Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Debt
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Air Products & Chemicals Inc., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
The analyzed financial ratios display distinct trends over the observed periods.
- Price to Earnings (P/E) Ratio
- The P/E ratio demonstrates considerable fluctuation starting from a missing data point, then showing variability with peaks and troughs. Notably, it peaked at values around 57.98 and 55.63 in mid and late 2015, representing heightened market valuation relative to earnings at those times. Subsequent periods show a decline to single-digit values by early 2017, suggesting either increased earnings or decreased stock prices. From 2017 onwards, the ratio remains within a mid-20s to low-30s range with minor oscillations, reflecting relatively stable market sentiment toward earnings.
- Price to Operating Profit (P/OP) Ratio
- This ratio started above 17 in early observations and generally decreased towards values near 14 in late 2015 and early 2016, indicating improved operating profit relative to price or adjustments in valuation. However, from 2016 to 2017, an upward trend occurred, peaking at about 24.68 and 23.83, which may infer market expectations of increased profitability or valuation changes. Following this peak, the ratio exhibits a slight decline and fluctuation but remains elevated compared to initial periods, with values around the mid-20s in 2020 and 2021.
- Price to Sales (P/S) Ratio
- The P/S ratio starts around 3.04, exhibiting an upward trend over the analyzed time frame. There is a consistent increase reaching values above 6 by late 2019, with a peak near 7.34 in early 2020, indicating higher market valuation relative to sales. Subsequent values show a minor reduction but generally stay elevated around 6 to 7, suggesting sustained investor confidence in sales generation or growth prospects despite fluctuations.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows moderate volatility, beginning near 4.24 and dipping to around 3.71 in early 2016, pointing to a period where the market price was closer to the book value, possibly reflecting cautious valuation. Afterwards, the ratio varies between approximately 3.3 and 5.56, with a notable peak in late 2020, which may indicate increased market optimism or undervaluation correction relative to book value. Through 2021, the ratio slightly declines but remains above earlier lows, suggesting stable but elevated market valuation in relation to book value.
Overall, the financial ratios portray a dynamic valuation environment with periods of high market optimism and increased valuation metrics, followed by stabilizations and moderate adjustments. The trends particularly in P/S and P/OP ratios indicate rising market expectations for sales and operating profitability over time, while P/E and P/BV demonstrate more episodic fluctuations possibly linked to earnings performance variability and changing investor perception of book value.
Price to Earnings (P/E)
Air Products & Chemicals Inc., historical P/E calculation (quarterly data)
| Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Net income (loss) attributable to Air Products (in thousands) | |||||||||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/E ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2021 Calculation
EPS
= (Net income (loss) attributable to Air ProductsQ3 2021
+ Net income (loss) attributable to Air ProductsQ2 2021
+ Net income (loss) attributable to Air ProductsQ1 2021
+ Net income (loss) attributable to Air ProductsQ4 2020)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Air Products & Chemicals Inc. Quarterly or Annual Report.
4 Q3 2021 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibits notable fluctuations over the observed periods. Initially, it demonstrates a slight downward trend from late 2014 through late 2015, decreasing from approximately $145.61 to around $126.71. Subsequently, the price recovers and shows growth with minor volatility, reaching $160.91 by the end of 2018. A pronounced upward trend is identified from early 2019 onwards, with the share price peaking at $293.53 in late 2020 before experiencing some correction but maintaining elevated levels above $270 into mid-2021.
Earnings per share (EPS) data begins from late 2015, initially showing a strong rise, with values increasing from 5.93 to a peak of 14.56 in late 2016. After this peak, EPS declines significantly, fluctuating between 13.04 and 5.21 through 2017 and 2018. Post-2018, EPS stabilizes in the range of approximately 6.82 to 8.92, showing moderate growth toward mid-2021, suggesting a period of relative earnings consistency following earlier volatility.
The price-to-earnings (P/E) ratio follows a generally inverse pattern relative to EPS, as expected. It starts at elevated levels (around 55-58) during the EPS peak volatility in 2016, indicating market pricing of future growth with a degree of uncertainty. In late 2016 and 2017, the P/E ratio falls sharply to single-digit and low double-digit values (around 9.69 to 13.02), reflecting the surge in EPS and market reassessment. Through the period from 2018 to 2021, the P/E ratio mostly fluctuates between the low 20s and mid-30s, illustrating a steady valuation level that implies moderate earnings growth expectations consistent with the stabilized EPS.
Overall, the data reveals an initial period of price decline combined with rising EPS levels leading to considerable P/E volatility. This transitions into a phase of share price recovery and robust growth from 2019 onward, supported by stable and gradually increasing EPS figures and moderate P/E valuations. The patterns suggest investor confidence strengthening over time with the market rewarding consistent earnings growth, albeit with some pricing adjustments reflecting changing market sentiments.
- Share Price
- Decline until late 2015, recovery and growth through 2018, strong upward trend in 2019-2020, peak near $293, followed by slight correction but sustained high levels into 2021.
- Earnings per Share (EPS)
- Available from late 2015, peak near 14.56 in late 2016, subsequent decline and stabilization around 6.8-8.9, moderate growth toward mid-2021.
- Price-to-Earnings (P/E) Ratio
- High volatility corresponding to EPS changes: very high ratios during EPS peaks in 2016, sharp declines to low double-digit in late 2016-2017, followed by stable moderate ratios in the 20s and 30s through 2018-2021.
Price to Operating Profit (P/OP)
Air Products & Chemicals Inc., historical P/OP calculation (quarterly data)
| Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Operating income (in thousands) | |||||||||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2021 Calculation
Operating profit per share
= (Operating incomeQ3 2021
+ Operating incomeQ2 2021
+ Operating incomeQ1 2021
+ Operating incomeQ4 2020)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Air Products & Chemicals Inc. Quarterly or Annual Report.
4 Q3 2021 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The analysis of the quarterly financial data reveals several noteworthy trends in share price, operating profit per share, and the price to operating profit ratio (P/OP) over the examined periods.
- Share Price Trends
- The share price exhibited fluctuations throughout the observed quarters. Starting from $145.61 at the end of 2014, it declined moderately to a low around $126.71 by the end of 2015. A notable recovery occurred in 2016, with the price stabilizing around the $140-$150 range. From 2017 onwards, the share price demonstrated a consistent upward trajectory, reaching near $160 by the end of 2018. A significant increase took place during 2019, with the share price surpassing $230 and continuing to rise into early 2020. However, volatility is observed in 2020, potentially related to broader market conditions, with prices ranging from approximately $210 to nearly $295 before settling around $275 in mid-2021.
- Operating Profit Per Share
- Operating profit per share data begins in the first quarter of 2015 at $7.89 and tends to increase steadily over time. Initial growth is evident through 2015 and 2016, reaching just under $9.7 by the end of 2016. A slight decrease follows in 2017, dipping to just below $7, before resuming a gradual increase. By the end of 2019, operating profit per share surpasses $9.7 and peaks around $10.46 in the second quarter of 2020. Despite a minor decline towards mid-2021, the figure remains close to $10, indicating overall growth in profitability per share over the entire period.
- Price to Operating Profit Ratio (P/OP)
- This valuation ratio fluctuates notably throughout the timeline. Initially recorded around 17.68 in early 2015, it decreases to roughly 14.42 by late 2015, suggesting the share price was relatively low compared to operating profit at that time. From 2016 onwards, the P/OP ratio exhibits a rising trend, reaching over 24 by late 2017. Subsequently, it shows volatility with peaks near 28.4 in early 2021 and troughs near 17.6 in late 2017. The increase in this ratio generally indicates that the market is valuing the company's earnings at a higher multiple, which could reflect investor optimism or expectations of future growth despite the modest fluctuations in operating profit per share.
In summary, the data indicates that the company experienced increasing profitability per share across the analyzed period, coupled with a rising share price that accelerated sharply from 2018 onwards. The widening P/OP ratio suggests growing investor confidence or changing market perceptions of valuation relative to operating earnings. Periodic volatility, especially around 2020, may be attributable to external market factors affecting price more significantly than underlying operating profit.
Price to Sales (P/S)
Air Products & Chemicals Inc., historical P/S calculation (quarterly data)
| Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Sales (in thousands) | |||||||||||||||||||||||||||||||||||
| Sales per share2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/S ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2021 Calculation
Sales per share
= (SalesQ3 2021
+ SalesQ2 2021
+ SalesQ1 2021
+ SalesQ4 2020)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Air Products & Chemicals Inc. Quarterly or Annual Report.
4 Q3 2021 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The financial data over the observed periods indicate several notable trends in the share price, sales per share, and the price-to-sales (P/S) ratio. These trends provide insights into market valuation, revenue generation per share, and investor sentiment over time.
- Share Price
- The share price experienced moderate fluctuations from December 2014 through late 2017, generally staying within the range of approximately $126 to $170. Starting in early 2018, the share price showed a marked upward trend, accelerating significantly from approximately $160 to a peak above $290 by mid-2020. Following this peak, the share price exhibited some volatility but remained elevated relative to earlier years, with values staying mostly above $250 in 2021. This trend suggests increased investor confidence or improved perceptions of company value during this period.
- Sales Per Share
- Data for sales per share starts from the quarter ending June 30, 2015, showing a steady decline from about $45.93 to a low near $37.45 in late 2016/early 2017. Subsequently, sales per share stabilized in the range of approximately $38 to $41.85, with a gentle upward movement in 2020 to 2021, reaching $44.28 in mid-2021. This pattern indicates that revenue per share weakened initially but later showed resilience and modest growth towards the end of the period.
- Price-to-Sales (P/S) Ratio
- The P/S ratio data, available from mid-2015 onward, reveals a consistent upward trajectory despite some fluctuations. Initially, the ratio hovered around 3.0 and increased steadily through the years, reaching values above 7.0 by early 2021. Peaks occurred particularly in the period from 2019 through 2021, reflecting that the market valuation relative to sales grew substantially during these years. This rising ratio implies that investors were willing to pay progressively higher prices for each dollar of sales, suggesting expectations of future growth or improved profitability.
In summary, the share price experienced significant appreciation after 2017, outpacing the slower growth in sales per share. The P/S ratio increased consistently, indicating stronger market valuations relative to sales revenue. Together, these trends suggest growing market optimism and potentially enhanced company prospects in the latter part of the series, despite earlier periods of slower revenue growth per share.
Price to Book Value (P/BV)
Air Products & Chemicals Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | Sep 30, 2015 | Jun 30, 2015 | Mar 31, 2015 | Dec 31, 2014 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||||||||
| Total Air Products shareholders’ equity (in thousands) | |||||||||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | |||||||||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||||||||
| P/BV ratio4 | |||||||||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||||||||||||
| Linde plc | |||||||||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31), 10-K (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-Q (reporting date: 2015-12-31), 10-K (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-Q (reporting date: 2014-12-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2021 Calculation
BVPS = Total Air Products shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Air Products & Chemicals Inc. Quarterly or Annual Report.
4 Q3 2021 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited notable fluctuations over the analyzed period, beginning at approximately 145.61 US dollars at the end of 2014 and experiencing a general upward trend towards the later years. Initial values showed a moderate decline until the end of 2015, reaching around 126.71 US dollars, followed by a recovery period through 2016 and 2017. The share price continued to rise substantially from early 2018, peaking near 293.53 US dollars in late 2020, before showing signs of slight volatility but maintaining levels well above earlier years through mid-2021.
Book value per share (BVPS) demonstrated a gradual but consistent increase over the same time frame. Starting at approximately 34.31 US dollars, the BVPS showed minor decreases and fluctuations during 2015 and early 2016, reaching its lowest levels near 32 US dollars. However, from late 2016 onwards, there was a steady upward movement in BVPS, culminating at around 59.1 US dollars by mid-2021. This steady growth reflects an improved underlying equity value per share over the observation period.
The price-to-book value (P/BV) ratio exhibited variability that contrasts with the relatively steady increase in BVPS. Beginning with a higher ratio of about 4.24 at the end of 2014, the ratio declined through 2015 and early 2016, reflecting the decline in share price relative to book value. Subsequently, the P/BV ratio trended downwards until around the end of 2017, reaching a low near 3.19. From 2018 forward, the P/BV ratio increased significantly, peaking at about 5.56 in mid-2020, coinciding with the share price peak period. The ratio displayed volatility in the following quarters but generally remained elevated compared to the earlier years of the data set.
- Share Price
- Displayed moderate fluctuations initially, with a decline until late 2015 followed by a sustained increase, peaking in late 2020 and maintaining high levels into mid-2021.
- Book Value per Share
- Showed a steady upward trend with minor dips, increasing from about 34.31 to 59.1 US dollars over the analyzed period, indicating strengthened equity per share.
- Price-to-Book Value Ratio
- Varied inversely to both share price and BVPS trends initially, declining until the end of 2017, then rising sharply through 2020, reflecting growing market valuation relative to book value.