APDAir Products
Is the business good?
Margins compressing. That is the only one of 4 checks this filer's data supports, so take it as a single data point rather than a settled answer.
Operating margin has narrowed over the past few years, profitability per dollar of sales is eroding.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is APD?
Air Products keeps −4.7% of every revenue dollar as operating profit, against 7.4% for the median Specialty Chemicals name.
Operating margin · Specialty Chemicals median 7.4% · 12 months to Q3 2026
- Share count, year on year
- −0.04%
Share count, year on year · flat: no meaningful dilution
- R&D as % of revenue
- 0.72%
R&D as % of revenue
- Gross margin
- 32%
Gross margin
| Year | Operating margin |
|---|---|
| FY2020 | 25% |
| FY2021 | 22% |
| FY2022 | 18% |
| FY2023 | 20% |
| FY2024 | 37% |
| FY2025 | −7.3% |
Details›
- Gross margin12 months to Q3 2026
- 32%
- Operating margin12 months to Q3 2026
- −4.7%
- Net margin12 months to Q3 2026
- −0.38%
- Free cash flow margin
- −2.4%
- R&D as % of revenue
- 0.72%
- Revenue, trailing twelve months
- $12.6B
- Free cash flow, trailing twelve months
- −$301M
- Net income, trailing twelve months
- −$47M
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Specialty Chemicals
The closest names by size in the same industry