Canadian Halal Investor.

NYSE Shariah screener · October 2026

Is Air Products and Chemicals, Inc. (APD) Halal?

PASS

Air Products and Chemicals, Inc. · NYSE: APD · Materials

The short answer

Yes — Air Products and Chemicals, Inc. (APD) passes this Shariah stock screen on all three gates. Gate 1: the FY2025 10-K Item 1 describes an industrial gases and equipment business (Americas, Asia, Europe, Middle East and India, Corporate and other) serving refining, chemicals, metals, electronics, manufacturing, medical and food — no alcohol, tobacco, gambling, adult entertainment or conventional lending is disclosed. Gate 2: interest-bearing debt of $17,667.5M (per the fiscal 2026 Q3 10-Q) is about 29.01% of its ~$60.9B market cap ($273.33, October 1, 2026; 222.8M shares), below the ~33% ceiling; cash of $980.5M is about 1.61% of market cap. Gate 3: the 10-K discloses interest income from financing and lease arrangements at approximately 1% of total consolidated sales ($12,037.3M) — about 1% of revenue, below the 5% ceiling. Musaffa classifies APD halal (October 2026) and ShariaPortfolio rates it Shariah Compliant (3/5 standards); a Zoya page exists but its rating could not be extracted from the fetched text.

Gate 1 — Business activity: PASS

Air Products and Chemicals, Inc. (NYSE: APD) is a world-leading industrial gases company founded in 1940, reporting under five segments per its FY2025 10-K Item 1: Americas, Asia, Europe, Middle East and India, and Corporate and other. The regional industrial gases segments produce and sell atmospheric gases (oxygen, nitrogen, argon), process gases (hydrogen, helium, carbon dioxide, carbon monoxide, syngas) and specialty gases, delivered via onsite plants or merchant supply; Corporate and other sells cryogenic and gas-processing equipment, turbomachinery, membrane systems and cryogenic containers. It serves customers in refining, chemicals, metals, electronics, manufacturing, medical and food, and is the leading global supplier of hydrogen, developing large clean-hydrogen projects. Haram check (factual, from the filing): the 10-K discloses no alcohol, tobacco, gambling, adult entertainment or conventional-lending operations — none of the disclosed business lines is a non-compliant activity. Gate 1 passes. Facts only.

Gate 2 — Debt and cash: PASS

Per Air Products' fiscal 2026 third quarter 10-Q (quarter ended June 30, 2026), interest-bearing debt was $17,667.5M — short-term borrowings $126.7M, current portion of long-term debt $769.5M, long-term debt $16,585.1M and long-term debt – related party $186.2M. Against a market cap of about $60.9B ($273.33 latest price, October 1, 2026; 222.8M weighted-average common shares per the 10-Q), debt ÷ market cap is about 29.01%, below the ~33% ceiling. Cash and cash items of $980.5M are about 1.61% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Air Products' FY2025 10-K states: "Interest income from financing and lease arrangements represented approximately 1% of our total consolidated sales in fiscal years 2025 and 2024" — against FY2025 sales of $12,037.3M that is about $120M, approximately 1% of revenue, below the 5% non-compliant income ceiling. The interest income from the financing component of lease receivables is presented within Sales; interest income on cash and short-term investments sits inside "Other non-operating income (expense), net" and is not separately disclosed. Gate 3 passes. Facts only.

Key figures used

Frequently asked questions

What does Air Products do?

Air Products and Chemicals, Inc. (NYSE: APD), founded in 1940 and headquartered in Allentown, Pennsylvania, is a world-leading industrial gases company. Per its FY2025 10-K Item 1, it reports five segments: Americas, Asia, Europe, Middle East and India, and Corporate and other. The regional industrial gases segments produce and sell atmospheric gases (oxygen, nitrogen, argon), process gases (hydrogen, helium, carbon dioxide, carbon monoxide, syngas) and specialty gases, delivered via onsite plants or merchant supply. Corporate and other sells cryogenic and gas processing equipment, turbomachinery, membrane systems and cryogenic containers. It serves refining, chemicals, metals, electronics, manufacturing, medical and food industries, and is the leading global supplier of hydrogen. FY2025 sales were $12,037.3M from operations in approximately 50 countries.

Why does Air Products pass this Shariah stock screen?

Air Products passes all three gates. Gate 1: the FY2025 10-K Item 1 discloses no haram segments — the business is industrial gases and related equipment, with customers in refining, chemicals, metals, electronics, manufacturing, medical and food; no alcohol, tobacco, gambling, adult entertainment or conventional lending operations are disclosed. Gate 2: interest-bearing debt of $17,667.5M is about 29.01% of its ~$60.9B market cap ($273.33, October 1, 2026; 222.8M shares), below the ~33% ceiling. Gate 3: the 10-K discloses interest income from financing and lease arrangements at approximately 1% of total consolidated sales, below the 5% non-compliant income ceiling. Musaffa classifies APD halal (October 2026) and ShariaPortfolio rates it Shariah Compliant (3/5 standards). This is a factual screen, not a religious ruling — consult a qualified scholar for personal rulings.

What is Air Products' interest-bearing debt ratio?

Per Air Products' fiscal 2026 third quarter 10-Q financials (quarter ended June 30, 2026), interest-bearing debt was $17,667.5M — short-term borrowings $126.7M, current portion of long-term debt $769.5M, long-term debt $16,585.1M and long-term debt – related party $186.2M. Against a market cap of about $60.9B ($273.33 latest price, October 1, 2026; 222.8M weighted-average common shares per the 10-Q), debt ÷ market cap is about 29.01% — below the ~33% ceiling. Cash and cash items of $980.5M are about 1.61% of market cap.

What is Air Products' non-compliant income ratio?

Air Products' FY2025 10-K discloses: 'Interest income from financing and lease arrangements represented approximately 1% of our total consolidated sales in fiscal years 2025 and 2024, and less than 1% in fiscal year 2023.' Against FY2025 total consolidated sales of $12,037.3M, that is about $120M — approximately 1% of revenue, below the 5% non-compliant income ceiling. The interest income from the financing component of lease receivables is presented within Sales; interest income on cash and short-term investments sits inside 'Other non-operating income (expense), net' and is not separately disclosed. Gate 3 passes. Facts only.

Do Zoya, Musaffa, or ShariaPortfolio cover Air Products?

Musaffa covers APD and classifies it 'halal' as of October 2026 (musaffa.com/stock/APD/), using AAOIFI methodology. ShariaPortfolio covers APD and rates it 'Shariah Compliant,' passing 3 of its 5 screened standards (spscreener.mxcorporate.com/stock/apd-air-products-and-chemicals-inc/), with a stated purification figure of $0.494. Zoya has an APD stock page (zoya.finance/stocks/apd) — coverage exists, but the fetched page text showed only template FAQ copy with blank date fields, so no definitive Zoya rating could be extracted from it; reported as unextractable, not invented. This page applies the screen directly from Air Products' own filings.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).