LIN
NASDAQ · USDLinde plc
Basic Materials · Chemicals - Specialty
CEO Sanjiv Lamba
Employees 65,177
R&D / revenue 0.4%
Last price
$498.43+1.06%last session
Market cap
$229.8B
P/E (TTM)
32.0x
From 52w high
−9.1%
From 52w low
+28.5%
1-year return
+12.6%
RSI 14 · vs SMA200
68.0 · +1.9%
IS score
62.3/ 100
Factor model across 8 sub-scores, ranked against 3,010 US stocks. Describes the business, not the outlook.
Download full factsheet (PDF)
One year, rebased to 100
LIN SPY XLB (sector ETF) · weekly closesScore DNA
Each bar is a 0-100 score within the scored universe68Profitability
51Growth
42Value
79Momentum
100Risk (safety)
78Quality
61Balance sheet
76Earnings quality
Flags
Strengths
✓ Insider buying✓ Congress buying
Warnings
None of the computed warning flags fires for LIN (Altman, Beneish, accruals, FCF, dilution).
Observations
Moat model: Narrow, Efficient ScalePiotroski 6 / 9Altman Z 4.1Beta 0.734 of 4 smart-money sources active
Smart-money strip
Each disclosure source on its own window. Filings coinciding is not coordination.INSForm 4 · 180 days
Insider open-market buys
1
$0.05M bought
Form 144 notices (12m): 7, $80.3M proposed, not confirmed sales
CONGSTOCK Act · 180 days
Congressional purchases
3
Last disclosed purchase 2026-09-04
Members disclose in ranges, 30-45 days after the trade
13F13F · quarter to 2026-06-30
Net change in institutional holders
+65
213 new holders, 117 closed
2,317 filers hold 85.7% · 1,005 added, 767 trimmed
ETFETF holdings · 30 days
Net funds accumulating
+134
597 funds adding shares
463 funds trimming · counts of funds, not dollars
DARKFINRA · daily
Short-sale share of off-exchange volume
46.8%
20-day avg 47.0%, 50-day avg 44.4%
Latest 0.2 pp under its 20-day average · a flow, not short interest
Key financials · FY2025
USD, fiscal year. Stock-based compensation is non-cash; shown against FCF.Income statement
Revenue$34.0B
Revenue growth YoY+3.0%
Gross margin43.3%
Operating income$8.9B
Operating margin26.3%
Net income$6.9B
Net margin20.3%
EPS (diluted)$14.59
Cash flow
Operating cash flow$10.3B
Capital expenditure$5.3B
Free cash flow$5.1B
FCF conversion (FCF / OCF)49.2%
Stock-based compensation$133.0M
FCF less SBC$5.0B
Buybacks$4.6B
Dividends$2.8B
Balance sheet & returns
Cash & short-term investments$5.1B
Total debt$27.0B
Net debt$21.9B
Shareholders' equity$39.7B
Goodwill & intangibles$39.8B
Debt / equity0.72
ROE (TTM)18.8%
ROIC (TTM)9.4%
Operating margin by fiscal year
Revenue $30.8B (FY2021) to $34.0B (FY2025), a 2.5% CAGR.
Valuation
P/E (TTM)32.0x
EV / EBITDA18.8x
Price / sales6.48x
Price / FCF46.2x
FCF yield2.17%
Buyback yield2.00%
SBC / revenue0.3%
Price / book5.90x
Forward P/E FY202627.9x
Forward P/E FY202725.4x
Forward P/E FY202823.1x
Forward multiples divide today's price by Street EPS estimates. Street mean target $563.45 across 11 analysts last quarter is theirs, not ours.
LIN vs industry median
207 companies in Chemicals - Specialty
LIN (TTM)Industry median
Asset turnover 0.40 vs industry 0.70 · financial leverage 2.26
Earnings delivery
Next report 2026-10-29 · consensus EPS $4.52100%
beat rate, 12 of 12 quarters
+1.3%
median EPS surprise
12
longest beat streak
EPS surprise in % vs the consensus at the time, oldest (left) to newest, 2023-10-26 to 2026-07-31. Bars cap at ±60%.
Peers
Market-cap band, not the industry cohort above| Company | Mkt cap | P/E | ROE | Net margin | Rev growth | 12m return |
|---|---|---|---|---|---|---|
| LIN Linde plc | $229.8B | 32.0x | 18.8% | 20.4% | +3.0% | +12.6% |
| SHW The Sherwin-Williams Company | $81.4B | 30.6x | 65.1% | 12.4% | +5.8% | +1.3% |
| ECL Ecolab Inc. | $81.0B | 38.5x | 21.8% | 12.1% | +7.1% | +7.0% |
| APD Air Products and Chemicals, | $66.7B | n/m | -0.3% | -45.6% | +4.5% | +18.3% |
| PPG PPG Industries, Inc. | $23.9B | 15.3x | 19.6% | 9.7% | +12.3% | +7.1% |
| IFF International Flavors & Frag | $23.1B | 83.2x | 2.0% | 2.6% | −11.7% | — |
| BHP BHP Group Limited | $211.7B | 21.6x | 40.1% | 13.6% | +0.6% | — |
| SCCO Southern Copper Corporation | $169.3B | 29.4x | 50.1% | 38.9% | +32.8% | — |
12-month window: SPY +15.9%, sector ETF XLB +17.8%. Past returns describe history only.
Recent 8-K filings
2026-07-31Earnings Release; Exhibits
2026-07-30Shareholder Vote; Exhibits
2026-05-13Other Events; Exhibits
2026-05-01Earnings Release; Exhibits
2026-02-05Results of Operations and Financial Condition; Financial Statements and Exhibits
2025-12-03Entry into Material Definitive Agreement; Creation of Direct Financial Obligation; Financial Statements and Exhibits
Context
Shares outstanding460,980,163
Free float99.7%
Institutional ownership85.7%
Beta0.73
Dividend yield1.26%
Last dividend$1.60 on 2026-09-03
50 / 200-day average$478.60 / $489.11
Full factsheet
The PDF carries everything on this page plus the cash-allocation waterfall, Form 144 notices, 13F holder detail, dark-pool and short-flow history, seasonality and the moat assessment (Narrow).
Read it in the browser Download (PDF)All fundamentals · 140 measures in 13 categories
Percentile = where LIN sits among 43 scored companies in Chemicals - Specialty (0 = lowest value, 100 = highest). It is a position, not a grade.ValuationProfitability (TTM)Returns on capitalGrowthMargin history & stabilityLiquidity (latest quarter)Leverage & solvency (latest quarter)EfficiencyCash flow & earnings qualityDividends & buybacksScores & forensic checksPer shareSize (TTM)
Valuation
| Measure | LIN | Industry percentile |
|---|---|---|
| P/E (TTM) | 31.5x | 60th |
| PEG (P/E ÷ 3-yr EPS CAGR) | 2.92 | 71st |
| Price / sales | 6.5x | 98th |
| Price / book | 5.9x | 88th |
| Price / tangible book | — | |
| Price / free cash flow | 46.2x | 92nd |
| Price / operating cash flow | 21.9x | 80th |
| Enterprise value | $252.9B | 100th |
| EV / sales | 7.1x | 95th |
| EV / EBITDA | 19.0x | 69th |
| EV / EBIT | 26.7x | 67th |
| EV / free cash flow | 50.8x | 83rd |
| Earnings yield | 3.2% | 64th |
| FCF yield | 2.2% | 21st |
| Operating cash flow yield | 4.6% | 24th |
| Graham number (per share) | $172.32 | 96th |
Profitability (TTM)
| Measure | LIN | Industry percentile |
|---|---|---|
| Gross margin | 37.6% | 76th |
| EBITDA margin | 37.5% | 98th |
| Operating margin | 26.2% | 98th |
| EBIT margin | 26.7% | 98th |
| Net margin | 20.6% | 98th |
| NOPAT margin | 20.4% | 93rd |
| FCF margin | 14.0% | 83rd |
| Operating cash flow margin | 29.6% | 93rd |
| R&D / revenue | 0.4% | 44th |
| SG&A / revenue | 10.0% | 34th |
| Stock comp / revenue | 0.3% | 29th |
| Effective tax rate | 22.1% | 57th |
Returns on capital
| Measure | LIN | Industry percentile |
|---|---|---|
| ROE (on average equity) | 18.8% | 76th |
| ROA | 8.4% | 83rd |
| ROIC | 11.6% | 71st |
| ROCE | 13.1% | 79th |
| Return on tangible assets | 10.9% | 79th |
| Cash ROIC (OCF / invested capital) | 16.9% | 71st |
| Gross profitability (GP / assets) | 16.1% | 48th |
| ROIC, 3-yr average | 10.2% | 79th |
| ROIC, 5-yr average | 10.9% | 74th |
| ROE, 5-yr average | 15.2% | 68th |
| Incremental ROIC | 75.0% | 78th |
Growth
| Measure | LIN | Industry percentile |
|---|---|---|
| Revenue growth (TTM YoY) | 6.6% | 61st |
| Revenue growth (QoQ) | 5.8% | 19th |
| Revenue CAGR, 3 yr | 2.3% | 69th |
| Revenue CAGR, 5 yr | 4.1% | 42nd |
| Gross profit CAGR, 3 yr | 8.7% | 82nd |
| Operating income CAGR, 3 yr | 6.2% | 50th |
| Net income growth (TTM YoY) | 8.5% | 56th |
| Net income CAGR, 3 yr | 8.6% | 64th |
| EPS growth (TTM YoY) | 10.6% | 56th |
| EPS CAGR, 3 yr | 10.8% | 68th |
| EPS CAGR, 5 yr | 20.1% | 91st |
| FCF growth (TTM YoY) | -1.9% | 41st |
| FCF CAGR, 3 yr | -2.7% | 29th |
| Operating cash flow CAGR, 3 yr | 6.1% | 57th |
| Book value CAGR, 3 yr | 1.3% | 46th |
| Dividend CAGR, 3 yr | 3.8% | 78th |
| Sustainable growth rate | 11.4% | 48th |
Margin history & stability
| Measure | LIN | Industry percentile |
|---|---|---|
| Gross margin, 3-yr average | 38.8% | 82nd |
| Operating margin, 3-yr average | 26.1% | 98th |
| Net margin, 3-yr average | 20.1% | 100th |
| FCF margin, 3-yr average | 14.7% | 92nd |
| Revenue stability (0-1) | 0.88 | 80th |
| Earnings stability (0-1) | 0.92 | 93rd |
| Margin stability (0-1) | 0.86 | 34th |
Liquidity (latest quarter)
| Measure | LIN | Industry percentile |
|---|---|---|
| Cash & short-term investments | $4.9B | 98th |
| Net cash (− = net debt) | −$23.1B | 0th |
| Working capital | −$2.0B | 2nd |
| Current ratio | 0.88 | 5th |
| Quick ratio | 0.75 | 10th |
| Cash ratio (cash + ST investments / current liabilities) | 0.30 | 48th |
| Defensive interval (days) | 802 days | 80th |
Leverage & solvency (latest quarter)
| Measure | LIN | Industry percentile |
|---|---|---|
| Total debt | $28.0B | 100th |
| Debt / equity | 0.72 | 40th |
| Net debt / equity | 0.59 | 48th |
| Debt / assets | 31.7% | 33rd |
| Debt / capital | 41.8% | 40th |
| Debt / EBITDA | 2.11 | 26th |
| Net debt / EBITDA | 1.74 | 26th |
| Interest coverage (EBIT / interest) | 35.3x | 100th |
| Cash interest coverage | 39.1x | 100th |
| Debt payback (years of OCF) | 2.7 yrs | 25th |
| Liabilities / assets | 54.0% | 43rd |
| IS credit model rating | A+ | |
| Implied credit spread (bps) | 125 | 17th |
Efficiency
| Measure | LIN | Industry percentile |
|---|---|---|
| Asset turnover | 0.41 | 17th |
| Fixed asset turnover | 1.22 | 12th |
| Inventory turnover | 10.0 | 88th |
| Receivables turnover | 6.5 | 52nd |
| Days sales outstanding | 56 days | 48th |
| Days inventory outstanding | 37 days | 12th |
| Days payables outstanding | 47 days | 40th |
| Cash conversion cycle (days) | 46 days | 21st |
| Capex / revenue | 15.6% | 93rd |
| Capex / depreciation | 1.44 | 78th |
| Operating expense ratio | 10.0% | 24th |
Cash flow & earnings quality
| Measure | LIN | Industry percentile |
|---|---|---|
| Operating cash flow / net income | 1.44 | 44th |
| FCF / net income | 0.68 | 12th |
| FCF / operating cash flow | 47.4% | 28th |
| Capex / operating cash flow | 52.6% | 72nd |
| Accruals ratio | -3.7% | 67th |
| Sloan accruals ratio | -5.4% | 45th |
| Earnings quality score (0-1) | 1.00 | 40th |
Scores & forensic checks
| Measure | LIN | Industry percentile |
|---|---|---|
| IS score | 62 | 86th |
| IS profitability | 68 | 93rd |
| IS growth | 51 | 51st |
| IS value | 42 | 36th |
| IS momentum | 79 | 78th |
| IS risk (safety) | 100 | 79th |
| IS quality | 78 | 86th |
| IS balance sheet | 61 | 69th |
| IS earnings quality | 76 | 88th |
| IS cash flow | 54 | 60th |
| Piotroski F-score (0-9) | 6 | 52nd |
| Altman Z-score | 4.1 | 79th |
| Beneish M-score | −2.38 | 80th |
| Ohlson O-score | −8.82 | 14th |
| IS credit score | 77 | 81st |
Size (TTM)
| Measure | LIN | Industry percentile |
|---|---|---|
| Market cap | $229.8B | 100th |
| Revenue | $35.4B | 100th |
| EBITDA | $13.3B | 100th |
| Net income | $7.3B | 100th |
| Free cash flow | $5.0B | 100th |
| Total assets | $88.3B | 100th |
| Shareholders' equity | $39.1B | 100th |
| Employees | 64,649 | 100th |
Insider transactions, last 6 months
Form 4 · most recent 12| Date | Insider | Type | Shares | Price | Value | Owned after |
|---|---|---|---|---|---|---|
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 168 | — | — | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 3,460 | $154.00 | $532,840 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,625 | $176.63 | $287,024 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,455 | $173.13 | $251,904 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 2,100 | $253.68 | $532,728 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,270 | $270.99 | $344,157 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,100 | $354.14 | $389,554 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,085 | $465.29 | $504,840 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,177 | $468.77 | $551,742 | 0 |
| 2026-10-01 | Botello Armando SENIOR VP, APAC |
— | 1,989 | $483.62 | $961,920 | 0 |
| 2026-10-01 | Grant Hugh Director |
Award / grant | 72 | — | — | 652 |
| 2026-10-01 | Reynolds Paula Rosput Director |
Award / grant | 18 | — | — | 163 |
Shares acquired vs disposed, by month
acquired disposed · all Form 4 typesBy transaction type, 6 months
| Type | Direction | Filings | Shares | Value |
|---|---|---|---|---|
| Award / grant | Acquired | 4 | 170 | — |
| Open-market buy | Acquired | 1 | 100 | $47,912 |
| Open-market sale | Disposed | 2 | 5,215 | $2.6M |
| Option exercise | Acquired | 1 | 4,035 | — |
| Option exercise | Disposed | 1 | 4,035 | — |
| Tax withholding | Disposed | 1 | 2,062 | $1.0M |
| — | Disposed | 15 | 17,852 | $5.4M |
Awards, option exercises and tax withholding are compensation mechanics; open-market buys and sales are the discretionary ones.
Form 144 notices
12 months: 7 notices · 163,549 shares · $80.3M| Filed | Filer | Shares proposed | Est. proceeds |
|---|---|---|---|
| 2026-05-15 | Robert L. Wood Trust | 4,335 | $2.2M |
| 2026-05-14 | Wood Robert L | 880 | $447,704 |
| 2026-04-13 | Angel Stephen F | 35,010 | $17.7M |
| 2026-02-24 | Patwari Binod | 999 | $502,262 |
A Form 144 is notice of a proposed sale, not a confirmed one.
Congress trades
12 months: House 25 trades (15 purchases) · Senate 0 (0 purchases)| Traded | Member | Chamber | Type | Amount | Disclosed |
|---|---|---|---|---|---|
| 2026-09-25 | Ro Khanna | House | Sale | $15,001 - $50,000 | 2026-10-09 |
| 2026-09-17 | Kevin Hern | House | Sale | $15,001 - $50,000 | 2026-10-14 |
| 2026-09-17 | Kevin Hern | House | Sale (Partial) | $15,001 - $50,000 | 2026-10-13 |
| 2026-09-04 | Ro Khanna | House | Purchase | $1,001 - $15,000 | 2026-10-09 |
| 2022-10-17 | Shelley Moore Capito | Senate | Sale (Partial) | $1,001 - $15,000 | 2022-11-13 |
| 2022-10-17 | Shelley Moore Capito | Senate | Sale (Partial) | $1,001 - $15,000 | 2022-11-13 |
| 2022-10-17 | Shelley Moore Capito | Senate | Sale (Partial) | $1,001 - $15,000 | 2022-11-12 |
| 2022-10-17 | Shelley Moore Capito | Senate | Sale (Partial) | $1,001 - $15,000 | 2022-11-12 |
STOCK Act disclosures, in ranges, filed up to 45 days after the trade.
Largest 13F holders
Quarter to 2026-06-30, the latest most managers have filed| Manager | Shares | Value | % of shares out |
|---|---|---|---|
| BlackRock, Inc. | 37,301,875 | $19.4B | 8.09% |
| VANGUARD CAPITAL MANAGEMENT LLC | 30,208,556 | $15.7B | 6.55% |
| STATE STREET CORP | 20,344,181 | $10.6B | 4.41% |
| Capital Research Global Investors | 17,430,716 | $9.0B | 3.78% |
| Invesco Ltd. | 15,321,341 | $8.0B | 3.32% |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 12,466,679 | $6.5B | 2.70% |
| GEODE CAPITAL MANAGEMENT, LLC | 11,943,013 | $6.2B | 2.59% |
| PRICE T ROWE ASSOCIATES INC /MD/ | 11,832,240 | $6.1B | 2.57% |
| FMR LLC | 8,316,540 | $4.3B | 1.80% |
| NORGES BANK | 6,640,227 | $3.4B | 1.44% |
| JPMORGAN CHASE & CO | 5,933,104 | $3.0B | 1.29% |
| Freemont Capital Pte Ltd | 5,083,319 | $2.6B | 1.10% |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | 4,913,528 | $3.2B | 1.07% |
| WELLINGTON MANAGEMENT GROUP LLP | 4,815,253 | $2.5B | 1.04% |
| Bank of New York Mellon Corp | 4,666,020 | $2.4B | 1.01% |
Institutional ownership by quarter
% of shares held by 13F filers
Number of 13F filers holding
Holder changes by quarter
| Quarter | Holders | Ownership | New | Increased | Reduced | Closed |
|---|---|---|---|---|---|---|
| 2026-06-30 | 2,317 | 85.7% | 213 | 1,005 | 767 | 117 |
| 2026-03-31 | 2,252 | 82.5% | 320 | 937 | 692 | 132 |
| 2025-12-31 | 2,096 | 83.3% | 276 | 703 | 857 | 199 |
| 2025-09-30 | 2,073 | 81.1% | 162 | 860 | 715 | 112 |
| 2025-06-30 | 2,061 | 83.0% | 161 | 867 | 717 | 93 |
| 2025-03-31 | 2,020 | 83.6% | 204 | 820 | 703 | 123 |
| 2024-12-31 | 1,969 | 84.1% | 268 | 737 | 702 | 137 |
| 2024-09-30 | 1,877 | 84.0% | 174 | 718 | 669 | 85 |
| 2024-06-30 | 1,810 | 83.5% | 128 | 758 | 631 | 107 |
| 2024-03-31 | 1,812 | 85.0% | 188 | 700 | 650 | 96 |
| 2023-12-31 | 1,749 | 86.2% | 274 | 615 | 618 | 88 |
| 2023-09-30 | 1,586 | 86.8% | 144 | 627 | 564 | 77 |
Schedule 13D / 13G filers
| Filed | Form | Filer | % of class | Shares |
|---|---|---|---|---|
| 2026-03-27 | SCHEDULE 13G/A | The Vanguard Group | 0.0% | 0 |
Required above 5% of a class; 13G is the passive form.
ETFs with the largest holding
| ETF | Weight in fund | Holding value |
|---|---|---|
| VITSX | 0.30% | $6.9B |
| VTI | 0.30% | $6.9B |
| VTSAX | 0.30% | $6.9B |
| VSMPX | 0.30% | $6.9B |
| VOO | 0.33% | $5.7B |
| VFIAX | 0.33% | $5.7B |
Share structure
Shares outstanding460,980,163
Float459,491,197
Free float99.7%
Income statement
Fiscal years, USD| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Revenue | $30.8B | $33.4B | $32.9B | $33.0B | $34.0B |
| Cost of revenue | $22.2B | $23.7B | $21.3B | $20.9B | $19.3B |
| Gross profit | $8.6B | $9.7B | $11.5B | $12.1B | $14.7B |
| R&D | $143.0M | $143.0M | $146.0M | $150.0M | $147.0M |
| SG&A | $3.2B | $3.1B | $3.3B | $3.3B | $3.4B |
| Operating income | $5.3B | $6.5B | $8.1B | $8.6B | $8.9B |
| EBITDA | $9.9B | $9.9B | $12.3B | $12.9B | $12.9B |
| Pretax income | $5.2B | $5.7B | $8.2B | $8.7B | $9.0B |
| Income tax | $1.3B | $1.4B | $1.8B | $2.0B | $2.0B |
| Net income | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B |
| EPS, diluted | $7.33 | $8.23 | $12.59 | $13.62 | $14.59 |
| Diluted shares | 521.9M | 504.0M | 492.3M | 482.1M | 468.7M |
Balance sheet
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Cash & short-term investments | $2.8B | $5.4B | $4.7B | $4.8B | $5.1B |
| Receivables | $4.8B | $4.9B | $5.1B | $5.1B | $5.2B |
| Inventory | $1.7B | $2.0B | $2.1B | $1.9B | $2.1B |
| Total current assets | $10.2B | $13.0B | $12.6B | $12.9B | $13.3B |
| PP&E, net | $26.0B | $23.5B | $25.5B | $25.8B | $28.3B |
| Goodwill & intangibles | $40.8B | $38.2B | $39.1B | $37.3B | $39.8B |
| Total assets | $81.6B | $79.7B | $80.8B | $80.1B | $86.8B |
| Accounts payable | $3.5B | $3.0B | $3.0B | $2.5B | $2.8B |
| Total current liabilities | $13.6B | $16.5B | $15.7B | $14.5B | $15.2B |
| Long-term debt | $11.3B | $12.2B | $13.4B | $15.3B | $20.7B |
| Total liabilities | $36.2B | $38.3B | $39.7B | $40.7B | $47.1B |
| Shareholders' equity | $45.4B | $41.4B | $41.1B | $39.5B | $39.7B |
Cash flow statement
Outflows are negative| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Net income | $4.0B | $4.3B | $6.2B | $6.6B | $6.9B |
| Depreciation & amortization | $4.6B | $4.2B | $3.8B | $3.8B | $3.8B |
| Stock-based compensation | $128.0M | $107.0M | $141.0M | $0 | $133.0M |
| Change in working capital | $1.1B | −$198.0M | −$483.0M | −$1.1B | −$313.0M |
| Operating cash flow | $9.7B | $8.9B | $9.3B | $9.4B | $10.3B |
| Capital expenditure | −$3.1B | −$3.2B | −$3.8B | −$4.5B | −$5.3B |
| Free cash flow | $6.6B | $5.7B | $5.5B | $4.9B | $5.1B |
| Investing cash flow | −$3.0B | −$3.1B | −$4.7B | −$4.6B | −$5.7B |
| Net debt issued / repaid | −$514.0M | $4.5B | $1.1B | $3.2B | $2.9B |
| Buybacks | −$4.6B | −$5.2B | −$4.0B | −$4.5B | −$4.6B |
| Dividends paid | −$2.2B | −$2.3B | −$2.5B | −$2.7B | −$2.8B |
Ratio history
Margins on the fiscal-year (TTM at Q4) basis; multiples at each year end| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Gross margin | 28.0% | 32.7% | 35.1% | 36.6% | 43.3% |
| Operating margin | 17.2% | 22.8% | 24.7% | 26.0% | 26.3% |
| Net margin | 12.4% | 12.4% | 18.9% | 19.9% | 20.4% |
| FCF margin | 21.6% | 17.1% | 16.8% | 14.9% | 15.0% |
| ROE | 8.4% | 9.9% | 15.5% | 16.9% | 18.2% |
| ROIC | 7.1% | 10.7% | 11.4% | 11.9% | 11.6% |
| ROA | 4.5% | 5.1% | 7.7% | 8.2% | 8.3% |
| Debt / equity | 0.35 | 0.47 | 0.51 | 0.59 | 0.71 |
| Interest coverage | 42.1x | 82.5x | 25.0x | 24.7x | 43.1x |
| Current ratio | 0.74 | 0.79 | 0.80 | 0.89 | 0.88 |
| Revenue growth | +13.0% | +8.3% | −1.5% | +0.5% | +3.0% |
| EPS growth | +56.8% | +12.4% | +52.4% | +8.0% | +8.0% |
| P/E at year end | 44.3x | 37.7x | 31.5x | 30.1x | 28.8x |
| EV / EBITDA at year end | 18.4x | 17.3x | 17.4x | 17.0x | 17.2x |
| FCF yield at year end | 3.92% | 3.64% | 2.82% | 2.49% | 2.55% |
| Dividend payout | 57.2% | 56.5% | 40.0% | 40.4% | 40.5% |
Revenue by segment
| FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|
| Americas Segment | $12.1B | $13.9B | $14.3B | $14.4B | $15.2B |
| EMEA Segment | $7.6B | $8.4B | $8.5B | $8.4B | $8.5B |
| APAC Segment | $6.1B | $6.5B | $6.6B | $6.6B | $6.7B |
| Engineering Segment | $2.9B | $2.8B | $2.2B | $2.3B | $2.7B |
Revenue by region · FY2025
UNITED STATES$12.2B · 36%
Other International$11.3B · 33%
CHINA$2.6B · 8%
GERMANY$2.4B · 7%
UNITED KINGDOM$1.5B · 4%
MEXICO$1.4B · 4%
BRAZIL$1.3B · 4%
AUSTRALIA$1.3B · 4%
Street estimates by fiscal year
Next report 2026-10-29 · consensus EPS $4.52 · these are analysts' numbers, not ours| Fiscal year | Revenue (mean) | Revenue range | EPS (mean) | EPS range | Analysts | P/E on mean EPS |
|---|---|---|---|---|---|---|
| 2026 | $36.3B | $35.6B – $36.8B | $17.88 | $17.82 – $17.97 | 16 | 27.9x |
| 2027 | $38.1B | $36.7B – $39.3B | $19.59 | $19.44 – $19.74 | 11 | 25.4x |
| 2028 | $40.3B | $38.8B – $42.7B | $21.59 | $19.95 – $23.48 | 10 | 23.1x |
Reported vs expected, every quarter on file
| Reported | EPS expected | EPS actual | EPS surprise | Revenue expected | Revenue actual | Revenue surprise |
|---|---|---|---|---|---|---|
| 2026-07-31 | $4.49 | $4.50 | +0.2% | $9.0B | $9.3B | +3.0% |
| 2026-05-01 | $4.27 | $4.33 | +1.4% | $8.6B | $8.8B | +2.1% |
| 2026-02-05 | $4.18 | $4.20 | +0.5% | $8.6B | $8.8B | +1.4% |
| 2025-10-31 | $4.18 | $4.21 | +0.7% | $8.6B | $8.6B | −0.1% |
| 2025-08-01 | $4.03 | $4.09 | +1.5% | $8.4B | $8.5B | +1.6% |
| 2025-05-01 | $3.92 | $3.95 | +0.8% | $8.2B | $8.1B | −1.6% |
| 2025-02-06 | $3.94 | $3.97 | +0.8% | $8.4B | $8.3B | −1.6% |
| 2024-10-31 | $3.89 | $3.94 | +1.3% | $8.4B | $8.4B | −0.4% |
| 2024-08-02 | $3.78 | $3.85 | +1.9% | $8.3B | $8.3B | −0.4% |
| 2024-05-02 | $3.68 | $3.75 | +1.9% | $8.4B | $8.1B | −3.4% |
| 2024-02-06 | $3.49 | $3.59 | +2.9% | $8.1B | $12.7B | +58.0% |
| 2023-10-26 | $3.57 | $3.63 | +1.7% | $8.5B | $8.2B | −4.4% |
| 2023-07-27 | $3.48 | $3.57 | +2.6% | $8.7B | $8.2B | −5.7% |
| 2023-04-27 | $3.13 | $3.42 | +9.3% | $8.2B | $8.2B | −0.0% |
| 2023-02-07 | $2.91 | $3.16 | +8.6% | $8.3B | $7.9B | −5.0% |
| 2022-10-27 | $2.93 | $3.10 | +5.8% | $8.3B | $8.8B | +5.7% |
| 2022-07-28 | $2.98 | $3.10 | +4.0% | $8.4B | $8.5B | +1.2% |
| 2022-04-28 | $2.78 | $2.93 | +5.4% | $7.7B | $8.2B | +6.2% |
| 2022-02-10 | $2.67 | $2.77 | +3.7% | $6.8B | $8.3B | +22.3% |
| 2021-10-28 | $2.68 | $2.73 | +1.9% | $7.5B | $7.7B | +2.3% |
| 2021-07-30 | $2.56 | $2.70 | +5.5% | $7.6B | $7.6B | 0.0% |
| 2021-05-06 | $2.26 | $2.49 | +10.2% | $6.5B | $7.2B | +11.3% |
| 2021-02-05 | $2.14 | $2.30 | +7.5% | $6.7B | $7.3B | +8.1% |
| 2020-11-05 | $1.97 | $2.15 | +9.1% | $6.2B | $6.9B | +10.1% |
Off-exchange (dark pool) volume, weekly
FINRA ATS, $ billions · through the week of 2026-08-31 (FINRA publishes with a delay)| Week of | Notional | Shares | Trades |
|---|---|---|---|
| 2026-08-31 | $887.4M | 1,830,175 | 63,027 |
| 2026-08-24 | $1.0B | 2,074,538 | 71,705 |
| 2026-08-17 | $1.5B | 3,013,724 | 82,749 |
| 2026-08-10 | $1.1B | 2,320,241 | 74,434 |
| 2026-08-03 | $1.5B | 3,154,982 | 96,561 |
| 2026-07-27 | $1.8B | 3,589,310 | 101,552 |
Short-sale share of off-exchange volume
daily 20-day average| Date | Short share | Short volume | Total volume |
|---|---|---|---|
| 2026-10-15 | 46.8% | 305,549 | 652,851 |
| 2026-10-14 | 46.5% | 367,044 | 789,341 |
| 2026-10-13 | 54.4% | 221,998 | 407,776 |
| 2026-10-12 | 55.5% | 288,723 | 520,223 |
| 2026-10-09 | 28.1% | 195,656 | 696,781 |
| 2026-10-08 | 40.9% | 299,424 | 731,598 |
| 2026-10-07 | 43.7% | 247,873 | 567,461 |
| 2026-10-06 | 51.2% | 405,521 | 792,652 |
| 2026-10-05 | 57.5% | 516,611 | 899,183 |
| 2026-10-02 | 38.9% | 438,371 | 1,127,195 |
A daily flow measure from FINRA, not short interest.
Seasonality
Average return by calendar month| Month | Avg return | Up years | Years |
|---|---|---|---|
| Jan | −0.9% | 35% | 20 |
| Feb | +0.5% | 60% | 20 |
| Mar | +3.4% | 67% | 21 |
| Apr | +2.6% | 75% | 20 |
| May | +0.6% | 65% | 20 |
| Jun | +0.9% | 65% | 20 |
| Jul | +2.3% | 60% | 20 |
| Aug | +0.0% | 45% | 20 |
| Sep | −0.1% | 60% | 20 |
| Oct | +1.3% | 70% | 20 |
| Nov | +2.5% | 75% | 20 |
| Dec | +1.7% | 60% | 20 |
History, not a forecast.
Indicators
as of 2026-10-16RSI 1468.0
MFI74.9
ADX22.2
Stochastic %K / %D90.0 / 90.6
Williams %R-9.1
CCI131
TSI / signal19.5 / 4.8
Chaikin money flow0.03
ATR$7.84
Bollinger width9.0%
Volume vs 20-day avg0.96x
SupertrendUp
Moving averages and bands
level (price vs level)SMA 20$479.23 (+4.0%)
SMA 50$478.44 (+4.2%)
SMA 200$489.21 (+1.9%)
EMA 21$482.86 (+3.2%)
EMA 50$483.11 (+3.2%)
EMA 200$484.01 (+3.0%)
Bollinger upper$500.83 (−0.5%)
Bollinger lower$457.64 (+8.9%)
Parabolic SAR$487.24 (+2.3%)
Open the live chart, 110+ indicatorsAbout Linde plc
Linde plc functions as a global industrial gas and engineering powerhouse, extending its operations throughout North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's comprehensive product line features atmospheric gases like oxygen, nitrogen, argon, and various rare gases, alongside a diverse array of process gases such as carbon dioxide, helium, hydrogen, specialized electronic gases, and acetylene. Beyond gas supply, Linde is also adept at designing and constructing turnkey process plants. These engineering solutions serve both third-party customers and its own gas business facilities, covering types like olefin, natural gas, air separation, hydrogen, and synthesis gas plants. Linde's extensive client base spans numerous sectors, including healthcare, energy, general manufacturing, food and beverage carbonation, fiber-optics, steel production, aerospace, chemicals, and water treatment. Established in 1879, the company is headquartered in Woking, United Kingdom.
https://www.linde.com
Key executives
| Name | Title | Pay | Born |
|---|---|---|---|
| Sanjiv Lamba | CEO & Chairman of the Board | $5.0M | 1964 |
| Matthew J. White | Executive Vice President & Chief Financial Officer | $2.4M | 1972 |
| Sean F. Durbin | Chief Operating Officer & EVice President | $1.9M | 1971 |
| Guillermo Bichara | Executive Vice President & Chief Legal Officer | $1.9M | 1975 |
| Benjamin W. Glazer | Senior VP of Americas | $1.5M | 1974 |
| Juan Pelaez | Vice President of Investor Relations | — | — |
| Karin Griggel | Chief Compliance Officer | — | — |
| Moloy Banerjee | President of ASEAN & South Asia | — | 1966 |
Executive pay, latest proxy
| Executive | Year | Salary | Stock awards | Incentive | Total |
|---|---|---|---|---|---|
| Sanjiv Lamba, Chief Executive Officer | 2025 | $1.6M | $11.7M | $3.2M | $21.8M |
| Matthew J. White, Executive Vice President & Chief Financial Officer | 2025 | $944,750 | $5.0M | $1.4M | $9.7M |
| Guillermo Bichara Executive Vice President & Chief Legal Officer | 2025 | $830,250 | $3.0M | $1.0M | $6.2M |
| Sean F. Durbin Chief Operating Officer | 2025 | $789,000 | $2.8M | $1.1M | $6.1M |
| David P. Strauss Former Executive Vice President & Chief Human Resources Officer | 2025 | $722,256 | $2.3M | $875,310 | $5.3M |
| Benjamin W. Glazer Senior Vice President, Americas | 2025 | $625,000 | $2.0M | $769,998 | $4.4M |
Employees
Dividends
| Ex-date | Amount | Paid |
|---|---|---|
| 2026-09-03 | $1.6 | 2026-09-17 |
| 2026-06-04 | $1.6 | 2026-06-18 |
| 2026-03-11 | $1.6 | 2026-03-26 |
| 2025-12-03 | $1.5 | 2025-12-17 |
| 2025-09-04 | $1.5 | 2025-09-18 |
| 2025-06-04 | $1.5 | 2025-06-18 |
| 2025-03-13 | $1.5 | 2025-03-27 |
| 2024-12-03 | $1.39 | 2024-12-17 |
Moat model
Narrow · Efficient Scale · 2026-06-30Cost advantage61
Intangibles69
Switching costs70
Network effect50
Efficient scale85
Our component scores (0-100) and overall 67.2; a model of the business, not a call on the stock.
InsiderStreet reports findings from filings and market data. Nothing on this page is a recommendation to buy or sell.Every figure is computed in code · data as of 2026-10-17