GTLSHIGH SIGNALRISK10-K

Net income collapsed 81.4% to $40.7M despite 15.1% revenue growth, indicating severe margin compression and operational inefficiency.

The dramatic disconnect between strong revenue growth and collapsing profitability suggests significant structural cost issues or one-time charges that management may struggle to control. The terminated Flowserve merger in July 2025 likely created substantial deal-related expenses and strategic uncertainty about the company's future direction.

Comparing 2026-02-27 vs 2025-02-28View on EDGAR →
FINANCIAL ANALYSIS

While GTLS showed healthy top-line growth with revenue increasing 15.1% and balance sheet expansion across current assets (17.6%) and stockholders equity (14.2%), the bottom line deteriorated catastrophically with net income falling 81.4% and operating income down 44.6%. Operating cash flow declined 41.8% despite revenue growth, and the 16.7% inventory build suggests potential demand softening or supply chain inefficiencies, creating a concerning picture of a company struggling with profitability despite growth.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-81.4%
$218.5M→$40.7M

Net income declined 81.4% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-44.6%
$647.5M→$358.4M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Operating Cash Flow
Cash Flow
-41.8%
$503.0M→$292.7M

Operating cash flow fell 41.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Capital Expenditure
Cash Flow
-25.6%
$120.8M→$89.9M

Capex reduced 25.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Current Liabilities
Balance Sheet
+18.9%
$1.8B→$2.1B

Current liabilities rose 18.9% — increased short-term obligations, watch current ratio.

Cash & Equivalents
Balance Sheet
+18.6%
$308.6M→$366.0M

Cash grew 18.6% — improving liquidity position supports investment and shareholder returns.

Current Assets
Balance Sheet
+17.6%
$2.5B→$2.9B

Current assets grew 17.6% — improving short-term liquidity or inventory/receivables build.

Inventory
Balance Sheet
+16.7%
$490.5M→$572.3M

Inventory built 16.7% — monitor whether demand supports this build or if write-downs may follow.

Revenue
P&L
+15.1%
$859.2M→$988.8M

Revenue growing 15.1% — solid top-line momentum, watch margins for quality of growth.

Stockholders Equity
Balance Sheet
+14.2%
$2.8B→$3.2B

Equity base grew 14.2% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-27
PRIOR — 2025-02-28
ADDED
As of February 24, 2026, there were 47,865,593 outstanding shares of the Company s common stock, par value $0.01 per share.
Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 7A.
Form 10 K Summary 97 SIGNATURES 98 INDEX TO FINANCIAL STATEMENTS 99 REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM F- 1 SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS F- 55 INDEX TO EXHIBITS E- 1 PART I Item 1.
For the years ended December 31, 2025, 2024 and 2023, we generated sales of $4.3 billion, $4.2 billion, and $3.4 billion, respectively.
Terminated Merger Agreement On June 3, 2025, Chart entered into an Agreement and Plan of Merger (the Flowserve Merger Agreement ) with Flowserve Corporation, a New York corporation ( Flowserve ), Big Sur Merger Sub, Inc., a Delaware corporation and a direct wholly owned subsidiary of Flowserve ( First Merger Sub ), and Napa Merger Sub LLC, a Delaware limited liability company and a direct wholly owned subsidiary of Flowserve ( Second Merger Sub ).
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REMOVED
As of February 24, 2025, there were 45,688,580 outstanding shares of the Company s common stock, par value $0.01 per share.
Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 7A.
Form 10 K Summary 42 SIGNATURES 43 INDEX TO FINANCIAL STATEMENTS 44 REPORTS OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM F- 1 SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS F- 57 INDEX TO EXHIBITS E- 1 PART I Item 1.
For the years ended December 31, 2024, 2023 and 2022, we generated sales of $4.2 billion, $3.4 billion, and $1.6 billion, respectively.
Sales to our top ten customers accounted for 26% , 25%, and 38% of consolidated sales in 2024, 2023 and 2022, respectively.
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