Stock Analysis on Net
Stock Analysis on Net

Air Products & Chemicals Inc. (NYSE:APD)

This company has been moved to the archive! The financial data has not been updated since August 9, 2021.

Price to FCFE (P/FCFE) 

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Free Cash Flow to Equity (FCFE)

Air Products & Chemicals Inc., FCFE calculation

US$ in thousands

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12 months ended: Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
Net income attributable to Air Products 1,886,700 1,760,000 1,497,800 3,000,400 631,100 1,277,900
Net income attributable to noncontrolling interests 44,400 49,400 35,100 20,800 30,400 39,700
Net noncash charges 1,373,700 1,185,800 1,287,200 (535,100) 2,066,000 901,400
Working capital changes that provided (used) cash, excluding effects of acquisitions (40,100) (25,300) (265,400) 48,000 (20,100) 218,800
Cash provided by operating activities 3,264,700 2,969,900 2,554,700 2,534,100 2,707,400 2,437,800
Additions to plant and equipment, including long-term deposits (2,509,000) (1,989,700) (1,568,400) (1,039,700) (1,055,800) (1,614,800)
Long-term debt proceeds 4,895,800 — 500 2,400 948,700 338,800
Payments on long-term debt (406,600) (428,600) (418,700) (483,900) (485,000) (708,700)
Net increase (decrease) in commercial paper and short-term borrowings (54,900) 3,900 (78,500) (798,600) (144,200) 284,000
Free cash flow to equity (FCFE) 5,190,000 555,500 489,600 214,300 1,971,100 737,100

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
FCFE Free cash flow to equity is the cash flow available to Air Products & Chemicals Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made. Air Products & Chemicals Inc. FCFE increased from 2018 to 2019 and from 2019 to 2020.

Price to FCFE Ratio, Current

Air Products & Chemicals Inc., current P/FCFE calculation, comparison to benchmarks

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No. shares of common stock outstanding 221,364,660
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands) 5,190,000
FCFE per share 23.45
Current share price (P) 275.75
Valuation Ratio
P/FCFE 11.76
Benchmarks
P/FCFE, Competitors1
Linde plc 32.58
P/FCFE, Industry
Materials 44.66

Based on: 10-K (reporting date: 2020-09-30).

1 Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Price to FCFE Ratio, Historical

Air Products & Chemicals Inc., historical P/FCFE calculation, comparison to benchmarks

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Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016 Sep 30, 2015
No. shares of common stock outstanding1 221,026,592 220,433,925 219,533,532 218,618,346 217,375,097 215,426,569
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)2 5,190,000 555,500 489,600 214,300 1,971,100 737,100
FCFE per share3 23.48 2.52 2.23 0.98 9.07 3.42
Share price1, 4 270.36 234.40 157.56 161.18 139.74 139.47
Valuation Ratio
P/FCFE5 11.51 93.01 70.65 164.43 15.41 40.76
Benchmarks
P/FCFE, Competitors6
Linde plc 24.61 89.72 — — — —
P/FCFE, Industry
Materials 28.92 — — — — —

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).

1 Data adjusted for splits and stock dividends.

2 See details »

3 2020 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 5,190,000,000 ÷ 221,026,592 = 23.48

4 Closing price as at the filing date of Air Products & Chemicals Inc. Annual Report.

5 2020 Calculation
P/FCFE = Share price ÷ FCFE per share
= 270.36 ÷ 23.48 = 11.51

6 Click competitor name to see calculations.

Valuation ratio Description The company
P/FCFE Price to free cash flow to equity is cash valuation indicator of stockholders’ equity. Air Products & Chemicals Inc. P/FCFE ratio increased from 2018 to 2019 but then decreased significantly from 2019 to 2020.