Air Products & Chemicals Inc (APD) is overvalued and International Flavors & Fragrances Inc (IFF) is overvalued.
Both trade above our estimate of their intrinsic value. APD is the closer of the two: -449%, against -717% for IFF.
Values as of the 22 Sept 2026 close.
Its through-the-cycle earnings (22.1% median margin), capitalised at 8.3% with no growth, values the shares at $52.43; the price of $287.86 is 449% above that value.
Leak Score 33/100 on 8 of 12 signals
Its through-the-cycle earnings (8.9% median margin), capitalised at 8.8% with no growth, values the shares at $10.51; the price of $85.79 is 717% above that value.
Leak Score 24/100 on 9 of 12 signals
| Metric | APD | IFF |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $287.86 | $85.79 |
| Intrinsic value | $52.43 | $10.51 |
| Margin of safety | -449% | -717% |
| Leak Score | 33/100 (8/12) | 24/100 (9/12) |
| Market cap | $64.1B | $21.9B |
| Revenue growth, 5 years | 6.3% | 16.5% |
| Operating margin | 24.3% | 10.5% |
| Net margin | -0.4% | 2.8% |
| Return on equity | -0.3% | 1.8% |
| Debt to equity | 1.31 | 0.45 |
| P/E | — | 79.6x |
| Forward P/E | 19.9x | 21.5x |
| P/B | 4.6x | 1.6x |
| Dividend yield | 2.5% | 1.9% |