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Linde
(NASDAQ:LIN)
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Rating:74Outperform
Price Target:
$573.00
▲(11.85% Upside)
Action:Reiterated
Date:07/30/26
The score is driven primarily by strong financial performance (durable margins, solid ROE, and steady cash generation) and supportive earnings-call signals (raised low-end guidance, strong margin and capital returns). The main offsets are premium valuation (high P/E with modest yield) and mixed near-term technical positioning (below shorter-term moving averages), with corporate events largely neutral-to-slightly supportive.
Positive Factors
Contracted, recurring supply models
Linde’s core on-site and pipeline businesses are structured as long-term, contracted supply arrangements with take‑or‑pay features and integrated facilities. Those contracts create stable, multi-year cash flows and high customer switching costs, underpining durable revenue visibility and lower churn risk.
Negative Factors
Recent large euro note issuance
While proceeds increase liquidity and funding flexibility, the €1.6B issuance adds to gross debt and reflects ongoing reliance on capital markets for funding. Given leverage is above pre‑pandemic levels, continued issuance could limit optionality for opportunistic M&A or aggressive buybacks in stress scenarios.
Read all positive and negative factors
Positive Factors
Negative Factors
Contracted, recurring supply models
Linde’s core on-site and pipeline businesses are structured as long-term, contracted supply arrangements with take‑or‑pay features and integrated facilities. Those contracts create stable, multi-year cash flows and high customer switching costs, underpining durable revenue visibility and lower churn risk.
Read all positive factors
Linde Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows the profitability of each business segment, highlighting which areas drive earnings and where there might be challenges or opportunities for growth.
Shows the profitability of each business segment, highlighting which areas drive earnings and where there might be challenges or opportunities for growth.
Data provided by:
The Fly
The FlyLinde (LIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$236.47B
Dividend Yield1.21%
Average Volume (3M)2.17M
Price to Earnings (P/E)33.8
Beta (1Y)0.34
Revenue Growth4.96%
EPS Growth9.22%
CountryUS
Employees65,177
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)15.14
Shares Outstanding462,599,550
10 Day Avg. Volume1,821,056
30 Day Avg. Volume2,174,108
Financial Highlights & Ratios
PEG Ratio4.15
Price to Book (P/B)5.20
Price to Sales (P/S)5.85
P/FCF Ratio39.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$565.13Price Target Upside10.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering16
EPS Forecast (FY)17.91
Revenue Forecast (FY)$35.97B
Linde Business Overview & Revenue Model
Company Description
Linde plc (LIN) is a global industrial gases and engineering company that produces and supplies atmospheric gases (such as oxygen, nitrogen, and argon) and process gases (including hydrogen, helium, carbon dioxide, and specialty gases). It serves ...
How the Company Makes Money
Linde makes money primarily by selling industrial and medical gases and related services under long-term and short-term supply arrangements, using several delivery models that drive recurring revenue. (1) On-site supply: Linde designs, builds, own...
Linde Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The call presents solid financial and operational results — double-digit EPS growth, strong cash generation, margin stability with sequential improvement, backlog and targeted investments (notably in electronics and space-related opportunities), plus continued shareholder returns (dividend increase and buybacks). These positives are tempered by regional weakness in EMEA, project timing slippage on a major project, helium market uncertainty, and an overall guarded outlook due to geopolitical volatility. On balance, the strengths (growth, cash flow, capital allocation, backlog, and guidance raise at the low end) outweigh the challenges, though management remains cautious until geopolitical clarity improves.Positive Updates
Revenue Growth
Sales of $8.8 billion, up 8% year-over-year and flat sequentially; underlying sales +3% (price +2%, volume +1%); foreign currency was a 5% tailwind and net acquisitions added ~1%.
Negative Updates
EMEA Volume Weakness
EMEA experienced negative volumes and softer industrial activity, particularly on-site customers shifting production to more feedstock-advantaged assets in the Americas and APAC; continued drag on regional performance.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Sales of $8.8 billion, up 8% year-over-year and flat sequentially; underlying sales +3% (price +2%, volume +1%); foreign currency was a 5% tailwind and net acquisitions added ~1%.
Read all positive updates
Company Guidance
Linde updated guidance with Q2 EPS of $4.40–$4.50 (≈8–10% y/y growth) and full‑year 2026 EPS of $17.60–$17.90 (≈7–9% y/y growth), each range assuming a 1% currency tailwind and “no economic improvement” at the midpoint; management raised the prior bottom by $0.20 but left the top at $17.90, explicitly excluded any upside from potential helium volume/price improvements versus February guidance, and framed the outlook against Q1 results (EPS $4.33, +10% / +5% ex‑FX) and a 30% operating margin.Linde Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
74
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 34.66B | 33.99B | 33.01B | 32.85B | 33.36B | 30.79B |
| Gross Profit | 15.94B | 14.73B | 12.08B | 11.55B | 9.71B | 8.62B |
| EBITDA | 13.26B | 12.95B | 12.92B | 12.29B | 9.94B | 9.89B |
| Net Income | 7.13B | 6.90B | 6.57B | 6.20B | 4.15B | 3.83B |
Balance Sheet | ||||||
| Total Assets | 86.31B | 86.82B | 80.15B | 80.81B | 79.66B | 81.61B |
| Cash, Cash Equivalents and Short-Term Investments | 3.96B | 5.06B | 4.85B | 4.66B | 5.44B | 2.82B |
| Total Debt | 26.32B | 26.99B | 22.61B | 20.32B | 18.79B | 15.22B |
| Total Liabilities | 46.22B | 47.08B | 40.66B | 39.72B | 38.27B | 36.16B |
| Stockholders Equity | 38.57B | 38.24B | 38.09B | 39.72B | 40.03B | 44.03B |
Cash Flow | ||||||
| Free Cash Flow | 5.10B | 5.09B | 4.93B | 5.52B | 5.69B | 6.64B |
| Operating Cash Flow | 10.43B | 10.35B | 9.42B | 9.30B | 8.86B | 9.72B |
| Investing Cash Flow | -5.74B | -5.72B | -4.64B | -4.67B | -3.09B | -3.01B |
| Financing Cash Flow | -6.13B | -4.55B | -4.36B | -5.40B | -3.09B | -7.59B |
Linde Technical Analysis
Neutral
512.28
Price Trends
514.71
Negative
505.12
Positive
471.48
Positive
Market Momentum
-2.01
Positive
46.84
Neutral
22.62
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIN, the sentiment is Neutral. The current price of 512.28 is below the 20-day moving average (MA) of 520.52, below the 50-day MA of 514.71, and above the 200-day MA of 471.48, indicating a neutral trend. The MACD of -2.01 indicates Positive momentum. The RSI at 46.84 is Neutral, neither overbought nor oversold. The STOCH value of 22.62 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LIN.
Linde Risk Analysis
Linde disclosed 17 risk factors in its most recent earnings report. Linde reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Linde Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
74 Outperform | $236.47B | 33.76 | 18.51% | 1.21% | 4.96% | 9.22% | |
73 Outperform | $87.38B | 32.35 | 62.12% | 1.00% | 5.76% | 7.42% | |
71 Outperform | $79.62B | 37.72 | 21.41% | 1.06% | 7.11% | -0.48% | |
65 Neutral | $19.01B | -782.28 | -0.16% | 1.68% | -22.51% | 63.46% | |
62 Neutral | $26.53B | 16.95 | 68.36% | 2.45% | 1.47% | 23.41% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $65.21B | 30.98 | 13.68% | 2.42% | 3.69% | 37.17% |
* Basic Materials Sector Average
LIN
Linde
511.17
57.02
12.56%
APD
Air Products and Chemicals
294.27
13.86
4.94%
ECL
Ecolab
283.70
24.70
9.54%
PPG
PPG Industries
111.83
9.07
8.82%
SHW
Sherwin-Williams Company
343.88
16.06
4.90%
DD
DuPont de Nemours
138.10
49.52
55.91%
Linde Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Linde Shareholders Endorse Governance Decisions at 2026 AGM
Positive
Jul 30, 2026
At Linde plc’s Annual General Meeting held on July 28, 2026, shareholders representing 85.65% of outstanding shares voted to elect nine directors to serve until the 2027 AGM, with all nominees receiving strong majority support. Shareholders ...
Business Operations and StrategyPrivate Placements and Financing
Linde Issues €1.6 Billion Notes to Bolster Liquidity
Positive
May 13, 2026
On May 13, 2026, Linde plc issued €600 million of floating rate notes due 2028, €500 million of 3.200% notes due 2030, and €500 million of 3.800% notes due 2036 under its European debt issuance program. The notes were admitted to...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.