Air Liquide SA (AI) Fair Value & Analysis
Basic Materials · FR · Market cap €113B · ISIN FR0000120073
What is Air Liquide SA really worth?
A solid business, but trading 153% above our fair value of €67.24.
As of Sep 6, 2026, the fair value of Air Liquide SA is €67.24 per share against a price of €170.44, so the fair value sits 61% below the price. A model estimate blended from multiple valuation models, recalculated regularly.
Strengths
Risks
For context
Fair value as of: Sep 6, 2026
From 25 valuation models · updated today
Share price −1.8% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (€97.68). The favourable scenario is already priced in.
- Solid but not exceptional quality (58/100) and above fair value, neither a clear bargain nor a standout compounder.
- A fairly wide model range (€40.56 to €97.68) leaves room in how you read the outcome.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 6, 2026.
How to read this chart
60‑month range €88.74 – €180.30 · fair‑value band €40.56 – €97.68 · the €170.44 price screens above the €67.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 6, 2026.
Analysis
Air Liquide SA (AI) currently trades at €170.44, while our model-based Fair Value estimate is €67.24, implying the stock looks roughly 153.5% overvalued today. The Quality Score stands at 58/100 (solid quality), in the Basic Materials sector. Bull case: the Multiples group reads highest at a median of €94.05 per share, and 0 of the 25 models we run sit above the €170.44 price. Bear case: the Asset-Based group reads lowest at €27.62, and 25 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Air Liquide SA generated revenue of €26.9B at a net margin of 13.1%. Revenue declined 3.4% year over year. It earns a return on equity of 13.4%. Net debt stands at €10.7B. Fundamentals as of Sep 6, 2026
Our scenario range runs from €40.56 (bear case) to €97.68 (bull case); at €170.44, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 8% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at −61%, AI screens richer than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €1.25 per share, which is 1.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Multiples (€94.05) versus Asset-Based (€27.62). Highest evidence: FCF DCF (79).
Notify me when AI reaches fair value
Put AI on your watchlist. We get in touch as soon as price and fair value meet or the trend turns.
Set up alert →Free, no payment details. Unsubscribe anytime in one click.
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 6, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 65
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
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.
Full company description
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 description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Air Liquide SA reported revenue of €26.9B in FY2025 versus €23.3B in FY2021, a compound +3.7%/yr. Reported net income was €3.5B in FY2025, compounding +8.1%/yr from FY2021.
of which total revenue +5.7 % · buybacks/dilution −1.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
AI screens 153% overvalued. Compare with Linde plc →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Elliott Tries to Put Air Liquide Under Pressure
- Mizuho bullish on Air Liquide, sees 17% upside
- Hydrogen Generation from Natural Gas Report 2026: Evaluating Patent Holdings, SMR Innovations, and Market Positioning of Air Liquide, Saudi
- Air Liquide SA (AIQUF) (Q2 2026) Earnings Call Highlights: Strong Growth Amid Currency Challenges
Peer Group
Specialty Chemicals · 695 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Specialty Chemicals median · lower = cheaper
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Air Liquide SA deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
The price demands an acceleration versus past growth. Not a sell signal, but an expectation the company still has to earn. Ranking of the largest stocks →
Context: sector, industry, market
- Is the Materials sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: French Stocks
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 45/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Sep 6, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Linde plc LIN | $485.35 | $222.03 | −54% |
| The Sherwin-Williams Company SHW | $344.86 | $143.38 | −58% |
| Ecolab Inc ECL | $286.75 | $96.18 | −66% |
| Air Products and Chemicals, Inc APD | $308.09 | $122.14 | −60% |
| Givaudan SA GIVN | CHF 3,282 | CHF 1,498 | −54% |
| Wanhua Chemical Group 600309 | ¥77.66 | ¥68.03 | −12% |
| 500820 500820 | ₹2,757 | ₹557.43 | −80% |
| Novozymes A/S NSISB | kr 456.40 | kr 169.99 | −63% |
| Asian Paints Limited ASIANPAINT | ₹2,630 | ₹696.23 | −74% |
| PPG Industries, Inc PPG | $114.22 | $71.31 | −38% |
Compare Air Liquide SA with another stock
Price, fair value, quality and upside side by side.
Explore undervalued stocks
More undervalued Basic Materials stocks →
Try a ready-made strategy
Pick a strategy and jump into the live analysis with that exact screen applied.
Discover tools
Frequently asked questions
Is Air Liquide SA (AI) overvalued or undervalued?
What is the fair value of AI?
What is the quality score of AI?
What is the price target for Air Liquide SA (AI)?
What is the Air Liquide SA stock forecast for 2026?
What is the revenue of Air Liquide SA (AI)?
What is the net profit margin of AI?
Does Air Liquide SA pay a dividend?
What growth is priced into Air Liquide SA (AI)?
What discount rate (WACC) does the fair value of AI use?
Watch Air Liquide SA in the live analysis
One click puts Air Liquide SA on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 35,000+ stock screener. You can also try 14 days of Pro there, no card.
Watch for free →Zero risk: nothing is ever charged. Your watchlist is yours, with or without an account.