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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- Balance Sheet: Assets
- Cash Flow Statement
- Analysis of Solvency Ratios
- Analysis of Reportable Segments
- Present Value of Free Cash Flow to Equity (FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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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).
The financial ratios of the company exhibit discernible trends over the analyzed periods, reflecting market valuation dynamics relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio shows considerable fluctuation, starting at 20.75 and spiking significantly to a peak of 57.98 in early 2016. This spike is followed by a downward correction to a range between 9.69 and 13.02 through the end of 2017. From 2018 onward, the ratio gradually rises again, reaching values around the low 30s by 2021, demonstrating increased market optimism or expectations about future earnings growth. The volatility in P/E suggests changing investor sentiment or earnings performance variability during these years.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio begins at 15.35, sees a moderate rise through 2016 and notably increases during 2017 to above 24. Peaks around 29.7 occurred in 2021, indicating that investors were willing to pay progressively higher multiples for operating profit. Despite some fluctuations, the upward trend suggests improved perceived profitability or operational efficiency driving valuation multiples higher.
- Price to Sales (P/S) Ratio
- The P/S ratio presents a steady upward trajectory, rising from about 2.8 at the end of 2015 to a peak of approximately 7.3 in mid-2020. This consistent increase implies strengthening revenue valuation by the market over time. The growth in the P/S ratio points to either revenue growth, improved pricing power, or enhanced investor confidence in the company’s sales prospects.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio starts at 3.71 and initially increases to above 4.5 by late 2016, then declines to near 3.3 in early 2017 before recovering and trending upward toward a peak of 5.56 in 2020. The later period shows fluctuations but generally elevated levels, highlighting a valuation premium over book value that suggests positive investor sentiment regarding the company's asset base and growth potential. The volatility in P/BV can reflect shifts in equity valuation, asset reappraisals, or changes in retained earnings.
Overall, the data indicates a general trend of rising market multiples across earnings, operating profits, sales, and book value over the multi-year period. This pattern likely reflects improving financial performance, strengthened market position, or favorable investor outlook. However, the evident volatility in some ratios points to fluctuating market conditions and changing investor perceptions throughout the timeframe.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
- Share Price Trend
- The share price exhibits notable fluctuations over the observed periods. Starting at $126.71 at the end of 2015, it generally increased, reaching a peak of $243.95 by the end of 2019. However, this upward momentum was interrupted in early 2020 with a decline to $211.27 by the first quarter and further volatility observed through the subsequent quarters. Despite this, the share price recovered in 2021, fluctuating around the high $200s with values such as $293.53 and $275.75, indicating resilience after the dip in early 2020.
- Earnings Per Share (EPS) Pattern
- The EPS shows a complex pattern with significant variation early in the dataset. A low point occurs around early 2016 with values near 2.5-2.9, followed by a substantial jump in the first quarter of 2017, soaring to above 14. This spike seems exceptional compared to other quarters. Subsequently, EPS stabilized with values ranging between approximately 5.2 and 8.9 from 2018 through mid-2021. The EPS maintains moderate growth and relatively consistent performance post-2017 spike, suggesting improved earnings stability over time.
- Price-to-Earnings (P/E) Ratio Dynamics
- The P/E ratio fluctuates in a manner inversely related to the EPS changes. High P/E ratios are observed in 2016 with peaks exceeding 55, coinciding with very low EPS values, indicating possibly overvalued share price or depressed earnings at that time. The P/E ratio decreases significantly starting 2017, dropping to single digits, attributed to the anomalously high EPS early that year. Afterward, P/E remains in a range mostly between 20 and 35, reflecting more normalized valuation levels. The rising P/E ratios in late 2019 and 2020 correspond with lowered share prices and relatively steady EPS, signaling cautious market evaluations during periods of economic uncertainty.
- Overall Insights
- The data reflects a period of volatility in earnings and share price with significant EPS spikes and dips in the earlier years leading to dramatic shifts in valuation multiples. The firm appears to have attained greater earnings stability after 2017 with a steadier EPS and a moderate share price range, although external factors in 2020 caused share price disruption and valuation adjustments. The interplay between share price, EPS, and P/E ratio demonstrates typical market reactions to earnings volatility, with valuation multiples compressing when earnings are elevated and expanding when earnings decrease.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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 key trends concerning share price, operating profit per share, and the price-to-operating profit (P/OP) ratio over the observed period.
- Share Price Trends
- The share price exhibited a general upward trajectory from the end of 2015 through mid-2019, starting at $126.71 and peaking around $243.95 by the end of 2019. This rise indicates growing market confidence or company performance during this period. However, fluctuations became more pronounced afterward, with a significant dip in early 2020, possibly reflecting market volatility. Despite this, the share price recovered partially by mid-2021, finishing at approximately $275.75, which still represents a substantial increase compared to the initial value in 2015.
- Operating Profit Per Share Trends
- Operating profit per share showed a steady increase from about $8.25 at the end of 2015 to around $10.05 by mid-2021. Notably, this metric experienced minor fluctuations throughout the period but generally maintained an upward slope, suggesting improving operational efficiency or profitability per share over time. The growth was particularly consistent from 2017 onward, with only slight volatility observed during 2020, aligning with the broader market conditions.
- P/OP Ratio Trends
- The P/OP ratio showed more variability over the range examined. Initially, the ratio fluctuated around the mid-teens from 2015 to 2016, before increasing steadily and peaking near mid-20s by late 2017 through 2019. A significant uptick was observed in 2020 and early 2021, with the ratio reaching as high as 29.7, indicative of a higher share price relative to operating profit per share. This suggests elevated market valuations or expectations relative to fundamental earnings during the latter period.
- Insights and Interpretation
- The parallel rise in share price and operating profit per share until late 2019 implies that the stock price was largely supported by improving profitability. The subsequent divergence where the P/OP ratio increased sharply, despite relative stability or slight declines in operating profit per share, indicates that investor sentiment or external factors may have driven stock price movements beyond fundamental earnings growth. The 2020 market disruptions are reflected in the volatility of these metrics. Overall, the data shows a company experiencing growth in operational profitability, accompanied by varying market valuation multiples over the years examined.
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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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 exhibits notable trends in the share price, sales per share, and the price-to-sales (P/S) ratio over the analyzed quarters.
- Share Price
- The share price experienced a general upward trajectory from the end of 2015 through mid-2019, rising from approximately $127 to a peak near $244 by the third quarter of 2019. Following this peak, a period of volatility ensued marked by a significant drop around the first half of 2020, coinciding likely with broader market disruptions. The price dipped to about $211 but subsequently rebounded, reaching highs near $293 around mid-2020 and again in early 2021. The later quarters maintained relatively elevated values, exceeding $270, indicating resilience and recovery after the dip.
- Sales Per Share
- Sales per share displayed a generally stable pattern with mild fluctuations throughout the timeframe. Starting at about $44.93 at the end of 2015, the figure declined gradually through 2016 and 2017, reaching a low point near $37.45 by the third quarter of 2017. After this trough, sales per share stabilized in the range of approximately $39 to $41.85, with a slight upward trend observed towards the most recent quarters. This consistency suggests steady operational performance despite market volatility.
- Price-to-Sales (P/S) Ratio
- The P/S ratio mirrored the share price trend but with more pronounced fluctuations. Beginning around 2.82 at the end of 2015, the ratio rose continuously, surpassing 4.0 by 2017 and peaking above 6.0 in 2019. The lowest dip occurred in early 2020, aligning with share price decreases, but the ratio quickly ascended to a notable peak of approximately 7.34 by mid-2020. This elevated valuation indicates increasing investor confidence relative to sales, although some moderation is observed near the final periods where the ratio settled around 6.23.
Overall, the company exhibited strong share price appreciation over the examined period, accompanied by relatively stable sales per share. The P/S ratio's ascent suggests heightened market valuation efficiency, possibly reflecting expectations of future growth or profitability. Periods of decline correspond temporally with wider economic uncertainties, yet recovery phases demonstrate robustness in market performance.
Price to Book Value (P/BV)
Air Products & Chemicals Inc., historical P/BV calculation (quarterly data)
| Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | Mar 31, 2019 | Dec 31, 2018 | Sep 30, 2018 | Jun 30, 2018 | Mar 31, 2018 | Dec 31, 2017 | Sep 30, 2017 | Jun 30, 2017 | Mar 31, 2017 | Dec 31, 2016 | Sep 30, 2016 | Jun 30, 2016 | Mar 31, 2016 | Dec 31, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||||
| 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).
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 analysis of the quarterly financial indicators reveals several noteworthy trends and fluctuations over the observed period.
- Share Price
- The share price exhibits an overall upward trajectory from the end of 2015 through the mid-2021 period, albeit with periods of volatility. Initially, the price rose from approximately $127 at the end of 2015 to a peak above $243 by late 2019, reflecting consistent growth. However, a sharp decline is observed in early 2020, likely coinciding with broader market disruptions, with the price dropping from around $211 to a low near $257 by mid-2020. Following this dip, a recovery trend resumes, with the share price nearing $294 by early 2021 before stabilizing slightly below that level.
- Book Value Per Share (BVPS)
- The book value per share shows a steady increase throughout the period. Starting at about $34 at the end of 2015, it dips slightly in the early quarters of 2016 but then rises consistently, reaching just over $59 by mid-2021. This trend indicates a gradual strengthening of the company's net asset base on a per-share basis.
- Price-to-Book Ratio (P/BV)
- The P/BV ratio fluctuates notably, reflecting variations in market valuation relative to book value. In the initial years, it ranges from approximately 3.3 to 4.6, indicating moderate investor valuation premiums. The ratio decreases in early 2017 but then climbs again, reaching a peak above 5.5 in mid-2020, coinciding with the share price recovery after the earlier market downturn. Following this peak, it decreases slightly but remains elevated relative to earlier years, suggesting sustained investor confidence or expectations relative to the company's book value.
In summary, the data portrays a company experiencing growth in intrinsic book value per share over time, accompanied by a generally rising share price that reflects market optimism. The volatility in the share price and P/BV ratio during 2020 aligns with external market shocks, with subsequent recovery phases indicating resilience. The upward trend in book value per share supports the notion of increasing shareholder equity, while the fluctuating P/BV ratio implies shifts in market perception and valuation multiples over the examined periods.