Linde plcLIN
NasdaqGS•Basic Materials•Specialty Chemicals
Linde plc operates as an industrial gas company worldwide. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. The company also engages in designing and constructing of turnkey process plants for third-party customers, as well as for the gas businesses in various locations comprising air separation, hydrogen, synthesis, olefin, and natural gas plants. It serves healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. The company operates in the United States, Brazil, Mexico, Canada, Germany, the Unted Kingdom, Eastern Europe, China, Australia, South Korea, And India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.
Linde plc (LIN) reported trailing twelve months revenue of $34.66B as of March 2026, a 5.0% increase year-over-year. Quarterly revenue reached $8.78B, reflecting continued top-line momentum.
Linde plc generated $7.08B in TTM net income, with quarterly EBITDA of $3.39B. The operating margin expanded from 26.9% to 27.8%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (27.8%) and net margin (21.1%) indicates moderate non-operating costs. Net margin has improved from 20.6% a year ago, signaling stronger bottom-line efficiency.
LIN trades at a P/E of 32.7x (a premium multiple) and a P/S of 6.7x. The price-to-book ratio of 6.0x indicates a significant premium over book value.
The company generated $898.00M in free cash flow over the trailing twelve months, a 0.8% increase year-over-year, indicating cash generation ability. The balance sheet shows $86.31B in total assets with $19.86B in long-term debt against $38.57B in stockholders equity for a debt-to-equity ratio of 0.5. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are stable at ~26.5%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 17.5% suggests a durable competitive advantage and efficient capital allocation.
Free cash flow is consistently positive and growing — a hallmark of a capital-light business that can self-fund growth.
TTM revenue has grown consistently (6 of 7 quarters up), with ~5.6% growth over the period. Strong demand durability.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~26.5% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.5 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.3% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation