Air Liquide (AIQUY)
OTHER OTC:AIQUY
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Air Liquide
(OTC:AIQUY)
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Rating:73Outperform
Price Target:
$46.00
â–²(13.92% Upside)
Action:ReiteratedDate:02/23/26
The score is driven primarily by solid financial performance (strong margins and steady operating cash flow) and a positive earnings outlook with clear margin guidance and strong backlog/cash generation. Technicals are supportive but somewhat extended, while valuation (high P/E and modest yield) is the main constraint.
Positive Factors
Sustained margin expansion
Material margin improvement over 2023–2025 demonstrates durable operating leverage, pricing power and cost efficiency. Stronger margins support recurring profitability even if revenues are soft, improving cash flow potential and ROCE, and underpin medium-term resilience of core earnings.
Negative Factors
Multi-year revenue decline
Consecutive annual top-line declines reduce the base for operational leverage and increase reliance on margin gains and cost saves to deliver earnings growth. If demand headwinds persist, sustaining recent margin gains and translating backlog into net-revenue growth becomes harder.
Read all positive and negative factors
Positive Factors
Negative Factors
Sustained margin expansion
Material margin improvement over 2023–2025 demonstrates durable operating leverage, pricing power and cost efficiency. Stronger margins support recurring profitability even if revenues are soft, improving cash flow potential and ROCE, and underpin medium-term resilience of core earnings.
Read all positive factors
Air Liquide (AIQUY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$110.87B
Dividend Yield1.94%
Average Volume (3M)10.26K
Price to Earnings (P/E)27.3
Beta (1Y)0.27
Revenue Growth2.04%
EPS Growth13.28%
CountryUS
Employees64,124
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.78
Shares Outstanding2,896,464,800
10 Day Avg. Volume0
30 Day Avg. Volume10,260
Financial Highlights & Ratios
PEG Ratio13.07
Price to Book (P/B)3.52
Price to Sales (P/S)3.56
P/FCF Ratio38.22
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue4.04
Enterprise Value/Gross Profit8.04
Enterprise Value/Ebitda13.49
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.66
Revenue Forecast (FY)$32.85B
Air Liquide Business Overview & Revenue Model
Company Description
Air Liquide is a global leader in gases, technologies, and services for industries and health. The company operates in several sectors, including industrial gases, healthcare, electronics, and renewable energies. Core products and services include...
How the Company Makes Money
Air Liquide generates revenue primarily through the sale of industrial gases, which are used across various industries such as manufacturing, energy, food and beverage, and healthcare. The company operates a diversified revenue model that includes...
Air Liquide Earnings Call Summary
Earnings Call Date:Feb 20, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presented a predominantly positive operational and financial story: modest organic revenue growth, strong margin expansion (130 bps Gas & Services; +100 bps group), recurring net profit growth (~+10% ex-FX), record cash generation (EUR 6.8bn), a record investment backlog (~EUR 4.9bn) and substantial efficiency delivery (EUR 631m). At the same time management acknowledged near‑term regional softness (notably parts of Asia and certain large-industry segments), helium and merchant pockets of weakness, significant restructuring charges (~EUR 200m) to realign European cost structures and regulatory/energy uncertainties in Europe. On balance the positives—margin/leverage gains, cash, backlog, electronics momentum and clear transformation execution—materially outweigh the challenges called out, supporting an overall constructive outlook while highlighting near-term execution and regional demand risks.Positive Updates
Modest Organic Sales Growth
Group sales grew +2% on a comparable basis for FY2025, with a slight Q4 acceleration to +2.5% and Gas & Services also up +2% on a comparable basis.
Negative Updates
Restructuring Costs and Workforce Reduction
Nonrecurring operating items totaled ~EUR 300 million in 2025, including ~EUR 200 million of restructuring costs (mainly Europe) tied to transformation and announced reorganizations affecting multiple countries; global headcount reduced ~5% since early 2024.
Read all updates
Q4-2025 Updates
Positive
Negative
Modest Organic Sales Growth
Group sales grew +2% on a comparable basis for FY2025, with a slight Q4 acceleration to +2.5% and Gas & Services also up +2% on a comparable basis.
Read all positive updates
Company Guidance
Air Liquide guided for 2026 to deliver an additional +100 basis points of operating margin improvement (OIR) and reiterated its objective to grow recurring net profit at constant exchange rates, while extending the margin ambition with a further +100 bps in 2027 — raising the cumulative margin target to +560 bps over 2022–2027; the group backed this guidance with strong underlying metrics: recurring ROCE above 11%, record cash generation of EUR 6.8bn (cash flow +8% ex‑FX), gross CapEx EUR 4.1bn (EUR 3.7bn net), a EUR 4.9bn investment backlog and EUR 4.6bn of 12‑month opportunities, EUR 631m of efficiencies delivered (vs a EUR 400m annual target), Gas & Services OI margin improvement of +130 bps ex energy pass‑through (group OI margin +100 bps), recurring net profit growth ~+10% ex‑FX in 2025, net debt/equity at 31.2% (pre‑DIG), and continued ESG progress (CO2 -13% vs 2020; carbon intensity -46% over 10 years), alongside proposed shareholder returns (dividend EUR 3.70/share, +12%, and a 1‑for‑10 free share proposal for June 2026).Air Liquide Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
74
Positive
Cash Flow
70
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 25.88B | 27.06B | 27.61B | 29.93B | 23.33B |
| Gross Profit | 9.26B | 17.05B | 16.46B | 16.12B | 13.95B |
| EBITDA | 7.82B | 7.29B | 6.71B | 6.81B | 6.11B |
| Net Income | 3.38B | 3.31B | 3.08B | 2.76B | 2.57B |
Balance Sheet | |||||
| Total Assets | 51.89B | 51.87B | 48.33B | 49.52B | 46.78B |
| Cash, Cash Equivalents and Short-Term Investments | 3.96B | 1.92B | 1.62B | 1.91B | 2.25B |
| Total Debt | 14.66B | 12.45B | 12.04B | 13.45B | 13.88B |
| Total Liabilities | 24.96B | 24.25B | 23.29B | 24.84B | 24.69B |
| Stockholders Equity | 26.20B | 26.86B | 24.32B | 23.74B | 21.46B |
Cash Flow | |||||
| Free Cash Flow | 2.41B | 2.80B | 2.87B | 2.31B | 2.45B |
| Operating Cash Flow | 6.10B | 6.32B | 6.26B | 5.59B | 5.37B |
| Investing Cash Flow | -3.64B | -3.58B | -3.08B | -3.24B | -3.35B |
| Financing Cash Flow | -134.76M | -2.81B | -3.48B | -2.78B | -1.82B |
Air Liquide Technical Analysis
Negative
40.38
Price Trends
39.01
Negative
38.59
Negative
39.77
Negative
Market Momentum
-0.22
Positive
40.73
Neutral
10.08
Positive
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 40.38 is above the 20-day moving average (MA) of 39.83, above the 50-day MA of 39.01, and above the 200-day MA of 39.77, indicating a bearish trend. The MACD of -0.22 indicates Positive momentum. The RSI at 40.73 is Neutral, neither overbought nor oversold. The STOCH value of 10.08 is Positive, 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 | $221.53B | 28.82 | 18.10% | 1.41% | 1.45% | 13.21% | |
74 Outperform | $73.63B | 35.83 | 22.03% | 1.01% | 1.38% | -2.54% | |
73 Outperform | $110.87B | 27.28 | 13.87% | 1.94% | 2.04% | 13.28% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
59 Neutral | $23.03B | -18.77 | -6.63% | 12.78% | -19.65% | -157.13% | |
57 Neutral | $62.05B | 20.29 | -2.20% | 2.92% | -0.52% | -110.29% | |
56 Neutral | $18.05B | -21.54 | -3.77% | 1.74% | 2.42% | -196.54% |
* Basic Materials Sector Average
AIQUY
Air Liquide
38.36
0.19
0.50%
APD
Air Products and Chemicals
278.66
-6.89
-2.41%
ECL
Ecolab
261.13
12.51
5.03%
LYB
LyondellBasell
71.47
7.54
11.80%
DD
DuPont de Nemours
44.14
12.81
40.88%
LIN
Linde
478.05
26.69
5.91%
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.