growth one.
"Some current dividend payments — for at least the past 20 years."
EPS grew from $10.14 to $17.18 over 2 years. Graham's 33% threshold was set over a 10-year period. Measured over fewer years (as here), the bar is proportionally lower. Share buybacks can also inflate EPS growth without reflecting underlying business improvement.
"A minimum increase of at least one-third in per-share earnings over ten years."
❌ Moderate P/E Ratio — 31.4xvs P/E ≤ 15.0x
Graham's 15x P/E threshold was calibrated to 1960s market averages when interest rates were higher. Today's lower rate environment structurally supports higher multiples — the S&P 500 long-run average P/E is now closer to 20–25x. A stock trading at 20x is not automatically speculative in the modern context.
"The price-earnings ratio should be no more than 15 times average earnings."
Graham's 1.5x P/B threshold made sense when most company value was tangible. Today, intangible assets — brand, software, patents, network effects — rarely appear on the balance sheet. A high P/B in tech, pharma, or consumer brands often reflects intangible value, not overvaluation. P/FCF or EV/EBITDA are more reliable for asset-light businesses.
"The price should not be more than 1½ times book value. P/E × P/B ≤ 22.5."
Net Current Asset Value
$-80.32
Negative NCAV — liabilities exceed current assets. Common in capital-return businesses (buybacks, debt-funded dividends) and capital-intensive industries. Not automatically a warning sign.
"Buy at two-thirds of net current assets." — Graham
Earnings Power Value
$144.17
Per share, no-growth floor. Compare to current price.
Cash Flow Analysis
Metric
2025
2024
2023
2022
2021
Capital Expenditure % of Net Income
N/A
177.5%
201.1%
129.7%
N/A
Repurchase of Capital Stock
N/A
N/A
N/A
N/A
N/A
Free Cash Flow
-$3.8B▼
-$3.1B▼
-$1.4B▼
$304M•
N/A•
Warren's Owner Earnings
$8.2B
$12.1B
$8.3B
$6.5B
N/A
Peers & Industry
No auto-detected peers for Specialty Chemicals. You can manually compare APD against any stock using the Compare tool.
"The management of a business is its most important single factor — more important than market position, patents, or financial structure."
— Benjamin Graham
Capital Allocation & Alignment
Insider Ownership
1.89%
Low — management has little skin in the game
Return on Equity (ROE)
-2.6%
Weak — poor returns on equity
Return on Assets (ROA)
-1.0%
Poor — assets are not generating adequate returns
Debt Trend YoY
+22.7% YoY
Debt is growing — management is leveraging up
Leadership Team
Eduardo Menezes
CEO & Director
Age 62
Pay: $1,296,209
Melissa Schaeffer
Executive VP & CFO
Age 44
Pay: $1,503,203
Francesco Maione
President of Americas, Helium & Rare Gases
Age 55
Pay: $2,334,098
Megan Britt
Vice President of Investor Relations
Ivo Bols
President of Europe & Africa
Age 64
Top Institutional Holders
Institution
% Owned
Shares
Vanguard Group Inc
10.02%
22,304,678
Blackrock Inc.
8.13%
18,099,947
Capital International Investors
5.75%
12,792,580
Capital Research Global Investors
5.35%
11,904,537
State Farm Mutual Automobile Insurance Co
5.32%
11,840,799
State Street Corporation
4.45%
9,911,504
Dodge & Cox Inc.
4.15%
9,236,610
JPMORGAN CHASE & CO
2.80%
6,237,108
Risk Analysis
Beta (Market Risk)
0.78
Low volatility — more stable than the market
Short Interest
1.7% of float
Low short interest — market is not heavily bearish
Debt-to-Equity
1.02x
Moderate leverage
Current Ratio
1.43x
Adequate liquidity
52-Week Price Range
Low: $229.11Current: $297.55High: $307.29
Currently at 88% of 52-week range
Air Products and Chemicals, Inc. (APD) fundamental analysis — Overall grade D based on profitability, financial health, valuation and cash flow. Graham's
Fair Value: N/A (negative EPS). Gross profit margin: 31.4%. Operating margin: 24.0%. Net margin: -3.3%. Market cap: $66.3B. Sector: Basic Materials. Industry: Specialty Chemicals. Analysis powered by 360investing — free fundamental stock analysis based on Benjamin Graham and Warren Buffett
principles.
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