Air Products key statistics and ratios

In fiscal 2025, Air Products had return on equity of -2.5%, an operating margin of -7.3%, debt equal to 119.8% of equity and a current ratio of 1.38. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Air Products: financial ratios, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
Gross margin	26.8%	29.3%	26.6%	26.6%	26.6%	26.9%	37.8%	31.0%	29.8%	30.7%	32.7%	33.9%	30.4%	26.5%	29.9%	32.5%	31.4%	32.1%
Operating margin	10.3%	14.7%	15.6%	13.3%	13.0%	12.8%	15.8%	20.5%	17.6%	22.0%	24.0%	25.3%	22.1%	18.4%	19.8%	36.9%	−7.3%	−4.7%
Net margin	7.6%	11.9%	12.7%	12.1%	9.8%	9.5%	16.3%	8.4%	36.6%	16.8%	19.7%	21.3%	20.3%	17.8%	18.3%	31.6%	−3.3%	−0.4%
Free-cash-flow margin	1.8%	6.2%	4.6%	2.5%	0.3%	7.9%	11.3%	18.0%	18.2%	11.0%	11.0%	8.5%	8.4%	1.9%	−11.3%	−26.0%	−31.3%	−2.4%
Return on equity	13.2%	19.9%	21.6%	19.0%	14.7%	13.8%	17.5%	8.8%	35.0%	14.1%	15.8%	16.3%	16.4%	16.9%	16.8%	24.4%	−2.5%	−0.3%
Return on assets	4.8%	7.8%	8.8%	7.5%	5.7%	5.6%	7.3%	3.6%	16.4%	8.0%	9.2%	8.6%	8.1%	8.3%	7.8%	10.7%	−1.0%	−0.1%
Asset turnover	0.63	0.65	0.70	0.62	0.59	0.59	0.45	0.42	0.45	0.47	0.47	0.40	0.40	0.47	0.43	0.34	0.30	0.31
Current ratio	1.20	1.35	1.36	1.27	1.07	1.11	0.77	1.31	2.36	2.16	2.54	3.59	2.99	1.81	1.33	1.52	1.38	1.08
Debt to equity	93.9%	74.4%	78.7%	81.7%	89.1%	83.1%	81.1%	87.9%	39.3%	27.0%	30.1%	65.8%	56.8%	58.2%	72.0%	85.0%	119.8%	0.9%
Interest cover (operating income ÷ interest)	6.9x	10.4x	13.1x	10.4x	9.3x	10.7x	12.0x	13.3x	11.9x	15.1x	15.7x	20.5x	16.1x	18.3x	14.1x	20.4x	n/m	n/m
Effective tax rate	22.1%	24.0%	24.3%	21.9%	22.8%	27.1%	23.7%	27.8%	18.4%	26.0%	21.0%	19.7%	18.5%	18.2%	19.1%	19.6%	—	—
R&D as % of revenue	1.4%	1.3%	1.2%	1.3%	1.3%	1.3%	1.0%	1.0%	0.7%	0.7%	0.8%	0.9%	0.9%	0.8%	0.8%	0.8%	0.8%	0.7%
SG&A as % of revenue	11.4%	10.3%	9.7%	9.9%	10.5%	10.1%	9.9%	9.1%	8.7%	8.5%	8.4%	8.8%	8.0%	7.1%	7.6%	7.8%	7.5%	7.1%
Capital spending as % of revenue	14.3%	11.5%	13.5%	15.8%	15.0%	13.1%	14.9%	12.1%	12.7%	17.6%	22.3%	28.3%	23.9%	23.0%	36.7%	56.2%	58.3%	38.7%
Free cash flow ÷ net income	23.8%	51.9%	36.3%	20.9%	2.9%	83.4%	69.2%	214.1%	49.6%	65.3%	55.7%	40.1%	41.5%	10.8%	−61.8%	−82.3%	—	—
Dividends ÷ net income	59.1%	38.7%	37.3%	44.1%	56.9%	63.3%	53.0%	114.3%	26.3%	59.9%	56.5%	58.5%	59.9%	61.3%	65.1%	40.9%	—	—
Dividends and buybacks ÷ free cash flow	248.4%	74.7%	249.1%	232.7%	>999%	75.9%	76.6%	53.4%	52.9%	91.7%	101.4%	146.0%	144.3%	566.7%	—	—	—	—

US$ thousands unless shown otherwise. Fiscal quarters.

Air Products: financial ratios, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Gross margin	34.0%	31.2%	29.6%	32.5%	32.3%	32.1%	31.1%	32.8%
Operating margin	76.1%	22.0%	−79.8%	26.2%	0.5%	23.7%	23.7%	−66.3%
Net margin	61.2%	21.1%	−59.3%	23.6%	0.2%	21.9%	22.4%	−45.6%
Free-cash-flow margin	−35.1%	−44.5%	−53.6%	−21.2%	−8.1%	−11.3%	−0.1%	9.8%
Current ratio	1.52	1.11	1.00	1.29	1.38	1.46	1.43	1.08
Debt to equity	0.5%	0.4%	5.3%	3.5%	0.2%	0.4%	2.0%	0.9%
R&D as % of revenue	0.7%	0.8%	0.8%	0.8%	0.9%	0.7%	0.7%	0.7%
SG&A as % of revenue	7.2%	8.3%	7.6%	7.4%	6.9%	7.4%	7.2%	6.9%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 3 checks passed · June 30, 2026

What it owns · $40.4bn

Short-term assets $5.0bnLonger-term assets $35.5bn

What it owes, and who funded it · $37.7bn

Short-term liabilities $4.6bnLonger-term liabilities $19.3bnShareholders' equity $13.9bn

Short-term assets cover short-term liabilities $5.0bn of assets due within a year against $4.6bn of liabilities due within a year.
Short-term assets cover long-term liabilities $5.0bn short-term assets against $19.3bn of longer-dated liabilities.
More cash than debt Cash or debt not separately reported. Not assessable.
Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
Operating profit covers interest at least five times over Operating income of −$593m against $221m of interest.

From Air Products's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

53 /100

Moderate moat

How hard Air Products's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 11 / 20

Cash operating profit has been a median 9.1% of total assets over 10 years.
Pricing power 11 / 20

Gross margin has been a median 31.4%, moving by 1.9 percentage points (standard deviation) across 10 years.
Durability 6 / 20

Operating margin has been a median 20.4%; its worst year was -4.7%.
Cash conversion 8 / 20

Free cash flow was positive in 6 of 10 years, at a median 3.8% of revenue.
Discipline 17 / 20

The diluted share count rose 0.1% over five years; stock-based pay has been a median 0.5% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Air Products's SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Air Products.