NASDAQ: LIN · Industrial Gases
Linde plc
Linde plc, incorporated in Ireland with principal offices in the U.K. and U.S., is the largest industrial gas company in the world. It produces atmospheric gases (oxygen, nitrogen, argon) and process gases (hydrogen, helium, CO2, electronic and specialty gases) for healthcare, chemicals and energy, manufacturing, metals, electronics and food customers, often from on-site plants under long-term contracts, and also designs and builds gas processing plants. 2025 sales rose 3% to $33,986 million — Americas $15,208 million, EMEA $8,549 million, APAC $6,661 million, Engineering $2,250 million — and net income to $6,898 million. It invested $5,261 million in capital projects (sale-of-gas backlog about $7.3 billion), repurchased $4,578 million of shares and paid $2,811 million in dividends. In Russia, Gazprom-linked RusChemAlliance won court decisions and is seizing Linde’s local assets, which Linde contests through Hong Kong arbitration.
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 27, 2026 15:55 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-2510-Q (quarter ended 2026-09-30) · filed 2026-10-29Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- 4.5%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 26.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +3.1 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.1x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.50x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 5 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 34.2x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.54
Higher than 21% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 75% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 49% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 56% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 48% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$517.20close on 2026-11-04
Market cap$239.82B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 34.2x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 6.3x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 21.0x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 2.1%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 1.2%
At FY2025 year-end: 29.2x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 5.2x
Book value at FY2025 year-end
At FY2025 year-end: 17.6x
EBITDA for FY2025
At FY2025 year-end: 2.6%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$8.62B → $9.4B (vs. a year earlier)↑ +9.2%$8.62B → $9.4B (vs. a year earlier)
- Operating margin27.5% → 22.9% (vs. a year earlier)↓ −4.6 pts27.5% → 22.9% (vs. a year earlier)
- Net income$1.93B → $1.69B (vs. a year earlier)↓ −12.3%$1.93B → $1.69B (vs. a year earlier)
- Diluted EPS$4.09 → $3.66 (vs. a year earlier)↓ −10.5%$4.09 → $3.66 (vs. a year earlier)
- Cash$4.9B → $3.95B (vs. previous quarter-end)↓ −19.4%$4.9B → $3.95B (vs. previous quarter-end)
- Long-term debt$23.15B → $22.06B (vs. previous quarter-end)↓ −4.7%$23.15B → $22.06B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Oct 29, 2026.
Management outlook • Issued
Expects 2026 adjusted EPS of $17.82–$17.92. Source sentence
For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.82 to $17.92, up 8% to 9% when assuming favorable currency of 2% versus prior year.
Key changes
Q3 sales $9,404M, up 9%. Source sentence
Linde’s sales for the third quarter were $9,404 million, up 9% versus prior year including 1% favorable currency impact.
Operating cash flow $3.2B, up 8%. Source sentence
Third-quarter operating cash flow of $3.2 billion, up 8% YoY
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- LINDE PLC
- Headquarters
- WOKING SURREY, United Kingdom
- Incorporated in
- Ireland
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: LIN
- Industry
- Industrial Gases
- CIK
- 1707925
- Website
- https://www.linde.com/ ↗
Workforce (as of FY2025 year-end)
Employees
65,177
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 36–37 days after quarter end (Feb 5, 2026; Feb 6, 2025; Feb 6, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 29–37 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Oct 29, 2026 (+29 days) | Oct 29, 2026 10-Q (+29 days) |
| Q2 FY2026 | Jun 30, 2026 | Jul 31, 2026 (+31 days) | Jul 31, 2026 10-Q (+31 days) |
| Q1 FY2026 | Mar 31, 2026 | May 1, 2026 (+31 days) | May 1, 2026 10-Q (+31 days) |
| Q4 FY2025 | Dec 31, 2025 | Feb 5, 2026 (+36 days) | Feb 25, 2026 10-K (+56 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 31, 2025 (+31 days) | Oct 31, 2025 10-Q (+31 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 1, 2025 (+32 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | May 1, 2025 (+31 days) | May 1, 2025 10-Q (+31 days) |
| Q4 FY2024 | Dec 31, 2024 | Feb 6, 2025 (+37 days) | Feb 26, 2025 10-K (+57 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 31, 2024 (+31 days) | Oct 31, 2024 10-Q (+31 days) |
| Q2 FY2024 | Jun 30, 2024 | Aug 2, 2024 (+33 days) | Aug 2, 2024 10-Q (+33 days) |
| Q1 FY2024 | Mar 31, 2024 | May 2, 2024 (+32 days) | May 2, 2024 10-Q (+32 days) |
| Q4 FY2023 | Dec 31, 2023 | Feb 6, 2024 (+37 days) | Feb 28, 2024 10-K (+59 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
Industrial gases
Atmospheric gases
Oxygen, nitrogen and argon from cryogenic and non-cryogenic air separation (market leader in non-cryogenic).
Industrial gases
Process gases
Hydrogen, helium, CO2, carbon monoxide, electronic and specialty gases.
Engineering
Gas plant engineering
Olefin, natural gas, air separation, hydrogen and synthesis gas plants.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Industrial gases
Global industrial gases
U.S. share
—
Not disclosedWorldwide share
Largest
Company-disclosed“Linde is the largest industrial gas company worldwide.”
Non-cryogenic air separation
Air separation technology
U.S. share
—
Not disclosedWorldwide share
Market leader
Company-disclosed“Linde is the market leader in the field of non-cryogenic air separation technologies.”
07
Recent strategic focusSite analysis
Recent developments.
Project backlog
Sale-of-gas backlog of large projects under construction about $7.3B at end-2025; capex $5,261M.
Source: Form 10-K (FY2025)
Capital return
Net share repurchases of $4,578M and dividends of $2,811M in 2025.
Source: Form 10-K (FY2025)
Q3 2026
Sales $9.4B (+9%, underlying +5%); EPS $3.66 (−11%) after $425M of cost reduction and other charges (including $200M of severance and $183M of non-cash charges mainly for U.S. homecare), adjusted EPS $4.59 (+9%); operating cash flow $3.2B. 2026 adjusted EPS guidance $17.82–17.92; project backlog $11B.
Source: Q3 2026 earnings release; Form 10-Q (quarter ended 2026-09-30)
Capex ÷ D&A (FY2025)
1.40x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$5,261M ÷ $3,763M = 1.40x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
0.4%
formularesearch & development expense ÷ revenue × 100
e.g.$147M ÷ $33,986M × 100 = 0.4%
M&A spend (6-year total)
$1.95B
Latest year: $412M
Cash-flow-statement spending on acquisitions, net of cash acquired
Where the money goes, over time
Unit: $M. Capex went from $3.4B in FY2020 to $5.26B in FY2025
- Capex
- R&D
- M&A spend
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
08
Key figures at a glanceFrom SEC data
FY2020–FY2025, 6 years.
Revenue (FY2025)
$33.99B
As reported in the 10-K
Revenue CAGR (5 years)
+4.5%
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($33,986M ÷ $27,243M) ^ (1÷5) − 1 = 4.5%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
26.3%▲favorable
+14.1pt vs. 5 years ago
formulaoperating income ÷ revenue × 100
e.g.$8,923M ÷ $33,986M × 100 = 26.3%
ROE (FY2025)
18.1%▲favorable
6-year average: 12.3%
As reported in the 10-K
P/B (FY2025 end)
5.17x
formulafiscal year-end closing price ÷ book value per share
e.g.$426.39 ÷ $82.48 = 5.17x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
17.6x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($197,709M + $31,215M − $5,056M) ÷ ($8,923M + $3,763M) = 17.6x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ―
Revenue grew +4.5% a year over 5 years (modest growth)
From $27.24B in FY2020 to $33.99B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 12.2% → 26.3%
How much operating profit is left per $100 of revenue. It moved +14.1 points over 5 years — pricing power, cost control, and product mix all show up here.
- ―
Equity ratio is 44.1% (a middling level)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 6 of 6 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 12.3% over 6 years (latest: 18.1%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
No partners or suppliers named in the filings.
07 · what it does
Key activities
- Industrial gases in the Americas, EMEA and APAC
- Engineering: design and construction of gas plants
06 · what it draws on
Key resources
- 65,177 employees
- Air separation and hydrogen plants worldwide
- Proprietary gas processing technology
02 · why customers buy
Value propositions
- Industrial gases supplied reliably through on-site plants, pipelines, liquid delivery and cylinders.
04 · how it keeps them
Customer relationships
- Long-term take-or-pay contracts for on-site and pipeline customers.
03 · how it reaches them
Channels
- On-site and pipeline supply for large customers; merchant and packaged gas distribution.
01 · who it serves
Customer segments
- Healthcare, chemicals and energy, manufacturing, metals and mining, electronics, food and beverage
09 · where money goes
Cost structure
FY2025, share of revenue ($33.99B)
- Cost of revenue51.2%
- Research & development0.4%
- Selling, general & administrative10.1%
- Other operating costs12.0%
Operating profit left: 26.3% of revenue. Depreciation & amortization (inside the costs above): $3.76B. Capital spending: $5.26B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- Americas $15,208M (2025)
- EMEA $8,549M
- APAC $6,661M
- Engineering $2,250M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Supplies gases to customers through on-site plants and pipelines (long-term take-or-pay contracts), merchant liquid deliveries and packaged cylinders, and designs and builds air separation, hydrogen and other gas processing plants.
01 what it draws on
Inputs & resources
- 65,177 employees
- Air separation and hydrogen plants worldwide
- Proprietary gas processing technology
02 what it does
Activities
- Industrial gases in the Americas, EMEA and APAC
- Engineering: design and construction of gas plants
03 who it serves
Customers
- Healthcare, chemicals and energy, manufacturing, metals and mining, electronics, food and beverage
04 how money comes in
How it earns
- Americas $15,208M (2025)
- EMEA $8,549M
- APAC $6,661M
- Engineering $2,250M
- Other $1,318M
How the business makes money
- Segment operating profit 2025: Americas $4,747M, EMEA $3,055M, APAC $1,933M, Engineering $408M.
- Energy is the single largest cost in producing and distributing gases.
- About 60% of 2025 capex was in the Americas.
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Linde suspended Russian engineering contracts under sanctions and passes energy costs through contracts.
Trade & export rules
Russia sanctions
Performance of all Linde Engineering agreements in Russia was lawfully suspended in May 2022.
Constrains the businessTouches: How it earnsSource: Form 10-K (FY2025)
Regulated prices & reimbursement
Cost pass-through
Mitigates energy price swings through pricing formulas and surcharges.
Supports the businessTouches: How it earnsSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
Americas
15,208 (45%)EMEA
8,549 (25%)APAC
6,661 (20%)Engineering
2,250 (7%)Other
1,318 (4%)
Source: Form 10-K (FY2025) Total sales $33,986M.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Industrial, healthcare, electronics and energy customers worldwide.
Named by the company
No single customer is material.
Suppliers
Electricity and natural gas suppliers, equipment makers.
Named by the company
Energy is the largest cost item; no single supplier is named.
12
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K names its main global and regional competitors.
Competitors named in the 10-K
Industrial gases
- Air Liquidesite ↗
- Air Productssite ↗
- Messersite ↗
- Taiyo Nippon Sansosite ↗
Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
13
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
| Line item | FY202010-K on EDGAR ↗ | FY202110-K on EDGAR ↗ | FY202210-K on EDGAR ↗ | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|---|---|---|
| Income statement ($M) | ||||||
| Revenue | 27,243 | 30,793 | 33,364 | 32,854 | 33,005 | 33,986 |
| Operating income | 3,322 | 4,984 | 5,369 | 8,024 | 8,635 | 8,923 |
| Pretax income | 3,384 | 5,099 | 5,543 | 7,988 | 8,569 | 8,897 |
| Net income (attributable) | 2,501 | 3,826 | 4,147 | 6,199 | 6,565 | 6,898 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | 13.0% | 8.3% | -1.5% | 0.5% | 3.0% |
| Operating margincalcoperating income ÷ revenue × 100 | 12.2% | 16.2% | 16.1% | 24.4% | 26.2% | 26.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 9.2% | 12.4% | 12.4% | 18.9% | 19.9% | 20.3% |
| Balance sheet ($M) | ||||||
| Total assets | 88,229 | 81,605 | 79,658 | 80,811 | 80,147 | 86,817 |
| Total equity | 49,569 | 45,428 | 41,374 | 41,082 | 39,475 | 39,728 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 18,681 | 14,485 | 21,840 | 23,856 | 25,587 | 31,215 |
| Equity ratio | 53.6% | 54.0% | 50.2% | 49.2% | 47.5% | 44.1% |
| ROE | 5.3% | 8.4% | 9.9% | 15.5% | 16.9% | 18.1% |
| Cash flow ($M) | ||||||
| Operating CF | 7,429 | 9,725 | 8,864 | 9,305 | 9,423 | 10,350 |
| Investing CF | -2,986 | -3,007 | -3,088 | -4,670 | -4,644 | -5,721 |
| Financing CF | -3,345 | -7,588 | -3,089 | -5,400 | -4,359 | -4,554 |
| Free cash flowcalccash flow from operations − capital expenditures | 4,029 | 6,639 | 5,691 | 5,518 | 4,926 | 5,089 |
| Cash and equivalents | 3,754 | 2,823 | 5,436 | 4,664 | 4,850 | 5,056 |
| Per share & other | ||||||
| EPS ($) | 4.71 | 7.33 | 8.23 | 12.59 | 13.62 | 14.61 |
| BVPS ($) | 90.42 | 86.57 | 81.28 | 82.33 | 80.49 | 82.48 |
| Dividend per share ($) | 3.85 | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 81.8% | 57.8% | 56.9% | 40.5% | 40.8% | 41.1% |
| P/E (x) | 56.0 | 47.3 | 39.6 | 32.6 | 30.7 | 29.2 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 19.2 | 19.5 | 18.5 | 18.4 | 17.6 | 17.6 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 2.91 | 4.00 | 4.01 | 4.99 | 5.20 | 5.17 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $9.4B+9.2% | $2.15B-9.2% | $1.69B-12.3% | $3.66 |
| 2026-06-30 | $9.29B+9.3% | $2.55B+8.5% | $1.93B+9.2% | $4.15 |
| 2026-03-31 | $8.78B+8.2% | $2.44B+11.7% | $1.86B+11.0% | $3.98 |
| 2025-12-31 † | $8.76B+5.8% | $2.02B-11.1% | $1.53B-11.3% | — |
| 2025-09-30 | $8.62B | $2.37B | $1.93B | $4.09 |
| 2025-06-30 | $8.5B | $2.35B | $1.77B | $3.73 |
| 2025-03-31 | $8.11B | $2.18B | $1.67B | $3.51 |
| 2024-12-31 † | $8.28B | $2.27B | $1.73B | — |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
14
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
10.1%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$8,923M × (1 − 23%) ÷ $68,003M × 100 = 10.1%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
7.03%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $197.71B ÷ ($197.71B + $31.22B) = 86.4%
e.g.Debt weight: $31.22B ÷ ($197.71B + $31.22B) = 13.6%
e.g.WACC: 7.9% × 86.4% + 1.8% × (1 − 23%) × 13.6% = 7.03%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.8%–8.6% and ROIC − WACC runs +1.5 to +4.3 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 7.03% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.54 (price-derived adjusted beta, but correlation with the market is low (R² 0.07), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.92%
- Cost of debt
- 1.84%
- Tax rate
- 23% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 86% : 14%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 7.03%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.54 (price-derived adjusted beta. Raw β 0.31, R² 0.07, 130 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.309 + 0.33 = 0.537
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.54 × 5.5% = 7.9%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
15
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
5.1%
Perpetual FCF growth: g = r − FCF ÷ EV = 7.0% − 1.9%
Past FCF growth (FY2020–FY2025)
+4.8%
Compound annual rate, 5 years
Past revenue growth (FY2020–FY2025)
+4.5%
Compound annual rate, 5 years
Inputs (FY2025): free cash flow $5.09B (operating CF − capex); enterprise value $265.97B = market cap $239.82B (latest close, 2026-11-04) + debt $31.22B − cash and short-term investments $5.06B; r = WACC of 7.0% using this page’s default assumptions (β 0.54, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$267.84B
FCF $5.09B ÷ (7.0% − 5.1%)
Theoretical ÷ actual enterprise value
1.01x
Above 1x: these assumptions value the business above the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 5.0% | 6.0% | 7.0% | 8.0% | 9.0% |
|---|---|---|---|---|---|
| 0% | 0.38x | 0.32x | 0.27x | 0.24x | 0.21x |
| 2% | 0.64x | 0.48x | 0.38x | 0.32x | 0.27x |
| 4% | 1.91x | 0.96x | 0.64x | 0.48x | 0.38x |
| 6% | — | — | 1.91x | 0.96x | 0.64x |
| 8% | — | — | — | — | 1.91x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
16
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 2.01x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.1%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 100%
Most profit comes from core operations.
- ✓
Days sales outstanding: 56 → 51 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-25
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$10,350M ÷ $6,898M = 1.50x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$8,923M ÷ $8,897M × 100 = 100%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($4,622M + $4,966M) ÷ 2 ÷ $33,986M × 365 = 51 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,946M + $2,055M) ÷ 2 ÷ $17,389M × 365 = 42 days
termsInventory · Cost of revenue (COGS)
17
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 85.3%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 14.7%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 262 of 416
- Beta (adjusted)
- 0.54
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 63% of covered companies have more
above 1 = swings more than the market
- 393.3M shares reported by 2,316 13F filers ÷ 461.0M shares outstanding on 2026-06-30. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table (percentage computed from the group’s share count ÷ shares outstanding); includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-04-29 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-06-30)
18
Strengths & weaknessesSite analysis
Strengths
1. Global leader
Largest industrial gas company worldwide.
Evidence: Form 10-K (FY2025)
2. High and rising margins
Operating profit rose from $3,322M (2020) to $8,923M (2025) on modest sales growth.
Evidence: Form 10-K (FY2025)
3. Strong cash returns
Operating cash flow of $10.35B in 2025; $4.6B of buybacks and $2.8B of dividends.
Evidence: Form 10-K (FY2025)
Weaknesses
1. Slow sales growth
Sales were roughly flat at $33–34B in 2022–2025.
Evidence: Form 10-K (FY2025)
2. Rising debt
Interest-bearing debt rose to about $31.2B at end-2025 from $21.8B in 2022.
Evidence: Form 10-K (FY2025)
3. Russia losses
Russian court decisions let RusChemAlliance seize Linde’s local assets.
Evidence: Form 10-K (FY2025) — Note 17, Commitments and Contingencies
19
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
29.2x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
1.41%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
41%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
2.6%
(Operating CF − capex) ÷ market cap
1. Defensive contracts
Long-term on-site contracts give stable cash flows.
- What has to hold
- Industrial customers keep operating.
- The other side
- Energy cost swings.
Evidence: Form 10-K (FY2025)
2. Capital return
Large buybacks and rising dividend (from $3.85 in 2020 to $6.00 in 2025).
- What has to hold
- Cash flow stays strong.
- The other side
- Rising debt.
Evidence: Form 10-K (FY2025)
20
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
0.5x
$5.06B vs. $10.53B
Interest coverage (operating income ÷ interest expense)
15.5x
$8.92B vs. $575M
Free cash flow ÷ dividends paid
1.8x
$5.09B vs. $2.81B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -1.5% in FY2023 ($33.36B → $32.85B) | Yes, by FY2025 |
| Operating income | No decline in the record | — |
Covers only the 6 fiscal years on record (FY2020–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Margin expansion through the cycle
Operating income rose every year 2020–2025.
Source: Form 10-K (FY2025)
21
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Linde’s main disclosed dispute is with Russia’s RusChemAlliance (50% owned by Gazprom) over two plant construction contracts: Russian courts ruled for RCA and enforcement against Linde’s Russian assets is underway, while Hong Kong courts and HKIAC arbitration have sided with Linde.
1 open matter (1 flagged as major)
RusChemAlliance GPP and LNG claims
PendingContract disputeMajorRusChemAlliance v. Linde
RCA sued in St. Petersburg over gas processing (GPP) and LNG plant contracts; Russian courts ruled for RCA in 2024 and RCA has enforced against Linde’s shares in two Russian JVs and is pursuing other local assets. Hong Kong courts granted Linde anti-suit and anti-enforcement injunctions (January 2024); HKIAC arbitration is ongoing and Linde subsidiaries have filed damage claims in the U.S., Netherlands and Germany.
Source: Form 10-K (FY2025) — Note 17, Commitments and Contingencies
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Note 17, Commitments and Contingencies, reviewed 2026-10-28. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
22
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1Raw materials & energy
Energy costs
- Company disclosure (summarized from the 10-K)
- Energy is the largest production cost; price swings affect margins where not passed through.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 2Demand & macro
Industrial activity
- Company disclosure (summarized from the 10-K)
- Volumes depend on manufacturing, chemicals, metals and electronics activity.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Geopolitics & supply chain
Russia and sanctions
- Company disclosure (summarized from the 10-K)
- Russian claims, seizures and sanctions compliance.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Competition & technology shift
Competition
- Company disclosure (summarized from the 10-K)
- Competes with Air Liquide, Air Products, Messer, Taiyo Nippon Sanso and many local firms.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 5FX & interest rates
Currency
- Company disclosure (summarized from the 10-K)
- Most income is earned outside the U.S.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
23
What to watch going forwardSite analysis
- Sale-of-gas backlog execution (~$7.3B).
- Russia arbitration and asset seizures.
- Electronics and clean energy project demand.
24
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Other sources referenced in the analysis
Last updated
Analysis last edited: October 31, 2026 · Financial data fetched: October 27, 2026 15:55 (SEC EDGAR) · Source 10-K filed: February 25, 2026
Built on10-K FY2025 · filed 2026-02-25Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Linde plc’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.