Touchstone
Last syncOct 31, 2026, 6:54 PM ET

APD

Air Products & Chemicals, Inc. Materials Industrial Inorganic Chemicals S&P 500Russell 3000
$316.43Close $70.4BMarket cap $226.25 – $316.4352-week range Nov 5, 2026Next report · before the open

Highlights

Strengths

  • Near its high at its 52-week high

Cautions

  • Trend not confirmed 7 of 8 conditions · RS under 70
  • Extended 5.0 ATR above its 50-day average
  • Earnings shrinking EPS −302% year on year
  • Results soon Nov 5, 2026, in 4 days

Price

Filing Results Screen pick 52-week high and low Adjusted prices

Key figures

FY to Sep 30, 2025 · filed Jul 30, 2026
Off 12-month high 0%
1wk up 3.0% price change
1mo up 14.5% price change
12-month return up 32% market up 11% · its own up 19%
F-score 3 / 9 Weak
Altman Z 2.65 Moderate risk
P/E — price / earnings
PEG — P/E / EPS growth
P/B 4.7× price / book
Earnings yield down 1.0% EBIT / enterprise value
Cheaper than 24% of the market · expensive
Revenue growth down 1% year on year
EPS growth down 302% latest quarter
Sales growth up 5% latest quarter · -4 pts
ROE down 2% return on equity
Free cash margin down 31% -$3.8B FCF
D/E 1.18 long-term debt / equity
Net debt / EBITDA 23.0×
Interest cover —EBIT / interest
Piotroski tests
  • not yet profitable on its assets
  • profitability slipped from last year
  • took on more long-term debt
  • short-term liquidity weakened
  • gross margin narrowed
  • assets working less efficiently
  • generating cash from operations
  • profits backed by cash
  • no new shares issued

Trade setup

ATR% 1.6% $5.07 a day · 2×ATR $306.29
RS 69 / 99 vs the universe
Trend 7 / 8 RS under 70
Relative volume 1.2× vs 50-day average
Up/down volume 1.01 50 sessions
Implied move 6.4% by Nov 20, 2026 · report Nov 5, 2026
Trend template · 7 of 8
  • RS rank 70 or higher: fails

Screen verdict

Did not qualify for any screen.

Warning signs

4 flagged
  • Material impairment The company disclosed a material impairment - an asset written down below the value the balance sheet had been carrying.
  • Heavily indebted Net debt is 23.0 times EBITDA — roughly 23 years of earnings before interest, tax and depreciation to repay borrowings in full.
  • Gross margin narrowing Gross margin fell from 32.5% to 31.4%. The company is keeping less of each dollar of sales than it did a year ago.
  • Revenue shrinking Revenue fell 0.5% over the year, from $12.1B to $12.0B.
Last reported Jul 30, 2026
Options $312,43830.2% IV · activity

Financials

6 fiscal years · from filings
Revenue What customers paid the company over its fiscal year, before any cost, as filed in its annual report. The change is against the year before. Methodology $12.0B -0.5% on FY2024
$0 $20B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $8.9B FY2021 · $10.3B FY2022 · $12.7B FY2023 · $12.6B FY2024 · $12.1B FY2025 · $12.0B
Net income Profit left after every cost, interest and tax for the year. A column below the line is a loss. Methodology -$394.5M down to a loss
$0 $5B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $1.9B FY2021 · $2.1B FY2022 · $2.3B FY2023 · $2.3B FY2024 · $3.8B FY2025 · -$394.5M
Free cash flow Cash from running the business less what it spent on equipment and buildings: the cash a year actually left behind, which profit alone does not show. Not shown for banks and insurers, whose cash moves with their loans. Methodology -$3.8B
-$5B $0 $1B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · $755.7M FY2021 · $871.0M FY2022 · $244.1M FY2023 · -$1.4B FY2024 · -$3.1B FY2025 · -$3.8B
Margins Each as a share of revenue. Gross: left after the direct cost of what was sold. Net: left after every cost. Free cash: free cash flow over revenue. A margin rising over years means the business keeps more of each dollar it sells. Methodology
  • Gross 31%
  • Net -3%
  • Free cash -31%
-50% 0% 50% FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Gross 34% · Net 21% · Free cash 9% FY2021 · Gross 30% · Net 20% · Free cash 8% FY2022 · Gross 26% · Net 18% · Free cash 2% FY2023 · Gross 30% · Net 18% · Free cash -11% FY2024 · Gross 32% · Net 32% · Free cash -26% FY2025 · Gross 31% · Net -3% · Free cash -31%
Cash and long-term debt Cash on the balance sheet at the year's end beside debt due after a year. Net cash is cash less that debt; net debt is the shortfall. Debt some filers do not tag shows as a gap, not as zero. Methodology $15.8B net debt
  • Cash
  • Long-term debt
$0 $20B FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · Cash $5.3B · Long-term debt $7.9B FY2021 · Cash $4.5B · Long-term debt $7.6B FY2022 · Cash $2.7B · Long-term debt $7.6B FY2023 · Cash $1.6B · Long-term debt $10.0B FY2024 · Cash $3.0B · Long-term debt $14.1B FY2025 · Cash $1.9B · Long-term debt $17.7B
Shares outstanding Shares in issue at the year's end. A rising count means each share owns a smaller slice of the company (stock pay, share sales); a falling one, buybacks. The chart's scale is fitted to the count, so a small change looks large: read the percentage. Methodology 222.59m +0.7% since FY2020
222.59m 221.02m FY20 FY21 FY22 FY23 FY24 FY25 FY2020 · 221.02m FY2021 · 221.40m FY2022 · 221.84m FY2023 · 222.20m FY2024 · 222.37m FY2025 · 222.59m
  FY2020Sep 30, 2020 FY2021Sep 30, 2021 FY2022Sep 30, 2022 FY2023Sep 30, 2023 FY2024Sep 30, 2024 FY2025Sep 30, 2025
Revenue $8.9B $10.3B $12.7B $12.6B $12.1B $12.0B
Gross margin 34% 30% 26% 30% 32% 31%
Operating income $2.2B $2.3B $2.3B $2.5B $4.5B -$877.0M
Net income $1.9B $2.1B $2.3B $2.3B $3.8B -$394.5M
Net margin 21% 20% 18% 18% 32% -3%
Earnings per share $8.49 $9.43 $10.14 $10.33 $17.18 -$1.77
Free cash flow $755.7M $871.0M $244.1M -$1.4B -$3.1B -$3.8B
Free cash margin 9% 8% 2% -11% -26% -31%
Cash $5.3B $4.5B $2.7B $1.6B $3.0B $1.9B
Long-term debt $7.9B $7.6B $7.6B $10.0B $14.1B $17.7B
Shareholders' equity $12.1B $13.5B $13.1B $14.3B $17.0B $15.0B
Shares outstanding 221.02m 221.40m 221.84m 222.20m 222.37m 222.59m

Next report

Nov 5, 2026 · before the open

Expected move The move, either way, the option market prices in through the next scheduled report: the at-the-money straddle for the first expiry that contains it, over the price. It includes the days around the report, so it slightly overstates the report alone. Methodology ±6.4% $296 – $337 by Nov 20, 2026
Usual move The median, over the company's last four reports, of how far the stock moved either way from the close before the filing to the close of the session after it. Methodology ±3.2% last 4: +0.2% · -0.5% · +5.8% · +9.3%
Expected against usual The move the options price through this report over the move the last four reports delivered. Above 1 the event is priced bigger than the company's own record; below 1, smaller. A price, not a forecast: it says what protection through the report costs, not which way the stock will go. Methodology Bigger than usual 2.0× the usual move

What options price now

Swings expected vs recent The daily swings the options are priced for (implied volatility) against the swings the stock actually had over the last 20 sessions (realised volatility). Bigger means options charge for more movement than the stock has been delivering; smaller, less. On a contract row, that contract's own implied volatility over the stock's realised. Methodology
Bigger 30.2% priced · 13.0% recent
Next month vs later At-the-money implied volatility for 8-45 day expiries over 46-90 day ones: whether options price the coming month as choppier or calmer than the two after it. Ahead of a report it usually reads choppier, and the extra comes out once the report is out. Methodology
Choppier
Crash protection What options that pay off in a fall cost against options that pay off in a rise (the 25-delta skew), compared with this company's own normal - the median of its stored nightly readings, once there are 20 - and with five sessions ago. Protection costs a little more than upside on most shares. More than usual means readers of the chain are paying up to insure against a drop; it does not say which way the stock will go. Methodology
past week: costs less
Positioning
Premium traded
$312,438 calls $256,072 · puts $56,365 · latest session
Puts against calls, by premium Money spent on puts divided by money spent on calls. Measured in dollars rather than contracts on purpose: counting contracts treats a hundred cheap lottery tickets as more meaningful than one large position, which is backwards. Methodology
0.22× +0.13 over the week
Open interest added The change over five sessions in option positions left open overnight, calls and puts. A rise means positions were added. It cannot say whether they were bought or sold, so more calls is not a vote for a rise: a call is as often sold against shares already held. Methodology
calls +307 · puts +268 past week

For options traders: ATM IV 30.2% (+2.9% 1w) · 1m ÷ 3m IV 1.23 · 25Δ skew 3.5 pts · Net GEX $7.7M

Most traded contracts

No contract passed the liquidity filters this week.

Filings

SEC EDGAR
FiledReportPeriod to Lag
Jul 30, 2026 Quarterly ↗ Jun 30, 2026 30d
Apr 30, 2026 Quarterly ↗ Mar 31, 2026 30d
Jan 30, 2026 Quarterly ↗ Dec 31, 2025 30d
Nov 20, 2025 Annual ↗ Sep 30, 2025 51d
Jul 31, 2025 Quarterly ↗ Jun 30, 2025 31d
May 1, 2025 Quarterly ↗ Mar 31, 2025 31d
Feb 6, 2025 Quarterly ↗ Dec 31, 2024 37d
Nov 21, 2024 Annual ↗ Sep 30, 2024 52d
Aug 1, 2024 Quarterly ↗ Jun 30, 2024 32d
Apr 30, 2024 Quarterly ↗ Mar 31, 2024 30d
Feb 5, 2024 Quarterly ↗ Dec 31, 2023 36d
Nov 16, 2023 Annual ↗ Sep 30, 2023 47d

Current reports

FiledDisclosed
Jul 30, 2026 Results ↗
Jun 30, 2026 Impairment · Regulation FD ↗
Apr 30, 2026 Results ↗
Jan 30, 2026 Results ↗
Jan 29, 2026 Shareholder vote ↗
Nov 25, 2025 Director or officer change · Other events ↗
Nov 6, 2025 Results ↗
Aug 20, 2025 Director or officer change ↗
Jul 31, 2025 Results ↗
Jul 8, 2025 Director or officer change ↗
Jun 11, 2025 Other events ↗
May 1, 2025 Results ↗