Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production.
It is a $223B materials company. Revenue grew 6.6% over the last year, it keeps 20¢ of every dollar of sales as profit, and its net debt equals ~4.0 years of free cash flow. It trades at 30.8× earnings — in the cheapest third of its own history.
- Website
- linde.com
- Location
- Woking Surrey, X0
- Employees
- 64 649
- Sector
- Basic Materials
- Founded
- 2018
Skills
Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.
Strong profitability and quality; Moat lags behind.
Valuation54
- P/E vs own history10th pct · 25/25
- FCF yield2.2% · 5/25
- P/S6.3x · 12/25
- EV/EBITDA18.6x · 12/25
Growth71
- Revenue CAGR2.5% · 6/25
- Net income CAGR15.9% · 20/25
- EPS CAGR ~5Y25.4% · 25/25
- Fwd implied growth26.2% · 20/25
Profitability82
- ROIC11.8% · 12/25
- ROE18.8% · 20/25
- Net margin20.4% · 25/25
- Operating margin26.4% · 25/25
Health68
- Altman Z3.50 · 25/25
- Current ratio0.88 · 6/25
- Interest coverage34.4x · 25/25
- Net cash / debtD/A 23% · 12/25
Quality75
- Piotroski F6/9 · 15/25
- Beneish M-2.72 · 25/25
- FCF conversion69% · 15/25
- Margin stabilityσ 7.7% · 20/25
Moat43
- ROIC >12% years2/8 yrs · 0/25
- Median gross marginn/a · 0/25
- FCF-positive years8/8 yrs · 25/25
- Worst-year net marginworst 8.1% · 18/25
Experience
The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.
- FY2025FinancialBest year on record$6.90B net income
- 2022ProductFollowing the 2022 Russian invasion of Ukraine, sanctions were introduced which restricted Linde completing the…
- FY2018FinancialProfitable every year on record8 consecutive profitable years in our data
- FY2018FinancialRevenue crossed $1B$14.9B for the year
- FY2018FinancialRevenue crossed $10B$14.9B for the year
- FY2018FinancialPositive free cash flow every year since8-year streak
- 2018FoundedLinde plc was formed in 2018 through the merger of Linde AG and Praxair
- 2018AcquisitionThis became part of Linde when Linde merged with Praxair
- 2012AcquisitionThe company acquired Lincare Holdings, a healthcare gas provider in the US for US$4.6 billion to…
- 2006AcquisitionLinde acquired BOC for €11.7 billion in cash
- 2000AcquisitionThe company completed the acquisition of AGA AB of Sweden for $3.71 billion
- 2000ProductBrazilian auction was invented as a new type of auctions to trade gas by electronic auctions for…
- 1996AcquisitionThe company acquired the rights to the Linde name from Praxair
- 1929ProductLinde took full ownership of the company in 1929, and from this origin developed a business manufacturing first…
- 1902ProductLinde's process was patented in 1902 and immediately exploited by the first large-scale air separation plant…
Achievements
Verifiable track record, straight from the reported numbers.
Strengths & watch-outs
What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.
Strengths
- High gross margin (48.4%)
- Strongly profitable — 20.4% net margin
- Interest covered 34.4× by operating earnings
- Altman Z-Score 3.50 — low bankruptcy-risk zone
Watch-outs
Nothing stands out as a concern in the available data.
Qualifications
The basics a company should meet before you research it further. Each check uses the reported numbers.
- Revenue growing — the company sells more than a year ago+6.6% YoY
- Profitable — makes more than it spends$7.24B TTM
- Profit growing — earnings are higher than last year+21.1% YoY
- Generates cash — cash left after running and investing$4.97B TTM
- Debt under control — could handle its obligations~4.0y of cash flow to repay
- Established company — not a micro-cap — lower blow-up risk$223B market cap
- Not printing shares — share count not ballooning — you keep your slice-11.1% shares over ~5y
- Proven track record — years of profitability behind it8/9 profitable years
- Financially stable — balance sheet not near distressAltman Z 3.5 — safe
- Pays a dividend — returns cash to shareholdersyield 1.29%
- Valuation not extreme — price not wildly above earningsP/E 30.8
Peer comparisonLinde plc Ordinary Share vs 6 largest basic materials peers — cap, P/E, growth and margin side by sideOpen ▾Close ▴
| Company | Market cap | P/E | Revenue growth | Net margin | Profile |
|---|---|---|---|---|---|
| LIN this company | $223.2B | 30.8 | +6.6% | 20.4% | Solid |
| SCCO Southern Copper Corporation | $176.8B | 31.2 | +32.8% | 35.9% | Strong |
| NEM Newmont Corporation | $124.2B | 14.4 | +25.2% | 33.4% | Strong |
| FCX Freeport-McMoran Inc. | $105.8B | 35.9 | +0.2% | 11.4% | Strong |
| AEM Agnico Eagle Mines Ltd. | $95.8B | 15.9 | +43.7% | 37.5% | Strong |
| B Barrick Mining Corporation | $67.5B | 10.1 | +9.2% | 31.6% | Strong |
| WPM Wheaton Precious Metals Corp. | $63.0B | 30.2 | +80.2% | 63.6% | Solid |
Head-to-head: LIN vs SCCO · LIN vs NEM · LIN vs FCX
References
What covering analysts publish about the company — information only, not a recommendation.
Appendix · Financial records
The full statements behind this CV, FY2017–FY2025. For readers who want to check the numbers.
Live data and quarterly detail: stockcv.com/LIN
Want the live picture — intraday moves, valuation history and full analysis?
Deeper analysis of LIN on PreMarketPriceFigures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $484.21 · market cap $223B.