Want to see AIQUY full AI Analyst Report?
Air Liquide (AIQUY) AI Stock Analysis
Top Page
Air Liquide
(Other OTC:AIQUY)
The score is driven primarily by solid underlying financial quality (strong and improving margins and steady operating cash flow) and a constructive earnings call with reiterated guidance and strong project momentum. Offsetting factors are weaker recent revenue and free-cash-flow conversion, a valuation that looks elevated (P/E ~29.9 with a modest yield), and only mixed technical signals with potentially stretched short-term momentum.
Air Liquide (AIQUY) vs. SPDR S&P 500 ETF (SPY)
- Market Cap
- $128.47B
- Dividend Yield
- 1.79%
- Average Volume (3M)
- 431.08K
- Price to Earnings (P/E)
- 31.0
- Beta (1Y)
- 0.17
- Revenue Growth
- 5.88%
- EPS Growth
- 10.52%
- Country
- US
- Employees
- 65,168
- Sector
- Basic Materials
- Sector Strength
- 61
- Industry
- Chemicals - Specialty
Air Liquide Business Overview & Revenue Model
Company Description
L'Air Liquide S.A., established in Paris, France, in 1902, is a worldwide leader in providing essential industrial and medical gases, cutting-edge technologies, and specialized services. Its operations extend across Europe, the Americas, Asia Pacific...
How the Company Makes Money
Air Liquide makes money mainly by selling industrial and medical gases and related services under long-term contracts and recurring supply arrangements. Its core revenue streams typically include: (1) On-site gas supply: Air Liquide finances, builds,...
Air Liquide Earnings Call Summary
The call highlighted strong operational momentum: accelerating comparable sales (notably Electronics), record project signings and robust margin expansion supported by ~EUR300m of efficiencies. Management closed DIG Airgas early, expanded backlog to EUR6bn, and confirmed multi-year margin guidance, while maintaining ROCE at ~11% and solid cash generation. Headwinds include currency (-3.6%), acquisition-related costs and higher net debt following DIG financing, ongoing helium supply constraints, and regional softness in some Large Industry markets. Overall, the positives — strong top-line acceleration, margin gains, record investments and a healthy project pipeline — outweigh the operational and financing challenges disclosed.
Q2-2026 Updates
Positive Updates
Negative Updates
Company Guidance
Air Liquide reiterated its 2026–2027 guidance, confirming a cumulative +560 basis points margin improvement over the six‑year plan and saying H2 should be similar or slightly better than H1; H1 metrics supporting that guidance included comparable sales +2.6% (Q2 comp +3.5; Q2 sales +5.2% ex‑FX/energy; reported H1 sales +0.8%), recurring net profit €1.9bn (+10% at constant currency, +4.4% reported), recurring ROCE ~11%, cash flow +8% ex‑currency, margin expansion of +110 bps in H1 (+100 bps including PPI), efficiencies ~€299m, industrial investment decisions €2.9bn (+26% YoY), backlog ~€6bn (up from €5.5bn in Q1; +30% YoY), 12‑month pipeline €4.8bn (+17% YoY) and total opportunities >€10bn, while net debt was €13.9bn (≈+€5.5bn since Dec‑25) with gearing ~45%.
Air Liquide Financial Statement Overview
Summary
Strong profitability trend with meaningful margin expansion (EBIT margin up to ~20.7% and net margin ~13.1% by 2025) and steady operating cash flow (~$6.1–$6.3B). Offsetting this, revenue declined for three consecutive years (including -5.6% in 2025), free cash flow weakened in 2025 (~-12.3%) with low FCF-to-net-income conversion (~40%), and leverage ticked up with higher 2025 debt.
Income Statement
78PositiveBalance Sheet
74PositiveCash Flow
70Positive| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.22B | 25.88B | 27.06B | 27.61B | 29.93B | 23.33B |
| Gross Profit | 9.89B | 9.26B | 17.05B | 16.46B | 16.12B | 13.95B |
| EBITDA | 8.39B | 7.82B | 7.29B | 6.71B | 7.07B | 6.11B |
| Net Income | 3.56B | 3.38B | 3.31B | 3.08B | 2.76B | 2.57B |
Balance Sheet | ||||||
| Total Assets | 56.25B | 51.89B | 51.87B | 48.33B | 49.52B | 46.78B |
| Cash, Cash Equivalents and Short-Term Investments | 2.06B | 3.96B | 1.92B | 1.62B | 1.91B | 2.25B |
| Total Debt | 17.25B | 13.60B | 12.45B | 12.04B | 13.45B | 13.88B |
| Total Liabilities | 29.00B | 24.96B | 24.25B | 23.29B | 24.84B | 24.69B |
| Stockholders Equity | 26.51B | 26.20B | 26.86B | 24.32B | 23.74B | 21.46B |
Cash Flow | ||||||
| Free Cash Flow | 1.58B | 2.41B | 2.80B | 2.87B | 2.31B | 2.45B |
| Operating Cash Flow | 5.55B | 6.10B | 6.32B | 6.26B | 5.59B | 5.37B |
| Investing Cash Flow | -6.93B | -3.64B | -3.58B | -3.08B | -3.24B | -3.35B |
| Financing Cash Flow | 1.81B | -134.76M | -2.81B | -3.48B | -2.78B | -1.82B |
Air Liquide Technical Analysis
Price Trends
Market Momentum
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIQUY, the sentiment is Positive. The current price of 40.39 is above the 20-day moving average (MA) of 38.62, above the 50-day MA of 38.73, and above the 200-day MA of 37.89, indicating a bullish trend. The MACD of 0.30 indicates Negative momentum. The RSI at 68.45 is Neutral, neither overbought nor oversold. The STOCH value of 72.44 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for AIQUY.
Air Liquide Peers Comparison
Overall Rating
LIN77Outperform
ECL72Outperform- AIQUY70Outperform
APD65Neutral
EMN65Neutral
LYB65Neutral
Financial Indicators
| Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
| LIN | 77Outperform | $236.08B | 34.01 | 18.05% | 1.23% | 8.16% | 0.67% |
| ECL | 72Outperform | $84.98B | 40.89 | 20.70% | 0.96% | 9.33% | 5.71% |
| AIQUY | 70Outperform | $129.11B | 30.98 | 13.42% | 1.79% | 5.88% | 10.52% |
| APD | 65Neutral | $70.46B | -1521.30 | -0.32% | 2.28% | 4.51% | -103.05% |
| EMN | 65Neutral | $7.61B | 11.73 | 10.63% | 5.05% | 0.40% | -6.58% |
| LYB | 65Neutral | $22.17B | 41.60 | 12.54% | 5.01% | -1.83% | ― |
| Sector * | 61Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% |
* Basic Materials Sector Average
Performance Comparison
| Show on chart | Ticker | Company Name | Price | Change | % Change |
|---|---|---|---|---|---|
| AIQUY | Air Liquide | 40.39 | 5.71 | 16.47% | |
| APD | Air Products and Chemicals, Inc. | 316.43 | 83.27 | 35.71% | |
| EMN | Eastman Chemical Company | 66.53 | 11.40 | 20.67% | |
| ECL | Ecolab | 302.98 | 48.31 | 18.97% | |
| LYB | Lyondellbasell Industries | 68.64 | 25.11 | 57.70% | |
| LIN | Linde Plc | 514.24 | 107.58 | 26.45% |
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.
Date of analysis: Oct 28, 2026