Linde
LIN Nasdaq· Industrial Gases
Last close · Oct 26, 2026
$507.56
KIRA · Stoqly’s AI analyst, in plain words
- Linde had $34.0B of revenue in fiscal 2025, up 3.0% on the year before. Over five years, revenue changed +4.5% a year on average.
- Its operating margin was 26.3%, up 0.1 pts: of every 100 in sales, about 26 is left after running the business.
- Linde made $6.9B of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew 12.1% a year.
- Free cash flow was $5.1B in fiscal 2025, 15.0% of revenue.
- Linde returned $7.4B to shareholders in fiscal 2025, 146% of free cash flow. The diluted share count fell 2.1%.
- Linde owes $22.1B more than it holds in cash, about 1.8 years of operating profit.
Market cap
$235.8B
P/E
32.8x
Revenue
$34.0B
Net income
$6.9B
Free cash flow
$5.1B
Operating margin
26.3%
Linde in 30 seconds · fiscal 2025
Are sales growing?
+3.0%
Only a little. Sales grew 3.0% last year.
Does it make a profit?
20.3%
Yes. It keeps 20.3% of every sale as profit.
Does profit turn into cash?
15.0%
Yes. 15.0% of sales ends up as free cash.
Is debt under control?
1.8x
Keep an eye on it. Repaying its debt would take 1.8 years of operating profit.
How healthy are the accounts?
6 / 8
Mixed. It passes 6 of 8 health tests.
How is the share priced?
32.8x
One share costs 32.8 times its yearly profit per share. Typical for its sector: 20.1x.
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.
Biggest risks, in its own words
- Weaker economic conditions in the markets where it sells.
- Higher energy and raw material costs, or disrupted supply of them, which could cost it sales.
- Currency swings, since most of its sales are outside the United States.
- Impairment of goodwill or intangible assets, which would hit its reported results.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 25, 2026
- Legal name
- Linde plc
- CIK
- 0001707925
Linde · LIN
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $30.8B | $33.4B | $32.9B | $33.0B | $34.0B |
| Revenue growth | 13.0% | 8.4% | −1.5% | 0.5% | 3.0% |
| Operating margin | 16.2% | 16.1% | 24.4% | 26.2% | 26.3% |
| Net income | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B |
| Net margin | 12.4% | 12.4% | 18.9% | 19.9% | 20.3% |
| Diluted EPS | $7.33 | $8.23 | $12.59 | $13.62 | $14.61 |
| Cash | |||||
| Cash from operations | $9.7B | $8.9B | $9.3B | $9.4B | $10.4B |
| Capital expenditure | $3.1B | $3.2B | $3.8B | $4.5B | $5.3B |
| Free cash flow | $6.6B | $5.7B | $5.5B | $4.9B | $5.1B |
| FCF margin | 21.6% | 17.1% | 16.8% | 14.9% | 15.0% |
| Dividends paid | $2.2B | $2.3B | $2.5B | $2.7B | $2.8B |
| Share buybacks | $4.6B | $5.2B | $4.0B | $4.5B | $4.6B |
| Share count change | −1.8% | −3.4% | −2.3% | −2.1% | −2.1% |
| Debt and strength | |||||
| 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 |
| Shareholders' equity | $44.0B | $40.0B | $39.7B | $38.1B | $38.2B |
| Net debt / EBITDA | 1.2x | 1.3x | 1.3x | 1.4x | 1.8x |
| Current ratio | 0.7x | 0.8x | 0.8x | 0.9x | 0.9x |
| Interest coverage | 22.0x | 85.2x | 40.1x | 33.7x | 35.0x |
| Returns and quality | |||||
| Return on capital | 6.3% | 7.2% | 11.3% | 11.8% | 11.7% |
| Return on equity | 8.4% | 9.9% | 15.6% | 16.9% | 18.1% |
| Piotroski F-score | 7 | 7 | 7 | 6 | 6 |
| Altman Z'' | 2.2 | 2.2 | 1.9 | 2.1 | 2.1 |
Insiders bought, 12 months
$1.0M
2 insiders
Insiders sold, 12 months
$12.9M
4 insiders
Of sales under plans
16%
$2.1M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Linde · LIN
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Linde LIN | $235.8B | 3.0% | 26.3% | 15.0% | 11.7% | 32.8x | 6 |
| Air Products APD | $68.1B | −0.5% | −7.3% | −31.3% | −2.2% | — | 3 |
| Nucor NUE | $58.8B | 5.7% | — | −0.6% | 8.6% | 20.5x | 6 |
| Smurfit Westrock SW | $22.2B | 47.7% | 5.5% | 3.9% | 4.1% | 44.5x | 5 |
| CRH CRH | $57.1B | 5.3% | 14.5% | 7.8% | 11.8% | 15.1x | 7 |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $507.56 a share, the company is worth $235.8B: 32.8 times its earnings of the last four quarters.
Linde grew sales faster than 1 of its 4 similar companies. Its P/E is higher than 2 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001707925). Data updated October 9, 2026. For information only — not investment advice. Check the original filings before relying on any figure.