Question 1

What is Air Products and Chemicals's P/FCF ratio?

Accepted Answer

Air Products and Chemicals (APD) P/FCF ratio is 59.8× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Air Products and Chemicals?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Air Products and Chemicals specifically, the relevant sector benchmark is the current sector median of 25.9×.

Question 5

Is Air Products and Chemicals's P/FCF ratio high or low?

Accepted Answer

Air Products and Chemicals's P/FCF ratio of 59.8× is below its own 5-year average of 220.0× and above the sector median of 25.9×. That places the current reading at the 27th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Air Products and Chemicals's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Air Products and Chemicals (APD) P/FCF ratio has ranged from a low of 18.3× in 2003 to a high of 1016.3× in 2022. The 5-year average is 220.0× and the 5-year median is 109.1×.

Question 7

What was Air Products and Chemicals's P/FCF ratio in 2022?

Accepted Answer

Air Products and Chemicals (APD) P/FCF ratio at the end of 2022 was 170.2×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Air Products and Chemicals's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$60.8B	-$3.77B	—	—	Sep 30, 2025
2024	$66.2B	-$3.15B	—	—	Sep 30, 2024
2023	$63B	-$1.42B	—	—	Sep 30, 2023
2022	$51.7B	$304M	170.2×	+105.5×	Sep 30, 2022
2021	$56.8B	$878M	64.7×	-22.5×	Sep 30, 2021
2020	$65.9B	$756M	87.2×	+37.3×	Sep 30, 2020
2019	$49B	$980M	50.0×	+11.7×	Sep 30, 2019
2018	$37.2B	$974M	38.2×	-24.3×	Sep 30, 2018
2017	$33B	$528M	62.5×	+44.2×	Sep 30, 2017
2016	$30.2B	$1.65B	18.3×	-12.6×	Sep 30, 2016
2015	$25.4B	$823M	30.9×	-20.3×	Sep 30, 2015
2014	$25.7B	$503M	51.1×	-430.1×	Sep 30, 2014
2013	$20.8B	$43.2M	481.2×	+422.7×	Sep 30, 2013
2012	$16.2B	$278M	58.4×	+21.5×	Sep 30, 2012
2011	$14.8B	$402M	37.0×	+3.6×	Sep 30, 2011
2010	$16.4B	$492M	33.4×	-66.8×	Sep 30, 2010
2009	$15.2B	$152M	100.2×	+77.8×	Sep 30, 2009
2008	$13.3B	$595M	22.3×	-20.9×	Sep 30, 2008
2007	$19.6B	$455M	43.2×	-113.5×	Sep 30, 2007
2006	$13.3B	$84.9M	156.6×	+131.3×	Sep 30, 2006
2005	$11.3B	$446M	25.4×	-4.6×	Sep 30, 2005
2004	$11.4B	$380M	29.9×	+8.0×	Sep 30, 2004
2003	$9.25B	$423M	21.9×	+2.4×	Sep 30, 2003
2002	$8.5B	$436M	19.5×	—	Sep 30, 2002


Solstice Advanced Materials (SOLS)	93.8×
Nucor (NUE)	74.2×
International Flavors & Fragrances (IFF)	46.7×
Linde (LIN)	45.1×
Ecolab (ECL)	40.1×
Albemarle (ALB)	36.7×
International Paper (IP)	35.2×
Steel Dynamics (STLD)	34.7×
Martin Marietta Materials (MLM)	34.3×
Vulcan Materials (VMC)	32.2×
Corteva (CTVA)	27.5×
Sherwin-Williams (SHW)	27.1×
H.B. Fuller (FUL)	24.8×
CRH (CRH)	24.4×
Agnico Eagle Mines (AEM)	22.3×
PPG Industries (PPG)	19.5×
Eastman Chemical (EMN)	17.5×
DuPont de Nemours (DD)	17.0×
Avient (AVNT)	16.2×
Freeport-McMoRan (FCX)	13.6×
CF Industries Holdings (CF)	12.4×
Builders FirstSource (BLDR)	10.5×
Newmont (NEM)	9.6×
LyondellBasell (LYB)	9.3×
Ashland (ASH)	7.6×

P/FCF Ratio for Air Products and Chemicals (APD) 2002-2026

P/FCF Ratio daily chart for Air Products and Chemicals (APD)

Historical P/FCF Ratio for Air Products and Chemicals (APD) from 2002 to 2025

About P/FCF Ratio at Air Products and Chemicals (APD)

Air Products and Chemicals P/FCF Ratio by Year

Air Products and Chemicals P/FCF Ratio 2022: 170.2×

Air Products and Chemicals P/FCF Ratio 2021: 64.7×

Air Products and Chemicals P/FCF Ratio 2020: 87.2×

Air Products and Chemicals P/FCF Ratio 2019: 50.0×

Air Products and Chemicals P/FCF Ratio 2018: 38.2×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Air Products and Chemicals (APD) Key Financials