Chart Industries Just Delivered $1 Billion in Adjusted EBITDA, so Why Did One Investor Sell Off $54 Million in Stock?

Company Overview - Chart Industries, Inc. is a leading provider of highly engineered process equipment and solutions for the energy and industrial gas industries, with a global presence and a broad product portfolio [5][6] - The company specializes in cryogenic and heat transfer technologies, addressing critical applications in LNG, hydrogen, and decarbonization markets [6][7] - Chart Industries generates revenue through capital equipment sales, aftermarket services, leasing, and maintenance contracts, serving diverse sectors including energy, industrial gas, power, food and beverage, aerospace, and emerging clean energy markets [6][7] Recent Financial Performance - For the full year 2025, orders increased by 13.4% to $5.68 billion, with a book-to-bill ratio of 1.33, and backlog rose by 21.5% to $5.89 billion [8] - Sales reached $4.26 billion, reflecting a year-over-year increase of 2.5%, while adjusted EBITDA was $1.01 billion, representing 23.8% of sales [8] - However, fourth-quarter orders fell by 23.8% year over year due to the absence of large LNG awards, and operating income dropped to $358.4 million, impacted by deal costs and integration expenses from acquisitions [9] Market Position and Stock Performance - As of the latest report, Chart Industries had a market capitalization of $9.32 billion and a revenue of $4.29 billion [4] - The company's stock price was $207.21, up approximately 9% over the past year, but underperforming compared to the S&P 500, which increased by about 17% [5] - The sale of 265,000 shares by No Street Capital reduced Chart Industries' stake to 1.53% of No Street GP LP's reported U.S. equity AUM as of December 31, 2025 [5][6]