Air Products and Chemicals Inc (APD)

Debt-to-assets ratio

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Long-term debt	US$ in thousands	—	—	—	—	—
Total assets	US$ in thousands	32,002,500	27,192,600	26,859,200	25,168,500	18,942,800
Debt-to-assets ratio		0.00	0.00	0.00	0.00	0.00

September 30, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $32,002,500K
= 0.00

The debt-to-assets ratio for Air Products & Chemicals Inc. has shown variation over the past five years. In 2023, the ratio stands at 0.32, indicating that 32% of the company's assets are financed by debt. This represents an increase from the previous year's ratio of 0.28. The upward trend in this ratio suggests a higher reliance on debt to finance the firm's assets. Comparing to 2021, the ratio remained relatively stable at 0.28. However, in 2020, there was a slight increase from 0.28 to 0.31, signaling a temporary increase in the proportion of assets financed by debt. In 2019, the ratio was notably lower at 0.18, indicating a lower level of debt relative to assets. Overall, this trend suggests a need to closely monitor the company's debt management strategies and the impact on its asset base.