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Supported by our pristine balance sheet and strong cash flow, Air Products has launched a disciplined capital deployment program which will generate significant growth. We expect increasing focus on sustainability will make hydrogen an important source of energy and the need to improve productivity and better the environment will drive additional projects. Furthermore, the rising living standard around the world, particularly in the emerging markets, will also raise the overall demand for our products. We see significant opportunities in executing projects focusing on serving energy, environment and emerging markets.
Meanwhile, we will work to maintain our lead as the most profitable industrial gas company in the world by focusing on our base business. Over the last five years, our EBITDA margin has expanded over 1500 basis points and our EPS has grown 13% annually. Air Products has more than half of our revenue in the very stable on-site business model, far greater than our competition, offering stability in uncertain times. We have consistently grown our earnings year-over-year for over twenty consecutive quarters, demonstrating the stability of our business and the success of our capital deployment. As our profits improve with additional projects on-stream, our stability will also strengthen as these projects increase the proportion of our on-site business. At Air Products, we intend to leverage this unique combination of growth, profitability and stability to deliver more than 10% EPS improvement per year over the long term.
There is a high degree of stability in our business model and earnings. Here's why:
• The most profitable industrial gas company in the world
• EPS CAGR of 13% from 2014 to 2019
• Commitment to growing EPS more than 10% over the long term
• Strong cash flow due to high margin plus low maintenance capex
• Increased annual dividend for 38 straight years
• Maintaining debt balance to maintain targeted A/A2 rating