APDAir Products & Chemicals, Inc.

Industrial Inorganic Chemicals

Revenue: $12.0B; 0.5% YoY
Operating margin: -7.3%; 120% YoY
EBITDA: $687M; 88% YoY
Market cap: $70.4B
Employees: 21,300; $565K revenue each
Net debt / EBITDA: 10.6×; $7.3B net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
—
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
49% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
2% of assets
Over 40% of assets
Shareholder dissentNo
96% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$565K · 58th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 19th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
10.6× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$70.4B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$21M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$10.3B	$12.7B	$12.6B	$12.1B	$12.0B	0.5%
Operating income	$2.3B	$2.3B	$2.5B	$4.5B	−$877M	120%
Net income	$2.1B	$2.3B	$2.3B	$3.8B	−$395M	110%
Operating cash flow	$3.3B	$3.2B	$3.2B	$3.6B	$3.3B	11%
Capex	$2.5B	$2.9B	$4.6B	$6.8B	$7.0B	3.3%
Stock-based comp	$45M	$48M	$60M	$62M	$76M	24%
Dividends	$1.3B	$1.4B	$1.5B	$1.6B	$1.6B	1.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $21M · 2
Net: −$21M

Pay vs performance

No pay-versus-performance disclosure yet.