(AI) Air Liquide - Overview
Stock: Industrial Gases, Hydrogen, Oxygen, Nitrogen, Medical Gases
Dividends
| Dividend Yield | 1.78% |
| Yield on Cost 5y | 3.20% |
| Yield CAGR 5y | 4.66% |
| Payout Consistency | 99.3% |
| Payout Ratio | 55.7% |
| Risk 5d forecast | |
|---|---|
| Volatility | 15.9% |
| Relative Tail Risk | -1.78% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.13 |
| Alpha | -3.58 |
| Character TTM | |
|---|---|
| Beta | -0.039 |
| Beta Downside | -0.135 |
| Drawdowns 3y | |
|---|---|
| Max DD | 16.26% |
| CAGR/Max DD | 0.57 |
Description: AI Air Liquide January 27, 2026
Air Liquide S.A. (Ticker AI) is a French-headquartered industrial gases group operating worldwide across Europe, the Americas, Asia-Pacific, the Middle East and Africa. Its activities are organized into three segments: Gas & Services (large-industry gases, medical gases, and electronic gases), Engineering & Construction (design and build of gas production plants for third parties and renewable-energy projects), and Global Markets & Technologies (hydrogen-refueling infrastructure, biomethane, offshore-energy gases, and deep-tech solutions).
In FY 2024 the company reported €28.0 billion of revenue, a 5 % year-on-year increase driven primarily by a 30 % surge in hydrogen-related sales and a 12 % rise in semiconductor-grade carrier gases. Adjusted EBITDA margin held at 15.2 %, while free cash flow reached €3.1 billion, supporting a €2.5 billion capital-expenditure program focused on expanding hydrogen production capacity and renewable-energy plant construction.
The primary macro drivers for Air Liquide are the global energy transition and the accelerating demand for clean-hydrogen and low-carbon industrial gases. European Union decarbonisation targets (net-zero by 2050) and the U.S. Inflation Reduction Act are prompting heavy investment in hydrogen infrastructure, a market where Air Liquide now holds a leading position. Simultaneously, the semiconductor resurgence-particularly in AI-driven chips-continues to boost demand for ultra-high-purity gases, a niche where the company’s electronic gases business enjoys strong pricing power.
For a deeper dive into the valuation dynamics, see the latest ValueRay analysis.
Piotroski VR‑10 (Strict, 0-10) 7.0
| Net Income: 5.11b TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.07 > 0.02 and ΔFCF/TA 1.70 > 1.0 |
| NWC/Revenue: -3.67% < 20% (prev -4.27%; Δ 0.60% < -1%) |
| CFO/TA 0.18 > 3% & CFO 8.98b > Net Income 5.11b |
| Net Debt (11.05b) to EBITDA (11.41b): 0.97 < 3 |
| Current Ratio: 0.84 > 1.5 & < 3 |
| Outstanding Shares: last fiscal year (576.5m) vs prev 10.38% < -2% |
| Gross Margin: 63.13% > 18% (prev 0.60%; Δ 6253 % > 0.5%) |
| Asset Turnover: 83.51% > 50% (prev 57.12%; Δ 26.39% > 0%) |
| Interest Coverage Ratio: 12.82 > 6 (EBITDA TTM 11.41b / Interest Expense TTM 617.9m) |
Altman Z'' 3.35
| A: -0.03 (Total Current Assets 8.04b - Total Current Liabilities 9.54b) / Total Assets 49.34b |
| B: 0.45 (Retained Earnings 22.21b / Total Assets 49.34b) |
| C: 0.16 (EBIT TTM 7.92b / Avg Total Assets 48.83b) |
| D: 0.94 (Book Value of Equity 22.66b / Total Liabilities 24.11b) |
| Altman-Z'' Score: 3.35 = A |
Beneish M -3.09
| DSRI: 0.69 (Receivables 3.12b/3.04b, Revenue 40.78b/27.61b) |
| GMI: 0.94 (GM 63.13% / 59.62%) |
| AQI: 0.96 (AQ_t 0.34 / AQ_t-1 0.35) |
| SGI: 1.48 (Revenue 40.78b / 27.61b) |
| TATA: -0.08 (NI 5.11b - CFO 8.98b) / TA 49.34b) |
| Beneish M-Score: -3.09 (Cap -4..+1) = AA |
What is the price of AI shares?
Over the past week, the price has changed by +6.20%, over one month by +6.52%, over three months by -0.27% and over the past year by +0.26%.
Is AI a buy, sell or hold?
What are the forecasts/targets for the AI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 194.7 | 16.1% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 182.9 | 9% |
AI Fundamental Data Overview February 03, 2026
P/E Trailing = 26.9324
P/E Forward = 21.692
P/S = 3.3678
P/B = 3.7291
P/EG = 1.852
Revenue TTM = 40.78b EUR
EBIT TTM = 7.92b EUR
EBITDA TTM = 11.41b EUR
Long Term Debt = 8.61b EUR (from longTermDebt, last quarter)
Short Term Debt = 3.02b EUR (from shortTermDebt, last quarter)
Debt = 12.70b EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 11.05b EUR (from netDebt column, last quarter)
Enterprise Value = 103.34b EUR (92.28b + Debt 12.70b - CCE 1.64b)
Interest Coverage Ratio = 12.82 (Ebit TTM 7.92b / Interest Expense TTM 617.9m)
EV/FCF = 27.98x (Enterprise Value 103.34b / FCF TTM 3.69b)
FCF Yield = 3.57% (FCF TTM 3.69b / Enterprise Value 103.34b)
FCF Margin = 9.06% (FCF TTM 3.69b / Revenue TTM 40.78b)
Net Margin = 12.52% (Net Income TTM 5.11b / Revenue TTM 40.78b)
Gross Margin = 63.13% ((Revenue TTM 40.78b - Cost of Revenue TTM 15.04b) / Revenue TTM)
Gross Margin QoQ = 63.36% (prev 63.21%)
Tobins Q-Ratio = 2.09 (Enterprise Value 103.34b / Total Assets 49.34b)
Interest Expense / Debt = 1.50% (Interest Expense 191.0m / Debt 12.70b)
Taxrate = 25.23% (629.7m / 2.50b)
NOPAT = 5.92b (EBIT 7.92b * (1 - 25.23%))
Current Ratio = 0.84 (Total Current Assets 8.04b / Total Current Liabilities 9.54b)
Debt / Equity = 0.52 (Debt 12.70b / totalStockholderEquity, last quarter 24.51b)
Debt / EBITDA = 0.97 (Net Debt 11.05b / EBITDA 11.41b)
Debt / FCF = 2.99 (Net Debt 11.05b / FCF TTM 3.69b)
Total Stockholder Equity = 25.10b (last 4 quarters mean from totalStockholderEquity)
RoA = 10.46% (Net Income 5.11b / Total Assets 49.34b)
RoE = 20.35% (Net Income TTM 5.11b / Total Stockholder Equity 25.10b)
RoCE = 23.51% (EBIT 7.92b / Capital Employed (Equity 25.10b + L.T.Debt 8.61b))
RoIC = 16.10% (NOPAT 5.92b / Invested Capital 36.80b)
WACC = 5.21% (E(92.28b)/V(104.98b) * Re(5.77%) + D(12.70b)/V(104.98b) * Rd(1.50%) * (1-Tc(0.25)))
Discount Rate = 5.77% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: 33.33 | Cagr: 5.21%
[DCF Debug] Terminal Value 88.43% ; FCFF base≈3.33b ; Y1≈4.11b ; Y5≈7.00b
Fair Price DCF = 333.8 (EV 203.96b - Net Debt 11.05b = Equity 192.91b / Shares 577.9m; r=5.90% [WACC]; 5y FCF grow 25.0% → 2.90% )
EPS Correlation: -21.20 | EPS CAGR: -47.31% | SUE: 0.0 | # QB: 0
Revenue Correlation: 44.26 | Revenue CAGR: 12.48% | SUE: 0.67 | # QB: 0
EPS next Year (2026-12-31): EPS=7.19 | Chg30d=-0.161 | Revisions Net=-9 | Growth EPS=+12.0% | Growth Revenue=+3.9%