Air Products & Chemicals, Inc（APD）の決算・業績分析
Air Products & Chemicals, Incの2025年有価証券報告書をAI分析。売上高$12.0B(-0.5%)。営業利益-$877M。Materials。
目次
Air Products & Chemicals, Incの2025年度 業績サマリー
Air Products & Chemicals, Inc（証券コード: APD）の2025年度決算・業績分析。売上高は$12.0B（前年比-0.5%）。営業利益は-$877M（前年比-119.6%）。純利益は-$394M（前年比-110.3%）。有価証券報告書を基に、業績変化の要因・リスク・見通し・セグメント構成を AI が分析しました。
Air Products & Chemicals, Incの2024年度 注目ポイント
※ 直近の2025年度XBRLデータは取込済みですが、AI分析は2024年度の10-Kを対象としています。
- Revenue surged 23.0% YoY to $12.7B (XBRL), driven by industrial gases expansion and clean hydrogen projects.
- Net income grew 7.5% YoY to $2.3B (XBRL), with operating margin at 18.4% and net margin at 17.8%.
- Strong liquidity position with $1.6B in cash (XBRL) and a debt-to-equity ratio of 1.14x (XBRL).
- Capital expenditures reached $2.9B (XBRL), reflecting significant investment in growth initiatives.
Air Products & Chemicals, Incの売上高変化の要因
- •Total revenue reached $12.7B in FY2024, a 23.0% YoY increase (XBRL), driven by expansion in industrial gases, clean hydrogen projects, and strong demand in energy and environmental markets (10-K). Segment-specific revenue figures are not disclosed in the provided data (N/A). The 5-year revenue CAGR is +7.1% (XBRL), reflecting sustained growth.
Air Products & Chemicals, Incの営業利益変化の要因
- •Operating income increased 2.5% YoY to $2.3B (XBRL), with an operating margin of 18.4%. Net income rose 7.5% YoY to $2.3B (XBRL), with a net margin of 17.8%. EBITDA reached $3.7B (29.0% margin) (XBRL). The 5-year operating income CAGR is +4.9% (XBRL), and net income CAGR is +9.0% (XBRL). Gross profit data is not available (N/A).
Air Products & Chemicals, Incの事業リスクと対応
Economic downturns could reduce demand for products and services (10-K).
International operations face political, currency, and trade risks (10-K).
Emerging market growth is exposed to political/economic instability (10-K).
Potential asset impairments due to weak demand or market conditions (10-K).
Reduced focus on carbon emissions may limit demand for climate solutions (10-K).
International sales account for 60% of revenue (10-K).
CapEx intensity is 23.1% (XBRL), reflecting significant investment.
Air Products & Chemicals, Incの今後の見通し・業績予想
Air Products & Chemicals, Incの事業内容
Air Products & Chemicals, Inc. (APD) is a global leader in industrial gases, producing atmospheric gases (e.g., oxygen, nitrogen), process gases (e.g., hydrogen, CO2), and specialty gases, along with related equipment like turbomachinery and membrane systems (10-K). The company serves industries such as refining, chemicals, and manufacturing, with no significant customer concentration (10-K). Key competitors include Air Liquide S.A., Linde plc, and Messer Group GmbH (10-K). Competitive advantages include pipeline networks for reliable supply, expertise in industrial gas applications, and investments in low-carbon hydrogen projects (10-K).
Air Products & Chemicals, IncのAI業績分析レポート（2024年度）
Highlights
Business Overview
Air Products & Chemicals, Inc. (APD) is a global leader in industrial gases, producing atmospheric gases, process gases, and specialty gases, along with related equipment. Key competitors include Air Liquide S.A., Linde plc, and Messer Group GmbH. Competitive advantages include pipeline networks and investments in low-carbon hydrogen projects.
Revenue Analysis
Total revenue reached $12.7B in FY2024, a 23.0% YoY increase, driven by expansion in industrial gases and clean hydrogen projects. Segment-specific revenue figures are not disclosed.
Profitability Analysis
Operating income increased 2.5% YoY to $2.3B, with an operating margin of 18.4%. Net income rose 7.5% YoY to $2.3B, with a net margin of 17.8%. EBITDA reached $3.7B (29.0% margin). The 5-year operating income CAGR is +4.9%, and net income CAGR is +9.0%.
Balance Sheet Analysis
Total assets grew to $32.0B, with equity at $14.3B. The equity ratio is 44.7%, and debt-to-equity ratio is 1.14x. Current ratio is 1.33x, indicating strong liquidity. Cash reserves stood at $1.6B.
Cash Flow Analysis
Operating cash flow was $3.2B, with free cash flow (FCF) of $244M, calculated as $3.2B operating cash flow minus $2.9B capital expenditures. Investing cash flow was -$3.9B, primarily driven by CapEx. Financing cash flow was -$1.0B, with $1.4B in dividends paid. Shareholder returns totaled $1.4B.
Working Capital Analysis
Receivables days were 49 days, inventory days were 26 days, and asset turnover was 0.40x. Cash conversion cycle (CCC) data is not available.
Risks
Outlook
Management highlights growth in clean hydrogen projects and sustainability initiatives as key trends. However, specific guidance for FY2025 is not quantified.
Historical Time Series
| Metric | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | 8.9B | 8.9B | 8.9B | 10.3B | 12.7B | 12.6B |
| Operating Income | 2.0B | 2.1B | 2.2B | 2.3B | 2.3B | 2.5B |
| Net Income | 1.5B | 1.8B | 1.9B | 2.1B | 2.3B | 2.3B |
| Total Assets | 18.9B | 25.2B | 26.9B | 27.2B | 32.0B | 39.6B |
| Total Equity | 11.1B | 12.1B | 13.5B | 13.1B | 14.3B | 17.0B |
| Operating Cash Flow | 2.5B | 3.0B | 3.3B | 3.3B | 3.2B | 3.2B |
Materialsの企業一覧
Air Products & Chemicals, Incと同じ「Materials」セクターの企業