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U.S. Industrial Gases Industry Analysis

UpdatedJan 15, 2026
DataAggregated Company Financials
Companies4
  • 7D1.5%
  • 3M0.4%
  • 1Y-1.2%
  • YTDn/a

All of the companies in the Industrial Gases industry have been up over the last week, with the industry up 1.5%. The industry has been flat over the past 12 months despite the gain this week. As for the next few years, earnings are expected to grow by 14% per annum.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 15 Jan 2026US$266.1bUS$45.5bUS$6.7b29x39.7x5.8x
Sat, 13 Dec 2025US$242.6bUS$45.5bUS$6.7b27.4x36.2x5.3x
Mon, 10 Nov 2025US$254.2bUS$45.5bUS$6.7b27.7x37.9x5.6x
Wed, 08 Oct 2025US$280.0bUS$45.3bUS$8.3b35.6x33.8x6.2x
Fri, 05 Sep 2025US$286.0bUS$45.3bUS$8.3b37x34.5x6.3x
Sun, 03 Aug 2025US$278.1bUS$45.3bUS$8.3b36x33.6x6.1x
Tue, 01 Jul 2025US$281.2bUS$45.0bUS$8.2b37x34.5x6.2x
Thu, 29 May 2025US$281.4bUS$45.0bUS$8.2b36x34.5x6.2x
Sat, 26 Apr 2025US$272.4bUS$45.0bUS$10.4b23.9x26.2x6x
Mon, 24 Mar 2025US$281.6bUS$45.0bUS$10.4b24.9x27x6.3x
Wed, 19 Feb 2025US$287.9bUS$45.0bUS$10.4b26.1x27.6x6.4x
Fri, 17 Jan 2025US$272.0bUS$45.1bUS$10.2b25.2x26.6x6x
Sun, 15 Dec 2024US$276.7bUS$45.1bUS$10.2b25.3x27.1x6.1x
Tue, 12 Nov 2024US$288.4bUS$45.1bUS$10.2b26.1x28.2x6.4x
Thu, 10 Oct 2024US$293.2bUS$44.9bUS$9.0b31.1x32.7x6.5x
Sat, 07 Sep 2024US$277.9bUS$44.9bUS$9.0b28.7x31x6.2x
Mon, 05 Aug 2024US$279.4bUS$44.9bUS$9.0b29.2x31.2x6.2x
Wed, 03 Jul 2024US$261.2bUS$44.9bUS$8.8b27.7x29.8x5.8x
Fri, 31 May 2024US$264.7bUS$44.9bUS$8.8b28.1x30.2x5.9x
Sun, 28 Apr 2024US$265.9bUS$45.3bUS$8.5b28.5x31.2x5.9x
Tue, 26 Mar 2024US$278.1bUS$45.3bUS$8.5b29.5x32.6x6.1x
Thu, 22 Feb 2024US$262.1bUS$45.3bUS$8.5b28.1x30.7x5.8x
Sat, 20 Jan 2024US$255.7bUS$45.1bUS$8.3b29.1x30.9x5.7x
Mon, 18 Dec 2023US$257.7bUS$45.1bUS$8.3b29.6x31.1x5.7x
Wed, 15 Nov 2023US$252.7bUS$45.1bUS$8.3b29.4x30.5x5.6x
Fri, 13 Oct 2023US$249.4bUS$46.1bUS$7.9b30.8x31.7x5.4x
Sun, 10 Sep 2023US$255.1bUS$46.1bUS$7.9b31.8x32.4x5.5x
Tue, 08 Aug 2023US$251.7bUS$46.1bUS$7.9b31.2x32x5.5x
Thu, 06 Jul 2023US$243.8bUS$46.5bUS$6.7b34.8x36.6x5.2x
Sat, 03 Jun 2023US$238.9bUS$46.5bUS$6.7b34.1x35.9x5.1x
Mon, 01 May 2023US$246.5bUS$46.2bUS$6.7b34.7x36.6x5.3x
Wed, 29 Mar 2023US$231.7bUS$46.2bUS$6.4b34.1x36.2x5x
Fri, 24 Feb 2023US$225.6bUS$46.2bUS$6.4b33.5x35.2x4.9x
Sun, 22 Jan 2023US$229.4bUS$46.5bUS$6.1b36.1x37.7x4.9x
Price to Earnings Ratio

37.7x


Total Market Cap: US$229.4bTotal 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 32.5x202420252026
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 39.7x 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 Market0.18%
Materials5.42%
Chemicals4.39%
Industrial Gases1.50%
Commodity Chemicals14.01%
Diversified Chemicals9.74%
Specialty Chemicals5.13%
Fertilizers and Agricultural Chemicals3.93%
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$439.981.3%
+US$2.7b		2.8%PE29x
APD Air Products and ChemicalsUS$267.252.1%
+US$1.2b		-12.9%PS4.9x

Latest News

LIN
US$439.98
Linde
7D
1.3%
1Y
2.8%

LIN: Defensive Profile And Buybacks Will Support 2026 Rerating Potential

Analysts have nudged their price target for Linde up from about $502.88 to $503.21, reflecting updated assumptions around revenue growth, profit margins and future P/E. They have also weighed recent research that includes an upgrade to Buy and removal from a top ideas list.
APD
US$267.25
Air Products and Chemicals
7D
2.1%
1Y
-12.9%

APD: Decarbonization Projects And LA Blue Progress Will Support Future Confidence

Analysts have trimmed their blended price targets for Air Products and Chemicals to a range anchored around US$260 to US$325, reflecting updated views on discount rates, modestly adjusted growth and margin assumptions, and a wait for more clarity on key projects such as LA Blue. Analyst Commentary Street research on Air Products and Chemicals has coalesced around a tighter price target range, with recent revisions centered near US$260 to US$325.