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; and specialty gases for customers in various industries, including refining, chemical, metals, manufacturing, electronics, energy production, medical, food, chemical and petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing. It also designs and manufactures equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and liquid helium and liquid hydrogen transport and storage. Air Products and Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.
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Semiconductors
Linde Wins $1.8 Billion in Semiconductor Gas Supply Deals with Single Customer
Linde secured two long-term agreements to supply ultra-high-purity industrial gases to one of the world's largest semiconductor manufacturers, backed by a combined $1.8 billion in investments. The first deal involves a $1 billion commitment in Phoenix, Arizona, featuring two new SPECTRA air separation units, while the second, through its Taiwan joint venture Linde LienHwa, earmarks roughly $800 million for air separation and hydrogen production units supporting the same customer's overseas expansion. The announcements came alongside Linde's record Q2 2026 earnings, where electronics emerged as the fastest-growing end market with an 18% year-over-year sales increase, contributing to a 9% rise in total sales to $9.29 billion and a 10% increase in adjusted diluted EPS to $4.50. The deals push Linde's sale-of-gas project backlog to a record $8.1 billion, though they also concentrate nearly $1.8 billion in capital on a single customer's build-out plans across two regions. Air Products and Chemicals also won a major semiconductor gas supply deal in Taiwan on July 21, intensifying the race for chip-industry infrastructure.
Air Products and Chemicals Raised Its Adjusted Earnings Outlook After Third Quarter Results
Air Products and Chemicals reported third quarter results that combined higher sales with a sizeable net loss, raised its adjusted earnings outlook, and confirmed another quarterly dividend. The company's share price stands at US$294.89, giving a year-to-date return of 17.73%, though the stock has pulled back 3.76% over the past month. One widely followed narrative values the stock at US$335.95 per share, implying it is 12.2% undervalued, based on expectations that heavy investments in large-scale hydrogen, blue/green ammonia, and carbon capture projects will drive robust earnings and higher margins. However, a separate fair ratio analysis shows the stock trades at a price-to-sales multiple of 5.2x, well above the fair ratio of 2.7x and the US Chemicals industry average of 1.1x, indicating potential valuation risk if growth expectations are not met.
Ten of 13 S&P 500 materials stocks beat earnings estimates this week
Ten of the 13 S&P 500 materials companies that reported quarterly results this week surpassed earnings expectations, while three fell short, and 12 beat revenue forecasts. The State Street Materials Select Sector SPDR ETF fell nearly 2% for the week, compared to the S&P 500's 1% rise. Among the reporters, Nucor easily beat adjusted earnings estimates and achieved record steel shipments of 7.1 million tons, while LyondellBasell Industries posted an earnings beat but missed on revenue. Corteva raised its full-year 2026 guidance on a profit beat, though quarterly revenue missed by $220 million, and Air Products and Chemicals lifted its annual and fourth-quarter adjusted EPS guidance after third-quarter results topped estimates. Linde also reported a beat, supported by 7% growth in quarterly operating profit. Next week, Albemarle and DuPont de Nemours are scheduled to report second-quarter results, with analysts expecting Albemarle to post earnings of $3.24 per share on revenue of $1.63 billion and DuPont to report earnings of $1.76 per share on revenue of $1.81 billion.
Air Products raises full-year adjusted EPS guidance after Q3 beat
Air Products reported fiscal 2026 third quarter adjusted earnings per share of $3.47, exceeding the top end of its guidance, and raised its full-year adjusted EPS outlook to a range of $13.39 to $13.49. GAAP results included a loss per share of $6.47 and an operating loss of $2.1 billion, driven by approximately $2.9 billion in pre-tax charges for project exit decisions announced on June 30, 2026, including the discontinuation of the Louisiana Clean Energy Complex and a zero-carbon liquid hydrogen facility in Arizona. Adjusted operating income rose 9 percent to $810 million on higher on-site volumes, favorable currency, and higher pricing, while sales increased 5 percent to $3.2 billion. The company also finalized a marketing and distribution agreement with Yara for renewable ammonia from the NEOM Green Hydrogen Project in Saudi Arabia and now expects fiscal year 2026 capital expenditures of approximately $3.5 billion.
Air Products declares quarterly dividend of $1.81 per share
Air Products' Board of Directors declared a quarterly dividend of $1.81 per share of common stock. The dividend is payable on November 9, 2026 to shareholders of record at the close of business on October 1, 2026. Air Products is a world-leading industrial gases company with fiscal 2025 sales of $12.0 billion from operations in approximately 50 countries.
Gas Separation Membranes Market to Reach $2.5 Billion by 2031
The global gas separation membranes market is projected to grow from $1.5 billion in 2025 to $2.5 billion by 2031, a compound annual growth rate of 9.1%, according to a new report from BCC Research. The expansion is driven by surging demand for green hydrogen production and carbon capture technologies, with the carbon capture application segment growing at a 40% CAGR. Asia-Pacific holds a 43.5% market share, led by industrial growth in China and India and aggressive clean energy mandates. Key players include Air Products and Chemicals Inc., Air Liquide, Honeywell International Inc., SLB, and Membrane Technology and Research Inc.
Air Products to expand gas supply network for semiconductor manufacturer in Taiwan
Air Products San Fu has been awarded a long-term agreement to support a semiconductor manufacturer's expansion in Taiwan. The company will build, own, and operate four large air separation units and bulk gas supply systems with new underground pipeline systems, supplying nitrogen, oxygen, argon, and helium to multiple new semiconductor fabs and back-end packaging facilities. The new pipelines will connect to Air Products' existing network in Taiwan, enhancing supply reliability and operational efficiency. This project reinforces Air Products' position as a key supplier to the electronics industry in Taiwan, where it has served the market for more than 70 years.
Yara to acquire Gulf Coast ammonia plant for $1.3 billion
Yara International's U.S. subsidiary has agreed to acquire the Gulf Coast Ammonia production facility in Texas City for $1.3 billion. The seller is GCA Holdings LLC, affiliated with Lotus Infrastructure Partners and MB Energy. The plant is currently in the commissioning phase and is expected to reach full production and stable operations by the end of 2026. The acquisition is expected to strengthen Yara's global ammonia production footprint by diversifying its energy exposure and enhancing the competitiveness of its ammonia business. The plant has an expected nameplate production capacity of 1.3 million metric tons per year, and Air Products will continue supplying industrial gases under a long-term agreement.
Air Products Stock Could Be 34% Overvalued on Project Exit News
Air Products and Chemicals stock may be overvalued by about 34% relative to its intrinsic value, according to a Discounted Cash Flow analysis. The DCF model estimates an intrinsic value of roughly $228 per share, while the stock currently trades at a premium of approximately 34.3% to that figure. The company's decision to exit the Louisiana Clean Energy Complex and related projects, along with a pending charge of up to $2.9 billion, adds uncertainty around future cash flows. On a price-to-earnings basis, the stock trades at about 32.3 times earnings, above the tailored fair multiple of 24.3 times, further suggesting overvaluation.
Air Products Completes $70 Million Expansion of Missouri Manufacturing Center
Air Products and Chemicals completed a $70 million expansion of its Missouri Manufacturing and Logistics Center in Maryland Heights. The new facility will produce advanced membrane separators for bio-LNG and nitrogen separation. The expansion, the company's largest-ever investment, was driven by growing demand for biogas and hydrogen recovery products, as well as nitrogen for the aerospace industry and cleaner fuels. It has resulted in more than 70 new hires supporting the local economy.
Air Products exits Louisiana clean hydrogen, pivots to NEOM ammonia deal with Yara
Air Products and Chemicals has decided not to proceed with its Louisiana Clean Energy Complex and several related clean hydrogen projects, expecting up to US$2.90 billion in pre-tax charges mainly from asset write-downs and contract terminations. At the same time, the company is finalizing a global marketing and distribution agreement with Yara International for renewable ammonia from the NEOM Green Hydrogen Project, signaling a shift toward cleaner energy opportunities backed by an established ammonia supply chain. The exit brings a large one-off charge but does not change the near-term catalyst of turning large energy transition projects into productive assets, while the NEOM-Yara partnership keeps Air Products tied to large-scale clean energy growth as it pares back other hydrogen investments.
Air Products and Chemicals Surges 8% on Portfolio Optimization Moves
Air Products and Chemicals shares rallied 8% in the last trading session to close at $293.18, driven by higher-than-usual trading volume. The gains follow the company's decision to exit investments that do not meet its return thresholds and streamline its clean energy strategy to optimize its project portfolio. Its strategic partnership with Yara International for renewable ammonia from the NEOM Green Hydrogen Project further strengthens its capabilities to support future demand. The company is expected to report quarterly earnings of $3.35 per share, up 8.4% year-over-year, on revenues of $3.17 billion, a 5% increase. The consensus earnings estimate for the quarter has been revised marginally higher over the last 30 days, and the stock currently carries a Zacks Rank of 2, or Buy.
Citi Raises PPG Industries Target to $125, Reiterates Neutral Rating
Citi raised its price target on PPG Industries to $125 from $114 while reiterating a Neutral rating as part of a broader specialty chemicals sector update ahead of second-quarter earnings. The firm named Ecolab its top pick and initiated a pair trade favoring Linde over Air Products. Separately, BMO Capital lifted its target to $140 from $135 with an Outperform rating, citing increased confidence in PPG's aerospace business after a detailed segment presentation. Analyst John McNulty noted PPG is well-positioned across commercial, business, and military aerospace markets, serving both aftermarket and OEM channels, and stands to benefit from multiple growth trends.
Air Products and Chemicals Offers 2.59% Dividend Yield, Outpacing Industry and S&P 500
Air Products and Chemicals currently pays a quarterly dividend of $1.81 per share, yielding 2.59%, which exceeds the Chemical - Diversified industry average of 1.61% and the S&P 500's 1.45%. The company's annualized dividend of $7.24 represents a 1.7% increase from last year, and it has raised its dividend five times over the past five years for an average annual increase of 6.01%. With a payout ratio of 56% and a Zacks Consensus Estimate for fiscal 2026 earnings of $13.23 per share, implying 9.98% growth, the stock holds a Zacks Rank of #2 (Buy).
Air Products to Showcase Flash Freezing Solutions at Summer Fancy Food Show 2026
Air Products will highlight its flash freezing solutions for specialty foods at the Summer Fancy Food Show 2026 at the Javits Center in New York City from June 28 to 30. Attendees can visit booth 2581 to learn how cryogenic gases like liquid nitrogen and carbon dioxide enable chilling or freezing in minutes instead of hours, reducing yield losses and preserving moisture and quality. The company will feature its Freshline IQ Freezer, which offers continuous high throughput in a modular design, and the Freshline MP Tunnel Freezer, built to the latest hygiene standards. Air Products also operates a food lab at its Allentown headquarters where customers can test cryogenic processes on production-scale equipment without capital investment.