Price to Earnings (P/E)
since 2005
Calculation
Air Products & Chemicals Inc., P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Air Products1 (in thousands) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Nov 19, 2020 | 31.67 | = | 270.36 | ÷ | 8.54 | 8.54 | = | 1,886,700 | ÷ | 221,026,592 | |
| Nov 26, 2019 | 29.36 | = | 234.40 | ÷ | 7.98 | 7.98 | = | 1,760,000 | ÷ | 220,433,925 | |
| Nov 20, 2018 | 23.09 | = | 157.56 | ÷ | 6.82 | 6.82 | = | 1,497,800 | ÷ | 219,533,532 | |
| Nov 16, 2017 | 11.74 | = | 161.18 | ÷ | 13.72 | 13.72 | = | 3,000,400 | ÷ | 218,618,346 | |
| Nov 21, 2016 | 48.13 | = | 139.74 | ÷ | 2.90 | 2.90 | = | 631,100 | ÷ | 217,375,097 | |
| Nov 24, 2015 | 23.51 | = | 139.47 | ÷ | 5.93 | 5.93 | = | 1,277,900 | ÷ | 215,426,569 | |
| Nov 24, 2014 | 28.84 | = | 133.82 | ÷ | 4.64 | 4.64 | = | 991,700 | ÷ | 213,710,798 | |
| Nov 26, 2013 | 23.13 | = | 108.85 | ÷ | 4.71 | 4.71 | = | 994,200 | ÷ | 211,275,654 | |
| Nov 20, 2012 | 14.88 | = | 81.61 | ÷ | 5.48 | 5.48 | = | 1,167,300 | ÷ | 212,850,078 | |
| Nov 22, 2011 | 13.55 | = | 78.80 | ÷ | 5.82 | 5.82 | = | 1,224,200 | ÷ | 210,464,383 | |
| Nov 23, 2010 | 17.61 | = | 84.57 | ÷ | 4.80 | 4.80 | = | 1,029,100 | ÷ | 214,275,258 | |
| Nov 25, 2009 | 27.95 | = | 83.34 | ÷ | 2.98 | 2.98 | = | 631,300 | ÷ | 211,705,911 | |
| Nov 26, 2008 | 10.71 | = | 46.50 | ÷ | 4.34 | 4.34 | = | 909,700 | ÷ | 209,566,838 | |
| Nov 28, 2007 | 20.13 | = | 96.78 | ÷ | 4.81 | 4.81 | = | 1,035,600 | ÷ | 215,386,799 | |
| Dec 13, 2006 | 21.53 | = | 71.79 | ÷ | 3.33 | 3.33 | = | 723,400 | ÷ | 216,936,873 | |
| Nov 22, 2005 | 18.86 | = | 60.43 | ÷ | 3.20 | 3.20 | = | 711,700 | ÷ | 222,106,958 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Air Products & Chemicals Inc. Annual Report.
An analysis of the financial metrics from 2005 to 2020 reveals a general long-term appreciation in equity value accompanied by significant volatility in earnings and valuation multiples.
- Share Price Evolution
- The share price exhibited a consistent long-term upward trajectory, rising from 60.43 USD in 2005 to 270.36 USD by 2020. A notable contraction occurred in 2008, where the price fell to 46.50 USD, followed by a sustained recovery and accelerated growth starting in 2013.
- Earnings Per Share (EPS) Performance
- Earnings per share displayed substantial variance throughout the period. While the final EPS of 8.54 USD in 2020 represents an increase over the 3.20 USD reported in 2005, the progression was non-linear. Significant volatility is evident, with a peak of 13.72 USD in 2017 and sharp declines in 2009 (2.98 USD) and 2016 (2.90 USD).
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio fluctuated considerably, reflecting the interplay between market pricing and earnings stability. The ratio remained relatively stable between 18 and 22 from 2005 to 2007, before dropping to 10.71 in 2008. A peak valuation occurred in 2016, with the P/E ratio reaching 48.13, driven by a sharp contraction in earnings per share. This was followed by a correction to 11.74 in 2017 as earnings surged. From 2018 to 2020, a consistent expansion in the multiple is observed, with the P/E ratio rising to 31.67.
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Comparison to Competitors
Air Products & Chemicals Inc., P/E, long-term trends, comparison to competitors
| Air Products & Chemicals Inc. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Nov 19, 2020 | 31.67 | 52.57 | 31.64 |
| Nov 26, 2019 | 29.36 | 46.22 | 34.31 |
| Nov 20, 2018 | 23.09 | 19.41 | 36.79 |
| Nov 16, 2017 | 11.74 | 34.48 | 21.12 |
| Nov 21, 2016 | 48.13 | 22.87 | 25.74 |
| Nov 24, 2015 | 23.51 | 18.76 | 22.74 |
| Nov 24, 2014 | 28.84 | 21.92 | 31.54 |
| Nov 26, 2013 | 23.13 | 21.31 | 26.50 |
| Nov 20, 2012 | 14.88 | 19.64 | 26.48 |
| Nov 22, 2011 | 13.55 | 19.45 | 23.80 |
| Nov 23, 2010 | 17.61 | 24.62 | 19.17 |
| Nov 25, 2009 | 27.95 | 18.56 | 16.18 |
| Nov 26, 2008 | 10.71 | 15.03 | 11.36 |
| Nov 28, 2007 | 20.13 | 22.42 | 10.62 |
| Dec 13, 2006 | 21.53 | 20.00 | 15.53 |
| Nov 22, 2005 | 18.86 | 24.39 | 12.72 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Sector (Chemicals)
Air Products & Chemicals Inc., P/E, long-term trends, comparison to sector (chemicals)
| Air Products & Chemicals Inc. | Chemicals | |
|---|---|---|
| Nov 19, 2020 | 31.67 | 43.19 |
| Nov 26, 2019 | 29.36 | 41.42 |
| Nov 20, 2018 | 23.09 | 22.92 |
| Nov 16, 2017 | 11.74 | 26.64 |
| Nov 21, 2016 | 48.13 | 24.11 |
| Nov 24, 2015 | 23.51 | 20.37 |
| Nov 24, 2014 | 28.84 | 25.17 |
| Nov 26, 2013 | 23.13 | 22.86 |
| Nov 20, 2012 | 14.88 | 21.50 |
| Nov 22, 2011 | 13.55 | 20.36 |
| Nov 23, 2010 | 17.61 | 23.10 |
| Nov 25, 2009 | 27.95 | 17.95 |
| Nov 26, 2008 | 10.71 | 14.00 |
| Nov 28, 2007 | 20.13 | 18.37 |
| Dec 13, 2006 | 21.53 | 18.36 |
| Nov 22, 2005 | 18.86 | 19.84 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).
Comparison to Industry (Materials)
Air Products & Chemicals Inc., P/E, long-term trends, comparison to industry (materials)
| Air Products & Chemicals Inc. | Materials | |
|---|---|---|
| Nov 19, 2020 | 31.67 | 47.50 |
| Nov 26, 2019 | 29.36 | 49.13 |
| Nov 20, 2018 | 23.09 | 17.75 |
| Nov 16, 2017 | 11.74 | 22.15 |
| Nov 21, 2016 | 48.13 | — |
| Nov 24, 2015 | 23.51 | — |
| Nov 24, 2014 | 28.84 | 69.44 |
| Nov 26, 2013 | 23.13 | 17.83 |
| Nov 20, 2012 | 14.88 | 15.06 |
| Nov 22, 2011 | 13.55 | 12.60 |
| Nov 23, 2010 | 17.61 | 14.83 |
| Nov 25, 2009 | 27.95 | 14.87 |
| Nov 26, 2008 | 10.71 | — |
| Nov 28, 2007 | 20.13 | 15.68 |
| Dec 13, 2006 | 21.53 | 13.52 |
| Nov 22, 2005 | 18.86 | 15.84 |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30), 10-K (reporting date: 2007-09-30), 10-K (reporting date: 2006-09-30), 10-K (reporting date: 2005-09-30).