Air Products & Chemicals Inc.
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+ FollowMarket Cap$70.46B
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Earnings Call Q3 2026
July 30, 2026 - AI Summary
Q3 FY26 results beat expectations (good):
- Operating income +9% YoY; operating margin 25.6% (up 100 bps), driven by volume & price improvement partially offset by higher costs (fixed cost inflation).
- EPS $3.47 (+12% YoY), above guidance range, helped by better volume and stronger equity affiliate contributions.
- Volume tailwinds: higher on-site results, new assets onstream (Asia/Americas), and helium (headwind 2%, better than expected 3% guidance).
- Return on capital 11.7% (up 60 bps YoY; improved sequentially).
Full-year outlook raised (good):
- Company raised FY26 EPS guidance to $13.39–$13.49, implying +11% to +12% full-year growth (about +14% EPS growth YTD).
- Q4 EPS guide $3.55–$3.65 (+5% to +8% YoY), assuming continued benefits from new assets, pricing, and productivity.
- Caution remains due to macro uncertainty and ongoing helium headwind risk (expected to persist from lower price).
Capital discipline + major project cancellations (bad/major negative):
- Announced decision to exit Louisiana project (Casa Grande, AZ, and smaller clean energy distribution projects); recorded a $2.9B pretax charge in the quarter.
- Goal: redeploy/monetize industrial gas assets and work to sell ammonia production assets tied to Louisiana; reduce capex through cancellations.
- CapEx reduced: now targeting ~$3.5B total FY26 (down ~$0.5B vs prior outlook), largely due to timing/payment adjustments, lower maintenance, and cancellations (not a fundamental demand collapse).
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$-232.81
173% downside
Current Fair Value
173% downsideOvervalued by 173% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $70.46 Billion |
|---|---|
| Enterprise Value | $87.74 Billion |
| Annual dividend | $7.22 |
| Dividend yield | 2.28% |
| Earnings per Share | $-1.77 |
| Beta | 0.76 |
| Outstanding Shares | 222,800,000 |
Return
| Return on Equity | -0.34% |
|---|---|
| Return on Assets | -0.12% |
| Return on Invested Capital | -0.11% |
Valuation & Multiples
| P/E Ratio | -1521.3 |
|---|---|
| PEG | 503.99 |
| Price to Sales | 5.69 |
| Price to Book Ratio | 4.31 |
| Enterprise Value to Revenue | 6.96 |
| Enterprise Value to EBIT | -2129.59 |
| Enterprise Value to Net Income | -1855 |
| Total Debt to Enterprise | 0.21 |
| Debt to Equity | 1.31 |
Revenue Sources
No data
Last Earnings Call
Report Date
July 30, 2026
EPS Estimate
$3.34
Consensus analyst estimateRevenue Estimate
$3.20 B
Consensus analyst estimateNext Earnings Call
Expected Date
November 5, 2026
EPS Estimate
$3.61
Consensus analyst estimateRevenue Estimate
$3.33 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.00, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0000▼ 65.26% |
|---|---|
| Total Calls | 5,500▼ 99.69% |
| Total Puts | -▼ 100.00% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 3.93%▼ 88.24% |
|---|---|
| Total Invested | $2.43B▼ 95.98% |
| Investors Holding | 707▼ 1124.00% |
About Air Products & Chemicals Inc.
21,300 employees
CEO: Seifollah Ghasemi
Air Products and Chemicals, Inc. is a global supplier of industrial gases, specialized equipment, and related services. The company's product line encompasses atmospheric gases like oxygen, nitrogen, and argon, as well as process gases s...