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Linde plc key statistics and ratios

In fiscal 2025, Linde plc had return on equity of 18.1% and a net margin of 20.3%. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

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

Fiscal year2016Dec 20162017Dec 20172018Dec 20182019Dec 20192020Dec 20202021Dec 20212022Dec 20222023Dec 20232024Dec 20242025Dec 2025LTMSept 2026
Net margin14.2%11.0%29.5%8.1%9.2%12.4%12.4%18.9%19.9%20.3%19.3%
Return on equity27.6%21.8%15.2%4.5%5.2%8.4%9.9%15.5%16.9%18.1%18.0%
Return on assets—6.1%7.7%2.5%2.9%4.5%5.1%7.7%8.2%8.3%8.0%
Effective tax rate26.9%44.9%16.2%26.3%25.0%24.8%25.9%22.7%23.4%22.4%23.2%
R&D as % of revenue0.9%0.8%0.8%0.7%0.6%0.5%0.4%0.4%0.5%0.4%0.4%
SG&A as % of revenue10.9%10.6%11.0%12.2%11.7%10.4%9.3%10.0%10.1%10.1%9.8%
Dividends ÷ net income57.1%72.3%26.6%82.8%81.1%57.2%56.5%40.0%40.4%40.8%41.6%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: LIN vs NUECRH vs LINLIN vs LYB

More: Materials sector, rankings of US companies

Figures from Linde plc's SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Linde plc.