Air Products and Chemicals Inc (APD)

Debt-to-assets ratio

		Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020	Dec 31, 2019	Sep 30, 2019	Jun 30, 2019	Mar 31, 2019
Long-term debt	US$ in thousands	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—
Total assets	US$ in thousands	34,118,200	32,002,500	30,929,500	29,435,400	28,278,300	27,192,600	27,489,000	27,449,700	27,125,300	26,859,200	26,252,100	26,158,900	26,088,100	25,168,500	24,782,100	19,501,200	19,651,600	18,942,800	19,531,900	19,244,500
Debt-to-assets ratio		0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

December 31, 2023 calculation

Debt-to-assets ratio = Long-term debt ÷ Total assets
= $—K ÷ $34,118,200K
= 0.00

The debt-to-assets ratio of Air Products & Chemicals Inc. has shown a slight upward trend over the past eight quarters, increasing from 0.27 in Q2 2022 to 0.35 in Q1 2024. This indicates that the company's level of debt relative to its total assets has been gradually rising.

While the ratio has remained below 0.30 for the first six quarters, it breached the 0.30 mark in Q3 2023 and has continued to climb since then. This suggests that the company may be taking on more debt in relation to its total assets, which could potentially increase its financial risk.

It is important for investors and stakeholders to closely monitor this trend in the debt-to-assets ratio as it could impact the company's financial stability and ability to meet its debt obligations in the future. Further analysis of the reasons behind the increase in debt levels and how it aligns with the company's overall strategic objectives would be beneficial to gain a deeper understanding of the implications of this trend.