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Linde
(NASDAQ:LIN)
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Rating:71Outperform
Price Target:
$529.00
▲(3.26% Upside)
Action:Reiterated
Date:08/01/26
The score is driven primarily by strong underlying financial performance (healthy margins, rising earnings, and solid ROE), supported by constructive earnings guidance and a record project backlog. Offsetting these strengths are weak near-term technicals (price below 20/50/100-day averages), a relatively high P/E with only a modest dividend yield, and near-term margin headwinds highlighted on the earnings call.
Positive Factors
Stable recurring revenue (on-site & pipeline)
Linde’s on-site and pipeline models create high switching costs and contracted take-or-pay volumes that produce predictable, multi-year cash flows. That durability supports capital planning, project financing and steadier revenue through cycles, reinforcing long-term resilience.
Negative Factors
Elevated absolute debt load
While leverage ratios are moderate and returns on capital are strong, the absolute debt stock is large. High nominal debt increases interest and refinancing risk, reduces balance sheet flexibility for opportunistic investments or downturns, and raises scrutiny on cash generation consistency.
Read all positive and negative factors
Positive Factors
Negative Factors
Stable recurring revenue (on-site & pipeline)
Linde’s on-site and pipeline models create high switching costs and contracted take-or-pay volumes that produce predictable, multi-year cash flows. That durability supports capital planning, project financing and steadier revenue through cycles, reinforcing long-term resilience.
Read all positive factors
Linde Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows the profitability of each business segment, highlighting which areas drive earnings and where there might be challenges or opportunities for growth.
Shows the profitability of each business segment, highlighting which areas drive earnings and where there might be challenges or opportunities for growth.
Data provided by:
The Fly
The FlyLinde (LIN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$221.30B
Dividend Yield1.3%
Average Volume (3M)2.17M
Price to Earnings (P/E)30.7
Beta (1Y)0.33
Revenue Growth6.63%
EPS Growth9.97%
CountryUS
Employees65,034
SectorBasic Materials
Sector Strength58
IndustryChemicals - Specialty
Share Statistics
EPS (TTM)15.56
Shares Outstanding462,599,550
10 Day Avg. Volume1,821,056
30 Day Avg. Volume2,174,108
Financial Highlights & Ratios
PEG Ratio4.15
Price to Book (P/B)5.20
Price to Sales (P/S)5.85
P/FCF Ratio39.07
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$560.54Price Target Upside9.42% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering14
EPS Forecast (FY)17.9
Revenue Forecast (FY)$36.22B
Linde Business Overview & Revenue Model
Company Description
Linde plc functions as a global industrial gas and engineering powerhouse, extending its operations throughout North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's comprehensive product line features atmosp...
How the Company Makes Money
Linde makes money primarily by selling industrial and medical gases and related services under long-term and short-term supply arrangements, using several delivery models that drive recurring revenue. (1) On-site supply: Linde designs, builds, own...
Linde Earnings Call Summary
Earnings Call Date:Jul 31, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 22, 2026
Earnings Call Sentiment Positive
The quarter showed clear growth strength — record sales, record backlog, double-digit EPS growth, strong electronics momentum, and solid capital deployment — but was tempered by margin pressures (notably from the U.S. homecare business), mix dilution from hardgoods/equipment, helium dislocation costs, and some regional geopolitical impacts. Management has active remediation plans for margin issues, reaffirmed multi-year growth opportunities (electronics, commercial space), and provided constructive guidance, leading to cautious optimism.Positive Updates
Record Sales and EPS
Consolidated sales of $9.3 billion, up 9% year-over-year and 6% sequentially; GAAP EPS of $4.50, up ~10% versus prior year.
Negative Updates
Margin Compression
Operating margin of 29.5% declined ~60 basis points year-over-year (approximately 30 basis points decline when excluding cost pass-through), and management called Q2 margin performance unsatisfactory.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Sales and EPS
Consolidated sales of $9.3 billion, up 9% year-over-year and 6% sequentially; GAAP EPS of $4.50, up ~10% versus prior year.
Read all positive updates
Company Guidance
Linde guided Q3 EPS of $4.45–$4.55 (≈6%–8% growth), assuming no year‑over‑year currency impact but a 1% sequential FX headwind and, at the midpoint, no macro improvement; updated full‑year EPS is $17.70–$17.90 (≈8%–9% growth ex‑FX, with a 1% FX tailwind assumption), raising the prior bottom by $0.10 while leaving the top unchanged. Management noted Q2 EPS of $4.50 (≈10% YoY) and expects a Q2→Q3 sequential EPS increase of about $0.05 at the midpoint excluding FX; the guide reflects the company’s record $8.1B sale‑of‑gas backlog, plans to start >20 projects this year totaling ≈$1.3B of investments, YTD capital deployment of $6B (split roughly evenly between business investments and shareholder returns, with ~$1.9B in secured growth), and the view that current margin headwinds are largely temporary.Linde Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
78
Positive
Cash Flow
72
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 35.45B | 33.99B | 33.01B | 32.85B | 33.36B | 30.79B |
| Gross Profit | 16.18B | 14.73B | 12.08B | 11.55B | 9.71B | 8.62B |
| EBITDA | 13.48B | 12.95B | 12.92B | 12.29B | 9.94B | 9.89B |
| Net Income | 7.29B | 6.90B | 6.57B | 6.20B | 4.15B | 3.83B |
Balance Sheet | ||||||
| Total Assets | 88.35B | 86.82B | 80.15B | 80.81B | 79.66B | 81.61B |
| Cash, Cash Equivalents and Short-Term Investments | 4.90B | 5.06B | 4.85B | 4.66B | 5.44B | 2.82B |
| Total Debt | 28.01B | 26.99B | 22.61B | 20.32B | 18.79B | 15.22B |
| Total Liabilities | 47.73B | 47.08B | 40.66B | 39.72B | 38.27B | 36.16B |
| Stockholders Equity | 39.08B | 38.24B | 38.09B | 39.72B | 40.03B | 44.03B |
Cash Flow | ||||||
| Free Cash Flow | 4.97B | 5.09B | 4.93B | 5.52B | 5.69B | 6.64B |
| Operating Cash Flow | 10.49B | 10.35B | 9.42B | 9.30B | 8.86B | 9.72B |
| Investing Cash Flow | -5.94B | -5.72B | -4.64B | -4.67B | -3.09B | -3.01B |
| Financing Cash Flow | -4.45B | -4.55B | -4.36B | -5.40B | -3.09B | -7.59B |
Linde Technical Analysis
Negative
512.28
Price Trends
512.16
Negative
505.48
Negative
472.70
Positive
Market Momentum
-8.06
Positive
39.54
Neutral
39.40
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LIN, the sentiment is Negative. The current price of 512.28 is above the 20-day moving average (MA) of 506.57, above the 50-day MA of 512.16, and above the 200-day MA of 472.70, indicating a neutral trend. The MACD of -8.06 indicates Positive momentum. The RSI at 39.54 is Neutral, neither overbought nor oversold. The STOCH value of 39.40 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for LIN.
Linde Risk Analysis
Linde disclosed 17 risk factors in its most recent earnings report. Linde reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Linde Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | $78.14B | 37.02 | 21.41% | 1.06% | 7.11% | -0.48% | |
73 Outperform | $82.74B | 31.13 | 62.12% | 1.00% | 5.76% | 7.42% | |
71 Outperform | $221.30B | 30.74 | 18.51% | 1.21% | 6.63% | 9.97% | |
69 Neutral | $18.50B | -761.06 | 0.34% | 1.68% | -22.51% | 63.46% | |
62 Neutral | $24.57B | 15.74 | 30.22% | 2.45% | 1.47% | 23.56% | |
61 Neutral | $10.43B | 7.12 | -0.05% | 2.87% | 2.86% | -36.73% | |
60 Neutral | $65.67B | -1,417.74 | -0.32% | 2.42% | 4.51% | -103.05% |
* Basic Materials Sector Average
LIN
Linde
490.11
26.92
5.81%
APD
Air Products and Chemicals
299.92
18.85
6.71%
ECL
Ecolab
283.46
16.54
6.20%
PPG
PPG Industries
117.16
13.79
13.34%
SHW
Sherwin-Williams Company
363.42
16.73
4.83%
DD
DuPont de Nemours
144.05
56.73
64.97%
Linde Corporate Events
Business Operations and StrategyExecutive/Board ChangesShareholder Meetings
Linde Shareholders Endorse Governance Decisions at 2026 AGM
Positive
Jul 30, 2026
At Linde plc’s Annual General Meeting held on July 28, 2026, shareholders representing 85.65% of outstanding shares voted to elect nine directors to serve until the 2027 AGM, with all nominees receiving strong majority support. Shareholders ...
Business Operations and StrategyPrivate Placements and Financing
Linde Issues €1.6 Billion Notes to Bolster Liquidity
Positive
May 13, 2026
On May 13, 2026, Linde plc issued €600 million of floating rate notes due 2028, €500 million of 3.200% notes due 2030, and €500 million of 3.800% notes due 2036 under its European debt issuance program. The notes were admitted to...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.