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Air Liquide
(OTC:AIQUY)
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Rating:73Outperform
Price Target:
$45.00
â–²(14.50% Upside)
Action:Reiterated
Date:07/28/26
The score is driven primarily by strong profitability improvement and steady operating cash flow, supported by a positive earnings-call backdrop (reiterated guidance, accelerating comparable sales, and a growing backlog/pipeline). These positives are tempered by multi-year revenue declines and weaker 2025 free-cash-flow conversion, a relatively premium P/E with modest yield, and higher net debt/working-capital pressures highlighted on the call.
Positive Factors
Sustained margin expansion
Improving margins and recurring efficiencies indicate stronger operating discipline and pricing power. If transformation benefits persist, Air Liquide can convert stable demand into higher profitability and support investment across its asset-heavy network.
Negative Factors
Persistent revenue contraction
Three consecutive years of declining reported revenue indicate that margin improvement has not yet been matched by durable top-line expansion. Continued weakness in some industrial regions could constrain operating leverage and reduce the growth contribution of new projects.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained margin expansion
Improving margins and recurring efficiencies indicate stronger operating discipline and pricing power. If transformation benefits persist, Air Liquide can convert stable demand into higher profitability and support investment across its asset-heavy network.
Read all positive factors
Air Liquide (AIQUY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$128.38B
Dividend Yield1.85%
Average Volume (3M)115.10K
Price to Earnings (P/E)28.8
Beta (1Y)0.23
Revenue Growth5.88%
EPS Growth10.52%
CountryUS
Employees65,168
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)1.18
Shares Outstanding3,190,814,500
10 Day Avg. Volume285,107
30 Day Avg. Volume115,100
Financial Highlights & Ratios
PEG Ratio11.86
Price to Book (P/B)3.20
Price to Sales (P/S)3.24
P/FCF Ratio34.75
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$46.80Price Target Upside19.08% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)1.49
Revenue Forecast (FY)$32.32B
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 Paci...
How the Company Makes Money
Air Liquide makes money primarily by producing gases and selling them (often bundled with supply services and equipment) under a range of contract structures optimized for different customer needs. Key revenue streams include: (1) Large Industries...
Air Liquide Earnings Call Summary
Earnings Call Date:Jul 28, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 17, 2027
Earnings Call Sentiment Positive
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.Positive Updates
Strong Q2 Comparable Sales Acceleration
Comparable sales growth increased to 3.5% in Q2 (up from 1.9% in Q1); group sales growth reached +5.2% in Q2 excluding FX and energy, supported by the integration of DIG Airgas.
Negative Updates
Currency Headwinds and Reported Top-Line Impact
Reported sales in H1 were negatively impacted by currency headwinds of -3.6%; published net profit rose only +1.2% (vs +6.5% excluding currency), showing sensitivity to FX volatility.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Q2 Comparable Sales Acceleration
Comparable sales growth increased to 3.5% in Q2 (up from 1.9% in Q1); group sales growth reached +5.2% in Q2 excluding FX and energy, supported by the integration of DIG Airgas.
Read all positive 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
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| 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 | 6.81B | 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
Negative
39.30
Price Trends
39.73
Negative
38.99
Positive
37.00
Positive
Market Momentum
0.09
Negative
46.84
Neutral
60.86
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For AIQUY, the sentiment is Negative. The current price of 39.3 is below the 20-day moving average (MA) of 39.32, below the 50-day MA of 39.73, and above the 200-day MA of 37.00, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 46.84 is Neutral, neither overbought nor oversold. The STOCH value of 60.86 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for AIQUY.
Air Liquide Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $77.96B | 36.29 | 21.41% | 1.04% | 7.11% | -0.48% | |
73 Outperform | $128.38B | 28.82 | 13.42% | 1.85% | 5.88% | 10.52% | |
71 Outperform | $215.91B | 29.99 | 18.86% | 1.35% | 6.63% | 9.97% | |
70 Outperform | $8.05B | 17.66 | 7.42% | 4.90% | -4.30% | -46.24% | |
65 Neutral | $66.30B | -1,419.42 | -0.32% | 2.44% | 4.51% | -103.05% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
61 Neutral | $20.87B | -57.60 | -3.36% | 5.33% | -11.13% | -245.92% |
* Basic Materials Sector Average
AIQUY
Air Liquide
39.21
2.51
6.83%
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0.06%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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.