Air Products

As of June 30, 2025, total debt rose to about $17.7 billion, cash was about $2.3 billion, and noncontrolling interests around $2.2 billion. TTM operating cash flow is roughly $3.0 billion but capital expenditures of about $5.3 billion result in negative TTM free cash flow.

Moody’s revised the outlook to negative given continued negative free cash flow and higher leverage through the investment phase, though the ratings remain investment grade. Liquidity is adequate and the dividend remains supported, but we expect management to prioritize balance sheet stability until projects ramp and capex tapers.

Sources: Q3 FY2025 10-Q; Moody’s outlook report via Investing.com.