AI

Air Liquide is one of the global leaders in industrial and medical gases, serving 4.3 million customers and patients across 59 countries, with oxygen, nitrogen, hydrogen, electronics specialty gases, and medical gases deeply embedded in customer production processes. In 2025, revenue reached EUR 26.94 billion, operating cash flow was EUR 6.52 billion, recurring ROCE stayed solid at 11.2%, and net debt continued to fall over five years to EUR 8.42 billion. Rating Watch: a classic infrastructure, consumables, and long-term service contract compounder with strong contract stickiness and a deep moat, yet the current share price of about EUR 183 implies roughly 30x P/E and already reflects much of its quality, leaving insufficient margin of safety.