Chart Industries Inc (GTLS) Stock Analysis and Metrics

Chart Industries

NYSE: GTLS

$209.90 ▲ +0.00 (+0.00%)

At close: Jul 16, 2026 · 4:00 PM UTC

Financial Ratios

Market Cap10.04 Bn

P/E-216.93

P/S2.42

Div. Yield0.00

Total Debt (Qtr)3.79 Bn

Revenue Growth (1y) (Qtr)-11.65

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About

Chart Industries, Inc. is a global leader in the design, engineering, and manufacturing of process technologies and equipment for gas and liquid molecule handling serving the clean power, clean water, clean food, and clean industrials markets.

The company generates revenue from the sale of its equipment, systems, and aftermarket services across its four operating segments, serving large multinational producers and distributors of hydrocarbon, hydrogen, and industrial gases as well as end users in sectors such as LNG, chemicals, power generation, and food and beverage.

The company operates through the following segments: Cryo Tank Solutions, Heat Transfer Systems, Specialty Products, and Repair, Service & Leasing.

• Cryo Tank Solutions: designs and manufactures bulk, microbulk and mobile equipment for the storage, distribution, vaporization and application of industrial gases and certain hydrocarbons, serving customers globally.

• Heat Transfer Systems: supplies mission critical engineered equipment and technology driven process systems used in the separation, liquefaction, and purification of hydrocarbon and industrial gases that span most gas to liquid applications, serving natural gas, petrochemical, petroleum refining, power generation and industrial gas customers worldwide.

• Specialty Products: supplies highly engineered equipment and process technologies for specialty end market applications including hydrogen and helium, LNG, biofuels, carbon capture, food and beverage, metals and mining, aerospace, space exploration, lasers, and water treatment, serving customers globally.

• Repair, Service & Leasing: provides installation, retrofitting & refurbishment, spares, service, repair and maintenance of products globally and offers equipment leasing solutions to customers worldwide.

Chart Industries, Inc. holds a global leadership position in the process technology industry, competing with regional and specialized suppliers while leveraging a broad product portfolio, deep technical expertise, and a worldwide manufacturing and service network to maintain competitive advantages in performance, quality, and delivery timeliness.

The company serves large multinational producers and distributors of hydrocarbon, hydrogen, and industrial gases, as well as end users in sectors such as LNG, chemicals, power generation, food and beverage, and industrial processes, with relationships exceeding 10,000 customers worldwide.

Investment Thesis

▲ Bull case

The pending EU antitrust clearance for Baker Hughes' acquisition of Chart Industries represents a significant catalyst that could unlock substantial value creation through operational synergies and expanded market access, which the market may be underestimating due to focus on regulatory uncertainty. If cleared, the integration would allow Chart Industries to leverage Baker Hughes' extensive global service network, particularly in energy transition markets like hydrogen and carbon capture, where Chart's expertise in cryogenic equipment and liquefaction technology is critical. This could accelerate Chart's growth beyond its traditional LNG focus into high-margin industrial gas applications, potentially boosting revenue streams that are less cyclical than oilfield services. The combined entity could also achieve cost savings through shared R&D, procurement, and manufacturing efficiencies, especially given Chart's 65 manufacturing locations and over 50 service centers globally, which could be optimized under Baker Hughes' scale. Furthermore, Baker Hughes' stated intent to strengthen its presence in industrial technology servicing liquefied natural gas and data centers aligns directly with Chart's core competencies, suggesting a strategic fit that could enhance Chart's competitive positioning in fast-growing niches like liquid hydrogen infrastructure for clean energy and data center cooling systems. The market may not be fully pricing in the potential for Chart to gain access to Baker Hughes' broader customer base in energy and industrial sectors, which could lead to cross-selling opportunities and higher customer lifetime value. Finally, a successful clearance without onerous remedies would remove a major overhang on the stock, allowing investors to reevaluate Chart's fundamentals as part of a larger, more diversified industrial technology platform with stronger long-term growth tailwinds from decarbonization trends.

▼ Bear case

The EU antitrust review of Baker Hughes' acquisition of Chart Industries poses a material risk that the market may be overlooking, as regulators could impose significant behavioral or structural remedies—or even block the deal—due to concerns over reduced competition in critical gas processing and liquefaction equipment markets. Chart Industries operates in highly specialized niches where it holds strong market positions, particularly in equipment for liquefied natural gas, industrial gases, and emerging hydrogen applications, and the European Commission's scrutiny suggests potential antitrust issues in overlapping product lines such as valves, measurement technology, and cryogenic systems. If the Commission opens a full-scale investigation or demands divestitures—such as requiring Chart to sell off parts of its LNG or industrial gas business—it could undermine the strategic rationale of the acquisition and leave Chart as a weakened standalone entity, potentially burdened with integration costs already incurred. Moreover, the prolonged uncertainty surrounding the decision, with a deadline of June 26, is creating a valuation drag, as investors cannot confidently assess Chart's future as either an independent company or part of Baker Hughes, leading to hesitancy in long-term positioning. Even if the deal proceeds, the integration process could distract management and disrupt Chart's operational focus, particularly given its global footprint of 65 manufacturing locations and 50+ service centers, which may face redundant overhead or cultural clashes during merging with Baker Hughes' larger, more bureaucratic structure. Additionally, Chart's dependence on cyclical energy markets means that any delay or failure in the deal could leave it more exposed to downturns in LNG capital spending, especially if global demand for new liquefaction facilities softens due to energy transition uncertainties or geopolitical factors, without the stabilizing influence of Baker Hughes' broader industrial portfolio. Finally, the market may be underappreciating the risk that Baker Hughes might walk away from the deal if remedies are too costly, leaving Chart to face potential activist pressure or a deteriorating standalone outlook without a clear path to regain investor confidence.

The EU antitrust review of Baker Hughes' acquisition of Chart Industries poses a material risk that the market may be overlooking, as regulators could impose significant behavioral or structural remedies—or even block the deal—due to concerns over reduced competition in critical gas processing and liquefaction equipment markets. Chart Industries operates in highly specialized niches where it holds strong market positions, particularly in equipment for liquefied natural gas, industrial gases, and emerging hydrogen applications, and the European Commission's scrutiny suggests potential antitrust issues in overlapping product lines such as valves, measurement technology, and cryogenic systems. If the Commission opens a full-scale investigation or demands divestitures—such as requiring Chart to sell off parts of its LNG or industrial gas business—it could undermine the strategic rationale of the acquisition and leave Chart as a weakened standalone entity, potentially burdened with integration costs already incurred. Moreover, the prolonged uncertainty surrounding the decision, with a deadline of June 26, is creating a valuation drag, as investors cannot confidently assess Chart's future as either an independent company or part of Baker Hughes, leading to hesitancy in long-term positioning. Even if the deal proceeds, the integration process could distract management and disrupt Chart's operational focus, particularly given its global footprint of 65 manufacturing locations and 50+ service centers, which may face redundant overhead or cultural clashes during merging with Baker Hughes' larger, more bureaucratic structure. Additionally, Chart's dependence on cyclical energy markets means that any delay or failure in the deal could leave it more exposed to downturns in LNG capital spending, especially if global demand for new liquefaction facilities softens due to energy transition uncertainties or geopolitical factors, without the stabilizing influence of Baker Hughes' broader industrial portfolio. Finally, the market may be underappreciating the risk that Baker Hughes might walk away from the deal if remedies are too costly, leaving Chart to face potential activist pressure or a deteriorating standalone outlook without a clear path to regain investor confidence.

Consolidation Items Breakdown of Revenue (2025)

Peer Comparison

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S.No.	Ticker	Company	Market Cap	P/E	P/S	Total Debt (Qtr)
1	GEV	GE Vernova Inc.	270.93 Bn	28.46	6.55	2.79 Bn
2	ETN	Eaton Corp plc	156.55 Bn	39.19	5.50	21.05 Bn
3	PH	Parker-Hannifin Corp	124.04 Bn	35.64	5.91	9.58 Bn
4	CMI	Cummins Inc	91.66 Bn	34.29	2.70	6.89 Bn
5	EMR	Emerson Electric Co	82.90 Bn	67.34	4.53	13.36 Bn
6	ITW	Illinois Tool Works Inc	81.54 Bn	26.02	5.03	9.15 Bn
7	AME	Ametek Inc/	55.40 Bn	36.26	7.29	2.18 Bn
8	ROK	Rockwell Automation, Inc	51.78 Bn	53.05	5.88	3.69 Bn

Research Tools

Developers

About

Investment Thesis

Timing of Transfer of Good or Service Breakdown of Revenue (2025)

Consolidation Items Breakdown of Revenue (2025)

Peer Comparison

Research Tools

Developers

About

Investment Thesis

Timing of Transfer of Good or Service Breakdown of Revenue (2025)

Consolidation Items Breakdown of Revenue (2025)

Peer Comparison

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