L'Air Liquide Past Earnings Performance
Past criteria checks 3/6
L'Air Liquide has been growing earnings at an average annual rate of 7.4%, while the Chemicals industry saw earnings growing at 7.4% annually. Revenues have been growing at an average rate of 4.6% per year. L'Air Liquide's return on equity is 13.5%, and it has net margins of 13.1%.
Key information
7.42%
Earnings growth rate
7.22%
EPS growth rate
| Chemicals Industry Growth | 10.42% |
| Revenue growth rate | 4.61% |
| Return on equity | 13.52% |
| Net Margin | 13.06% |
| Next Earnings Update | 28 Jul 2026 |
Recent past performance updates
Recent updates
AI: Fair Value View Weighs Semiconductor Gas Expansion Against Mixed Rating Changes
Analysts have nudged the fair value estimate for L'Air Liquide slightly higher from €198.15 to €198.30, reflecting a mix of recent target cuts and increases on the stock and updated assumptions for its discount rate, revenue growth, profit margin and future P/E. Analyst Commentary Recent research on L'Air Liquide points to a mixed but generally constructive tone, with some analysts lifting targets or upgrading their stance and JPMorgan trimming its target to €175 while keeping a Neutral rating.AI: Fair Value View Balances Large Industrial Gas Projects And Recent Rating Upgrades
Analysts have raised the fair value estimate for L'Air Liquide to €198.15 from €196.58, reflecting updated assumptions for higher revenue growth, a slightly adjusted discount rate, a steady profit margin profile, and recent price target increases from several research houses. Analyst Commentary Recent Street research for L'Air Liquide has leaned positive, with several firms adjusting price targets and ratings.Estimating The Fair Value Of L'Air Liquide S.A. (EPA:AI)
Key Insights L'Air Liquide's estimated fair value is €140 based on 2 Stage Free Cash Flow to Equity Current share price...Investors Will Want L'Air Liquide's (EPA:AI) Growth In ROCE To Persist
There are a few key trends to look for if we want to identify the next multi-bagger. One common approach is to try and...If EPS Growth Is Important To You, L'Air Liquide (EPA:AI) Presents An Opportunity
For beginners, it can seem like a good idea (and an exciting prospect) to buy a company that tells a good story to...L'Air Liquide (EPA:AI) Has A Pretty Healthy Balance Sheet
Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...L'Air Liquide S.A. (EPA:AI) Just Reported Half-Yearly Earnings: Have Analysts Changed Their Mind On The Stock?
L'Air Liquide S.A. ( EPA:AI ) came out with its interim results last week, and we wanted to see how the business is...L'Air Liquide S.A. (EPA:AI) Investors Are Less Pessimistic Than Expected
When close to half the companies in France have price-to-earnings ratios (or "P/E's") below 16x, you may consider L'Air...Estimating The Fair Value Of L'Air Liquide S.A. (EPA:AI)
Key Insights The projected fair value for L'Air Liquide is €194 based on 2 Stage Free Cash Flow to Equity With €184...
Investments In Low-Carbon Hydrogen Will Meet Future Market Demand
Operational restructuring and strategic initiatives are enhancing cost efficiency and net margins, with a focus on future revenue growth through a solid investment pipeline.Revenue & Expenses Breakdown
How L'Air Liquide makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Dec 25 | 26,940 | 3,518 | 5,088 | 0 |
| 30 Sep 25 | 27,171 | 3,472 | 5,128 | 0 |
| 30 Jun 25 | 27,401 | 3,426 | 5,202 | 0 |
| 31 Mar 25 | 27,230 | 3,366 | 5,201 | 0 |
| 31 Dec 24 | 27,058 | 3,306 | 5,166 | 0 |
| 30 Sep 24 | 27,032 | 3,172 | 5,177 | 0 |
| 30 Jun 24 | 27,006 | 3,037 | 5,187 | 0 |
| 31 Mar 24 | 27,307 | 3,058 | 5,161 | 0 |
| 31 Dec 23 | 27,608 | 3,078 | 5,135 | 0 |
| 30 Sep 23 | 28,658 | 3,127 | 5,137 | 0 |
| 30 Jun 23 | 29,708 | 3,176 | 5,138 | 0 |
| 31 Mar 23 | 29,821 | 2,967 | 5,056 | 0 |
| 31 Dec 22 | 29,934 | 2,759 | 4,973 | 0 |
| 30 Sep 22 | 28,315 | 2,698 | 4,796 | 0 |
| 30 Jun 22 | 26,696 | 2,638 | 4,620 | 0 |
| 31 Mar 22 | 25,015 | 2,605 | 4,495 | 0 |
| 31 Dec 21 | 23,335 | 2,572 | 4,369 | 0 |
| 30 Sep 21 | 22,196 | 2,584 | 4,283 | 0 |
| 30 Jun 21 | 21,058 | 2,596 | 4,197 | 0 |
| 31 Mar 21 | 20,772 | 2,516 | 4,224 | 0 |
| 31 Dec 20 | 20,485 | 2,435 | 4,251 | 0 |
| 30 Sep 20 | 20,863 | 2,348 | 4,341 | 0 |
| 30 Jun 20 | 21,241 | 2,261 | 4,431 | 0 |
| 31 Mar 20 | 21,580 | 2,251 | 4,432 | 0 |
| 31 Dec 19 | 21,920 | 2,242 | 4,432 | 0 |
| 30 Sep 19 | 21,860 | 2,187 | 4,369 | 0 |
| 30 Jun 19 | 21,801 | 2,132 | 4,307 | 0 |
| 31 Mar 19 | 21,406 | 2,123 | 4,236 | 0 |
| 31 Dec 18 | 21,011 | 2,113 | 4,165 | 0 |
| 30 Sep 18 | 20,615 | 2,216 | 4,135 | 0 |
| 30 Jun 18 | 20,219 | 2,319 | 4,105 | 0 |
| 31 Mar 18 | 20,284 | 2,278 | 4,133 | 0 |
| 31 Dec 17 | 20,349 | 2,237 | 4,162 | 0 |
| 30 Sep 17 | 20,380 | 2,110 | 4,179 | 0 |
| 30 Jun 17 | 20,410 | 1,983 | 4,197 | 0 |
| 31 Mar 17 | 19,272 | 1,908 | 3,941 | 0 |
| 31 Dec 16 | 18,135 | 1,833 | 3,685 | 0 |
| 30 Jun 16 | 15,721 | 1,701 | 3,019 | 0 |
| 31 Mar 16 | 15,770 | 1,721 | 2,986 | 0 |
| 31 Dec 15 | 15,819 | 1,742 | 2,953 | 0 |
| 30 Sep 15 | 16,301 | 1,758 | 2,957 | 0 |
| 30 Jun 15 | 16,107 | 1,759 | 2,818 | 0 |
Quality Earnings: AI has high quality earnings.
Growing Profit Margin: AI's current net profit margins (13.1%) are higher than last year (12.2%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: AI's earnings have grown by 7.4% per year over the past 5 years.
Accelerating Growth: AI's earnings growth over the past year (6.4%) is below its 5-year average (7.4% per year).
Earnings vs Industry: AI earnings growth over the past year (6.4%) did not outperform the Chemicals industry 6.4%.
Return on Equity
High ROE: AI's Return on Equity (13.5%) is considered low.
Return on Assets
Return on Capital Employed
Discover strong past performing companies
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/06/11 20:06 |
| End of Day Share Price | 2026/06/11 00:00 |
| Earnings | 2025/12/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
L'Air Liquide S.A. is covered by 39 analysts. 18 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Alfonso Mariátegui | Banco de Sabadell. S.A. |
| Alejandro Vigil | Banco Santander |
| James Stewart | Barclays |