Air LiquideXSWX:AI1 98 Graham Number is CHF42.81 as of Dec. 2025, which is 100% below its 10-year median of 3.86. GuruFocus rates XSWX:AI1 with a GF Score™ of 98/100 and a GF Value™ of CHF140.88. The stock has 5 warning signs investors should review. Among 1,152 Chemicals companies, Air Liquide ranks worse than 80.82% on this metric.
Graham Number is a figure that measures a stock's fundamental value by taking into account the company's earnings per share and book value per share. The Graham number is the upper bound of the price range that a defensive investor should pay for the stock. According to the theory, any stock price below the Graham number is considered undervalued, and thus worth investing in.
As of today (2026-06-25), the stock price of Air Liquide is CHF157.66. Air Liquide's graham number for the quarter that ended in Dec. 2025 was CHF42.81. Therefore, Air Liquide's Price to Graham Number ratio for today is 3.68.
The historical rank and industry rank for Air Liquide's Graham Number or its related term are showing as below:
XSWX:AI1'
s Price-to-Graham-Number Range Over the Past 10 Years
Min: 3.02 Med: 3.86 Max: 6.32
Current: 3.63
During the past 13 years, the highest Price to Graham Number ratio of Air Liquide was 6.32. The lowest was 3.02. And the median was 3.86.
XSWX:AI1's Price-to-Graham-Number is ranked worse than 80.82% of 1152
companies
in the Chemicals industry
Industry Median: 1.61
vs XSWX:AI1: 3.63
Graham Number is a combination of asset valuation and earnings power valuation. It is a very conservative way of valuing a stock.
Air Liquide (XSWX:AI1) Graham Number Explanation
Ben Graham actually did not publish a formula like this. But he wrote in The Intelligent Investor (1948 version) regarding to the criteria for purchases:
Current price should not be more than 15 times average earnings of the past three years.
Current price should not be more than 1.5 times the book value last reported. However, a multiplier of earnings below 15 could justify a correspondingly higher multiplier of assets. As a rule of thumb we suggest that the product of the multiplier times the ratio of price to book value should not exceed 22.5. (This figure corresponds to 15 times earnings and 1.5 times book value. It would admit an issue selling at only 9 times earnings and 2.5 times asset value, etc.)
Unlike valuation methods such as DCF or Discounted Earnings, the Graham number does not take growth into the valuation. Unlike the valuation methods based on book value alone, it takes into account the earnings power. Therefore, the Graham Number is a combination of asset valuation and earnings power valuation.
In general, the Graham number is a very conservative way of valuing a stock. It cannot be applied to companies with negative book values.
Air Liquide's Price to Graham number Ratio for today is calculated as
Price to Graham number
=
Share Price (Today)
/
Graham number (Q: Dec. 2025 )
=
157.66
/
42.81
=
3.68
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Be Aware
Please keep these in mind:
1. Graham Number does not take growth into account. Therefore it underestimates the values of the companies that have good earnings growth. We feel that if the earnings per share grows more than 10% a year, Graham Number underestimates the value.
2. Graham Number punishes the companies that have temporarily low earnings. Therefore, an average of earnings makes more sense in the calculation of Graham Number.
3. Graham Numbers underestimates companies that are light with book.
Air Liquide Graham Number Related Terms
Air Liquide Graham Number Historical Data
* Premium members only.
The historical data trend for Air Liquide's Graham Number can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:AI1 vs LIN, SHW, ECL: Graham Number Comparison
For the Specialty Chemicals subindustry, Air Liquide's Price-to-Graham-Number, along with its competitors' market caps and Price-to-Graham-Number data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Air Liquide Price-to-Graham-Number vs Chemicals Industry
For the Chemicals industry and Basic Materials sector, Air Liquide's Price-to-Graham-Number distribution charts can be found below:
* The bar in red indicates where Air Liquide's Price-to-Graham-Number falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Air Liquide (XSWX:AI1) has a Graham Number of CHF42.81 as of Dec. 2025. The Graham Number values a company based on its per-share earnings and book value. View historical data on Air Liquide and its competitors. This is 1009% above median its historical median of 3.86. Over the past decade, Air Liquide's Graham Number has ranged from 3.02 to 6.32. According to the industry distribution chart, Air Liquide ranks #931 out of 1152 companies in the Chemicals industry, placing it in the top 80.8%.
Is Air Liquide's Graham Number too high?
Air Liquide's current Graham Number of CHF42.81 is 1009% above median its 10-year median of 3.86. Over the past 10 years, this metric has ranged from a low of 3.02 to a high of 6.32. Based on the distribution chart, Air Liquide ranks #931 out of 1152 companies in the Chemicals industry, which is in the bottom quartile relative to peers. Overall, Air Liquide has a GF Score™ of 98/100, reflecting its overall financial health beyond just this single metric.
How does Air Liquide's Graham Number compare to LIN and SHW?
According to the Chemicals industry distribution chart, Air Liquide ranks #931 out of 1152 companies for Graham Number. This places Air Liquide in the lower half of its industry. The industry median Graham Number is 1.61. Historically, Air Liquide's own Graham Number has ranged from 3.02 to 6.32 over the past decade. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Graham Number for a Chemicals company?
The median Graham Number among Chemicals companies is 1.61, based on 1,152 companies in the industry. Companies in the top quartile (top 25%) have a Graham Number significantly above this median, while those in the bottom quartile fall well below. However, Graham Number should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Graham Number mean?
A high Graham Number can signal that a stock is expensive relative to its fundamentals. The Graham Number values a company based on its per-share earnings and book value. View historical data on Air Liquide and its competitors. For the Chemicals industry, the median Graham Number is 1.61 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Air Liquide's current Graham Number is CHF42.81, which is 1009% above median its own 10-year median of 3.86. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Liquide stock overvalued right now?
Air Liquide (XSWX:AI1) has a current Graham Number of CHF42.81. The stock's GF Value™ is CHF140.88, compared to a current price of CHF157.66 — trading 11.9% above its estimated fair value. The current Graham Number is CHF42.81, which is 1009% above median its 10-year median of 3.86. Air Liquide's overall GF Score™ is 98/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Graham Number calculated?
Graham Number is calculated from a company's financial statements. For Air Liquide (XSWX:AI1), the current Graham Number is CHF42.81 as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Air Liquide (XSWX:AI1) Overvalued in 2026?
Based on GuruFocus' analysis, Air Liquide stock appears to be overvalued.
The current stock price of CHF157.66 is trading 11.9% above its estimated GF Value™ of CHF140.88.
Key valuation signals for XSWX:AI1:
Graham Number: CHF42.81 (1009% above median its 10-year median of 3.86)
GF Value™: CHF140.88 vs. price of CHF157.66 (11.9% above fair value)
No single metric tells the full story. See the XSWX:AI1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.
98GF Score
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