AIR PRODUCTS AND CHEMICALS, INC.
In the published model solve dated 2026-Q2, anchored at $308.09, AIR PRODUCTS AND CHEMICALS, INC. (APD) is priced for today's economics sustained for ~5.3 years. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed July 25, 2026 from SEC EDGAR filings.
• Just over half of revenue comes through the on-site supply mode, which the 10-K describes as ⟦"governed by contracts that are generally long-term in nature with provisions that allow us to pass through changes in energy costs to our customers"⟧, and that pass-through is why the regional businesses run margins near 30% while much of the chemicals sector runs losses. • The price is the risk: at $297.94 the market pays roughly 47 times what the company earns at the operating line through a full c
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1,724 institutional managers reported holding APD in 13F filings for the quarter ended 2026-03-31. Together they hold about 87% of the company; the top 10 hold 47%. 205 opened new positions that quarter. Held by Vanguard Group, BlackRock, State Street, among others. On the short side, 3.2M shares were sold short as of the 2026-06-15 count, about 1% of shares outstanding (2.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
APD's share count grew 0.5% over the past five years. It pays a dividend, and has paid one every year in our records (18 and counting), raised 6 years straight; the current rate is $7.14 a share annually. Cash returned over the past three years: $4.33B in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at APD over the trailing three years: 2023: 2 buys totaling $5.43M; 2025: 1 buy totaling $1k. 19 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
APD's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -5.0% | -1.2% |
| 2023-11-17 | -1.3% | -3.5% |
| 2024-02-06 | -15.5% | +9.9% |
| 2024-05-01 | -0.3% | +6.5% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
APD's latest 8-K filings: 2026-07-30 (items 2.02, 9.01); 2026-06-30 (items 2.06, 7.01, 9.01); 2026-04-30 (items 2.02, 9.01); 2026-01-30 (items 2.02, 9.01); 2026-01-29 (items 5.07).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.