Rankings Commodities & uranium Air Liquide
Air Liquide
78
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- Multiples vs own history−7
- FCF yield−3
- Quality of growth−2
Strengths
- Pricing power+2
- Order book+2
- Margin target+1
How the score is built
From 100 to 78, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 182.00 EUR
- Median analyst target
- 202.50 EUR
- Upside to median
- +11.3%
- Analysts
- 20
- Target range
- 172.00 – 227.00 EUR
- 52-week change
- +19%
- P/E (trailing)
- 32.8
- Forward P/E
- 26.8
- PEG
- 2.55
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 2 findings−4 of −30
- −2Quality of growthComparable revenue growth only 2.6% in H1 2026 (1.9% in Q1, 3.5% in Q2), and part of Q2 came from the acquisition of DIG Airgas; Large Industries is weak in Europe, and the segment's revenue is unchanged at 7.1 bn € since 2024. EPS has risen only from 5.53 to 5.56 € TTM.
- −2ROIC and capital allocationROIC fell from 10.4% in 2025 to 9.3% TTM after the purchase of DIG Airgas for about 3 bn € (cash acquisitions 3.3 bn € TTM); ROCE of 11% is stable, but the return on the new capital has not yet been shown.
Price
Today's multiples against the company's own history and its peers. · 2 findings−10 of −35
- −7Multiples vs own historyTrailing P/E 30.3 vs. 25.1–29.9 in 2021–2025, EV/EBITDA 15.7 vs. 12.3–15.0 and P/B 3.9 vs. 2.8–3.7 – all above the top of own range; forward P/E 24.8 vs. 21.0–25.6 is in the upper part, even though EPS is only expected to grow about 11% a year.
- −3FCF yieldFCF yield 1.55% TTM (P/FCF 64 vs 27–35 in 2021–2025), and analysts expect FCF of only €2.5bn in 2026, equal to about 2.3% of the market cap of €107bn.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−5 of −35
- −2Debt and financing costsNet debt rose €5.5bn to €13.9bn in H1 2026, net debt/EBITDA from 1.3 to 2.0, and net financing costs rose 27% due to the financing of DIG Airgas.
- −2Helium and the Middle EastThe global helium shortage after the shutdown in Qatar gave low single-digit headwind in Europe and the Americas in H1 2026; production in Qatar has only restarted at limited capacity, and management calls the situation 'quite fluid'.
- −1Dividend above FCFDividend of €2.2bn TTM vs. FCF of €1.66bn (FCF payout ratio 129%); the difference is financed with debt while investment rises to record levels.
Plus
Only documented strengths. · 3 findings+5 of +15
- +2Pricing powerIndustrial Merchant raised prices 5.2% in Q2 2026 (Americas +6.7%, EMEA +3.1%), and the operating margin rose 110 bp excluding energy and PPA effects after about €300m in efficiency gains.
- +2Order bookRecord investment backlog of 6 bn € (+30%), about half of it in electronics; project signings in electronics of 1 bn € in H1 (1.5 times all of 2025), and electronics grew 10% in Q2.
- +1Margin targetManagement is 'confident' in +100 bp operating margin in 2026 and a further +100 bp in 2027 as well as growth in recurring net result (H1: +10% at constant exchange rates).
Caveats
What the score does not capture, or where the data is weak.
Industrial gases do not fit the industrial list; 'Commodities & uranium' was chosen as the nearest (same as BASF and Solvay), but cyclical is set to no because Large Industries runs on long take-or-pay contracts and Industrial Merchant has shown pricing power. Revenue is affected by energy pass-through (hence the decline 2022–2025); margin and growth figures are the company's own 'comparable' figures. Forward P/E is based on adjusted EPS; reported EPS TTM is €5.56. Peers (Linde, Air Products) have not been compared.
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