Balance Sheet Air Liquide

Equities

AI

FR0000120073

Commodity Chemicals

Market Closed - Euronext Paris Other stock markets 11:55:00 2026-01-13 am EST			5-day change	1st Jan Change
157.96 ^EUR	-0.54%		+0.30%	-1.44%

Jan. 13	UBS Forecasts for Air Liquide Results
Jan. 13	AIR LIQUIDE(L) : Gets a Buy rating from UBS	ZD

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Published financial data: AIR LIQUIDE

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	20.49B	23.33B	29.93B	27.61B	27.06B
Other Revenues, Total	-	-	-	-	-
Total Revenues	20.49B	23.33B	29.93B	27.61B	27.06B
Cost of Goods Sold, Total	7.2B	9.39B	13.81B	11.15B	10.01B
Gross Profit	13.29B	13.95B	16.12B	16.46B	17.05B
Selling General & Admin Expenses, Total	4.25B	4.37B	4.97B	5.13B	5.2B
Stock-Based Compensation (IS)	-	-	-	-	-
Depreciation & Amortization - (IS)	2.14B	2.17B	2.47B	2.48B	2.51B
Other Operating Expenses	3.34B	3.48B	4.07B	4.05B	4.22B
Other Operating Expenses, Total	9.73B	10.02B	11.51B	11.66B	11.93B
Operating Income	3.56B	3.93B	4.61B	4.8B	5.12B
Interest Expense, Total	-369M	-320M	-357M	-373M	-379M
Interest And Investment Income	15.8M	12.2M	33M	69.4M	75M
Net Interest Expenses	-353M	-308M	-324M	-304M	-304M
Income (Loss) On Equity Invest.	-4M	5.4M	1.1M	4.9M	-700K
Other Non Operating Income (Expenses)	181M	168M	61.6M	29.4M	146M
EBT, Excl. Unusual Items	3.39B	3.79B	4.35B	4.53B	4.97B
Restructuring Charges	-112M	-62.2M	-71.8M	-153M	-223M
Merger & Related Restructuring Charges	-36.5M	-8.6M	-7.9M	-11M	-2.8M
Impairment of Goodwill	-	-1.5M	-	-	-
Gain (Loss) On Sale Of Assets	-	-27.5M	130M	127M	7M
Asset Writedown	-319M	-9.2M	-396M	-392M	-216M
Other Unusual Items	288M	-76.5M	-94.9M	59.8M	-4M
EBT, Incl. Unusual Items	3.21B	3.61B	3.91B	4.16B	4.53B
Income Tax Expense	678M	915M	1B	972M	1.09B
Earnings From Continuing Operations	2.53B	2.69B	2.9B	3.19B	3.44B
Earnings Of Discontinued Operations	-	-	-	-	-
Net Income to Company	2.53B	2.69B	2.9B	3.19B	3.44B
Minority Interest	-92.9M	-120M	-145M	-110M	-134M
Net Income - (IS)	2.44B	2.57B	2.76B	3.08B	3.31B
Net Income to Common Incl Extra Items	2.44B	2.57B	2.76B	3.08B	3.31B
Net Income to Common Excl. Extra Items	2.44B	2.57B	2.76B	3.08B	3.31B
Per Share Items
Net EPS - Basic	4.27	4.5	4.8	5.36	5.74
Basic EPS - Continuing Operations	4.27	4.5	4.8	5.36	5.74
Basic Weighted Average Shares Outstanding	571M	571M	574M	574M	576M
Net EPS - Diluted	4.25	4.48	4.79	5.34	5.72
Diluted EPS - Continuing Operations	4.25	4.48	4.79	5.34	5.72
Diluted Weighted Average Shares Outstanding	574M	574M	576M	576M	578M
Normalized Basic EPS	3.55	3.94	4.48	4.74	5.15
Normalized Diluted EPS	3.53	3.92	4.46	4.72	5.14
Dividend Per Share	2.27	2.4	2.68	2.91	3.3
Payout Ratio	53.71	51.89	51.13	51.37	51.97
American Depositary Receipts Ratio (ADR)	0.2	0.2	0.2	0.2	0.2
Supplemental Items
EBITDA	5.41B	5.82B	6.78B	6.99B	7.33B
EBITA	3.68B	4.05B	4.76B	4.95B	5.27B
EBIT	3.56B	3.93B	4.61B	4.8B	5.12B
Effective Tax Rate - (Ratio)	21.15	25.36	25.66	23.36	24
Total Current Taxes	737M	801M	900M	1.02B	1.13B
Total Deferred Taxes	-59.2M	113M	102M	-50.4M	-42.4M
Normalized Net Income	2.02B	2.25B	2.57B	2.72B	2.97B
Interest Capitalized	35.1M	36.4M	49.4M	48.7M	67M
Interest on Long-Term Debt	75.8M	71.9M	85M	86.7M	112M
Non-Cash Pension Expense	5.7M	5M	4.7M	29.1M	31.3M
Supplemental Operating Expense Items
Research And Development Expense From Footnotes	303M	304M	308M	309M	309M
Stock-Based Comp., SG&A Exp. (Total)	38.5M	40.5M	36.9M	39.6M	39.8M
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	38.5M	40.5M	36.9M	39.6M	39.8M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.79B	2.25B	1.91B	1.62B	1.92B
Trading Asset Securities, Total	-500K	900K	500K	-200K	300K
Total Cash And Short Term Investments	1.79B	2.25B	1.91B	1.62B	1.92B
Accounts Receivable, Total	2.21B	2.69B	3.03B	2.99B	3B
Other Receivables	90.4M	106M	196M	42.9M	96.7M
Total Receivables	2.3B	2.8B	3.23B	3.04B	3.09B
Inventory	1.41B	1.59B	1.96B	2.03B	2.19B
Prepaid Expenses	113M	134M	156M	166M	183M
Other Current Assets, Total	760M	823M	978M	768M	966M
Total Current Assets	6.37B	7.59B	8.24B	7.62B	8.35B
Gross Property Plant And Equipment	43.13B	47.84B	50.45B	51.69B	55.79B
Accumulated Depreciation	-23.13B	-25.31B	-26.81B	-28.04B	-30.25B
Net Property Plant And Equipment	20B	22.53B	23.65B	23.65B	25.54B
Long-term Investments	392M	551M	603M	514M	522M
Goodwill	13.09B	13.99B	14.59B	14.19B	14.98B
Other Intangibles, Total	1.4B	1.45B	1.81B	1.63B	1.69B
Loans Receivable Long-Term	53.6M	34.4M	75M	44.7M	39.9M
Deferred Tax Assets Long-Term	268M	239M	232M	225M	335M
Other Long-Term Assets, Total	409M	392M	324M	448M	415M
Total Assets	41.98B	46.78B	49.52B	48.33B	51.87B
Liabilities
Accounts Payable, Total	2.08B	2.93B	3.33B	2.81B	2.8B
Accrued Expenses, Total	179M	223M	276M	284M	219M
Short-term Borrowings	72.8M	108M	150M	221M	613M
Current Portion of Long-Term Debt	2.12B	2.08B	1.85B	2.06B	2.06B
Current Portion of Leases	218M	228M	228M	220M	240M
Current Income Taxes Payable	215M	278M	260M	236M	273M
Unearned Revenue Current, Total	107M	144M	151M	189M	-
Other Current Liabilities	2.28B	2.45B	2.65B	2.82B	3.28B
Total Current Liabilities	7.28B	8.44B	8.9B	8.85B	9.48B
Long-Term Debt	10.23B	10.51B	10.2B	8.58B	8.41B
Long-Term Leases	969M	1.03B	1.05B	1.05B	1.13B
Unearned Revenue Non Current	79.3M	89.7M	106M	187M	334M
Deferred Tax Liability Non Current	1.87B	2.13B	2.47B	2.33B	2.53B
Other Non Current Liabilities	2.55B	2.58B	2.23B	2.3B	2.36B
Total Liabilities	22.97B	24.78B	24.95B	23.29B	24.25B
Common Stock, Total	2.61B	2.61B	2.88B	2.88B	3.18B
Additional Paid In Capital	2.61B	2.75B	2.35B	2.45B	2.06B
Retained Earnings	15.64B	17.13B	18.86B	20.5B	22.27B
Treasury Stock	-140M	-118M	-118M	-153M	-225M
Comprehensive Income and Other	-2.18B	-911M	-231M	-1.35B	-432M
Total Common Equity	18.54B	21.46B	23.74B	24.32B	26.86B
Minority Interest	462M	536M	836M	722M	761M
Total Equity	19B	22B	24.57B	25.04B	27.62B
Total Liabilities And Equity	41.98B	46.78B	49.52B	48.33B	51.87B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	571M	574M	574M	575M	576M
ECS Total Common Shares Outstanding	571M	574M	574M	575M	576M
Book Value / Share	32.46	37.42	41.32	42.26	46.6
Tangible Book Value	4.06B	6.02B	7.34B	8.5B	10.19B
Tangible Book Value Per Share	7.1	10.49	12.77	14.76	17.68
Total Debt	13.61B	13.96B	13.48B	12.13B	12.45B
Net Debt	11.82B	11.72B	11.57B	10.5B	10.54B
Debt Equivalent of Unfunded Proj. Benefit Obligation	1.56B	1.34B	956M	1.03B	1.02B
Minority Interest, Total (Incl. Fin. Div)	462M	536M	836M	722M	761M
Equity Method Investments, Total	161M	158M	186M	180M	198M
Account Code - Inventory Valuation	3	3	3	3	6
Inventories - Raw Materials, Total	363M	446M	567M	614M	607M
Inventories - Work In Process, Total	82.8M	110M	142M	170M	172M
Inventories - Finished Goods, Total	960M	1.03B	1.25B	1.24B	1.41B
Land - (BS)	432M	472M	474M	463M	487M
Buildings, Total	2.13B	2.29B	2.49B	2.69B	2.9B
Machinery, Total	36.11B	40.11B	42.14B	42.67B	46.08B
Full Time Employees	64.44K	66.4K	67.11K	67.78K	64.12K
Accumulated Allowance for Doubtful Accounts (Supple)	204M	198M	224M	232M	234M
Order Backlog	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	2.44B	2.57B	2.76B	3.08B	3.31B
Depreciation & Amortization - CF	1.96B	2B	2.26B	2.28B	2.3B
Amortization of Goodwill and Intangible Assets - (CF)	123M	123M	150M	151M	142M
Depreciation & Amortization, Total	2.09B	2.12B	2.41B	2.43B	2.44B
Amortization of Deferred Charges, Total - (CF)	50.5M	50M	53.3M	53.7M	61.4M
Minority Interest in Earnings - (CF)	92.9M	120M	145M	110M	134M
(Gain) Loss From Sale Of Asset	-455M	27.5M	-130M	-127M	-7M
(Income) Loss On Equity Investments - (CF)	4M	-5.4M	-1.1M	-4.9M	700K
Other Operating Activities, Total	626M	307M	968M	879M	538M
Change In Income Taxes	-	-	-	-	-
Change in Other Net Operating Assets	364M	377M	-397M	-154M	-155M
Cash from Operations	5.21B	5.57B	5.81B	6.26B	6.32B
Capital Expenditure	-2.63B	-2.92B	-3.27B	-3.39B	-3.53B
Sale of Property, Plant, and Equipment	81.3M	88.7M	92M	63.2M	80.1M
Cash Acquisitions	-129M	-660M	-136M	-103M	-269M
Divestitures	719M	131M	61.1M	340M	113M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Other Investing Activities, Total	4.6M	5.5M	13.8M	14.5M	17.6M
Cash from Investing	-1.95B	-3.35B	-3.24B	-3.08B	-3.58B
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	-
Long-Term Debt Repaid, Total	-727M	-259M	-867M	-1.46B	-506M
Total Debt Repaid	-727M	-259M	-867M	-1.46B	-506M
Issuance of Common Stock	38.3M	172M	23.5M	123M	30.2M
Repurchase of Common Stock	-49.9M	-40.1M	-192M	-81.9M	-231M
Common Dividends Paid	-1.31B	-1.33B	-1.41B	-1.58B	-1.72B
Common & Preferred Stock Dividends Paid	-1.31B	-1.33B	-1.41B	-1.58B	-1.72B
Other Financing Activities, Total	-381M	-354M	-336M	-484M	-383M
Cash from Financing	-2.43B	-1.82B	-2.78B	-3.48B	-2.81B
Foreign Exchange Rate Adjustments	-1.4M	16.8M	-165M	-61.6M	-32.4M
Net Change in Cash	822M	420M	-378M	-357M	-101M
Supplemental Items
Levered Free Cash Flow	2.07B	1.95B	1.54B	1.86B	1.88B
Unlevered Free Cash Flow	2.3B	2.15B	1.76B	2.09B	2.12B
Change In Net Working Capital	-531M	-395M	346M	36.9M	107M
Net Debt Issued / Repaid	-727M	-259M	-867M	-1.46B	-506M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	5.2	5.53	5.98	6.13	6.39
Return on Total Capital	6.68	7.16	7.78	7.97	8.29
Return On Equity %	13.19	13.13	12.47	12.85	13.06
Return on Common Equity	13.02	12.86	12.21	12.81	12.92
Margin Analysis
Gross Profit Margin %	64.86	59.77	53.86	59.62	63.01
SG&A Margin	20.75	18.72	16.61	18.6	19.21
EBITDA Margin %	26.4	24.94	22.66	25.31	27.08
EBITA Margin %	17.99	17.36	15.9	17.93	19.46
EBIT Margin %	17.39	16.83	15.39	17.38	18.94
Income From Continuing Operations Margin %	12.34	11.54	9.7	11.55	12.71
Net Income Margin %	11.89	11.02	9.22	11.15	12.22
Net Avail. For Common Margin %	11.89	11.02	9.22	11.15	12.22
Normalized Net Income Margin	9.88	9.64	8.59	9.85	10.97
Levered Free Cash Flow Margin	10.12	8.34	5.15	6.73	6.94
Unlevered Free Cash Flow Margin	11.25	9.2	5.89	7.57	7.82
Asset Turnover
Asset Turnover	0.48	0.53	0.62	0.56	0.54
Fixed Assets Turnover	1	1.1	1.3	1.17	1.1
Receivables Turnover (Average Receivables)	8.75	9.52	10.45	9.16	9.03
Inventory Turnover (Average Inventory)	4.9	6.28	7.79	5.59	4.75
Short Term Liquidity
Current Ratio	0.88	0.9	0.93	0.86	0.88
Quick Ratio	0.56	0.6	0.58	0.53	0.53
Operating Cash Flow to Current Liabilities	0.72	0.66	0.65	0.71	0.67
Days Sales Outstanding (Average Receivables)	41.84	38.32	34.93	39.85	40.51
Days Outstanding Inventory (Average Inventory)	74.68	58.14	46.85	65.3	77.11
Average Days Payable Outstanding	111.72	95.72	80.51	99.8	100.88
Cash Conversion Cycle (Average Days)	4.81	0.75	1.26	5.35	16.75
Long Term Solvency
Total Debt/Equity	71.62	63.48	54.86	48.43	45.08
Total Debt / Total Capital	41.73	38.83	35.43	32.63	31.07
LT Debt/Equity	58.93	52.49	45.78	38.43	34.54
Long-Term Debt / Total Capital	34.34	32.11	29.56	25.89	23.81
Total Liabilities / Total Assets	54.73	52.98	50.38	48.19	46.75
EBIT / Interest Expense	9.66	12.26	12.91	12.87	13.52
EBITDA / Interest Expense	15.32	18.88	19.67	19.38	19.97
(EBITDA - Capex) / Interest Expense	8.19	9.78	10.5	10.28	10.67
Total Debt / EBITDA	2.41	2.31	1.92	1.68	1.65
Net Debt / EBITDA	2.09	1.94	1.65	1.45	1.39
Total Debt / (EBITDA - Capex)	4.51	4.46	3.6	3.16	3.08
Net Debt / (EBITDA - Capex)	3.91	3.74	3.09	2.74	2.61
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-6.55	13.91	28.28	-7.77	-1.99
Gross Profit, 1 Yr. Growth %	-3.48	4.96	15.6	2.11	3.58
EBITDA, 1 Yr. Growth %	-0.18	7.64	16.52	3.03	4.87
EBITA, 1 Yr. Growth %	-0.25	9.9	17.5	4.01	6.38
EBIT, 1 Yr. Growth %	-0.27	10.24	17.34	4.14	6.77
Earnings From Cont. Operations, 1 Yr. Growth %	8.15	6.48	7.88	9.8	7.89
Net Income, 1 Yr. Growth %	8.64	5.63	7.25	11.57	7.41
Normalized Net Income, 1 Yr. Growth %	2.03	29.39	14.28	5.79	9.14
Diluted EPS Before Extra, 1 Yr. Growth %	8.67	5.45	7.11	11.39	7.32
Accounts Receivable, 1 Yr. Growth %	-10.98	22.14	12.65	-1.35	0.1
Inventory, 1 Yr. Growth %	-8.2	12.75	23.71	3.4	7.99
Net Property, Plant and Equip., 1 Yr. Growth %	-5.28	12.64	4.95	0.02	7.98
Total Assets, 1 Yr. Growth %	-3.87	11.45	5.85	-2.39	7.31
Tangible Book Value, 1 Yr. Growth %	20.3	48.32	21.94	15.78	19.95
Common Equity, 1 Yr. Growth %	-1.74	15.75	10.6	2.46	10.44
Cash From Operations, 1 Yr. Growth %	10.47	7.01	4.3	7.8	0.95
Capital Expenditures, 1 Yr. Growth %	-0.24	10.9	12.21	3.68	3.88
Levered Free Cash Flow, 1 Yr. Growth %	45.48	-6.16	-20.8	17.38	6.57
Unlevered Free Cash Flow, 1 Yr. Growth %	36.48	-6.86	-17.8	15.78	5.99
Dividend Per Share, 1 Yr. Growth %	1.85	5.46	12.17	8.48	3.12
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-1.26	3.18	20.88	8.77	-4.93
Gross Profit, 2 Yr. CAGR %	2.15	0.65	10.15	8.64	2.84
EBITDA, 2 Yr. CAGR %	4.4	3.66	11.99	9.57	3.95
EBITA, 2 Yr. CAGR %	4.6	4.71	13.64	10.55	5.19
EBIT, 2 Yr. CAGR %	4.85	4.86	13.74	10.54	5.45
Earnings From Cont. Operations, 2 Yr. CAGR %	7.02	7.31	7.18	8.83	8.84
Net Income, 2 Yr. CAGR %	7.34	7.12	6.44	9.39	9.47
Normalized Net Income, 2 Yr. CAGR %	5.75	6.53	21.6	9.95	7.45
Diluted EPS Before Extra, 2 Yr. CAGR %	7.23	7.04	6.2	9.23	9.27
Accounts Receivable, 2 Yr. CAGR %	-6.08	4.27	17.3	5.41	-0.63
Inventory, 2 Yr. CAGR %	-1.87	1.73	18.1	13.1	5.67
Net Property, Plant and Equip., 2 Yr. CAGR %	1.94	3.29	8.73	2.46	3.92
Total Assets, 2 Yr. CAGR %	-0	3.51	8.61	1.64	2.34
Tangible Book Value, 2 Yr. CAGR %	19.53	33.58	34.49	18.82	17.85
Common Equity, 2 Yr. CAGR %	2.11	6.65	13.14	6.45	6.38
Cash From Operations, 2 Yr. CAGR %	5.06	8.73	5.65	6.03	4.31
Capital Expenditures, 2 Yr. CAGR %	8.14	5.18	11.55	7.86	3.78
Levered Free Cash Flow, 2 Yr. CAGR %	4.76	16.84	-13.79	-2.29	8.95
Unlevered Free Cash Flow, 2 Yr. CAGR %	4.25	12.75	-12.5	-1.29	8.23
Dividend Per Share, 2 Yr. CAGR %	6.84	3.64	8.63	10.31	10.93
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	0.22	3.56	10.94	10.46	5.06
Gross Profit, 3 Yr. CAGR %	1.71	3.08	5.4	7.4	6.93
EBITDA, 3 Yr. CAGR %	3.6	5.47	7.78	8.92	7.98
EBITA, 3 Yr. CAGR %	4.24	6.34	8.81	10.34	9.14
EBIT, 3 Yr. CAGR %	4.53	6.62	8.86	10.44	9.27
Earnings From Cont. Operations, 3 Yr. CAGR %	2.77	6.84	7.5	8.04	8.52
Net Income, 3 Yr. CAGR %	3.45	6.77	7.17	8.12	8.73
Normalized Net Income, 3 Yr. CAGR %	5.76	7.54	9.05	16.08	9.68
Diluted EPS Before Extra, 3 Yr. CAGR %	2.7	6.63	7.02	7.9	8.54
Accounts Receivable, 3 Yr. CAGR %	-8.72	2.52	6.99	10.72	3.61
Inventory, 3 Yr. CAGR %	1.77	2.78	8.59	12.98	11.37
Net Property, Plant and Equip., 3 Yr. CAGR %	2.59	5.39	3.84	5.74	4.26
Total Assets, 3 Yr. CAGR %	0.77	3.68	4.28	4.81	3.5
Tangible Book Value, 3 Yr. CAGR %	29.54	28.45	29.58	27.94	19.2
Common Equity, 3 Yr. CAGR %	4.35	6.47	7.95	9.47	7.76
Cash From Operations, 3 Yr. CAGR %	6.96	5.71	7.23	6.36	4.31
Capital Expenditures, 3 Yr. CAGR %	6.42	9.05	7.48	8.86	6.52
Levered Free Cash Flow, 3 Yr. CAGR %	5.96	0.99	2.63	-3.6	-1.17
Unlevered Free Cash Flow, 3 Yr. CAGR %	4.64	0.4	1.48	-3.19	-0.48
Dividend Per Share, 3 Yr. CAGR %	4.51	6.38	6.32	8.58	11.34
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	5.31	5.17	8.02	5.61	4.3
Gross Profit, 5 Yr. CAGR %	6	4.04	5	5.27	4.37
EBITDA, 5 Yr. CAGR %	6.22	5.81	6.88	7.09	6.23
EBITA, 5 Yr. CAGR %	6.18	6.63	7.9	8	7.35
EBIT, 5 Yr. CAGR %	6.15	6.81	8.12	8.17	7.48
Earnings From Cont. Operations, 5 Yr. CAGR %	6.74	7.04	4.51	7.63	8.03
Net Income, 5 Yr. CAGR %	6.75	6.88	4.63	7.81	8.08
Normalized Net Income, 5 Yr. CAGR %	5.5	7.61	8.5	8.5	8.41
Diluted EPS Before Extra, 5 Yr. CAGR %	4.76	5.32	4.08	7.63	7.91
Accounts Receivable, 5 Yr. CAGR %	-5.85	-2.86	0.91	3.67	3.88
Inventory, 5 Yr. CAGR %	7.47	3.68	8.01	6.79	7.41
Net Property, Plant and Equip., 5 Yr. CAGR %	4.96	2.29	5	4.21	3.87
Total Assets, 5 Yr. CAGR %	7.72	1.18	3.83	2.86	3.5
Tangible Book Value, 5 Yr. CAGR %	-6.98	44.21	31.5	24.51	24.75
Common Equity, 5 Yr. CAGR %	8.37	5.09	7.78	6.46	7.32
Cash From Operations, 5 Yr. CAGR %	12.94	8.55	6.43	5.84	6.05
Capital Expenditures, 5 Yr. CAGR %	5.34	5.25	8.44	8.57	5.98
Levered Free Cash Flow, 5 Yr. CAGR %	29.51	33.37	-2.44	-0.34	5.68
Unlevered Free Cash Flow, 5 Yr. CAGR %	26.43	24.8	-2.59	-0.28	4.61
Dividend Per Share, 5 Yr. CAGR %	5.63	6.21	6.14	7.88	8.14