Return on Equity (ROE)
since 2005
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Air Products & Chemicals Inc. pages available for free this week:
- Income Statement
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
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Calculation
Air Products & Chemicals Inc., ROE, long-term trends, calculation
| ROE | = | 100 | × | Net income attributable to Air Products1 | ÷ | Total Air Products shareholders’ equity1 | |
|---|---|---|---|---|---|---|---|
| Sep 30, 2020 | = | 100 | × | ÷ | |||
| Sep 30, 2019 | = | 100 | × | ÷ | |||
| Sep 30, 2018 | = | 100 | × | ÷ | |||
| Sep 30, 2017 | = | 100 | × | ÷ | |||
| Sep 30, 2016 | = | 100 | × | ÷ | |||
| Sep 30, 2015 | = | 100 | × | ÷ | |||
| Sep 30, 2014 | = | 100 | × | ÷ | |||
| Sep 30, 2013 | = | 100 | × | ÷ | |||
| Sep 30, 2012 | = | 100 | × | ÷ | |||
| Sep 30, 2011 | = | 100 | × | ÷ | |||
| Sep 30, 2010 | = | 100 | × | ÷ | |||
| Sep 30, 2009 | = | 100 | × | ÷ | |||
| Sep 30, 2008 | = | 100 | × | ÷ | |||
| Sep 30, 2007 | = | 100 | × | ÷ | |||
| Sep 30, 2006 | = | 100 | × | ÷ | |||
| Sep 30, 2005 | = | 100 | × | ÷ |
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$ in thousands
- Net Income Attributable to Air Products
- The net income fluctuated over the observed period, showing notable volatility. Initially, from 2005 through 2007, there was an upward trend, increasing from approximately 712 million to over 1 billion US dollars. In 2008 and 2009, net income declined significantly, reaching a low of 631 million in 2009. Subsequently, the figure rebounded steadily, peaking at over 3 billion US dollars in 2017. After this peak, net income decreased sharply in 2018 but then gradually rose again through to 2020, reaching nearly 1.9 billion US dollars.
- Total Shareholders’ Equity
- Shareholders' equity increased consistently throughout the period, starting from approximately 4.6 billion US dollars in 2005 and rising steadily to nearly 12.1 billion US dollars by 2020. There was a modest decline observed between 2007 and 2009, coinciding with the decrease in net income during these years, but the overall trend remained upward, particularly strong after 2012, culminating in significant growth after 2016.
- Return on Equity (ROE)
- ROE exhibited significant variation across the years. It initially rose from 15.55% in 2005 to a peak of approximately 18.84% in 2007. The ratio then fell during the financial crisis periods of 2008 and 2009, dropping to as low as 13.17%. Post-2009, ROE improved notably, reaching a high of about 21.12% in 2011, but subsequently declined again, hitting a low of 8.91% in 2016. The most prominent spike occurred in 2017 with a sharp rise to 29.75%, driven likely by the exceptional net income in that year. Following this, ROE normalized to a range between approximately 13.8% and 15.9% in the final years observed.
- Overall Financial Trends and Insights
- The data indicates a correlation between fluctuations in net income and ROE, with both metrics reflecting the impacts of broader economic conditions, notably around the 2008 financial crisis and the sharp income increase in 2017. Despite income volatility, shareholders’ equity maintained a steady upward trajectory, suggesting retained earnings and possibly other capital contributions bolstered the equity base over time. The sharp spike in ROE in 2017 appears to be an outlier linked to the surge in net income that year rather than a sustained operational improvement. The general pattern points to a resilient equity position coupled with variable profitability levels, indicating the company’s capacity to withstand economic cycles with equity growth even when income and returns temporarily declined.
Comparison to Competitors
Air Products & Chemicals Inc., ROE, long-term trends, comparison to competitors
| Air Products & Chemicals Inc. | Linde plc | Sherwin-Williams Co. | |
|---|---|---|---|
| Sep 30, 2020 | |||
| Sep 30, 2019 | |||
| Sep 30, 2018 | |||
| Sep 30, 2017 | |||
| Sep 30, 2016 | |||
| Sep 30, 2015 | |||
| Sep 30, 2014 | |||
| Sep 30, 2013 | |||
| Sep 30, 2012 | |||
| Sep 30, 2011 | |||
| Sep 30, 2010 | |||
| Sep 30, 2009 | |||
| Sep 30, 2008 | |||
| Sep 30, 2007 | |||
| Sep 30, 2006 | |||
| Sep 30, 2005 |
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., ROE, long-term trends, comparison to sector (chemicals)
| Air Products & Chemicals Inc. | Chemicals | |
|---|---|---|
| Sep 30, 2020 | ||
| Sep 30, 2019 | ||
| Sep 30, 2018 | ||
| Sep 30, 2017 | ||
| Sep 30, 2016 | ||
| Sep 30, 2015 | ||
| Sep 30, 2014 | ||
| Sep 30, 2013 | ||
| Sep 30, 2012 | ||
| Sep 30, 2011 | ||
| Sep 30, 2010 | ||
| Sep 30, 2009 | ||
| Sep 30, 2008 | ||
| Sep 30, 2007 | ||
| Sep 30, 2006 | ||
| Sep 30, 2005 |
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., ROE, long-term trends, comparison to industry (materials)
| Air Products & Chemicals Inc. | Materials | |
|---|---|---|
| Sep 30, 2020 | ||
| Sep 30, 2019 | ||
| Sep 30, 2018 | ||
| Sep 30, 2017 | ||
| Sep 30, 2016 | ||
| Sep 30, 2015 | ||
| Sep 30, 2014 | ||
| Sep 30, 2013 | ||
| Sep 30, 2012 | ||
| Sep 30, 2011 | ||
| Sep 30, 2010 | ||
| Sep 30, 2009 | ||
| Sep 30, 2008 | ||
| Sep 30, 2007 | ||
| Sep 30, 2006 | ||
| Sep 30, 2005 |
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).