LIN
SP100NasdaqGSLinde plc
Basic Materials · Specialty Chemicals · United Kingdom
Linde plc operates as an industrial gas company worldwide. The company offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. It also engages in the design and construction of turnkey process plants for third-party customers, as well as for its gas businesses, including air separation, hydrogen, synthesis, olefin, and natural gas plants. The company serves the healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. It operates in the United States, Brazil, Mexico, Canada, Germany, the United Kingdom, Eastern Europe, China, Australia, South Korea, and India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.
www.linde.com ↗Shares trade at a premium 36.2× trailing earnings, easing to 27.7× on forward estimates. Profitability shows a net margin of 20.4% and return on equity of 18.2%. Leverage is modest at 1.6× net debt/EBITDA. Revenue grew 8.2% year-on-year. It yields 1.2% in dividends. The mean analyst target of USD546.04 sits 0.1% below the current price (Buy, 25 analysts).
business model
Linde is the world's largest industrial gases company, producing and distributing atmospheric gases (oxygen, nitrogen, argon) and process gases (hydrogen, carbon dioxide, specialty gases) and providing related engineering and plant-construction services. It typically operates under long-term take-or-pay contracts and on-site plants, giving it stable, recurring cash flows across industrial end markets.
revenue segments
Linde reports geographically (Americas; EMEA; APAC) plus its Engineering business and other operations. It serves diverse end markets including chemicals and energy, manufacturing, healthcare, electronics, food and beverage, and metals, with distribution via on-site pipelines, bulk/liquid, and packaged cylinders.
key dependencies
The business depends on industrial production levels, energy and electricity/feedstock costs (a major input), long-term customer contracts, healthcare and electronics demand, and its project backlog including clean-hydrogen and decarbonization investments. Pricing discipline and contract structures help pass through costs.
competitors
Competitors include Air Liquide, Air Products & Chemicals, and various regional and specialty gas suppliers.
moat
Linde's moat rests on high barriers to entry from capital-intensive plants and pipeline networks, dense regional supply clusters, long-term take-or-pay contracts, high switching costs for on-site customers, and technological/engineering expertise, producing durable pricing power and stable margins.
risks
Risks include cyclicality tied to industrial output, exposure to energy and feedstock cost volatility, foreign-currency effects given global operations, project-execution risk on large engineering and hydrogen investments, and slower demand in key markets such as electronics or manufacturing.
Financials & metrics
as of 27 Aug 2026Price is around the middle of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $33.99B | $33.01B | $32.85B | $33.36B | — |
| Cost of revenue | $17.39B | $17.14B | $17.49B | $19.45B | — |
| Gross profit | $16.60B | $15.86B | $15.36B | $13.91B | — |
| Operating expense | $7.34B | $7.27B | $7.26B | $7.45B | — |
| R&D | $147.00M | $150.00M | $146.00M | $143.00M | — |
| Operating income | $9.25B | $8.60B | $8.11B | $6.46B | — |
| Interest expense | $464.00M | $487.00M | $413.00M | $215.00M | — |
| Pretax income | $8.90B | $8.57B | $7.99B | $5.54B | — |
| Tax provision | $1.99B | $2.00B | $1.81B | $1.43B | — |
| Net income | $6.90B | $6.57B | $6.20B | $4.15B | — |
| EBITDA | $13.12B | $12.84B | $12.22B | $9.96B | — |
| Diluted EPS | $14.61 | $13.62 | $12.59 | $8.23 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $86.82B | $80.15B | $80.81B | $79.66B | — |
| Current assets | $13.32B | $12.95B | $12.62B | $13.05B | — |
| Cash & equivalents | $5.06B | $4.85B | $4.66B | $5.44B | — |
| Inventory | $2.06B | $1.95B | $2.12B | $1.98B | — |
| Total liabilities | $47.08B | $40.66B | $39.72B | $38.27B | — |
| Current liabilities | $15.20B | $14.54B | $15.72B | $16.48B | — |
| Total debt | $28.07B | $22.61B | $20.32B | $18.79B | — |
| Long-term debt | $20.68B | $15.34B | $13.40B | $12.20B | — |
| Shareholders' equity | $38.24B | $38.09B | $39.72B | $40.03B | — |
| Retained earnings | $16.61B | $12.63B | $8.85B | $20.54B | — |
| Working capital | -$1.87B | -$1.60B | -$3.10B | -$3.43B | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $10.35B | $9.42B | $9.30B | $8.86B | — |
| Investing cash flow | -$5.72B | -$4.64B | -$4.67B | -$3.09B | — |
| Financing cash flow | -$4.55B | -$4.36B | -$5.40B | -$3.09B | — |
| Capital expenditure | -$5.26B | -$4.50B | -$3.79B | -$3.17B | — |
| Free cash flow | $5.09B | $4.93B | $5.52B | $5.69B | — |
| Dividends paid | -$2.81B | -$2.65B | -$2.48B | -$2.34B | — |
| Share buybacks | -$4.60B | -$4.48B | -$3.96B | -$5.17B | — |
| End cash position | $5.06B | $4.85B | $4.66B | $5.44B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 27 Aug 2026News
Sector peers
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| A7RU.SI | S$0.52 | S$3.16B | 52.0 | +17% |
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