olivLaw · US equity research
Linde plc LIN
Industrial Inorganic Chemicals · SIC 2810 · Vertical: Industrial Inorganic Chemicals (SIC 2810)
Linde plc is the world's largest industrial gas company, with 2025 sales of 33986 million USD and about 64% of sales made outside the United States. In the second quarter of 2026 sales rose 9% to 9289 million USD, and full-year 2026 adjusted EPS guidance was kept at 17.70-17.90 USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Linde plc (LIN) stock was 524.74 USD (+2.58% on the day), with market capitalisation 240.9 bn USD, P/E 34.9 on diluted EPS of 15.06 USD over the last 12 months, dividend yield 1.20%, beta 0.44, 52-week range 389.38–546.64 USD. Latest reported quarter (Q3 2026): revenue of 9.4 bn USD (+9.2% YoY), net income of 1.7 bn USD (−12.3% YoY), diluted EPS 3.66 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.6
- strong (55–70)
- Bollinger (20, 2)
- 480.09 – 525.12
- in the upper half of the band · %B 0.99 · band width 9.0%
- SMA 50 / 200
- 485.35 / 494.16
- mixed trend
- MACD (12, 26, 9)
- 9.49 / 8.24
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.8% | −1.1% | +9.9 pp | — |
| 3 months | +6.9% | −0.5% | +7.3 pp | — |
| 6 months | +4.6% | +4.4% | +0.2 pp | — |
| Year to date | +23.1% | +12.3% | +10.7 pp | — |
| 1 year | +25.6% | +13.5% | +12.0 pp | +20.0% |
| 3 years | +33.7% | +76.4% | −42.7 pp | +17.9% |
| 5 years | +58.1% | +63.7% | −5.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.3 bn | 8.1 bn | 8.5 bn | 8.6 bn | 8.8 bn | 8.8 bn | 9.3 bn | 9.4 bn |
| Cost of revenue | 4.3 bn | 4.2 bn | 4.3 bn | 4.4 bn | 4.5 bn | 4.5 bn | 4.9 bn | 5.0 bn |
| Research & development | 39.0 m | 38.0 m | 38.0 m | 36.0 m | 35.0 m | 38.0 m | 37.0 m | 37.0 m |
| SG&A | 814.0 m | 786.0 m | 870.0 m | 897.0 m | 880.0 m | 893.0 m | 891.0 m | 892.0 m |
| Operating income | 2.3 bn | 2.2 bn | 2.4 bn | 2.4 bn | 2.0 bn | 2.4 bn | 2.6 bn | 2.2 bn |
| Depreciation & amortisation | 913.0 m | 910.0 m | 942.0 m | 961.0 m | 950.0 m | 951.0 m | 963.0 m | 965.0 m |
| Interest expense | 53.0 m | 60.0 m | 67.0 m | 64.0 m | 64.0 m | 62.0 m | 61.0 m | 71.0 m |
| Pre-tax income | 2.3 bn | 2.2 bn | 2.3 bn | 2.4 bn | 2.0 bn | 2.4 bn | 2.5 bn | 2.1 bn |
| Income tax | 533.0 m | 511.0 m | 573.0 m | 424.0 m | 481.0 m | 571.0 m | 610.0 m | 449.0 m |
| Net income | 1.7 bn | 1.7 bn | 1.8 bn | 1.9 bn | 1.5 bn | 1.9 bn | 1.9 bn | 1.7 bn |
| Diluted EPS | 3.60 ≈ | 3.51 | 3.73 | 4.09 | 3.27 ≈ | 3.98 | 4.15 | 3.66 |
| Operating cash flow | 2.8 bn | 2.2 bn | 2.2 bn ≈ | 2.9 bn ≈ | 3.0 bn | 2.2 bn | 2.3 bn ≈ | 3.2 bn ≈ |
| Capex | 1.3 bn | 1.3 bn | 1.3 bn ≈ | 1.3 bn ≈ | 1.5 bn | 1.3 bn | 1.4 bn ≈ | 1.4 bn ≈ |
| Dividends paid | 659.0 m | 708.0 m | 704.0 m ≈ | 701.0 m ≈ | 698.0 m | 741.0 m | 738.0 m ≈ | 735.0 m ≈ |
| Share repurchases | 1.3 bn | 1.1 bn | 1.1 bn ≈ | 989.0 m ≈ | 1.4 bn | 807.0 m | 871.0 m ≈ | 954.0 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 53 percentile of its own 36-quarter history (min 13.8, median 33.7, max 56.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 14.8 bn | 28.2 bn | 27.2 bn | 30.8 bn | 33.4 bn | 32.9 bn | 33.0 bn | 34.0 bn |
| Revenue YoY | +30.6% | +90.3% | −3.5% | +13.0% | +8.3% | −1.5% | +0.5% | +3.0% |
| Net income | 4.4 bn | 2.3 bn | 2.5 bn | 3.8 bn | 4.1 bn | 6.2 bn | 6.6 bn | 6.9 bn |
| Net income YoY | +251.3% | −47.8% | +9.5% | +53.0% | +8.4% | +49.5% | +5.9% | +5.1% |
| Diluted EPS | 13.11 | 4.19 | 4.71 | 7.33 | 8.23 | 12.59 | 13.62 | 14.61 |
| Diluted EPS YoY | +203.5% | −68.0% | +12.4% | +55.6% | +12.3% | +53.0% | +8.2% | +7.3% |
| net % | 29.5% | 8.1% | 9.2% | 12.4% | 12.4% | 18.9% | 19.9% | 20.3% |
| Free cash flow | unavailable | unavailable | 4.0 bn | 6.6 bn | 5.7 bn | 5.5 bn | 4.9 bn | 5.1 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.1 bn USD
- Financial debt
- 25.2 bn USD
- Net debt
- 20.1 bn USD
- Equity
- 39.7 bn USD
- Total assets
- 86.8 bn USD
- Debt / equity
- 0.63x
- Current ratio
- 0.88x
- ROE
- 17.4%
- ROA
- 8.3%
- FCF margin
- 15.0%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 27.2 bn | 30.8 bn | 33.4 bn | 32.9 bn | 33.0 bn | 34.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Cost of revenue | 15.4 bn | 17.5 bn | 19.5 bn | 17.5 bn | 17.1 bn | 17.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Gross profit | 11.9 bn ≈ | 13.3 bn ≈ | 13.9 bn ≈ | 15.4 bn ≈ | 15.9 bn ≈ | 16.6 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Research & development | 152.0 m | 143.0 m | 143.0 m | 146.0 m | 150.0 m | 147.0 m | SEC (XBRL)· 25 Feb 2026verified |
| SG&A | 3.2 bn | 3.2 bn | 3.1 bn | 3.3 bn | 3.3 bn | 3.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | 3.3 bn | 5.0 bn | 5.4 bn | 8.0 bn | 8.6 bn | 8.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 4.6 bn | 4.6 bn | 4.2 bn | 3.8 bn | 3.8 bn | 3.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | 7.9 bn ≈ | 9.6 bn ≈ | 9.6 bn ≈ | 11.8 bn ≈ | 12.4 bn ≈ | 12.7 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Interest expense | 115.0 m | 227.0 m | 63.0 m | 200.0 m | 256.0 m | 255.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Pre-tax income | 3.4 bn | 5.1 bn | 5.5 bn | 8.0 bn | 8.6 bn | 8.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 847.0 m | 1.3 bn | 1.4 bn | 1.8 bn | 2.0 bn | 2.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Net income | 2.5 bn | 3.8 bn | 4.1 bn | 6.2 bn | 6.6 bn | 6.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | 4.71 | 7.33 | 8.23 | 12.59 | 13.62 | 14.61 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 531.2 m | 521.9 m | 504.0 m | 492.3 m | 482.1 m | 472.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Dividend per share | 3.85 | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 3.8 bn | 2.8 bn | 5.4 bn | 4.7 bn | 4.9 bn | 5.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Receivables | 4.2 bn | 4.5 bn | 4.6 bn | 4.7 bn | 4.6 bn | 5.0 bn | SEC (XBRL)· 25 Feb 2026verified |
| Inventories | 1.7 bn | 1.7 bn | 2.0 bn | 2.1 bn | 1.9 bn | 2.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 10.9 bn | 10.2 bn | 13.0 bn | 12.6 bn | 12.9 bn | 13.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 28.7 bn | 26.0 bn | 23.5 bn | 24.6 bn | 24.8 bn | 28.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Goodwill | 28.2 bn | 27.0 bn | 25.8 bn | 26.8 bn | 25.9 bn | 27.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Intangibles (excl. goodwill) | 16.2 bn | 13.8 bn | 12.4 bn | 12.4 bn | 11.3 bn | 11.9 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 88.2 bn | 81.6 bn | 79.7 bn | 80.8 bn | 80.1 bn | 86.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 3.1 bn | 3.5 bn | 3.0 bn | 3.0 bn | 2.5 bn | 2.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | 3.3 bn | 1.2 bn | 4.1 bn | 4.7 bn | 4.2 bn | 4.5 bn | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | 12.2 bn | 11.3 bn | 12.2 bn | 13.4 bn | 15.3 bn | 20.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 13.7 bn | 13.6 bn | 16.5 bn | 15.7 bn | 14.5 bn | 15.2 bn | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 38.6 bn | 36.2 bn | 38.3 bn | 39.7 bn | 40.7 bn | 47.1 bn | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 49.6 bn | 45.4 bn | 41.4 bn | 41.1 bn | 39.5 bn | 39.7 bn | SEC (XBRL)· 25 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.4 bn | 9.7 bn | 8.9 bn | 9.3 bn | 9.4 bn | 10.4 bn | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 3.4 bn | 3.1 bn | 3.2 bn | 3.8 bn | 4.5 bn | 5.3 bn | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | 4.0 bn ≈ | 6.6 bn ≈ | 5.7 bn ≈ | 5.5 bn ≈ | 4.9 bn ≈ | 5.1 bn ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -3.0 bn | -3.0 bn | -3.1 bn | -4.7 bn | -4.6 bn | -5.7 bn | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | -3.3 bn | -7.6 bn | -3.1 bn | -5.4 bn | -4.4 bn | -4.6 bn | SEC (XBRL)· 25 Feb 2026verified |
| Dividends paid | 2.0 bn | 2.2 bn | 2.3 bn | 2.5 bn | 2.7 bn | 2.8 bn | SEC (XBRL)· 25 Feb 2026verified |
| Share repurchases | 2.5 bn | 4.6 bn | 5.2 bn | 4.0 bn | 4.5 bn | 4.6 bn | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 240.9 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet41
- Growth53
- Quality89
- Returns60
- Valuation15
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 69.45 – 217.63 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)99.69 – 181.86 (Mid 131.15)WACC 8.9% · starting FCFF 5.3 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA69.45 – 217.63 (Mid 126.57)4 companies used · median multiple 6.1x · quartiles 4.1x – 9.3xLXFR, LXU, TROX, VHI
- Peers: P/Eunavailable · not enough peers
- Dividend discount (DDM)78.85 – 106.03 (Mid 90.44)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.6% | 100 (vs peers) | 10% |
| Net margin · Quality | 19.3% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 72.5% | 61 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 0.6% | 5 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 21.1% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 1.6x | 20 (vs peers) | 10% |
| Interest coverage · Balance sheet | 35.5x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 0.9x | 5 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 34.9x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 20.2x | 20 (vs peers) | 10% |
| FCF yield · Valuation | 2.1% | 26 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 2.9% | 41 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 57.3% | 90 (on a fixed band) | 4% |
Score groups
- Balance sheet41/100 · 3/3 factors with a value
- Growth53/100 · 2/2 factors with a value
- Quality89/100 · 3/3 factors with a value
- Returns60/100 · 2/2 factors with a value
- Valuation15/100 · 3/3 factors with a value
Memo
Linde plc (LIN). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 34.0 bn USD in 2025; YoY growth 3.0%; net margin 19.3%; ROE 18.0%; net debt/EBITDA 1.6x.
The estimated value range is 78.85–181.86 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 126.57 USD, the price of 524.74 USD leaves a potential of -75.9% (value / price − 1) and a margin of safety of -314.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.6%
- Net margin: 19.3%
- EPS CAGR 3Y: 21.1%
- Interest coverage: 35.5x
- Payout ratio (FCF): 57.3%
What contradicts it
- Revenue CAGR 3Y: 0.6%
- Net debt / EBITDA: 1.6x
- Current ratio: 0.9x
- P/E (TTM): 34.9x
- EV/EBITDA: 20.2x
- FCF yield: 2.1%
- The price is above the estimated value range
Versus the vertical median
Industrial Inorganic Chemicals (SIC 2810) · same industry (4-digit SIC) · compared with 9 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| LINLinde plc | 240.9 bn | 34.9 | 18.0% | 19.3% | +3.0% | +26% / +34% |
| APDAir Products And Chemicals, Inc. | 71.0 bn | — | -0.3% | -0.4% | −0.5% | +22% / +18% |
| MTXMinerals Technologies Inc. | 2.0 bn | — | -4.1% | -3.1% | −2.2% | +12% / +5% |
| KROKronos Worldwide, Inc. | 890.9 m | — | -13.7% | -5.6% | −1.5% | +53% / −11% |
| LXULSB Industries, Inc. | 766.1 m | 17.1 | 8.7% | 7.0% | +17.8% | +19% / +24% |
| TROXTronox Holdings PLC | 566.9 m | — | -39.1% | -18.0% | −5.7% | −14% / −72% |
| LXFRLuxfer Holdings PLC | 463.2 m | 76.3 | 2.7% | 1.7% | −1.9% | +38% / +110% |
| VHIValhi, Inc. | 430.8 m | — | -4.8% | -2.4% | −1.3% | +20% / +12% |
| NLNli Holdings, Inc. | 359.9 m | — | -6.7% | -15.8% | +8.5% | +30% / +44% |
| LTBRLightbridge Corporation | 172.9 m | — | -14.1% | — | unavailable | −73% / +39% |
1- and 3-year price returns: for LIN from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 302.14 Total return -41% · Per year -41% | 535.21 Total return 3% · Per year 3% | 807.59 Total return 55% · Per year 55% |
| 3 years | 270.80 Total return -46% · Per year -18% | 541.84 Total return 7% · Per year 2% | 900.87 Total return 76% · Per year 21% |
| 5 years | 242.71 Total return -50% · Per year -13% | 548.55 Total return 11% · Per year 2% | 1,004.93 Total return 100% · Per year 15% |
- Exit P/E± 135.46
- Net margin± 94.82
- Annual revenue growth± 80.84
- Annual dilution± 7.97
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Linde plc is the world's largest industrial gas company, with 2025 sales of 33986 million USD and about 64% of sales made outside the United States 1. In the second quarter of 2026 sales rose 9% to 9289 million USD, and full-year 2026 adjusted EPS guidance was kept at 17.70-17.90 USD 23.
SWOT
Strengths
- Linde has the largest industrial gas network in the world and a leading technology position in air separation and process gases.
- Long-term contracts and pipeline networks provide stable revenue and the ability to pass energy cost changes to customers.
- Diversity of end markets and geographies reduces dependence on any single customer or market.
Weaknesses
- Energy is the largest cost, and pass-through mechanisms do not fully offset price swings.
- Large goodwill and intangible balances from the 2018 merger could lead to impairment if activity weakens.
- The engineering segment has previously required restructuring charges, showing margin sensitivity on construction projects.
Opportunities
- Electronics and semiconductor demand could keep supporting new long-term gas contracts.
- Low-carbon hydrogen and carbon capture are areas where the company has proprietary technology and could grow.
- Asian and Middle Eastern markets offer growth through new projects and acquisitions if conditions are favourable.
Threats
- A global economic slowdown could reduce investment by customers in chemicals, energy and metals.
- Currency swings and trade tariffs can affect revenue and profit reported in dollars.
- Disruptions in energy or raw material supply, and extreme weather events, can affect production.
Risks
- Economic slowdownmedium
If customers in cyclical industries cut investment, demand for gases and plants could fall, and some customers could delay payments.
- Energy costshigh
Higher prices for electricity, natural gas or diesel can reduce profitability if pass-through to customers is delayed or incomplete.
- Currency riskmedium
Revenue in currencies other than the dollar can cause large swings in results reported in dollars.
- Asset impairmentmedium
If activity declines, the company may have to record impairment of goodwill or intangible assets, hurting reported results.
- Cybersecuritylow
Cyber attacks or IT outages could lead to data loss and operational disruption, with possible legal consequences.
Investment thesis
What would need to be true (bull case)
- Long-term contracts, the pipeline network and a record electronics gas backlog could support stable revenue in the coming years.
- If productivity programmes and higher prices continue to outpace cost inflation, operating margins could stay high.
- Low-carbon hydrogen and carbon capture technologies could open new revenue sources over the medium term.
What would break the thesis
- Reliance on cyclical industries such as chemicals and metals could make revenue more volatile if the economy slows.
- The large goodwill from the earlier merger means that an impairment could have a significant effect on reported results.
- Part of the 2026 sales growth came from favourable currency moves; if these reverse, reported growth could be smaller.
What to watch
- Third-quarter results and updated adjusted EPS guidanceQ3 2026
- Development of the long-term gas backlog and engineering project pipelineQ4 2026
- Delivery against the 5.5-6.0 billion USD capital expenditure plan for 20262026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 31 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Its Engineering business designs and builds plants for air separation, hydrogen, synthesis gas, olefins and natural gas, and part of sales comes from this segment rather than from gas deliveries 12. The three geographic segments Americas, EMEA and APAC generated 90% of 2025 sales 1.
In fiscal 2025 reported operating profit was 8923 million USD and adjusted operating profit was 10137 million USD, while cash flow from operations was 10350 million USD 1. Capital expenditure was 5261 million USD, showing continued investment in new capacity 1.
Market context
The industrial gases market is dominated by a few global players, including Air Liquide, Air Products and Messer, alongside many regional and local competitors 1. Demand from electronics and from chemicals and energy drove volume growth in 2026, according to the company 23.
Long-term contracts with energy cost pass-through reduce exposure to economic cycles, although customers in chemicals, energy and metals are cyclical and can delay investment 1. If these industries slow, volumes and capacity utilisation could fall 1.
Trends
- Electronics demandtailwind
Electronics and semiconductor gas projects supported volume growth and a record long-term sale of gas backlog, mainly in the United States 3. If investment in this sector slows, growth could be weaker 3.
- Energy and raw material costsmixed
Energy is the largest cost of producing gases, and the price and availability of natural gas and electricity remain uncertain 1. Cost pass-through mechanisms limit the impact but do not remove it entirely 1.
- Cost inflationheadwind
Operating cost inflation was largely offset by higher prices and productivity programmes, but the pressure remains visible in cost of sales 12.
- Currencymixed
A large part of revenue is in currencies other than the dollar, and in the second quarter of 2026 the stronger yuan, euro and real lifted dollar sales 12.
Competitive position
Linde competes with global and regional companies such as Air Liquide, Air Products and Messer, as well as many small and medium independent gas companies 1. Its main advantage is the pipeline network, which lets it supply large customers reliably and economically 1.
A significant part of the international gases market is customer-owned plants, which limits the addressable market for outside suppliers 1. In engineering, competition comes from specialists in gas and hydrogen plants 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Afacerile Linde Gaz România, filiala locală a grupului industrial germano-american Linde Plc, au scăzut cu 7% în 2025, ajungând la 945,7 mil. leiZiarul Financiar · 26 Jun 2026 · RO
The latest news item in our archive is from 26 Jun 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report31 Jul 2026
- Current report31 Jul 2026Results of operations · Financial statements and exhibits
- Current report30 Jul 2026Shareholder vote · Financial statements and exhibits
- Current report13 May 2026Other events · Financial statements and exhibits
- Quarterly report01 May 2026
- Current report01 May 2026Results of operations · Financial statements and exhibits
- Proxy statement29 Apr 2026
- Annual report25 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Linde plc · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Linde plc · 31 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Linde plc · 31 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.