L'Air Liquide S.A. (AI.PA) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-31.6%

€124.67

vs €182.30 price

Levered DCF

€95.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

3.77

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	23.88×	24.85×	26.97×	22.8×	25.65×	23.68×	24.13×	19.96×
P/B	3.21×	3.06×	3.41×	2.65×	3.07×	3.1×	2.86×	2.37×
P/S	3.12×	3.04×	3.01×	2.1×	2.83×	2.81×	2.47×	2.01×
EV / EBITDA	11.5×	12.37×	13.55×	11.59×	12.72×	12.01×	11.83×	10.87×
Gross margin	35.8%	63.0%	59.6%	53.9%	59.8%	64.9%	62.8%	60.6%
Operating margin	20.7%	18.3%	16.6%	14.3%	17.2%	17.8%	16.5%	15.6%
Net margin	13.1%	12.2%	11.1%	9.2%	11.0%	11.9%	10.2%	10.1%
Current ratio	1.14×	0.88×	0.88×	0.92×	0.9×	0.88×	0.88×	0.91×
Debt / equity	0.52×	0.46×	0.5×	0.57×	0.65×	0.73×	0.78×	0.8×
Interest coverage	12.71×	10.56×	9.81×	9.7×	9.59×	8.08×	7.63×	9.17×
Dividend yield	2.3%	2.1%	1.9%	2.2%	2.0%	2.3%	2.2%	2.7%
Payout ratio	55.6%	52.0%	51.4%	51.1%	51.9%	53.7%	51.9%	54.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.4%	12.3%	12.7%	11.6%	12.0%	13.1%	11.9%	11.9%
Return on invested capital	9.1%	8.3%	8.3%	7.4%	7.3%	7.7%	6.9%	6.7%
Return on assets	6.8%	6.4%	6.4%	5.6%	5.5%	5.8%	5.1%	5.0%
Free cash flow yield	3.0%	3.4%	3.5%	3.7%	3.7%	4.0%	3.4%	5.9%
Earnings yield	4.2%	4.0%	3.7%	4.4%	3.9%	4.2%	4.1%	5.0%
Enterprise value	€93.7B	€92.8B	€93.5B	€74.4B	€77.7B	€69.3B	€67.7B	€54.7B
Net debt / EBITDA	1.18×	1.4×	1.52×	1.8×	1.92×	2.03×	2.38×	2.49×
Cash conversion cycle (days)	21	-1	-2	-11	52	80	70	55