Linde (LIN) AI Stock Analysis

• Market Cap: $195.16B
• Dividend Yield: 1.32%
• Average Volume (3M): 2.16M
• Price to Earnings (P/E): 28.0
• Beta (1Y): 0.49
• Revenue Growth: 1.45%
• EPS Growth: 13.21%
• Country: US
• Employees: 65,069
• Sector: Basic Materials
• Sector Strength: 58
• Industry: Chemicals - Specialty
• EPS (TTM): 4.21
• Shares Outstanding: 466,948,940
• 10 Day Avg. Volume: 2,956,736
• 30 Day Avg. Volume: 2,160,868
• 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: 1.26
• Enterprise Value/Revenue: 7.37
• Enterprise Value/Gross Profit: 18.21
• Enterprise Value/Ebitda: 18.62
• 1Y Price Target: $510.87
• Price Target Upside: 23.01% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 17
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 66 Neutral
• Price Target: $452.00 ▲(8.83% Upside)

Linde's overall stock score reflects strong financial performance and a positive earnings call, highlighting growth in EPS and a robust backlog. However, technical analysis indicates bearish momentum, and the valuation suggests the stock may be overvalued. Macroeconomic challenges, particularly in Europe, also weigh on the score.

Positive Factors

Strong Cash Flow Generation

Linde's robust cash flow generation supports ongoing investments and shareholder returns, enhancing long-term financial stability.

Resilient Backlog

A strong backlog ensures future revenue streams and supports sustained growth, providing visibility into long-term earnings potential.

Electronics Segment Growth

Growth in the electronics segment indicates successful market penetration and aligns with increasing demand for advanced technologies.

Negative Factors

Challenging Macroeconomic Environment

Macroeconomic challenges, particularly in Europe, could hinder growth and profitability, impacting Linde's market performance.

European Industrial Activity Weakness

Weak industrial demand in Europe could limit revenue growth and strain Linde's operations in the region, affecting overall performance.

Volume Challenges in Industrial End Markets

Flat volumes in key markets suggest potential stagnation, which could pressure margins and slow revenue growth if not addressed.

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 demonstrates strong financial health with robust profitability, stable leverage, and efficient cash flow management. The income statement shows strong profitability with increasing margins, while the balance sheet reflects a stable financial position. Cash flow generation is solid, enhancing financial flexibility.

Income Statement

Linde's income statement shows strong profitability with a consistent increase in gross profit and net profit margins over the years. The TTM data indicates a gross profit margin of 40.08% and a net profit margin of 20.20%, reflecting efficient cost management and strong pricing power. Revenue growth has been positive, with a notable increase in the TTM period, suggesting robust demand for its products.

Balance Sheet

The balance sheet reflects a stable financial position with a moderate debt-to-equity ratio of 0.67 in the TTM period, indicating manageable leverage. Return on equity is strong at 17.46%, showcasing effective use of shareholder funds. The equity ratio remains healthy, supporting financial stability.

Cash Flow

Linde's cash flow statement highlights solid cash generation capabilities. The operating cash flow to net income ratio is 0.67, indicating efficient conversion of earnings into cash. Free cash flow growth has been positive in the TTM period, enhancing financial flexibility and supporting future investments.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	33.50B	33.01B	32.85B	33.36B	30.79B	27.24B
Gross Profit	13.56B	12.08B	11.55B	9.71B	8.62B	7.23B
EBITDA	13.26B	12.92B	12.29B	9.94B	9.89B	8.12B
Net Income	7.09B	6.57B	6.20B	4.15B	3.83B	2.50B
Balance Sheet
Total Assets	85.99B	80.15B	80.81B	79.66B	81.61B	88.23B
Cash, Cash Equivalents and Short-Term Investments	4.51B	4.85B	4.66B	5.44B	2.82B	3.75B
Total Debt	25.93B	22.61B	20.32B	18.79B	15.22B	17.22B
Total Liabilities	45.91B	40.66B	39.72B	38.27B	36.16B	38.65B
Stockholders Equity	38.62B	38.09B	39.72B	40.03B	44.03B	47.32B
Cash Flow
Free Cash Flow	5.08B	4.93B	5.52B	5.69B	6.64B	4.03B
Operating Cash Flow	10.13B	9.42B	9.30B	8.86B	9.72B	7.43B
Investing Cash Flow	-5.64B	-4.64B	-4.67B	-3.09B	-3.01B	-2.99B
Financing Cash Flow	-5.15B	-4.36B	-5.40B	-3.09B	-7.59B	-3.35B

Linde Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 415.32
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Positive
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIN, the sentiment is Negative. The current price of 415.32 is below the 20-day moving average (MA) of 439.77, below the 50-day MA of 460.13, and below the 200-day MA of 458.73, indicating a bearish trend. The MACD of -13.02 indicates Positive momentum. The RSI at 23.81 is Positive, neither overbought nor oversold. The STOCH value of 19.38 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LIN.

Linde Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
SHW	72 Outperform	$83.24B	32.79	59.94%	0.92%	0.96%	1.96%
PPG	67 Neutral	$21.60B	17.18	16.31%	2.89%	-12.98%	-11.34%
ECL	66 Neutral	$73.26B	37.20	21.73%	1.03%	1.38%	-2.54%
LIN	66 Neutral	$195.16B	27.98	18.24%	1.32%	1.45%	13.21%
APD	64 Neutral	$52.87B	34.15	10.26%	2.76%	-0.38%	-39.53%
DD	62 Neutral	$16.59B	―	0.31%	1.72%	4.55%	-130.25%
Sector *	61 Neutral	$10.43B	7.12	-0.05%	2.87%	2.86%	-36.73%

Linde Corporate Events

Linde Appoints New COO Amid Leadership Changes

On September 29, 2025, Linde announced the retirement of Stephen F. Angel from the Board of Directors, effective January 31, 2026, with CEO Sanjiv Lamba set to assume the role of Chairman. Additionally, Sean Durbin was appointed as Chief Operating Officer, effective October 1, 2025, bringing extensive experience from his previous roles within the company.

The most recent analyst rating on (LIN) stock is a Hold with a $490.00 price target. To see the full list of analyst forecasts on Linde stock, see the LIN Stock Forecast page.

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.