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Air Liquide AI.PA

France Basic Materials
5.2/10
AI Analyst score
167.60 EUR
Last price at analysis date · analyst target 197.32 (+17.7%)
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🟡 HOLD — Hold; business quality and dividend offset the demanding valuation, but low cash generation and rising rates in Europe limit upside potential.

Air Liquide is a French multinational leader in industrial and medical gases, supplying oxygen, nitrogen, hydrogen, and other gases to sectors such as healthcare, the chemical industry, electronics, and energy, through long-term contracts and on-site production plants. Air Liquide shows solid financial health (6.25) and an attractive dividend (6.48), but its valuation is demanding (P/E 30.14) and cash conversion is very weak (3.19%), which weighs on its quality and investment appeal.

Financial health
6.0
Quality / Moat
5.3
Valuation
3.5
Growth
4.7
Dividend
6.5
Momentum
4.9
Risk & Context
6.7

Detailed metrics

Market and fundamental data as of the analysis date.

💵 Valuation
P/E30.14
Fwd P/E23.38
EV/EBITDA16.07
P/B4.02
P/S3.95
PEG2.09
Market cap106.96 B EUR
Enterprise value122.55 B EUR
🏰 Quality and moat
ROIC (approx.)12.4%
Gross margin64.59%
FCF conversion3%
Operating margin20.11%
📈 Profitability and margins
ROE13.97%
ROA6.30%
Net margin13.09%
FCF243.3 M EUR
FCF yield0.23%
🏦 Solvency and liquidity
Total debt17.26 B EUR
Net debt15.20 B EUR
Cash2.06 B EUR
EBITDA7.62 B EUR
Net debt / EBITDA1.99
D/E63.31
Current ratio0.88
Quick ratio0.58
🚀 Growth
Revenue growth0.80%
Earnings growth0.70%
EPS (TTM)5.56 EUR
EPS (Fwd)7.17 EUR
💰 Dividend and risk
Dividend yield2.00%
Payout60.5%
Beta0.64
Analyst consensusStrong buy (20)
Target price197.32 EUR
52-week range140.78 EUR – 182.26 EUR
⚠️ Main risk: Weak cash conversion (3.19%) and high operating leverage could limit investment capacity and shareholder returns if the industrial cycle deteriorates.
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Full AI report

Generated automatically from the metrics, the macro context and the company's news.

Air Liquide is a French multinational leader in industrial and medical gases, supplying oxygen, nitrogen, hydrogen, and other gases to sectors such as healthcare, the chemical industry, electronics, and energy, through long-term contracts and on-site production plants. Air Liquide shows solid financial health (6.25) and an attractive dividend (6.48), but its valuation is demanding (P/E 30.14) and cash conversion is very weak (3.19%), which weighs on its quality and investment appeal.

Score by category

CategoryScore
Financial health6.0
Quality / Moat5.3
Valuation3.5
Growth4.7
Dividend6.5
Momentum4.9
Risk & Context6.7

OVERALL SCORE: 5.2/10

Context and risks

Air Liquide has significant exposure to Europe, where the ECB is raising rates, and its current ratio is low (0.88). Additionally, its gas business for the chemical and electronics industry is sensitive to the industrial cycle, although its long-term contract model mitigates the impact.

News considered in the analysis

  • Why Is L'Air Liquide (ENXTPA:AI) Facing Pressure From An Activist Investor? — La presión de un inversor activista podría llevar a cambios estratégicos o de gestión, pero el impacto es incierto y moderado.
  • Is L'Air Liquide (ENXTPA:AI) Still A Cash Flow Bargain Today? — Artículo de análisis sin información nueva; la baja conversión a caja libre (3.19%) ya está reflejada en las notas cuantitativas.
  • AVNT or AIQUY: Which Is the Better Value Stock Right Now? — Comparativa genérica de valor sin información específica nueva para Air Liquide.
  • Daimler Truck brings NextGenH2 to IAA as hydrogen pact forms — El acuerdo de hidrógeno con Daimler Truck refuerza la posición de Air Liquide en el mercado de hidrógeno para movilidad, un área de crecimiento estratégico.
  • AVNT vs. AIQUY: Which Stock Is the Better Value Option? — Listículo sin información nueva.

Verdict: Hold; business quality and dividend offset the demanding valuation, but low cash generation and rising rates in Europe limit upside potential.

Main risk: Weak cash conversion (3.19%) and high operating leverage could limit investment capacity and shareholder returns if the industrial cycle deteriorates.

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Automatically generated analysis from fundamental, market and news data. Not personalised financial advice — a research tool, not an individual recommendation. Past performance does not guarantee future results. Last update of this analysis: 2026-09-28. Legal notice, privacy & cookies.