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Air Liquide
(AI)
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Rating:65Neutral
Price Target:
€183.00
▲(9.73% Upside)
Action:Downgraded
Date:09/08/26
The score is driven primarily by solid financial quality—improving margins, steady ROE, and reliable operating cash flow—offset by the lack of recent revenue growth and a softer free cash flow trend with higher debt in 2025. Technically, momentum is neutral to slightly weak, and valuation is a headwind due to the higher P/E and modest dividend yield.
Positive Factors
Improving profitability
Rising EBIT, EBITDA and net margin indicate stronger earnings quality and operating efficiency. This profitability improvement can support reinvestment, resilience across industrial and healthcare markets, and sustained returns even when volume growth is modest.
Negative Factors
Persistent revenue pressure
Three years of slightly declining revenue show that recent performance has not been supported by broad top-line expansion. If this persists, Air Liquide may depend increasingly on pricing, mix and efficiency gains, which can constrain operating leverage and future growth.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability
Rising EBIT, EBITDA and net margin indicate stronger earnings quality and operating efficiency. This profitability improvement can support reinvestment, resilience across industrial and healthcare markets, and sustained returns even when volume growth is modest.
Read all positive factors
Air Liquide (AI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€108.56B
Dividend Yield1.79%
Average Volume (3M)734.41K
Price to Earnings (P/E)29.2
Beta (1Y)0.72
Revenue Growth-1.30%
EPS Growth3.05%
CountryFR
Employees65,000
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)5.84
Shares Outstanding638,164,000
10 Day Avg. Volume767,480
30 Day Avg. Volume734,413
Financial Highlights & Ratios
PEG Ratio3.81
Price to Book (P/B)3.21
Price to Sales (P/S)3.12
P/FCF Ratio33.46
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€195.10Price Target Upside16.98% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering11
EPS Forecast (FY)6.49
Revenue Forecast (FY)€28.15B
Air Liquide Business Overview & Revenue Model
Company Description
L'Air Liquide S.A. is a global entity offering crucial gases, cutting-edge technologies, and a variety of services, primarily serving industrial and healthcare sectors across Europe, the Americas, Asia Pacific, the Middle East, and Africa. The com...
How the Company Makes Money
Air Liquide primarily makes money by producing and distributing industrial and medical gases under supply contracts and service agreements across several business lines. (1) Large Industries: it earns revenue from long-term contracts to supply hig...
Air Liquide Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
69
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.05B | 26.94B | 27.06B | 27.61B | 29.93B | 23.33B |
| Gross Profit | 9.82B | 9.64B | 17.05B | 16.46B | 16.12B | 13.95B |
| EBITDA | 8.34B | 8.15B | 7.50B | 6.90B | 6.42B | 6.11B |
| Net Income | 3.54B | 3.52B | 3.31B | 3.08B | 2.76B | 2.57B |
Balance Sheet | ||||||
| Total Assets | 56.28B | 51.91B | 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 | 17.26B | 13.60B | 12.45B | 12.11B | 13.45B | 13.96B |
| Total Liabilities | 29.02B | 24.97B | 24.25B | 23.29B | 24.95B | 24.78B |
| Stockholders Equity | 26.52B | 26.21B | 26.86B | 24.32B | 23.74B | 21.46B |
Cash Flow | ||||||
| Free Cash Flow | 1.52B | 2.51B | 2.80B | 2.87B | 2.31B | 2.45B |
| Operating Cash Flow | 5.36B | 6.35B | 6.32B | 6.26B | 5.59B | 5.37B |
| Investing Cash Flow | -6.74B | -3.79B | -3.58B | -3.08B | -3.24B | -3.35B |
| Financing Cash Flow | 1.86B | -140.30M | -2.81B | -3.48B | -2.78B | -1.82B |
Air Liquide Technical Analysis
Positive
166.78
Price Trends
172.75
Negative
168.27
Positive
158.39
Positive
Market Momentum
-0.10
Negative
49.98
Neutral
55.05
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FR:AI, the sentiment is Positive. The current price of 166.78 is below the 20-day moving average (MA) of 169.26, below the 50-day MA of 172.75, and above the 200-day MA of 158.39, indicating a neutral trend. The MACD of -0.10 indicates Negative momentum. The RSI at 49.98 is Neutral, neither overbought nor oversold. The STOCH value of 55.05 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for FR:AI.
Air Liquide Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | €108.56B | 29.18 | 13.42% | 1.79% | -1.30% | 3.05% | |
65 Neutral | €7.63B | 23.24 | 3.31% | 0.99% | 3.69% | 98.88% | |
60 Neutral | €4.49B | 104.04 | 0.92% | 6.07% | -5.73% | -73.67% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
50 Neutral | €97.19M | -2.83 | -18.56% | ― | ― | ― | |
49 Neutral | €106.84M | -5.19 | -26.54% | ― | -20.58% | -41.43% |
* General Sector Average
FR:AI
Air Liquide
170.44
12.98
8.24%
FR:ALO
Alstom SA
16.50
-3.81
-18.76%
FR:AKE
Arkema
59.30
4.47
8.15%
FR:EXPL
Societe Explosifs et Produits Chimiques SA
271.00
83.07
44.20%
FR:ALCRB
Carbios SA
5.75
-3.08
-34.88%
FR:ALAFY
AFYREN
2.75
0.33
13.40%
Air Liquide Corporate Events
Air Liquide commits over $150 million in U.S. to back memory chip expansion
Jul 23, 2026
Air Liquide plans to invest more than USD 150 million in the United States to support the growth of a leading global memory chip producer, expanding its supply of ultra‑pure gases and associated infrastructure. The project is aimed at reinfo...
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.