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what it is
Chart sells the cold-storage tanks, heat exchangers, and gas-handling gear that keep industrial and energy projects running.
how it gets paid
Last year Chart Industries made $4.3B in revenue. Energy & Chemicals Cryogenics was the main engine at $1.8B, or 42% of sales.
why it's growing
Revenue grew 2.5% last year. Revenue rose 189% vs. prior year, while gross margin held at 33.9%.
what just happened
Revenue jumped to $3.2B, but EPS still missed badly.
At a glance
B balance sheet — gets the job done, barely
70/100 earnings predictability — reasonably predictable
19.0x trailing p/e — priced about right
13.0% return on capital — nothing to write home about
$14.50 fy2027 eps est
xvary composite: 42/100 — below average
What they do
Chart sells the cold-storage tanks, heat exchangers, and gas-handling gear that keep industrial and energy projects running.
This business wins because its equipment sits in the annoying, hard-to-replace parts of gas infrastructure. You do not casually swap out liquefaction, storage, and heat-transfer systems once they are installed. Gross margin was 33.9% on $4.3 billion of revenue. Gross margin → money left after building the product → so what: Chart keeps about $0.34 of every sales dollar before overhead, which says customers pay up for specialized gear.
How they make money
$4.3B
annual revenue · their business grew +2.5% last year
Energy & Chemicals Cryogenics
$1.8B
Energy & Chemicals Fin-Fans
$0.8B
Distribution & Storage West
$0.9B
Distribution & Storage East
$0.8B
The products that matter
gas storage equipment
storage systems
$4.3B company revenue base
storage sits in the core company description for a reason: large gas projects need tanks and related equipment, and GTLS generated $4.3B in total revenue last year selling into those budgets.
core demand
hydrocarbon process gear
hydrocarbon gas equipment
26.0% operating margin
this is where project timing cuts both ways. a 26.0% operating margin says the work is specialized, but it also means slippage gets noticed fast.
project-driven
industrial gas end-use
industrial gas systems
33.9% gross margin
end-use equipment ties GTLS to ongoing industrial demand, but a 33.9% gross margin tells you this still depends on disciplined execution, not effortless pricing power.
execution heavy
Key numbers
$210
cash takeout
This is the agreed acquisition price, so near-term upside is capped unless the deal terms change.
19.0x
trailing p/e
You are paying 19 times trailing earnings for a company with a pending cash buyout, not a wide-open growth story.
33.9%
gross margin
Gross margin → profit left after making the product → so what: specialized equipment still carries real pricing power.
$3.6B
long debt
Debt does not kill the story by itself, but it matters when your business sells into cyclical industrial projects.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 4 — safer than 20% of stocks
- price stability 15 / 100
- long-term debt $3.6B (28% of capital)
- net profit margin 12.2% — keeps 12 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
B — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in GTLS 3 years ago → it's now worth $15,710.
The index would have given you $13,880.
source: institutional data · total return
What just happened
missed estimates
Revenue jumped to $3.2B, but EPS still missed badly.
Revenue rose 189% vs. prior year, while gross margin held at 33.9%. The problem was earnings quality: actual EPS of $2.51 missed the $3.67 estimate by 31.61%.
$3.2B
revenue
$2.51
eps
33.9%
gross margin
the number that mattered
The 31.61% EPS miss mattered more than the 189% revenue jump, because it told you growth is arriving with messy execution.
-
chart industries entered a definitive agreement to be acquired by baker hughes.
-
this was announced in july, 2025 and is expected to be completed by mid-2026.
-
shareholders of chart industries voted to approve the acquisition.
-
the $13.6 billion all-cash deal, at $210 per share, is subject to standard regulatory approvals.
-
the balance sheet of baker hughes is strong and supports this purchase.chart industries announced that the ceo would be stepping down in early 2026 prior to the completion of the acquisition.
source: company earnings report, 2026
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What could go wrong
GTLS is juggling three things at once: deal execution around Baker Hughes, tariff-driven cost pressure, and $3.6B of long-term debt on a $4.3B revenue base.
med
the baker hughes path still matters
Nov 7, 2025 coverage says the planned acquisition cleared a key regulatory checkpoint. That is good news. It also tells you how much of the current story has shifted from operations to transaction execution.
This risk sits over the whole $4.3B revenue business, not one product line.
med
tariffs can squeeze a project business fast
May 1, 2025 coverage points to commercial and cost uncertainty tied to tariffs. When contracts are large and timing matters, cost swings do not stay isolated for long.
GTLS starts from a 33.9% gross margin and 26.0% operating margin. If costs rise faster than pricing, those numbers lose their shine.
med
leverage leaves less room for misses
Long-term debt stands at $3.6B, or 28% of capital, while price stability scores just 15 / 100. That is not distress. It is a reminder that volatility and leverage show up together.
The thesis rests on a $4.3B revenue base carrying meaningful debt. If orders slip, the balance sheet gets louder.
The stock is not dealing with one clean variable. It is dealing with execution, policy, and leverage at the same time — and all three touch the same $4.3B business.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
next earnings update
the date is not shown in this snapshot. that is thin, but your next read on orders, margins, and debt still matters most.
risk
deal timeline after the nov 7 checkpoint
the market heard one piece of good news. what matters next is whether the transaction keeps moving without fresh surprises.
metric
debt as a share of capital
$3.6B of long-term debt equals 28% of capital. if that ratio stops improving, valuation gets less forgiving.
trend
institutional flow
222 buyers versus 355 sellers in 3q2025. more funds were trimming than adding while the stock sat near the top of its range.
Analyst rankings
earnings predictability
70 / 100
in human-speak, results are readable enough to model, but not smooth enough to coast.
price stability
15 / 100
this stock swings. if you own it, expect a bumpier tape than the average industrial.
risk rank
4
lower is safer in this system. GTLS sits below the comfort zone because debt and cyclicality both matter.
source: institutional data
Institutional activity
222 buyers vs. 355 sellers in 3q2025. total institutional holdings: 45.0M shares.
source: institutional data
Price targets
3-5 year target range
$159
$353
$207
current price
$256
target midpoint · +24% from current · 3-5yr high: $385 (+85% · 17% ann'l return)
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