Air Liquide SA

AI: XPAR (FRA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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We Take a Fresh Look at Industrial Gas Firms’ Capital Allocation Ratings

Krzysztof Smalec

Jun 18, 2025

After taking a fresh look at industrial gas firms, we've updated our Morningstar Capital Allocation Ratings: upgraded Linde from Standard to Exemplary, downgraded Air Products from Exemplary to Standard, and maintained Air Liquide at Standard. We've maintained our fair value estimates and wide moat ratings for all three companies.

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Air Liquide SA

We Take a Fresh Look at Industrial Gas Firms’ Capital Allocation Ratings

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