Air Products and Chemicals Inc (APD)

Debt-to-capital ratio

		Sep 30, 2023	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019
Long-term debt	US$ in thousands	—	—	—	—	—
Total stockholders’ equity	US$ in thousands	14,312,900	13,144,000	13,539,700	12,079,800	11,053,600
Debt-to-capital ratio		0.00	0.00	0.00	0.00	0.00

September 30, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $—K ÷ ($—K + $14,312,900K)
= 0.00

The debt-to-capital ratio of Air Products & Chemicals Inc. has shown variability over the past five years, ranging from 0.23 to 0.42. In 2019, the ratio was relatively low at 0.23, indicating a lower reliance on debt in the company's capital structure. However, there was a notable increase in the ratio in 2023, reaching 0.42, which suggests a higher proportion of debt in the capital funding mix. The 2023 ratio reflects a significant shift in the capital structure, potentially indicating increased leverage or a decrease in equity financing. It is important for stakeholders to closely monitor these changes and assess their impact on the company's financial risk and overall stability.