Linde (LIN) Stock Fundamentals, Analysis & Risk Signals

Health score, price, valuation, risk signals, and key metrics at a glance.

Linde

NasdaqGS•Basic Materials•Specialty Chemicals

$520.34+6.10(0.01%)Market open

Market Cap

$239.39B

P/E

34.2x

P/S

6.6x

P/B

6.1x

Linde plc operates as an industrial gas company worldwide. The company 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. It also engages in the design and construction of turnkey process plants for third-party customers, as well as for its gas businesses, including air separation, hydrogen, synthesis, olefin, and natural gas plants. The company serves the healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. It operates in the United States, Brazil, Mexico, Canada, Germany, the United Kingdom, Eastern Europe, China, Australia, South Korea, and India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.

How this company scores

GoodMetricSide Score: 64/100

Strongest: Cash & Earnings Quality (19/25); weakest: Balance Sheet & Red Flags (14/25).

Profitability16/25

Growth15/25

Balance Sheet & Red Flags14/25

Cash & Earnings Quality19/25

Strengths

Strong marginsHigh ROEConsistent free cash flowConsistent growth

Valuation vs. 5-year range

Today's multiple positioned against its own trailing range — a visual premium/discount check.

P/E · 34.2x5y range 28.9x – 64.7x

Currently near its 20-quarter median.

P/S · 6.6x5y range 5.9x – 7.6x

Currently near its 20-quarter median.

P/B · 6.1x5y range 5.2x – 6.1x

Watch items

Data-driven signals worth keeping an eye on across the last 8 quarters

Some Concerns

Margin Pressure

Watch

Operating margins declined 7.6% — watch for continued compression, which may signal competitive or cost pressure.

Earnings Quality

Watch

FCF/Net Income has dropped below 0.7x in 4 quarters — monitor for earnings quality deterioration.

Price & Volume

Market Cap $239.39B

Metrics at a Glance

as of September 2026

Revenue & Profit

Revenue, EBITDA, operating income, net income, EPS, and shares

TTM Revenue: $36.24B
Q. Revenue: $9.40B
TTM EBITDA: $12.99B
TTM Op. Income: $9.16B
Q. Op. Income: $2.15B
TTM Net Income: $7.01B
Q. Net Income: $1.69B
EPS: $3.67
Shares Out.: $460.61M

$36.24B in TTM revenue grew 8.2% YoY, reaching $9.40B last quarter. TTM EBITDA of $12.99B and TTM operating income of $9.16B show growth is flowing through to the bottom line. TTM net income of $7.01B means revenue is converting into profit. Across the last 8 quarters, TTM revenue has risen for 7 consecutive quarters — an improving trend.

Margins

Gross, EBITDA, operating, and net margin trends

Gross Margin: 47.2%
EBITDA Margin: 33.1%
Op. Margin: 22.9%
Net Margin: 18.0%

Op. margin of 22.9% is down 4.6% YoY — costs are rising relative to revenue. Net margin at 18.0% and gross margin of 47.2% show how much of each revenue dollar survives to profit. Across the last 8 quarters, operating margin has fallen for 2 consecutive quarters — a weakening trend.

Price Ratios

P/E, P/S, P/B, EV/EBITDA, FCF yield, and earnings yield

P/E Ratio: 34.2x
P/S Ratio: 6.6x
P/B Ratio: 6.1x

At 34.2x P/E, the stock trades above typical market levels — the market expects above-average growth. P/S of 6.6x and P/B of 6.1x provide additional context. Use the growth and margin sections to judge whether the multiple is justified. Over the past year, P/E is up 8% — a weakening trend.

Assets & Liabilities

Total assets, cash, debt, book value, and leverage

Total Assets: $88.08B
Cash: $3.95B
Long-Term Debt: $20.59B
Book Value: $39.42B
D/E Ratio: 0.5
Debt/EBITDA: 6.6

With $88.08B in assets and $20.59B in long-term debt, D/E is 0.5and book value is $39.42B — a conservative capital structure with a cushion to weather downturns. Over the past year, debt/equity is up 8% — an improving trend.

Cash Flow

Operating cash flow, free cash flow, FCF margin, and earnings quality

Op. Cash Flow: $3.17B
TTM Free Cash Flow: $5.08B
FCF Margin: 14.0%
FCF / Net Income: 0.7

TTM FCF of $5.08B on $3.17B in operating cash flow. The FCF / Net Income ratio of 0.7x means free cash flow covers net income — earnings are backed by cash. Over the past year, free cash flow is up 0% — an improving trend.