Linde PLC
LIN—
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Linde PLC AI Insights
Informational only. Not investment advice.Snapshot
- Goodwill of 27.8B is 72% of equity (38.6B) with negative tangible book value (-1.1B) - acquisition-heavy model carries impairment risk[Goodwill]
- Operating margin TTM 27.2% vs industry median ~0% - dominant pricing power in essential industrial gases[Operating Margin TTM]
- FCF TTM 5.1B funds 5.9/share dividend (2.8B) plus buybacks while maintaining 0.67 debt/equity[Free Cash Flow TTM]
Watch Triggers
- Operating Margin TTM: Falls below 24% — Margin compression signals pricing power erosion or cost inflation pass-through failure
- ROIC TTM: Falls below 9% — Below-WACC returns on 5B annual capex destroys value; questions capital allocation
- Goodwill: Any impairment charge — With negative tangible book, impairment directly reduces already-thin equity cushion
Bull Case
Essential infrastructure with take-or-pay contracts creates recession-resistant 33.5B revenue base; 27% operating margins reflect oligopoly pricing in gases market
Operating Margin TTMTotal Revenue TTMROIC TTM
Capital discipline: 11.3% ROIC with 5.1B FCF enables simultaneous growth capex, dividends, and buybacks without leverage increase
Free Cash Flow TTMROIC TTMDebt to Equity
Bear Case
Negative tangible book (-1.1B) means 100% of equity is intangibles; any goodwill impairment directly hits equity base
Tangible Book ValueGoodwillCommon Stockholders Equity
P/E 25.9x vs industry median 20.2x prices in premium; 5.5x P/S leaves little margin of safety for execution missteps
PE RatioPS Ratio
Bull vs Bear Balance
AI-generated sentiment analysis based on fundamental metrics and market conditions.
62%
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Forward Thesis
Clean energy transition drives 3-5Y volume growth as hydrogen/carbon capture demand accelerates
3-5ymed
- Industrial decarbonization mandates increasing gas demand
- On-site supply contracts create sticky 15-20Y revenue streams
- 5B annual capex positions for hydrogen infrastructure buildout
Capex TTM 5.1B vs 151M R&D - capacity expansion focusPPE 27.5B supports long-term asset baseROIC 11.3% exceeds cost of capital
Valuation Context
Caveats
Public Strategies Rankings
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LIN Fundamentals
Manufacturing → Chemical Manufacturing
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$235.36B | — | ||
$258.37B | — | ||
34 | — | ||
$33.99B | +3.0% | — | |
$14.61 | +11.6% | — | |
27.2% | +1.2% | — | |
20.3% | +0.4% | — | |
$5.09B | +3.3% | — | |
18.1% | +1.2% | — | |
Beta 5Y (Monthly) | unknown | — |
LIN Dividend History
105 dividends
2026
$1.600003/11/26$1.6000
2025
$6.000012/03/25$1.5000
09/04/25$1.5000
06/04/25$1.5000
03/13/25$1.5000
2024
$5.560012/03/24$1.3900
09/04/24$1.3900
06/04/24$1.3900
03/13/24$1.3900
2023
$5.100012/01/23$1.2750
09/01/23$1.2750
06/01/23$1.2750
03/13/23$1.2750
2022
$4.680012/01/22$1.1700
09/01/22$1.1700
06/02/22$1.1700
03/10/22$1.1700
2021
$4.240012/02/21$1.0600
09/02/21$1.0600
06/02/21$1.0600
03/04/21$1.0600
2020
$3.852012/02/20$0.9630
09/02/20$0.9630
06/02/20$0.9630
03/05/20$0.9630
2019
$3.500012/02/19$0.8750
08/30/19$0.8750
05/31/19$0.8750
03/07/19$0.8750
2018
$3.300012/17/18$0.8250
08/03/18$0.8250
06/06/18$0.8250
03/06/18$0.8250
2017
$3.150012/06/17$0.7875
09/07/17$0.7875
06/05/17$0.7875
03/03/17$0.7875
2016
$3.000012/05/16$0.7500
09/06/16$0.7500
06/03/16$0.7500
03/03/16$0.7500
2015
$2.860012/03/15$0.7150
09/03/15$0.7150
06/03/15$0.7150
03/04/15$0.7150
2014
$2.600012/03/14$0.6500
09/04/14$0.6500
06/04/14$0.6500
03/05/14$0.6500
2013
$2.400012/04/13$0.6000
09/04/13$0.6000
06/05/13$0.6000
03/05/13$0.6000
2012
$2.200012/05/12$0.5500
09/05/12$0.5500
06/05/12$0.5500
03/05/12$0.5500
2011
$2.000012/05/11$0.5000
09/02/11$0.5000
06/03/11$0.5000
03/03/11$0.5000
2010
$1.800012/03/10$0.4500
09/02/10$0.4500
06/03/10$0.4500
03/03/10$0.4500
2009
$1.600012/03/09$0.4000
09/02/09$0.4000
06/03/09$0.4000
03/04/09$0.4000
2008
$1.500012/03/08$0.3750
09/03/08$0.3750
06/04/08$0.3750
03/05/08$0.3750
2007
$1.200012/05/07$0.3000
09/05/07$0.3000
06/05/07$0.3000
03/05/07$0.3000
2006
$1.000012/05/06$0.2500
09/05/06$0.2500
06/05/06$0.2500
03/03/06$0.2500
2005
$0.720012/05/05$0.1800
09/02/05$0.1800
06/03/05$0.1800
03/03/05$0.1800
2004
$0.600012/03/04$0.1500
09/02/04$0.1500
06/03/04$0.1500
03/03/04$0.1500
2003
$0.915012/03/03$0.2700
09/03/03$0.2150
06/04/03$0.2150
03/05/03$0.2150
2002
$0.760012/04/02$0.1900
09/04/02$0.1900
06/05/02$0.1900
03/05/02$0.1900
2001
$0.680012/05/01$0.1700
09/05/01$0.1700
06/05/01$0.1700
03/05/01$0.1700
2000
$0.620012/05/00$0.1550
09/06/00$0.1550
06/05/00$0.1550
03/03/00$0.1550
LIN Stock Splits
1 stock split
12/16/030.5:1 split
LIN SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/25/26 | 12/31/25 | Unknown | |
10/31/25 | 09/30/25 | 10-Q | |
08/01/25 | 06/30/25 | 10-Q | |
05/01/25 | 03/31/25 | 10-Q | |
02/26/25 | 12/31/24 | 10-K | |
10/31/24 | 09/30/24 | 10-Q | |
08/02/24 | 06/30/24 | 10-Q | |
05/02/24 | 03/31/24 | 10-Q | |
02/28/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/27/23 | 06/30/23 | 10-Q | |
04/27/23 | 03/31/23 | 10-Q | |
02/28/23 | 12/31/22 | 10-K | |
10/27/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
05/02/22 | 03/31/22 | 10-Q | |
02/28/22 | 12/31/21 | 10-K | |
10/29/21 | 09/30/21 | 10-Q | |
07/30/21 | 06/30/21 | 10-Q | |
05/06/21 | 03/31/21 | 10-Q | |
03/01/21 | 12/31/20 | 10-K | |
11/05/20 | 09/30/20 | 10-Q | |
07/31/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
03/02/20 | 12/31/19 | 10-K | |
11/12/19 | 09/30/19 | 10-Q | |
08/09/19 | 06/30/19 | 10-Q | |
05/10/19 | 03/31/19 | 10-Q | |
03/18/19 | 12/31/18 | 10-K | |
11/09/18 | 09/30/18 | 10-Q | |
07/26/18 | 06/30/18 | 10-Q | |
04/26/18 | 03/31/18 | 10-Q | |
02/28/18 | 12/31/17 | 10-K | |
10/26/17 | 09/30/17 | 10-Q | |
07/27/17 | 06/30/17 | 10-Q | |
04/27/17 | 03/31/17 | 10-Q | |
03/01/17 | 12/31/16 | 10-K | |
10/27/16 | 09/30/16 | 10-Q | |
07/28/16 | 06/30/16 | 10-Q | |
04/29/16 | 03/31/16 | 10-Q | |
02/24/16 | 12/31/15 | 10-K | |
10/29/15 | 09/30/15 | 10-Q | |
07/29/15 | 06/30/15 | 10-Q | |
04/29/15 | 03/31/15 | 10-Q | |
02/25/15 | 12/31/14 | 10-K | |
10/29/14 | 09/30/14 | 10-Q | |
07/23/14 | 06/30/14 | 10-Q | |
04/23/14 | 03/31/14 | 10-Q | |
02/25/14 | 12/31/13 | 10-K | |
10/30/13 | 09/30/13 | 10-Q | |
07/24/13 | 06/30/13 | 10-Q | |
04/24/13 | 03/31/13 | 10-Q | |
02/27/13 | 12/31/12 | 10-K | |
02/27/15 | 12/31/12 | 10-K/A | |
10/24/12 | 09/30/12 | 10-Q | |
07/25/12 | 06/30/12 | 10-Q | |
04/25/12 | 03/31/12 | 10-Q | |
02/29/12 | 12/31/11 | 10-K | |
10/26/11 | 09/30/11 | 10-Q | |
07/27/11 | 06/30/11 | 10-Q | |
04/27/11 | 03/31/11 | 10-Q | |
02/23/11 | 12/31/10 | 10-K | |
10/26/11 | 09/30/10 | 10-Q | |
07/28/10 | 06/30/10 | 10-Q | |
04/28/10 | 03/31/10 | 10-Q | |
02/24/10 | 12/31/09 | 10-K | |
10/28/09 | 09/30/09 | 10-Q | |
10/27/10 | 09/30/09 | 10-Q | |
07/29/09 | 06/30/09 | 10-Q | |
04/29/09 | 03/31/09 | 10-Q | |
02/25/09 | 12/31/08 | Unknown | -- |
10/29/08 | 09/30/08 | Unknown | -- |
07/23/08 | 06/30/08 | Unknown | -- |
04/23/08 | 03/30/08 | Unknown | -- |
02/27/08 | 12/31/07 | Unknown | -- |
10/24/07 | 09/30/07 | Unknown | -- |
07/25/07 | 06/30/07 | Unknown | -- |
04/25/07 | 03/30/07 | Unknown | -- |
02/28/07 | 12/31/06 | Unknown | -- |
10/25/06 | 09/30/06 | Unknown | -- |
07/26/06 | 06/30/06 | Unknown | -- |
04/26/06 | 03/30/06 | Unknown | -- |
03/01/06 | 12/31/05 | Unknown | -- |
10/26/05 | 09/30/05 | Unknown | -- |
07/27/05 | 06/30/05 | Unknown | -- |
05/04/05 | 03/30/05 | Unknown | -- |
03/02/05 | 12/31/04 | Unknown | -- |
11/03/04 | 09/30/04 | Unknown | -- |
08/02/04 | 06/30/04 | Unknown | -- |
05/04/04 | 03/30/04 | Unknown | -- |
03/08/04 | 12/31/03 | Unknown | -- |
11/12/03 | 09/30/03 | Unknown | -- |
08/08/03 | 06/30/03 | Unknown | -- |
05/12/03 | 03/30/03 | Unknown | -- |
03/10/03 | 12/31/02 | Unknown | -- |
11/13/02 | 09/30/02 | Unknown | -- |
08/13/02 | 06/30/02 | Unknown | -- |
05/09/02 | 03/30/02 | Unknown | -- |
03/14/02 | 12/31/01 | Unknown | -- |
11/09/01 | 09/30/01 | Unknown | -- |
08/13/01 | 06/30/01 | Unknown | -- |
05/09/01 | 03/30/01 | Unknown | -- |
03/15/01 | 12/31/00 | Unknown | -- |
11/02/00 | 09/30/00 | Unknown | -- |
08/04/00 | 06/30/00 | Unknown | -- |
05/02/00 | 03/30/00 | Unknown | -- |