Chart Industries designs, engineers, and manufactures specialized equipment and process technologies for handling gases and liquids across energy, industrial, and specialty end markets. Chart's products are used throughout the molecule lifecycle — from production and liquefaction to storage, distribution, and end use. The company operates through four segments: Heat Transfer Systems (HTS), Repair, Service & Leasing (RSL), Specialty Products, and Cryo Tank Solutions (CTS). HTS makes core LNG and gas processing equipment, including brazed aluminum heat exchangers, cold boxes, and proprietary IPSMR liquefaction technology. RSL services, maintains, and repairs Chart-built and competitor-built equipment across 50+ global service centers, and generates the highest margins of any segment — mid-40% gross margins — making it roughly half of total operating profit. Specialty Products supplies highly engineered equipment for hydrogen, carbon capture, space, nuclear, and other niche markets with limited competition. CTS makes cryogenic bulk and mobile storage tanks for industrial gas companies and LNG distribution. Chart sells directly through a global technical sales force to large gas producers, industrial gas companies, and EPC contractors. Revenue is split between project-driven new-build equipment and more recurring aftermarket services. Chart's proprietary IPSMR technology earns licensing fees and drives equipment attachment, carrying above-average margins. Chart acquired Howden in 2023 and is actively using free cash flow to delever toward a 2.0–2.5x net leverage target, after which it plans to pursue bolt-on M&A and share repurchases.