Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

This company has been moved to the archive! The financial data has not been updated since August 9, 2021.

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Air Products & Chemicals Inc., adjusted financial ratios

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Activity Ratio
Total Asset Turnover
Reported 0.35 0.47 0.47 0.44 0.53 0.57
Adjusted 0.35 0.47 0.46 0.44 0.52 0.56
Liquidity Ratio
Current Ratio
Reported 3.59 2.54 2.17 2.36 1.31 0.80
Adjusted 3.60 2.56 2.18 2.39 1.35 0.80
Solvency Ratios
Debt to Equity
Reported 0.65 0.30 0.35 0.39 0.88 0.81
Adjusted 0.62 0.30 0.34 0.38 0.81 0.75
Debt to Capital
Reported 0.40 0.23 0.26 0.28 0.47 0.45
Adjusted 0.38 0.23 0.25 0.28 0.45 0.43
Financial Leverage
Reported 2.08 1.71 1.77 1.83 2.55 2.41
Adjusted 1.88 1.58 1.63 1.70 2.30 2.14
Profitability Ratios
Net Profit Margin
Reported 21.30% 19.73% 16.77% 36.65% 6.63% 12.91%
Adjusted 26.29% 13.86% 15.97% 20.95% 13.70% 4.46%
Return on Equity (ROE)
Reported 15.62% 15.92% 13.80% 29.75% 8.91% 17.63%
Adjusted 17.48% 10.19% 12.02% 15.74% 16.51% 5.33%
Return on Assets (ROA)
Reported 7.50% 9.29% 7.81% 16.25% 3.50% 7.33%
Adjusted 9.28% 6.46% 7.39% 9.26% 7.19% 2.49%

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).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Air Products & Chemicals Inc. adjusted total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Air Products & Chemicals Inc. adjusted current ratio improved from 2018 to 2019 and from 2019 to 2020.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Air Products & Chemicals Inc. adjusted debt-to-equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Air Products & Chemicals Inc. adjusted debt-to-capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Air Products & Chemicals Inc. adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Air Products & Chemicals Inc. adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Air Products & Chemicals Inc. adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Air Products & Chemicals Inc. adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Air Products & Chemicals Inc., Financial Ratios: Reported vs. Adjusted


Adjusted Total Asset Turnover

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Sales 8,856,300 8,918,900 8,930,200 8,187,600 9,524,400 9,894,900
Total assets 25,168,500 18,942,800 19,178,300 18,467,200 18,055,300 17,438,100
Activity Ratio
Total asset turnover1 0.35 0.47 0.47 0.44 0.53 0.57
Adjusted
Selected Financial Data (US$ in thousands)
Sales 8,856,300 8,918,900 8,930,200 8,187,600 9,524,400 9,894,900
Adjusted total assets2 25,077,300 19,140,439 19,292,616 18,534,595 18,158,876 17,713,361
Activity Ratio
Adjusted total asset turnover3 0.35 0.47 0.46 0.44 0.52 0.56

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).

1 2020 Calculation
Total asset turnover = Sales ÷ Total assets
= 8,856,300 ÷ 25,168,500 = 0.35

2 Adjusted total assets. See details »

3 2020 Calculation
Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 8,856,300 ÷ 25,077,300 = 0.35

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Air Products & Chemicals Inc. adjusted total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Current Ratio

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Current assets 8,684,900 4,618,300 5,082,200 5,876,700 4,317,300 2,910,800
Current liabilities 2,416,700 1,820,900 2,338,300 2,489,000 3,283,300 3,648,100
Liquidity Ratio
Current ratio1 3.59 2.54 2.17 2.36 1.31 0.80
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets2 8,708,800 4,667,100 5,106,200 5,945,800 4,419,100 2,920,700
Adjusted current liabilities3 2,416,700 1,820,900 2,338,300 2,489,000 3,283,300 3,644,500
Liquidity Ratio
Adjusted current ratio4 3.60 2.56 2.18 2.39 1.35 0.80

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).

1 2020 Calculation
Current ratio = Current assets ÷ Current liabilities
= 8,684,900 ÷ 2,416,700 = 3.59

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2020 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 8,708,800 ÷ 2,416,700 = 3.60

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Air Products & Chemicals Inc. adjusted current ratio improved from 2018 to 2019 and from 2019 to 2020.

Adjusted Debt to Equity

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt 7,907,800 3,326,000 3,812,600 3,962,800 6,225,200 5,879,000
Total Air Products shareholders’ equity 12,079,800 11,053,600 10,857,500 10,086,200 7,079,600 7,249,000
Solvency Ratio
Debt to equity1 0.65 0.30 0.35 0.39 0.88 0.81
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 8,314,300 3,590,039 4,024,316 4,135,595 6,419,676 6,213,361
Adjusted total equity3 13,319,200 12,133,500 11,863,900 10,900,000 7,905,900 8,270,600
Solvency Ratio
Adjusted debt to equity4 0.62 0.30 0.34 0.38 0.81 0.75

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).

1 2020 Calculation
Debt to equity = Total debt ÷ Total Air Products shareholders’ equity
= 7,907,800 ÷ 12,079,800 = 0.65

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2020 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 8,314,300 ÷ 13,319,200 = 0.62

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Air Products & Chemicals Inc. adjusted debt-to-equity ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Debt to Capital

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Total debt 7,907,800 3,326,000 3,812,600 3,962,800 6,225,200 5,879,000
Total capital 19,987,600 14,379,600 14,670,100 14,049,000 13,304,800 13,128,000
Solvency Ratio
Debt to capital1 0.40 0.23 0.26 0.28 0.47 0.45
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt2 8,314,300 3,590,039 4,024,316 4,135,595 6,419,676 6,213,361
Adjusted total capital3 21,633,500 15,723,539 15,888,216 15,035,595 14,325,576 14,483,961
Solvency Ratio
Adjusted debt to capital4 0.38 0.23 0.25 0.28 0.45 0.43

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).

1 2020 Calculation
Debt to capital = Total debt ÷ Total capital
= 7,907,800 ÷ 19,987,600 = 0.40

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2020 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 8,314,300 ÷ 21,633,500 = 0.38

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Air Products & Chemicals Inc. adjusted debt-to-capital ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Adjusted Financial Leverage

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Total assets 25,168,500 18,942,800 19,178,300 18,467,200 18,055,300 17,438,100
Total Air Products shareholders’ equity 12,079,800 11,053,600 10,857,500 10,086,200 7,079,600 7,249,000
Solvency Ratio
Financial leverage1 2.08 1.71 1.77 1.83 2.55 2.41
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets2 25,077,300 19,140,439 19,292,616 18,534,595 18,158,876 17,713,361
Adjusted total equity3 13,319,200 12,133,500 11,863,900 10,900,000 7,905,900 8,270,600
Solvency Ratio
Adjusted financial leverage4 1.88 1.58 1.63 1.70 2.30 2.14

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).

1 2020 Calculation
Financial leverage = Total assets ÷ Total Air Products shareholders’ equity
= 25,168,500 ÷ 12,079,800 = 2.08

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2020 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 25,077,300 ÷ 13,319,200 = 1.88

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.
Air Products & Chemicals Inc. adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level.

Adjusted Net Profit Margin

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Air Products 1,886,700 1,760,000 1,497,800 3,000,400 631,100 1,277,900
Sales 8,856,300 8,918,900 8,930,200 8,187,600 9,524,400 9,894,900
Profitability Ratio
Net profit margin1 21.30% 19.73% 16.77% 36.65% 6.63% 12.91%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 2,327,900 1,236,100 1,426,100 1,715,400 1,305,100 440,900
Sales 8,856,300 8,918,900 8,930,200 8,187,600 9,524,400 9,894,900
Profitability Ratio
Adjusted net profit margin3 26.29% 13.86% 15.97% 20.95% 13.70% 4.46%

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).

1 2020 Calculation
Net profit margin = 100 × Net income attributable to Air Products ÷ Sales
= 100 × 1,886,700 ÷ 8,856,300 = 21.30%

2 Adjusted net income. See details »

3 2020 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Sales
= 100 × 2,327,900 ÷ 8,856,300 = 26.29%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Air Products & Chemicals Inc. adjusted net profit margin ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Air Products 1,886,700 1,760,000 1,497,800 3,000,400 631,100 1,277,900
Total Air Products shareholders’ equity 12,079,800 11,053,600 10,857,500 10,086,200 7,079,600 7,249,000
Profitability Ratio
ROE1 15.62% 15.92% 13.80% 29.75% 8.91% 17.63%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 2,327,900 1,236,100 1,426,100 1,715,400 1,305,100 440,900
Adjusted total equity3 13,319,200 12,133,500 11,863,900 10,900,000 7,905,900 8,270,600
Profitability Ratio
Adjusted ROE4 17.48% 10.19% 12.02% 15.74% 16.51% 5.33%

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).

1 2020 Calculation
ROE = 100 × Net income attributable to Air Products ÷ Total Air Products shareholders’ equity
= 100 × 1,886,700 ÷ 12,079,800 = 15.62%

2 Adjusted net income. See details »

3 Adjusted total equity. See details »

4 2020 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 2,327,900 ÷ 13,319,200 = 17.48%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Air Products & Chemicals Inc. adjusted ROE deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Reported
Selected Financial Data (US$ in thousands)
Net income attributable to Air Products 1,886,700 1,760,000 1,497,800 3,000,400 631,100 1,277,900
Total assets 25,168,500 18,942,800 19,178,300 18,467,200 18,055,300 17,438,100
Profitability Ratio
ROA1 7.50% 9.29% 7.81% 16.25% 3.50% 7.33%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income2 2,327,900 1,236,100 1,426,100 1,715,400 1,305,100 440,900
Adjusted total assets3 25,077,300 19,140,439 19,292,616 18,534,595 18,158,876 17,713,361
Profitability Ratio
Adjusted ROA4 9.28% 6.46% 7.39% 9.26% 7.19% 2.49%

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).

1 2020 Calculation
ROA = 100 × Net income attributable to Air Products ÷ Total assets
= 100 × 1,886,700 ÷ 25,168,500 = 7.50%

2 Adjusted net income. See details »

3 Adjusted total assets. See details »

4 2020 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 2,327,900 ÷ 25,077,300 = 9.28%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Air Products & Chemicals Inc. adjusted ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.