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Air Liquide (AIQUY)
:AIQUY
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Air Liquide
(OTC:AIQUY)
Rating:78Outperform
Price Target:
$48.00
â–²(13.91%Upside)
Air Liquide (AIQUY) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$119.93B
Dividend Yield1.14%
Average Volume (3M)184.85K
Price to Earnings (P/E)33.4
Beta (1Y)0.43
Revenue Growth-1.94%
EPS Growth7.08%
CountryUS
Employees64,124
SectorBasic Materials
Sector Strength67
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)0.62
Shares Outstanding2,892,195,800
10 Day Avg. Volume0
30 Day Avg. Volume184,852
Financial Highlights & Ratios
PEG Ratio-5.17
Price to Book (P/B)3.92
Price to Sales (P/S)0.00
P/FCF Ratio38.49
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$44.00Price Target Upside4.41% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
Air Liquide Business Overview & Revenue Model
Company DescriptionAir Liquide S.A. (AIQUY) is a world leader in gases, technologies, and services for industry and health. The company operates in various sectors, including industrial gases, healthcare, electronics, and engineering & construction. It provides essential small molecules—oxygen, nitrogen, hydrogen, and rare gases—used in a wide range of applications, from metal fabrication and energy to healthcare and electronics manufacturing.
How the Company Makes MoneyAir Liquide generates revenue primarily through the sale of industrial gases and related services to a diverse customer base. The company's key revenue streams include large industries, which involve supplying gases for petrochemicals, refining, and natural gas markets; industrial merchant, which covers general industrial customers across various sectors; and healthcare, where the company provides medical gases and equipment. Additionally, Air Liquide has a significant presence in electronics, supplying high-purity gases and advanced materials for semiconductor and flat-panel display manufacturing. Strategic partnerships and long-term contracts with major industrial and healthcare clients further contribute to their earnings, ensuring stable and recurring revenue.
Air Liquide Earnings Call Summary
Earnings Call Date:Feb 21, 2025
(Q4-2024)
| % Change Since: 17.74%|
Next Earnings Date:Jul 29, 2025
Earnings Call Sentiment Positive
The earnings call highlighted several positive achievements, including record margin improvements, a significant decrease in CO2 emissions, and strong future growth prospects through a robust backlog and increased investment. However, challenges persist, such as soft volumes in certain segments and delays in investment decisions due to regulatory uncertainties. Despite these challenges, the overall sentiment leans towards positive due to the strong financial performance and strategic advancements.Q4-2024 Updates
Positive Updates
Record-Breaking Margin Improvement
Air Liquide achieved a record operating margin improvement of over 100 basis points in 2024, excluding the energy pass-through effect. This improvement was driven by pricing, efficiency, and portfolio management.
Significant Decrease in CO2 Emissions
Air Liquide reported a significant decrease in CO2 emissions, now 11% below the 2020 level. Carbon intensity has been reduced by 40% compared to 2015, surpassing the 2025 objective of minus 30%.
Strong Backlog and Investment Decisions
The company secured future growth with a strong backlog of €4.2 billion and investment decisions reaching €4.4 billion in 2024, indicating robust future growth prospects.
Increase in Recurring ROCE
The recurring return on capital employed (ROCE) has improved and now stands at 10.7%, despite increased investment.
Dividend Increase
Air Liquide proposed a dividend per share of €3.3 in 2025, an increase of 13.7% compared to the previous year.
Negative Updates
Soft Industrial Merchant Volumes in EMEA
Volumes in the Industrial Merchant segment in EMEA remained soft throughout 2024 and are expected to continue being soft in 2025.
Challenges in Hardgoods Segment
The hardgoods segment in the US posted a marked decline in 2024, and activity is expected to remain muted into 2025.
Restructuring Costs
Air Liquide incurred restructuring costs of over €200 million in 2024 as part of their transformation plan.
Regulatory Uncertainty Impacting FID in Europe
Several projects in Europe are experiencing delays in final investment decisions due to regulatory uncertainty and the need for further clarification.
Company Guidance
During the Air Liquide Full Year 2024 Revenue Conference Call, the company highlighted a record year, emphasizing a margin improvement of over 100 basis points and sales growth of 3% on a comparable basis. The recurring Return on Capital Employed (ROCE) reached 10.7% despite increased investments, and CO2 emissions were reduced by 11% compared to 2020 levels. Air Liquide reported a strong backlog of €4.2 billion in growth investment projects under construction. The company announced a record €4.4 billion in investment decisions for 2024, with significant projects in the USA, Asia, and Europe. The margin improvement target was upgraded for the second time, now aiming for a cumulative 460 basis points over five years from 2022 to 2026. The dividend per share proposed for 2025 is €3.3, marking a 13.7% increase from the previous year.Air Liquide Financial Statement Overview
Summary
Air Liquide exhibits solid financial health across all key financial statements. The company showcases strong profitability, efficient use of leverage, and a stable cash flow generation capacity. These factors collectively position Air Liquide as a financially stable entity capable of sustaining growth and weathering economic challenges.Income Statement
Air Liquide has demonstrated strong profitability with a consistent gross profit margin around 63% and a robust net profit margin of approximately 12.2% in the latest year. Revenue growth has been stable, with minor fluctuations, showing resilience in market conditions. EBIT and EBITDA margins are healthy, indicating effective cost management and operational efficiency.85
Very Positive
Balance Sheet
The company maintains a solid financial position with a debt-to-equity ratio of 0.46, reflecting a balanced leverage strategy. Return on equity is strong at 12.3%, indicating effective utilization of shareholder equity. The equity ratio of 51.8% suggests a stable asset base predominantly funded by equity, reducing financial risk.78
Positive
Cash Flow
The cash flow statement reveals a consistent ability to generate free cash flow, with a slight decrease in the most recent year but still maintaining a positive trajectory. The operating cash flow to net income ratio is strong, highlighting efficient cash generation relative to net income.82
Very Positive
| Breakdown | |||||
| TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|
| Income Statement | Total Revenue | ||||
| 26.70B | 27.06B | 27.61B | 29.93B | 23.33B | 20.49B | Gross Profit |
| 7.94B | 17.05B | 16.46B | 16.12B | 13.95B | 13.29B | EBIT |
| 4.09B | 4.95B | 4.57B | 4.29B | 4.01B | 3.65B | EBITDA |
| 6.69B | 7.29B | 6.71B | 7.31B | 6.11B | 5.77B | Net Income Common Stockholders |
| 2.64B | 3.31B | 3.08B | 2.76B | 2.57B | 2.44B |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | ||||
| 1.62B | 1.92B | 1.62B | 1.76B | 2.10B | 1.79B | Total Assets |
| 48.33B | 51.87B | 48.33B | 49.52B | 46.78B | 41.98B | Total Debt |
| 12.11B | 12.45B | 12.04B | 13.38B | 13.88B | 13.49B | Net Debt |
| 10.49B | 10.53B | 10.56B | 11.62B | 11.78B | 11.70B | Total Liabilities |
| 23.10B | 24.25B | 23.29B | 24.95B | 24.78B | 22.97B | Stockholders Equity |
| 24.32B | 26.86B | 24.32B | 23.74B | 21.46B | 18.54B |
| Cash Flow | Free Cash Flow | ||||
| 2.38B | 2.80B | 2.87B | 2.54B | 2.65B | 2.58B | Operating Cash Flow |
| 5.43B | 6.32B | 6.26B | 5.81B | 5.57B | 5.21B | Investing Cash Flow |
| -3.04B | -3.58B | -3.08B | -3.24B | -3.35B | -1.95B | Financing Cash Flow |
| -2.21B | -2.81B | -3.48B | -2.78B | -1.82B | -2.43B |
Air Liquide Technical Analysis
Positive
42.14
Price Trends
39.82
Positive
37.86
Positive
36.47
Positive
Market Momentum
0.55
Positive
61.98
Neutral
74.39
Neutral
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 42.14 is above the 20-day moving average (MA) of 41.40, above the 50-day MA of 39.82, and above the 200-day MA of 36.47, indicating a bullish trend. The MACD of 0.55 indicates Positive momentum. The RSI at 61.98 is Neutral, neither overbought nor oversold. The STOCH value of 74.39 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
UnderperformOutperform
Sector (51)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
78 Outperform | $119.93B | 33.42 | 13.08% | 1.14% | -1.94% | 7.08% | |
77 Outperform | $75.25B | 36.10 | 24.62% | 0.91% | 1.19% | 36.31% | |
77 Outperform | $222.10B | 34.24 | 17.20% | 1.20% | 0.78% | 6.75% | |
64 Neutral | $63.04B | 41.17 | 10.45% | 2.51% | -1.09% | -37.71% | |
64 Neutral | $25.41B | 18.85 | 18.47% | 2.43% | -7.67% | -0.58% | |
63 Neutral | $28.22B | 40.24 | 0.06% | 2.33% | 4.51% | -121.68% | |
51 Neutral | $2.02B | -1.12 | -21.36% | 3.65% | 2.87% | -30.54% |
* Basic Materials Sector Average
Performance Comparison
AIQUY
Air Liquide
42.14
5.86
16.15%
APD
Air Products and Chemicals
276.22
13.17
5.01%
ECL
Ecolab
266.93
28.76
12.08%
PPG
PPG Industries
111.26
-16.37
-12.83%
DD
DuPont de Nemours
67.41
-11.24
-14.29%
LIN
Linde
470.26
41.79
9.75%
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
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.