Linde PLC (LIN)
Materials · Industrial Gases · US stock · S&P 500 component
$510.36
▲ +9.79 (1.96%)
Fair valueFair
$426 −16.6% to fair value
$213fair band $362–$516$638
Day's range
$500.29 – $510.84
52-week range
$387.78 – $548.20
About Linde PLC
Linde supplies industrial gases such as oxygen, nitrogen, argon, hydrogen and helium, together with related equipment and engineering services. Its customers work in chemicals, energy, healthcare, metals, food and beverage, electronics and manufacturing, and many are supplied under long-term contracts through pipelines, on-site plants or bulk and packaged deliveries. Linde also designs and builds gas processing and separation plants through its engineering unit.
Linde earns revenue from the gases it supplies, often under long-term contracts, and from equipment and plant projects. Revenue for the last twelve months was $35.4 billion, growing at 0.6% a year across the last three years. The operating margin is 26.5%, and the business earns a profit of 11% on the capital invested in it. It has net debt of 2.1 times EBITDA. A dividend is paid, with a yield of 1.2%. On the site's X-Ray Score it receives 43 out of 100.
Price chart
52-wk range $387.78 – $548.20Volume 1,956,913Daily, split-adjusted
Vitals
Market cap$237.1B
52-week range$387.78 – $548.20
Volume (last day)1,956,913
P/E (TTM)33.0
EBIT / EV yield3.5%
Free-cash-flow yield2.1%
Dividend yield1.2%
Revenue (TTM)$35.4B
Net income (TTM)$7.2B
Operating margin26.5%
Return on capital10.9%
Debt incl. leases$32.5B
Cash & securities$4.9B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$426middle half of models $372 – $487
Fair
−16.6% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is Medium, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $510
Undervalued < $362Fair $362 – $516Overvalued > $516
P/E multiple
$512
P/B multiple
$465
P/S multiple
$460
EV/EBITDA multiple
$526
EV/EBIT multiple
$486
EV/revenue multiple
$459
10-year DCF, EBITDA exit
$450
5-year DCF, EBITDA exit
$488
10-year DCF, revenue exit
$445
5-year DCF, revenue exit
$479
10-year DCF, growth exit
$247
5-year DCF, growth exit
$248
Dividend discount, stable
$299
Dividend discount, multi-stage
$521
Earnings power value
$298
Growth the price implies
18.7%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Weak business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Materials peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
16/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.5%
Free-cash-flow yield2.1%
Fair value vs price0.8×
Growth
Fair
55/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)0.6%
EPS growth (3y)21.1%
Growth consistency80%
Profitability
Fair
59/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital10.9%
Operating margin26.5%
Financial health
Weak
40/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score5 / 9
Net debt / EBITDA2.1×
Interest cover37.4×
Dividends
Fair
50/100
Dividend is typical for its sector.
See the numbers →
Dividend yield1.2%
Dividends vs free cash flow59%
Dividend growth6.2%
Quarterly results: last 6 quarters
+0.1%
Mar '25
+2.8%
Jun '25
+3.1%
Sep '25
+5.8%
Dec '25
+8.2%
Mar '26
+9.3%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $9.3B, diluted EPS $4.15.
SWOT analysis: Linde PLC
Strengthsinside the company
- Operating margin of 26.5% is well above the 11.3% median of sector peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 21.1% a year over three years.
- Operating profit covers interest 37x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Trades at 32.7x earnings, 56% above the 21.0x median of sector peers, so the price already assumes better results.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare LIN with peers and sector
Medians of 22 Materials peers and of 22 Materials stocks in our universe.
Largest peers (X-Ray Score): NEM 81, FCX 55, SHW 54, ECL 50, APD 25, NUE 48.
| Metric | LIN | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 43 | 53 | 53 |
| Valuation | 16 | 46 | 46 |
| Growth | 55 | 56 | 56 |
| Profitability | 59 | 49 | 49 |
| Financial health | 40 | 50 | 50 |
| Dividends | 50 | 56 | 56 |
Sector leaders: highest X-Ray Score in Materials
LIN ranks #18 of 23 in Materials by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for LIN
Each factor is rated by where LIN stands among the 23 Materials stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 6 Good · 6 Average · 9 Bad of 21
Growth: 1 · 2 · 0
Profitability: 3 · 1 · 0
Financial strength: 1 · 1 · 2
Valuation: 0 · 0 · 5
Cash flow: 1 · 2 · 1
Efficiency: 0 · 0 · 1
| Factor | LIN | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +0.6% | Average beats 54% | +0.6% | – | – |
| Revenue growth, last year | +3.0% | Average beats 41% | +5.3% | +3.0% | ≈ In line |
| EPS growth, 3 years a year | +21.1% | Good beats 84% | +0.5% | – | – |
| Profitability | |||||
| Operating margin | 26.5% | Good beats 85% | 11.8% | 24.4% | ≈ In line |
| Net margin | 20.4% | Good beats 85% | 7.8% | 18.9% | ≈ In line |
| Return on invested capital | 10.9% | Average beats 59% | 10.0% | – | – |
| Return on equity | 18.5% | Good beats 67% | 14.8% | 15.6% | ▲ Better |
| Financial strength | |||||
| Net debt / EBITDA | 2.1x | Average beats 54% | 2.4x | 1.7x | ▼ Worse |
| Interest cover | 37.4x | Good beats 80% | 7.8x | 35.0x | ≈ In line |
| Current ratio | 0.88 | Bad beats 7% | 1.61 | 0.80 | ≈ In line |
| Piotroski F-score | 5 / 9 | Bad beats 24% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 32.7x | Bad beats 29% | 21.6x | 32.6x | ≈ In line |
| Price / book | 6.1x | Bad beats 15% | 3.1x | 5.1x | ▼ Worse |
| Price / sales | 6.7x | Bad beats 2% | 2.1x | 5.9x | ▼ Worse |
| EV / EBITDA | 20.2x | Bad beats 24% | 14.2x | 18.7x | ≈ In line |
| Free cash flow yield | 2.1% | Bad beats 12% | 3.4% | 2.7% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 14.0% | Good beats 80% | 7.7% | 16.8% | ▼ Worse |
| Cash from operations / net income | 1.45 | Average beats 39% | 1.50 | 1.50 | ≈ In line |
| Free cash flow growth, 3 years a year | −3.7% | Bad beats 22% | +11.3% | – | – |
| Accruals (lower is better) | −3.7% | Average beats 43% | −4.2% | – | – |
| Efficiency | |||||
| Days sales outstanding | 58 days | Bad beats 23% | 54 days | 52 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 4 Good · ● 4 Average · ● 7 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldBad
Risk models
Altman Z''Bad
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Bad
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAAverage
Interest coverGood
Valuation
Fair value vs priceBad
EBIT / EV yieldBad
Profitability
Return on invested capitalAverage
Operating marginGood
Each check is graded against the company's sector, not a fixed number. Checklist score 46/100.
Financials
| FY21 | FY22 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $30.8B | $33.4B | $32.9B | $33.0B | $34.0B |
| Operating income | $5.0B | $5.4B | $8.0B | $8.6B | $8.9B |
| Net income | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B |
| Operating cash flow | $9.7B | $8.9B | $9.3B | $9.4B | $10.4B |
| Operating margin | 16.2% | 16.1% | 24.4% | 26.2% | 26.3% |
| Free cash flow | $6.6B | $5.7B | $5.5B | $4.9B | $5.1B |
| Diluted EPS | $7.33 | $8.23 | $12.59 | $13.62 | $14.61 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
12 bullish · 0 neutral · 4 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 1 neutral · 0 bearish
Moving averages (daily)
| SMA 10 | 496.4 | Bullish |
| EMA 10 | 497.4 | Bullish |
| SMA 20 | 487.0 | Bullish |
| EMA 20 | 490.1 | Bullish |
| SMA 50 | 479.6 | Bullish |
| EMA 50 | 485.9 | Bullish |
| SMA 100 | 494.6 | Bullish |
| EMA 100 | 487.5 | Bullish |
| SMA 200 | 488.5 | Bullish |
| EMA 200 | 483.0 | Bullish |
Oscillators (daily)
| RSI (14) | 73.05 | Bearish |
| MACD (12, 26) | 7.75 | Bullish |
| Momentum (12) | 4.17 | Bullish |
| Stochastic %K (14) | 98.60 | Bearish |
| Williams %R (14) | -1.40 | Bearish |
| CCI (20) | 141.8 | Bearish |
Pivot points (classic, last session)
S3 492.9 | S2 496.6 | S1 503.5 | Pivot 507.2 | R1 514.0 | R2 517.7 | R3 524.6 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
6.30 USD
Yield on today's price
1.23%
Frequency
Quarterly
Next ex-dividend date
Not announced
| Ex-dividend date | Amount per share |
|---|---|
| 1.6000 | |
| 1.6000 | |
| 1.6000 | |
| 1.5000 | |
| 1.5000 | |
| 1.5000 | |
| 1.5000 | |
| 1.3900 | |
| 1.3900 | |
| 1.3900 | |
| 1.3900 | |
| 1.2750 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold LIN
| ETF | Share of the fund |
|---|---|
| XLB Materials Select Sector SPDR | 14.06% |
| OSEA Harbor International Compounders | 3.14% |
| FTCS First Trust Capital Strength | 2.12% |
| SAMT The Advisorsa Inner Circle Fund III | 2.10% |
| CGDV Capital Group Dividend Value | 1.95% |
| NOBL ProShares S&P 500 Dividend Aristocrats | 1.47% |
| CGUS Capital Group Core Equity | 1.34% |
| KNG FT Cboe Vest S&P 500 Dividend Aristocr... | 1.29% |
The eight funds with the largest weight in LIN among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
LIN stock splits
LIN has split its stock once since 2003. The latest was a 2-for-1 split on 16 Dec 2003.
Full LIN stock split history →LIN SEC filings
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Shareholder vote results
8-KSEC EDGAR
Other events
8-KSEC EDGAR
Results of operations
10-QSEC EDGAR
Quarterly report
DEF 14ASEC EDGAR
Proxy statement
10-KSEC EDGAR
Annual report
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.