Chart Industries, Inc. (GTLS): History, Ownership, Mission, How It Works & Makes Money

Is Chart Industries, Inc. (GTLS) just an industrial gas equipment maker, or is it the defintely critical infrastructure play driving the global clean energy transition?

The company's core mission-providing the cryogenic equipment for hydrogen, LNG (liquefied natural gas), and carbon capture-is clearly paying off, evidenced by a record backlog of over $5.14 billion in Q1 2025 and trailing 12-month revenue of approximately $4.29 billion as of September 30, 2025.

With the announced acquisition by Baker Hughes for $210 per share in cash, and major institutional investors like BlackRock holding significant stakes, you need a precise breakdown of how this powerhouse operates, makes money, and what its future looks like before the transaction closes.

Chart Industries, Inc. (GTLS) History

You're looking to understand the bedrock of Chart Industries, Inc. (GTLS), and that's smart. A company's history isn't just a timeline; it maps the strategic decisions that created its current competitive edge in cryogenic and clean energy technology. The direct takeaway here is that Chart Industries evolved from a holding company for disparate cryogenic businesses into a global, integrated solutions provider, with its biggest recent move being the proposed acquisition by Baker Hughes in 2025. This evolution shows a clear, aggressive strategy of growth through acquisition, pivoting hard into high-growth markets like hydrogen and carbon capture.

Given Company's Founding Timeline

Year established

Chart Industries, Inc. was formally incorporated in 1992 as a public holding company to consolidate a number of existing businesses focused on cryogenic equipment.

Original location

While the holding company was established in 1992, the operations it was built upon were scattered, with the management base of the Holmes brothers' earlier acquisition, Childers Products Co., being in Eastlake, Ohio. Today, the company's corporate headquarters is in Ball Ground, Georgia.

Founding team members

The company was established by the Holmes brothers (Charles and Arthur), who had a background in chemical engineering and mergers and acquisitions, along with a minority investor, Leonard Conway. Arthur focused on day-to-day management and engineering, while Charles handled acquisitions and financing.

Initial capital/funding

The company's initial significant funding came from its Initial Public Offering (IPO) in December 1992. The IPO of a minority stake raised $42.2 million.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's trajectory has been defined by a few key, high-stakes decisions that fundamentally reshaped its business model and market focus. The growth is defintely not organic; it's a calculated, inorganic expansion strategy.

• The Howden Acquisition (2023): This was a game-changer. It wasn't just about size; it was about transforming Chart from an equipment provider into an integrated solutions company. By adding Howden's compression and heat exchange technology, Chart could now offer a full process train, from liquefaction to storage and end-use, which is crucial for securing large-scale hydrogen and Liquefied Natural Gas (LNG) projects.
• The Clean Energy Pivot: Starting around 2020, Chart made a conscious, aggressive shift away from being purely an industrial gas supplier to a clean energy enabler. This involved divestitures, like selling the cryo-biological products business (MVE) in 2020, and a flurry of acquisitions in carbon capture (Earthly Labs, SES) and hydrogen (L.A. Turbine). This focus aligns the company with global sustainability trends, which is a massive tailwind for future orders.
• The Baker Hughes Proposal (2025): The definitive agreement in July 2025 for Baker Hughes to acquire all outstanding shares of Chart's common stock for $210 per share in cash is the most significant near-term event. This transaction, expected to close in mid-2026, signals a major consolidation in the energy technology sector, creating a powerhouse for gas and liquid molecule handling. For investors, this sets a clear, near-term floor for the stock price.

To be fair, the company's strategic focus on high-growth segments is paying off, with a record backlog of $5.14 billion as of the end of Q1 2025. You can dig deeper into the current performance and balance sheet by Breaking Down Chart Industries, Inc. (GTLS) Financial Health: Key Insights for Investors.

Chart Industries, Inc. (GTLS) Ownership Structure

Chart Industries, Inc. is a publicly traded company on the New York Stock Exchange (NYSE: GTLS), but its ownership structure is currently dominated by institutional money, reflecting a high level of professional investor confidence, or perhaps, a significant arbitrage opportunity given the pending acquisition.

This structure is critical right now because the company is in the process of being acquired by Baker Hughes (NASDAQ: BKR) in a deal valued at $210 per share in cash, a total enterprise value of $13.6 billion, expected to close by mid-2026. This means the ownership dynamics are less about long-term control and more about the near-term transaction closing, a situation where institutional holdings often increase for merger arbitrage (M&A arb) plays.

Given Company's Current Status

Chart Industries is a publicly listed company, but its future status is set to change. As of November 2025, it operates as an independent entity, but its strategic direction is heavily influenced by the impending acquisition by Baker Hughes. The transaction has already been approved by Chart Industries shareholders, and regulatory clearances, like the Hart-Scott-Rodino waiting period, have expired. This is a classic 'lame duck' period where the focus shifts from organic growth to seamless integration and deal completion.

For the 2025 fiscal year, the company has shown continued financial strength leading up to the deal, reporting Q2 2025 orders of $1.50 billion and projecting full-year free cash flow (FCF) of in excess of $550 million. This performance defintely underpins the acquisition valuation. You can see how this performance aligns with the company's long-term goals by reviewing their Mission Statement, Vision, & Core Values of Chart Industries, Inc. (GTLS).

Given Company's Ownership Breakdown

Institutional investors-like mutual funds, pension funds, and ETFs-hold the vast majority of Chart Industries' outstanding shares, a typical pattern for large-cap, publicly traded firms. This concentration means strategic decisions, particularly those related to the Baker Hughes acquisition, are largely controlled by a small number of large financial institutions.

Given Company's Leadership

The leadership team, as of November 2025, is managing the company through its final phase as an independent entity. The most significant near-term change is at the top, but the core executive team remains in place to execute the transition.

The current leadership is:

• Jillian (Jill) Evanko: President, Chief Executive Officer (CEO), and Director. She is stepping down in early 2026 but will remain as a Senior Advisor until the Baker Hughes acquisition closes. Her total compensation for the 2024 fiscal year was approximately $7.69 million.
• Andrew Cichocki: Independent Chair of the Board.
• Joseph R. Brinkman: Vice President and Chief Financial Officer (CFO). His 2024 compensation was around $1.50 million.
• Herbert G. Hotchkiss: Vice President, General Counsel, and Secretary.
• Joseph Belling: Chief Technology Officer.

The Board plans to appoint an interim CEO from within the organization to manage the company until the mid-2026 closing. This internal appointment is a strong signal for a stable, continuity-focused transition, minimizing operational risk during the integration process.

Chart Industries, Inc. (GTLS) Mission and Values

Chart Industries' core purpose goes beyond engineering equipment; it centers on aggressively driving the global clean energy transition, making them a pivotal player in the future of industrial gas and clean molecule handling. This commitment is the cultural backbone that supports their financial guidance for 2025, which anticipates full-year sales between $4.65 billion and $4.85 billion.

Given Company's Core Purpose

You're looking at a company whose mission is inherently tied to global environmental and industrial shifts. Chart Industries is not just a manufacturer; they are a technology provider for what they call the 'Nexus of Clean,' which is a simple way of saying they cover clean power, clean water, clean food, and clean industrials.

Official mission statement

The company's mission is to be a leader in the global shift toward cleaner energy and sustainability by providing innovative solutions for the production, storage, and transport of cryogenic gases and related technologies. Honestly, this means they build the critical infrastructure for things like liquid hydrogen and carbon capture.

• Provide technology and equipment for clean fuels like hydrogen and Liquefied Natural Gas (LNG).
• Support the development of carbon capture and energy storage solutions.
• Emphasize innovation to improve efficiency and reduce environmental impact.
• Deliver superior service and support beyond just manufacturing.

Vision statement

The Chart Industries vision is to pioneer the clean energy transition, delivering innovative solutions while expanding their global presence. This isn't some vague corporate aspiration, but a clear roadmap for where their projected 2025 adjusted EBITDA of $1.175 billion to $1.225 billion will come from.

Here's the quick math: a strong vision in high-growth sectors like hydrogen and carbon capture supports a massive backlog, which hit $5.14 billion in the first quarter of 2025.

• Pioneer the clean energy transition globally.
• Expand global footprint and solidify market leadership.
• Commit to reducing greenhouse gas intensity by 50% before 2030.

To be fair, the company's focus on integrity, customer focus, and operational excellence, while not an official list of core values, are clearly embedded in their Mission Statement, Vision, & Core Values of Chart Industries, Inc. (GTLS).

Given Company slogan/tagline

Chart Industries uses a powerful phrase to encapsulate their market position and technology focus, which is a great way to quickly grasp their value proposition.

• The Nexus of Clean™: Clean power, clean water, clean food, and clean industrials.
• That's Cooler By Design®.

This focus on clean solutions is what drives the expected 2025 free cash flow generation of $550 million to $600 million, allowing them to reinvest in that core purpose.

Chart Industries, Inc. (GTLS) How It Works

Chart Industries, Inc. designs, engineers, and manufactures the complex equipment needed to handle gas and liquid molecules-from extreme cold (cryogenics) to high heat-across the entire supply chain. The company essentially builds the critical infrastructure for the 'Nexus of Clean' (clean power, water, food, and industrials), turning raw molecules like natural gas, hydrogen, and CO2 into usable, transportable, and storable forms.

Chart Industries, Inc.'s Product/Service Portfolio

Chart Industries, Inc.'s Operational Framework

The company's value creation process is a vertically integrated model, starting with proprietary technology licensing and ending with long-term aftermarket service. It's not just selling equipment; it's selling a solution and then servicing it for decades.

• Engineering & Design: Chart Industries develops process technologies, like its patented heat exchangers, which are essential for liquefying gases efficiently. This intellectual property (IP) is the starting point for big projects.
• Manufacturing & Fabrication: The company uses 65 global manufacturing locations to build the highly specialized equipment, including brazed aluminum heat exchangers and cryogenic storage tanks. This global footprint allows for localized project execution.
• Project Execution & Systems Integration: For major projects, such as a new LNG terminal or a large-scale carbon capture facility, Chart Industries integrates its components with other equipment to deliver a complete, turn-key system. For example, a significant contract was secured from Bechtel Energy Inc. for the Port Arthur LNG Phase 2 project in Q3 2025.
• Aftermarket & Service: The Repair, Service & Leasing (RSL) segment is defintely a core focus, representing a stable, high-margin business. They secure long-term service and framework agreements, which increased by 10.7% in Q1 2025 compared to the end of 2024, ensuring recurring revenue and customer lock-in.

Here's the quick math: Chart Industries reported Q3 2025 sales of $1.10 billion, but its total backlog was over $5.14 billion in Q1 2025. This massive backlog means a significant portion of future revenue is already secured, allowing the company to focus on efficient execution and margin capture. You can dive deeper into the ownership structure and market sentiment by Exploring Chart Industries, Inc. (GTLS) Investor Profile: Who's Buying and Why?

Chart Industries, Inc.'s Strategic Advantages

Chart Industries' market success in 2025 is driven by its unique position at the intersection of traditional energy and the clean energy transition, plus its proven ability to generate high-quality earnings.

• Clean Energy Nexus Dominance: The company is a key enabler for the global decarbonization trend, supplying critical equipment for hydrogen, carbon capture, and biogas. This diversification insulates them from volatility in any single energy market.
• High-Quality, Recurring Revenue: The RSL segment, which focuses on aftermarket service, is a significant profit driver. This business model creates a resilient earnings stream, with the company maintaining a gross profit margin above 33% for five consecutive quarters as of Q2 2025.
• Proprietary Technology and IP: Chart Industries owns specialized process technologies, particularly in cryogenic heat transfer, which are difficult to replicate. This IP creates a moat, especially in large-scale LNG and hydrogen liquefaction projects.
• Massive Backlog and Pipeline: A backlog exceeding $5 billion as of Q1 2025 provides multi-year revenue visibility, which is rare for an industrial company. Plus, the commercial pipeline stands at approximately $24 billion on a standalone basis, indicating substantial future growth potential.
• Financial Strength and Efficiency: The company's full-year 2025 adjusted EBITDA is projected to be between $1.175 billion and $1.225 billion, demonstrating strong profitability and operational leverage following recent integrations.

Chart Industries, Inc. (GTLS) How It Makes Money

Chart Industries, Inc. primarily generates its revenue by designing, engineering, and manufacturing highly specialized equipment and process technologies for handling gas and liquid molecules, particularly in the energy and industrial gas sectors. The company's financial engine is driven by two core activities: the sale of capital equipment for large infrastructure projects like Liquefied Natural Gas (LNG) and hydrogen, and the recurring, high-margin revenue from aftermarket parts, service, and leasing.

Given Company's Revenue Breakdown

As of the trailing twelve months (TTM) ending September 30, 2025, Chart Industries reported total revenue of approximately $4.29 billion. This revenue is segmented across four key areas, with the Repair, Service & Leasing segment providing a crucial high-margin, counter-cyclical revenue stream.

Here's the quick math: RSL and HTS together account for nearly 60% of the company's TTM revenue. While Q3 2025 sales saw declines in three segments, the massive increase in HTS orders-up 79.1% year-over-year-is a strong indicator of future revenue conversion, especially with the total backlog hitting a record $6.05 billion. Sales are lagging orders, but that's just a timing issue.

Business Economics

Chart Industries operates with a compelling economic model that balances large-scale, project-based capital sales with sticky, recurring service revenue. The company is strategically positioned at the Mission Statement, Vision, & Core Values of Chart Industries, Inc. (GTLS)., which focuses on clean energy molecules like hydrogen and LNG, giving them a strong secular tailwind.

• Pricing Power: The specialized, engineered nature of their equipment, like brazed aluminum heat exchangers and cold boxes, gives Chart Industries a degree of pricing power, allowing them to implement price increases to offset inflation, as seen in early 2025.
• Margin Profile: The Repair, Service & Leasing (RSL) segment is the financial anchor, boasting a gross profit margin of 44.7% in Q1 2025, which is significantly higher than the company's overall gross margin of 34.1% in Q3 2025. This RSL segment is defintely a key focus for margin expansion.
• Cyclicality Mitigation: The RSL business acts as a counter-cyclical buffer. When capital equipment sales slow down in an economic downturn, customers tend to spend more on maintenance and service for their existing installed base, smoothing out earnings volatility.
• Backlog Conversion: The enormous backlog of $6.05 billion provides exceptional revenue visibility for the next several quarters, minimizing near-term revenue risk. Major drivers include large-scale LNG projects and new demand from data center cooling and carbon capture technologies.

Given Company's Financial Performance

The company's financial performance in the third quarter of 2025 reflects strong operational efficiency despite one-time deal-related costs associated with the proposed acquisition by Baker Hughes. The TTM revenue of $4.29 billion demonstrates a sustained high-growth trajectory following the integration of Howden.

• Profitability Margins: For Q3 2025, the company achieved an adjusted operating income margin of 22.9% and an adjusted EBITDA margin of 25.2%. This margin expansion is a direct result of cost synergies from recent acquisitions finally dropping to the bottom line.
• Earnings Per Share (EPS): Adjusted diluted EPS for Q3 2025 was $2.78, a 27.5% increase from the prior year, illustrating strong earnings leverage from the sales growth.
• Cash Flow and Leverage: Chart Industries generated $94.7 million in Free Cash Flow (FCF) in Q3 2025. The company's net leverage ratio improved to 2.78, down from 3.04 in the prior year, moving closer to its target of sub-2.5, which is critical for financial flexibility.
• Acquisition Premium: The proposed acquisition by Baker Hughes for $210 per share in cash, announced in July 2025, puts a clear, high valuation on the company's strategic assets and growth potential in the clean energy transition markets.

Chart Industries, Inc. (GTLS) Market Position & Future Outlook

Chart Industries, Inc. is positioned as a critical enabler in the global energy transition, with a record commercial pipeline of over $24 billion (standalone) driving its near-term outlook, despite the pending acquisition by Baker Hughes. The company's future trajectory is defined by its core competency in cryogenic technology (ultra-low temperature handling) and its strategic focus on high-growth, clean energy end-markets like liquefied natural gas (LNG) and hydrogen.

Competitive Landscape

The cryogenic equipment market is fragmented but led by a few global players. Chart's strength lies in its comprehensive, proprietary technology across the entire liquid gas supply chain. Here's a look at the competitive landscape, with market share estimates in the core cryogenic equipment and solutions market as of 2025:

Opportunities & Challenges

The company's ability to convert its massive commercial pipeline into revenue is the primary opportunity, but this must be balanced against the execution risks associated with large, complex projects and the pending leadership transition.

Industry Position

Chart Industries is defintely a global leader in designing and manufacturing highly engineered cryogenic equipment, a position strengthened by its 2023 acquisition of Howden, which expanded its air and gas handling capabilities. This strategic positioning allows the company to participate in almost every phase of the liquid gas supply chain, from liquefaction to end-use.

The market recognizes Chart's technical expertise, particularly in its proprietary Vacuum Technology, which is central to high-efficiency storage and transportation of valuable gases like hydrogen and LNG.

• The company reported Q2 2025 orders of $1.50 billion, a jump of 28.6% year-over-year, indicating robust underlying demand across its end markets.
• Its record backlog of over $5.1436 billion as of Q1 2025 provides strong revenue visibility for the next several quarters.
• The pending acquisition by Baker Hughes, valued at $210 per share in cash (a total enterprise value of $13.6 billion), is a major factor, signaling a mid-2026 integration into a larger, diversified energy technology company.

The swing to a net loss of $138.5 million in Q3 2025, despite sales of $1.10 billion, highlights the short-term margin pressure and integration costs that investors must monitor closely as the company scales its operations. You can dive deeper into the ownership structure and investment thesis here: Exploring Chart Industries, Inc. (GTLS) Investor Profile: Who's Buying and Why?