Chart Industries, Inc.

Chart Industries, Inc. (NYSE: GTLS) is a United States-based cryogenic equipment and industrial gas processing company headquartered in The Woodlands, Texas, founded in 1992. Employing 11,777 people, the group operates 64 highly specialized heavy-equipment manufacturing sites and more than 50 service centers worldwide. FY2025 revenue reached $4.264 billion, with a year-end backlog of $5.89 billion and exports accounting for 58% of sales.

Business Overview

Chart Industries is the world's dominant specialist in extreme-low-temperature equipment. Its brazed aluminum plate-fin heat exchangers and vacuum-insulated cryogenic vessels are core components of LNG liquefaction trains, hydrogen liquefaction plants, and industrial gas separation systems worldwide. The 2023 acquisition of Howden for $4.4 billion - the largest in company history - added fans, blowers, and rotating compressors, completing a transformation from a static-equipment specialist into a full process-integration supplier covering both stationary and rotating machinery for energy and chemical applications.

In 2025, order intake consistently exceeded production capacity, lifting the year-end backlog to $5.89 billion and confirming that demand for cryogenic and gas-processing equipment is outrunning the industry's ability to deliver. The company's 64 manufacturing sites span North America, Europe, and Asia, with service centers in more than 50 countries supporting installed equipment across LNG, hydrogen, industrial gas, and power-generation end-markets.

Competitive Advantages

Chart holds a near-monopoly position in brazed aluminum heat exchangers and cryogenic storage technology, creating one of the highest barriers to entry in the energy equipment industry. Its proprietary vacuum brazing, aluminum welding, and insulation processes are the result of three decades of accumulated metallurgical know-how that competitors cannot replicate quickly. The 58% export share demonstrates exceptional global competitiveness, while the Howden integration positions the group to serve complete LNG, CCUS, and hydrogen value chains with integrated process packages.

The company is a critical enabler of the energy transition: its equipment is essential to LNG liquefaction, green and blue hydrogen storage and transport, carbon capture and CO2 liquefaction, and helium processing. As global decarbonization programs advance, Chart's product portfolio sits at the physical intersection of nearly every low-carbon energy pathway.

Risks and Outlook

The Howden acquisition's debt burden has pressured the balance sheet, contributing to a $0.36 per share net loss in Q1 2026 and gross margin contraction during restructuring. The pending $13.6 billion all-cash acquisition by Baker Hughes - under European Commission review with expected closing in July 2026 - creates strategic uncertainty that may delay customer decisions and complicate talent retention. LNG project timing and hydrogen adoption rates also introduce cyclicality. Nevertheless, the record $5.89 billion backlog provides strong near-term visibility, and the combined Baker Hughes-Chart entity would command the most complete metal-fabrication and energy-control portfolio in the industry.

Based on cryogenic market dominance and energy-transition positioning, Chart Industries achieves a VerityRank Score of 86/100.