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NYSE · Basic Materials

AIR PRODUCTS AND CHEMICALS I APD

Air Products & Chemicals is the world's leading supplier of industrial gases. Its core businesses include hydrogen, helium, electronic special gases and on-site gas production. It is also actively deploying large-scale clean hydrogen projects such as NEOM and Louisiana Blue Ammonia. In recent years, the company has refocused on its core gas business, promoted pricing and productivity improvements, and benefited from the high prosperity of the electronics industry and the demand for energy transformation. Investment analysis focuses on its project execution, capital discipline and hydrogen market growth potential.

Sources Company earnings and call materials quartr.com
Major Chemicals

Company profile

Business mix

  • The layout of the entire industrial gas industry chain includes hydrogen pipeline networks, bulk on-site gas production, helium supply, electronic special gases, space propellants and other high-growth areas.
  • Large-scale projects drive long-term growth, such as the NEOM green ammonia project in Saudi Arabia, the blue ammonia project in Louisiana in the United States, and the expansion of electronic special gas production in South Korea/Taiwan.
  • U.S. hydrogen demand remains strong, driven by refinery upgrades and renewable fuels, and the helium market is expected to return to surplus, with long-term contracts outperforming spot prices.

Current key questions

  • Management strategic transformation, from non-core large-scale projects to core industrial gases, strict capital discipline, and achieved cost savings through layoffs of more than 10% and energy and supply chain optimization.
  • Geopolitical and macro risks include high European natural gas prices impacting the chemical industry, China's coal-substituted gas substitution weakening LNG demand, and conflicts in the Middle East disrupting helium supply.
  • The productivity plan target is to save US$100 million in 2026. Whether it can be achieved as scheduled and converted into an increase in profit margins is a key observation point.
Holders 3 Current sample portfolio
Public mentions 0 Videos / interviews / letters
Valuation snapshot
PE 29.75 FCF -1.99% Buyback -0.02%
2026-06-07

Current firm holders

Firm Weight Value Filing period
Viking Global Investors Andreas Halvorsen 3.3% $1.2B 2026-03-31
Sessa Capital 6.3% $344.4M 2026-03-31
Markel Group Tom Gayner 0.2% $21.9M 2026-03-31

Recent trading changes over the last 2 quarters

Last 1 quarters Last 2 quarters Last 3 quarters Last 4 quarters
Net buyers 3 Last 2 13F filing periods
Net reducers 0 Last 2 13F filing periods
Unchanged holders 0 Share count unchanged
Increase amount $215.4M Estimated from net added shares
Reduction amount $0 Estimated from net reduced shares
Net share change / base shares +16.0% +741,346 / 4,623,921
Viking Global Investors Andreas Halvorsen 2 filing periods
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 30.4% 13F value change +$181.3M
13F 2026-03-31 Filed 2026-05-15
Minor reduction Shares -14.2% 13F value change +$10.8M
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 3,667,119 Last 2 periods +436,976 (+11.9%) Total shares 4,104,095 Value $1.2B
Sessa Capital 2 filing periods
13F 2025-12-31 Filed 2026-02-17
Major increase Shares 33.0% 13F value change +$49.7M
13F 2026-03-31 Filed 2026-05-15
Unchanged Shares 0.0% 13F value change $0
Settlement As of 13F 2026-03-31 · Filed 2026-05-15
Base shares 891,802 Last 2 periods +293,870 (+33.0%) Total shares 1,185,672 Value $344.4M
Markel Group Tom Gayner 2 filing periods
13F 2025-12-31 Filed 2026-02-06
Minor increase Shares 10.0% 13F value change -$64,870
13F 2026-03-31 Filed 2026-05-01
Minor increase Shares 5.6% 13F value change +$4.3M
Settlement As of 13F 2026-03-31 · Filed 2026-05-01
Base shares 65,000 Last 2 periods +10,500 (+16.2%) Total shares 75,500 Value $21.9M

Recent mentions

No public mentions.