Selected Financial Data
since 2005
Income Statement
Air Products & Chemicals Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Sales | Operating income | Net income attributable to Air Products |
|---|---|---|---|
| Sep 30, 2020 | 8,856,300) | 2,237,600) | 1,886,700) |
| Sep 30, 2019 | 8,918,900) | 2,144,400) | 1,760,000) |
| Sep 30, 2018 | 8,930,200) | 1,965,600) | 1,497,800) |
| Sep 30, 2017 | 8,187,600) | 1,427,600) | 3,000,400) |
| Sep 30, 2016 | 9,524,400) | 2,106,000) | 631,100) |
| Sep 30, 2015 | 9,894,900) | 1,699,100) | 1,277,900) |
| Sep 30, 2014 | 10,439,000) | 1,328,200) | 991,700) |
| Sep 30, 2013 | 10,180,400) | 1,324,400) | 994,200) |
| Sep 30, 2012 | 9,611,700) | 1,282,400) | 1,167,300) |
| Sep 30, 2011 | 10,082,000) | 1,622,200) | 1,224,200) |
| Sep 30, 2010 | 9,026,000) | 1,389,000) | 1,029,100) |
| Sep 30, 2009 | 8,256,200) | 846,300) | 631,300) |
| Sep 30, 2008 | 10,414,500) | 1,495,800) | 909,700) |
| Sep 30, 2007 | 10,037,800) | 1,407,700) | 1,035,600) |
| Sep 30, 2006 | 8,850,400) | 1,060,900) | 723,400) |
| Sep 30, 2005 | 8,143,500) | 1,002,500) | 711,700) |
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).
A comprehensive analysis of the financial results from 2005 to 2020 reveals a significant divergence between revenue growth and profitability. While sales have experienced volatility and a long-term plateau, operating efficiency and net earnings have demonstrated a substantial upward trajectory, indicating a strategic shift toward higher-margin operations.
- Revenue Trajectory
- Sales grew steadily from 8.14 billion USD in 2005 to a peak of 10.41 billion USD in 2008. A sharp contraction occurred in 2009, with revenue falling to 8.26 billion USD, followed by a recovery that peaked again at 10.44 billion USD in 2014. However, a downward trend was observed between 2015 and 2017, reaching a low of 8.19 billion USD. From 2018 to 2020, sales stabilized, fluctuating narrowly around the 8.8 billion to 8.9 billion USD range.
- Operating Income and Efficiency
- Operating income exhibits a stronger growth pattern than total sales. After a dip to 846.3 million USD in 2009, operating income trended generally upward, reaching 2.11 billion USD by 2016. Despite a temporary decline in 2017 to 1.43 billion USD, the figure recovered strongly, ending the period at 2.24 billion USD in 2020. This indicates a significant expansion in operating margins; for example, the operating margin rose from approximately 12.3% in 2005 to 25.2% in 2020, suggesting improved cost management or a shift toward more profitable product mixes.
- Net Income Volatility and Anomalies
- Net income attributable to the company remained relatively stable between 631 million USD and 1.28 billion USD from 2005 to 2016. A significant anomaly is observed in 2017, where net income spiked to 3.00 billion USD, a value nearly double the operating income for that year, suggesting the realization of a substantial non-operating gain or a one-time tax benefit. Following this spike, net income normalized but remained at a higher baseline than in previous decades, climbing to 1.89 billion USD by 2020.
- Overall Profitability Trend
- The data demonstrates an inverse relationship between sales volume and profitability in the later years. While sales in 2020 were lower than those recorded in 2008, both operating income and net income were significantly higher. This pattern confirms a transition from a volume-driven growth model to a value-driven model characterized by increased operational leverage and enhanced bottom-line performance.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Balance Sheet: Assets
Air Products & Chemicals Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Sep 30, 2020 | 8,684,900) | 25,168,500) |
| Sep 30, 2019 | 4,618,300) | 18,942,800) |
| Sep 30, 2018 | 5,082,200) | 19,178,300) |
| Sep 30, 2017 | 5,876,700) | 18,467,200) |
| Sep 30, 2016 | 4,317,300) | 18,055,300) |
| Sep 30, 2015 | 2,910,800) | 17,438,100) |
| Sep 30, 2014 | 3,294,800) | 17,779,100) |
| Sep 30, 2013 | 3,439,100) | 17,850,100) |
| Sep 30, 2012 | 3,415,800) | 16,941,800) |
| Sep 30, 2011 | 3,189,800) | 14,290,700) |
| Sep 30, 2010 | 3,033,800) | 13,505,900) |
| Sep 30, 2009 | 2,997,800) | 13,029,100) |
| Sep 30, 2008 | 2,848,100) | 12,571,300) |
| Sep 30, 2007 | 2,858,400) | 12,659,500) |
| Sep 30, 2006 | 2,612,600) | 11,180,700) |
| Sep 30, 2005 | 2,414,700) | 10,408,800) |
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).
The asset base exhibited a consistent long-term growth trajectory between 2005 and 2020, with total assets increasing from approximately 10.4 billion USD to 25.2 billion USD. This expansion was characterized by periods of steady growth interspersed with significant capital increases, particularly in the final years of the observed period.
- Total Asset Growth Patterns
- Total assets experienced a steady climb from 2005 through 2011, followed by a notable acceleration in 2012. A period of relative stabilization occurred between 2013 and 2017, during which total assets fluctuated within a narrow range between 17.4 billion USD and 18.5 billion USD. The most substantial growth phase occurred between 2019 and 2020, where total assets rose from 18.9 billion USD to 25.2 billion USD, indicating a significant expansion of the company's balance sheet.
- Current Asset Volatility and Expansion
- Current assets demonstrated higher volatility than total assets. A gradual increase was observed from 2005 to 2013, followed by a decline reaching a local minimum of 2.9 billion USD in 2015. A sharp upward trend ensued between 2016 and 2017, with values peaking at 5.8 billion USD. After a moderate contraction in 2018 and 2019, current assets experienced a dramatic surge to 8.7 billion USD by September 30, 2020.
- Asset Composition and Liquidity Shift
- The proportion of current assets relative to total assets indicates a fundamental shift in the asset structure. Between 2005 and 2015, current assets generally comprised between 16% and 23% of the total asset base. This ratio increased markedly in the latter half of the period, rising to approximately 31% in 2017 and reaching approximately 34% in 2020. This trend reflects a growing concentration of liquidity and short-term assets relative to long-term investments.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Balance Sheet: Liabilities and Stockholders’ Equity
Air Products & Chemicals Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total Air Products shareholders’ equity | |
|---|---|---|---|---|
| Sep 30, 2020 | 2,416,700) | 12,725,400) | 7,907,800) | 12,079,800) |
| Sep 30, 2019 | 1,820,900) | 7,554,500) | 3,326,000) | 11,053,600) |
| Sep 30, 2018 | 2,338,300) | 8,002,000) | 3,812,600) | 10,857,500) |
| Sep 30, 2017 | 2,489,000) | 8,281,700) | 3,962,800) | 10,086,200) |
| Sep 30, 2016 | 3,283,300) | 10,841,900) | 6,225,200) | 7,079,600) |
| Sep 30, 2015 | 3,648,100) | 10,057,000) | 5,879,000) | 7,249,000) |
| Sep 30, 2014 | 2,963,000) | 9,970,500) | 6,118,500) | 7,365,800) |
| Sep 30, 2013 | 3,227,600) | 10,275,400) | 6,273,600) | 7,042,100) |
| Sep 30, 2012 | 2,689,900) | 9,926,000) | 5,291,900) | 6,477,200) |
| Sep 30, 2011 | 2,342,000) | 8,352,000) | 4,562,200) | 5,795,800) |
| Sep 30, 2010 | 2,244,100) | 7,808,300) | 4,128,300) | 5,546,900) |
| Sep 30, 2009 | 2,503,600) | 8,099,100) | 4,501,500) | 4,791,900) |
| Sep 30, 2008 | 2,212,000) | 7,404,400) | 3,966,800) | 5,030,700) |
| Sep 30, 2007 | 2,422,700) | 6,986,600) | 3,677,200) | 5,495,600) |
| Sep 30, 2006 | 2,323,400) | 6,078,700) | 2,849,800) | 4,924,000) |
| Sep 30, 2005 | 1,943,200) | 5,652,200) | 2,499,900) | 4,575,500) |
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).
The financial position from 2005 to 2020 is characterized by a long-term expansion of the capital base accompanied by fluctuating levels of leverage. While shareholders' equity demonstrated a consistent upward trajectory, total liabilities and debt levels underwent distinct cycles of accumulation, reduction, and a sharp increase toward the end of the period.
- Liability and Debt Trends
- Total liabilities grew steadily from 5.65 billion in 2005 to a peak of 10.84 billion in 2016. Following this peak, a significant contraction occurred between 2017 and 2019, with liabilities dropping to 7.55 billion. This was followed by a substantial spike in 2020, reaching a period high of 12.73 billion. Total debt followed a similar pattern, peaking at 6.27 billion in 2013 before being reduced to 3.33 billion by 2019, only to surge to 7.91 billion in 2020.
- Equity Growth and Solvency
- Shareholders' equity exhibited robust and nearly continuous growth, increasing from 4.58 billion in 2005 to 12.08 billion in 2020. A significant step-increase is observed between 2016 and 2017, where equity rose from 7.08 billion to 10.09 billion. This growth in equity provided a stronger capital cushion, effectively moderating the impact of the increased liabilities observed in the final year of the analysis.
- Short-term Obligation Patterns
- Current liabilities showed a general increase from 1.94 billion in 2005 to a peak of 3.65 billion in 2015. A subsequent downward trend led to a low of 1.82 billion in 2019, suggesting a period of improved short-term liability management or a shift in financing strategy, before rising again to 2.42 billion in 2020.
- Leverage Dynamics
- The relationship between debt and equity shifted significantly over the 15-year horizon. The period between 2017 and 2019 represented a phase of aggressive deleveraging, where total debt reached its lowest level relative to the growing equity base. However, the sharp increase in both total debt and total liabilities in 2020 indicates a sudden move toward higher leverage, likely tied to strategic financing or capital expenditures.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Cash Flow Statement
Air Products & Chemicals Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Cash provided by operating activities | Cash used for investing activities | Cash provided by (used for) financing activities |
|---|---|---|---|
| Sep 30, 2020 | 3,264,700) | (3,560,000) | 3,284,700) |
| Sep 30, 2019 | 2,969,900) | (2,113,400) | (1,370,500) |
| Sep 30, 2018 | 2,554,700) | (1,649,100) | (1,359,800) |
| Sep 30, 2017 | 2,534,100) | (1,417,700) | (2,040,900) |
| Sep 30, 2016 | 2,707,400) | (972,000) | (271,100) |
| Sep 30, 2015 | 2,437,800) | (1,599,700) | (945,400) |
| Sep 30, 2014 | 2,186,400) | (1,638,000) | (504,300) |
| Sep 30, 2013 | 1,553,100) | (1,697,000) | 115,400) |
| Sep 30, 2012 | 1,765,100) | (2,435,200) | (78,400) |
| Sep 30, 2011 | 1,753,200) | (1,212,200) | (484,500) |
| Sep 30, 2010 | 1,522,400) | (1,056,500) | (579,700) |
| Sep 30, 2009 | 1,322,900) | (1,040,400) | 101,500) |
| Sep 30, 2008 | 1,679,600) | (919,800) | (698,500) |
| Sep 30, 2007 | 1,482,900) | (1,477,500) | (14,900) |
| Sep 30, 2006 | 1,322,300) | (1,149,000) | (416,400) |
| Sep 30, 2005 | 1,375,800) | (973,400) | (492,700) |
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).
The cash flow profile between 2005 and 2020 reflects a period of consistent operational growth and sustained capital investment, culminating in a significant financing event in the final year of the period.
- Operating Cash Flow Trends
- Cash provided by operating activities exhibited a long-term upward trajectory, increasing from 1,375.8 million US$ in 2005 to 3,264.7 million US$ in 2020. While growth was gradual between 2005 and 2012, a more pronounced acceleration occurred after 2013, with annual inflows consistently exceeding 2.1 billion US$ from 2014 onward.
- Investing Activities and Capital Deployment
- Cash used for investing activities remained negative throughout the entire period, signaling continuous investment in assets. Outflows were relatively stable between 2005 and 2011, followed by a notable increase to 2.4 billion US$ in 2012. The most significant investment spike occurred in 2020, where outflows reached 3.56 billion US$, the highest recorded value in the analyzed timeframe.
- Financing Activity Patterns
- Financing activities were predominantly negative for the majority of the period, suggesting a consistent return of capital to shareholders or the repayment of debt. Minor positive inflows were observed in 2009 and 2013. A substantial outflow of 2.04 billion US$ was recorded in 2017. However, 2020 marked a dramatic reversal, with a positive cash inflow of 3.28 billion US$, indicating a large-scale external financing event.
- Integrated Cash Flow Analysis
- For most of the period, cash generated from operations was sufficient to cover the costs of investing activities. However, in 2020, the cash used for investing activities exceeded the cash provided by operations by approximately 295 million US$. This gap, combined with the simultaneous surge in financing inflows, indicates that the significant capital expenditure in 2020 was primarily funded through external financing rather than internal operational cash flow.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?
Per Share Data
Air Products & Chemicals Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Sep 30, 2020 | 8.53 | 8.49 | 5.18 |
| Sep 30, 2019 | 7.99 | 7.94 | 4.58 |
| Sep 30, 2018 | 6.83 | 6.78 | 4.25 |
| Sep 30, 2017 | 13.76 | 13.65 | 3.71 |
| Sep 30, 2016 | 2.92 | 2.89 | 3.39 |
| Sep 30, 2015 | 5.95 | 5.88 | 3.20 |
| Sep 30, 2014 | 4.66 | 4.61 | 3.02 |
| Sep 30, 2013 | 4.74 | 4.68 | 2.77 |
| Sep 30, 2012 | 5.53 | 5.44 | 2.50 |
| Sep 30, 2011 | 5.75 | 5.63 | 2.23 |
| Sep 30, 2010 | 4.85 | 4.74 | 1.92 |
| Sep 30, 2009 | 3.01 | 2.96 | 1.79 |
| Sep 30, 2008 | 4.29 | 4.15 | 1.70 |
| Sep 30, 2007 | 4.79 | 4.64 | 1.48 |
| Sep 30, 2006 | 3.26 | 3.18 | 1.34 |
| Sep 30, 2005 | 3.15 | 3.08 | 1.25 |
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, 2, 3 Data adjusted for splits and stock dividends.
The financial per share data from 2005 to 2020 reveals a divergence between the volatility of earnings performance and the stability of shareholder distributions. While earnings experienced significant fluctuations and periodic spikes, dividend payments followed a consistent, linear growth trajectory.
- Earnings Per Share Analysis
- Basic and diluted earnings per share exhibited an overall upward trend over the fifteen-year period, though this growth was non-linear. Earnings remained relatively stable between 2005 and 2014, with a notable dip in 2009 to 3.01. A period of high volatility occurred between 2015 and 2018; basic EPS fell sharply in 2016 to 2.92 before reaching a peak of 13.76 in 2017. Following this anomaly, earnings normalized and stabilized, trending upward from 6.83 in 2018 to 8.53 by 2020.
- Dividend Growth Trends
- Dividend per share demonstrated uninterrupted annual growth throughout the entire analyzed timeframe. Starting at 1.25 in 2005, the dividend increased every year to reach 5.18 by 2020. This consistent growth pattern indicates a disciplined capital return strategy that remained independent of the short-term volatility observed in the annual earnings per share.
- Dilution Impact
- A minimal variance is observed between basic and diluted earnings per share across all years. This tight correlation suggests that the impact of potentially dilutive securities, such as employee stock options or convertible debt, has been negligible and has not significantly eroded the value available to common shareholders.
AI Ask an analyst for more
Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
How can I help you?