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Linde plc (LIN)

NASDAQ / Basic Materials / Chemicals - Specialty

Share price

493.22 USD Market dataClose of Oct 15, 2026

Market capitalisation

227.40B USD Market dataClose of Oct 15, 2026
Market data
Oct 15, 2026
Filed accounts
FY2025, filed Feb 25, 2026
Ratios computed
Oct 15, 2026
Filed years
10, FY2016 to FY2025
Four kinds of sourceSEC filingCompany statementMarket dataComputedWhat each means
SEC filingFiled with the SEC
Read from a statement the company filed with the SEC, with the form, fiscal year, filing date and accession beside it.
Company statementCompany statement
What the company says about itself in a filing: an 8-K item, the auditor, its own segment names.
Market dataMarket data
Prices, market value and what analysts publish, with the date they are as of.
ComputedComputed by ValueScreener
Worked out by us from the other three, with the inputs and the formula one press away. A score is a research output, not a rating or a recommendation.
Reading

1 of 10

Overview

What the business is, what it costs, and how it reads on four questions.

Market dataSEC filingComputed

Four questions, at a glance

Quality

Return on invested capital, after tax

11.3% Computed

From the FY2025 filing

Read quality

Valuation

Price to earnings

33.58x Computed

FY2025 accounts, priced at the latest close

Read valuation

Cash generation

Free cash flow yield

2.2% Computed

FY2025 accounts, priced at the latest close

Read cash generation

Revenue and net income, as filed

FY2016 Revenue: 10.53B USDFY2016 Net income: 1.50B USDFY2017 Revenue: 11.36B USDFY2017 Net income: 1.25B USDFY2018 Revenue: 14.84B USDFY2018 Net income: 4.38B USDFY2019 Revenue: 28.23B USDFY2019 Net income: 2.29B USDFY2020 Revenue: 27.24B USDFY2020 Net income: 2.50B USDFY2021 Revenue: 30.79B USDFY2021 Net income: 3.83B USDFY2022 Revenue: 33.36B USDFY2022 Net income: 4.15B USDFY2023 Revenue: 32.85B USDFY2023 Net income: 6.20B USDFY2024 Revenue: 33.01B USDFY2024 Net income: 6.57B USDFY2025 Revenue: 33.99B USDFY2025 Net income: 6.90B USD
Revenue Net income10 filed fiscal years, from the annual reports; the table in Filings names each document.
Named tests met
2 of 30 Which tests
The business, and the score behind its five axes

The reading, in brief

Is it cheap

Price to earnings is 33.58x at the close of 2026-10-15 on FY2025 figures; the lines are 15.00x (Graham's defensive ceiling) and, by market convention, 10.00x, 25.00x and 40.00x, and this sits between 25.00x and 40.00x.

Today, against the Basic Materials sector (124 companies), 33.58x sits at the 72nd percentile; the middle half of that group runs from 15.03x to 34.97x.

Is it good

Return on invested capital was 11.3% in FY2025, in the band labelled "Around the cost of capital" (8.0% to 12.0%), on lines anchored on Damodaran's cost-of-capital data.

Today, against the Basic Materials sector (99 companies), 11.3% sits at the 69th percentile; the middle half of that group runs from 1.5% to 12.9%.

Is it safe

Interest coverage was 34.99x in FY2025, in the band labelled "Comfortable" (6.00x and above), on lines anchored on Damodaran's interest-coverage table, suggesting an interest bill operating profit covers many times over.

Year by year against peers
Whether Linde plc's return on invested capital stayed above the median of the Basic Materials sector, year by year. (FY2023 to FY2025, 3 fiscal years of Linde plc with a comparable figure)
The direction
Which way Linde plc's return on equity has moved, and how steadily. (FY2016 to FY2025, 10 filed years of Linde plc)
What could explain it
What in Linde plc's filed statements could explain the movements. (11 readings drawn from the statement lines Linde plc filed)
What to check next
What to check next on Linde plc, and where in its filings. (3 questions for Linde plc)
In one paragraph
One paragraph on Linde plc's returns, cash, balance sheet and price. (15 of sixteen figures read for Linde plc)

These are LIN’s filed figures. The research desk says what they mean, against peers and its own years, with what to check next.

Research LINPart of Serious. New accounts start with 30 days of Professional, free, no card.

2 of 10

What changed

The newest filing, what it moved, and when the next one is due.

SEC filingCompany statement

The newest accounts on file are the FY2025 annual report: 10-K, filed Feb 25, 2026, accession 0001628280-26-011430.

3 of 10

Quality

The returns the business earns on its capital, and the margins behind them.

SEC filingComputed

Linde plc: returns on capital and margins, each with its source
FigureValue, source and document
Return on invested capital, after tax11.3% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Return on equity18.0% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Return on capital employed, pre-tax12.5% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Return on assets8.0% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Gross margin
Why n/a

Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.

n/a ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Operating margin26.3% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Net margin20.3% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
LIN 20.3%
BHP 17.6%
17.6%20.3%
Net margin: LIN against the 1 company named under Valuation context, each as filed for its own latest year. Placement only: no average is drawn.

4 of 10

Financial strength

What it owes against what it owns, and whether it can meet what falls due.

SEC filingComputedCompany statement

Linde plc: leverage, liquidity and distress, each with its source
FigureValue, source and document
Debt to equity0.73 ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Current ratio0.88 ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Quick ratio0.74 ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Interest coverage34.99x ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Altman Z-score3.94 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Net debt23.01B ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Total assets 86.82BTotal liabilities 47.08BShareholders' equity 38.24BOwnsOwes, and equity
Total assets Total liabilities Shareholders’ equity
The balance sheet, line by line

Financial health

What Linde plc owned and owed at the end of fiscal 2025, from the balance sheet it filed (10-K, filed Feb 25, 2026, 0001628280-26-011430).

Linde plc: balance sheet position
Total assets86.82B FiledFY2025 10-K, filed Feb 25, 2026
Total liabilities47.08B FiledFY2025 10-K, filed Feb 25, 2026
Shareholders' equity38.24B FiledFY2025 10-K, filed Feb 25, 2026
Cash5.06B FiledFY2025 10-K, filed Feb 25, 2026
Total debt28.07B FiledFY2025 10-K, filed Feb 25, 2026
Net debt23.01B
Current ratio0.88
Debt to equity0.73

Read from the filed balance sheet for each year, with the income statement of the same year supplying operating profit where a ratio needs it. Nothing here is a view on whether this company is sound.

5 of 10

Valuation context

What the market charges for it, against its own record and companies like it.

Market dataSEC filingComputed

Linde plc: what the market charges, each with its source
FigureValue, source and document
Price to earnings33.58x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
P/E on trailing twelve months31.82x ComputedClose of Oct 15, 2026 · Trailing four quarters, each as known on the day; the quarterly filings are listed under Filings
Price to book6.09x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Price to sales6.85x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Enterprise value to EBIT28.68x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Enterprise value to EBITDA20.17x ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Price to earnings over growth1.33 ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Diluted earnings per share14.61 USD FiledFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Graham number163.62 USD ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430

We publish no fair value or price target of our own. Value LIN on your own assumptions in the DCF workbench, starting from the filed figures.

Its own record, and companies like it

Valuation

What the market charges for Linde plc today, and the multiples it has carried. No value of ours: the figures are the filings’ and the market’s.

Linde plc: valuation
Share price493.22 USD
Market capitalisation227.40B USD
Enterprise value to EBITDA20.17x
Graham number163.62 USD
Diluted earnings per share, FY202514.61 USD

Price to earnings on trailing twelve months, a different basis from the fiscal-year P/E above, since May 10, 2019: low 14.56x, median 37.03x, high 64.64x, latest 31.82x. 1,869 trading days with a meaningful ratio. Each close over the trailing twelve months of earnings as known that day: a quarter counts from the day it was filed.

Companies like Linde plc

  1. BHP Group Limited (BHP)Market cap 210.70B USD

Same sector (Basic Materials) and size band (Mega, 200B and over), nearest in market value, net margin and current ratio. Each of those counts equally, by how many of the companies considered sit between the two on it. Closest first: the order is likeness and nothing else.

6 of 10

Cash generation

Whether profit arrives as cash, and what is paid back to shareholders.

SEC filingComputed

Linde plc: cash generation and what is paid out, each with its source
FigureValue, source and document
Free cash flow yield2.2% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Free cash flow5.09B USD ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Free cash flow margin15.0% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Dividend yield1.3% ComputedClose of Oct 15, 2026 · FY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Payout ratio40.8% ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
FY2016 Free cash flow: 1.32B USDFY2016 Net income: 1.50B USDFY2017 Free cash flow: 1.73B USDFY2017 Net income: 1.25B USDFY2018 Free cash flow: 1.77B USDFY2018 Net income: 4.38B USDFY2019 Free cash flow: 2.44B USDFY2019 Net income: 2.29B USDFY2020 Free cash flow: 4.03B USDFY2020 Net income: 2.50B USDFY2021 Free cash flow: 6.64B USDFY2021 Net income: 3.83B USDFY2022 Free cash flow: 5.69B USDFY2022 Net income: 4.15B USDFY2023 Free cash flow: 5.52B USDFY2023 Net income: 6.20B USDFY2024 Free cash flow: 4.93B USDFY2024 Net income: 6.57B USDFY2025 Free cash flow: 5.09B USDFY2025 Net income: 6.90B USD
Free cash flow Net incomeProfit that arrives as cash stands level with net income; a gap year after year is worth reading about.

7 of 10

Filings

Every figure, the year it is for and the document it was read from.

SEC filingMarket data

The filed figures

Computed from the accounts this company filed with the SEC and, in a ratio with a price in it, the last close, dated on this page. Every filed figure below carries the fiscal year and the filing date its accounts were read from, and every blank carries the reason it is blank. Nothing here is a view on this company.

Linde plc: the eight ratios, with the fiscal year and filing date behind each.
FigureValueYearAs of
33.58xFY2025Oct 15, 2026
6.09xFY2025Oct 15, 2026
28.68xFY2025Oct 15, 2026
2.2%FY2025Oct 15, 2026
11.3%FY2025Feb 25, 2026
1.3%FY2025Oct 15, 2026
0.73FY2025Feb 25, 2026
0.88FY2025Feb 25, 2026
6.85xFY2025Oct 15, 2026
1.33FY2025Oct 15, 2026
3.94FY2025Oct 15, 2026
-2.67FY2025Feb 25, 2026
4/9FY2025Feb 25, 2026

The figures are computed from the accounts for fiscal 2025, the newest full year on file. 10 filed fiscal years on record, FY2016 to FY2025, from SEC EDGAR. Prices as of Oct 15, 2026. Ratios recomputed Oct 15, 2026. Two facts, because a recompute is not a fresh quote.

The year and the filing date name the statement each figure’s accounts are read from, and they stand even where the figure itself could not be computed: the line beneath a blank says what that statement did not carry. A figure’s name opens its formula and the filings behind it; a statement that names no SEC filing has no filing date, and reads n/a.

Ten years of filed figures, year by year

Ten years of filed figures

10 filed fiscal years, FY2016 to FY2025, read from the annual reports Linde plc filed with the SEC. Each year names its filing. Amounts in USD, as filed.

Linde plc: revenue, earnings, free cash flow and returns, by fiscal year, with the filing each year was read from
YearRevenueOperating incomeNet incomeEPS, dilutedFree cash flowOperating marginReturn on equityFiling
FY202533.99B8.92B6.90B14.615.09B26.3%18.0%10-K, Feb 25, 20260001628280-26-011430
FY202433.01B8.63B6.57B13.624.93B26.2%17.2%10-K, Feb 26, 20250001628280-25-007990
FY202332.85B8.02B6.20B12.595.52B24.4%15.6%10-K, Feb 28, 20240001628280-24-007424
FY202233.36B5.37B4.15B8.235.69B16.1%10.4%10-K, Feb 28, 20230001628280-23-005434
FY202130.79B4.98B3.83B7.336.64B16.2%8.7%10-K, Feb 28, 20220001628280-22-004180
FY202027.24B3.32B2.50B4.714.03B12.2%5.3%10-K, Mar 1, 20210001628280-21-003574
FY201928.23B2.93B2.29B4.192.44B10.4%4.7%10-K, Mar 2, 20200001707925-20-000015
FY201814.84B5.25B4.38B13.111.77B35.4%8.5%10-K, Mar 18, 20190001628280-19-003050
FY201711.36B2.44B1.25B4.321.73B21.5%20.7%10-K, Mar 18, 20190001628280-19-003050
FY201610.53B2.25B1.50B5.211.32B21.3%29.9%10-K, Mar 18, 20190001628280-19-003050
  • Revenue, compound annual growth FY2016 to FY2025: 13.9%
  • Earnings, compound annual growth FY2016 to FY2025: 18.5%
  • Earnings per share, compound annual growth FY2016 to FY2025: 12.1%
  • Free cash flow, compound annual growth FY2016 to FY2025: 16.1%

Every figure in this section is a line of a filed annual statement or a ratio of two of them. Nothing here is estimated or smoothed. Earnings per share filed before a share split are put on today's share count, and say so. Nothing here is a verdict on the company.

8 of 10

Risks and guardrails

The accounting screens, the published tests, and the lines you can set to be told.

ComputedCompany statement

Linde plc: accounting screens and published tests, each with its source
FigureValue, source and document
Beneish M-score-2.67 ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Piotroski F-score4/9 ComputedFY2025 10-K, filed Feb 25, 2026, 0001628280-26-011430
Named tests met2 of 30 Computed
Beta0.28 ComputedClose of Oct 15, 2026

The named tests

Of 30 tests value investors published: 2 met, 28 not met, 0 we could not complete. Counts, never a score: a single figure would have to decide that meeting one investor’s criteria and meeting another’s are worth the same.

Which tests, by name(all 30)
Meets
ROIC at or above WACC; Cash-covered dividend
Does not
Defensive investor (Benjamin Graham); Deep value; Large cap, low P/E; Earnings yield and ROIC (Joel Greenblatt); High F-score, low P/B (Joseph Piotroski); Three forensic scores; Low PEG, low debt (Peter Lynch); High returns and growth; Gross margin, turnover (Robert Novy-Marx); EV/EBITDA and coverage; High yield, low payout; Dividends and buybacks; Low beta, profitable; Near the 52-week low; Z-score and coverage (Edward Altman); Two thirds of NCAV (Benjamin Graham); P/E times P/B (Benjamin Graham); High returns, low debt; Owner earnings yield; High return on tangibles; Low P/S, rising earnings (James O'Shaughnessy); Book or below, low debt (Walter Schloss); Tangible book or below; Cash-flow yield and ROIC; Clean books, high ROIC; Cheapest quarter on P/E (David Dreman); Cheapest quarter on P/B (David Dreman); Low P/E, growth, yield (John Neff)
Figures we could not read(2)
  • Gross Margin: Our archived statements for this filer carry no gross profit line, so there is nothing to compute a gross margin from and trace back to source. That may be because the filer presents no cost of revenue, or because we have not captured the concept. We do not guess which.
  • Price Tangible Book: We do not hold this figure for this company, so there is nothing to show.

9 of 10

Declared positions

Whether anybody here owns this company.

Positions declared by the founder: no holding in any company shown here, as of October 3, 2026.

10 of 10

Next step

What to do with what you have read.

A thesis is your reason for owning it, in your words, with the figures that must stay true. Checking those figures every night against the newest filed accounts, and telling you once when one breaks, is what the subscription adds.

More on this company

What this cannot tell you

  • 2 figures could not be read on this company: Gross Margin, Price Tangible Book.

And the one that is true of all of it: This is what the numbers say today. It cannot tell you the day one of them stops being true. Nothing here can, because the reasons are not written down.

Running this once is arithmetic on public documents and you are welcome to it. Writing down why you own each company, in your own words and with the numbers that have to stay true for it to hold, and then having those numbers re-checked every night against the newest filed accounts, and against the latest close where a rule watches a price, is Professional, the plan a new account starts on for 30 days, one trial per person. It writes to you the day one breaks, and stays quiet when nothing does. The check runs every night at 23:30 UTC. A filing is picked up the night after it is published.

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ValueScreener · valuescreener.ai · Computed from accounts filed with the SEC by this company, read from EDGAR, and from dated closing prices. On this page a filed figure opens into its formula, its inputs and the statement, fiscal year and filing date it was read from, and a price into the day of its close. A figure that cannot show that trail says so.

A computation on accounts filed with the SEC, not a recommendation and not advice. Past filings do not indicate future results. Risk disclaimer.

Once a week, what changed in the filings of US-listed companies, why it can matter to a thesis, and what deserves a closer review. Grounded in filings, not market noise.

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Risk disclaimer. This service is provided for research and education only. Nothing on it is investment advice, a recommendation, or an offer to buy or sell any security. Capital is at risk, and past performance does not indicate future results. Figures come from filed accounts and may be incomplete, delayed or later restated, so verify a number against the filing before you act on it.