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U.S. Industrial Gases Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies4
  • 7D0.7%
  • 3M-10.2%
  • 1Y-4.4%
  • YTDn/a

In the last week, Industrial Gases has been flat. Unfortunately though, the industry is down 4.7% over the past 12 months. As for the next few years, earnings are expected to grow by 13% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025US$253.0bUS$45.5bUS$6.7b28x37.7x5.6x
Fri, 21 Nov 2025US$249.3bUS$45.5bUS$6.7b26.9x37.2x5.5x
Sun, 19 Oct 2025US$267.8bUS$45.3bUS$8.3b33.7x32.3x5.9x
Tue, 16 Sep 2025US$291.2bUS$45.3bUS$8.3b37.1x35.1x6.4x
Thu, 14 Aug 2025US$286.3bUS$45.3bUS$8.3b37.4x34.5x6.3x
Sat, 12 Jul 2025US$287.3bUS$45.0bUS$8.2b37.9x35.2x6.4x
Mon, 09 Jun 2025US$284.8bUS$45.0bUS$8.2b37x34.9x6.3x
Wed, 07 May 2025US$273.6bUS$45.0bUS$8.2b35.2x33.5x6.1x
Fri, 04 Apr 2025US$287.8bUS$45.0bUS$10.4b25x27.6x6.4x
Sun, 02 Mar 2025US$291.2bUS$45.0bUS$10.4b26x28x6.5x
Tue, 28 Jan 2025US$282.4bUS$45.1bUS$10.2b25.8x27.6x6.3x
Thu, 26 Dec 2024US$268.6bUS$45.1bUS$10.2b24.4x26.3x6x
Sat, 23 Nov 2024US$289.8bUS$45.1bUS$10.2b26.6x28.3x6.4x
Mon, 21 Oct 2024US$306.1bUS$44.9bUS$9.0b32.6x34.2x6.8x
Wed, 18 Sep 2024US$291.0bUS$44.9bUS$9.0b30.2x32.5x6.5x
Fri, 16 Aug 2024US$276.9bUS$44.9bUS$9.0b28.9x30.9x6.2x
Sun, 14 Jul 2024US$269.9bUS$44.9bUS$8.8b28.6x30.8x6x
Tue, 11 Jun 2024US$270.4bUS$44.9bUS$8.8b29.2x30.8x6x
Thu, 09 May 2024US$262.0bUS$44.9bUS$8.8b27.4x29.9x5.8x
Sat, 06 Apr 2024US$272.9bUS$45.3bUS$8.5b29.4x32x6x
Mon, 04 Mar 2024US$268.8bUS$45.3bUS$8.5b28.7x31.5x5.9x
Wed, 31 Jan 2024US$254.7bUS$45.1bUS$8.3b29.1x30.8x5.7x
Fri, 29 Dec 2023US$260.7bUS$45.1bUS$8.3b29.9x31.5x5.8x
Sun, 26 Nov 2023US$261.8bUS$45.1bUS$8.3b30.1x31.6x5.8x
Tue, 24 Oct 2023US$239.3bUS$46.1bUS$7.9b29.7x30.4x5.2x
Thu, 21 Sep 2023US$250.3bUS$46.1bUS$7.9b31.3x31.8x5.4x
Sat, 19 Aug 2023US$246.8bUS$46.1bUS$7.9b30.6x31.4x5.4x
Mon, 17 Jul 2023US$251.7bUS$46.5bUS$6.7b36x37.8x5.4x
Wed, 14 Jun 2023US$246.0bUS$46.5bUS$6.7b35x37x5.3x
Fri, 12 May 2023US$241.1bUS$46.5bUS$6.7b34.2x36.2x5.2x
Sun, 09 Apr 2023US$238.1bUS$46.2bUS$6.4b35x37.2x5.1x
Tue, 07 Mar 2023US$241.3bUS$46.2bUS$6.4b35.7x37.7x5.2x
Thu, 02 Feb 2023US$233.7bUS$46.5bUS$6.1b37x38.4x5x
Sat, 31 Dec 2022US$231.6bUS$46.5bUS$6.1b36.2x38x5x
Price to Earnings Ratio

38x


Total Market Cap: US$231.6bTotal Earnings: US$6.1bTotal Revenue: US$46.5bTotal Market Cap vs Earnings and Revenue0%0%0%
U.S. Industrial Gases Industry Price to Earnings3Y Average 32.5x202320242025
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 37.3x which is higher than its 3-year average PE of 32.5x.
  • The industry is trading close to its 3-year average PS ratio of 5.8x.
Past Earnings Growth
  • The earnings for companies in the Industrial Gases industry have grown 3.3% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Comparison

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

US Market2.62%
Materials3.08%
Chemicals1.18%
Industrial Gases0.74%
Fertilizers and Agricultural Chemicals2.51%
Specialty Chemicals1.48%
Commodity Chemicals-0.23%
Diversified Chemicals-0.58%
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$425.100.7%
+US$1.3b		-0.2%PE28x
APD Air Products and ChemicalsUS$244.771.0%
+US$560.9m		-17.3%PS4.5x

Latest News

APD
US$244.77
Air Products and Chemicals
7D
1.0%
1Y
-17.3%

APD: Decarbonization Projects Will Drive Future Earnings Confidence Amid Execution Progress

Analysts have nudged their price targets for Air Products and Chemicals lower, trimming fair value by about $16 to reflect slightly higher discount rates, more conservative revenue growth and margin assumptions, and only modest compression in future P E multiples. Analyst Commentary Recent Street research reflects a mixed but generally constructive stance on Air Products and Chemicals, with price targets revised lower but ratings largely maintained as investors wait for greater clarity on execution.
LIN
US$425.10
Linde
7D
0.7%
1Y
-0.2%

LIN: Defensive Profile And Buybacks Will Support Shares Into 2026

Linde's analyst price target has been trimmed modestly, falling from about $505.61 to $502.88 as analysts weigh the stock's defensive growth profile, slightly lower fair value multiple assumptions, and a challenging near term macro backdrop against expectations for earnings growth acceleration in 2026. Analyst Commentary Recent research updates present a mixed but generally constructive view on Linde, with analysts balancing its defensive growth profile against persistent macro and volume headwinds across key end markets.