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.

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Air Products & Chemicals Inc., profit margin by reportable segment

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 27.88% 25.76% 24.69% 26.14% 26.77% 21.88%
Industrial Gases, EMEA (Europe, Middle East, and Africa) 24.57% 23.59% 20.33% 21.74% 22.51% 17.73%
Industrial Gases, Asia 32.04% 32.44% 28.07% 27.04% 26.17% 23.24%
Industrial Gases, Global -10.96% -4.48% 12.36% 9.86% -4.27% -17.99%
Materials Technologies 26.25% 22.84%
Energy-from-Waste
Corporate and other -51.49% -129.16% -209.52% -206.54% -15.24% -15.58%

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).

Segment profitability ratio Reportable segment The company
Segment profit margin Industrial Gases, Americas Industrial Gases, Americas segment profit margin ratio improved from 2018 to 2019 and from 2019 to 2020.
Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment profit margin ratio improved from 2018 to 2019 and from 2019 to 2020.
Industrial Gases, Asia Industrial Gases, Asia segment profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Industrial Gases, Global Industrial Gases, Global segment profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Materials Technologies
Energy-from-Waste
Corporate and other Corporate and other segment profit margin ratio improved from 2018 to 2019 and from 2019 to 2020.

Segment Profit Margin: Industrial Gases, Americas

Air Products & Chemicals Inc.; Industrial Gases, Americas; segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 1,012,400 997,700 927,900 950,600 895,200 808,400
Sales to external customers 3,630,700 3,873,500 3,758,800 3,637,000 3,343,600 3,693,900
Segment Profitability Ratio
Segment profit margin1 27.88% 25.76% 24.69% 26.14% 26.77% 21.88%

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
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × 1,012,400 ÷ 3,630,700 = 27.88%

Segment profitability ratio Reportable segment The company
Segment profit margin Industrial Gases, Americas Industrial Gases, Americas segment profit margin ratio improved from 2018 to 2019 and from 2019 to 2020.

Segment Profit Margin: Industrial Gases, EMEA (Europe, Middle East, and Africa)

Air Products & Chemicals Inc.; Industrial Gases, EMEA (Europe, Middle East, and Africa); segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 473,300 472,400 445,800 387,100 382,800 330,700
Sales to external customers 1,926,300 2,002,500 2,193,300 1,780,400 1,700,300 1,864,900
Segment Profitability Ratio
Segment profit margin1 24.57% 23.59% 20.33% 21.74% 22.51% 17.73%

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
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × 473,300 ÷ 1,926,300 = 24.57%

Segment profitability ratio Reportable segment The company
Segment profit margin Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment profit margin ratio improved from 2018 to 2019 and from 2019 to 2020.

Segment Profit Margin: Industrial Gases, Asia

Air Products & Chemicals Inc.; Industrial Gases, Asia; segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 870,300 864,200 689,900 531,200 449,100 380,500
Sales to external customers 2,716,500 2,663,600 2,458,000 1,964,700 1,716,100 1,637,500
Segment Profitability Ratio
Segment profit margin1 32.04% 32.44% 28.07% 27.04% 26.17% 23.24%

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
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × 870,300 ÷ 2,716,500 = 32.04%

Segment profitability ratio Reportable segment The company
Segment profit margin Industrial Gases, Asia Industrial Gases, Asia segment profit margin ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Segment Profit Margin: Industrial Gases, Global

Air Products & Chemicals Inc.; Industrial Gases, Global; segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) (40,000) (11,700) 53,900 71,300 (21,300) (51,600)
Sales to external customers 364,900 261,000 436,100 722,900 498,800 286,800
Segment Profitability Ratio
Segment profit margin1 -10.96% -4.48% 12.36% 9.86% -4.27% -17.99%

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
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × -40,000 ÷ 364,900 = -10.96%

Segment profitability ratio Reportable segment The company
Segment profit margin Industrial Gases, Global Industrial Gases, Global segment profit margin ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Segment Profit Margin: Materials Technologies

Air Products & Chemicals Inc.; Materials Technologies; segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 530,200 476,700
Sales to external customers 2,019,500 2,087,100
Segment Profitability Ratio
Segment profit margin1 26.25% 22.84%

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).

1 2020 Calculation
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × 0 ÷ 0 =

Segment profitability ratio Reportable segment The company
Segment profit margin Materials Technologies

Segment Profit Margin: Energy-from-Waste

Air Products & Chemicals Inc.; Energy-from-Waste; segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) (10,100)
Sales to external customers
Segment Profitability Ratio
Segment profit margin1

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
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × 0 ÷ 0 =

Segment profitability ratio Reportable segment The company
Segment profit margin Energy-from-Waste

Segment Profit Margin: Corporate and other

Air Products & Chemicals Inc.; Corporate and other; segment profit margin calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) (112,200) (152,800) (176,000) (170,600) (37,500) (50,600)
Sales to external customers 217,900 118,300 84,000 82,600 246,100 324,700
Segment Profitability Ratio
Segment profit margin1 -51.49% -129.16% -209.52% -206.54% -15.24% -15.58%

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
Segment profit margin = 100 × Operating income (loss) ÷ Sales to external customers
= 100 × -112,200 ÷ 217,900 = -51.49%

Segment profitability ratio Reportable segment The company
Segment profit margin Corporate and other Corporate and other segment profit margin ratio improved from 2018 to 2019 and from 2019 to 2020.

Segment Return on Assets (Segment ROA)

Air Products & Chemicals Inc., ROA by reportable segment

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 15.32% 17.11% 15.72% 16.28% 15.20% 14.00%
Industrial Gases, EMEA (Europe, Middle East, and Africa) 12.08% 14.53% 13.59% 11.82% 12.04% 9.95%
Industrial Gases, Asia 12.72% 13.85% 11.69% 12.04% 10.61% 9.16%
Industrial Gases, Global -10.06% -3.59% 22.45% 25.50% -5.79% -13.93%
Materials Technologies 29.67% 27.37%
Energy-from-Waste -1.13%
Corporate and other -1.52% -4.64% -4.57% -3.67% -1.45% -4.29%

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).

Segment profitability ratio Reportable segment The company
Segment ROA Industrial Gases, Americas Industrial Gases, Americas segment ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Industrial Gases, Asia Industrial Gases, Asia segment ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.
Industrial Gases, Global Industrial Gases, Global segment ROA deteriorated from 2018 to 2019 and from 2019 to 2020.
Materials Technologies
Energy-from-Waste
Corporate and other Corporate and other segment ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Segment ROA: Industrial Gases, Americas

Air Products & Chemicals Inc.; Industrial Gases, Americas; segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 1,012,400 997,700 927,900 950,600 895,200 808,400
Total assets 6,610,100 5,832,200 5,904,000 5,840,800 5,889,200 5,774,900
Segment Profitability Ratio
Segment ROA1 15.32% 17.11% 15.72% 16.28% 15.20% 14.00%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 1,012,400 ÷ 6,610,100 = 15.32%

Segment profitability ratio Reportable segment The company
Segment ROA Industrial Gases, Americas Industrial Gases, Americas segment ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Segment ROA: Industrial Gases, EMEA (Europe, Middle East, and Africa)

Air Products & Chemicals Inc.; Industrial Gases, EMEA (Europe, Middle East, and Africa); segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 473,300 472,400 445,800 387,100 382,800 330,700
Total assets 3,917,000 3,250,800 3,280,400 3,276,100 3,178,600 3,323,900
Segment Profitability Ratio
Segment ROA1 12.08% 14.53% 13.59% 11.82% 12.04% 9.95%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 473,300 ÷ 3,917,000 = 12.08%

Segment profitability ratio Reportable segment The company
Segment ROA Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Segment ROA: Industrial Gases, Asia

Air Products & Chemicals Inc.; Industrial Gases, Asia; segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 870,300 864,200 689,900 531,200 449,100 380,500
Total assets 6,842,900 6,240,600 5,899,500 4,412,100 4,232,700 4,154,000
Segment Profitability Ratio
Segment ROA1 12.72% 13.85% 11.69% 12.04% 10.61% 9.16%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 870,300 ÷ 6,842,900 = 12.72%

Segment profitability ratio Reportable segment The company
Segment ROA Industrial Gases, Asia Industrial Gases, Asia segment ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020 not reaching 2018 level.

Segment ROA: Industrial Gases, Global

Air Products & Chemicals Inc.; Industrial Gases, Global; segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) (40,000) (11,700) 53,900 71,300 (21,300) (51,600)
Total assets 397,800 325,700 240,100 279,600 367,600 370,500
Segment Profitability Ratio
Segment ROA1 -10.06% -3.59% 22.45% 25.50% -5.79% -13.93%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × -40,000 ÷ 397,800 = -10.06%

Segment profitability ratio Reportable segment The company
Segment ROA Industrial Gases, Global Industrial Gases, Global segment ROA deteriorated from 2018 to 2019 and from 2019 to 2020.

Segment ROA: Materials Technologies

Air Products & Chemicals Inc.; Materials Technologies; segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) 530,200 476,700
Total assets 1,787,000 1,741,900
Segment Profitability Ratio
Segment ROA1 29.67% 27.37%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 0 ÷ 0 =

Segment profitability ratio Reportable segment The company
Segment ROA Materials Technologies

Segment ROA: Energy-from-Waste

Air Products & Chemicals Inc.; Energy-from-Waste; segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) (10,100)
Total assets 894,400
Segment Profitability Ratio
Segment ROA1 -1.13%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × 0 ÷ 0 =

Segment profitability ratio Reportable segment The company
Segment ROA Energy-from-Waste

Segment ROA: Corporate and other

Air Products & Chemicals Inc.; Corporate and other; segment ROA calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Operating income (loss) (112,200) (152,800) (176,000) (170,600) (37,500) (50,600)
Total assets 7,400,700 3,293,500 3,854,300 4,648,400 2,580,800 1,178,500
Segment Profitability Ratio
Segment ROA1 -1.52% -4.64% -4.57% -3.67% -1.45% -4.29%

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
Segment ROA = 100 × Operating income (loss) ÷ Total assets
= 100 × -112,200 ÷ 7,400,700 = -1.52%

Segment profitability ratio Reportable segment The company
Segment ROA Corporate and other Corporate and other segment ROA deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Segment Asset Turnover

Air Products & Chemicals Inc., asset turnover by reportable segment

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 0.55 0.66 0.64 0.62 0.57 0.64
Industrial Gases, EMEA (Europe, Middle East, and Africa) 0.49 0.62 0.67 0.54 0.53 0.56
Industrial Gases, Asia 0.40 0.43 0.42 0.45 0.41 0.39
Industrial Gases, Global 0.92 0.80 1.82 2.59 1.36 0.77
Materials Technologies 1.13 1.20
Energy-from-Waste 0.00
Corporate and other 0.03 0.04 0.02 0.02 0.10 0.28

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).

Segment activity ratio Reportable segment The company
Segment asset turnover Industrial Gases, Americas Industrial Gases, Americas segment asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Industrial Gases, Asia Industrial Gases, Asia segment asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Industrial Gases, Global Industrial Gases, Global segment asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.
Materials Technologies
Energy-from-Waste
Corporate and other Corporate and other segment asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Segment Asset Turnover: Industrial Gases, Americas

Air Products & Chemicals Inc.; Industrial Gases, Americas; segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers 3,630,700 3,873,500 3,758,800 3,637,000 3,343,600 3,693,900
Total assets 6,610,100 5,832,200 5,904,000 5,840,800 5,889,200 5,774,900
Segment Activity Ratio
Segment asset turnover1 0.55 0.66 0.64 0.62 0.57 0.64

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
Segment asset turnover = Sales to external customers ÷ Total assets
= 3,630,700 ÷ 6,610,100 = 0.55

Segment activity ratio Reportable segment The company
Segment asset turnover Industrial Gases, Americas Industrial Gases, Americas segment asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Segment Asset Turnover: Industrial Gases, EMEA (Europe, Middle East, and Africa)

Air Products & Chemicals Inc.; Industrial Gases, EMEA (Europe, Middle East, and Africa); segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers 1,926,300 2,002,500 2,193,300 1,780,400 1,700,300 1,864,900
Total assets 3,917,000 3,250,800 3,280,400 3,276,100 3,178,600 3,323,900
Segment Activity Ratio
Segment asset turnover1 0.49 0.62 0.67 0.54 0.53 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
Segment asset turnover = Sales to external customers ÷ Total assets
= 1,926,300 ÷ 3,917,000 = 0.49

Segment activity ratio Reportable segment The company
Segment asset turnover Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Segment Asset Turnover: Industrial Gases, Asia

Air Products & Chemicals Inc.; Industrial Gases, Asia; segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers 2,716,500 2,663,600 2,458,000 1,964,700 1,716,100 1,637,500
Total assets 6,842,900 6,240,600 5,899,500 4,412,100 4,232,700 4,154,000
Segment Activity Ratio
Segment asset turnover1 0.40 0.43 0.42 0.45 0.41 0.39

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
Segment asset turnover = Sales to external customers ÷ Total assets
= 2,716,500 ÷ 6,842,900 = 0.40

Segment activity ratio Reportable segment The company
Segment asset turnover Industrial Gases, Asia Industrial Gases, Asia segment asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Segment Asset Turnover: Industrial Gases, Global

Air Products & Chemicals Inc.; Industrial Gases, Global; segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers 364,900 261,000 436,100 722,900 498,800 286,800
Total assets 397,800 325,700 240,100 279,600 367,600 370,500
Segment Activity Ratio
Segment asset turnover1 0.92 0.80 1.82 2.59 1.36 0.77

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
Segment asset turnover = Sales to external customers ÷ Total assets
= 364,900 ÷ 397,800 = 0.92

Segment activity ratio Reportable segment The company
Segment asset turnover Industrial Gases, Global Industrial Gases, Global segment asset turnover ratio deteriorated from 2018 to 2019 but then slightly improved from 2019 to 2020.

Segment Asset Turnover: Materials Technologies

Air Products & Chemicals Inc.; Materials Technologies; segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers 2,019,500 2,087,100
Total assets 1,787,000 1,741,900
Segment Activity Ratio
Segment asset turnover1 1.13 1.20

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
Segment asset turnover = Sales to external customers ÷ Total assets
= 0 ÷ 0 =

Segment activity ratio Reportable segment The company
Segment asset turnover Materials Technologies

Segment Asset Turnover: Energy-from-Waste

Air Products & Chemicals Inc.; Energy-from-Waste; segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers
Total assets 894,400
Segment Activity Ratio
Segment asset turnover1 0.00

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
Segment asset turnover = Sales to external customers ÷ Total assets
= 0 ÷ 0 =

Segment activity ratio Reportable segment The company
Segment asset turnover Energy-from-Waste

Segment Asset Turnover: Corporate and other

Air Products & Chemicals Inc.; Corporate and other; segment asset turnover calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Sales to external customers 217,900 118,300 84,000 82,600 246,100 324,700
Total assets 7,400,700 3,293,500 3,854,300 4,648,400 2,580,800 1,178,500
Segment Activity Ratio
Segment asset turnover1 0.03 0.04 0.02 0.02 0.10 0.28

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
Segment asset turnover = Sales to external customers ÷ Total assets
= 217,900 ÷ 7,400,700 = 0.03

Segment activity ratio Reportable segment The company
Segment asset turnover Corporate and other Corporate and other segment asset turnover ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Segment Capital Expenditures to Depreciation

Air Products & Chemicals Inc., capital expenditures to depreciation by reportable segment

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 2.26 1.08 1.13 0.92 0.92 0.99
Industrial Gases, EMEA (Europe, Middle East, and Africa) 1.67 1.14 0.82 0.81 0.86 1.11
Industrial Gases, Asia 1.73 3.06 2.98 1.66 1.59 1.98
Industrial Gases, Global 3.68 3.93 2.14 2.88 0.76 5.75
Materials Technologies 1.91 1.10
Energy-from-Waste
Corporate and other 9.28 4.91 3.84 8.68 1.47 2.75

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).

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Industrial Gases, Americas Industrial Gases, Americas segment capital expenditures to depreciation ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.
Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment capital expenditures to depreciation ratio improved from 2018 to 2019 and from 2019 to 2020.
Industrial Gases, Asia Industrial Gases, Asia segment capital expenditures to depreciation ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.
Industrial Gases, Global Industrial Gases, Global segment capital expenditures to depreciation ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.
Materials Technologies
Energy-from-Waste
Corporate and other Corporate and other segment capital expenditures to depreciation ratio improved from 2018 to 2019 and from 2019 to 2020.

Segment Capital Expenditures to Depreciation: Industrial Gases, Americas

Air Products & Chemicals Inc.; Industrial Gases, Americas; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 1,264,700 545,800 546,500 427,200 406,600 414,500
Depreciation and amortization 559,500 505,200 485,300 464,400 442,500 416,900
Segment Financial Ratio
Segment capital expenditures to depreciation1 2.26 1.08 1.13 0.92 0.92 0.99

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 1,264,700 ÷ 559,500 = 2.26

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Industrial Gases, Americas Industrial Gases, Americas segment capital expenditures to depreciation ratio deteriorated from 2018 to 2019 but then improved from 2019 to 2020 exceeding 2018 level.

Segment Capital Expenditures to Depreciation: Industrial Gases, EMEA (Europe, Middle East, and Africa)

Air Products & Chemicals Inc.; Industrial Gases, EMEA (Europe, Middle East, and Africa); segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 327,600 216,300 163,100 143,200 159,500 215,600
Depreciation and amortization 195,900 189,500 198,600 177,100 185,700 194,300
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.67 1.14 0.82 0.81 0.86 1.11

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 327,600 ÷ 195,900 = 1.67

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Industrial Gases, EMEA (Europe, Middle East, and Africa) Industrial Gases, EMEA (Europe, Middle East, and Africa) segment capital expenditures to depreciation ratio improved from 2018 to 2019 and from 2019 to 2020.

Segment Capital Expenditures to Depreciation: Industrial Gases, Asia

Air Products & Chemicals Inc.; Industrial Gases, Asia; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 690,300 1,105,500 791,900 337,800 313,300 402,500
Depreciation and amortization 399,400 361,500 265,800 203,200 197,100 202,900
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.73 3.06 2.98 1.66 1.59 1.98

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 690,300 ÷ 399,400 = 1.73

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Industrial Gases, Asia Industrial Gases, Asia segment capital expenditures to depreciation ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020.

Segment Capital Expenditures to Depreciation: Industrial Gases, Global

Air Products & Chemicals Inc.; Industrial Gases, Global; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 35,300 33,800 17,300 25,600 6,000 94,800
Depreciation and amortization 9,600 8,600 8,100 8,900 7,900 16,500
Segment Financial Ratio
Segment capital expenditures to depreciation1 3.68 3.93 2.14 2.88 0.76 5.75

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 35,300 ÷ 9,600 = 3.68

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Industrial Gases, Global Industrial Gases, Global segment capital expenditures to depreciation ratio improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Segment Capital Expenditures to Depreciation: Materials Technologies

Air Products & Chemicals Inc.; Materials Technologies; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 147,900 102,500
Depreciation and amortization 77,400 92,800
Segment Financial Ratio
Segment capital expenditures to depreciation1 1.91 1.10

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 0 ÷ 0 =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Materials Technologies

Segment Capital Expenditures to Depreciation: Energy-from-Waste

Air Products & Chemicals Inc.; Energy-from-Waste; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 349,200
Depreciation and amortization
Segment Financial Ratio
Segment capital expenditures to depreciation1

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 0 ÷ 0 =

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Energy-from-Waste

Segment Capital Expenditures to Depreciation: Corporate and other

Air Products & Chemicals Inc.; Corporate and other; segment capital expenditures to depreciation calculation

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Selected Financial Data (US$ in thousands)
Expenditures for long-lived assets 191,100 88,300 49,600 105,900 22,500 35,700
Depreciation and amortization 20,600 18,000 12,900 12,200 15,300 13,000
Segment Financial Ratio
Segment capital expenditures to depreciation1 9.28 4.91 3.84 8.68 1.47 2.75

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
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= 191,100 ÷ 20,600 = 9.28

Segment financial ratio Reportable segment The company
Segment capital expenditures to depreciation Corporate and other Corporate and other segment capital expenditures to depreciation ratio improved from 2018 to 2019 and from 2019 to 2020.

Sales to external customers

Air Products & Chemicals Inc., sales to external customers by reportable segment

US$ in thousands

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 3,630,700 3,873,500 3,758,800 3,637,000 3,343,600 3,693,900
Industrial Gases, EMEA (Europe, Middle East, and Africa) 1,926,300 2,002,500 2,193,300 1,780,400 1,700,300 1,864,900
Industrial Gases, Asia 2,716,500 2,663,600 2,458,000 1,964,700 1,716,100 1,637,500
Industrial Gases, Global 364,900 261,000 436,100 722,900 498,800 286,800
Materials Technologies 2,019,500 2,087,100
Energy-from-Waste
Corporate and other 217,900 118,300 84,000 82,600 246,100 324,700
Total 8,856,300 8,918,900 8,930,200 8,187,600 9,524,400 9,894,900

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).


Operating income (loss)

Air Products & Chemicals Inc., operating income (loss) by reportable segment

US$ in thousands

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 1,012,400 997,700 927,900 950,600 895,200 808,400
Industrial Gases, EMEA (Europe, Middle East, and Africa) 473,300 472,400 445,800 387,100 382,800 330,700
Industrial Gases, Asia 870,300 864,200 689,900 531,200 449,100 380,500
Industrial Gases, Global (40,000) (11,700) 53,900 71,300 (21,300) (51,600)
Materials Technologies 530,200 476,700
Energy-from-Waste (10,100)
Corporate and other (112,200) (152,800) (176,000) (170,600) (37,500) (50,600)
Total 2,203,800 2,169,800 1,941,500 1,769,600 2,198,500 1,884,000

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).


Depreciation and amortization

Air Products & Chemicals Inc., depreciation and amortization by reportable segment

US$ in thousands

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 559,500 505,200 485,300 464,400 442,500 416,900
Industrial Gases, EMEA (Europe, Middle East, and Africa) 195,900 189,500 198,600 177,100 185,700 194,300
Industrial Gases, Asia 399,400 361,500 265,800 203,200 197,100 202,900
Industrial Gases, Global 9,600 8,600 8,100 8,900 7,900 16,500
Materials Technologies 77,400 92,800
Energy-from-Waste
Corporate and other 20,600 18,000 12,900 12,200 15,300 13,000
Total 1,185,000 1,082,800 970,700 865,800 925,900 936,400

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).


Expenditures for long-lived assets

Air Products & Chemicals Inc., expenditures for long-lived assets by reportable segment

US$ in thousands

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 1,264,700 545,800 546,500 427,200 406,600 414,500
Industrial Gases, EMEA (Europe, Middle East, and Africa) 327,600 216,300 163,100 143,200 159,500 215,600
Industrial Gases, Asia 690,300 1,105,500 791,900 337,800 313,300 402,500
Industrial Gases, Global 35,300 33,800 17,300 25,600 6,000 94,800
Materials Technologies 147,900 102,500
Energy-from-Waste 349,200
Corporate and other 191,100 88,300 49,600 105,900 22,500 35,700
Total 2,509,000 1,989,700 1,568,400 1,039,700 1,055,800 1,614,800

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).


Total assets

Air Products & Chemicals Inc., total assets by reportable segment

US$ in thousands

Microsoft Excel
Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Industrial Gases, Americas 6,610,100 5,832,200 5,904,000 5,840,800 5,889,200 5,774,900
Industrial Gases, EMEA (Europe, Middle East, and Africa) 3,917,000 3,250,800 3,280,400 3,276,100 3,178,600 3,323,900
Industrial Gases, Asia 6,842,900 6,240,600 5,899,500 4,412,100 4,232,700 4,154,000
Industrial Gases, Global 397,800 325,700 240,100 279,600 367,600 370,500
Materials Technologies 1,787,000 1,741,900
Energy-from-Waste 894,400
Corporate and other 7,400,700 3,293,500 3,854,300 4,648,400 2,580,800 1,178,500
Total 25,168,500 18,942,800 19,178,300 18,457,000 18,035,900 17,438,100

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).