Chart Industries, Inc. (GTLS) Stock Analysis

Chart Industries’ principal competitive advantages stem from its technical expertise in cryogenic and gas processing equipment, broad product portfolio, and global scale. The company’s leadership in brazed aluminum heat exchangers and LNG process technology is well established, with 29 million tons per annum of LNG liquefaction capacity across operational and under-construction facilities—an industry-leading position in the mid-scale segment. Chart’s proprietary IPSMR® liquefaction process and cold box solutions are widely adopted by major LNG players, including Cheniere and Sempra, providing a technological moat.

The 2023 acquisition of Howden expanded Chart’s reach into rotating equipment and enhanced its aftermarket service network, now comprising over 50 service centers worldwide. This service infrastructure supports customer retention and recurring revenue, with aftermarket and service representing 33% of 2024 sales.

Compared to peers such as Air Products, IDEX, and SPX, Chart’s end-market diversification (LNG, hydrogen, industrial gases, water, and specialty applications) reduces cyclicality and customer concentration risk. Its backlog reached $6.0 billion as of Q3 2025, up 33% year-over-year, reflecting strong demand visibility.

Potential weaknesses include high leverage (net debt/EBITDA ~3.2x) and exposure to project timing risk. However, customer satisfaction is supported by a reputation for reliability and technical support, and the company’s culture emphasizes safety and innovation, as evidenced by a record-low TRIR of 0.37 in 2025.