GTLS

Chart Industries is a leading maker of cryogenic and process equipment for LNG, industrial gases, hydrogen and clean-energy applications. The top line and gross profitability held up well in FY2025 — revenue rose 2.5% to $4.26B and gross profit rose 3.5% to $1.44B, a solid 33.7% gross margin — reflecting durable demand for its energy-transition and gas-handling equipment. The business has scaled dramatically since FY2021 ($1.32B revenue), largely via acquisition, and retains a strong franchise position.

Below the gross line, however, FY2025 earnings deteriorated sharply: operating income fell 44.6% to $358M and net income collapsed 81.4% to $40.7M ($0.30 diluted EPS, -92.7%), pushing the trailing P/E to a meaningless 693. The gap between $1.44B of gross profit and $358M of operating income points to heavy operating charges, and the chasm down to $40.7M of net income reflects a substantial interest burden — the company carries $3.56B of long-term debt, including a $1,406.0M term loan at 6.5% and revolver borrowings at a 5.8% weighted-average rate. Foreign-currency swings (the dollar weakened materially against the euro and Czech koruna) added volatility, with management estimating a 10% dollar move against the euro alone could shift operating income by ~$14.3M.