A Business at a Glance
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LINDE PLC
LIN
$241.9B
Mkt Cap
$512.28
+1.18%
LINDE PLC (LIN) has a current P/E ratio of 33.7, compared to its historical median P/E of 31.6. The stock is currently considered Fair based on its historical valuation range.
LINDE PLC (LIN) has a 5-year average return on invested capital (ROIC) of 8.8%. This is below average and may indicate limited pricing power.
LINDE PLC (LIN) has a market capitalization of $237.0B. It is classified as a mega-cap stock.
Yes, LINDE PLC (LIN) pays a dividend with a trailing twelve-month yield of 1.20%. The company also returns capital through share buybacks, with a buyback yield of 1.81%.
Based on historical P/E analysis, LINDE PLC (LIN) appears fair. The current P/E of 33.7 is 6% above its historical median of 31.6. The estimated fair value CAGR (P/E method) is 16.1%.
LINDE PLC (LIN) operates in the Industrial Inorganic Chemicals industry, within the Materials sector.
LINDE PLC (LIN) reported annual revenue of $34.0 billion in its most recent fiscal year, based on SEC EDGAR filings.
Linde plc is the world's largest industrial gas company, producing atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (hydrogen, helium, carbon dioxide, specialty gases, acetylene) through proprietary cryogenic and non-cryogenic air separation technologies, as well as designing and building gas production equipment and plants for customers globally. The company operates three primary distribution channels—on-site (long-term contracts of 10–20 years with large-volume customers via pipeline), merchant (bulk liquid delivery via tanker trucks with 3–7 year contracts), and packaged gases (cylinders for smaller volumes under 1–3 year contracts)—with the method selected based on customer volume requirements and cost efficiency. Linde serves diverse end-markets including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics, with approximately 64% of sales derived from non-U.S. operations across roughly 85 countries. The company's competitive moat derives from its extensive pipeline networks in key locations, proprietary process technologies, scale advantages in air separation, and long-term contractual relationships with high-quality customers; energy costs represent the largest production expense, which Linde mitigates through pricing formulas and pass-through arrangements. Engineering segment provides design and construction services for air separation, hydrogen, synthesis, olefin, and natural gas plants, leveraging the company's technological expertise to support both internal gas operations and external customer projects, with a strong focus on clean energy and carbon management solutions.
【Record backlog driving growth】 Management expects continued EPS growth supported by a record $10 billion project backlog (with an additional $500 million in space-related investments), with 2026 anticipated to see $2.5–$3 billion in project startups that will contribute to revenue and earnings expansion. The company anticipates margin expansion in 2026 at or above its traditional 30–50 basis point annual range, driven by productivity initiatives, project execution, and management actions, while maintaining disciplined capital allocation and returning capital to shareholders through dividends and buybacks. Electronics end-market demand is expected to remain robust for the next five to seven years as advanced chip fabrication investments continue, with clean energy projects (representing two-thirds of backlog) supporting the transition to low-carbon and renewable hydrogen production. Management remains cautious on near-term macroeconomic conditions, particularly in Europe where industrial volumes are expected to remain soft, though base volumes have begun turning positive globally and the company expects to secure additional long-term contracts with high-quality customers as industrial cycles normalize.
| Metric | Target | Period |
|---|---|---|
| EPS | $17.60–$17.90 | FY2026 |
EPS (FY2026): “For the full year, we're updating to a new range of $17.60-$17.90 or 7%-9% growth.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 34.7B | 34.0B | 33.0B | 32.9B | 33.4B | 30.8B |
| Net Income | 7.1B | 6.9B | 6.6B | 6.2B | 4.1B | 3.8B |
| EPS | $15.03 | $14.61 | $13.62 | $12.59 | $8.23 | $7.33 |
| Free Cash Flow | 5.1B | 5.1B | 4.9B | 5.5B | 5.7B | 6.6B |
| ROIC | 11.7% | 12.0% | 12.0% | 8.9% | 5.9% | 5.2% |
| Gross Margin | - | 48.8% | 48.1% | 46.8% | 41.7% | 43.0% |
| Debt/Equity | 0.68 | 0.73 | 0.59 | 0.51 | 0.47 | 0.34 |
| Dividends/Share | $6.15 | $6.00 | $5.56 | $5.10 | $4.68 | $4.24 |
| Operating Income | 9.2B | 8.9B | 8.6B | 8.0B | 5.4B | 5.0B |
| Operating Margin | 26.5% | 26.3% | 26.2% | 24.4% | 16.1% | 16.2% |
| ROE | 18.4% | 18.1% | 16.9% | 15.5% | 9.9% | 8.4% |
| Shares Outstanding | 463M | 472M | 482M | 492M | 504M | 522M |
| Metric | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||
| Revenue | 10.5B | 11.4B | 14.8B | 28.2B | 27.2B | 30.8B | 33.4B | 32.9B | 33.0B | 34.0B | 34.7B |
| Gross Margin | 44.4% | 43.1% | 38.8% | 41.0% | 43.5% | 43.0% | 41.7% | 46.8% | 48.1% | 48.8% | N/A |
| R&D | 92M | 93M | 113M | 184M | 152M | 143M | 143M | 146M | 150M | 147M | 147M |
| SG&A | 1.1B | 1.2B | 1.6B | 3.5B | 3.2B | 3.2B | 3.1B | 3.3B | 3.3B | 3.4B | 3.5B |
| EBIT | 2.2B | 2.4B | 5.2B | 2.9B | 3.3B | 5.0B | 5.4B | 8.0B | 8.6B | 8.9B | 9.2B |
| Op. Margin | 21.3% | 21.5% | 35.4% | 10.4% | 12.2% | 16.2% | 16.1% | 24.4% | 26.2% | 26.3% | 26.5% |
| Net Income | 1.5B | 1.2B | 4.4B | 2.3B | 2.5B | 3.8B | 4.1B | 6.2B | 6.6B | 6.9B | 7.1B |
| Net Margin | 14.2% | 11.0% | 29.5% | 8.1% | 9.2% | 12.4% | 12.4% | 18.9% | 19.9% | 20.3% | 20.4% |
| Non-Recurring | 7.0M | 52M | 3.6B | 731M | 506M | 273M | 1.0B | 40M | 145M | 273M | 218M |
| Returns on Capital | |||||||||||
| ROIC | N/A | 14.3% | 11.4% | 2.8% | 3.3% | 5.2% | 5.9% | 8.9% | 12.0% | 12.0% | 11.7% |
| ROE | N/A | 21.8% | 15.2% | 4.5% | 5.2% | 8.4% | 9.9% | 15.5% | 16.9% | 18.1% | 18.4% |
| ROA | N/A | 12.1% | 7.7% | 2.5% | 2.9% | 4.5% | 5.1% | 7.7% | 8.2% | 8.3% | 8.2% |
| Cash Flow | |||||||||||
| Op. Cash Flow | 2.8B | 3.0B | 3.7B | 6.1B | 7.4B | 9.7B | 8.9B | 9.3B | 9.4B | 10.3B | 10.4B |
| Free Cash Flow | 1.3B | 1.7B | 1.8B | 2.4B | 4.0B | 6.6B | 5.7B | 5.5B | 4.9B | 5.1B | 5.1B |
| Owner Earnings | 1.6B | 1.8B | 1.8B | 1.3B | 2.7B | 5.0B | 4.6B | 5.3B | 5.5B | 6.4B | -7.5B |
| CapEx | 1.5B | 1.3B | 1.9B | 3.7B | 3.4B | 3.1B | 3.2B | 3.8B | 4.5B | 5.3B | 5.3B |
| Maint. CapEx | 1.1B | 1.2B | 1.8B | 4.7B | 4.6B | 4.6B | 4.2B | 3.8B | 3.8B | 3.8B | 17.8B |
| Growth CapEx | 343M | 127M | 53M | 0 | 0 | 0 | 0 | 0 | 717M | 1.5B | 0 |
| D&A | 1.1B | 1.2B | 1.8B | 4.7B | 4.6B | 4.6B | 4.2B | 3.8B | 3.8B | 3.8B | 17.8B |
| CapEx/OCF | N/A | 43.1% | 51.5% | 60.2% | 45.8% | 31.7% | 35.8% | 40.7% | 47.7% | 50.8% | 51.1% |
| Capital Allocation | |||||||||||
| Dividends Paid | 856M | 901M | 1.2B | 1.9B | 2.0B | 2.2B | 2.3B | 2.5B | 2.7B | 2.8B | 2.8B |
| Dividend Yield | N/A | 2.7% | 2.5% | 2.0% | 1.9% | 1.5% | 1.6% | 1.4% | 1.3% | 1.3% | 1.2% |
| Share Buybacks | 228M | 12M | 599M | 2.7B | 2.5B | 4.6B | 5.2B | 4.0B | 4.5B | 4.6B | 4.3B |
| Buyback Yield | 0.0% | 0.0% | 1.3% | 2.5% | 1.9% | 2.7% | 3.3% | 2.0% | 2.2% | 2.3% | 1.8% |
| Stock-Based Comp | 39M | 59M | 62M | 95M | 133M | 128M | 107M | 141M | 160M | 164M | 163M |
| Debt Repayment | 770M | 583M | 3.1B | 1.6B | 2.7B | 1.5B | 1.8B | 1.7B | 1.3B | 2.3B | 2.3B |
| Balance Sheet | |||||||||||
| Net Debt | 603M | 8.4B | 10.8B | 12.2B | 13.3B | 12.2B | 13.2B | 15.5B | 17.6B | 22.8B | 22.4B |
| Cash & Equiv. | 524M | 617M | 4.5B | 2.7B | 3.8B | 2.8B | 5.4B | 4.7B | 4.8B | 5.1B | 4.0B |
| Long-Term Debt | 936M | 7.8B | 12.3B | 10.7B | 12.2B | 11.3B | 12.2B | 13.4B | 15.3B | 20.7B | 19.9B |
| Debt/Equity | N/A | 1.50 | 0.30 | 0.30 | 0.36 | 0.34 | 0.47 | 0.51 | 0.59 | 0.73 | 0.68 |
| Interest Coverage | 10.8 | 10.6 | 17.7 | 10.3 | 12.0 | 22.0 | 19.4 | 16.7 | 15.6 | 15.5 | 1835.6 |
| Equity | N/A | 6.0B | 51.6B | 49.1B | 47.3B | 44.0B | 40.0B | 39.7B | 38.1B | 38.2B | 38.6B |
| Total Assets | N/A | 20.4B | 93.4B | 86.6B | 88.2B | 81.6B | 79.7B | 80.8B | 80.1B | 86.8B | 86.3B |
| Total Liabilities | N/A | 13.9B | 36.3B | 35.0B | 38.6B | 36.2B | 38.3B | 39.7B | 40.7B | 47.1B | 46.2B |
| Intangibles | N/A | 785M | 16.2B | 16.1B | 16.2B | 13.8B | 12.4B | 12.4B | 11.3B | 11.9B | 11.7B |
| Retained Earnings | N/A | 13.2B | 16.5B | 16.8B | 17.2B | 18.7B | 20.5B | 8.8B | 12.6B | 16.6B | 17.6B |
| Working Capital | N/A | -22M | 4.3B | -1.8B | -2.8B | -3.5B | -3.4B | -3.1B | -1.6B | -1.9B | -2.6B |
| Current Assets | N/A | 3.3B | 17.3B | 10.4B | 10.9B | 10.2B | 13.0B | 12.6B | 12.9B | 13.3B | 12.8B |
| Current Liabilities | N/A | 3.3B | 13.0B | 12.2B | 13.7B | 13.6B | 16.5B | 15.7B | 14.5B | 15.2B | 15.4B |
| Per Share Data | |||||||||||
| EPS | 5.21 | 4.32 | 13.11 | 4.19 | 4.71 | 7.33 | 8.23 | 12.59 | 13.62 | 14.61 | 15.03 |
| Owner EPS | 5.65 | 6.23 | 5.27 | 2.47 | 5.03 | 9.51 | 9.04 | 10.86 | 11.38 | 13.60 | -16.19 |
| Book Value | N/A | 20.85 | 154.40 | 89.99 | 89.11 | 84.36 | 79.44 | 80.67 | 79.03 | 81.00 | 83.37 |
| Cash Flow/Share | 9.69 | 10.53 | 10.93 | 11.22 | 13.99 | 18.63 | 17.59 | 18.90 | 19.55 | 21.92 | 53.69 |
| Dividends/Share | 3.00 | 3.15 | 3.30 | 3.50 | 3.85 | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 | 6.15 |
| Shares Out. | 287.9M | 288.7M | 334.2M | 545.3M | 531.0M | 522.0M | 503.9M | 492.4M | 482.0M | 472.1M | 462.6M |
| Valuation | |||||||||||
| P/E Ratio | N/A | 31.6 | 10.7 | 46.3 | 51.3 | 44.3 | 37.9 | 31.6 | 30.5 | 29.0 | 34.1 |
| P/FCF | N/A | 22.8 | 26.5 | 43.4 | 31.9 | 25.5 | 27.7 | 35.5 | 40.7 | 39.3 | 46.5 |
| EV/EBIT | N/A | 19.3 | 10.1 | 39.0 | 41.3 | 35.7 | 30.6 | 25.7 | 24.6 | 24.3 | 28.3 |
| Price/Book | N/A | 6.5 | 0.9 | 2.2 | 2.7 | 3.8 | 3.9 | 4.9 | 5.3 | 5.2 | 6.1 |
| Price/Sales | N/A | 2.9 | 3.1 | 3.3 | 3.9 | 4.7 | 4.4 | 5.3 | 6.4 | 6.2 | 6.8 |
| FCF Yield | N/A | 4.4% | 3.8% | 2.3% | 3.1% | 3.9% | 3.6% | 2.8% | 2.5% | 2.5% | 2.2% |
| Market Cap | 0 | 39.4B | 46.9B | 105.9B | 128.4B | 169.4B | 157.4B | 196.0B | 200.5B | 199.9B | 237.0B |
| Avg. Price | 0.00 | 114.34 | 139.84 | 169.32 | 202.30 | 275.48 | 290.68 | 355.25 | 436.19 | 447.20 | 512.28 |
| Year-End Price | 0.00 | 136.48 | 140.28 | 194.13 | 241.86 | 324.45 | 312.32 | 398.12 | 415.96 | 423.35 | 512.28 |
LINDE PLC passes 6 of 9 quality checks, suggesting mixed fundamentals.
LINDE PLC trades at 33.7x trailing earnings, compared to its 15-year median P/E of 31.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 46.5x vs a median of 31.9x. The company's 5-year average ROIC is 8.8% with a gross margin of 45.7%. Total shareholder yield (dividends + buybacks) is 3.0%. At current prices, the estimated annualized return to fair value is +12.5%.
LINDE PLC (LIN) has a net profit margin of 20.3%. This is a strong margin indicating high profitability.
LINDE PLC (LIN) generated $5.1 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
LINDE PLC (LIN) has a debt-to-equity ratio of 0.73. This indicates moderate leverage.
LINDE PLC (LIN) reported earnings per share (EPS) of $14.61 in its most recent fiscal year.
LINDE PLC (LIN) has a return on equity (ROE) of 18.1%. This indicates the company generates strong returns for shareholders.
LINDE PLC (LIN) has a 5-year average gross margin of 45.7%. This indicates decent pricing power.
The Ledger Terminal provides 10 years of financial data for LINDE PLC (LIN), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
LINDE PLC (LIN) has a book value per share of $81.00, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects continued EPS growth supported by a record $10 billion project backlog (with an additional $500 million in space-related investments), with 2026 anticipated to see $2.5–$3 billion in project startups that will contribute to revenue and earnings expansion. The company anticipates margin expansion in 2026 at or above its traditional 30–50 basis point annual range, driven by productivity initiatives, project execution, and management actions, while maintaining disciplined capital allocation and returning capital to shareholders through dividends and buybacks. Electronics end-market demand is expected to remain robust for the next five to seven years as advanced chip fabrication investments continue, with clean energy projects (representing two-thirds of backlog) supporting the transition to low-carbon and renewable hydrogen production. Management remains cautious on near-term macroeconomic conditions, particularly in Europe where industrial volumes are expected to remain soft, though base volumes have begun turning positive globally and the company expects to secure additional long-term contracts with high-quality customers as industrial cycles normalize.
Based on recent SEC filings and earnings calls, LINDE PLC (LIN) has provided the following forward guidance: EPS: $17.60–$17.90 (FY2026).