Analysis of Inventory
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Air Products & Chemicals Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
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Inventory Disclosure
Air Products & Chemicals Inc., balance sheet: inventory
US$ in thousands
| Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 | Sep 30, 2016 | Sep 30, 2015 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Finished goods | |||||||||||||
| Work in process | |||||||||||||
| Raw materials, supplies and other | |||||||||||||
| FIFO Cost | |||||||||||||
| Excess of FIFO cost over LIFO cost | |||||||||||||
| Inventories |
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
| Item | Description | The company |
|---|---|---|
| Inventories | Amount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. | Air Products & Chemicals Inc. inventories decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Adjustment to Inventory: Conversion from LIFO to FIFO
Adjusting LIFO Inventory to FIFO (Current) Cost
US$ in thousands
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
Air Products & Chemicals Inc. inventory value on Sep 30, 2020 would be $404,800) (in thousands) if the FIFO inventory method was used instead of LIFO. Air Products & Chemicals Inc. inventories, valued on a LIFO basis, on Sep 30, 2020 were $404,800). Air Products & Chemicals Inc. inventories would have been $—) higher than reported on Sep 30, 2020 if the FIFO method had been used instead.
Air Products & Chemicals Inc., Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios: LIFO vs. FIFO (Summary)
Air Products & Chemicals Inc., adjusted financial ratios
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Air Products & Chemicals Inc. adjusted current ratio improved from 2018 to 2019 and from 2019 to 2020. |
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Air Products & Chemicals Inc. adjusted net profit margin ratio improved from 2018 to 2019 and from 2019 to 2020. |
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Air Products & Chemicals Inc. adjusted total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Air Products & Chemicals Inc. adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Air Products & Chemicals Inc. adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Air Products & Chemicals Inc. adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Air Products & Chemicals Inc., Financial Ratios: Reported vs. Adjusted
Adjusted Current Ratio
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
2020 Calculations
1 Current ratio = Current assets ÷ Current liabilities
= ÷ =
2 Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= ÷ =
| Liquidity ratio | Description | The company |
|---|---|---|
| Adjusted current ratio | A liquidity ratio calculated as adjusted current assets divided by current liabilities. | Air Products & Chemicals Inc. adjusted current ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Net Profit Margin
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
2020 Calculations
1 Net profit margin = 100 × Net income attributable to Air Products ÷ Sales
= 100 × ÷ =
2 Adjusted net profit margin = 100 × Adjusted net income attributable to Air Products ÷ Sales
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted net profit margin | An indicator of profitability, calculated as adjusted net income divided by revenue. | Air Products & Chemicals Inc. adjusted net profit margin ratio improved from 2018 to 2019 and from 2019 to 2020. |
Adjusted Total Asset Turnover
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
2020 Calculations
1 Total asset turnover = Sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Sales ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Air Products & Chemicals Inc. adjusted total asset turnover ratio improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |
Adjusted Financial Leverage
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
2020 Calculations
1 Financial leverage = Total assets ÷ Total Air Products shareholders’ equity
= ÷ =
2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Air Products shareholders’ equity
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted financial leverage | A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income. |
Air Products & Chemicals Inc. adjusted financial leverage ratio decreased from 2018 to 2019 but then increased from 2019 to 2020 exceeding 2018 level. |
Adjusted Return on Equity (ROE)
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
2020 Calculations
1 ROE = 100 × Net income attributable to Air Products ÷ Total Air Products shareholders’ equity
= 100 × ÷ =
2 Adjusted ROE = 100 × Adjusted net income attributable to Air Products ÷ Adjusted total Air Products shareholders’ equity
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROE | A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity. | Air Products & Chemicals Inc. adjusted ROE improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020. |
Adjusted Return on Assets (ROA)
Based on: 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30).
2020 Calculations
1 ROA = 100 × Net income attributable to Air Products ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Adjusted net income attributable to Air Products ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as adjusted net income divided by adjusted total assets. | Air Products & Chemicals Inc. adjusted ROA improved from 2018 to 2019 but then deteriorated significantly from 2019 to 2020. |