# Linde plc Ordinary Share (LIN) — Stock CV

Linde plc Ordinary Share 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.

> 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.

## Identity

- **Ticker**: LIN
- **Sector**: Basic Materials
- **Industry**: Industrial Inorganic Chemicals
- **Headquarters**: WOKING SURREY, X0
- **Employees**: 64 649
- **Website**: https://www.linde.com
- **Market cap**: $223B
- **Last price**: $484.21
- **Financial profile**: Solid

## Vitals (TTM)

- **Revenue**: $35.4B
- **Net income**: $7.24B
- **Free cash flow**: $4.97B
- **Net debt**: $20.1B
- **P/E**: 30.8
- **Revenue growth (YoY)**: 6.6%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 54 |
| Growth | 71 |
| Profitability | 82 |
| Health | 68 |
| Quality | 75 |
| Moat | 43 |

## Qualifications (beginner checklist) — 11 of 11 passed

- [x] Revenue growing — +6.6% YoY
- [x] Profitable — $7.24B TTM
- [x] Profit growing — +21.1% YoY
- [x] Generates cash — $4.97B TTM
- [x] Debt under control — ~4.0y of cash flow to repay
- [x] Established company — $223B market cap
- [x] Not printing shares — -11.1% shares over ~5y
- [x] Proven track record — 8/9 profitable years
- [x] Financially stable — Altman Z 3.5 — safe
- [x] Pays a dividend — yield 1.29%
- [x] Valuation not extreme — P/E 30.8

## Experience (career milestones)

- **FY2025** — Best year on record: $6.90B net income
- **2022** — Following the 2022 Russian invasion of Ukraine, sanctions were introduced which restricted Linde completing the…
- **FY2018** — Profitable every year on record: 8 consecutive profitable years in our data
- **FY2018** — Revenue crossed $1B: $14.9B for the year
- **FY2018** — Revenue crossed $10B: $14.9B for the year
- **FY2018** — Positive free cash flow every year since: 8-year streak
- **2018** — Linde plc was formed in 2018 through the merger of Linde AG and Praxair
- **2018** — This became part of Linde when Linde merged with Praxair
- **2012** — The company acquired Lincare Holdings, a healthcare gas provider in the US for US$4.6 billion to…
- **2006** — Linde acquired BOC for €11.7 billion in cash
- **2000** — The company completed the acquisition of AGA AB of Sweden for $3.71 billion
- **2000** — Brazilian auction was invented as a new type of auctions to trade gas by electronic auctions for…
- **1996** — The company acquired the rights to the Linde name from Praxair
- **1929** — Linde took full ownership of the company in 1929, and from this origin developed a business manufacturing first…
- **1902** — Linde's process was patented in 1902 and immediately exploited by the first large-scale air separation plant…

## 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

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $30.8B | $3.83B | $6.64B |
| FY2022 | $33.4B | $4.15B | $5.69B |
| FY2023 | $32.9B | $6.20B | $5.52B |
| FY2024 | $33.0B | $6.57B | $4.93B |
| FY2025 | $34.0B | $6.90B | $5.09B |

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Source: https://stockcv.com/LIN — derived from company filings; may be delayed or incomplete. Information, not investment advice.