Air Products After the Write-Off: A Moat Worth Owning, But at What Price

Views: 150 2026-07-20 Air Products produces and distributes industrial gases including oxygen, nitrogen, argon, hydrogen, helium, and carbon dioxide. Most revenue comes from long-term, take-or-pay contracts where Air Products builds a plant next to a customer’s facility (on-site) or delivers gas by pipeline or truck (merchant). It also sells equipment for gas separation and liquefaction. In recent years the company has poured billions of dollars into large clean-energy megaprojects, including a blue hydrogen complex in Louisiana that it exited in 2026 after taking a roughly $2.9 billion pre-tax write-off, and the NEOM green hydrogen project in Saudi Arabia. Intrinsic Value …

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