| Valuation |
9.8 |
auto |
P/E 21.5 |
| Liquidity |
8.0 |
auto |
Current ratio 1.46 |
| Growth |
6.2 |
auto |
Revenue growth 5.8% |
| Profitability |
4.7 |
auto |
Net margin -2.7% |
| Efficiency |
3.7 |
auto |
ROE -1.7% |
| Leadership Tenure |
4.5 |
ai |
Eduardo Menezes took over as CEO in February 2025 following a contentious activist campaign by Mantle Ridge that ousted long-tenured CEO Seifi Ghasemi; tenure is fresh and accompanied by strategy reset on hydrogen mega-projects. |
| Ownership Alignment |
7.1 |
auto |
Insider holding 1.89% |
| Strategic Vision |
6.8 |
ai |
New leadership is rationalizing the prior $15B+ clean hydrogen capex bets (NEOM, Louisiana, Texas) under a more disciplined return framework, with a clearer focus on industrial gas core and merchant strategy — coherent but still in transition. |
| Focus / Clarity |
8.4 |
ai |
Pure-play industrial gases producer (oxygen, nitrogen, hydrogen, helium) with hydrogen-for-mobility adjacency — one of only four global players alongside Linde, Air Liquide, and Nippon Sanso. |
| Diversification |
8.2 |
ai |
~$12B revenue spread across Americas, Asia, EMEA with diverse end markets (refining, chemicals, electronics, metals, food, healthcare) and on-site take-or-pay contracts limiting customer concentration. |
| Maturity / Revenue |
8.3 |
ai |
Revenue $12.2B |
| Growth Potential |
7.2 |
ai |
Core industrial gas volume grows mid-single-digit, with optionality from electronics gases (semis capex), decarbonization-driven hydrogen demand, and rerating potential as the activist-driven capital discipline reset is recognized by the market. |
| Volatility |
6.5 |
auto |
β 0.81 · D/E 101.99 |
| Market Standing |
8.5 |
auto |
Market cap $67.5B |
| Competitive Moat |
8.6 |
ai |
Member of the global industrial gas oligopoly (~25% share), with 15-20 year on-site take-or-pay contracts, dense pipeline networks in Gulf Coast/Rotterdam/Asia, and high switching costs — qualifies on share + contractual barriers + scale economies. |