APD

APD is a genuinely high-quality industrial-gases business — roughly half of revenue comes from long-term on-site contracts with energy-cost pass-throughs, and it operates in ~50 countries. That durability is why FY2021–FY2024 net income sat between $2.1B and $3.8B on stable ~$12B revenue. The FY2025 headline is ugly — revenue $12.0B (-0.5%), a net loss of -$395M, operating income of -$877M, and diluted EPS of -$1.77 — but the MD&A tells you why: it was 'a transitional year' under a new CEO (joined Feb 2025) who took 'decisive actions to reshape our portfolio, including the cancellation and descoping of several large energy transition projects.' These are largely non-cash impairment/write-off charges on over-ambitious green/blue hydrogen bets, not a collapse in the core franchise — operating cash flow was still a hefty $3.26B. The reset is arguably healthy: it removes speculative overhang and refocuses capital on the profitable core.