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Raw inputs
Equipment
Foundry
Chip design
Software
AI demand
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Company details
Market cap
~$60B
Revenue (FY25)
~$12B
Adj. EPS (FY25)
~$12.03
Dividend / yr
$7.24
Div yield
~2.5%
P/E (adj.)
~22×
Adj. op margin
~24%
Rev. growth
~-1%
In plain English
Air Products is one of the world's biggest industrial-gas companies: it separates ordinary air into oxygen, nitrogen and argon, makes hydrogen and helium, and pipes them straight to refineries, chip fabs, steel mills and hospitals — usually from giant plants built right next to the customer on decades-long contracts. It also placed a huge, controversial bet on clean hydrogen (the NEOM green-ammonia mega-project in Saudi Arabia and a Louisiana blue-hydrogen complex) that triggered an activist revolt, a new CEO in 2025 and billions in project write-downs.
In simple terms
What Air Products and Chemicals really sells
Air Products is one of the world's biggest industrial-gas companies: it separates ordinary air into oxygen, nitrogen and argon, makes hydrogen and helium, and pipes them straight to refineries, chip fabs, steel mills and hospitals — usually from giant plants built right next to the customer on decades-long contracts. It also placed a huge, controversial bet on clean hydrogen (the NEOM green-ammonia mega-project in Saudi Arabia and a Louisiana blue-hydrogen complex) that triggered an activist revolt, a new CEO in 2025 and billions in project write-downs.
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