Company / Working Capital
Air Products Working Capital History
FY2016-FY2025 · Annual data · Source: SEC filings
At a glance
Latest annual filing availableLatest Working Capital
$1.6B
FY2025
5-year range
$1.3B / $5.6B
FY2021-FY2025
Trend
-26.4%
vs FY2024
Sector context
#30 of 121
Materials
What the data says
Air Products's working capital of $1.6B is higher than 75% of companies in the Materials sector (FY2025). Working Capital has fluctuated over the past 10 years, ranging from $1.0B in FY2016 to $6.3B in FY2020.
Based on SEC 10-K filings.
$1.6B in FY2025 with a 5-year CAGR of -23.8%. Top quartile in the Materials sector.
Improved from $1.3B to $1.6B over the past 2 years.
Materials sector context is included.
Working Capital over time
Growth rates
- 3-Year CAGR
- -17.1%
- 5-Year CAGR
- -23.8%
- 10-Year CAGR
- -
Sector benchmark
Top 25% in MaterialsTop 25% of 121This company $1.6B Sector average $1.2B
▼
+35.6% above sector average
Key checks
Key Insights
- 5-year CAGR of -23.8%, indicating a declining trend.
- In FY2025, working capital decreased 26.4% year-over-year.
- Ranks #30 out of 121 companies in the Materials sector.
- Peak working capital was recorded in FY2020.
Company context
Key Data Points
- Low Piotroski F-Score: 2/9 (multiple financial health concerns)
- Altman Z-Score 0.86 (distress zone, below 1.8 threshold)
- High earnings quality (cash-backed earnings)
Data sourced from SEC EDGAR filings. Not investment advice.
Annual data
| Year | Working CapitalValue | YoY GrowthYoY |
|---|---|---|
| FY2025 | $1.6B | -26.4% |
| FY2024 | $2.2B | +67.3% |
| FY2023 | $1.3B | -53.7% |
| FY2022 | $2.8B | -49.5% |
| FY2021 | $5.6B | -11.0% |
| FY2020 | $6.3B | +124.1% |
| FY2019 | $2.8B | +1.9% |
| FY2018 | $2.7B | -19.0% |
| FY2017 | $3.4B | +227.6% |
| FY2016 | $1.0B | +221.5% |
As of FY2025 · SEC 10-K · Updated Jun 30, 2026