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Linde

LIN Nasdaq Industrial Gases Financials FY2016–FY2025

Linde's revenue rose 3.0% to $34.0 billion in fiscal 2025. Its operating margin was 26.2%, up from 26.2% a year earlier. Free cash flow was $5.1 billion, up 3.3%. It paid out $7.4 billion in dividends and buybacks, 146% of free cash flow. The diluted share count fell 2.0%.

Last close · Oct 23, 2026

$508.83

0.3%
Value it Compare
Revenue Total sales reported in the income statement.
$34.0B
3.0% vs prior year
Operating margin Operating income as a share of revenue.
26.3%
0.1 pts
Net income Profit after all expenses, interest and tax.
$6.9B
5.1%
Free cash flow Cash from operations minus capital spending.
$5.1B
3.3%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.7%
0.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$236.4B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
32.9x
On $15.49 EPS (TTM)

What Linde does

Linde makes and sells industrial gases and the equipment and services that go with them. It says it is the largest industrial gas company worldwide. Its main products are the gases in air (oxygen, nitrogen, argon and rare gases) and process gases such as hydrogen, helium, carbon dioxide and specialty gases. Customers are in health care, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. Linde is an Irish company with principal offices in the United Kingdom and the United States.

Linde delivers gases in three ways. On-site supply sends gas by pipeline from a plant next to a large customer. Merchant supply delivers liquid gas in bulk, usually under three- to seven-year contracts. Packaged supply fills metal cylinders for customers who need small amounts. The company picks the method that meets a customer's needs at the lowest cost.

Linde also has an engineering business that designs and builds plants for air separation, hydrogen, synthesis gas, olefins and natural gas. Its sales were $33,986 million in 2025, and approximately 64% of them were outside the United States. At the end of 2025 it had 65,177 employees worldwide.

Legal name
Linde plc
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 25, 2026
Accession · CIK
0001628280-26-011430
0001707925

Revenue and margins

Linde had $34.0B of revenue in fiscal 2025, up 3.0% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 12.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $5.1B in fiscal 2025, 15.0% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Linde returned $7.4B to shareholders in fiscal 2025, 146% of free cash flow. The diluted share count fell 2.1%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Linde yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$22.1B and divides by 472.2M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 32.8x · peers 20.6x · sector 20.1x.

Balance sheet

Cash, debt and the ratios that show how comfortably Linde can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.8B$5.4B$4.7B$4.9B$5.1B
Debt incl. finance leases $14.4B$18.1B$19.6B$21.8B$27.2B
Net debt / EBITDA 1.2x1.3x1.3x1.4x1.8x
Debt / equity 0.3x0.5x0.5x0.6x0.7x
Interest coverage 22.0x85.2x40.1x33.7x35.0x
Current ratio 0.7x0.8x0.8x0.9x0.9x
Quick ratio 0.6x0.7x0.7x0.8x0.7x
Total assets $81.6B$79.7B$80.8B$80.1B$86.8B
Total liabilities $36.2B$38.3B$39.7B$40.7B$47.1B
Shareholders' equity $44.0B$40.0B$39.7B$38.1B$38.2B
Net debt (− = net cash) $11.6B$12.6B$14.9B$17.0B$22.1B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$1.0M

2 insiders

Sold, 12 months

$12.9M

4 insiders

Of sales under plans

16%

$2.1M

DateInsiderTradeSharesPriceValueFiling
Aug 18, 2026 Paula Rosput ReynoldsDirector Bought 100 $479.12 $0.0M Form 4
May 15, 2026 Robert L WoodDirector Sold 4,335 $506.39 $2.2M Form 4
May 14, 2026 Robert L WoodDirector Sold 880 $508.76 $0.4M Form 4
Mar 10, 2026 Guillermo BicharaExec VP & Chief Legal Officer Sold plan 4,357 $480.79 $2.1M Form 4
Mar 10, 2026 Sean DurbinEVP, Chief Operating Officer Sold 6,520 $477.27 $3.1M Form 4
Feb 24, 2026 Binod PatwariSenior Vice President - APAC Sold 999 $502.77 $0.5M Form 4
Feb 17, 2026 Guillermo BicharaExec VP & Chief Legal Officer Sold 9,455 $480.45 $4.5M Form 4
Dec 8, 2025 Sanjiv LambaChief Executive Officer, Director Bought 2,520 $396.68 $1.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✓ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✕ ✓
F-score 7 / 86 / 86 / 8
Accruals ratio −3.9%−3.6%−4.1%
Altman Z'' 1.862.132.06

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Linde LIN $236.4B 3.0% 26.3% 15.0% 11.7% 32.9x 6
Air Products APD $68.4B −0.5% −7.3% −31.3% −2.2% — 3 Compare →
Nucor NUE $59.0B 5.7% — −0.6% 8.6% 20.6x 6 Compare →
Smurfit Westrock SW $22.0B 47.7% 5.5% 3.9% 4.1% 44.1x 5 Compare →
CRH CRH $56.8B 5.3% 14.5% 7.8% 11.8% 15.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.5B $11.4B $14.8B $28.2B $27.2B $30.8B $33.4B $32.9B $33.0B $34.0B
Research and development $92.0M $93.0M $113M $184M $152M $143M $143M $146M $150M $147M
Operating income $2.2B $2.4B $5.2B $2.9B $3.3B $5.0B $5.4B $8.0B $8.6B $8.9B
Interest expense $208M $230M $297M $284M $277M $227M $63.0M $200M $256M $255M
Pretax income $2.0B $2.3B $5.0B $2.9B $3.4B $5.1B $5.5B $8.0B $8.6B $8.9B
Income tax $551M $1.0B $817M $769M $847M $1.3B $1.4B $1.8B $2.0B $2.0B
Net income $1.5B $1.2B $4.4B $2.3B $2.5B $3.8B $4.1B $6.2B $6.6B $6.9B
Diluted EPS $5.21 $4.32 $13.11 $4.19 $4.71 $7.33 $8.23 $12.59 $13.62 $14.61
Diluted shares 0.29B 0.29B 0.33B 0.55B 0.53B 0.52B 0.50B 0.49B 0.48B 0.47B
Cash flow
Cash from operations $2.8B $3.0B $3.7B $6.1B $7.4B $9.7B $8.9B $9.3B $9.4B $10.4B
Capital expenditure $1.5B $1.3B $1.9B $3.7B $3.4B $3.1B $3.2B $3.8B $4.5B $5.3B
Free cash flow $1.3B $1.7B $1.8B $2.4B $4.0B $6.6B $5.7B $5.5B $4.9B $5.1B
Depreciation and amortization $1.1B $1.2B $1.8B $4.7B $4.6B $4.6B $4.2B $3.8B $3.8B $3.8B
Stock-based compensation $39.0M $59.0M $62.0M $95.0M $133M $128M $107M $141M $160M $164M
Acquisitions $363M $33.0M $25.0M $225M $68.0M $88.0M $110M $953M $317M $412M
Share buybacks $228M $12.0M $599M $2.7B $2.5B $4.6B $5.2B $4.0B $4.5B $4.6B
Dividends paid $856M $901M $1.2B $1.9B $2.0B $2.2B $2.3B $2.5B $2.7B $2.8B
Dividends and buybacks $1.1B $913M $1.8B $4.5B $4.5B $6.8B $7.5B $6.4B $7.1B $7.4B
Balance sheet
Cash and short-term investments $524M $617M $4.5B $2.7B $3.8B $2.8B $5.4B $4.7B $4.9B $5.1B
Total debt — $9.0B $15.3B $14.0B $16.2B $14.2B $17.9B $19.4B $21.6B $27.0B
Finance lease liabilities $0.0M $0.0M $0.0M $149M $163M $176M $156M $193M $204M $214M
Current assets — $3.3B $17.3B $10.4B $10.9B $10.2B $13.0B $12.6B $12.9B $13.3B
Current liabilities — $3.3B $13.0B $12.2B $13.7B $13.6B $16.5B $15.7B $14.5B $15.2B
Inventory $0.0M $614M $1.7B $1.7B $1.7B $1.7B $2.0B $2.1B $1.9B $2.1B
Property and equipment, net $11.2B $11.8B $29.7B $29.1B $28.7B $26.0B $23.5B $24.6B $24.8B $28.3B
Total assets — $20.4B $93.4B $86.6B $88.2B $81.6B $79.7B $80.8B $80.1B $86.8B
Total liabilities — $13.9B $36.3B $35.0B $38.6B $36.2B $38.3B $39.7B $40.7B $47.1B
Shareholders' equity $5.4B $6.0B $51.6B $49.1B $47.3B $44.0B $40.0B $39.7B $38.1B $38.2B
Margins
Operating margin 21.3% 21.5% 35.4% 10.4% 12.2% 16.2% 16.1% 24.4% 26.2% 26.3%
EBITDA margin 32.0% 31.9% 47.7% 27.0% 29.2% 31.2% 28.7% 36.0% 37.6% 37.3%
Net margin 14.2% 11.0% 29.5% 8.1% 9.2% 12.4% 12.4% 18.9% 19.9% 20.3%
FCF margin 12.6% 15.2% 11.9% 8.6% 14.8% 21.6% 17.1% 16.8% 14.9% 15.0%
Returns
Return on capital — — 10.6% 3.3% 4.0% 6.3% 7.2% 11.3% 11.8% 11.7%
Return on capital employed — — 10.8% 3.8% 4.5% 7.0% 8.2% 12.5% 13.2% 13.0%
Return on equity — — 15.2% 4.5% 5.2% 8.4% 9.9% 15.6% 16.9% 18.1%
Return on assets — — 7.7% 2.5% 2.9% 4.5% 5.1% 7.7% 8.2% 8.3%
Growth
Revenue growth — 7.8% 30.6% 90.3% −3.5% 13.0% 8.4% −1.5% 0.5% 3.0%
Net income growth — −16.9% 251.3% −47.8% 9.5% 53.0% 8.4% 49.5% 5.9% 5.1%
EPS growth — −17.1% 203.5% −68.0% 12.4% 55.6% 12.3% 53.0% 8.2% 7.3%
FCF growth — 30.7% 2.4% 37.6% 65.3% 64.8% −14.3% −3.0% −10.7% 3.3%
Share count change — 0.5% 15.6% 63.2% −2.6% −1.8% −3.4% −2.3% −2.1% −2.1%
Financial health
Net debt / EBITDA — 2.3x 1.5x 1.5x 1.6x 1.2x 1.3x 1.3x 1.4x 1.8x
Debt / equity — 1.5x 0.3x 0.3x 0.3x 0.3x 0.5x 0.5x 0.6x 0.7x
Interest coverage 10.8x 10.6x 17.7x 10.3x 12.0x 22.0x 85.2x 40.1x 33.7x 35.0x
Current ratio — 1.0x 1.3x 0.9x 0.8x 0.7x 0.8x 0.8x 0.9x 0.9x
Quick ratio — 0.8x 1.2x 0.7x 0.7x 0.6x 0.7x 0.7x 0.8x 0.7x
Capital allocation
Capex / revenue 13.9% 11.5% 12.7% 13.0% 12.5% 10.0% 9.5% 11.5% 13.6% 15.5%
Stock comp / revenue 0.4% 0.5% 0.4% 0.3% 0.5% 0.4% 0.3% 0.4% 0.5% 0.5%
Payouts / FCF 81.9% 52.8% 99.7% 186.7% 111.3% 102.4% 132.0% 116.7% 144.9% 145.7%
Quality scores
Piotroski F-score — — — 4.0 6.0 7.0 7.0 7.0 6.0 6.0
Altman Z'' — 3.4 2.9 2.3 2.0 2.2 2.2 1.9 2.1 2.1
Accruals ratio — — 1.3% −4.3% −5.6% −7.0% −5.9% −3.9% −3.6% −4.1%

Source: SEC EDGAR XBRL filings (CIK 0001707925). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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