An industry chapter · Industrial Gases

Industrial Gases

8 members, APD to VHI, A to Z by ticker.

Gross profitability: median 15% — gross profit as a share of total assets, each member's median across its readable years; read on 7 of 8 members
Capital intensity: median 4.2% — capital expenditure as a share of revenue, each member's median across its readable years; read on 8 of 8 members
Net cash: 0 of the 8 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

From the latest filings · data as of July 9, 2026.

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APD Air Products and Chemicals Inc.

Products Air Products and Chemicals, Inc. is a world-leading industrial gases company that has built a reputation for its innovation, operational excellence, and commitment to safety and environmental stewardship.

Owner earnings 2016–2025 $1.4B$1.5B$1.6B$1.9B$2.1B$2.0B$1.8B$1.8B$2.2B$1.7B

Retained capital Retained $7.1B of earnings over 2016–2025; annual owner earnings grew $440M, $0.06 per $1 retained.

Balance sheet Net debt against an operating loss, $15.8B · dividend paid 10 of 10 yrs, never cut

KRO Kronos Worldwide Inc

We, along with our distributors and agents, sell and provide technical services for our products to approximately 3,000 customers in 100 countries with the majority of our sales in Europe, North America and the Asia Pacific region.

Owner earnings 2016–2025 $49M$235M$132M$105M$40M$148M$19M($42M)$43M($40M)

Retained capital Retained $167M of earnings over 2016–2025; annual owner earnings fell $152M, $-0.91 per $1 retained.

Balance sheet Net debt against an operating loss, $582M · dividend paid 10 of 10 yrs, cut at least once

LIN Linde plc

Linde makes industrial gases — atmospheric gases pulled from the air like oxygen, nitrogen, and argon, and process gases like hydrogen, helium, and carbon dioxide — and sells them to manufacturers across chemicals, energy, metals, electronics, and healthcare. It also designs and builds the plants and equipment that produce these gases and runs gas-processing services, including olefin plants, for customers. The gas reaches the buyer one of a few ways: piped over the fence from an on-site plant Linde owns and operates, trucked as liquid in bulk, or shipped in cylinders.

Owner earnings 2016–2025 $1.7B$1.7B$1.8B$2.4B$4.0B$6.6B$5.7B$5.5B$4.9B$6.6B

Retained capital Paid out $8.5B more than it earned over 2016–2025; annual owner earnings grew $4.0B.

Balance sheet Meaningful net debt, $21.9B · buybacks at an average near $221 · dividend paid 10 of 10 yrs, never cut

LXFR Luxfer Holdings PLC

Luxfer Holdings PLC is a global industrial company focused on niche applications in advanced materials engineering.

Owner earnings 2016–2025 $4M$28M$50M($7M)$42M$17M$8M$17M$41M$26M

Retained capital Paid out $6M more than it earned over 2016–2025; annual owner earnings grew $533K.

Balance sheet Modest net debt, $31M · dividend paid 10 of 10 yrs, never cut

LXU LSB Industries Inc.

LSB is headquartered in Oklahoma City, Oklahoma and we manufacture and sell chemical products for the agricultural and industrial markets.

Owner earnings 2016–2025 ($81M)($33M)($19M)($34M)($33M)$52M$300M$70M($6M)$18M

Retained capital Retained $192M of earnings over 2016–2025; annual owner earnings grew $72M, $0.37 per $1 retained.

Balance sheet Heavy net debt, $293M

MTX Minerals Technologies Inc.

Minerals company that develops, produces, and markets a wide range of minerals and mineral-based products and services.

Owner earnings 2016–2025 $163M$131M$128M$173M$174M$146M$23M$140M$147M$87M

Retained capital Retained $805M of earnings over 2016–2025; annual owner earnings fell $16M, $-0.02 per $1 retained.

Balance sheet Heavy net debt, $629M · dividend paid 10 of 10 yrs, never cut

TROX Tronox Holdings

Tronox is the world's leading vertically integrated manufacturer of TiO 2 pigment.

Owner earnings 2016–2025 ($2M)$74M$53M$214M$160M$468M$329M($77M)$15M($281M)

Retained capital Paid out $410M more than it earned over 2016–2025; annual owner earnings fell $156M.

Balance sheet Net debt against an operating loss, $3.0B · buybacks at an average near $32.82 · dividend paid 10 of 10 yrs, cut at least once

VHI Valhi Inc.

Revenue is Chemicals (90%), Component Products (8%) and Real Estate Management and Development (3%).

Owner earnings 2016–2025 $21M$188M$104M$117M$87M$396M($33M)($45M)$13M($82M)

Retained capital Retained $633M of earnings over 2016–2025; annual owner earnings fell $142M, $-0.22 per $1 retained.

Balance sheet Heavy net debt, $375M · dividend paid 10 of 10 yrs, cut at least once

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.