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).

Historical Valuation Ratios (Summary)
Price to Earnings (P/E)
Price to Operating Profit (P/OP)
Price to Sales (P/S)
Price to Book Value (P/BV)

Air Products & Chemicals Inc., historical price multiples (quarterly data)

	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	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013
Price to earnings (P/E)	34.04	23.99	28.51	29.36	29.34	25.89	20.90	23.09	23.40	31.93	13.02	11.74	11.09	9.69	54.47	48.13	55.63	57.98	20.75	23.51	29.50	29.83	30.41	31.19	—	—	—
Price to operating profit (P/OP)	28.40	20.19	23.92	24.10	24.18	21.72	18.03	17.60	18.77	22.44	23.83	24.68	21.37	17.05	16.06	14.42	15.93	16.73	15.35	17.68	22.32	22.61	22.73	23.29	—	—	—
Price to sales (P/S)	7.34	5.20	6.02	5.79	5.61	4.89	3.95	3.87	4.01	4.19	4.36	4.30	3.84	3.51	3.41	3.19	3.40	3.36	2.82	3.04	3.02	2.99	2.98	2.96	—	—	—
Price to book value (P/BV)	5.56	4.10	4.66	4.67	4.41	3.93	3.25	3.19	3.38	3.44	3.64	3.49	3.45	3.30	4.31	4.29	4.59	4.64	3.71	4.14	4.03	4.20	4.24	4.20	3.74	3.41	3.09

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Air Products & Chemicals Inc.’s P/E ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Air Products & Chemicals Inc.’s P/OP ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Air Products & Chemicals Inc.’s P/S ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Air Products & Chemicals Inc.’s P/BV ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Air Products & Chemicals Inc., historical P/E calculation (quarterly data)

	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	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013
No. shares of common stock outstanding¹	220,894,376	220,854,647	220,678,482	220,433,925	220,355,139	220,132,561	219,631,171	219,533,532	219,272,496	219,193,653	218,939,303	218,618,346	217,957,369	217,724,491	217,589,952	217,375,097	216,549,704	216,081,188	215,650,358	215,426,569	214,982,451	214,764,754	214,274,045	213,710,798	213,015,723	212,275,495	211,672,884
Selected Financial Data (US$)
Net income (loss) attributable to Air Products (in thousands)	446,500	477,800	475,600	503,200	488,000	421,300	347,500	452,900	473,900	416,400	154,600	468,700	101,900	2,130,000	299,800	394,000	346,800	(473,300)	363,600	344,500	318,800	290,000	324,600	104,000	314,000	283,500	290,200
Earnings per share (EPS)²	8.62	8.80	8.56	7.98	7.76	7.70	7.70	6.82	6.90	5.21	13.04	13.72	13.42	14.56	2.61	2.90	2.69	2.56	6.11	5.93	4.83	4.81	4.79	4.64	0.00	0.00	0.00
Share price^1, 3	293.25	211.27	243.95	234.40	227.65	199.42	160.91	157.56	161.55	166.29	169.85	161.18	148.92	141.10	142.01	139.74	149.42	148.54	126.71	139.47	142.34	143.43	145.61	144.75	135.16	118.45	106.00
Valuation Ratio
P/E ratio⁴	34.04	23.99	28.51	29.36	29.34	25.89	20.90	23.09	23.40	31.93	13.02	11.74	11.09	9.69	54.47	48.13	55.63	57.98	20.75	23.51	29.50	29.83	30.41	31.19	—	—	—
Benchmarks
P/E Ratio, Competitors⁵
Ecolab Inc.	—	—	36.32	33.36	36.32	38.66	35.94	34.27	27.58	27.16	27.69	25.06	28.97	29.74	29.23	29.77	30.23	37.29	33.76	31.39	—	—	—	—	—	—	—
Linde plc	—	56.55	41.46	46.22	23.26	23.17	22.22	21.71	32.38	34.34	33.96	34.48	26.44	24.65	23.36	22.87	21.94	21.17	22.53	18.76	—	—	—	—	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
EPS = (Net income (loss) attributable to Air Products_{Q3 2020} + Net income (loss) attributable to Air Products_{Q2 2020} + Net income (loss) attributable to Air Products_{Q1 2020} + Net income (loss) attributable to Air Products_{Q4 2019}) ÷ No. shares of common stock outstanding
= (446,500,000 + 477,800,000 + 475,600,000 + 503,200,000) ÷ 220,894,376 = 8.62

³ Closing price as at the filing date of Air Products & Chemicals Inc.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/E ratio = Share price ÷ EPS
= 293.25 ÷ 8.62 = 34.04

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/E ratio	The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings.	Air Products & Chemicals Inc.’s P/E ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Air Products & Chemicals Inc., historical P/OP calculation (quarterly data)

	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	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013
No. shares of common stock outstanding¹	220,894,376	220,854,647	220,678,482	220,433,925	220,355,139	220,132,561	219,631,171	219,533,532	219,272,496	219,193,653	218,939,303	218,618,346	217,957,369	217,724,491	217,589,952	217,375,097	216,549,704	216,081,188	215,650,358	215,426,569	214,982,451	214,764,754	214,274,045	213,710,798	213,015,723	212,275,495	211,672,884
Selected Financial Data (US$)
Operating income (in thousands)	539,200	577,200	561,000	603,200	569,700	516,500	455,000	533,700	515,800	455,400	460,700	455,700	252,600	391,200	328,100	547,000	535,100	513,300	510,600	472,200	422,500	374,400	430,000	144,100	413,800	384,700	385,600
Operating profit per share²	10.32	10.46	10.20	9.73	9.42	9.18	8.92	8.95	8.61	7.41	7.13	6.53	6.97	8.27	8.84	9.69	9.38	8.88	8.25	7.89	6.38	6.34	6.41	6.21	0.00	0.00	0.00
Share price^1, 3	293.25	211.27	243.95	234.40	227.65	199.42	160.91	157.56	161.55	166.29	169.85	161.18	148.92	141.10	142.01	139.74	149.42	148.54	126.71	139.47	142.34	143.43	145.61	144.75	135.16	118.45	106.00
Valuation Ratio
P/OP ratio⁴	28.40	20.19	23.92	24.10	24.18	21.72	18.03	17.60	18.77	22.44	23.83	24.68	21.37	17.05	16.06	14.42	15.93	16.73	15.35	17.68	22.32	22.61	22.73	23.29	—	—	—
Benchmarks
P/OP Ratio, Competitors⁵
Ecolab Inc.	—	31.90	27.47	25.82	27.20	29.44	27.11	25.16	22.14	20.56	20.79	18.71	19.45	19.75	19.10	19.12	19.28	23.45	21.84	20.15	—	—	—	—	—	—	—
Linde plc	—	43.23	31.75	36.01	20.05	20.02	18.94	18.13	17.56	18.38	17.80	17.56	17.76	16.63	15.80	15.33	14.70	14.15	14.88	12.50	—	—	—	—	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
Operating profit per share = (Operating income_{Q3 2020} + Operating income_{Q2 2020} + Operating income_{Q1 2020} + Operating income_{Q4 2019}) ÷ No. shares of common stock outstanding
= (539,200,000 + 577,200,000 + 561,000,000 + 603,200,000) ÷ 220,894,376 = 10.32

³ Closing price as at the filing date of Air Products & Chemicals Inc.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 293.25 ÷ 10.32 = 28.40

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/OP ratio	Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit.	Air Products & Chemicals Inc.’s P/OP ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Air Products & Chemicals Inc., historical P/S calculation (quarterly data)

	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	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013
No. shares of common stock outstanding¹	220,894,376	220,854,647	220,678,482	220,433,925	220,355,139	220,132,561	219,631,171	219,533,532	219,272,496	219,193,653	218,939,303	218,618,346	217,957,369	217,724,491	217,589,952	217,375,097	216,549,704	216,081,188	215,650,358	215,426,569	214,982,451	214,764,754	214,274,045	213,710,798	213,015,723	212,275,495	211,672,884
Selected Financial Data (US$)
Sales (in thousands)	2,065,200	2,216,300	2,254,700	2,283,200	2,224,000	2,187,700	2,224,000	2,298,900	2,259,000	2,155,700	2,216,600	2,203,100	2,121,900	1,980,100	1,882,500	2,463,000	2,434,400	2,271,200	2,355,800	2,449,400	2,470,200	2,414,500	2,560,800	2,677,000	2,634,600	2,581,900	2,545,500
Sales per share²	39.93	40.65	40.55	40.46	40.55	40.75	40.69	40.68	40.29	39.68	38.92	37.45	38.76	40.23	41.60	43.82	43.92	44.18	44.93	45.93	47.09	47.90	48.79	48.85	0.00	0.00	0.00
Share price^1, 3	293.25	211.27	243.95	234.40	227.65	199.42	160.91	157.56	161.55	166.29	169.85	161.18	148.92	141.10	142.01	139.74	149.42	148.54	126.71	139.47	142.34	143.43	145.61	144.75	135.16	118.45	106.00
Valuation Ratio
P/S ratio⁴	7.34	5.20	6.02	5.79	5.61	4.89	3.95	3.87	4.01	4.19	4.36	4.30	3.84	3.51	3.41	3.19	3.40	3.36	2.82	3.04	3.02	2.99	2.98	2.96	—	—	—
Benchmarks
P/S Ratio, Competitors⁵
Ecolab Inc.	—	3.98	3.75	3.49	3.73	3.91	3.61	3.34	3.03	2.94	2.94	2.73	2.80	2.87	2.77	2.78	2.45	2.69	2.53	2.32	—	—	—	—	—	—	—
Linde plc	—	4.73	3.46	3.74	4.10	4.51	5.23	6.38	3.86	4.01	3.83	3.76	3.85	3.48	3.33	3.26	3.17	3.19	3.18	2.69	—	—	—	—	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
Sales per share = (Sales_{Q3 2020} + Sales_{Q2 2020} + Sales_{Q1 2020} + Sales_{Q4 2019}) ÷ No. shares of common stock outstanding
= (2,065,200,000 + 2,216,300,000 + 2,254,700,000 + 2,283,200,000) ÷ 220,894,376 = 39.93

³ Closing price as at the filing date of Air Products & Chemicals Inc.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 293.25 ÷ 39.93 = 7.34

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/S ratio	An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative.	Air Products & Chemicals Inc.’s P/S ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Air Products & Chemicals Inc., historical P/BV calculation (quarterly data)

	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	Sep 30, 2014	Jun 30, 2014	Mar 31, 2014	Dec 31, 2013
No. shares of common stock outstanding¹	220,894,376	220,854,647	220,678,482	220,433,925	220,355,139	220,132,561	219,631,171	219,533,532	219,272,496	219,193,653	218,939,303	218,618,346	217,957,369	217,724,491	217,589,952	217,375,097	216,549,704	216,081,188	215,650,358	215,426,569	214,982,451	214,764,754	214,274,045	213,710,798	213,015,723	212,275,495	211,672,884
Selected Financial Data (US$)
Total Air Products shareholders’ equity (in thousands)	11,659,300	11,371,900	11,556,000	11,053,600	11,386,100	11,165,700	10,882,900	10,857,500	10,486,000	10,580,800	10,215,300	10,086,200	9,412,400	9,317,400	7,161,500	7,079,600	7,045,400	6,916,600	7,367,100	7,249,000	7,586,000	7,332,500	7,351,500	7,365,800	7,696,700	7,370,900	7,264,000
Book value per share (BVPS)²	52.78	51.49	52.37	50.14	51.67	50.72	49.55	49.46	47.82	48.27	46.66	46.14	43.18	42.79	32.91	32.57	32.53	32.01	34.16	33.65	35.29	34.14	34.31	34.47	36.13	34.72	34.32
Share price^1, 3	293.25	211.27	243.95	234.40	227.65	199.42	160.91	157.56	161.55	166.29	169.85	161.18	148.92	141.10	142.01	139.74	149.42	148.54	126.71	139.47	142.34	143.43	145.61	144.75	135.16	118.45	106.00
Valuation Ratio
P/BV ratio⁴	5.56	4.10	4.66	4.67	4.41	3.93	3.25	3.19	3.38	3.44	3.64	3.49	3.45	3.30	4.31	4.29	4.59	4.64	3.71	4.14	4.03	4.20	4.24	4.20	3.74	3.41	3.09
Benchmarks
P/BV Ratio, Competitors⁵
Ecolab Inc.	—	9.47	6.36	5.99	6.46	7.03	6.46	6.12	5.56	5.39	5.47	4.96	5.25	5.55	5.38	5.31	4.72	5.40	5.13	4.55	5.14	5.04	4.91	—	—	—	—
Linde plc	—	2.83	2.17	2.15	2.26	2.05	1.93	1.84	7.46	7.94	7.04	7.15	6.85	6.54	6.48	6.83	6.34	6.50	6.85	6.61	7.53	6.69	7.16	—	—	—	—

¹ Data adjusted for splits and stock dividends.

² Q3 2020 Calculation
BVPS = Total Air Products shareholders’ equity ÷ No. shares of common stock outstanding
= 11,659,300,000 ÷ 220,894,376 = 52.78

³ Closing price as at the filing date of Air Products & Chemicals Inc.’s Quarterly or Annual Report.

⁴ Q3 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 293.25 ÷ 52.78 = 5.56

⁵ Click competitor name to see calculations.

Valuation ratio	Description	The company
P/BV ratio	The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return.	Air Products & Chemicals Inc.’s P/BV ratio decreased from Q1 2020 to Q2 2020 but then increased from Q2 2020 to Q3 2020 exceeding Q1 2020 level.

Air Products & Chemicals Inc. (NYSE:APD)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Air Products & Chemicals Inc. (NYSE:APD)

Common Stock Valuation Ratios (Price Multiples)Quarterly Data

Historical Valuation Ratios (Summary)

Price to Earnings (P/E)

Price to Operating Profit (P/OP)

Price to Sales (P/S)

Price to Book Value (P/BV)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data