# Air Liquide (AI.PA)

Canonical: https://gigainvestors.com/s/AI.PA

Analysis as of: 2026-10-16T07:33:38.048Z. Financial observations: FY2003–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 173.04 per share; close as of 2026-10-15.

Estimated value: low EUR 36.69 per share, central EUR 41.42 per share, high EUR 47.71 per share. Buy at or below the central value EUR 41.42 per share. Valuation as of 2026-10-16T07:33:38.048Z; scenarios are not confidence intervals.

Expected annual return: 4.6% at the stated quote. About 4.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; FR 10-year bond 4.8% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.10×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.17×

- FY2017: 0.15×

- FY2018: 0.16×

- FY2019: 0.16×

- FY2020: 0.18×

- FY2021: 0.17×

- FY2022: 0.14×

- FY2023: 0.17×

- FY2024: 0.18×

- FY2025: 0.21×

### moat: fail

- Recent gross margin fell 25.6pp below the typical margin (limit 4pp)

- ROIC, median of available years: 16.0%

- ROIC, second-lowest year: 14.5%

- Typical minus recent gross margin: 25.6 pp

- Typical gross margin (annual median): 61.3%

- Recent gross margin (lower of latest and 3-year median): 35.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 12.4%

- ROIC including acquisitions, ten-year median: 5.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 12.2%

- FY2017: 16.5%

- FY2018: 14.7%

- FY2019: 14.5%

- FY2020: 16.8%

- FY2021: 15.5%

- FY2022: 15.4%

- FY2023: 17.0%

- FY2024: 16.8%

- FY2025: 18.9%

### economics: fail

- owner earnings cash conversion below threshold

- Owner earnings / net income, 5-yr: 0.70×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 11B

- Net income, five-year total: EUR 15B

- Return on incremental invested capital: 29.0%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.6 pp

- Working capital / revenue, final three-year average: 6.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.90×

- FY2022: 0.91×

- FY2023: 0.62×

- FY2024: 0.61×

- FY2025: 0.56×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.7% vs 17.0%

- Per-share earnings: 3.50 to 5.89 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.4%

- Ordinary dilution, 5-year annual growth: 2.1%

- Market cap gain: EUR 49B

- Cumulative retained earnings: EUR 9.4B

- Diluted shares, 10-year annual growth: 1.4%

- Diluted shares, 5-year annual growth: 2.1%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 6.7%

- Per-share value change: EUR 2.39

- Per-share value, starting three-year median: EUR 3.50

- Per-share value, ending three-year median: EUR 5.89

- Buybacks concentrated in cheaper years (correlation): 0.56

- Average buyback yield: 3.5%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 13B

- Cumulative net income, 10 years: EUR 26B

- ROIC, first three-year median: 14.7%

- ROIC, last three-year median: 17.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 3.49

- FY2017: EUR 4.26

- FY2018: EUR 4.08

- FY2019: EUR 4.32

- FY2020: EUR 4.69

- FY2021: EUR 4.93

- FY2022: EUR 5.27

- FY2023: EUR 5.89

- FY2024: EUR 5.72

- FY2025: EUR 6.10

### accounting: pass

- Sloan accruals: -5.5%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.81×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.59×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.2%

- FY2017: -5.0%

- FY2018: -6.2%

- FY2019: -5.7%

- FY2020: -6.6%

- FY2021: -6.4%

- FY2022: -6.2%

- FY2023: -6.6%

- FY2024: -5.8%

- FY2025: -5.5%

## Holders

## Price story

Price needs cash profits to grow 19.7% a year for ten years · sales -0.4%

Story as of 2026-10-16T09:59:56.997Z; price observation 2026-10-15.

Price needs cash profits to grow 19.7% a year for ten years

- 2026-02-20: Air Liquide Posts Higher Profit on Sales Growth in Gas, Services Business ([finance.yahoo.com](https://finance.yahoo.com/m/1f429e60-e0d9-30dd-84be-fae20c32d8a8/air-liquide-posts-higher.html))

### Sales · FY2024–2025

sales -0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 18B 

- FY2017: EUR 20B 

- FY2018: EUR 21B 

- FY2019: EUR 22B 

- FY2020: EUR 20B 

- FY2021: EUR 23B 

- FY2022: EUR 30B 

- FY2023: EUR 28B 

- FY2024: EUR 27B 

- FY2025: EUR 27B 

### Gross margin · FY2025

gross margin 35.8%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 63.1% 

- FY2017: 62.1% 

- FY2018: 60.6% 

- FY2019: 62.8% 

- FY2020: 64.9% 

- FY2021: 59.8% 

- FY2022: 53.9% 

- FY2023: 59.6% 

- FY2024: 63.0% 

- FY2025: 35.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty chemicals; annual sales are EUR 26.9 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2025: revenue 26940200000; grossProfit 9637100000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AI.PA: 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, and Engineering & Construction segments. The Gas & Services segment comprises large industries business, which offers gas and energy solutions including oxygen, nitrogen, argon, hydrogen, and carbon monoxide, as well as operates cogeneration plants to supply steam and electricity to metals, chemicals, refining, and energy industries; and industrial merchant business line provides industrial gases, equipment, hardgoods, and associated services to materials and energy, materials and chemicals, food and pharmaceuticals, technology and research, and fabrication and construction sectors. This segment also includes healthcare business, which provides medical gases, home healthcare services, medical equipment, and specialty ingredient; healthcare professionals, and hospitals; and electronic business supply carrier gases, electronic specialty and advanced materials, equipment and installation, service, and analysis to semiconductor, flat panel, and photovoltaic markets. The Engineering & Construction segment designs, develops, and builds industrial gas production plants to third parties; and designs and manufacture plants in the traditional, renewable, and alternative energy sectors. This segment also focuses on markets which require a global approach, drawing on science, technologies, development models, and usages related to digital transformation. L'Air Liquide S.A. was incorporated in 1902 and is headquartered in Paris, France.

### Why customers stay

Margins ranged from 35.8% to 63% during 2023–25; it earns 16% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2023: grossProfit / revenue = 59.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2024: grossProfit / revenue = 63%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2025: grossProfit / revenue = 35.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); 10-year return on capital observations [[2016,0.12154075974243338],[2017,0.16495525962925345],[2018,0.14656889662959383],[2019,0.14488942473343205],[2020,0.16782368239046916],[2021,0.15534870086082708],[2022,0.15358487884404587],[2023,0.16990052037439113],[2024,0.16768322616309989],[2025,0.1894571530323903]]; median 0.16015198024504027. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2016: growth capex 659100000; upkeep 1599500000; owner earnings 1844000000. Growth capex / owner earnings = 0.3574295010845987.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2017: growth capex 399600000; upkeep 1782900000; owner earnings 2199600000. Growth capex / owner earnings = 0.18166939443535188.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2018: growth capex 482900000; upkeep 1766300000; owner earnings 2113400000. Growth capex / owner earnings = 0.22849436926279929.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2019: growth capex 498700000; upkeep 2137700000; owner earnings 1975220000. Growth capex / owner earnings = 0.25247820495944756.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2020: growth capex 0; upkeep 2630200000; owner earnings 1705280000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2021: growth capex 744300000; upkeep 2172500000; owner earnings 2320040000. Growth capex / owner earnings = 0.3208134342511336.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2022: growth capex 807100000; upkeep 2465900000; owner earnings 2502840000. Growth capex / owner earnings = 0.32247366991098114.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2023: growth capex 0; upkeep 3393400000; owner earnings 1913400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2024: growth capex 0; upkeep 3525100000; owner earnings 2011380000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2025: growth capex 0; upkeep 3843400000; owner earnings 1986120000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); Dividend observations: [[2016,947400000],[2017,1031200000],[2018,1159400000],[2019,1163000000],[2020,1307900000],[2021,1334800000],[2022,1410500000],[2023,1581200000],[2024,1718100000],[2025,1955000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); FY2025: cash repurchases 4000000 EUR.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AI.PA SharesStats.PercentInsiders = 0.146 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 19.7% yearly over ten years; actual growth was 2.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:38.048Z); Ten-year compound average after fade. Initial solved rate 0.27356964810807105. Price 173.04; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.580568232172976 → FY2025 3.4420476346450797. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 59.66 per share

- 2016-12: EUR 65.60 per share

- 2017-01: EUR 62.09 per share

- 2017-02: EUR 63.27 per share

- 2017-03: EUR 66.50 per share

- 2017-04: EUR 68.67 per share

- 2017-05: EUR 67.37 per share

- 2017-06: EUR 67.18 per share

- 2017-07: EUR 64.39 per share

- 2017-08: EUR 63.68 per share

- 2017-09: EUR 70.07 per share

- 2017-10: EUR 74.65 per share

- 2017-11: EUR 71.82 per share

- 2017-12: EUR 71.75 per share

- 2018-01: EUR 74.14 per share

- 2018-02: EUR 70.45 per share

- 2018-03: EUR 67.95 per share

- 2018-04: EUR 73.80 per share

- 2018-05: EUR 71.99 per share

- 2018-06: EUR 73.56 per share

- 2018-07: EUR 74.79 per share

- 2018-08: EUR 74.11 per share

- 2018-09: EUR 77.39 per share

- 2018-10: EUR 73.08 per share

- 2018-11: EUR 72.91 per share

- 2018-12: EUR 74.07 per share

- 2019-01: EUR 72.37 per share

- 2019-02: EUR 74.89 per share

- 2019-03: EUR 77.42 per share

- 2019-04: EUR 80.97 per share

- 2019-05: EUR 76.16 per share

- 2019-06: EUR 84.04 per share

- 2019-07: EUR 85.38 per share

- 2019-08: EUR 86.50 per share

- 2019-09: EUR 89.20 per share

- 2019-10: EUR 89.48 per share

- 2019-11: EUR 92.45 per share

- 2019-12: EUR 94.82 per share

- 2020-01: EUR 98.23 per share

- 2020-02: EUR 92.34 per share

- 2020-03: EUR 87.64 per share

- 2020-04: EUR 87.23 per share

- 2020-05: EUR 91.74 per share

- 2020-06: EUR 96.47 per share

- 2020-07: EUR 104.88 per share

- 2020-08: EUR 104.47 per share

- 2020-09: EUR 101.80 per share

- 2020-10: EUR 94.29 per share

- 2020-11: EUR 103.42 per share

- 2020-12: EUR 100.86 per share

- 2021-01: EUR 101.43 per share

- 2021-02: EUR 93.69 per share

- 2021-03: EUR 104.66 per share

- 2021-04: EUR 105.27 per share

- 2021-05: EUR 104.49 per share

- 2021-06: EUR 110.94 per share

- 2021-07: EUR 110.13 per share

- 2021-08: EUR 114.06 per share

- 2021-09: EUR 104.12 per share

- 2021-10: EUR 108.37 per share

- 2021-11: EUR 109.56 per share

- 2021-12: EUR 115.19 per share

- 2022-01: EUR 113.73 per share

- 2022-02: EUR 111.72 per share

- 2022-03: EUR 119.40 per share

- 2022-04: EUR 124.22 per share

- 2022-05: EUR 122.34 per share

- 2022-06: EUR 105.88 per share

- 2022-07: EUR 110.84 per share

- 2022-08: EUR 103.47 per share

- 2022-09: EUR 97.16 per share

- 2022-10: EUR 109.34 per share

- 2022-11: EUR 114.23 per share

- 2022-12: EUR 109.42 per share

- 2023-01: EUR 120.71 per share

- 2023-02: EUR 124.43 per share

- 2023-03: EUR 127.44 per share

- 2023-04: EUR 134.86 per share

- 2023-05: EUR 129.45 per share

- 2023-06: EUR 135.70 per share

- 2023-07: EUR 135.01 per share

- 2023-08: EUR 137.90 per share

- 2023-09: EUR 132.10 per share

- 2023-10: EUR 133.62 per share

- 2023-11: EUR 143.64 per share

- 2023-12: EUR 145.55 per share

- 2024-01: EUR 143.54 per share

- 2024-02: EUR 155.29 per share

- 2024-03: EUR 159.37 per share

- 2024-04: EUR 151.97 per share

- 2024-05: EUR 149.14 per share

- 2024-06: EUR 146.62 per share

- 2024-07: EUR 153.44 per share

- 2024-08: EUR 153.38 per share

- 2024-09: EUR 157.51 per share

- 2024-10: EUR 149.69 per share

- 2024-11: EUR 142.98 per share

- 2024-12: EUR 142.65 per share

- 2025-01: EUR 153.27 per share

- 2025-02: EUR 160.56 per share

- 2025-03: EUR 159.22 per share

- 2025-04: EUR 164.15 per share

- 2025-05: EUR 165.82 per share

- 2025-06: EUR 159.22 per share

- 2025-07: EUR 157.09 per share

- 2025-08: EUR 160.20 per share

- 2025-09: EUR 160.78 per share

- 2025-10: EUR 152.65 per share

- 2025-11: EUR 150.11 per share

- 2025-12: EUR 145.69 per share

- 2026-01: EUR 143.58 per share

- 2026-02: EUR 162.04 per share

- 2026-03: EUR 161.75 per share

- 2026-04: EUR 166.44 per share

- 2026-05: EUR 161.89 per share

- 2026-06: EUR 173.28 per share

- 2026-07: EUR 170.72 per share

- 2026-08: EUR 169.54 per share

- 2026-09: EUR 170.88 per share

- 2026-10: EUR 169.00 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 35.65 per share, central EUR 42.48 per share, high EUR 49.10 per share

- FY2017: low EUR 41.20 per share, central EUR 49.66 per share, high EUR 57.47 per share

- FY2018: low EUR 49.37 per share, central EUR 58.60 per share, high EUR 67.83 per share

- FY2019: low EUR 51.87 per share, central EUR 64.47 per share, high EUR 75.05 per share

- FY2020: low EUR 47.43 per share, central EUR 55.35 per share, high EUR 63.96 per share

- FY2021: low EUR 55.07 per share, central EUR 66.48 per share, high EUR 76.98 per share

- FY2022: low EUR 64.31 per share, central EUR 80.57 per share, high EUR 93.71 per share

- FY2023: low EUR 54.73 per share, central EUR 67.69 per share, high EUR 78.65 per share

- FY2024: low EUR 47.80 per share, central EUR 57.71 per share, high EUR 66.87 per share

- FY2025: low EUR 43.87 per share, central EUR 49.10 per share, high EUR 56.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.