Name: Air Products & Chemicals Inc. (NYSE:APD) | Enterprise Value (EV)
Creator: Stock Analysis on Net

Current EV
Historical EV

Air Products & Chemicals Inc., current enterprise value calculation

Current share price (P)	$275.75
No. shares of common stock outstanding	221,364,660
US$ in thousands
Common equity (market value)¹	61,041,305)
Add: Noncontrolling interests (per books)	363,300)
Total equity	61,404,605)
Add: Short-term borrowings (per books)	7,700)
Add: Current portion of long-term debt (per books)	470,000)
Add: Long-term debt, excluding current portion (per books)	7,132,900)
Add: Long-term debt, related party (per books)	297,200)
Total equity and debt	69,312,405)
Less: Cash and cash items	5,253,000)
Less: Short-term investments	1,104,900)
Enterprise value (EV)	62,954,505)

Based on: 10-K (reporting date: 2020-09-30).

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 275.75 × 221,364,660

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Air Products & Chemicals Inc., EV calculation

	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017	Sep 30, 2016	Sep 30, 2015
Share price^1, 2	$270.36	$234.40	$157.56	$161.18	$139.74	$139.47
No. shares of common stock outstanding¹	221,026,592	220,433,925	219,533,532	218,618,346	217,375,097	215,426,569
US$ in thousands
Common equity (market value)³	59,756,749)	51,669,712)	34,589,703)	35,236,905)	30,375,996)	30,045,544)
Add: Noncontrolling interests (book value)	363,300)	334,700)	318,800)	99,300)	133,800)	132,100)
Total equity	60,120,049)	52,004,412)	34,908,503)	35,336,205)	30,509,796)	30,177,644)
Add: Short-term borrowings (book value)	7,700)	58,200)	54,300)	144,000)	935,800)	1,494,300)
Add: Current portion of long-term debt (book value)	470,000)	40,400)	406,600)	416,400)	371,300)	435,600)
Add: Long-term debt, excluding current portion (book value)	7,132,900)	2,907,300)	2,967,400)	3,402,400)	4,918,100)	3,949,100)
Add: Long-term debt, related party (book value)	297,200)	320,100)	384,300)	—)	—)	—)
Total equity and debt	68,027,849)	55,330,412)	38,721,103)	39,299,005)	36,734,996)	36,056,644)
Less: Cash and cash items	5,253,000)	2,248,700)	2,791,300)	3,273,600)	1,501,300)	206,400)
Less: Short-term investments	1,104,900)	166,000)	184,700)	404,000)	—)	—)
Enterprise value (EV)	61,669,949)	52,915,712)	35,745,103)	35,621,405)	35,233,696)	35,850,244)

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 Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Air Products & Chemicals Inc. Annual Report.

³ 2020 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 270.36 × 221,026,592

The financial trajectory from 2015 to 2020 is characterized by a period of relative stability followed by a substantial increase in valuation and capital structure size. Enterprise value remained largely stagnant between 2015 and 2018, before experiencing a sharp upward inflection starting in 2019.

Enterprise Value Progression: From 2015 to 2018, Enterprise Value exhibited minimal volatility, fluctuating within a narrow range between 35.2 billion and 35.8 billion US dollars. A significant surge occurred in 2019, with the value increasing to 52.9 billion US dollars, followed by a further climb to 61.6 billion US dollars by September 30, 2020.
Equity Valuation Dynamics: The market value of common equity followed a pattern nearly identical to the Enterprise Value, showing moderate growth until 2018 and a sharp increase in 2019 and 2020. Notably, the market value of equity closely mirrors the total book value of equity throughout the period, suggesting a market-to-book ratio maintained near parity.
Total Capitalization and Leverage: Total equity and debt increased from 36.0 billion US dollars in 2015 to 68.0 billion US dollars in 2020. The acceleration in total capitalization between 2018 and 2020 corresponds with the sharp rise in both Enterprise Value and equity, indicating a substantial expansion of the firm's financial base and overall scale during the final two years of the observed period.

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Air Products & Chemicals Inc. (NYSE:APD)

Enterprise Value (EV)

Current Enterprise Value (EV)

Historical Enterprise Value (EV)