Air Products and Chemicals Inc (APD) — Working Capital to Net Assets Ratio
Air Products and Chemicals Inc (APD) has a Working Capital to Net Assets ratio of 9.0% as of December 2025. Working capital of $1.61 Billion (current assets of $5.10 Billion minus current liabilities of $3.50 Billion) is measured against net assets of $17.84 Billion. A higher ratio indicates strong short-term liquidity financed by the equity base. See APD FCF to total liabilities ratio to measure the company's free cash flow as a share of total liabilities.
WC/NA Ratio
Working Capital
Current Assets
Current Liabilities
Air Products and Chemicals Inc Working Capital to Net Assets (1985–2025)
This chart shows how Air Products and Chemicals Inc's Working Capital to Net Assets ratio has evolved across 41 annual periods from 1985 to 2025. As of December 2025, the ratio stands at 9.0%, reflecting working capital of $1.61 Billion against net assets of $17.84 Billion USD. See Air Products and Chemicals Inc liquidity coverage in days to measure how many days the company can operate on defensive assets alone.
Annual Working Capital to Net Assets for Air Products and Chemicals Inc (1985–2025)
The table below presents the year-by-year Working Capital to Net Assets ratio for Air Products and Chemicals Inc from 1985 to 2025, covering 41 annual filings. Each row shows current assets, current liabilities, working capital, net assets, the ratio, and the change in percentage points compared to the prior year. For live market cap and the full company profile, see APD stock market capitalisation.
| Year | WC/NA Ratio | Working Capital (USD) | Net Assets | Current Assets | Current Liabilities | Change (pp) |
|---|---|---|---|---|---|---|
| 2025 | 9.3% | $1.61 Billion | $17.35 Billion | $5.83 Billion | $4.22 Billion | ▼ -2.4 pp |
| 2024 | 11.7% | $2.18 Billion | $18.67 Billion | $6.36 Billion | $4.18 Billion | ▲ +3.4 pp |
| 2023 | 8.3% | $1.30 Billion | $15.66 Billion | $5.20 Billion | $3.90 Billion | ▼ -12.2 pp |
| 2022 | 20.6% | $2.82 Billion | $13.70 Billion | $6.28 Billion | $3.47 Billion | ▼ -19.0 pp |
| 2021 | 39.6% | $5.58 Billion | $14.09 Billion | $8.38 Billion | $2.80 Billion | ▼ -10.8 pp |
| 2020 | 50.4% | $6.27 Billion | $12.44 Billion | $8.68 Billion | $2.42 Billion | ▲ +25.8 pp |
| 2019 | 24.6% | $2.80 Billion | $11.39 Billion | $4.62 Billion | $1.82 Billion | ▲ +0.0 pp |
| 2018 | 24.6% | $2.74 Billion | $11.18 Billion | $5.08 Billion | $2.34 Billion | ▼ -8.7 pp |
| 2017 | 33.3% | $3.39 Billion | $10.19 Billion | $5.88 Billion | $2.49 Billion | ▲ +18.9 pp |
| 2016 | 14.3% | $1.03 Billion | $7.21 Billion | $4.32 Billion | $3.28 Billion | ▲ +25.9 pp |
| 2015 | -11.6% | $-854.60 Million | $7.38 Billion | $2.79 Billion | $3.65 Billion | ▼ -16.0 pp |
| 2014 | 4.4% | $331.80 Million | $7.52 Billion | $3.29 Billion | $2.96 Billion | ▲ +1.5 pp |
| 2013 | 2.9% | $211.50 Million | $7.20 Billion | $3.44 Billion | $3.23 Billion | ▼ -8.0 pp |
| 2012 | 10.9% | $724.20 Million | $6.62 Billion | $3.42 Billion | $2.69 Billion | ▼ -3.3 pp |
| 2011 | 14.3% | $847.80 Million | $5.94 Billion | $3.19 Billion | $2.34 Billion | ▲ +0.3 pp |
| 2010 | 14.0% | $795.00 Million | $5.70 Billion | $3.03 Billion | $2.24 Billion | ▲ +3.9 pp |
| 2009 | 10.0% | $494.20 Million | $4.93 Billion | $3.00 Billion | $2.50 Billion | ▼ -2.3 pp |
| 2008 | 12.3% | $636.10 Million | $5.17 Billion | $2.85 Billion | $2.21 Billion | ▲ +4.6 pp |
| 2007 | 7.7% | $435.70 Million | $5.67 Billion | $2.86 Billion | $2.42 Billion | ▲ +2.0 pp |
| 2006 | 5.7% | $289.20 Million | $5.10 Billion | $2.61 Billion | $2.32 Billion | ▼ -4.3 pp |
| 2005 | 10.0% | $471.50 Million | $4.73 Billion | $2.41 Billion | $1.94 Billion | ▼ -5.4 pp |
| 2004 | 15.4% | $711.30 Million | $4.61 Billion | $2.42 Billion | $1.71 Billion | ▲ +3.0 pp |
| 2003 | 12.4% | $486.70 Million | $3.93 Billion | $2.07 Billion | $1.58 Billion | ▼ -5.5 pp |
| 2002 | 17.9% | $653.10 Million | $3.64 Billion | $1.91 Billion | $1.26 Billion | ▲ +7.6 pp |
| 2001 | 10.3% | $332.40 Million | $3.22 Billion | $1.68 Billion | $1.35 Billion | ▼ -4.3 pp |
| 2000 | 14.6% | $430.20 Million | $2.94 Billion | $1.80 Billion | $1.37 Billion | ▲ +17.1 pp |
| 1999 | -2.4% | $-75.40 Million | $3.09 Billion | $1.78 Billion | $1.86 Billion | ▼ -16.5 pp |
| 1998 | 14.1% | $376.10 Million | $2.67 Billion | $1.64 Billion | $1.27 Billion | ▼ -4.8 pp |
| 1997 | 18.9% | $499.70 Million | $2.65 Billion | $1.62 Billion | $1.12 Billion | ▲ +14.5 pp |
| 1996 | 4.4% | $112.00 Million | $2.57 Billion | $1.38 Billion | $1.26 Billion | ▲ +3.5 pp |
| 1995 | 0.9% | $21.00 Million | $2.40 Billion | $1.33 Billion | $1.31 Billion | ▼ -3.7 pp |
| 1994 | 4.6% | $101.30 Million | $2.21 Billion | $1.18 Billion | $1.08 Billion | ▼ -10.7 pp |
| 1993 | 15.3% | $322.30 Million | $2.10 Billion | $1.20 Billion | $874.00 Million | ▲ +2.0 pp |
| 1992 | 13.3% | $278.80 Million | $2.10 Billion | $998.10 Million | $719.30 Million | ▲ +7.0 pp |
| 1991 | 6.3% | $116.70 Million | $1.84 Billion | $901.20 Million | $784.50 Million | ▼ -6.4 pp |
| 1990 | 12.7% | $214.30 Million | $1.69 Billion | $837.30 Million | $623.00 Million | ▼ -5.5 pp |
| 1989 | 18.2% | $262.30 Million | $1.44 Billion | $756.80 Million | $494.50 Million | ▲ +9.5 pp |
| 1988 | 8.6% | $109.60 Million | $1.27 Billion | $626.30 Million | $516.70 Million | ▼ -4.0 pp |
| 1987 | 12.6% | $144.50 Million | $1.15 Billion | $577.90 Million | $433.40 Million | ▼ -8.5 pp |
| 1986 | 21.1% | $232.60 Million | $1.10 Billion | $704.50 Million | $471.90 Million | ▲ +8.7 pp |
| 1985 | 12.5% | $144.90 Million | $1.16 Billion | $638.10 Million | $493.20 Million | — |