Air Products and Chemicals, Inc. (APD) vs Linde PLC (LIN)

Air Products and Chemicals, Inc. and Linde PLC are both Specialty Chemicals companies. Linde PLC is the larger, with a market value of $214.9B against $63.4B — 3.4× the size. Air Products and Chemicals, Inc. has negative trailing earnings, so its P/E is not meaningful; Linde PLC trades at 30.2×. Linde PLC grew revenue faster over the last twelve months: 6.63% against 4.51%. Linde PLC has the higher net margin (20.4% vs −0.38%) and the higher return on invested capital (9.20% vs −1.12%). Both pay a dividend; Air Products and Chemicals, Inc. yields more (3.24% vs 1.33%). Across the 21 metrics below, Linde PLC leads on 15 and Air Products and Chemicals, Inc. on 6.

Valuation

Metric APD LIN Specialty Chemicals median
P/E n/m 30.20 24.83
P/S 4.98 6.13 1.46
P/B 3.78 5.35 1.76
Price to free cash flow n/m 43.69 19.84
EV/EBITDA 83.44 18.21 13.18
EV/Sales 6.30 6.78 1.84
Earnings yield (0.08%) 3.31% 2.11%
Free cash flow yield (0.17%) 2.29% 2.29%

Profitability

Metric APD LIN Specialty Chemicals median
Gross margin 32.06% 48.35% 29.23%
Operating margin (4.71%) 26.45% 3.63%
Net margin (0.38%) 20.43% 2.89%
Free cash flow margin (0.86%) 14.03% 3.78%
Return on equity (0.28%) 17.98% 3.62%
Return on assets (0.12%) 8.31% 0.35%
Return on invested capital (1.12%) 9.20% 2.75%

Growth

Metric APD LIN Specialty Chemicals median
Revenue growth (TTM) 4.51% 6.63% 4.51%
EPS growth (last fiscal year) (110.30%) 7.27% —
Revenue growth, 5-year CAGR 6.33% 4.52% 6.30%
Net income growth, 5-year CAGR 0.00% 22.50% 0.00%

Health

Metric APD LIN Specialty Chemicals median
Debt to equity 1.06 0.69 0.54
Current ratio 1.08 0.88 1.94
Net debt to EBITDA 23.00 1.73 2.03

Dividend

Metric APD LIN Specialty Chemicals median
Dividend yield 3.24% 1.33% 1.69%
Payout ratio 0.69 0.43 0.25

Size

Metric APD LIN Specialty Chemicals median
Market cap 63.35b 214.90b 2.43b

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