Air Products management check
APD · Materials · Industrial Gases
Filings as of
3 good · 1 to watch · 2 flagged, across the seven questions below.
- Flag
Have owners done well?
Trailed its chosen peers$100 invested at the start of fiscal 2021 grew to $103, against $157 for the peer group the company picked itself.
- Watch
Does pay follow performance?
Pay only loosely tracked returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of 0.27 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Flag
What does the CEO cost owners?
Paid in a loss-making year$23.4m of reported pay in fiscal 2025, a year the company lost $354.0m.
- n/a
Do they own the stock?
No recent CEO filingLight activity: no buys, $824k sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed +0.0% a year over the last three fiscal years. Stock-based pay was 0.6% of revenue in the latest year.
- Good
Is leadership stable?
7 leadership filings in 3 years7 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Materials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 7 | 40 | |
| Pay for performance | 64 | 77 | |
| CEO cost | 0 | 40 | |
| Skin in the game | — | — | 38 |
| Dilution | 50 | 71 | |
| Stable leadership | 90 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Industrial Gases, by management score. Air Products is 18th of 24 in its sector.
- 161LINLinde plc72
- 386DOWDow Inc.55
- 409APDAir Products52
- 418LYBLyondellBasell51
- 423FCXFreeport-McMoRan50
- 449ALBAlbemarle Corporation47
Pay versus performance
From the proxy statement filed December 11, 2025. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | — | $23.4m | $15.4m | $4.1m | $103 | $157 | −$354.0m |
| 2024 | — | $15.9m | $9.3m | $4.8m | $109 | $164 | $3.9bn |
| 2023 | — | $22.1m | $27.9m | $5.0m | $102 | $131 | $2.3bn |
| 2022 | — | $18.5m | $15.4m | $4.6m | $82 | $111 | $2.3bn |
| 2021 | — | $13.8m | $0 | $3.3m | $88 | $126 | $2.1bn |
The board says pay is tied most to Adjusted EPS is our company-selected measure. Adjusted EPS is a non-GAAP financial measure. Refer to Appendix A for a reconciliation of Adjusted EPS to the most directly comparable GAAP financial measure, earnings per share from continuing operations for 2025 and 2024. Adjusted EPS was calculated in the same manner in prior years, except our calculation of Adjusted EPS beginning in fiscal 2023 began excluding the impact of non-service related components of net periodic benefit/cost for our defined benefit pension plans. Appendix A includes a discussion of this adjustment. For a reconciliation of Adjusted EPS for fiscal 2023 as reported in this table and utilized for compensation decisions made with respect to fiscal 2023 performance, refer to page 34 of our Annual Report on Form 10-K for the year ended September 30, 2023. For a reconciliation of Adjusted EPS for fiscal 2022 and fiscal 2021 as reported in this table and utilized for compensation decisions made with respect to fiscal 2022 and fiscal 2021 performance, refer to page 36 of our Annual Report on Form 10-K for the fiscal year ended September 30, 2022.. Its other key measures: Adjusted EPS, Relative total shareholder return, Environmental, social and governance performance, Adjusted EBITDA, Americas Segment Adjusted EBITDA.
Insiders and the CEO's stake
Light activity: no buys, $824k sold in six months.
- SoldMelissa N. SchaefferExec Vice President and CFO$824kMay 1, 2026
Leadership and governance on file
- Nov 25, 2025Leadership change8-K 5.02
- Aug 20, 2025Leadership change8-K 5.02
- Jul 8, 2025Leadership change8-K 5.02
- Feb 4, 2025Leadership change8-K 5.02
- Nov 18, 2024Leadership change8-K 5.02
- Jul 22, 2024Leadership change8-K 5.02
- Nov 16, 2023Leadership change8-K 5.02
- Oct 10, 2023Leadership change8-K 5.02
- May 18, 2023Leadership change8-K 5.02
- Apr 19, 2022Leadership change8-K 5.02
- Feb 22, 2022Leadership change8-K 5.02
Latest shareholder vote results: Jan 29, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $7.3bn returned to owners in buybacks and dividends, 72% of net income, and $291.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $10.3bn | $12.7bn | $12.6bn | $12.1bn | $12.0bn |
| Net income | $2.1bn | $2.3bn | $2.3bn | $3.8bn | −$394.5m |
| Stock-based pay | $44.5m | $48.4m | $59.9m | $61.8m | $76.4m |
| Buybacks | — | — | — | — | — |
| Dividends | $1.3bn | $1.4bn | $1.5bn | $1.6bn | $1.6bn |
| Diluted shares | 223m | 223m | 223m | 223m | 223m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.