Linde (LIN) AI Stock Analysis

• Market Cap: $222.32B
• Dividend Yield: 1.24%
• Average Volume (3M): 1.68M
• Price to Earnings (P/E): 34.1
• Beta (1Y): 0.50
• Revenue Growth: 1.28%
• EPS Growth: 6.91%
• Country: US
• Employees: 65,069
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 4.09
• Shares Outstanding: 468,909,550
• 10 Day Avg. Volume: 1,824,760
• 30 Day Avg. Volume: 1,682,635
• PEG Ratio: 3.84
• Price to Book (P/B): 5.26
• Price to Sales (P/S): 6.07
• P/FCF Ratio: 40.69
• Enterprise Value/Market Cap: 1.10
• Enterprise Value/Revenue: 7.36
• Enterprise Value/Gross Profit: 18.37
• Enterprise Value/Ebitda: 19.01
• 1Y Price Target: $517.83
• Price Target Upside: 9.30% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 14

• Rating: 77 Outperform
• Price Target: $535.00 ▲(12.92% Upside)

Linde's overall stock score reflects strong financial performance and a positive earnings call, indicating robust operational execution and strategic positioning. While the technical analysis and valuation suggest some caution due to high expectations, the company's growth prospects and financial flexibility support a favorable outlook.

Positive Factors

Strong Financial Health

Linde's solid financial health, characterized by strong profitability and efficient cash flow, supports long-term stability and growth potential.

Significant Project Backlog Growth

The substantial increase in project backlog indicates robust demand and successful contract wins, positioning Linde for sustained revenue growth.

U.S. Space Industry Growth

Investments in the U.S. space industry open new revenue streams and align with long-term growth sectors, enhancing Linde's market position.

Negative Factors

Decline in Volumes

Decreasing volumes, especially in EMEA, suggest challenges in maintaining sales momentum, potentially impacting future revenue growth.

Challenges in EMEA

Persistent weak demand in Europe could hinder Linde's growth prospects in the region, affecting overall performance.

Helium Pricing Pressure

Helium pricing pressure from oversupply may reduce margins in the APAC region, affecting profitability in the long term.

Linde Business Overview & Revenue Model

Company Description

Linde plc operates as an industrial gas and engineering company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company also designs and constructs turnkey process plants for third-party customers, as well as for the gas businesses in various locations, such as olefin, natural gas, air separation, hydrogen, and synthesis gas plants. It serves a range of industries, including healthcare, energy, manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, chemicals, and water treatment. The company was founded in 1879 and is based in Woking, the United Kingdom.

How the Company Makes Money

Linde generates revenue primarily through the sale of industrial gases and related equipment. The company operates in two main segments: Gases and Engineering. The Gases segment, which accounts for the majority of Linde's revenue, includes the supply of atmospheric gases, process gases, and specialty gases, often through long-term contracts with customers. Key revenue streams also include on-site gas production, which involves establishing facilities at customer sites for continuous gas supply. The Engineering segment contributes through large-scale projects, providing technology and equipment for gas production and processing. Significant partnerships with various industries, especially in healthcare and energy, further bolster Linde's earnings, allowing the company to tap into high-demand markets and innovate in areas such as hydrogen energy and carbon capture.

Linde Financial Statement Overview

Summary

Linde exhibits a strong financial profile with solid profitability and effective cost management. The income statement shows stable revenue and high margins, while the balance sheet is well-structured with moderate leverage. Cash flow generation is robust, supporting operational flexibility, though rising debt levels require monitoring.

Income Statement

Linde's income statement reflects a strong financial performance with a stable revenue base. The Gross Profit Margin for TTM (Trailing-Twelve-Months) is approximately 55%, indicating efficient cost management. The Net Profit Margin is around 20% for TTM, showcasing solid profitability. EBIT and EBITDA margins are healthy, at 26% and 38% respectively for TTM. Revenue growth is modest but consistent, suggesting a steady business trajectory.

Balance Sheet

The balance sheet reveals a solid financial position with a Debt-to-Equity Ratio of 0.58, indicating moderate leverage. The Return on Equity (ROE) stands at 17.38% for TTM, reflecting effective use of equity capital. The Equity Ratio is approximately 46%, suggesting a balanced capital structure. However, the increase in total debt over the years could pose potential risks if not managed effectively.

Cash Flow

Linde demonstrates robust cash flow management. The Operating Cash Flow to Net Income Ratio is 1.46 for TTM, implying strong cash conversion. The Free Cash Flow to Net Income Ratio is 0.74, indicating good free cash flow generation. However, the Free Cash Flow Growth Rate shows slight volatility, which may require attention to sustain long-term liquidity.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	33.24B	33.01B	32.85B	33.36B	30.79B	27.24B
Gross Profit	13.32B	12.08B	11.55B	9.71B	8.62B	7.23B
EBITDA	12.88B	12.92B	12.29B	9.94B	9.89B	8.12B
Net Income	6.71B	6.57B	6.20B	4.15B	3.83B	2.50B
Balance Sheet
Total Assets	86.08B	80.15B	80.81B	79.66B	81.61B	88.23B
Cash, Cash Equivalents and Short-Term Investments	4.79B	4.85B	4.66B	5.44B	2.82B	3.75B
Total Debt	25.92B	22.61B	20.32B	18.79B	15.22B	17.22B
Total Liabilities	46.09B	40.66B	39.72B	38.27B	36.16B	38.65B
Stockholders Equity	38.52B	38.09B	39.72B	40.03B	44.03B	47.32B
Cash Flow
Free Cash Flow	5.07B	4.93B	5.52B	5.69B	6.64B	4.03B
Operating Cash Flow	9.91B	9.42B	9.30B	8.86B	9.72B	7.43B
Investing Cash Flow	-5.16B	-4.64B	-4.67B	-3.09B	-3.01B	-2.99B
Financing Cash Flow	-4.64B	-4.36B	-5.40B	-3.09B	-7.59B	-3.35B

Linde Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 473.78
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIN, the sentiment is Positive. The current price of 473.78 is below the 20-day moving average (MA) of 475.86, above the 50-day MA of 473.07, and above the 200-day MA of 454.80, indicating a neutral trend. The MACD of 0.74 indicates Positive momentum. The RSI at 47.94 is Neutral, neither overbought nor oversold. The STOCH value of 40.16 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for LIN.

Linde Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
LIN	77 Outperform	$222.32B	34.12	17.51%	1.24%	1.28%	6.91%
ECL	72 Outperform	75.73B	35.71	22.92%	0.97%	0.57%	25.50%
APD	66 Neutral	60.60B	39.14	9.98%	2.68%	-0.38%	-39.53%
PPG	63 Neutral	23.81B	18.70	13.34%	2.65%	-10.59%	-7.79%
DD	61 Neutral	31.74B	-159.74	-0.84%	2.16%	4.55%	-130.25%
LYB	55 Neutral	16.52B	67.39	2.19%	11.07%	-14.12%	-89.22%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Linde Corporate Events

Linde Announces New Chief Human Resources Officer

David Strauss, Executive Vice President-Chief Human Resources Officer at Linde, will retire on March 31, 2026, after a 35-year tenure. His executive role will end on September 1, 2025, when Desiree Bacher will succeed him as Senior Vice President-Chief Human Resources Officer.

The most recent analyst rating on (LIN) stock is a Buy with a $525.00 price target. To see the full list of analyst forecasts on Linde stock, see the LIN Stock Forecast page.

Linde’s AGM Approves Key Proposals and Elections

On July 29, 2025, Linde plc held its Annual General Meeting, where shareholders voted on several proposals. All ten director nominees were elected, and PricewaterhouseCoopers was ratified as the independent auditor. Shareholders also approved the compensation of Linde’s executive officers and determined that future votes on executive compensation will occur annually. Additionally, the proposal to set the price range for re-allotting treasury shares was approved. A proposal regarding Linde’s lobbying activities was not acted upon due to the absence of the proponent.

The most recent analyst rating on (LIN) stock is a Buy with a $525.00 price target. To see the full list of analyst forecasts on Linde stock, see the LIN Stock Forecast page.

Linde Raises ₣498.6 Million in Debt Issuance

On May 21, 2025, Linde plc issued ₣225 million of 0.6150% Notes due 2029 and ₣275 million of 1.0629% Notes due 2033, raising approximately ₣498.6 million. These notes were listed on the SIX Swiss Exchange and are part of Linde’s European debt issuance program, which allows for the issuance of up to €20 billion in unsecured notes. The proceeds will be used for general corporate purposes, enhancing Linde’s financial flexibility and supporting its strategic initiatives.

The most recent analyst rating on (LIN) stock is a Buy with a $525.00 price target. To see the full list of analyst forecasts on Linde stock, see the LIN Stock Forecast page.