Analyst states Linde PLC captures lion's share of AI chip contracts, creating unique opportunity at mundane defensive valuation. Major AI chip contract wins drive significant growth for Linde in semiconductor supply chain.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | 1 | — | — | — | — | — | — | — | 1 | — |
| Sell | — | — | — | — | 2 | 2 | — | 1 | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2028 | ‡‡‡‡‡ |
|
| 2027 | ‡‡‡‡‡ |
|
| 2026 | 6.44 |
—
—
—
|
| 2025 | 6.00 |
—
—
—
—
|
| 2024 | 5.56 |
—
—
—
—
|
| 2023 | 5.10 |
—
—
—
—
|
| 2022 | 4.68 |
—
—
—
—
|
| 2021 | 4.24 |
—
—
—
—
|
| 2020 | 3.85 |
—
—
—
—
|
| 2019 | 3.50 |
—
—
—
—
|
| 2018 | 3.30 |
—
—
—
—
|
| 2017 | 3.15 |
—
—
—
—
|
| 2016 | 3.00 |
—
—
—
—
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 4,664.00 | 4,850.00 | 5,056.00 | 4,898.00 |
| Receivables | 4,718.00 | 4,622.00 | 4,966.00 | 5,632.00 |
| Inventory | 2,115.00 | 1,946.00 | 2,055.00 | 2,122.00 |
| Other | 196.00 | 263.00 | 269.00 | 432.00 |
| 12,620.00 | 12,945.00 | 13,325.00 | 14,176.00 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 3,020.00 | 2,507.00 | 2,810.00 | 2,837.00 |
| ST’ Debt | 5,976.00 | 6,280.00 | 6,306.00 | 7,335.00 |
| Other | 6,057.00 | 5,120.00 | 5,402.00 | 5,955.00 |
| 15,717.00 | 14,544.00 | 15,198.00 | 16,127.00 |
| 10y | 5y | 3y | |
| Sales | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Cash Flow | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Earnings | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Book Value | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 8,781.00 | 9,289.00 | — | — |
—
|
| ’25 | 8,112.00 | 8,495.00 | 8,615.00 | 8,764.00 |
33,986.00
|
| ’24 | 8,100.00 | 8,267.00 | 8,356.00 | 8,282.00 |
33,005.00
|
| ’23 | 8,193.00 | 8,204.00 | 8,155.00 | 8,302.00 |
32,854.00
|
| ’22 | 8,211.00 | 8,457.00 | 8,797.00 | 7,899.00 |
33,364.00
|
| ’21 | 7,243.00 | 7,584.00 | 7,668.00 | 8,298.00 |
30,793.00
|
| ’20 | 6,739.00 | 6,377.00 | 6,855.00 | 7,272.00 |
27,243.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 2,240.00 | 2,271.00 | — | — |
—
|
| ’25 | 2,161.00 | 2,211.00 | 2,948.00 | 3,030.00 |
10,350.00
|
| ’24 | 1,954.00 | 1,929.00 | 2,731.00 | 2,809.00 |
9,423.00
|
| ’23 | 1,908.00 | 2,150.00 | 2,520.00 | 2,727.00 |
9,305.00
|
| ’22 | 2,000.00 | 2,133.00 | 2,636.00 | 2,095.00 |
8,864.00
|
| ’21 | 2,109.00 | 1,827.00 | 2,556.00 | 3,233.00 |
9,725.00
|
| ’20 | 1,347.00 | 1,764.00 | 1,884.00 | 2,434.00 |
7,429.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 898.00 | 833.00 | — | — |
—
|
| ’25 | 891.00 | 954.00 | 1,672.00 | 1,572.00 |
5,089.00
|
| ’24 | 906.00 | 796.00 | 1,665.00 | 1,559.00 |
4,926.00
|
| ’23 | 1,079.00 | 1,291.00 | 1,572.00 | 1,576.00 |
5,518.00
|
| ’22 | 1,351.00 | 1,307.00 | 1,874.00 | 1,159.00 |
5,691.00
|
| ’21 | 1,347.00 | 1,083.00 | 1,815.00 | 2,394.00 |
6,639.00
|
| ’20 | 544.00 | 981.00 | 1,097.00 | 1,407.00 |
4,029.00
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | 3.98 | 4.15 | — | — |
—
|
| ’25 | 3.51 | 3.73 | 4.09 | 3.26 |
14.61
|
| ’24 | 3.35 | 3.44 | 3.22 | 3.60 |
13.62
|
| ’23 | 3.06 | 3.19 | 3.19 | 3.16 |
12.59
|
| ’22 | 2.30 | 0.74 | 2.54 | 2.67 |
8.23
|
| ’21 | 1.86 | 1.60 | 1.88 | 1.98 |
7.33
|
| ’20 | 1.07 | 0.87 | 1.32 | 1.45 |
4.71
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 262.47 | 302.17 | 396.07 | 387.78 | — | — | — |
Low Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 352.18 | 434.21 | 487.49 | 486.38 | — | — | — |
High Price
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 65,010 | 66,323 | 65,289 | 65,177 | — | — | — |
Employees
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 0.51 | 0.50 | 0.51 | 0.52 | — | — | — |
Revenue/Emp
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 33,364.00 | 32,854.00 | 33,005.00 | 33,986.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 41.70% | 46.76% | 48.06% | 48.83% | — | — | — |
Gross Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,543.00 | 7,988.00 | 8,569.00 | 8,897.00 | — | — | — |
EBT
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 16.61% | 24.31% | 25.96% | 26.18% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,147.00 | 6,199.00 | 6,565.00 | 6,898.00 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4,204.00 | 3,816.00 | 3,780.00 | 3,763.00 | — | — | — |
Depreciation
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 66.76 | 67.30 | 68.94 | 72.39 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Revenue/Sh
|
| ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡ | 8.30 | 12.70 | 13.71 | 14.69 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17.74 | 19.06 | 19.68 | 22.05 | — | — | — |
Cash Flow/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (6.35) | (7.76) | (9.39) | (11.21) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 11.39 | 11.30 | 10.29 | 10.84 | — | — | — |
Free CF/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 82.79 | 84.15 | 82.45 | 84.62 | — | — | — |
Book Value/Sh
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 499.74 | 488.19 | 478.77 | 469.49 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 38.36 | 32.25 | 30.54 | 29.07 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
PE Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 4.77 | 6.09 | 6.07 | 5.89 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 3.85 | 4.87 | 5.08 | 5.04 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.14 | 6.53 | 6.58 | 6.54 | ‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡ |
EV/Sales
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 30.15 | 38.90 | 44.10 | 43.65 | — | — | — |
EV/FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 8,864.00 | 9,305.00 | 9,423.00 | 10,350.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,173.00) | (3,787.00) | (4,497.00) | (5,261.00) | ‡‡‡‡‡ | ‡‡‡‡‡ | — |
Capex
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5,691.00 | 5,518.00 | 4,926.00 | 5,089.00 | — | — | — |
FCF
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (3,432.00) | (3,097.00) | (1,599.00) | (1,873.00) | — | — | — |
Working Cap'
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 17,914.00 | 19,373.00 | 21,623.00 | 26,989.00 | — | — | — |
Total Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 12,478.00 | 14,709.00 | 16,773.00 | 21,933.00 | — | — | — |
Net Debt
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 41,374.00 | 41,082.00 | 39,475.00 | 39,728.00 | — | — | — |
Sh' Equity
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 5.14% | 7.73% | 8.16% | 8.26% | — | — | — |
ROA
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 6.23% | 8.99% | 9.59% | 9.04% | — | — | — |
ROIC
|
| ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 9.56% | 15.04% | 16.30% | 17.42% | — | — | — |
ROE
|
Linde PLC, the industrial gases giant, has transformed since its 2018 Praxair merger, tripling revenue to $28.2 billion, boosting EPS 161% to $13.71, and driving stock lows up 315% to $396 by 2024. This scale has fueled margin mastery—gross margins hitting 48.1% in 2024 with EBT surging 55%—powered by pricing strength, efficiency gains, and productivity stabilizing at $505K revenue per employee, even as revenue eyes a modest rebound to $35.5B by 2026 amid clean hydrogen tailwinds.
Yet, capex intensity for hydrogen projects has tempered free cash flow, with debt climbing 21% to $21.6B, though ROIC rose to 9.6% and ROE to 16.3%, underscoring disciplined capital use. Valuation looks compelling at 30.5x PE with forward EPS growth to $18.26 by 2026, trading at premiums justified by Linde’s oligopolistic moat in oxygen, nitrogen, and emerging H2 markets.
Bearish insider selling contrasts bullish analyst targets (8-18% upside), flagging execution risks on subsidies and debt, but 99% contract renewals and blue-chip demand position Linde for resilient 10-12% EPS compounding—dive deeper for the full probabilistic narrative on this defensive growth powerhouse.
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