Air Liquide
ConvictionContext
Capital-intensive network utility for gases: on-site plants + pipelines under 15-20yr take-or-pay contracts (Large Industries), bulk/cylinder merchant, medical & home healthcare, and ultra-pure carrier/specialty gases + advanced materials for semiconductors; complemented by Engineering & Construction and Global Markets & Technologies (hydrogen mobility, CCS, biogas). ~96% of revenue is Gas & Services.
Revenue
EUR 26.94B Group FY2025Rev growth
+2.0% comparable / -0.4% reported FY2025currency headwind); Q1 2026 +3.4% ex-FX/energy incl. DIG AirgasGross margin
not separately disclosedindustrial-gases opex structure; margin reported at operating levelOp margin
20.7% FY2025recurring operating income EUR 5.58B, +3.5%; +80bps); first year above 20%Capex intensity
High — industrial capex ~13-15% of salesrecord investment decisions and a record EUR 5.5B backlog (Q1 2026Market cap
~$129BEUR ~118B); primary listing Euronext Paris: AI.PA (CAC 40, ISIN FR0000120073), ~635M shares; OTC ADR AIQUYThe read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Air Liquide
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage FY2025 results (reported 2026-02-20) + Q1 2026 revenue (2026-04-28); market data mid-2026· sign in (free) for the analyst summary; Pro unlocks full intelligence