Chart Industries: A Mildly Interesting Data Point

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Chart Industries

It has come to our attention – and really, whose attention doesn’t it eventually come to? – that No Street Capital, an entity whose name suggests a certain disregard for proper urban planning, recently reduced its holdings in Chart Industries (GTLS +0.01%) by approximately 265,000 shares. This, translated from the esoteric language of quarterly filings, amounts to roughly $53.70 million. Which is, naturally, a number. A rather large number, when you think about it. (Though, comparatively speaking, it’s still considerably smaller than the number of grains of sand on a reasonably sized beach. Or the number of possible configurations of a Rubik’s Cube. Numbers are, frankly, astonishing.)

What Happened (Or, More Accurately, What Was Recorded)

On February 17, 2026 – a date which, viewed from a sufficiently distant future, will appear utterly arbitrary – No Street Capital filed a document with the Securities and Exchange Commission stating that it had sold said shares. This resulted in a quarter-end stake of 110,000 shares, and a reported decline in position value of $52.37 million. This figure, helpfully, includes both the actual money exchanged and the vagaries of market fluctuation. (It’s a bit like trying to count the ripples in a pond after throwing in a pebble. You can get a rough estimate, but the precise number is… elusive.)

What Else To Know (Or, The Relative Sizes of Things)

  • This sale reduced Chart Industries’ prominence within No Street GP LP’s portfolio to 1.53% of their U.S. equity AUM as of December 31, 2025. (AUM, for the uninitiated, stands for Assets Under Management. It sounds important, doesn’t it? It probably is, to someone.)
  • Top holdings as of that same arbitrary date included:
    • NYSE: UBER: $114.39 million (7.7% of AUM)
    • NYSE: FICO: $110.74 million (7.5% of AUM)
    • NYSE: TWLO: $109.91 million (7.4% of AUM)
    • NYSE: CVNA: $101.07 million (6.8% of AUM)
    • NASDAQ: APP: $95.35 million (6.4% of AUM)
  • As of Monday, shares of Chart Industries were priced at $207.21, up a modest 9% over the past year. This, however, significantly underperformed the S&P 500, which managed a rather more impressive 17% gain. (One suspects the S&P 500 has a better publicist.)

Company Overview (Or, What They Actually Do)

Metric Value
Market capitalization $9.32 billion
Revenue (TTM) $4.29 billion
Net income (TTM) $66.70 million

Company Snapshot (Or, The Slightly Longer Version)

  • Chart Industries manufactures engineered equipment for energy and industrial gas sectors. This includes cryogenic storage tanks, heat exchangers, and various bits and bobs for hydrogen, CO2 capture, and aerospace applications. (It’s all terribly complicated, involving things that get very cold and other things that don’t.)
  • They generate revenue through the sale of equipment, servicing said equipment, leasing said equipment, and generally ensuring the equipment remains… equipped.
  • They serve customers in energy, industry, power, food, aerospace, and emerging clean energy markets. (A broad range, really. They’re hedging their bets, you see.)

Chart Industries, Inc. is, in essence, a provider of highly engineered solutions for moving and manipulating gases. They have a global presence and a product portfolio that sounds impressive when read aloud. They leverage expertise in cryogenic and heat transfer technologies to address applications in LNG, hydrogen, and decarbonization. (It’s a bit like being really good at building elaborate sandcastles, only with more metal and less beach.)

What This Transaction Means For Investors (Or, A Mildly Cynical Assessment)

Chart sits at the nexus of LNG, hydrogen, and carbon capture infrastructure. However, a few points deserve consideration. Full-year 2025 orders climbed 13.4% to $5.68 billion, with a book-to-bill ratio of 1.33, and backlog rose 21.5% to $5.89 billion. Sales reached $4.26 billion, up 2.5% year over year, and adjusted EBITDA came in at $1.01 billion, or 23.8% of sales. (These numbers are, of course, subject to the whims of fate and the inevitable heat death of the universe.)

However, fourth-quarter orders actually fell 23.8% year over year, and operating income dropped to $358.4 million, pressured by deal costs and integration expenses. Plus, the Howden deal and the pending Baker Hughes transaction reshape the balance sheet and the narrative. Shares are set to be acquired at $210, leaving little upside, while better opportunities arguably exist elsewhere. (It’s all a bit… messy, really.)

Within a portfolio leaning toward higher-growth consumer and tech names, trimming an energy equipment name that’s up only 9% over the past year may simply reflect capital rotation rather than any fundamental doubt. (Or it may be a sign of the impending apocalypse. It’s really difficult to say.)

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2026-03-02 19:32