Air Products (APD)
Supplies industrial gases through customer-adjacent plants, pipelines, bulk deliveries and cylinders.
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Produces atmospheric, process and specialty gases for refineries, chemical plants, metals producers, electronics manufacturers and other industrial customers, alongside cryogenic and gas-processing equipment. Roughly half of sales come from long-term on-site contracts, tying returns to reliable operation of customer-adjacent plants and pipeline networks.
Supplies oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide, syngas and specialty gases through on-site plants, pipelines, bulk deliveries and cylinders. Operations span the Americas, Asia, Europe, the Middle East and India; the equipment business sells cryogenic systems, turboexpanders and transport containers worldwide.
Builds and operates production near large-volume customers, earning approximately half of sales through long-term contracts with fixed charges or minimum purchases. Pipeline networks support reliability and delivery economics; merchant gases serve smaller or variable demand.
Results depend on plant uptime, electricity and natural-gas inputs, customer volumes and energy-cost pass-throughs. Strategy refocused on traditional industrial gases after canceling the Louisiana complex and smaller clean-energy projects. NEOM remains under construction, with Yara marketing renewable ammonia not sold directly as hydrogen.
Company facts
Target rangeAs of Sep 21, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Sep 10, 2026 | KeyBanc | Initiate | Rating: — | |
| Sep 9, 2026 | Argus Research | Reiterate | Rating: —Target: $265 | Target: $329 |
| Aug 3, 2026 | Deutsche Bank | Reiterate | Rating: —Target: $315 | Target: $320 |
| Aug 3, 2026 | Morgan Stanley | Target | Target: $310 | Target: $320 |
| Jul 31, 2026 | Bernstein | Reiterate | Rating: —Target: $345 | Target: $373 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $980.5M · Total debt $18.16B · Total assets $40.45B · Shareholders' equity $13.88B
- Revenue
- $3.16B
- Operating income
- −$2.10B
- Net income
- −$1.44B
HistoryDividendAnnual yieldUpcoming
| Institutions | 92.21% | 205.34M shares | |
|---|---|---|---|
| 1,829 holders · as of Jun 30, 2026 | |||
| Insiders | 0.40% | 887.9K shares | |
| 17 holders · as of Sep 11, 2026 | |||
| Strategic holders | 0.04% | 91.7K shares | |
| 1 holder · as of Feb 13, 2026 | |||
| Other | 7.35% | 16.36M shares | |
| remainder | |||
222.69M company shares as of Sep 22, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
BlackRock, Inc.Institution | 8.23% | 18.32M | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 6.53% | 14.54M | as of Jun 30, 2026 |
State Farm Mutual Automobile Insurance CoInstitution | 5.32% | 11.84M | as of Jun 30, 2026 |
Capital Research Global InvestorsInstitution | 4.76% | 10.60M | as of Jun 30, 2026 |
State Street CorpInstitution | 4.61% | 10.27M | as of Jun 30, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| May 1, 2026 | Melissa N. Schaeffer | officer: Exec Vice President and CFO | −2,714 | $303.76 |
| Feb 12, 2026 | Mantle Ridge LP | director, other: Director by deputization | −70,175 | $284.21 |
| Apr 3, 2025 | Andrew W. Evans | director | −5 | $283.20 |
| Apr 2, 2025 | Andrew W. Evans | director | +5 | $294.96 |
