Air Products and Chemicals Inc (APD)

Return on equity (ROE)

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Net income	US$ in thousands	2,300,200	2,256,100	2,099,100	1,886,700	1,760,000
Total stockholders’ equity	US$ in thousands	14,312,900	13,144,000	13,539,700	12,079,800	11,053,600
ROE		16.07%	17.16%	15.50%	15.62%	15.92%

September 30, 2023 calculation

ROE = Net income ÷ Total stockholders’ equity
= $2,300,200K ÷ $14,312,900K
= 16.07%

Based on the provided data, Air Products & Chemicals Inc.'s return on equity (ROE) has exhibited fluctuation over the past five years. The ROE decreased from 17.16% in 2022 to 16.07% in 2023, after experiencing a slight increase from 2020 to 2022. This reduction in ROE may indicate a decline in the company's efficiency in generating profits from shareholders' equity. However, it is essential to note that the ROE remained relatively steady within the range of 15.50% to 17.16% over the past five years, suggesting consistent performance in utilizing equity to generate profits. Overall, a more comprehensive analysis considering other financial indicators and industry benchmarks would be necessary to gain a deeper understanding of the factors influencing Air Products & Chemicals Inc.'s ROE.