Air Liquide (FR:AI)
:AI
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Air Liquide
(AI)
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Rating:72Outperform
Price Target:
€195.00
▲(12.76% Upside)
Action:UpgradedDate:02/21/26
The score is driven primarily by solid financial quality (strong margins and dependable operating cash flow) and supportive technical momentum (price above key moving averages with positive MACD). These positives are tempered by a relatively high P/E and softer recent revenue/free-cash-flow momentum with a 2025 debt uptick.
Positive Factors
Improving profitability and margins
Air Liquide's EBIT and EBITDA have risen and net margin expanded to ~12.2% in 2024, with steady low‑teens ROE. This reflects durable operational efficiency and pricing power in gas and services, supporting resilient earnings quality over the medium term.
Negative Factors
Sustained soft top‑line momentum
Revenue has been slightly negative for three consecutive years (2023–2025), indicating underlying volume weakness. Continued reliance on pricing and mix rather than volume growth may limit scalable expansion and pressure long‑term growth prospects if demand recovery lags.
Read all positive and negative factors
Positive Factors
Negative Factors
Improving profitability and margins
Air Liquide's EBIT and EBITDA have risen and net margin expanded to ~12.2% in 2024, with steady low‑teens ROE. This reflects durable operational efficiency and pricing power in gas and services, supporting resilient earnings quality over the medium term.
Read all positive factors
Air Liquide (AI) vs. iShares MSCI France ETF (EWQ)
Market Cap
€99.97B
Dividend Yield2.06%
Average Volume (3M)593.22K
Price to Earnings (P/E)26.3
Beta (1Y)0.79
Revenue Growth1.46%
EPS Growth12.62%
CountryFR
Employees64,124
SectorGeneral
Sector StrengthN/A
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)3.33
Shares Outstanding579,294,200
10 Day Avg. Volume676,599
30 Day Avg. Volume593,219
Financial Highlights & Ratios
PEG Ratio4.19
Price to Book (P/B)3.53
Price to Sales (P/S)3.43
P/FCF Ratio36.81
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€194.70Price Target Upside12.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering12
EPS Forecast (FY)7.09
Revenue Forecast (FY)€27.95B
Air Liquide Business Overview & Revenue Model
Company Description
L'Air Liquide S.A. provides gases, technologies, and services for the industrial and health sectors in Europe, the Americas, the Asia Pacific, the Middle East, and Africa. It operates in Gas & Services, Engineering & Construction, and Global Marke...
How the Company Makes Money
Air Liquide generates revenue primarily through the sale of industrial gases and related services. Key revenue streams include the supply of gases for healthcare applications, such as medical oxygen and anesthetic gases, which cater to hospitals a...
Air Liquide Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
71
Positive
Cash Flow
69
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 26.94B | 27.06B | 27.61B | 29.93B | 23.33B |
| Gross Profit | 9.64B | 17.05B | 16.46B | 16.12B | 13.95B |
| EBITDA | 8.15B | 7.50B | 6.90B | 6.42B | 6.11B |
| Net Income | 3.52B | 3.31B | 3.08B | 2.76B | 2.57B |
Balance Sheet | |||||
| Total Assets | 51.91B | 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 | 14.67B | 12.45B | 12.11B | 13.45B | 13.96B |
| Total Liabilities | 24.97B | 24.25B | 23.29B | 24.95B | 24.78B |
| Stockholders Equity | 26.21B | 26.86B | 24.32B | 23.74B | 21.46B |
Cash Flow | |||||
| Free Cash Flow | 2.51B | 2.80B | 2.87B | 2.31B | 2.45B |
| Operating Cash Flow | 6.35B | 6.32B | 6.26B | 5.59B | 5.37B |
| Investing Cash Flow | -3.79B | -3.58B | -3.08B | -3.24B | -3.35B |
| Financing Cash Flow | -140.30M | -2.81B | -3.48B | -2.78B | -1.82B |
Air Liquide Technical Analysis
Positive
172.94
Price Trends
167.52
Positive
165.14
Positive
169.90
Positive
Market Momentum
0.43
Negative
57.38
Neutral
84.15
Negative
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 172.94 is above the 20-day moving average (MA) of 170.09, above the 50-day MA of 167.52, and above the 200-day MA of 169.90, indicating a bullish trend. The MACD of 0.43 indicates Negative momentum. The RSI at 57.38 is Neutral, neither overbought nor oversold. The STOCH value of 84.15 is Negative, 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 |
|---|---|---|---|---|---|---|---|
72 Outperform | €99.97B | 26.28 | 13.87% | 2.06% | 1.46% | 12.62% | |
67 Neutral | €10.90B | 11.61 | 3.14% | ― | 4.58% | ― | |
62 Neutral | €4.41B | 62.51 | 2.27% | 7.05% | -2.71% | -57.75% | |
57 Neutral | €123.56M | -1.33 | -19.12% | ― | 90.91% | -22.05% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
46 Neutral | €106.46M | -2.50 | -22.98% | ― | -3.05% | -16.40% |
* General Sector Average
FR:AI
Air Liquide
172.94
0.90
0.52%
FR:ALO
Alstom SA
23.60
3.22
15.80%
FR:AKE
Arkema
58.20
-8.32
-12.51%
FR:EXPL
Societe Explosifs et Produits Chimiques SA
253.00
53.44
26.78%
FR:ALCRB
Carbios SA
7.31
1.61
28.25%
FR:ALAFY
AFYREN
2.74
1.11
67.58%
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.