Air Products & Chemicals
Air Products & Chemicals returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Jun 30, 2026 | — | -1.63% | — | -0.32% | -0.12% | — |
| FY 2026 Q2 | Mar 31, 2026 | — | 6.39% | — | 13.89% | 5.23% | — |
| FY 2026 Q1 | Dec 31, 2025 | — | -2.16% | — | -2.08% | -0.82% | — |
| FY 2025 Q4 | Sep 30, 2025 | — | -2.43% | — | -2.46% | -0.98% | — |
| FY 2025 Q3 | Jun 30, 2025 | — | 4.41% | — | 10.12% | 3.94% | — |
| FY 2025 Q2 | Mar 31, 2025 | — | 4.51% | — | 10.35% | 4.1% | — |
| FY 2025 Q1 | Dec 31, 2024 | — | 13.42% | — | 24.31% | 10.35% | — |
| FY 2024 Q4 | Sep 30, 2024 | 13.23% | 14.07% | 28.23% | 24.42% | 10.7% | 5.5 pp |
| FY 2024 Q3 | Jun 30, 2024 | — | 9.35% | — | 17.59% | 7.57% | — |
| FY 2024 Q2 | Mar 31, 2024 | — | 9.19% | — | 17.05% | 7.56% | — |
| FY 2024 Q1 | Dec 31, 2023 | — | 8.96% | — | 16.23% | 7.49% | — |
| FY 2023 Q4 | Sep 30, 2023 | 9.53% | 9.63% | 1.63% | 16.75% | 7.77% | 1.8 pp |
| FY 2023 Q3 | Jun 30, 2023 | — | 9.33% | — | 15.77% | 7.5% | — |
| FY 2023 Q2 | Mar 31, 2023 | 9.51% | 9.3% | 2.08% | 15.54% | 7.65% | 1.8 pp |
| FY 2023 Q1 | Dec 31, 2022 | 10.77% | 9.97% | 54.8% | 16.34% | 8.19% | 3.1 pp |
| FY 2022 Q4 | Sep 30, 2022 | 10.95% | 9.79% | 5.32% | 16.91% | 8.35% | 3.2 pp |
| FY 2022 Q3 | Jun 30, 2022 | 10.91% | 9.78% | 4.87% | 17.09% | 8.5% | 3.2 pp |
| FY 2022 Q2 | Mar 31, 2022 | 10.94% | 9.62% | 2.48% | 16.75% | 8.34% | 3.2 pp |
| FY 2022 Q1 | Dec 31, 2021 | 11.1% | 9.52% | 2.22% | 16.43% | 8.18% | 3.4 pp |
| FY 2021 Q4 | Sep 30, 2021 | 11.71% | 9.75% | 2.95% | 16.39% | 8.07% | 4 pp |
| FY 2021 Q3 | Jun 30, 2021 | 11.17% | 9.73% | 1.61% | 15.97% | 7.74% | 3.5 pp |
| FY 2021 Q2 | Mar 31, 2021 | 12.88% | 10.71% | -2.79% | 15.67% | 8.27% | 5.2 pp |
| FY 2021 Q1 | Dec 31, 2020 | 12.95% | 10.83% | -1.29% | 15.62% | 8.28% | 5.2 pp |
| FY 2020 Q4 | Sep 30, 2020 | 13.33% | 11.22% | 3.81% | 16.31% | 8.55% | 5.6 pp |
| FY 2020 Q3 | Jun 30, 2020 | 12.7% | 11.53% | 3.93% | 16.52% | 8.59% | 5 pp |
| FY 2020 Q2 | Mar 31, 2020 | 14.94% | 13.26% | 72.79% | 17.26% | 10.04% | 7.2 pp |
| FY 2020 Q1 | Dec 31, 2019 | 14.97% | 12.98% | 23.75% | 16.83% | 9.73% | 7.3 pp |
| FY 2019 Q4 | Sep 30, 2019 | 14.15% | 12.63% | 72.42% | 16.06% | 9.23% | 6.4 pp |
| FY 2019 Q3 | Jun 30, 2019 | 14.06% | 12.04% | 18.11% | 15.63% | 8.83% | 6.4 pp |
| FY 2019 Q2 | Mar 31, 2019 | 13.88% | 11.91% | 44.01% | 15.59% | 8.98% | 6.2 pp |
| FY 2019 Q1 | Dec 31, 2018 | 14.13% | 11.8% | 92.63% | 16.03% | 9.05% | 6.4 pp |
| FY 2018 Q4 | Sep 30, 2018 | 12.82% | 11.98% | 30.85% | 14.3% | 7.96% | 5.1 pp |
| FY 2018 Q3 | Jun 30, 2018 | 12.96% | 11.61% | 177.97% | 15.21% | 8.17% | 5.3 pp |
| FY 2018 Q2 | Mar 31, 2018 | 10.49% | 10.14% | — | 11.47% | 6.28% | 2.8 pp |
| FY 2018 Q1 | Dec 31, 2017 | 9.78% | 10.61% | -171.9% | 32.86% | 16.71% | 2.1 pp |
| FY 2017 Q4 | Sep 30, 2017 | 10.21% | 9.29% | — | 34.96% | 16.43% | 2.5 pp |
| FY 2017 Q3 | Jun 30, 2017 | 9.46% | 10.53% | — | 35.55% | 16.75% | 1.8 pp |
| FY 2017 Q2 | Mar 31, 2017 | 11.01% | 12.76% | — | 39.06% | 18.28% | 3.3 pp |
| FY 2017 Q1 | Dec 31, 2016 | 11.69% | 14.4% | — | 7.81% | 3.42% | 4 pp |
| FY 2016 Q4 | Sep 30, 2016 | 12.22% | 14.75% | — | 8.81% | 3.56% | 4.5 pp |
| FY 2016 Q3 | Jun 30, 2016 | 11.32% | 14.29% | — | 7.95% | 3.35% | 3.6 pp |
| FY 2016 Q2 | Mar 31, 2016 | 11.02% | 13.88% | — | 7.77% | 3.23% | 3.3 pp |
| FY 2016 Q1 | Dec 31, 2015 | 10.06% | 12.44% | — | 17.89% | 7.55% | 2.4 pp |
| FY 2015 Q4 | Sep 30, 2015 | 9.8% | 11.88% | — | 17.49% | 7.26% | 2.1 pp |
| FY 2015 Q3 | Jun 30, 2015 | 7.47% | 9.17% | — | 13.58% | 5.77% | -0.2 pp |
| FY 2015 Q2 | Mar 31, 2015 | 7.54% | 9.31% | — | 14.05% | 5.82% | -0.2 pp |
| FY 2015 Q1 | Dec 31, 2014 | 7.56% | 9.34% | -19.36% | 14.04% | 5.77% | -0.1 pp |
| FY 2014 Q4 | Sep 30, 2014 | 7.36% | 9.02% | -18.89% | 13.77% | 5.57% | -0.3 pp |
| FY 2014 Q3 | Jun 30, 2014 | 8.09% | 9.31% | 3.7% | 14.4% | 5.72% | 0.4 pp |
| FY 2014 Q2 | Mar 31, 2014 | 8.1% | 9.24% | -3.18% | 14.55% | 5.68% | 0.4 pp |
| FY 2014 Q1 | Dec 31, 2013 | 8.22% | 9.16% | -1.67% | 14.84% | 5.7% | 0.5 pp |
| FY 2013 Q4 | Sep 30, 2013 | 8.35% | 9.17% | 1.33% | 14.71% | 5.72% | 0.7 pp |
| FY 2013 Q3 | Jun 30, 2013 | 8.8% | 9.7% | -10.29% | 15.26% | 6.15% | 1.1 pp |
| FY 2013 Q2 | Mar 31, 2013 | 9.33% | 10.62% | -7.53% | 18.88% | 7.41% | 1.6 pp |
| FY 2013 Q1 | Dec 31, 2012 | 9.49% | 9.83% | -8.1% | 19.62% | 7.54% | 1.8 pp |
| FY 2012 Q4 | Sep 30, 2012 | 9.3% | 9.79% | -16.03% | 19.02% | 7.47% | 1.6 pp |
| FY 2012 Q3 | Jun 30, 2012 | 11.48% | 12.6% | 165.76% | 21.24% | 9.23% | 3.8 pp |
| FY 2012 Q2 | Mar 31, 2012 | 11.13% | 12.61% | 11.82% | 19.78% | 8.31% | 3.4 pp |
| FY 2012 Q1 | Dec 31, 2011 | 11.91% | 13.97% | — | 20.54% | 8.64% | 4.2 pp |
| FY 2011 Q4 | Sep 30, 2011 | 12.53% | 13.98% | 32.68% | 21.59% | 8.81% | 4.8 pp |
| FY 2011 Q3 | Jun 30, 2011 | 11.61% | 13.58% | — | 20.44% | 8.54% | 3.9 pp |
| FY 2011 Q2 | Mar 31, 2011 | 11.01% | 13.24% | — | 19.8% | 8.14% | 3.3 pp |
| FY 2011 Q1 | Dec 31, 2010 | — | 12.6% | — | 19.29% | 7.93% | — |
| FY 2010 Q4 | Sep 30, 2010 | 11.16% | 12.75% | 55.64% | 19.91% | 7.76% | 3.5 pp |
| FY 2010 Q3 | Jun 30, 2010 | — | 12.77% | — | 19.7% | 7.93% | — |
| FY 2010 Q2 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q1 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q4 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · APD, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.