olivLaw · European equity research
L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE AI.PA
France · Euronext Paris · ISIN FR0000120073 · Vertical: Listed companies from France
Air Liquide produces and supplies industrial gases, medical gases and services for industry, healthcare and electronics across several regions. In 2024 it reported a record improvement in operating margin excluding energy effects, and investment decisions at a record level signal accelerated expansion in energy transition and electronics.
At the close of 03 Nov 2026, L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE (AI.PA) stock was 182.56 EUR (+0.29% on the day), with market capitalisation 105.2 bn EUR, P/E 31.9 on diluted EPS of 5.72 EUR over the last 12 months, dividend yield 1.75%, beta 0.56, 52-week range 141.53–182.56 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 76.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 165.33 – 182.16
- above the upper band · %B 1.02 · band width 9.7%
- SMA 50 / 200
- 170.66 / 165.58
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 2.97 / 1.99
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +7.3% | −1.0% | +8.3 pp | — |
| 3 months | +6.1% | −3.9% | +10.0 pp | — |
| 6 months | +11.9% | +7.2% | +4.8 pp | — |
| Year to date | +25.3% | +6.6% | +18.8 pp | — |
| 1 year | +19.7% | +9.1% | +10.6 pp | −7.3% |
| 3 years | +35.4% | +47.9% | −12.6 pp | −16.6% |
| 5 years | +62.6% | +43.3% | +19.3 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 3-quarter history (min 20.8, median 24.9, max 27.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | 29.9 bn | 27.6 bn | 27.1 bn |
| Revenue YoY | unavailable | −7.8% | −2.0% |
| Net income | 2.8 bn | 3.1 bn | 3.3 bn |
| Net income YoY | unavailable | +11.6% | +7.4% |
| Diluted EPS | 5.27 | 5.33 | 5.72 |
| Diluted EPS YoY | unavailable | +1.1% | +7.3% |
| net % | 9.2% | 11.1% | 12.2% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 1.9 bn EUR
- Financial debt
- 8.4 bn EUR
- Net debt
- 6.5 bn EUR
- Equity
- 27.6 bn EUR
- Total assets
- 51.9 bn EUR
- Debt / equity
- 0.30x
- Current ratio
- unavailable
- ROE
- 12.6%
- ROA
- 6.6%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 29.9 bn | 27.6 bn | 27.1 bn | esef· 11 Mar 2025verified |
| Operating income | 4.3 bn | 4.6 bn | 4.9 bn | esef· 11 Mar 2025verified |
| Depreciation & amortisation | 2.5 bn | 2.5 bn | 2.5 bn | esef· 11 Mar 2025verified |
| EBITDA | 6.8 bn ≈ | 7.1 bn ≈ | 7.5 bn ≈ | esef· 11 Mar 2025derived |
| Income tax | 1.0 bn | 971.8 m | 1.1 bn | esef· 11 Mar 2025verified |
| Net income | 2.8 bn | 3.1 bn | 3.3 bn | esef· 11 Mar 2025verified |
| Diluted EPS | 5.27 | 5.33 | 5.72 | esef· 11 Mar 2025verified |
| Dividend per share | — | 2.95 | 3.20 | esef· 11 Mar 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.9 bn | 1.6 bn | 1.9 bn | esef· 11 Mar 2025verified |
| Inventories | 2.0 bn | 2.0 bn | 2.2 bn | esef· 11 Mar 2025verified |
| Property, plant & equipment, net | 23.6 bn | 23.7 bn | 25.5 bn | esef· 11 Mar 2025verified |
| Goodwill | 14.6 bn | 14.2 bn | 15.0 bn | esef· 11 Mar 2025verified |
| Intangibles (excl. goodwill) | 1.8 bn | 1.6 bn | 1.7 bn | esef· 11 Mar 2025verified |
| Total assets | 49.5 bn | 48.3 bn | 51.9 bn | esef· 11 Mar 2025verified |
| Long-term debt | 10.2 bn | 8.6 bn | 8.4 bn | esef· 11 Mar 2025verified |
| Equity | 24.6 bn | 25.0 bn | 27.6 bn | esef· 11 Mar 2025verified |
| Shares outstanding at year end | 522.5 m | 575.3 m | 576.0 m | esef· 11 Mar 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 5.8 bn | 6.3 bn | 6.3 bn | esef· 11 Mar 2025verified |
| Investing cash flow | -3.2 bn | -3.1 bn | -3.6 bn | esef· 11 Mar 2025verified |
| Financing cash flow | -2.8 bn | -3.5 bn | -2.8 bn | esef· 11 Mar 2025verified |
| Share repurchases | 191.5 m | 81.9 m | 230.8 m | esef· 11 Mar 2025verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 54.2% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 105.2 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
54% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 43.52 – 165.67 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA67.60 – 88.20 (Mid 68.85)3 companies used · median multiple 6.2x · quartiles 6.1x – 7.7xABEO.PA, ANTIN.PA, ATE.PA
- Peers: P/E62.41 – 165.67 (Mid 98.18)20 companies used · median multiple 17.2x · quartiles 10.9x – 29.0x74SW.PA, ABEO.PA, AC.PA, ADP.PA, AF.PA, ALBON.PA, ALCIS.PA, ALCLA.PA, ALFER.PA, ALHEX.PA, ALO.PA, ALPWG.PA, ALSOG.PA, ANTIN.PA, ARAMI.PA, ATE.PA, AUB.PA, AURE.PA, BB.PA, BN.PA
- Dividend discount (DDM)43.52 – 59.35 (Mid 50.22)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 54.2% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.6% | 67 (vs peers) | 19% |
| Net margin · Quality | 12.2% | 95 (vs peers) | 12% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.9x | 33 (vs peers) | 19% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 31.9x | 22 (vs peers) | 19% |
| EV/EBITDA · Valuation | 15.0x | 0 (on a fixed band) | 19% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 0.2% | 3 (on a fixed band) | 12% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial33/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality77/100 · 2/3 factors with a value
- Returns· partial3/100 · 1/2 factors with a value
- Valuation11/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE (AI.PA). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 27.1 bn EUR in 2024; YoY growth -2.0%; net margin 12.2%; ROE 12.9%; net debt/EBITDA 0.9x.
The estimated value range is 62.41–88.20 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 68.85 EUR, the price of 182.56 EUR leaves a potential of -62.3% (value / price − 1) and a margin of safety of -165.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 54.2% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 12.2%
What contradicts it
- P/E (TTM): 31.9x
- EV/EBITDA: 15.0x
- Shareholder yield (distributions): 0.2%
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Interest coverage, Current ratio, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from France · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AI.PAL'air Liquide Societe Anonyme Pour L'etude Et L'exploitation Des Procedes Georges Claude | 105.2 bn | 31.9 | 12.9% | 12.2% | −2.0% | +22% / +27% |
| BN.PADanone | 42.5 bn | 21.1 | 11.9% | 7.4% | −0.9% | −14% / +12% |
| AC.PAAccor | 13.3 bn | 29.7 | 9.6% | 8.0% | +0.6% | +3% / +50% |
| ADP.PAAeroports De Paris | 11.3 bn | 33.1 | 7.8% | 5.6% | +12.1% | −10% / +1% |
| AKE.PAArkema | 6.8 bn | 110.8 | 0.9% | 0.7% | −5.0% | +8% / −39% |
| ALO.PAAlstom | 5.9 bn | 18.5 | 3.1% | 1.7% | +3.7% | −51% / −2% |
| AF.PAAir France - Klm | 3.7 bn | 11.7 | — | 1.0% | +4.8% | +3% / −7% |
| ATE.PAAlten | 3.0 bn | 28.7 | 4.8% | 2.6% | −1.1% | +30% / −30% |
| BB.PASociete Bic | 2.6 bn | 30.6 | 5.0% | 4.1% | −4.8% | +29% / +3% |
| ANTIN.PAAntin Infrastructure Partners | 1.3 bn | 12.6 | 21.9% | 36.6% | −8.1% | −26% / −37% |
| 74SW.PA74software | 804.4 m | 21.2 | 8.9% | 8.5% | +44.8% | −12% / +43% |
| AUB.PAAubay | 675.0 m | 18.0 | 13.6% | 6.3% | +11.3% | +4% / +46% |
| ATO.PAAtos Se | 491.4 m | — | -23,400.0% | -17.5% | −16.5% | −44% / −94% |
| ASY.PAAssystem | 483.2 m | 66.6 | 2.5% | 1.1% | +7.4% | −23% / −22% |
| ARAMI.PAAramis Group | 296.3 m | 14.9 | 10.0% | 0.8% | +6.3% | −33% / −17% |
| ARVEN.PAArverne Group | 245.3 m | — | -14.0% | -115.3% | +27.0% | +20% / −35% |
| BGO.PACompagnie Chargeurs Invest | 182.4 m | — | -8.6% | -5.7% | −2.9% | unavailable / unavailable |
| ALCIS.PACatering International & Services | 153.9 m | 30.2 | 9.3% | 1.9% | +5.8% | +48% / +119% |
| ALCGM.PACegedim | 142.7 m | — | -2.6% | -1.2% | +10.9% | −27% / −50% |
| ALHEX.PAHexaom | 141.9 m | 6.6 | 9.9% | 2.2% | +13.1% | −33% / +6% |
| ATEME.PAAteme | 136.9 m | 143.8 | 2.8% | 1.0% | +2.2% | +73% / +69% |
| ALBON.PACompagnie Lebon | 110.8 m | 16.3 | 4.2% | 8.8% | −17.9% | +5% / +8% |
| ALHYF.PALhyfe | 74.9 m | — | -33.4% | -570.5% | +287.2% | unavailable / unavailable |
| ABEO.PAAbeo | 66.2 m | 7.9 | 6.9% | 3.0% | +12.6% | −6% / −50% |
| ALFER.PASergeferrari Group | 60.4 m | 11.3 | 5.1% | 1.5% | +7.4% | −34% / −28% |
1- and 3-year price returns: for AI.PA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 101.22 Total return -43% · Per year -43% | 179.55 Total return 0% · Per year 0% | 271.27 Total return 51% · Per year 51% |
| 3 years | 85.84 Total return -49% · Per year -20% | 172.47 Total return -0% · Per year -0% | 287.84 Total return 64% · Per year 18% |
| 5 years | 72.79 Total return -55% · Per year -15% | 165.67 Total return -1% · Per year -0% | 305.42 Total return 78% · Per year 12% |
- Exit P/E± 43.12
- Net margin± 30.18
- Annual revenue growth± 26.42
- Annual dilution± 2.54
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Air Liquide produces and supplies industrial gases, medical gases and services for industry, healthcare and electronics across several regions. In 2024 it reported a record improvement in operating margin excluding energy effects, and investment decisions at a record level signal accelerated expansion in energy transition and electronics.
SWOT
Strengths
- Diversified model across industries and geographies, with long-term contracts that stabilise revenue and cash flows.
- High technological qualification in air separation, hydrogen and specialty gases, supported by a ROCE that exceeded plan targets.
- Credit rating in the A category from three agencies, with stable or positive outlooks, which facilitates financing.
Weaknesses
- High energy intensity, which exposes margins to fluctuations in electricity and natural gas prices.
- High capital intensity, with considerable net debt that limits financial flexibility.
- Dependence on large projects, which can suffer construction delays or budget overruns.
Opportunities
- Growing demand for low-carbon hydrogen, CO2 capture and electrolysers, with a record opportunity portfolio.
- Expansion of the semiconductor and advanced electronics sector, with contracts that could grow in the coming years.
- Development of medical oxygen and home healthcare services, including in emerging markets.
Threats
- A weak macroeconomic backdrop, which could reduce demand from traditional industries.
- Energy and environmental regulations that may change and alter costs or supply conditions.
- Geopolitical risks and exposure to markets where activity has been deconsolidated or is uncertain.
Risks
- Industrial and safety riskshigh
Industrial gases, cryogenic processes and high-temperature techniques carry fire, explosion and exposure risks that could affect operations.
- Investment project risksmedium
Large projects may exceed budget or be delayed, and new technologies may have uncertain maturity, which could affect returns.
- Energy supplyhigh
Dependence on electricity and natural gas exposes the group to price volatility and the risk of supply interruption.
- Geopolitical exposure in Russiamedium
Activities in Russia are no longer consolidated, while the group remains a shareholder of unconsolidated securities, which may create additional risks.
- Regulation and public policylow
Changes in energy, emissions and climate regulation could alter costs and investment conditions.
Investment thesis
What would need to be true (bull case)
- A record investment portfolio and energy transition opportunities could support revenue growth over the medium term.
- Operating margin excluding energy effects has risen considerably, and the revised plan targets suggest confidence in continuing this trend.
- Long-term contracts and a high credit rating provide stability, even in more difficult economic conditions.
What would break the thesis
- If industrial demand stays weak, revenue growth could slow and returns on capital could be lower.
- High net debt and intensive investment could limit financial flexibility if cash flows deteriorate.
- Energy costs and environmental rules could erode margins, especially if price pass-through to customers is delayed.
What to watch
- Delivery of the revised operating margin ambition to 20262026
- Trajectory of CO2 emissions and the expected inflection point2025
- Start-up timing of large units and their additional contribution to sales2025
- Evolution of net debt and of the investment backlog in executionnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The group runs a diversified model centred on industrial and medical gases, where long-term contracts and local production units generate fairly predictable revenue. Investments focus on air separation units, hydrogen, CO2 capture and electrolysis, supported by an investment backlog of 4.2 billion EUR 1. The company also reports sustainability metrics, such as Scope 1 and 2 CO2 emissions of 34.9 million tonnes in 2024 1.
Activities are organised across divisions such as Industriel Marchand, Grande Industrie, Electronics, Santé and Marchés Globaux et Technologies, each with specific customers and technologies. The model combines production with long-term customers and more flexible sales to smaller industrial clients. The annual report shows that activity is also supported by programmes such as Access Oxygen in lower-income countries 1.
The ADVANCE strategic plan, ending in 2025, set growth, ROCE and emissions targets, and the company has announced a revised margin ambition to 2026. The report shows that the ROCE target was already exceeded in 2022 1.
Segments
Gas & Services
The group's main segment, which in 2024 accounted for industrial investment payments of 3,412 million EUR, up 8.2 % on the prior year. Most investment went to EMEA and the Americas, while Asia-Pacific declined 1.
Electronics and advanced technologies
Electronics represents more than a third of the investment backlog and includes ultra-pure carrier gas units and advanced materials centres in Asia and the US. Rising demand for semiconductors is reflected in multiple projects in this area 1.
Market context
The industrial gases market is dominated by a few large players, with demand linked to chemicals, steel, healthcare and electronics. The report describes a sluggish macroeconomic backdrop but demand supported by the energy transition and the growth of the semiconductor sector 1.
Demand for low-carbon hydrogen, carbon capture and medical oxygen for hospitals appears as a growth area, with large projects such as the one with ExxonMobil at Baytown. Long-term contracts offer some protection against cyclical volatility 1.
Trends
- Energy transition and low-carbon hydrogentailwind
Electrolysis, CO2 capture and low-carbon gas projects create new demand and long-term contracts. The transition pipeline exceeds 40 % of the 12-month opportunity portfolio 1.
- Semiconductor sector growthtailwind
Electronics and the demand linked to artificial intelligence support investment in ultra-pure gases and advanced materials, a segment with solid contracts 1.
- High energy costsmixed
Electricity and natural gas are essential inputs; the group partly passes cost changes through indexed clauses, but price volatility can affect margins 1.
- Sluggish macroeconomic backdropheadwind
The report notes a weak economic context for industry, which could limit demand in some traditional segments, although the company still reported comparable growth 1.
Competitive position
The group faces global competitors in industrial gases that compete for large contracts with the chemicals, electronics and steel industries. Differentiation rests on technology, the local production network and the ability to build complex units 1.
In Industriel Marchand and in distribution to smaller customers, competition also comes from regional suppliers, so price and local service matter a great deal. The report does not name competitors explicitly, so the comparison remains limited to available sources 1.
- Global industrial gas producers
Companies in the same industry, present in large contracts for oxygen, nitrogen and hydrogen; the source does not name them, so no tickers are given.
- Regional gas suppliers
Local operators competing in distribution to small and medium industrial customers, where price and proximity service matter.
- Electrolyser technology providers
Companies developing electrolysers and hydrogen technologies, relevant to the group's energy transition projects.
- Semiconductor equipment suppliers
Players in the electronics supply chain, with demand depending on semiconductor industry investment.
News & filings
In the press
- Elliott Tries to Put Air Liquide Under PressureYahoo Finance — News · 01 Sept 2026 · EN
- Elliott Is Said to Take Stake in Air LiquideBloomberg Markets · 01 Sept 2026 · EN
- Elliott Is Said to Build Air Liquide Stake, Seek Margin GainBloomberg Markets · 31 Aug 2026 · EN
Annual reports (ESEF)
- Annual report 202411 Mar 2025
- Annual report 202318 Mar 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / L'AIR LIQUIDE SOCIETE ANONYME POUR L'ETUDE ET L'EXPLOITATION DES PROCEDES GEORGES CLAUDE · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.