Linde (LIN)
Materials · $215B market cap · SEC CIK 0001707925
fundamentals score out of 100
Next reports on Oct 29, 2026, before the open, with analysts expecting $4.56 in earnings per share.
The case for LIN
- 20% of revenue drops through to net profit.
- Return on equity of 19%.
- Moves less than the market (beta 0.70).
- Pays a modest 1.2% dividend.
The case against
- Priced at 6.1× sales with revenue growing only 6.6%.
- Current liabilities exceed current assets (ratio 0.88).
- The price trend is weak (39/100): -4.5% over a year, -10.7% over three months, 48% of the way up its 52-week range.
What the score is made of
Each factor is half a curve over reported figures and half a rank among the other Materials companies (momentum is judged against fixed thresholds only), and the five are blended by weight. It describes the last filing and the current price. It is not a forecast.
| Valuewhat you pay for the earnings, sales, assets and cash | 41 |
|---|---|
| Growthhow fast revenue and earnings are moving, this year and over five | 48 |
| Profitabilityhow much of the revenue becomes profit, and how much of that is cash | 74 |
| Momentumhow the price has behaved lately | 39 |
| Stabilityhow violently it moves, what it owes and what it pays you | 77 |
- Each factor except momentum is half fixed thresholds, half rank among the 26 Materials companies.
Key numbers
| Price / earnings | 29.6× |
|---|---|
| Price / book | 6.14× |
| Price / sales | 6.1× |
| Revenue growth (YoY) | +6.6% |
| EPS growth (YoY) | +10.1% |
| Gross margin | 48% |
| Operating margin | 26% |
| Net margin | 20% |
| Return on equity | 19% |
| Debt / equity | 0.72× |
| Current ratio | 0.88 |
| Dividend yield | 1.23% |
| Beta | 0.70 |
| 52-week range | $387.78 – $548.20 |
| Position in that range | 48% of the way up |
| 3-month return | -10.7% |
| 1-year return | -4.5% |
Five years of financials, as filed
Pulled from Linde's XBRL filings on SEC EDGAR. Italic rows are derived from the rows above.
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $34.0B | $33.0B | $32.9B | $33.4B | $30.8B |
| Operating income | $8.9B | $8.6B | $8.0B | $5.4B | $5.0B |
| Net income | $6.9B | $6.6B | $6.2B | $4.1B | $3.8B |
| Operating cash flow | $10.3B | $9.4B | $9.3B | $8.9B | $9.7B |
| Capital expenditure | $5.3B | $4.5B | $3.8B | $3.2B | $3.1B |
| Total assets | $86.8B | $80.1B | $80.8B | $79.7B | $81.6B |
| Total liabilities | $47.1B | $40.7B | $39.7B | $38.3B | $36.2B |
| Shareholder equity | $38.2B | $38.1B | $39.7B | $40.0B | $44.0B |
| Cash | $5.1B | $4.8B | $4.7B | $5.4B | $2.8B |
| Long-term debt | $20.7B | $15.3B | $13.4B | $12.2B | $11.3B |
| Free cash flow | $5.1B | $4.9B | $5.5B | $5.7B | $6.6B |
| Operating margin | 26.3% | 26.2% | 24.4% | 16.1% | 16.2% |
| Net margin | 20.3% | 19.9% | 18.9% | 12.4% | 12.4% |
| Diluted shares | 472M | 482M | 492M | 504M | 522M |
Share count is down 9.5% over 4 years. Buybacks have been shrinking the pie.
What Linde says it does
Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States. Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.…
Risk factors LIN lists in its 10-K
- Weakening economic conditions in markets in which Linde does business may adversely impact its financial results and/or cash flows
- Increases in the cost of energy and raw materials and/or disruption in the supply of these materials could result in lost sales or reduced profitability
- Linde’s international operations are subject to the risks of doing business abroad and international events and circumstances may adversely impact its business, financial condition or results of operations
- Currency exchange rate fluctuations and other related risks may adversely affect Linde's results
- Macroeconomic factors may impact Linde’s ability to obtain financing or increase the cost of obtaining financing which may adversely impact Linde’s financial results and/or cash flows
- An impairment of goodwill or intangible assets could negatively impact the company's financial results
- Catastrophic events could disrupt the operations of Linde and/or its customers and suppliers and may have a significant adverse impact on the results of operations
- The inability to attract and retain qualified personnel may adversely impact Linde’s business
- Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows
- Operational risks may adversely impact Linde’s business or results of operations
- Linde may be subject to information technology system failures, network disruptions and cybersecurity breaches or other related incidents
- The inability to effectively integrate acquisitions or collaborate with joint venture partners could adversely impact Linde’s financial position and results of operations
- The outcome of litigation or governmental investigations may adversely impact the company’s business or results of operations
- Potential product defects or inadequate customer care may adversely impact Linde’s business or results of operations