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Linde PLC

LIN Basic Materials Specialty Chemicals

Linde PLC’s revenue for fiscal 2025 (year ended December 2025) was $34.0 billion, up 2.97% from fiscal 2024.

Revenue
+9.16%
EPS
−8.09%
Free cash flow
+6.28%
Total debt
+3.00%

Quarter to September 2026, against a year earlier

520.20 4.54 −0.87%
Market cap
$239.3B
P/E
34.2×
Fwd P/E
31.6×
Dividend yield
1.21%
F-score
6/9
Altman Z
3.52
Beneish M
−2.63
Dividend safety
77/100
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Americas
  • EMEA
  • APAC
  • Engineering
  • Other

Every year since 2016 →

Insider Decisions last twelve months

Bought, $m 1.05
Sold, $m 17.75
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy 1 — — — — — — — 1 — — —
Sell — — 2 2 — 1 — — — — — 1
Insider Ownership 1.00%

Capital & Financial Ratios $m

Size
Market Cap 239,290.00
Revenue ttm 36,238.00
Net income ttm 7,007.00
Free cash flow ttm 5,080.00
Net debt Q 22,755.00
Valuation
P/E 34.16
Forward P/E 31.60
Price / sales 6.61
Forward P/S Powerpack
Price / FCF 47.17
Price / book 5.85
Financial health
Current ratio Q 0.86 (below 1: weak)
Debt / equity Q 0.65
Interest coverage Q 30.28
Growth
Revenue growth Q +9.16% (above 0%: growing)
Operating income growth Q −9.17% (below 0%: shrinking)
EPS, this year +8.86%
EPS, next year A +9.08%
Revenue, next year A +7.07%
EPS, past 5 yrs +25.41% (at or above 15%: strong)
EPS, next 5 yrs A +9.33%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 7.2×, against a ten-year median of 5.3×; over the ten years it ranged from 3.5× in 2016 to 7.7× in 2026.
P/E against its own 10 years 59.19%
10-year low 10-year high
P/S against its own 10 years 88.30%
10-year low 10-year high
P/B against its own 10 years 71.29%
10-year low 10-year high
EV/Sales against its own 10 years 90.21%
10-year low 10-year high
EV/FCF against its own 10 years 91.49%
10-year low 10-year high

Dividends raised every year since 2017

Yield
1.21%
Annual rate
6.30
Payout ratio
41.6%
Growth, 2017–25
+8.39%/yr
  1. 3.15 ’17
  2. 3.30 ’18 +5
  3. 3.50 ’19 +6
  4. 3.85 ’20 +10
  5. 4.24 ’21 +10
  6. 4.68 ’22 +10
  7. 5.10 ’23 +9
  8. 5.56 ’24 +9
  9. 6.00 ’25 +8
  10. 6.43 ’26e +7
paid forecast change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 4,664 4,850 5,056 3,947
Receivables 4,718 4,622 4,966 5,595
Inventory 2,115 1,946 2,055 2,129
Other 196 263 269 447
12,620 12,945 13,325 13,416
2023 2024 2025 Q'26
Payables 3,020 2,507 2,810 2,854
ST’ Debt 5,976 6,280 6,306 6,109
Other 6,057 5,120 5,402 6,680
15,717 14,544 15,198 15,643

Compound Annual Growth %

10y 5y 3y
Sales 12.17% 4.52% 0.62%
Cash Flow 14.40% 6.86% 5.30%
Earnings 16.12% 22.50% 18.48%
Book Value 23.55% (4.33%) (1.34%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 4.52 Actual 4.59

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.18 4.20 Beat by 0.02
Q1 FY26 4.27 4.33 Beat by 0.06
Q2 FY26 4.49 4.50 Beat by 0.01
Q3 FY26 4.52 4.59 Beat by 0.07
Q4 FY26 4.50 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 3.98 4.15 3.76 — —
’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
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 8,781 9,289 9,404 — —
’25 8,112 8,495 8,615 8,764 33,986
’24 8,100 8,267 8,356 8,282 33,005
’23 8,193 8,204 8,155 8,302 32,854
’22 8,211 8,457 8,797 7,899 33,364
’21 7,243 7,584 7,668 8,298 30,793
’20 6,739 6,377 6,855 7,272 27,243
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,240 2,271 3,169 — —
’25 2,161 2,211 2,948 3,030 10,350
’24 1,954 1,929 2,731 2,809 9,423
’23 1,908 2,150 2,520 2,727 9,305
’22 2,000 2,133 2,636 2,095 8,864
’21 2,109 1,827 2,556 3,233 9,725
’20 1,347 1,764 1,884 2,434 7,429
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 898 833 1,777 — —
’25 891 954 1,672 1,572 5,089
’24 906 796 1,665 1,559 4,926
’23 1,079 1,291 1,572 1,576 5,518
’22 1,351 1,307 1,874 1,159 5,691
’21 1,347 1,083 1,815 2,394 6,639
’20 544 981 1,097 1,407 4,029
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 18.8% a year for ten years. It grew 16.7% a year over the last ten.

Implied
18.8%
10 years, reported
16.7%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.7
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,534 11,358 14,836 28,228 27,243 30,793 33,364 32,854 33,005 33,986 36,238 +13.9% 36,389 38,172 40,415 +5.9%
Gross margin, % 44.42 43.81 39.20 41.04 43.53 43.03 41.70 46.76 48.06 48.83 47.86 +4.4 pt
EBT 2,048 2,287 5,049 2,927 3,384 5,099 5,543 7,988 8,569 8,897 9,116 +17.7%
EBT margin, % 19.44 20.14 34.03 10.37 12.42 16.56 16.61 24.31 25.96 26.18 25.16 +6.7 pt
Net income 1,500 1,247 4,381 2,285 2,501 3,826 4,147 6,199 6,565 6,898 7,007 +18.5%
Per share, $
Per share, $ Revenue 36.87 39.68 44.90 52.17 51.72 59.57 66.76 67.30 68.94 72.39 78.67 +7.8%
Earnings 5.25 4.36 12.40 4.22 4.75 7.40 8.30 12.70 13.71 14.69 15.23 +12.1%
Cash flow 9.76 10.62 11.06 11.31 14.10 18.81 17.74 19.06 19.68 22.05 23.25 +9.5%
Capex (5.13) (4.58) (5.70) (6.80) (6.45) (5.97) (6.35) (7.76) (9.39) (11.21) (12.22) +9.1%
Free cash flow 4.63 6.04 5.36 4.50 7.65 12.84 11.39 11.30 10.29 10.84 11.03 +9.9%
Book value 19.05 22.75 172.76 95.22 94.11 87.89 82.79 84.15 82.45 84.62 88.98 +18.0%
Shares, m 286 286 330 541 527 517 500 488 479 469 464 +5.7%
Valuation, ×
Valuation, × P/E 22.22 35.91 11.79 50.33 55.59 46.88 38.36 32.25 30.54 29.07 34.16 35.3
P/S 3.17 3.94 3.48 4.08 5.09 5.82 4.77 6.09 6.07 5.89 6.61 4.8
P/B 6.14 6.87 0.90 2.24 2.80 3.94 3.85 4.87 5.08 5.04 5.85 4.2
EV/Sales 4.02 4.67 4.21 4.48 5.55 6.18 5.14 6.53 6.58 6.54 7.24 5.4
EV/FCF 32.01 30.69 35.23 51.89 37.53 28.69 30.15 38.90 44.10 43.65 51.65 37.3
Cash, $m
Cash, $m Operating cash flow 2,789 3,041 3,654 6,119 7,429 9,725 8,864 9,305 9,423 10,350 10,710 +15.7%
Capex (1,465) (1,311) (1,883) (3,682) (3,400) (3,086) (3,173) (3,787) (4,497) (5,261) (5,630) +15.3%
Free cash flow 1,324 1,730 1,771 2,437 4,029 6,639 5,691 5,518 4,926 5,089 5,080 +16.1%
Balance, $m
Balance, $m Working capital 402 (22) 4,316 (1,808) (2,816) (3,484) (3,432) (3,097) (1,599) (1,873) (2,227) n/m
Net debt 8,991 8,383 10,830 11,256 12,400 11,384 12,478 14,709 16,773 21,933 22,755 +10.4%
Shareholders’ equity 5,441 6,511 57,080 51,522 49,569 45,428 41,374 41,082 39,475 39,728 40,985 +24.7%
Returns, %
Returns, % ROA 7.97 6.27 7.70 2.54 2.86 4.51 5.14 7.73 8.16 8.26 8.05 +0.3 pt
ROIC 9.73 10.26 4.83 2.92 3.35 5.48 6.23 8.99 9.59 9.04 8.98 (0.7) pt
ROE 29.31 20.87 13.78 4.21 4.95 8.05 9.56 15.04 16.30 17.42 17.29 (11.9) pt
People
People Employees 26,498 26,461 80,820 79,886 74,207 72,327 65,010 66,323 65,289 65,177 — +10.5%
Revenue/emp, $m 0.40 0.43 0.18 0.35 0.37 0.43 0.51 0.50 0.51 0.52 — +3.1%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Business profile

Updated

Linde produces and supplies industrial gases used in manufacturing, healthcare and other activities. Its atmospheric gases include oxygen, nitrogen and argon, which it separates from air. It also supplies process gases such as hydrogen, helium, carbon dioxide and specialty gases. Customers use these products in industries ranging from chemicals and metals to food, electronics and healthcare.

Linde delivers gas in different ways depending on how much a customer needs. For large, steady users, it can build a plant on or next to the customer’s site and supply gas through a pipeline. It also delivers liquid gases by tanker to customer storage tanks and supplies smaller quantities in cylinders. Customers can receive cylinders at their sites or collect them from a facility or store.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Americas 15,208 44.75%
EMEA 8,549 25.15%
APAC 6,661 19.60%
Engineering 2,250 6.62%
Other 1,318 3.88%
Gross margin 48.83%
Operating margin 26.25%
Pre-tax margin 26.18%

Revenue by segment since 2016

Linde PLC vs peers in Specialty Chemicals (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
LIN Linde PLC $239.3B 34.2× 31.6× +9.16% (above 0%: growing) −8.09% (below 0%: shrinking) +6.28% (above 0%: growing) 47.24% 22.86%
ECL Ecolab Inc. $85.8B 41.3× 40.1× +12.72% (above 0%: growing) −4.37% (below 0%: shrinking) −15.57% (below 0%: shrinking) 44.08% 17.26% Compare
SHW The Sherwin-Williams Company $84.3B 31.8× 29.9× +7.89% (above 0%: growing) +0.89% (above 0%: growing) −12.19% (below 0%: shrinking) 47.77% 17.53% Compare
APD Air Products and Chemicals, Inc. $68.9B — (loss-making) 93.9× +4.58% (above 0%: growing) n/m +180.09% (above 0%: growing) 32.77% (66.34%) Compare
PPG PPG Industries, Inc. $27.2B 17.6× 16.2× +6.64% (above 0%: growing) +1.00% (above 0%: growing) −23.61% (below 0%: shrinking) 40.52% 14.89% Compare
IFF International Flavors & Fragrances Inc. $21.6B 121× 60.3× +3.91% (above 0%: growing) n/m −123.33% (below 0%: shrinking) 42.48% 8.24% Compare
LYB LyondellBasell Industries N.V. $19.9B 15.6× 9.2× +9.99% (above 0%: growing) n/m +144.89% (above 0%: growing) 17.60% 12.55% Compare
DD DuPont de Nemours, Inc. $19.2B 64.2× 26.3× +4.07% (above 0%: growing) n/m +36.69% (above 0%: growing) 35.71% 16.81% Compare
RPM RPM International Inc. $13.5B 19.5× 17.3× +4.82% (above 0%: growing) +13.48% (above 0%: growing) +33.14% (above 0%: growing) 41.25% 15.99% Compare
Median of peers $24.4B 31.8× 28.1× +5.73% +0.95% +10.47% 40.89% 15.44%

All 61 Specialty Chemicals stocks →

From the latest earnings call

Updated

  • CEO Sanjeev Lamba said U.S. home care weighed on margins and that Linde was pursuing improvements while evaluating the business’s strategic fit.
  • Lamba said new U.S. electronics business brought the sale-of-gas backlog to $8.1 billion, while Linde expected more project startups during the rest of 2026.

Pay and ownership Proxy statement filed 29 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 21.78m 15.93m 173.35
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

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LIN metrics, ten years each

stockrow.com/LIN · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com