undamentalytics Newsletter
Sign in

Linde plc (LIN) stock

Add to watchlist

Add holding +

NASDAQ: LIN Nasdaq Industrial Gases Next results ~February 4, 2027

B Fundamentals grade

Linde plc is a US-listed company in the industrial gases industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$180

Cash-flow model

Base case. Range ~$120–$260 across our lower- and higher-growth cases (1%–11% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 65% below it.

Price used: $519.72, November 2, 2026

Linde plc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Linde files

10-Q filed October 29: Linde

Model value +12.7%

Linde plc's revenue reached $36.2bn in the twelve months to September 2026, an 8.2% rise on a year earlier and an acceleration from the 6.6% growth seen a quarter earlier. Profitability has not kept pace, however. Free-cash-flow margin slipped to 14.0% from 15.2%, while operating margin narrowed to 25.3% from 27.4%. A silver lining comes from the diluted share count, down 2.1% on a year earlier, which lifts the value attributable to each remaining share. Our model value climbs from $163 to $184 a share as a result, yet the shares trade at $514, well above that figure. The rating stays Sell. At the current price, the market appears to be pricing in cash-flow growth of around 21.4% a year for five years, far outpacing the 3.3% a year revenue growth the company has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 31: Linde

Linde plc generated $36.2bn in revenue over the twelve months to June 2026, up 8.2% on a year earlier and an acceleration from the 6.6% growth recorded a quarter earlier. Profitability has softened, however: the free-cash-flow margin slipped to 14.0% from 15.2%, while the operating margin narrowed to 25.3% from 27.4%. A 2.1% reduction in the diluted share count has at least lifted the value of each remaining share. The fundamentals grade edges up from B to B+. Our model value is little changed at $163, far below the $508 share price. The rating stays Sell. At current levels, the market appears to be pricing in cash-flow growth of around 21.6% a year for five years, well ahead of the 3.3% annual revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Linde stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $35.4bn, up 6.6% on a year earlier, faster than 5.0% a quarter earlier. Free-cash-flow margin fell to 14.0% from 15.2% a year earlier. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 7 financial-health checks. Our cash-flow model value is $174 a share, against a share price of $499. At that price, our model says the market is pricing in about 21.6% a year of cash-flow growth for five years, faster than the 2.9% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 4, 2027 (estimated)

Linde plc's trailing-twelve-month revenue grew 8.2% year on year, with a free-cash-flow margin of 14.0%. Where it stands out: change in share count of -2.1% ranks 25 of 161 materials companies we cover.

Our discounted-cash-flow model values the business at ~$180 per share in the base case (~$120–$260 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Revenue growth accelerating: TTM revenue growth rose to 8.2% (+1.5pp vs the prior quarter).

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 25.3% of revenue is left as operating profit, against a median of 7.0% for materials companies we cover.
  • Shrinking share count. Diluted shares fell 2.1% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $519.72 is 65% above our value per share of $180.
  • Weak cash conversion. Free cash flow was 72% of net income over the last 12 months.

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$4.59 against an average estimate of $4.52: beat by 1.6%
Revenue
$9.40bn, up 9.2% on a year earlier
Share reaction
+1.2% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Guidance given
adjusted diluted earnings per share $4.45 to $4.55 (third quarter of 2026); adjusted diluted earnings per share $17.7 to $17.9 (full year 2026)
Next report
October 29, 2026; average EPS estimate $4.51

Linde's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.1%
  • 1 week+2.4%
  • 1 month+8.4%
  • This year+23.1%
  • 1 year+25.9%
  • 5 years+69.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$36.2B
Operating margin
25.3%
Net margin
19.3%
EPS (TTM, diluted)
$15.06

Growth

Revenue growth
+8.2%
Change in growth rate
+1.5 pts
Share count change
−2.1%

Cash

Free cash flow (TTM)
$5.1B
FCF margin
14.0%
Stock pay % of revenue
0.4%

Earnings

Last results
October 29, 2026
Next results (est.)
February 4, 2027

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Results
  3. Guidance
  4. Shareholder vote

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Linde plc valuation models and calculator

What the price is pricing in

The share price implies about 21.4% a year of cash-flow growth for five years.That is faster than the 3.3% a year revenue growth Linde has delivered.

  • Priced in21.4%
  • Last 12 months8.2%
  • 3 years a year3.7%
  • 5 years a year3.3%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($515.12, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$180
Price used
$515.12close November 3, 2026
Implied change
▼ 64%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Linde plc's free cash flow after stock-based pay with after-tax interest added back ($5.4B, FY2026 Q3 TTM), growing 4.7% and 5.4% in the next two years (forecasts, guidance and its record), then back to 6% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$120–~$260 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Linde plc's free cash flow after stock-based pay ( $5.4B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Linde plc as an operating company, with every model that fits that kind of business. Cost of equity 8.4%: the 10-year Treasury yield (4.9%) plus a beta of 0.76 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$180 ~$120–$260 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$170 ~$140–$370 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$170 ~$130–$250 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$200 ~$170–$240 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$180 ~$170–$200 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Linde plc with Materials sector in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −31%
  • Revenue growth 5 points higher ▲ +40%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −9%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $115$175$255$359$496$672
8.5% $76$119$177$252$349$474
10% $52$86$130$187$261$356

Valuation multiples over time Market data may be delayed

At fiscal year end 2016201720182019202020212022202320242025Now
Share price$99.95$135.07$139.14$193.46$243.53$324.84$310.57$396.47$409.08$422.23$519.72
Market value$28.8bn$39.1bn$46.5bn$105.5bn$129.4bn$169.5bn$156.5bn$195.2bn$197.2bn$199.4bn$241.8bn
+ Net debt (− = net cash)−$524m$8.4bn$10.8bn$11.3bn$12.4bn$11.4bn$12.5bn$14.7bn$16.8bn$21.9bn$22.8bn
Enterprise value$28.2bn$47.4bn$57.3bn$116.7bn$141.8bn$180.9bn$169.0bn$209.9bn$214.0bn$221.3bn$264.5bn
Multiples
Price / sales 2.7x3.4x3.1x3.7x4.7x5.5x4.7x5.9x6.0x5.9x6.7x
Price / earnings 19.2x31.3x10.6x46.2x51.7x44.3x37.7x31.5x30.0x28.9x34.5x
Price / free cash flow 21.7x22.6x26.3x43.3x32.1x25.5x27.5x35.4x40.0x39.2x47.6x
EV / EBITDA 8.4x13.1x8.1x15.3x17.8x18.8x17.7x17.7x17.2x17.4x20.4x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

79 /100

Strong moat

How hard Linde's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 11 / 20

    Net income has been a median 7.7% of total assets over 9 years.

  • Durability 14 / 20

    Operating margin has been a median 22.1%; its worst year was 10.9%.

  • Cash conversion 18 / 20

    Free cash flow was positive in 8 of 8 years, at a median 15.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 11.4% over five years; stock-based pay has been a median 0.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $17.90 +9% $36.6bn +8%
Next $18.21 +11% $38.1bn +4%

Next year's EPS estimate has moved −0.5% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.1% on 90 days ago. In the last 30 days, 3 analysts raised Linde plc's forecast and 2 cut it.

Consensus EPS forecast Linde plc, last 90 days
$17.80 $18.00 $18.20 $18.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $17.89 Current fiscal year, 60 days ago: $17.88 Current fiscal year, 30 days ago: $17.88 Current fiscal year, 7 days ago: $17.88 Current fiscal year, Now: $17.90 $17.90 Next fiscal year, 90 days ago: $18.31 Next fiscal year, 60 days ago: $18.26 Next fiscal year, 30 days ago: $18.20 Next fiscal year, 7 days ago: $18.21 Next fiscal year, Now: $18.21 $18.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $17.89$18.31
60 days ago $17.88$18.26
30 days ago $17.88$18.20
7 days ago $17.88$18.21
Now $17.90$18.21

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $4.52 $4.59 +1.6%
Jun 2026 $4.49 $4.50 +0.3%
Mar 2026 $4.27 $4.33 +1.4%
Dec 2025 $4.18 $4.20 +0.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 31, 2026
  • adjusted diluted earnings per share full year 2026 $17.70 to $17.90 Non-GAAP
    “For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.70 to $17.90, up 8% to 9% when assuming favorable currency of 1% versus prior year.” source
  • adjusted diluted earnings per share third quarter of 2026 $4.45 to $4.55 Non-GAAP
    “For the third quarter of 2026, Linde expects adjusted diluted earnings per share in the range of $4.45 to $4.55, up 6% to 8% versus prior-year quarter, with no expected impact from foreign currency translation.” source
  • capital expenditures full year 2026 $5.5bn to $6bn
    “Full-year capital expenditures are expected to be in the range of $5.5 billion to $6.0 billion to support growth and maintenance requirements including the $8.1 billion contractual sale of gas project backlog.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Linde plc's revenue by +4.7% next year and +5.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.2%, weight 70%) and the company's own record (+6.0%, weight 30%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy2379%
Hold517%
Sell13%

Monthly trend

  1. Oct 2026617529
  2. Sep 2026517528
  3. Aug 2026516527
  4. Jul 2026416627

Counts of recommendations published by analysts covering Linde plc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.4%
of tradable shares
Days to cover
2.86
at average volume
Short interest, 1 month
+6%
to October 15, 2026
Held by institutions
89%
of shares
Held by insiders
0.3%
of shares
Employees
65,177
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +25.9%

$412.70 on October 31, 2025 to $519.72

ThenNowEffect
Revenue (last 12 months) $33.2bn $35.4bn +6.6%
Net margin 20.2% 20.4% +1.2%
P/E multiple 29.3x 33.5x +14.3%
Share count 477m 467m +2.1%

Biggest factor: p/e multiple.

Last 3 years +37.6%

$377.73 on November 3, 2023 to $519.72

ThenNowEffect
Revenue (last 12 months) $33.1bn $35.4bn +7.1%
Net margin 17.2% 20.4% +18.8%
P/E multiple 33.0x 33.5x +1.6%
Share count 497m 467m +6.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LIN+33%−4%+28%+3%+3%+23%
Industry peers (median)——————
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LIN58%42%67%58%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LIN−11%−23%−9%−14%−19%−16%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 33% from February 18, 2020 to March 23, 2020. Getting back needed a 48% gain, reached on July 6, 2020, 105 days after the low.

Price behaviour

52-week range
$385.58 – $544.85
From 52-week high
−4.6%
vs 50-day average
+7.4%
vs 200-day average
+5.8%
Volatility (1 year)
19%
Beta vs S&P 500
0.03

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
5 up, 7 down
typical move ±2.8%
After a week
3 up, 8 down
typical move ±2.0%
After a month
6 up, 5 down
typical move ±4.1%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +1.2% −2.1% — —
July 31, 2026 −5.5% +2.2% −3.7% −3.7%
May 1, 2026 −1.5% −0.1% −1.6% −1.0%
February 5, 2026 −5.3% +0.6% −0.1% +2.2%
October 31, 2025 −4.1% +0.5% −2.2% −4.9%
August 1, 2025 +1.6% −0.1% +2.6% +3.0%
May 1, 2025 +0.4% +2.2% 0.0% +2.5%
February 6, 2025 +0.3% −0.6% +1.6% +1.8%
October 31, 2024 −3.4% −1.5% −1.7% −2.9%
August 2, 2024 −2.2% −4.7% −1.4% +4.6%
May 2, 2024 −4.3% +2.2% −2.9% −1.9%
February 6, 2024 +4.0% +1.1% +3.9% +16.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Linde plc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look rich

Option prices imply clearly more movement than the shares have shown. That strengthens the case for selling options.

  • Implied is 1.48× the last 60 days’ realised volatility , richer than 91% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is 1.48x 60-day realised, above 1-year realised, and in the top 20% of our coverage today.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

LIN Linde plc Grade B $521.71

Own 100 shares, sell the $550 call expiring December 18, 2026 (46 days) for $4.70 a share — $470 per contract.

Previous session · Bid $4.70, ask $6.30, quoted Mon 2 Nov, 17:28 New York time with LIN at $521.71. Option prices move with the shares: check the live chain at your broker before trading.

  • If LIN ends below $550: you keep your shares and the $470 — 0.9% extra on the position, 7.1% a year at that pace.
  • If it ends above $550: your shares are sold at $550, a total return of 6.3% including the premium — at or above our value of ~$180.
$3.3k $0 −$10.3k Break-even $517.01 Price $521.71 ← Our value ~$180
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$470
Annualised
7.1%
Break-even
$517.01
Max gain
$3,299
Chance of selling
~29%

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Linde plc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Linde plc
$32B $33B $34B $35B $36B $37B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $32.9B Revenue (TTM), FY24 Q1: $32.8B Revenue (TTM), FY24 Q2: $32.8B Revenue (TTM), FY24 Q3: $33B Revenue (TTM), FY24 Q4: $33B Revenue (TTM), FY25 Q1: $33B Revenue (TTM), FY25 Q2: $33.2B Revenue (TTM), FY25 Q3: $33.5B Revenue (TTM), FY25 Q4: $34B Revenue (TTM), FY26 Q1: $34.7B Revenue (TTM), FY26 Q2: $35.4B Revenue (TTM), FY26 Q3: $36.2B $36.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $32.9B
FY24 Q1 $32.8B
FY24 Q2 $32.8B
FY24 Q3 $33B
FY24 Q4 $33B
FY25 Q1 $33B
FY25 Q2 $33.2B
FY25 Q3 $33.5B
FY25 Q4 $34B
FY26 Q1 $34.7B
FY26 Q2 $35.4B
FY26 Q3 $36.2B
Revenue growth, TTM YoY Linde plc
-5% 0% 5% 10% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -1.5% Revenue growth, TTM YoY, FY24 Q1: -1.8% Revenue growth, TTM YoY, FY24 Q2: -0.8% Revenue growth, TTM YoY, FY24 Q3: 1.8% Revenue growth, TTM YoY, FY24 Q4: 0.5% Revenue growth, TTM YoY, FY25 Q1: 0.8% Revenue growth, TTM YoY, FY25 Q2: 1.3% Revenue growth, TTM YoY, FY25 Q3: 1.5% Revenue growth, TTM YoY, FY25 Q4: 3.0% Revenue growth, TTM YoY, FY26 Q1: 5.0% Revenue growth, TTM YoY, FY26 Q2: 6.6% Revenue growth, TTM YoY, FY26 Q3: 8.2% 8.2%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -1.5%
FY24 Q1 -1.8%
FY24 Q2 -0.8%
FY24 Q3 1.8%
FY24 Q4 0.5%
FY25 Q1 0.8%
FY25 Q2 1.3%
FY25 Q3 1.5%
FY25 Q4 3.0%
FY26 Q1 5.0%
FY26 Q2 6.6%
FY26 Q3 8.2%
Operating margin (TTM) Linde plc
24% 25% 26% 27% 28% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 24.4% Operating margin (TTM), FY24 Q1: 25.0% Operating margin (TTM), FY24 Q2: 25.5% Operating margin (TTM), FY24 Q3: 25.4% Operating margin (TTM), FY24 Q4: 26.2% Operating margin (TTM), FY25 Q1: 26.4% Operating margin (TTM), FY25 Q2: 26.8% Operating margin (TTM), FY25 Q3: 27.4% Operating margin (TTM), FY25 Q4: 26.3% Operating margin (TTM), FY26 Q1: 26.5% Operating margin (TTM), FY26 Q2: 26.5% Operating margin (TTM), FY26 Q3: 25.3% 25.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 24.4%
FY24 Q1 25.0%
FY24 Q2 25.5%
FY24 Q3 25.4%
FY24 Q4 26.2%
FY25 Q1 26.4%
FY25 Q2 26.8%
FY25 Q3 27.4%
FY25 Q4 26.3%
FY26 Q1 26.5%
FY26 Q2 26.5%
FY26 Q3 25.3%
FCF margin (TTM) Linde plc
14% 15% 16% 17% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 16.8% FCF margin (TTM), FY24 Q1: 16.3% FCF margin (TTM), FY24 Q2: 14.8% FCF margin (TTM), FY24 Q3: 15.0% FCF margin (TTM), FY24 Q4: 14.9% FCF margin (TTM), FY25 Q1: 14.9% FCF margin (TTM), FY25 Q2: 15.2% FCF margin (TTM), FY25 Q3: 15.2% FCF margin (TTM), FY25 Q4: 15.0% FCF margin (TTM), FY26 Q1: 14.7% FCF margin (TTM), FY26 Q2: 14.0% FCF margin (TTM), FY26 Q3: 14.0% 14.0%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 16.8%
FY24 Q1 16.3%
FY24 Q2 14.8%
FY24 Q3 15.0%
FY24 Q4 14.9%
FY25 Q1 14.9%
FY25 Q2 15.2%
FY25 Q3 15.2%
FY25 Q4 15.0%
FY26 Q1 14.7%
FY26 Q2 14.0%
FY26 Q3 14.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Linde took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $34B
  2. Selling, general and admin $3.4B · 10.1%
  3. Other operating costs $21.5B · 63.2%
  4. Operating income $8.9B · 26.3%
  5. Income tax $2B · 5.9%
  6. Net income $6.9B · 20.3%

Shares of revenue. Source: Linde's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 10.5 11.4 14.8 28.2 27.2 30.8 33.4 32.9 33.0 34.0 36.2
EBITDA 3.4 3.6 7.1 7.6 7.9 9.6 9.6 11.8 12.4 12.7 13.0
Operating income 2.2 2.4 5.2 2.9 3.3 5.0 5.4 8.0 8.6 8.9 9.2
Net income 1.5 1.2 4.4 2.3 2.5 3.8 4.1 6.2 6.6 6.9 7.0
Diluted EPS $5.21 $4.32 $13.11 $4.19 $4.71 $7.33 $8.23 $12.59 $13.62 $14.61 $15.06
Growth (year on year)
Revenue — +7.8% +30.6% +90.3% −3.5% +13.0% +8.3% −1.5% +0.5% +3.0% +8.2%
EBITDA — +7.7% +95.1% +7.5% +4.5% +21.0% −0.5% +23.7% +4.9% +2.2% +0.7%
Operating income — +8.8% +114.7% −44.1% +13.3% +50.0% +7.7% +49.5% +7.6% +3.3% −0.2%
Net income — −16.9% +251.3% −47.8% +9.5% +53.0% +8.4% +49.5% +5.9% +5.1% −1.2%
Diluted EPS — −17.1% +203.5% −68.0% +12.4% +55.6% +12.3% +53.0% +8.2% +7.3% +0.9%
Margins
EBITDA margin 32.0% 31.9% 47.7% 27.0% 29.2% 31.2% 28.7% 36.0% 37.6% 37.3% 35.8%
Operating margin 21.3% 21.5% 35.4% 10.4% 12.2% 16.2% 16.1% 24.4% 26.2% 26.3% 25.3%
Net margin 14.2% 11.0% 29.5% 8.1% 9.2% 12.4% 12.4% 18.9% 19.9% 20.3% 19.3%
Free-cash-flow margin 12.6% 15.2% 11.9% 8.6% 14.8% 21.6% 17.1% 16.8% 14.9% 15.0% 14.0%
Cash flow
Cash from operations 2.8 3.0 3.7 6.1 7.4 9.7 8.9 9.3 9.4 10.4 10.7
Capital spending 1.5 1.3 1.9 3.7 3.4 3.1 3.2 3.8 4.5 5.3 5.6
Free cash flow 1.3 1.7 1.8 2.4 4.0 6.6 5.7 5.5 4.9 5.1 5.1
Stock-based pay 0.0 0.1 0.1 0.1 0.1 0.1 0.1 0.1 0.2 0.2 0.1
Free cash flow after stock pay 1.3 1.7 1.7 2.3 3.9 6.5 5.6 5.4 4.8 4.9 4.9
Balance sheet
Cash 0.5 0.6 4.5 2.7 3.8 2.8 5.4 4.7 4.9 5.1 3.9
Total debt 0.0 9.0 15.3 14.0 16.2 14.2 17.9 19.4 21.6 27.0 26.7
Net debt (negative = net cash) −0.5 8.4 10.8 11.3 12.4 11.4 12.5 14.7 16.8 21.9 22.8
Diluted shares 288m 289m 334m 545m 531m 522m 504m 492m 482m 472m 465m
Returned to shareholders
Dividends 0.9 0.9 1.2 1.9 2.0 2.2 2.3 2.5 2.7 2.8 2.9
Buybacks 0.2 0.0 0.6 2.7 2.5 4.6 5.2 4.0 4.5 4.6 4.0
Total returned 1.1 0.9 1.8 4.5 4.5 6.8 7.5 6.4 7.1 7.4 6.9

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · September 30, 2026
What it owns · $88.1bn
Short-term assets $13.4bnLonger-term assets $74.7bn
What it owes, and who funded it · $86.5bn
Short-term liabilities $15.6bnLonger-term liabilities $31.4bnShareholders' equity $39.4bn
  • Short-term assets cover short-term liabilities $13.4bn of assets due within a year against $15.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $13.4bn short-term assets against $31.4bn of longer-dated liabilities.
  • More cash than debt $3.9bn of cash against $22.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 56% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 32% to 56% over five years.
  • A year's operating cash flow covers at least 20% of debt $10.7bn of operating cash flow against $22.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $9.2bn against $258m of interest.

From Linde plc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$4B
Dividends (TTM)
$2.9B
Returned to shareholders
136%
of free cash flow
Buybacks, last 3 fiscal years
$13B
Diluted share count
−2.1%
year over year
Total shareholder yield
2.9%
dividends 1.2% + buybacks 1.7% of market value
Dividend payout ratio
42%
of net income paid out
R&D spending
0.4%
of revenue
Sales & admin spending
9.8%
of revenue
Days sales outstanding
56 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial gases
Last 12 months unless stated LIN NUE CRH LYB SW DOW Median
Revenue, last 12 months $36.2bn $36.1bn $39.0bn $32.0bn $31.3bn $42.6bn $2.0bn
Revenue growth, last 12 months 8.2% 17.2% 5.6% 3.5% 1.7% 4.2% 8.2%
Revenue growth, 3-year average 3.7% −1.2% — −8.2% — −2.4% 1.9%
Revenue growth, latest quarter 9.2% 23.0% 3.0% 10.0% 1.1% 13.0% 9.2%
Gross margin — 15.5% 36.2% 14.3% 17.9% 11.1% 25.6%
Operating margin 25.3% — 13.7% 8.6% 4.7% — 7.6%
Operating margin, 3-year average 26.0% — 13.5% 4.9% 6.0% — 8.1%
Net margin 19.3% 8.0% 9.2% 4.1% 1.6% −2.1% 3.6%
Cash from operations / revenue 29.6% 12.3% 13.3% 11.6% 10.5% 10.7% 10.1%
Free-cash-flow margin 14.0% 4.4% 6.5% 7.6% 3.2% 4.3% 5.1%
Free-cash-flow margin, 3-year average 14.7% 4.4% 6.8% 5.2% — 3.4% 4.6%
Stock pay / revenue 0.4% 0.4% 0.4% 0.3% 0.4% — 0.7%
Change in share count −2.1% −1.7% −1.4% — — 1.9% 0.4%

Median of all 171 companies we cover in industrial gases. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

171 materials companies
Measure Company Peer median Rank
Revenue growth Growth 8.2% 8.3% 86 of 170
Change in growth rate Growth +1.5pp +2.4pp 95 of 168
Operating margin Profitability 25.3% 7.0% 29 of 140
Net margin Profitability 19.3% 3.8% 28 of 170
Free-cash-flow margin Cash generation 14.0% 5.0% 32 of 167
Stock pay as % of revenue Cash generation 0.4% 0.7% 37 of 137
Long-term debt as % of assets Balance sheet 23.4% 22.8% 75 of 147
Change in share count Balance sheet -2.1% 0.4% 25 of 161
Days sales outstanding Balance sheet 56 days 45 days 90 of 125

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Americas $15.2B 44.7% ▲ 5.3%
EMEA $8.5B 25.2% ▲ 2.4%
APAC $6.7B 19.6% ▲ 0.4%
Engineering $2.3B 6.6% ▼ 3.1%
Corporate and Other $1.3B 3.9% ▲ 4.9%
Geography
Region Revenue Share YoY
United States $12.2B 35.8% ▲ 6.0%
Other International $11.3B 33.1% ▲ 3.8%
China $2.6B 7.7% ▼ 1.8%
Germany $2.4B 7.2% ▼ 3.1%
United Kingdom $1.5B 4.4% ▼ 1.9%
Mexico $1.4B 4.1% ▲ 3.3%
Brazil $1.3B 3.9% ▲ 4.9%
Australia $1.3B 3.8% ▼ 4.9%

From Linde plc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$204B
Institutions reporting
2,292
Shares held vs prior quarter
▲ 1.3%
Positions opened / closed
188 / 118

Top buyers and sellers, Q2 2026: 1,181 institutions bought and 877 sold ; the biggest buyer was Price T Rowe Associates Inc (+2.0M shares) and the biggest seller UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC (−3.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $19.4B 37.3M 9.5% ▲ 1.2%
Vanguard Capital Management LLC $15.7B 30.2M 7.7% ▼ 0.1%
State Street Corp $10.6B 20.3M 5.2% ▲ 3.7%
Capital Research Global Investors $9B 17.4M 4.4% ▲ 8.6%
Invesco Ltd. $8B 15.3M 3.9% ▲ 2.1%
Vanguard Portfolio Management LLC $6.5B 12.5M 3.2% ▲ 1.4%
Geode Capital Management, LLC $6.2B 11.9M 3.0% ▲ 0.9%
Price T Rowe Associates Inc $6.1B 11.8M 3.0% ▲ 20.2%
FMR LLC $4.3B 8.3M 2.1% ▼ 7.6%
Morgan Stanley $3.8B 7.4M 1.9% ▲ 0.3%
Norges Bank $3.4B 6.6M 1.7% —
Jpmorgan Chase & Co $3.3B 6.5M 1.6% ▲ 4.6%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Linde plc's complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $1M 2 trades by 2 insiders, last 12 months Insider sales History → $12.9M 7 trades by 4 insiders · 16% under pre-set plans
Net ▼ $11.8M net selling
Insider Date Trade Shares Price Value
Reynolds Paula Rosput Director August 18, 2026 Buy 100 $479.12 $47,912
Wood Robert L Director May 15, 2026 Sell 4,335 $506.39 $2.2M
Wood Robert L Director May 14, 2026 Sell 880 $508.76 $447,709
Bichara Guillermo Exec VP & Chief Legal Officer March 10, 2026 Sell pre-set plan 4,357 $480.79 $2.1M
Durbin Sean EVP, Chief Operating Officer March 10, 2026 Sell 2,406 $476.41 $1.1M
Durbin Sean EVP, Chief Operating Officer March 10, 2026 Sell 4,114 $477.78 $2M
Patwari Binod Senior Vice President - APAC February 24, 2026 Sell 999 $502.76 $502,262
Bichara Guillermo Exec VP & Chief Legal Officer February 17, 2026 Sell 9,455 $480.45 $4.5M
Lamba Sanjiv Chief Executive Officer December 8, 2025 Buy 2,520 $396.68 $999,634

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 84 trades and filings

In the last 12 months, 3 members of Congress disclosed 5 purchases and 3 sales of Linde plc shares.

  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded September 17, 2026, filed October 13, 2026
  • Kevin Hern(R-OK 1):Sale (full), $15,001 - $50,000, traded September 2, 2026, filed September 25, 2026
  • Kevin Hern(R-OK 1):Sale (partial), $15,001 - $50,000, traded August 31, 2026, filed September 25, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 4, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 31, 2026
  • May 1, 2026
  • February 5, 2026
  • October 31, 2025
  • August 1, 2025

Recent SEC filings

Data status

When each part of this page on Linde plc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Linde plc in brief

What does Linde plc do?
Linde plc is a US-listed company in the industrial gases industry. Its financial year ends in December.
What is Linde plc's stock ticker?
Linde plc trades under the ticker LIN on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Linde plc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Linde plc reported revenue of $36.2B, 8.2% higher than a year earlier, according to its SEC filings.
What is Linde plc's free cash flow?
Linde plc's free-cash-flow margin is 14.0% of revenue over the trailing twelve months, ranking 32 of the 167 materials companies we cover.
What is Linde plc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Linde plc's free cash flow after stock-based pay gives ~$180 per share in the base case, and ~$120–$260 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Linde plc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Linde plc buying back stock, and does it pay a dividend?
Linde plc spent $4B on share repurchases over the trailing twelve months, and its diluted share count fell 2.1% over the year.
What is Linde plc's market cap?
On November 2, 2026, Linde plc's market capitalisation was about $242B, with a price-to-earnings ratio of 34.5 and net debt of $22.8B. Market figures come from third-party market data and may be delayed.
Does Linde plc pay a dividend?
Yes: Linde plc paid $2.9B in dividends over the trailing twelve months, a dividend yield of 1.21% and a payout ratio of 41.6%.
How much debt does Linde plc have?
Linde plc's debt-to-equity ratio is 56.0%, from its latest balance sheet (32.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Linde plc's competitors?
In our Industrial Gases peer group, the companies closest to Linde plc are Nucor, CRH plc, LyondellBasell, Smurfit Westrock and Dow Inc. The side-by-side comparison below sets their revenue, margins and growth against Linde plc's.
Are insiders buying or selling Linde plc stock?
Over the last 12 months, Linde plc's directors and officers reported 2 open-market purchases and 7 sales on Form 4. The insider trading page charts every trade.
When is Linde plc's next earnings date?
Around February 4, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Linde plc announces its own schedule.