Air Products and Chemicals Stock: Analyst Estimates & Ratings

Allentown, Pennsylvania-based Air Products and Chemicals, Inc. (APD) provides atmospheric gases, process and specialty gases, equipment, and related services. Valued at $68.8 billion by market cap, the company develops, engineers, builds, owns, and operates some of the world's largest industrial gas projects, including gasification projects for producing high-value power, fuels, and chemicals.

Shares of this world-leading industrial gases company have underperformed the broader market over the past year. APD has gained 3.6% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 20.1%. However, in 2026, APD stock is up 21.8%, surpassing SPX’s 13.1% rise on a YTD basis. 

Narrowing the focus, APD’s underperformance is also apparent compared to iShares U.S. Basic Materials ETF (IYM). The exchange-traded fund has gained about 29.7% over the past year. Moreover, the ETF’s 22.8% gains on a YTD basis outshine APD’s returns over the same time frame.

APD underperformed primarily due to heavy capital expenditure burdens from its clean energy pivot, multi-billion-dollar project exit charges, and persistent top-line pricing headwinds. While higher underlying volumes, productivity gains, and favorable currency movements provided operational support, investor sentiment remained muted due to ongoing pricing pressure in helium. This decline in global helium pricing across key markets, including the Americas, Asia, and Europe weighed heavily on operating margins and offset broader pricing actions, dampening the stock's reaction even as the company delivered core operational beats.   

On Jul. 30, APD shares closed up more than 2% after reporting its Q3 results. Its revenue stood at $3.2 billion, up 4.6% year over year. The company’s adjusted EPS increased 12.3% from the year-ago quarter to $3.47. 

For the current fiscal year, ending in September, analysts expect APD’s EPS to grow 11.8% to $13.45 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.

Among the 23 analysts covering APD stock, the consensus is a “Moderate Buy.” That’s based on 14 “Strong Buy” ratings, one “Moderate Buy,” and eight “Holds.”

The configuration has been consistent over the past three months.

On Aug. 6, RBC Capital analyst Arun Viswanathan kept an “Outperform” rating on APD and raised the price target to $360, implying a potential upside of 19.7% from current levels.

The mean price target of $339.68 represents a 12.9% premium to APD’s current price levels. The Street-high price target of $373 suggests an upside potential of 24%.