Praxair Financials
Praxair (PX) reported $304.7M in revenue over the twelve months to Mar 31, 2026, up 2.2% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Earnings recovery runs alongside rising leverage and sharply weaker cash conversion in FY2025.
FY2025 net income reached$19.5M while operating cash flow fell to$23.0M , an unusually narrow conversion gap that shows accounting profitability was not supported by comparable cash generation. Free cash flow fell from$96.6M to$18.1M , as the larger investing outflow absorbed much of the cash produced by operations.
Debt-to-equity increased from 0.8x in FY2024 to 0.9x in FY2025, making the financing structure more dependent on borrowed capital. Goodwill of
Operating margin recovered from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Praxair's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Praxair has an operating margin of 22.0%, meaning the company retains $22 of operating profit per $100 of revenue. This strong profitability earns a score of 80/100, reflecting efficient cost management and pricing power. This is up from 20.4% the prior year.
Praxair's revenue grew a modest 0.3% year-over-year to $297.3M. This slow but positive growth earns a score of 67/100.
Praxair has elevated debt relative to equity (D/E of 0.93), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 16/100, reflecting increased financial risk.
Not available for Praxair, and counted as zero in the overall score.
Praxair converts 6.1% of revenue into free cash flow ($18.1M). This strong cash generation earns a score of 82/100.
Not available for Praxair, and counted as zero in the overall score.
Praxair passes 3 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 3 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Praxair generates $1.18 in operating cash flow ($23.0M OCF vs $19.5M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Praxair earns $2.40 in operating income for every $1 of interest expense ($65.5M vs $27.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Praxair generated $297.3M in revenue in fiscal year 2025. This represents an increase of 0.3% from the prior year.
Praxair's EBITDA was $91.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 4.7% from the prior year.
Praxair reported $19.5M in net income in fiscal year 2025. This represents an increase of 4.3% from the prior year.
Praxair earned $0.17 per diluted share (EPS) in fiscal year 2025. This represents an increase of 6.3% from the prior year.
Cash & Balance Sheet
Praxair generated $18.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 81.3% from the prior year.
Praxair held $28.2M in cash against $373.2M in long-term debt as of fiscal year 2025.
Praxair paid $0.15 per share in dividends in fiscal year 2025. This represents an increase of 7.1% from the prior year.
Margins & Returns
Praxair's operating margin was 22.0% in fiscal year 2025, reflecting core business profitability. This is up 1.6 percentage points from the prior year.
Praxair's net profit margin was 6.6% in fiscal year 2025, showing the share of revenue converted to profit. This is up 0.3 percentage points from the prior year.
Praxair's ROE was 4.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. That is unchanged from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Praxair invested $4.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 11.5% from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
PX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $75.0M-7.4% | $81.0M+6.7% | $75.9M+4.4% | $72.7M+7.4% | $67.7M-20.4% | $85.0M+14.5% | $74.2M+4.5% | $71.1M |
| SG&A Expenses | $9.7M-7.3% | $10.4M+15.4% | $9.1M+2.6% | $8.8M+29.3% | $6.8M-25.0% | $9.1M+37.8% | $6.6M-5.9% | $7.0M |
| Operating Income | $19.6M-24.1% | $25.9M+141.9% | $10.7M-39.7% | $17.7M+58.0% | $11.2M-50.9% | $22.9M+159.0% | $8.8M-47.6% | $16.8M |
| Interest Expense | $6.4M-10.3% | $7.1M+2.2% | $7.0M+2.8% | $6.8M+6.0% | $6.4M-7.4% | $6.9M+3.5% | $6.7M+9.4% | $6.1M |
| Income Tax | $4.0M-40.4% | $6.7M+542.2% | $1.1M-23.8% | $1.4M+420.8% | $265K-86.5% | $2.0M+56.6% | $1.3M-66.2% | $3.7M |
| Net Income | $8.5M-10.2% | $9.5M+340.6% | $2.1M-36.6% | $3.4M-25.2% | $4.5M-14.4% | $5.3M+275.5% | $1.4M-79.9% | $7.0M |
| EPS (Diluted) | $0.08 | N/A | $0.02-33.3% | $0.03-25.0% | $0.04 | N/A | $0.01-83.3% | $0.06 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
PX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $909.7M-2.0% | $928.3M-0.8% | $936.0M+0.4% | $932.2M+6.2% | $877.4M+0.9% | $869.3M+1.4% | $857.0M+4.1% | $823.2M |
| Cash & Equivalents | $29.0M+3.1% | $28.2M-29.6% | $40.0M+19.6% | $33.4M-55.0% | $74.4M+10.3% | $67.5M+9.8% | $61.5M+96.7% | $31.2M |
| Accounts Receivable | $25.4M-5.9% | $27.0M+19.8% | $22.5M+3.0% | $21.9M-1.9% | $22.3M-31.0% | $32.3M+19.1% | $27.1M+15.7% | $23.4M |
| Goodwill | $557.6M-0.2% | $559.0M0.0% | $558.9M+0.1% | $558.1M+10.3% | $506.0M0.0% | $506.0M0.0% | $506.0M0.0% | $506.0M |
| Total Liabilities | $506.4M-3.5% | $524.8M-2.7% | $539.2M-0.7% | $543.2M+8.0% | $503.1M+4.3% | $482.4M+4.2% | $462.9M+8.6% | $426.4M |
| Long-Term Debt | $375.0M+0.5% | $373.2M-5.1% | $393.4M+5.5% | $373.0M0.0% | $373.2M+16.7% | $319.8M+0.1% | $319.4M+6.2% | $300.6M |
| Total Equity | $403.3M0.0% | $403.5M+1.7% | $396.8M+2.0% | $388.9M+3.9% | $374.3M-3.3% | $386.9M-1.8% | $394.1M-0.7% | $396.9M |
| Retained Earnings | -$186.3M+4.4% | -$194.8M+4.6% | -$204.3M+1.0% | -$206.4M+1.6% | -$209.8M+2.1% | -$214.3M+2.4% | -$219.6M+0.6% | -$221.0M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.
PX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $17.1M-25.5% | $22.9M+366.6% | -$8.6M-164.3% | $13.4M+383.1% | -$4.7M-117.1% | $27.7M+0.9% | $27.5M-21.1% | $34.8M |
| Capital Expenditures | $358K-57.9% | $850K-9.4% | $938K-48.4% | $1.8M+42.4% | $1.3M+35.9% | $939K-58.2% | $2.2M+139.6% | $937K |
| Free Cash Flow | $16.7M-24.3% | $22.1M+331.5% | -$9.5M-182.5% | $11.6M+292.7% | -$6.0M-122.4% | $26.8M+6.1% | $25.2M-25.6% | $33.9M |
| Investing Cash Flow | -$452K+73.2% | -$1.7M-190.0% | $1.9M+104.5% | -$41.7M-3186.0% | -$1.3M+48.2% | -$2.4M-10.0% | -$2.2M-154.1% | -$875K |
| Financing Cash Flow | -$15.6M+53.4% | -$33.4M-348.4% | $13.5M+203.7% | -$13.0M-197.7% | $13.3M+165.1% | -$20.4M-451.0% | $5.8M+118.3% | -$31.8M |
| Dividends Paid | $4.1M-0.6% | $4.1M+0.1% | $4.1M-2.5% | $4.2M+9.3% | $3.9M-0.6% | $3.9M+0.1% | $3.9M+2300.6% | $162K |
| Share Buybacks | $6.0M | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
PX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Margin | 26.2%-5.8pp | 31.9%+17.9pp | 14.1%-10.3pp | 24.4%+7.8pp | 16.6%-10.3pp | 26.9%+15.0pp | 11.9%-11.8pp | 23.7% |
| Net Margin | 11.3%-0.3pp | 11.7%+8.8pp | 2.8%-1.8pp | 4.7%-2.0pp | 6.7%+0.5pp | 6.2%+4.3pp | 1.9%-8.0pp | 9.8% |
| Return on Equity | 2.1%-0.2pp | 2.3%+1.8pp | 0.5%-0.3pp | 0.9%-0.3pp | 1.2%-0.1pp | 1.4%+1.0pp | 0.4%-1.4pp | 1.8% |
| Return on Assets | 0.9%-0.1pp | 1.0%+0.8pp | 0.2%-0.1pp | 0.4%-0.2pp | 0.5%-0.1pp | 0.6%+0.5pp | 0.2%-0.7pp | 0.9% |
| Debt-to-Equity | 0.930.0x | 0.93-0.1x | 0.990.0x | 0.960.0x | 1.00+0.2x | 0.830.0x | 0.81+0.1x | 0.76 |
| FCF Margin | 22.3%-5.0pp | 27.3%+39.8pp | -12.6%-28.5pp | 15.9%+24.8pp | -8.9%-40.4pp | 31.5%-2.5pp | 34.0%-13.7pp | 47.7% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
Similar Companies
Where Praxair Ranks
Frequently Asked Questions
What is Praxair's annual revenue?
Praxair (PX) reported $297.3M in total revenue for fiscal year 2025. This represents a 0.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Praxair's revenue growing?
Praxair (PX) revenue grew by 0.3% year-over-year, from $296.4M to $297.3M in fiscal year 2025.
Is Praxair profitable?
Yes, Praxair (PX) reported a net income of $19.5M in fiscal year 2025, with a net profit margin of 6.6%.
What is Praxair's EBITDA?
Praxair (PX) had EBITDA of $91.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Praxair have?
As of fiscal year 2025, Praxair (PX) had $28.2M in cash and equivalents against $373.2M in long-term debt.
What is Praxair's operating margin?
Praxair (PX) had an operating margin of 22.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Praxair's net profit margin?
Praxair (PX) had a net profit margin of 6.6% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does Praxair pay dividends?
Yes, Praxair (PX) paid $0.15 per share in dividends during fiscal year 2025.
What is Praxair's return on equity (ROE)?
Praxair (PX) has a return on equity of 4.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Praxair's free cash flow?
Praxair (PX) generated $18.1M in free cash flow during fiscal year 2025. This represents a -81.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Praxair's operating cash flow?
Praxair (PX) generated $23.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Praxair's total assets?
Praxair (PX) had $928.3M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Praxair's capital expenditures?
Praxair (PX) invested $4.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Praxair's debt-to-equity ratio?
Praxair (PX) had a debt-to-equity ratio of 0.93 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Praxair's return on assets (ROA)?
Praxair (PX) had a return on assets of 2.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Praxair's Piotroski F-Score?
Praxair (PX) has a Piotroski F-Score of 3 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Praxair's earnings high quality?
Praxair (PX) has an earnings quality ratio of 1.18x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Praxair cover its interest payments?
Praxair (PX) has an interest coverage ratio of 2.40x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Praxair?
Praxair (PX) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.