Air Liquide (AI.PA): analysis in plain words
Is Air Liquide cheap or expensive? How it makes money, whether it grows and its risks, explained in plain words and with its official accounts.
Air Liquide (AI.PA) is listed on Euronext Paris and we classify it in materials and chemicals. Below are its key dated figures, how it makes money, how it compares with its sector, what works for and against Air Liquide according to those figures, and the questions people ask most about the stock. No buy or sell tips.
Air Liquide (AI.PA) key figures as of November 4, 2026
| Figure | Value | What it measures |
|---|---|---|
| Share price | €187.36 | Last price on November 4, 2026 |
| P/E ratio (TTM) | 33.8x | Price over earnings per share |
| Revenue growth | +0.8% | Latest quarter vs the same quarter a year earlier |
| Net margin (TTM) | 13.1% | Profit for every 100 of sales |
| Net debt / EBITDA | 2.0x | Years of operating profit to repay debt |
| Dividend yield | 1.84% | Annual dividend over price |
| Market cap | €119.6 billion | What the stock market values it at |
The Air Liquide figures come from Yahoo Finance, the same source the Fintols analysis uses, retrieved on November 4, 2026. Any AI.PA figure that is not available shows as N/A: we do not estimate it.
How Air Liquide makes money
Air Liquide produces and sells industrial and medical gases such as oxygen, nitrogen and hydrogen. Its core Gas & Services segment spans Large Industries (refineries, chemicals, steel), Industrial Merchant (workshops and small businesses), Healthcare (hospitals and home patients) and Electronics (chipmakers). It typically signs long-term supply contracts.
Over the last 12 months, Air Liquide brought in revenue of €27.0 billion. For every 100 it sells, Air Liquide keeps 64.6 after the direct cost of what it sells (gross margin) and 20.1 after all operating costs (operating margin). With 65,000 full-time employees, that is about €416,000 of revenue per employee.
Air Liquide against its sector
To know whether a Air Liquide figure is high or low you have to put it next to similar companies. This table compares Air Liquide with the median of the 10 materials and chemicals companies Fintols covers, with data as of November 4, 2026.
| Figure | Air Liquide | materials and chemicals median |
|---|---|---|
| P/E | 33.8x | 28.5x (10) |
| Revenue growth | +0.8% | +9.2% (11) |
| Net margin | 13.1% | 10.7% (11) |
| Dividend yield | 1.84% | 0.99% (11) |
| Net debt / EBITDA | 2.0x | 2.0x (11) |
In short, against the typical materials and chemicals company, Air Liquide trades on a higher P/E, grows more slowly and earns a wider margin. By size, Air Liquide ranks number 1 of 4 materials and chemicals companies quoted in EUR on Fintols.
The bull case for Air Liquide
These are the strengths in the Air Liquide figures as of November 4, 2026:
- Analysts expect Air Liquide earnings to rise: its P/E on the next 12 months of estimated earnings is 26.0x, below the current 33.8x.
- It is the largest by market value of the 4 materials and chemicals companies quoted in EUR that Fintols covers, and scale gives it bargaining power with customers and suppliers.
The main risk for Air Liquide
The Air Liquide figures as of November 4, 2026 show no clear red flag (no heavy debt, no losses, no falling sales). Its main risk is the one built into its business: the price of what it sells (metals, chemicals), which depends on the world economy and is out of its control.
Frequently asked questions about Air Liquide
Is it a good time to buy Air Liquide stock?
Fintols does not tell you whether to buy or sell Air Liquide, and nobody knows what the price will do tomorrow. What we can show you is where it stands today. As of November 4, 2026, Air Liquide stock trades at €187.36, 1% below its 52-week high (€188.62) and 33% above its low (€140.78). Its P/E is 33.8x against a materials and chemicals median of 28.5x, and 26.0x on the earnings analysts expect over the next 12 months. With Air Liquide, as with any stock, timing matters less than understanding the business, investing for the long run and not betting everything on a single company.
Does Air Liquide pay a dividend?
Yes. As of November 4, 2026, Air Liquide pays €3.36 per share a year, which at today's price is a yield of 1.84%. It uses 61% of its profit to pay it. Its average dividend yield over the last five years is 1.83%. The materials and chemicals median on Fintols is 0.99%.
Is Air Liquide stock expensive?
It depends on what you compare it with. On P/E, Air Liquide trades at 33.8x its last 12 months of earnings: more expensive than the materials and chemicals median (28.5x). Including its debt, Air Liquide is valued at 17.3x its EBITDA (EV/EBITDA). A high P/E alone does not make Air Liquide expensive: it can be justified if earnings grow fast, and a low one can reflect a business in trouble.
Who are Air Liquide's competitors?
On Fintols we compare Air Liquide with BASF, ArcelorMittal and Sherwin-Williams, which are also in materials and chemicals. As of November 4, 2026, BASF is worth €46.7 billion and trades on a P/E of 24.1; ArcelorMittal is worth €41.4 billion and trades on a P/E of 27.1; Sherwin-Williams is worth $87.8 billion and trades on a P/E of 33.4. Each has a side-by-side comparison with Air Liquide below.
Air Liquide competitors
- BASF (BAS.DE) analysis · Air Liquide vs BASF comparison
- ArcelorMittal (MTS) analysis · Air Liquide vs ArcelorMittal comparison
- Sherwin-Williams (SHW) analysis · Air Liquide vs Sherwin-Williams comparison
To understand Air Liquide better
- How to Read a Balance Sheet: A Beginner's Guide
- P/E Ratio and EPS Explained: How to Read Them Without Traps
More companies like Air Liquide: materials and chemicals stocks and Euro Stoxx 50 companies. Open the full AI.PA analysis with its valuation and scenarios. Educational content about Air Liquide, not investment advice.