APD
Air Products and Chemicals, Inc.Evidence as of 2026-10-02The desk's Snapshot
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Overview · Air Products and Chemicals, Inc.
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; specialty gases; and equipment for the production or proc…
Management team
- Mr. William J. Pellicciotti Jr. · Controller & Chief Accounting OfficerFind on LinkedIn
- Ms. Melissa N. Schaeffer · Senior VP & CFOFind on LinkedIn
- Ms. Victoria Brifo · Senior VP & Chief Human Resources OfficerFind on LinkedIn
- Mr. Siddharth Manjeshwar · Vice President of Treasury & Investor RelationsFind on LinkedIn
Start free to see the full management team.
Links open LinkedIn searches, not verified profiles. Team data from our market-data vendor's company profile.
Moneyta sentiment
Where the published evidence leans after the desk debated it, not a rating or a recommendation.
−0.4 on a −2 to +2 scale (was −0.5 before the debate changed the read).
What builds the score
Solid bars are analyst rubric scores; faded bars are computed directly from data. Claims dropped in debate count for nothing; weakened claims count at half weight.
Editor's note
Written after the debate settled. The rest of the page is the evidence behind it.
The evidence balance is Cautious ( -0.4 , confidence high ). The company reported quarterly revenues of $ 3,102,500,000 for FISCAL Q1 2026 ( fiscal quarter ended 2025-12-31 , 3mo ), $ 3,171,800,000 for FISCAL Q2 2026 ( fiscal quarter ended 2026-03-31 , 3mo ), and $ 3,161,000,000 for FISCAL Q3 2026 ( fiscal quarter ended 2026-06-30 , 3mo ). Operating income was positive in FISCAL Q1 2026 at $ 734,500,000 and in FISCAL Q2 2026 at $ 752,700,000, then moved to an operating loss of $ 2,097,100,000 in FISCAL Q3 2026; net income followed the same pattern, with profits of $ 678,200,000 and $ 710,400,000 in FISCAL Q1 2026 and FISCAL Q2 2026 and a net loss of $ 1,440,800,000 in FISCAL Q3 2026 (diluted EPS $ 3.04 , $ 3.19 , and -$ 6.47 , respectively).
Balance-sheet aggregates show liabilities rising from $ 23,403,600,000 as of 2025-12-31 to $ 23,849,200,000 as of 2026-06-30 while stockholders' equity moved from $ 15,411,300,000 (2025-12-31) to $ 13,883,800,000 (2026-06-30). Trailing metrics show negative free cash flow TTM of $ -2,590,200,000, OCF TTM of $ 3,058,300,000 versus CapEx TTM of $ 5,648,500,000, a P/E of 92.34 (EPS $ 2.96 , price $ 273.33 ), and EV/EBITDA of 40.38 (EBITDA $ 1,588,900,000 , EV $ 64,161,235,915 ).
How this note was made
every stage ran before the note was writtenAnalyst desk
Mercer, Oakes, Nash, Ellis, Yates, Talbot and Archer. The desk: named AI agents, not people. Each reads one slice of the evidence and nothing else (no outside knowledge, no browsing), so every finding traces to a source you can open.
Reads the XBRL figures companies file with the SEC (revenue, margins, income, debt and share count, quarter by quarter) and reports which way the trend is running.
Air Products reported quarterly revenues of $3,102,500,000 for fiscal Q1 2026 (2025-10-01 to 2025-12-31, 3mo), $3,171,800,000 for fiscal Q2 2026 (2026-01-01 to 2026-03-31, 3mo), and $3,161,000,000 for fiscal Q3 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0000002969-26-000008Operating income was positive in the first two quarters reported — $734,500,000 in fiscal Q1 2026 (2025-10-01 to 2025-12-31, 3mo) and $752,700,000 in fiscal Q2 2026 (2026-01-01 to 2026-03-31, 3mo) — and moved to an operating loss of $2,097,100,000 in fiscal Q3 2026 (2026-04-01 to 2026-06-30, 3mo).
XBRL companyfacts · 0000002969-26-000036Reads the filings themselves, above all the year-over-year diff of Item 1A risk factors: which risks a company added, dropped or quietly reworded since its last annual report.
Which filings the desk reads
The desk reads the annual 10-K in full: its risk factors, and how they changed since last year. Quarterly 10-Qs and event filings (8-Ks, insider Form 4s) are listed for context but not read line by line: the 10-K is where the material risk disclosures live. A brand-new company, or one we have only just begun tracking, may have no annual report on file yet; its risk analysis fills in once that lands.
In the Management's Discussion and Analysis filed 20 November 2025, the company reported fiscal year 2025 sales of $12.0 billion, a 1% decrease versus the prior year, with approximately 60% of fiscal 2025 sales derived from customers outside the United States noted elsewhere in the filing.
10-K filed 2025-11-20In the Management's Discussion and Analysis filed 20 November 2025, the company reported an operating loss of $877.0 million in fiscal year 2025 that included approximately $3.7 billion in pre-tax charges related to business and asset actions ($3.0 billion after tax, or $13.68 per share).
10-K filed 2025-11-20Reads the signal panel above (momentum, volatility, drawdown, relative strength and beta) and ranks each against the whole research universe rather than judging it in isolation.
Beta vs SPY is 0.14 and correlation vs SPY is 0.07 as of 2026-10-01, indicating very low market sensitivity in these metrics.
Moneyta signal set · 2026-10-01Short-term momentum is negative: 3-month momentum is -13.0% and 6-month momentum is -5.0%, with the 6-month momentum at the 26th percentile of a 566-stock universe.
Moneyta signal set · 2026-10-01weakened in debateReads which funds hold the name and at what weight, plus insider Form 4 filings, to show the exposure you may already carry through index funds.
Institutional 13F-reported holdings total $59.93B as of 2026-06-30, with reported aggregate value rising 4.4% quarter-over-quarter.
13F holdings · 1782 filers · as of 2026-06-30The largest reported 13F holders as of 2026-06-30 include BlackRock, Inc. ($5.37B), VANGUARD CAPITAL MANAGEMENT LLC ($4.26B), STATE FARM MUTUAL AUTOMOBILE INSURANCE CO ($3.47B), Capital Research Global Investors ($3.11B), and STATE STREET CORP ($3.01B).
13F holdings · 1782 filers · as of 2026-06-30Reads recent headlines that are genuinely about this company, ignoring rating chatter and market-wide stories. Findings argue in the debate but never move the sentiment score.
A recent headline asks whether Air Products and Chemicals is undervalued based on future cash flow after the stock's multi-year gains, noting a 22.5% total return over the past five years.
News · simplywall.st · 2026-09-30A long-term supply deal to provide high-purity gases and infrastructure to a major U.S. semiconductor manufacturer is reported, with about US$250 million committed to new facilities in Arizona.
News · simplywall.st · 2026-09-24Reads parsed Forms 3/4/5: who bought or sold, at what size, and whether a 10b5-1 plan was involved. Flags clustered open-market officer buying; treats plan sales as routine and never counts a fund or 10%-holder as an officer.
On 2026-08-18, LEPORE MATTHEW (EVP & General Counsel) effected a transaction reporting 418 shares with a reported value of "$127k" and an action code of "code F."
Form 4 · LEPORE MATTHEW (EVP & General Counsel) · $127k code F · 2026-08-18The filing record for this transaction does not list a trading plan (the transaction's trading_plan field is null), so there is no issuer-indicated 10b5-1 plan flag in the provided evidence.
Form 4 · LEPORE MATTHEW (EVP & General Counsel) · $127k code F · 2026-08-18Reads the implied-expectations math built from the company's own filings (the growth rate today's price would justify, and the multiples beside it) and argues whether the market's bar looks high or low for this business. Never turns the math into a target.
The reported trailing twelve-month free cash flow is negative $-2,590,200,000, producing a negative FCF per share of $-11.6257.
Valuation inputs · SEC XBRL + stored EOD closePrice-to-trailing-twelve-month earnings (P/E) is 92.34 based on reported EPS of $2.96 and the price $273.33.
Valuation inputs · SEC XBRL + stored EOD closeDebate and risk review
A bull and a bear contest the claims and the chair rules on each; the risk review stress-tests what survived.
A bull and a bear argue the analysts' claims across two rounds, then a chair rules on each one. Only what survives feeds the score. The argument is shown, not hidden, so you can judge the reasoning yourself.
Several pieces of evidence jointly support a favorable read: recent quarterly revenues are stable across three reported quarters and share count is essentially unchanged (fundamentals-0, fundamentals-3), institutional ownership value rose and major asset managers hold large positions (ownership-0, ownership-1), and the company is signing multi-year commercial contracts such as the reported semiconductor supply deal (news-1). The bear case leans heavily on a large Q3 operating and net loss and negative trailing free cash flow (fundamentals-1, fundamentals-2, valuation-0), but those items are accompanied in the filings by large one-time pre-tax charges and elevated capital spending tied to project actions and strategy transition (filings-1, valuation-3), which reduces the strength of interpreting the losses as purely recurring operational deterioration. Dividend yield and multi-year dividend growth appear relatively strong in the universe (market-4), and the presence in broad-market ETFs plus concentrated institutional holders adds depth to demand (ownership-2, ownership-1); the strength of these ownership and dividend signals is moderate. Overall evidence strength: revenue/share stability and institutional ownership — moderate to strong; one-time charges and capex explaining near-term losses — moderate; valuation negatives (negative FCF, high EV/EBITDA, high P/E) — strong on current metrics but they rest on the same capex/charge items noted above.
Chair's verdict, claim by claim
Fragility · computed, not argued
balanced0.36
35 surviving claims rest on 14 distinct sources; the heaviest analyst carries 17% of them, and 96% of what the desk raised survived the debate.
The surviving set is fairly concentrated: a small number of sources underpins many claims and one analyst accounts for a meaningful share, which reduces how much independent corroboration each claim has. At the same time, a 96% survival rate in the desk debate means the claims were rarely challenged away, so the report is coherent but not immune to single-source errors or analyst bias.
Peer context · computed, not argued
12-1 momentum ranks 2nd of 3 in Specialty Chemicals (as of 2026-10-01).
6-month relative strength ranks 2nd of 3 in Specialty Chemicals (as of 2026-10-01).
90-day volatility ranks 3rd of 3 in Specialty Chemicals (as of 2026-10-01).
dividend yield ranks 1st of 3 in Specialty Chemicals (as of 2026-10-01).
Disconfirming evidence · base rates · falsifiers
Context
Outside consensus, and where this name already sits in your own portfolio.
Third-party consensus shown for context. It never enters Moneyta sentiment. When the two diverge, the debate above is where the why lives.
What this was built from
Every figure on this page traces to one of these. The desk reads only what is listed here (no outside knowledge, no browsing), and each card shows who read it and what it contributed to the score.
13 filings· 3 cited
SEC XBRL filings
Quarterly figures as filed with the SEC, read straight from EDGAR's structured data, not retyped or estimated.
Read by Mercer−0.8 to the score
5 documents· 3 cited
SEC filing documents
The filings themselves, including the year-over-year comparison of Item 1A risk factors.
Read by Oakes−0.8 to the score
1 signal set
Moneyta signal set
Computed from our own end-of-day price history and ranked against the whole research universe. No AI involved.
Read by Nash+0.2 to the score
3 holdings records· 1 cited
Fund holdings
Which funds hold this name and at what weight, plus insider Form 4 filings.
Read by Ellis+0.8 to the score
6 headlines· 2 cited
News coverage
Recent headlines about this company, rating chatter excluded and nothing published after the report date.
Read by Yatesnothing survived
1 filing
Insider filings
Parsed Forms 3/4/5 from EDGAR: named insiders, share counts, prices, and 10b5-1 plan state, with stated and inferred flags kept apart.
Read by Talbot+0.0 to the score
1 computation
Valuation inputs
TTM cash-flow figures from the company's own XBRL filings, priced with the stored closing price. Implied growth and multiples only; no fair-value dollar figure reaches the desk, by design.
Read by Archercontext only
1 record· 0 cited
Company profile
Sector, industry and company details.
1 record· 0 cited
Analyst consensus
Third-party consensus, shown for context only; it never enters Moneyta sentiment.
Read means we pulled and handed it to an analyst; cited means a claim on this page points at it. Reading twelve quarters to state one trend is normal; the gap is shown rather than hidden.
Written by AI, checked against sources
The analysts, the bull–bear debate and the editor's note are AI agents reading only the evidence listed on this page. They can misread a filing or a headline, which is why every claim cites a source you can open and check yourself. The sentiment score is arithmetic over the claims that survived the debate, not a language model's opinion.
Educational analysis of published data. Moneyta does not give investment advice or make recommendations. Past patterns do not indicate future results.
The full terminal on APD Gold
Who holds it, who's buying, what the Street thinks: live behind the lock, updated as filings land.
Institutional holders
Net institutional flow, Q/Q
Largest holder position
Insider buys, 90 days
Clustered insider value
Street target range
The real figures are for members. Educational analysis, not advice.
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