L'Air Liquide S.A (0NWF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of L'Air Liquide S.A €131, price €171, upside -23.5%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 28, 2026.
How to read this chart
60‑month range €88.90 – €181.00 · fair‑value band €93.44 – €163.34 · the €170.74 price screens above the €130.67 fair value. Dashed = 300-day average. As of Sep 28, 2026.
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.
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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.
Stock analysis
L'Air Liquide S.A (0NWF) currently trades at €170.74, while our model-based Fair Value estimate is €130.67, 23.5% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of €126.65 per share, and 1 of the 23 models we run sit above the €170.74 price.
Bear case: the Asset-Based group reads lowest at €30.46, and 22 of the 23 models stay below the price. Evidence for this calculation is low.
Scenario range: €93.44 (bear) to €163.34 (bull), the price of €170.74 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 67/100 (solid quality), in the Industrials sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
L'Air Liquide S.A reported revenue of €20.5B in FY2020 versus €18.1B in FY2016, a compound +3.1%/yr. Reported net income was €2.4B in FY2020, compounding +7.2%/yr from FY2016.
Key figures
Market cap €69.6B · P/S ratio 2.58 · Dividend yield 2.0% · Net margin 11.9% · Return on equity 13.4% · Return on assets (EBIT) 7.8% · Operating margin 19.5% · Revenue (TTM) €26.9B.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 23% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −40% fair-value upside, at −23%, 0NWF screens cheaper than that median.
Fair Value models
Bear €93.44Fair Value €130.67Bull €163.34
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−6.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.2%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
16.9% (2016) → 17.8% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its sector: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median. (Industry “Trading Companies & Distributors” was too small, so the broader sector is used.)Industrials · 5311 stocks
Beats the sector median on 6/12 measures
A mixed picture versus its sector peers.
Valuation
Quality Score67 · Top 25%
Fair Value upside−26.5% · Below median
Profitability
Return on equity (TTM)13.4% · Above median
Return on assets6.3% · Top 25%
Net margin (TTM)13.1% · Top 25%
Operating margin (TTM)19.5% · Top 25%
Growth and dividend
Revenue growth−3.4% · Below median
Dividend yield (TTM)2.0% · Above median
Balance sheet
Debt / equity0.55× · Highest 25%
Valuation Multiplesvs Industrials median · lower = cheaper
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Is L'Air Liquide S.A (0NWF) overvalued or undervalued?
As of Sep 28, 2026, our model estimates a fair value of €130.67 versus a price of €170.74, about −23% upside (overvalued).
What is the fair value of 0NWF?
Our model-based fair value for L'Air Liquide S.A is €130.67 (as of Sep 28, 2026), built from audited fundamentals. The current price: €170.74.
What is the quality score of 0NWF?
L'Air Liquide S.A has a Quality Score of 67/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for L'Air Liquide S.A (0NWF)?
Our model-based price target is the fair value of €130.67 (as of Sep 28, 2026) from 23 valuation models. Cautious scenario €93.44, optimistic scenario €163.34. It is a calculation from audited fundamentals, not an analyst target.
What is the L'Air Liquide S.A stock forecast for 2026?
Our models put fair value at €130.67, about −23% upside versus a price of €170.74 (overvalued). Cautious scenario €93.44, optimistic scenario €163.34. The calculation is refreshed regularly with new filings.
What is the revenue of L'Air Liquide S.A (0NWF)?
L'Air Liquide S.A reported trailing-twelve-month revenue of about €26.9B (latest available figure, as of Sep 28, 2026).
Does L'Air Liquide S.A pay a dividend?
L'Air Liquide S.A currently shows a dividend yield of about 1.97% relative to its recent price (as of Sep 28, 2026).
What is the intrinsic value of L'Air Liquide S.A (0NWF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For L'Air Liquide S.A it is €130.67 per share (as of Sep 28, 2026), against a price of €170.74. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is L'Air Liquide S.A stock overvalued or undervalued in 2026?
As of Sep 28, 2026, 0NWF trades above its calculated fair value: price €170.74, fair value €130.67, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0NWF?
No. The price is what the market pays today (€170.74); the fair value is what the company's own numbers justify (€130.67). For L'Air Liquide S.A the two are €40.07 per share apart. That gap is exactly why we show both numbers side by side.
How much is L'Air Liquide S.A worth?
The market values L'Air Liquide S.A at about €69.6B (market capitalisation, as of Sep 28, 2026). Per share that is €170.74; our models calculate a fair value of €130.67 per share.
What do the bullish and bearish scenarios say about 0NWF?
Our models span a range for L'Air Liquide S.A: cautious scenario €93.44, base €130.67, optimistic €163.34 per share (as of Sep 28, 2026, price €170.74). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of L'Air Liquide S.A (0NWF)?
Balance-sheet figures for L'Air Liquide S.A (as of Sep 28, 2026): return on equity 13.4%, debt of 0.55 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is 0NWF from its 52-week high?
L'Air Liquide S.A trades at €170.74, about 6% below its 52-week high of €181.00 and 23% above the low of €138.53 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of €130.67 is for.
Which stocks are comparable to L'Air Liquide S.A?
From the same area (Industrials) we also value 534755, SCTL, Contemporary Amperex Technology Co, Delta Electronics (Thailand) Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is L'Air Liquide S.A stock attractive at the current price?
The data as of Sep 28, 2026: price €170.74, calculated fair value €130.67 (−23%), Quality Score 67/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0NWF calculated?
We run L'Air Liquide S.A through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €130.67, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. L'Air Liquide S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of L'Air Liquide S.A (0NWF)?
The closing price on Oct 2, 2026 was €170.74. Our model-based fair value is €130.67, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with L'Air Liquide S.A right now?
The price sits above even our optimistic bull case (€163.34). The favourable scenario is already priced in. Solid but not exceptional quality (67/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of L'Air Liquide S.A
How large is the market capitalisation of L'Air Liquide S.A (0NWF)?
The market capitalisation of L'Air Liquide S.A is €69.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of L'Air Liquide S.A (0NWF)?
The price-to-sales ratio of L'Air Liquide S.A is 2.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the dividend yield of L'Air Liquide S.A (0NWF)?
The dividend yield of L'Air Liquide S.A is 2.0%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of L'Air Liquide S.A (0NWF)?
The net margin of L'Air Liquide S.A is 11.9% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of L'Air Liquide S.A (0NWF)?
The return on equity (ROE) of L'Air Liquide S.A is 13.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of L'Air Liquide S.A (0NWF)?
On an EBIT basis the return on assets of L'Air Liquide S.A is 7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of L'Air Liquide S.A (0NWF)?
The operating margin of L'Air Liquide S.A is 19.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at L'Air Liquide S.A (0NWF)?
Revenue at L'Air Liquide S.A is growing −3.4% versus a year earlier (3y avg +0.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at L'Air Liquide S.A (0NWF)?
Earnings per share at L'Air Liquide S.A are growing +5.3% versus a year earlier. How much earnings per share grew versus a year earlier.
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