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AIR PRODUCTS & CHEMICALS INC (AP3.DE) Stock Fundamental Analysis

Europe - FRA:AP3 - US0091581068 - Common Stock

217.2 EUR
-2.3 (-1.05%)
Last: 10/17/2025, 7:00:00 PM
Fundamental Rating

4

We assign a fundamental rating of 4 out of 10 to AP3. AP3 was compared to 69 industry peers in the Chemicals industry. While AP3 has a great profitability rating, there are quite some concerns on its financial health. AP3 has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

7

1. Profitability

1.1 Basic Checks

In the past year AP3 was profitable.
In the past year AP3 had a positive cash flow from operations.
AP3 had positive earnings in each of the past 5 years.
Each year in the past 5 years AP3 had a positive operating cash flow.
AP3.DE Yearly Net Income VS EBIT VS OCF VS FCFAP3.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B

1.2 Ratios

Looking at the Return On Assets, with a value of 3.72%, AP3 is in the better half of the industry, outperforming 65.22% of the companies in the same industry.
AP3 has a better Return On Equity (9.98%) than 71.01% of its industry peers.
AP3's Return On Invested Capital of 6.24% is fine compared to the rest of the industry. AP3 outperforms 65.22% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for AP3 is in line with the industry average of 7.19%.
Industry RankSector Rank
ROA 3.72%
ROE 9.98%
ROIC 6.24%
ROA(3y)8.39%
ROA(5y)8.09%
ROE(3y)18.57%
ROE(5y)17.37%
ROIC(3y)7.56%
ROIC(5y)7.62%
AP3.DE Yearly ROA, ROE, ROICAP3.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10 15 20 25

1.3 Margins

AP3's Profit Margin of 12.86% is amongst the best of the industry. AP3 outperforms 92.75% of its industry peers.
AP3's Profit Margin has improved in the last couple of years.
AP3 has a Operating Margin of 24.01%. This is amongst the best in the industry. AP3 outperforms 97.10% of its industry peers.
In the last couple of years the Operating Margin of AP3 has remained more or less at the same level.
AP3 has a Gross Margin (31.87%) which is in line with its industry peers.
AP3's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 24.01%
PM (TTM) 12.86%
GM 31.87%
OM growth 3Y3.42%
OM growth 5Y-0.02%
PM growth 3Y15.88%
PM growth 5Y9.9%
GM growth 3Y2.26%
GM growth 5Y-0.31%
AP3.DE Yearly Profit, Operating, Gross MarginsAP3.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30

2

2. Health

2.1 Basic Checks

AP3 has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, AP3 has about the same amount of shares outstanding.
The number of shares outstanding for AP3 has been increased compared to 5 years ago.
Compared to 1 year ago, AP3 has a worse debt to assets ratio.
AP3.DE Yearly Shares OutstandingAP3.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M 200M
AP3.DE Yearly Total Debt VS Total AssetsAP3.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B

2.2 Solvency

AP3 has an Altman-Z score of 2.47. This is not the best score and indicates that AP3 is in the grey zone with still only limited risk for bankruptcy at the moment.
AP3 has a Altman-Z score (2.47) which is comparable to the rest of the industry.
AP3 has a Debt/Equity ratio of 1.09. This is a high value indicating a heavy dependency on external financing.
AP3's Debt to Equity ratio of 1.09 is on the low side compared to the rest of the industry. AP3 is outperformed by 81.16% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.09
Debt/FCF N/A
Altman-Z 2.47
ROIC/WACC0.79
WACC7.85%
AP3.DE Yearly LT Debt VS Equity VS FCFAP3.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B

2.3 Liquidity

A Current Ratio of 1.29 indicates that AP3 should not have too much problems paying its short term obligations.
AP3 has a Current ratio of 1.29. This is in the lower half of the industry: AP3 underperforms 76.81% of its industry peers.
AP3 has a Quick Ratio of 1.12. This is a normal value and indicates that AP3 is financially healthy and should not expect problems in meeting its short term obligations.
AP3 has a Quick ratio of 1.12. This is comparable to the rest of the industry: AP3 outperforms 53.62% of its industry peers.
Industry RankSector Rank
Current Ratio 1.29
Quick Ratio 1.12
AP3.DE Yearly Current Assets VS Current LiabilitesAP3.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B

3

3. Growth

3.1 Past

The Earnings Per Share has been growing slightly by 1.50% over the past year.
Measured over the past years, AP3 shows a quite strong growth in Earnings Per Share. The EPS has been growing by 8.62% on average per year.
AP3 shows a decrease in Revenue. In the last year, the revenue decreased by -0.38%.
AP3 shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.29% yearly.
EPS 1Y (TTM)1.5%
EPS 3Y11.28%
EPS 5Y8.62%
EPS Q2Q%-3.44%
Revenue 1Y (TTM)-0.38%
Revenue growth 3Y5.44%
Revenue growth 5Y6.29%
Sales Q2Q%1.25%

3.2 Future

Based on estimates for the next years, AP3 will show a small growth in Earnings Per Share. The EPS will grow by 6.37% on average per year.
AP3 is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 5.98% yearly.
EPS Next Y-2.39%
EPS Next 2Y2.5%
EPS Next 3Y4.56%
EPS Next 5Y6.37%
Revenue Next Year-0.98%
Revenue Next 2Y1.77%
Revenue Next 3Y3.07%
Revenue Next 5Y5.98%

3.3 Evolution

The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is stable: in the next years the growth will be about the same than in the last years.
AP3.DE Yearly Revenue VS EstimatesAP3.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2016 2018 2020 2022 2024 2026 2028 2030 2032 5B 10B 15B 20B
AP3.DE Yearly EPS VS EstimatesAP3.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 5 10 15

2

4. Valuation

4.1 Price/Earnings Ratio

AP3 is valuated rather expensively with a Price/Earnings ratio of 20.74.
AP3's Price/Earnings is on the same level as the industry average.
When comparing the Price/Earnings ratio of AP3 to the average of the S&P500 Index (27.40), we can say AP3 is valued slightly cheaper.
AP3 is valuated rather expensively with a Price/Forward Earnings ratio of 19.37.
AP3's Price/Forward Earnings is on the same level as the industry average.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.94, AP3 is valued at the same level.
Industry RankSector Rank
PE 20.74
Fwd PE 19.37
AP3.DE Price Earnings VS Forward Price EarningsAP3.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of AP3 indicates a slightly more expensive valuation: AP3 is more expensive than 66.67% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 16.21
AP3.DE Per share dataAP3.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 20 40

4.3 Compensation for Growth

The decent profitability rating of AP3 may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)2.41
EPS Next 2Y2.5%
EPS Next 3Y4.56%

3

5. Dividend

5.1 Amount

AP3 has a Yearly Dividend Yield of 2.73%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 3.22, AP3 pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.38, AP3 has a dividend comparable with the average S&P500 company.
Industry RankSector Rank
Dividend Yield 2.73%

5.2 History

On average, the dividend of AP3 grows each year by 9.29%, which is quite nice.
Dividend Growth(5Y)9.29%
Div Incr Years1
Div Non Decr Years1
AP3.DE Yearly Dividends per shareAP3.DE Yearly Dividends per shareYearly Dividends per share 2021 2022 2023 2024 2025 2 4 6

5.3 Sustainability

AP3 pays out 101.85% of its income as dividend. This is not a sustainable payout ratio.
AP3's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP101.85%
EPS Next 2Y2.5%
EPS Next 3Y4.56%
AP3.DE Yearly Income VS Free CF VS DividendAP3.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2B -2B
AP3.DE Dividend Payout.AP3.DE Dividend Payout, showing the Payout Ratio.AP3.DE Dividend Payout.PayoutRetained Earnings

AIR PRODUCTS & CHEMICALS INC

FRA:AP3 (10/17/2025, 7:00:00 PM)

217.2

-2.3 (-1.05%)

Chartmill FA Rating
GICS SectorMaterials
GICS IndustryGroupMaterials
GICS IndustryChemicals
Earnings (Last)07-31 2025-07-31/bmo
Earnings (Next)11-05 2025-11-05/amc
Inst Owners94.38%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap48.34B
Analysts75.86
Price Target284.87 (31.16%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.73%
Yearly Dividend6.09
Dividend Growth(5Y)9.29%
DP101.85%
Div Incr Years1
Div Non Decr Years1
Ex-DateN/A
Surprises & Revisions
EPS beat(2)1
Avg EPS beat(2)-1.82%
Min EPS beat(2)-5.81%
Max EPS beat(2)2.18%
EPS beat(4)2
Avg EPS beat(4)-0.74%
Min EPS beat(4)-5.81%
Max EPS beat(4)2.18%
EPS beat(8)5
Avg EPS beat(8)-0.1%
EPS beat(12)8
Avg EPS beat(12)0.28%
EPS beat(16)9
Avg EPS beat(16)0.14%
Revenue beat(2)1
Avg Revenue beat(2)-0.35%
Min Revenue beat(2)-1.31%
Max Revenue beat(2)0.62%
Revenue beat(4)1
Avg Revenue beat(4)-0.93%
Min Revenue beat(4)-1.8%
Max Revenue beat(4)0.62%
Revenue beat(8)1
Avg Revenue beat(8)-2.97%
Revenue beat(12)3
Avg Revenue beat(12)-1.98%
Revenue beat(16)6
Avg Revenue beat(16)-0.52%
PT rev (1m)-0.79%
PT rev (3m)-1.58%
EPS NQ rev (1m)0%
EPS NQ rev (3m)-2.75%
EPS NY rev (1m)0%
EPS NY rev (3m)0.27%
Revenue NQ rev (1m)0%
Revenue NQ rev (3m)0%
Revenue NY rev (1m)0.01%
Revenue NY rev (3m)0.31%
Valuation
Industry RankSector Rank
PE 20.74
Fwd PE 19.37
P/S 4.67
P/FCF N/A
P/OCF 19.07
P/B 3.62
P/tB 3.95
EV/EBITDA 16.21
EPS(TTM)10.47
EY4.82%
EPS(NY)11.21
Fwd EY5.16%
FCF(TTM)-17.85
FCFYN/A
OCF(TTM)11.39
OCFY5.24%
SpS46.51
BVpS59.93
TBVpS55.03
PEG (NY)N/A
PEG (5Y)2.41
Profitability
Industry RankSector Rank
ROA 3.72%
ROE 9.98%
ROCE 7.84%
ROIC 6.24%
ROICexc 6.65%
ROICexgc 6.9%
OM 24.01%
PM (TTM) 12.86%
GM 31.87%
FCFM N/A
ROA(3y)8.39%
ROA(5y)8.09%
ROE(3y)18.57%
ROE(5y)17.37%
ROIC(3y)7.56%
ROIC(5y)7.62%
ROICexc(3y)8.39%
ROICexc(5y)9.21%
ROICexgc(3y)8.81%
ROICexgc(5y)9.81%
ROCE(3y)9.41%
ROCE(5y)9.47%
ROICexcg growth 3Y-11.13%
ROICexcg growth 5Y-10.1%
ROICexc growth 3Y-10.01%
ROICexc growth 5Y-9.24%
OM growth 3Y3.42%
OM growth 5Y-0.02%
PM growth 3Y15.88%
PM growth 5Y9.9%
GM growth 3Y2.26%
GM growth 5Y-0.31%
F-Score5
Asset Turnover0.29
Health
Industry RankSector Rank
Debt/Equity 1.09
Debt/FCF N/A
Debt/EBITDA 3.84
Cap/Depr 494.72%
Cap/Sales 62.86%
Interest Coverage 250
Cash Conversion 66.7%
Profit Quality N/A
Current Ratio 1.29
Quick Ratio 1.12
Altman-Z 2.47
F-Score5
WACC7.85%
ROIC/WACC0.79
Cap/Depr(3y)342.56%
Cap/Depr(5y)285.18%
Cap/Sales(3y)38.64%
Cap/Sales(5y)33.63%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)1.5%
EPS 3Y11.28%
EPS 5Y8.62%
EPS Q2Q%-3.44%
EPS Next Y-2.39%
EPS Next 2Y2.5%
EPS Next 3Y4.56%
EPS Next 5Y6.37%
Revenue 1Y (TTM)-0.38%
Revenue growth 3Y5.44%
Revenue growth 5Y6.29%
Sales Q2Q%1.25%
Revenue Next Year-0.98%
Revenue Next 2Y1.77%
Revenue Next 3Y3.07%
Revenue Next 5Y5.98%
EBIT growth 1Y2.3%
EBIT growth 3Y9.05%
EBIT growth 5Y6.27%
EBIT Next Year69.58%
EBIT Next 3Y25.04%
EBIT Next 5Y18.31%
FCF growth 1Y-533.47%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y-8.32%
OCF growth 3Y2.95%
OCF growth 5Y4.19%