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U.S. Industrial Gases Industry Analysis

UpdatedMar 02, 2026
DataAggregated Company Financials
Companies4
  • 7D1.4%
  • 3M20.3%
  • 1Y3.5%
  • YTDn/a

In the last week, the Industrial Gases industry is up 1.0%, with Linde up 2.3%. This means that the industry has gained 3.4% over the past year. Looking forward, earnings are forecast to grow by 14% annually.

Industry Valuation and Performance

Has the U.S. Industrial Gases Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 03 Mar 2026US$296.8bUS$46.2bUS$6.6b34.1x45.2x6.4x
Thu, 29 Jan 2026US$269.2bUS$45.5bUS$6.7b29.7x40.1x5.9x
Sat, 27 Dec 2025US$253.1bUS$45.5bUS$6.7b28x37.7x5.6x
Mon, 24 Nov 2025US$250.0bUS$45.5bUS$6.7b27.2x37.3x5.5x
Wed, 22 Oct 2025US$268.3bUS$45.3bUS$8.3b33.7x32.4x5.9x
Fri, 19 Sep 2025US$289.7bUS$45.3bUS$8.3b37.3x35x6.4x
Sun, 17 Aug 2025US$289.8bUS$45.3bUS$8.3b37.3x35x6.4x
Tue, 15 Jul 2025US$285.7bUS$45.0bUS$8.2b37.6x35x6.3x
Thu, 12 Jun 2025US$286.6bUS$45.0bUS$8.2b37x35.1x6.4x
Sat, 10 May 2025US$273.4bUS$45.0bUS$8.2b35.6x33.5x6.1x
Mon, 07 Apr 2025US$265.7bUS$45.0bUS$10.4b23.4x25.5x5.9x
Wed, 05 Mar 2025US$287.7bUS$45.0bUS$10.4b25.4x27.6x6.4x
Fri, 31 Jan 2025US$281.5bUS$45.1bUS$10.2b26.3x27.5x6.2x
Sun, 29 Dec 2024US$266.5bUS$45.1bUS$10.2b24.3x26.1x5.9x
Tue, 26 Nov 2024US$290.3bUS$45.1bUS$10.2b26.7x28.4x6.4x
Thu, 24 Oct 2024US$303.6bUS$44.9bUS$9.0b32x33.9x6.8x
Sat, 21 Sep 2024US$288.0bUS$44.9bUS$9.0b30.1x32.1x6.4x
Mon, 19 Aug 2024US$279.5bUS$44.9bUS$9.0b29x31.2x6.2x
Wed, 17 Jul 2024US$268.4bUS$44.9bUS$8.8b29.1x30.6x6x
Fri, 14 Jun 2024US$274.8bUS$44.9bUS$8.8b29.6x31.3x6.1x
Sun, 12 May 2024US$264.5bUS$44.9bUS$8.8b27.9x30.2x5.9x
Tue, 09 Apr 2024US$276.9bUS$45.3bUS$8.5b29.3x32.5x6.1x
Thu, 07 Mar 2024US$275.3bUS$45.3bUS$8.5b29.6x32.3x6.1x
Sat, 03 Feb 2024US$254.8bUS$45.1bUS$8.3b29x30.8x5.7x
Mon, 01 Jan 2024US$260.0bUS$45.1bUS$8.3b29.9x31.4x5.8x
Wed, 29 Nov 2023US$260.5bUS$45.1bUS$8.3b29.6x31.5x5.8x
Fri, 27 Oct 2023US$242.4bUS$45.4bUS$8.2b29.3x29.7x5.3x
Sun, 24 Sep 2023US$245.7bUS$46.1bUS$7.9b30.6x31.2x5.3x
Tue, 22 Aug 2023US$246.3bUS$46.1bUS$7.9b30.7x31.3x5.3x
Thu, 20 Jul 2023US$249.8bUS$46.5bUS$6.7b35.8x37.5x5.4x
Sat, 17 Jun 2023US$248.9bUS$46.5bUS$6.7b35.5x37.4x5.4x
Mon, 15 May 2023US$243.1bUS$46.5bUS$6.7b34.5x36.5x5.2x
Wed, 12 Apr 2023US$239.7bUS$46.2bUS$6.4b35.3x37.4x5.2x
Fri, 10 Mar 2023US$233.3bUS$46.2bUS$6.4b34.5x36.4x5x
Price to Earnings Ratio

36.4x


Total Market Cap: US$233.3bTotal Earnings: US$6.4bTotal Revenue: US$46.2bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Industrial Gases Industry Price to Earnings3Y Average 32.7x202420252026
Current Industry PE
  • Investors are optimistic on the American Industrial Gases industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 45.3x which is higher than its 3-year average PE of 32.7x.
  • The industry is trading close to its 3-year average PS ratio of 5.9x.
Past Earnings Growth
  • Both revenue and earnings for companies in the Industrial Gases industry have remained mostly flat over the last three years.
  • This means that sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Industry Comparison

How does U.S. Industrial Gases compare with similar industries?

US Market-0.57%
Materials2.63%
Chemicals1.03%
Industrial Gases1.41%
Diversified Chemicals4.25%
Commodity Chemicals2.41%
Fertilizers and Agricultural Chemicals1.91%
Specialty Chemicals0.27%
Industry PEThere are no additional sub-industries under this industry.
Forecasted GrowthThere are no additional sub-industries under this industry.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuation
LIN LindeUS$509.342.2%
+US$3.4b		10.2%PE34.2x

Latest News

LIN
US$509.34
Linde
7D
2.2%
1Y
10.2%
APD
US$276.43
Air Products and Chemicals
7D
-2.4%
1Y
-11.0%

APD: Backlog Execution And NASA Hydrogen Wins Will Shape Turnaround Path

The analyst price target for Air Products and Chemicals has been raised by about $1 to approximately $302, as analysts incorporate higher published targets from multiple firms and modest adjustments to assumptions for fair value, discount rate, revenue growth, profit margin, and future P/E. Analyst Commentary Recent Street research on Air Products and Chemicals has centered on a series of upward price target revisions and one key rating change, providing a view into how analysts are framing valuation, execution risk, and growth potential.