Air Products' aggressive clean hydrogen project pipeline (NEOM, Louisiana) faces escalating capex overruns and softening offtake demand. Activist pressure from Mantle Ridge resulted in board changes but project execution risk remains elevated. The recent Saudi NEOM cost overrun adds doubt to mega-project economics.
Thesis reviewed May 29, 2026
Air Products and Chemicals, Inc. is headquartered in United States, which is currently showing elevated risk signals.
🇺🇸United States72REDUCEView United States risk detail →🧱Materials18WATCH| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| PPG | PPG Industries, Inc. | 24 | +1% | ↓7% | NEUTRAL |
| APD | Air Products and Chemicals, Inc. | 24 | -9% | ↓7% | AVOID |
| DD | DuPont de Nemours, Inc. | 24 | +6% | ↓7% | EARLY |
| SHW | The Sherwin-Williams Company | 24 | +2% | ↓7% | NEUTRAL |
| LIN | Linde plc | 24 | +10% | ↓7% | EARLY |
| NUE | Nucor Corporation | 24 | +11% | ↓7% | EARLY |
| ECL | Ecolab Inc. | 24 | +2% | ↓7% | NEUTRAL |
Investors who hold APD may also have indirect exposure through these country funds.
NEOM green hydrogen project capex revised up 25%; FID delays continue
Mantle Ridge installs three new APD board members; strategic review intensifies
Estimates · Yahoo Finance · Not audited figures
[Senate Hearing 119-328] [From the U.S. Government Publishing Office] S. Hrg. 119-328 INCREASING DOMESTIC CONSUMPTION OF U.S.-GROWN AGRICULTURAL PRODUCTS ======================================================================= HEARING BEFORE THE COMMITTEE ON AGRICULTURE, …
| Politician | Party | Type | Amount | Trade Date | Return |
|---|---|---|---|---|---|
| Alan Armstrong | Buy | $1k–$15k | Mar 27, 26 | ||
| Josh GottheimerNJ | D | Buy | $1k–$15k | Mar 5, 26 | -6.1% |
| Julie JohnsonTX | D | Buy | $1k–$15k | Dec 18, 25 | +5.4% |
| Josh GottheimerNJ | D | Sell | Unknown amount | Dec 8, 25 | +4.9% |
| Josh GottheimerNJ | D | Sell | $1k–$15k | Aug 30, 24 | +4.9% |
| John JamesMI | R | Buy | $1k–$15k | Sep 4, 24 | +8.4% |
| John JamesMI | R | Buy | $1k–$15k | May 29, 24 | +4.5% |
| John JamesMI | R | Buy | $1k–$15k | Jun 3, 24 | +4.5% |
| C. Scott FranklinFL | R | Buy | Unknown amount | Aug 7, 24 | +6.6% |
| C. Scott FranklinFL | R | Buy | $1k–$15k | Aug 2, 24 | +6.6% |
| Kathy ManningNC | Sell | $1k–$15k | Jul 2, 24 | +5.5% | |
| Jared MoskowitzFL | D | Buy | $1k–$15k | Feb 1, 24 | +4.6% |
| Shelley M Capito | Sell | $1k–$15k | Jun 27, 24 | +12.9% | |
| Josh GottheimerNJ | D | Sell | $1k–$15k | Jun 21, 24 | +14.4% |