Air Liquide SA
L'Air Liquide S.A. provides gases, technologies, and services for the industrial and health sectors in Europe, the Americas, the Asia Pacific, the Middle East, and Africa. It operates in Gas & Services, Engineering & Construction, and Global Markets & Technologies segments. The Gas & Services segment comprises large industries business, which offers gas and energy solutions including oxygen, nitr… Read more
Air Liquide SA (AI) - Net Assets
Latest net assets as of December 2025: €26.95 Billion EUR
Based on the latest financial reports, Air Liquide SA (AI) has net assets worth €26.95 Billion EUR as of December 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (€51.91 Billion) and total liabilities (€24.97 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | €26.95 Billion |
| % of Total Assets | 51.91% |
| Annual Growth Rate | 7.46% |
| 5-Year Change | 22.49% |
| 10-Year Change | 57.36% |
| Growth Volatility | 7.85 |
Air Liquide SA - Net Assets Trend (2003–2025)
This chart illustrates how Air Liquide SA's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Air Liquide SA (2003–2025)
The table below shows the annual net assets of Air Liquide SA from 2003 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | €26.95 Billion | -2.44% |
| 2024-12-31 | €27.62 Billion | +10.30% |
| 2023-12-31 | €25.04 Billion | +1.92% |
| 2022-12-31 | €24.57 Billion | +11.70% |
| 2021-12-31 | €22.00 Billion | +15.76% |
| 2020-12-31 | €19.00 Billion | -1.65% |
| 2019-12-31 | €19.32 Billion | +6.13% |
| 2018-12-31 | €18.21 Billion | +8.91% |
| 2017-12-31 | €16.72 Billion | -2.37% |
| 2016-12-31 | €17.12 Billion | +34.09% |
| 2015-12-31 | €12.77 Billion | +7.98% |
| 2014-12-31 | €11.83 Billion | +8.62% |
| 2013-12-31 | €10.89 Billion | +4.25% |
| 2012-12-31 | €10.44 Billion | +4.49% |
| 2011-12-31 | €10.00 Billion | +9.69% |
| 2010-12-31 | €9.11 Billion | +17.55% |
| 2009-12-31 | €7.75 Billion | +10.65% |
| 2008-12-31 | €7.01 Billion | +8.17% |
| 2007-12-31 | €6.48 Billion | -1.38% |
| 2006-12-31 | €6.57 Billion | +5.77% |
| 2005-12-31 | €6.21 Billion | +8.64% |
| 2004-12-31 | €5.72 Billion | +3.18% |
| 2003-12-31 | €5.54 Billion | -- |
Equity Component Analysis
This analysis shows how different components contribute to Air Liquide SA's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 405.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | €21.01 Billion | 80.17% |
| Common Stock | €3.19 Billion | 12.16% |
| Other Components | €2.01 Billion | 7.68% |
| Total Equity | €26.21 Billion | 100.00% |
Air Liquide SA Competitors by Market Cap
The table below lists competitors of Air Liquide SA ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Canadian Natural Resources Ltd
NYSE:CNQ
|
$99.45 Billion |
|
UniCredit S.p.A.
WAR:UCG
|
$99.58 Billion |
|
T-MOBILE US INC.DL-00001
XETRA:TM5
|
$99.60 Billion |
|
Northrop Grumman Corporation
NYSE:NOC
|
$100.27 Billion |
|
Zijin Mining Group Co Ltd Class A
SHG:601899
|
$99.09 Billion |
|
Semiconductor Manufacturing Intl Co
SHG:688981
|
$99.08 Billion |
|
GlaxoSmithKline plc
MX:GSKN
|
$98.64 Billion |
|
Southern Company
NYSE:SO
|
$97.89 Billion |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Air Liquide SA's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 26,860,000,000 to 26,213,900,000, a change of -646,100,000 (-2.4%).
- Net income of 3,517,900,000 contributed positively to equity growth.
- Dividend payments of 1,955,000,000 reduced retained earnings.
- Share repurchases of 4,000,000 reduced equity.
- New share issuances of 139,500,000 increased equity.
- Other comprehensive income increased equity by 432,200,000.
- Other factors decreased equity by 2,776,700,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | €3.52 Billion | +13.42% |
| Dividends Paid | €1.96 Billion | -7.46% |
| Share Repurchases | €4.00 Million | -0.02% |
| Share Issuances | €139.50 Million | +0.53% |
| Other Comprehensive Income | €432.20 Million | +1.65% |
| Other Changes | €-2.78 Billion | -10.59% |
| Total Change | €- | -2.41% |
Book Value vs Market Value Analysis
This analysis compares Air Liquide SA's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 3.79x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 17.33x to 3.79x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2003-12-31 | €9.93 | €172.20 | x |
| 2004-12-31 | €10.54 | €172.20 | x |
| 2005-12-31 | €11.41 | €172.20 | x |
| 2006-12-31 | €12.49 | €172.20 | x |
| 2007-12-31 | €12.62 | €172.20 | x |
| 2008-12-31 | €13.88 | €172.20 | x |
| 2009-12-31 | €15.33 | €172.20 | x |
| 2010-12-31 | €17.78 | €172.20 | x |
| 2011-12-31 | €19.41 | €172.20 | x |
| 2012-12-31 | €20.29 | €172.20 | x |
| 2013-12-31 | €21.15 | €172.20 | x |
| 2014-12-31 | €22.88 | €172.20 | x |
| 2015-12-31 | €24.60 | €172.20 | x |
| 2016-12-31 | €33.12 | €172.20 | x |
| 2017-12-31 | €31.50 | €172.20 | x |
| 2018-12-31 | €34.28 | €172.20 | x |
| 2019-12-31 | €36.22 | €172.20 | x |
| 2020-12-31 | €35.55 | €172.20 | x |
| 2021-12-31 | €41.03 | €172.20 | x |
| 2022-12-31 | €45.30 | €172.20 | x |
| 2023-12-31 | €46.57 | €172.20 | x |
| 2024-12-31 | €46.59 | €172.20 | x |
| 2025-12-31 | €45.45 | €172.20 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Air Liquide SA utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.42%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 13.06%
- • Asset Turnover: 0.52x
- • Equity Multiplier: 1.98x
- Recent ROE (13.42%) is below the historical average (14.57%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2003 | 15.39% | 9.31% | 0.76x | 2.17x | €273.88 Million |
| 2004 | 15.71% | 8.96% | 0.65x | 2.68x | €307.04 Million |
| 2005 | 17.82% | 9.65% | 0.64x | 2.88x | €441.77 Million |
| 2006 | 17.06% | 9.79% | 0.67x | 2.59x | €443.52 Million |
| 2007 | 18.49% | 9.91% | 0.65x | 2.89x | €537.17 Million |
| 2008 | 18.55% | 9.71% | 0.64x | 3.01x | €586.12 Million |
| 2009 | 16.95% | 10.73% | 0.58x | 2.72x | €526.83 Million |
| 2010 | 16.38% | 10.81% | 0.60x | 2.53x | €567.75 Million |
| 2011 | 15.73% | 10.62% | 0.60x | 2.47x | €559.04 Million |
| 2012 | 15.58% | 10.38% | 0.61x | 2.45x | €569.93 Million |
| 2013 | 15.44% | 10.77% | 0.61x | 2.36x | €577.79 Million |
| 2014 | 14.43% | 10.68% | 0.58x | 2.32x | €511.35 Million |
| 2015 | 14.16% | 11.10% | 0.55x | 2.33x | €515.83 Million |
| 2016 | 11.01% | 10.17% | 0.41x | 2.64x | €169.82 Million |
| 2017 | 13.48% | 10.81% | 0.50x | 2.51x | €567.81 Million |
| 2018 | 11.88% | 10.06% | 0.50x | 2.36x | €335.09 Million |
| 2019 | 11.88% | 10.23% | 0.50x | 2.31x | €354.46 Million |
| 2020 | 13.13% | 11.89% | 0.49x | 2.26x | €580.87 Million |
| 2021 | 11.98% | 11.02% | 0.50x | 2.18x | €425.97 Million |
| 2022 | 11.62% | 9.22% | 0.60x | 2.09x | €385.16 Million |
| 2023 | 12.66% | 11.15% | 0.57x | 1.99x | €645.85 Million |
| 2024 | 12.31% | 12.22% | 0.52x | 1.93x | €620.10 Million |
| 2025 | 13.42% | 13.06% | 0.52x | 1.98x | €896.51 Million |
Industry Comparison
This section compares Air Liquide SA's net assets metrics with peer companies in the Specialty Chemicals industry.
Industry Context
- Industry: Specialty Chemicals
- Average net assets among peers: $414,986,943
- Average return on equity (ROE) among peers: -13.25%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Air Liquide SA (AI) | €26.95 Billion | 15.39% | 0.93x | $99.38 Billion |
| Arkema SA (AKE) | $3.57 Billion | 4.67% | 0.91x | $3.14 Billion |
| Afyren SAS (ALAFY) | $7.18 Million | 0.00% | 1.71x | $1.73 Million |
| Carbios (ALCRB) | $13.06 Million | -16.92% | 0.05x | $126.17 Million |
| Encres Dubuit SA (ALDUB) | $23.93 Million | 3.78% | 0.27x | $2.55 Million |
| Glob Bioenergi (ALGBE) | $6.47 Million | 41.46% | 0.44x | $288.57K |
| Berkem Group SA (ALKEM) | $-2.67 Million | 0.00% | 0.00x | $10.44 Million |
| Plásticos Compuestos, S.A. (ALKOM) | $14.81 Million | -2.48% | 1.80x | $1.32 Million |
| Vinpai SAS (ALVIN) | $1.09 Million | -147.24% | 7.01x | $2.09 Million |
| EPC Groupe (EXPL) | $98.01 Million | -2.50% | 1.97x | $141.30 Million |