Air Products
APD · Industrial Gases
$307.15
0.3%Linde
LIN · Industrial Gases
$508.83
0.3%The short version
- Linde is the larger business, with $34.0B of revenue in fiscal 2025 against $12.0B for Air Products, about 2.8 times as much.
- Linde grew revenue faster (3.0%, against −0.5%).
- Linde kept more of each dollar of sales as operating profit (26.3% operating margin, against −7.3% operating margin).
- Linde turned more of its sales into free cash flow (15.0% FCF margin, against −31.3% FCF margin).
- Linde earned a higher return on the capital invested in it (11.7%, against −2.2%).
| Latest fiscal year | APD · FY25 | LIN · FY25 |
|---|---|---|
| Size | ||
| Market cap | $68.4B | $236.4B |
| Revenue | $12.0B | $34.0B |
| Free cash flow | −$3.8B | $5.1B |
| Net income | −$395M | $6.9B |
| Growth | ||
| Revenue growth | −0.5% | 3.0% |
| 5-year growth | 6.3% | 4.5% |
| Share count change | −0.0% | −2.1% |
| Profitability | ||
| Gross margin | 31.4% | — |
| Operating margin | −7.3% | 26.3% |
| Net margin | −3.3% | 20.3% |
| FCF margin | −31.3% | 15.0% |
| Return on capital | −2.2% | 11.7% |
| Return on equity | −2.5% | 18.1% |
| Balance sheet | ||
| Net debt | $15.8B | $22.1B |
| Net debt / EBITDA | 23.1x | 1.8x |
| Dividends and buybacks | $1.6B | $7.4B |
| Valuation & quality | ||
| P/E | — | 32.8x |
| Piotroski F-score | 3 | 6 |
FY16
APD $7.5B
LIN $10.5B
FY17
APD $8.2B
LIN $11.4B
FY18
APD $8.9B
LIN $14.8B
FY19
APD $8.9B
LIN $28.2B
FY20
APD $8.9B
LIN $27.2B
FY21
APD $10.3B
LIN $30.8B
FY22
APD $12.7B
LIN $33.4B
FY23
APD $12.6B
LIN $32.9B
FY24
APD $12.1B
LIN $33.0B
FY25
APD $12.0B
LIN $34.0B
APD
LIN
FY16
APD 20.5%
LIN 21.3%
FY17
APD 17.6%
LIN 21.5%
FY18
APD 22.0%
LIN 35.4%
FY19
APD 24.0%
LIN 10.4%
FY20
APD 25.3%
LIN 12.2%
FY21
APD 22.1%
LIN 16.2%
FY22
APD 18.4%
LIN 16.1%
FY23
APD 19.8%
LIN 24.4%
FY24
APD 36.9%
LIN 26.2%
FY25
APD −7.3%
LIN 26.3%
APD
LIN
FY16
APD $1.4B
LIN $1.3B
FY17
APD $1.5B
LIN $1.7B
FY18
APD $979M
LIN $1.8B
FY19
APD $980M
LIN $2.4B
FY20
APD $756M
LIN $4.0B
FY21
APD $871M
LIN $6.6B
FY22
APD $244M
LIN $5.7B
FY23
APD −$1.4B
LIN $5.5B
FY24
APD −$3.2B
LIN $4.9B
FY25
APD −$3.8B
LIN $5.1B
APD
LIN
FY16
APD 8.8%
LIN —
FY17
APD 10.4%
LIN —
FY18
APD 12.9%
LIN 10.6%
FY19
APD 13.9%
LIN 3.3%
FY20
APD 13.7%
LIN 4.0%
FY21
APD 12.4%
LIN 6.3%
FY22
APD 11.3%
LIN 7.2%
FY23
APD 9.6%
LIN 11.3%
FY24
APD 13.3%
LIN 11.8%
FY25
APD −2.2%
LIN 11.7%
APD
LIN
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