French multinational company supplying industrial gases and services to various industries including healthcare, electronics, and energy sectors.
Profile & Fundamentals
Air Liquide: Company identity, ownership, reported financial performance, balance sheets, and corporate actions.
Profile & Fundamentals
Air Liquide Profile & Fundamentals
Examine company identity, ownership, reported performance, valuation, balance-sheet resilience, dividends, buybacks, and material corporate events.
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Company and Market Context
Company Profile & Ownership
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.
Company profile record
Air Liquide SA
Common Stock · Materials · Specialty Chemicals
Company
- Company / asset
- Air Liquide SA
- Security type
- Common Stock
- Sector
- Materials
- Industry
- Specialty Chemicals
- HQ
- 🇫🇷 France
- Head office
- 75 quai d'Orsay, Paris, France, 75007
Leadership & scale
- Chief executive
- Mr. Francois Jackow
- CEO year born
- 1969
- Full-time employees
- 65K
- Fiscal year end
- December
Fundamentals snapshot
- Market Cap
- EUR 107.6B
- P/E
- 15.5x
- Revenue (Q2 26)
- EUR 13.8B
- Profit (Q2 26)
- EUR 1.8B
- Dividend Yield
- 3.1%
- Revenue (FY 25)
- EUR 26.9B
- Shares in public float
- 621.5M
- Insider ownership
- 0.15%
Reporting & identifiers
- Symbol
- AI.PAR
- Listing
- 🇫🇷 France | Dividend Tax: 25%
- Ticker Currency
- EUR
- Income Statement Currency
- EUR
- Balance Sheet Currency
- EUR
- Cash Flow Currency
- EUR
- EPS Currency
- EUR
- Contract Type
- SPOT
- ISIN
- FR0000120073
- Asset ID
- equity_73187115-a770-5035-8203-59b70077611f
Ownership
Shares Outstanding
Latest: 636.6M | Max: 636.6M | Min: 516.4M
Latest reported ownership snapshot
As of Oct 1, 2026Float Shares
97.63%
621.5M latest reported shares
Insider Ownership
0.15%
Latest reported insider stake
Short Float
--
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 516,402,100 |
| 2018-01-01 | 517,359,500 |
| 2019-01-01 | 518,638,000 |
| 2020-01-01 | 519,348,900 |
| 2021-01-01 | 521,470,200 |
| 2022-01-01 | 523,820,000 |
| 2023-01-01 | 522,268,000 |
| 2024-01-01 | 578,202,900 |
| 2025-01-01 | 577,017,000 |
| 2026-01-01 | 636,605,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| Vanguard Group Inc | 12,603,127 | 2.94% | 2020-07-31 |
| Artisan Partners Limited Partnership | 8,590,503 | 2% | 2020-07-31 |
| Vanguard Total Intl Stock Index Inv | 7,929,333 | 1.85% | 2020-06-30 |
| BlackRock Fund Advisors | 7,422,566 | 1.73% | 2020-07-31 |
| Massachusetts Financial Services Company | 5,736,321 | 1.34% | 2020-07-31 |
| Mawer Investment Management Ltd | 4,707,748 | 1.1% | 2020-07-31 |
| BlackRock Advisors (UK) Limited | 3,756,696 | 0.88% | 2020-07-31 |
| Goldman Sachs Asset Management, L.P. | 3,430,673 | 0.8% | 2020-07-31 |
| Vanguard Developed Markets Index Admiral | 2,955,477 | 0.69% | 2020-06-30 |
| Artisan International Investor USD | 2,718,058 | 0.63% | 2020-06-30 |
| Artisan International Investor USD | 2,718,058 | 0.63% | 2020-06-30 |
| Northern Trust Investments Inc | 2,651,793 | 0.62% | 2020-07-31 |
| Capital Research and Management Company | 2,406,649 | 0.56% | 2020-07-31 |
| Fidelity Management & Research Company LLC | 2,294,955 | 0.54% | 2020-07-31 |
| BNP Paribas Asset Management France | 2,196,753 | 0.51% | 2020-07-31 |
Earnings, Profitability & Valuation
Earnings, Profitability & Valuation
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
Air Liquide's financial performance presents a deceptive headline picture. While full-year 2025 revenue contracted slightly by 0.43% to €26.9 billion, operating income expanded 12.86% to €5.58 billion, lifting net profit to €3.52 billion. First-half 2026 maintained this momentum with underlying sales rising 4.3% excluding currency and energy swings. This divergence occurs because falling electricity and gas prices automatically reduce gross utility billings to customers without hurting underlying profitability. Long-term contracts protect profit per unit, allowing ongoing price increases in packaged gases and growth in high-margin electronics to compound earnings despite flat headline industrial sales.
Air Liquide's financial performance presents a deceptive headline picture. While full-year 2025 revenue contracted slightly by 0.43% to €26.9 billion, operating income expanded 12.86% to €5.58 billion, lifting net profit to €3.52 billion. First-half 2026 maintained this momentum with underlying sales rising 4.3% excluding currency and energy swings. This divergence occurs because falling electricity and gas prices automatically reduce gross utility billings to customers without hurting underlying profitability. Long-term contracts protect profit per unit, allowing ongoing price increases in packaged gases and growth in high-margin electronics to compound earnings despite flat headline industrial sales.
Revenue, Net Income, and Free Cash Flow
Latest: EUR 26.9B | Max: EUR 29.9B | Min: EUR 1.4B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 25x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability has shown consistent structural gains rather than temporary cyclical luck. Operating margin expanded from 14.34% in 2022 to 20.70% in 2025, reaching 20.9% in the first half of 2026. This reflects a cumulative expansion of over 450 basis points under the company's ADVANCE efficiency program. The improvement stems from digital plant automation, delivery route optimization, and a strategic mix shift toward high-purity semiconductor gases. While reported gross margins fluctuate due to energy re-invoicing, underlying operating profitability continues rising as structural cost reductions flow directly to net profit.
Profitability has shown consistent structural gains rather than temporary cyclical luck. Operating margin expanded from 14.34% in 2022 to 20.70% in 2025, reaching 20.9% in the first half of 2026. This reflects a cumulative expansion of over 450 basis points under the company's ADVANCE efficiency program. The improvement stems from digital plant automation, delivery route optimization, and a strategic mix shift toward high-purity semiconductor gases. While reported gross margins fluctuate due to energy re-invoicing, underlying operating profitability continues rising as structural cost reductions flow directly to net profit.
Profitability Margins
Latest: 35.8% | Max: 64.9% | Min: 9.2%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
35.8%
Gross profit / revenue
Operating Margin
20.7%
Operating income / revenue
Net Margin
13.1%
Net income / revenue
FCF Margin
9.3%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 19,222,888,000 | 1,954,640,000 | 1,524,174,000 |
| 2017-12-31 | 24,215,667,000 | 2,617,524,000 | 2,465,085,000 |
| 2018-12-31 | 23,952,654,000 | 2,409,276,000 | 2,812,608,000 |
| 2019-12-31 | 24,550,512,000 | 2,510,480,000 | 2,324,896,000 |
| 2020-12-31 | 24,991,944,000 | 2,970,822,000 | 3,142,110,000 |
| 2021-12-31 | 26,601,672,000 | 2,932,308,000 | 3,025,446,000 |
| 2022-12-31 | 32,029,380,000 | 2,951,916,000 | 2,714,697,000 |
| 2023-12-31 | 30,368,360,000 | 3,385,800,000 | 3,156,560,000 |
| 2024-12-31 | 28,140,112,000 | 3,438,344,000 | 2,908,984,000 |
| 2025-12-31 | 31,520,034,000 | 4,115,943,000 | 2,938,338,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2022-12-31 | 25.14 | Annual net income |
| 2021-12-31 | 31.08 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 63.09 | 16.87 | 10.17 | 7.93 |
| 2017-12-31 | 62.06 | 14.84 | 10.81 | 10.18 |
| 2018-12-31 | 60.61 | 15.64 | 10.06 | 11.74 |
| 2019-12-31 | 62.8 | 16.45 | 10.23 | 9.47 |
| 2020-12-31 | 64.86 | 17.82 | 11.89 | 12.57 |
| 2021-12-31 | 59.77 | 17.18 | 11.02 | 11.37 |
| 2022-12-31 | 53.86 | 14.34 | 9.22 | 8.48 |
| 2023-12-31 | 59.62 | 16.56 | 11.15 | 10.39 |
| 2024-12-31 | 63.01 | 18.28 | 12.22 | 10.34 |
| 2025-12-31 | 35.77 | 20.72 | 13.06 | 9.32 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Source: eodhd. Snapshot retrieved 2026-08-18.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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