Linde plc
LINFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$8.8B
Q1 2026 · +8.3% YoY
TTM ROIC
25.9%
FY2024 · Management ROCE: Adjusted EBIT ÷ (Total Assets - Current Liabilities) · WACC ~7% · Moat spread +18.9pp
Financial Snapshot
ticker: LIN step: 04 generated: 2026-05-12 source: quick-research
Linde plc (LIN) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|
| Sales | $32.9B | $33.0B | $34.0B | +3% |
| Underlying Sales Growth | +4% | +2% | +3% | |
| Adj. Operating Margin | 27.6% | 29.5% | 29.8% | +30bps |
| Adj. Operating Profit | $9.1B | $9.7B | $10.1B | +4% |
| Adj. EPS | $14.20 | $15.65 | $16.46 | +6% (XFX: +8%) |
| ROE | ~17% | ~18% | ~18% |
Q1 2026 Highlights
| Metric | Q1 2026 | YoY |
|---|---|---|
| Sales | $8.78B | +8% |
| Underlying Sales Growth | +3% | (2% price, 1% volume) |
| Adj. EPS | $4.31 | +6% |
Project Backlog
| Metric | Value |
|---|---|
| Total project backlog | $10.0B |
| % in clean energy / hydrogen | |
| Contractual sale-of-gas portion | $7.1B |
| Typical contract life | 15-20 years take-or-pay |
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$10B |
| Capital Expenditures | ~$5.0-5.5B (growth + maintenance) |
| Free Cash Flow | ~$5B |
| Cash & Equivalents | ~$5B |
| Total Debt | ~$22B |
| Debt-to-Capital | ~30% |
Key Ratios (approximate, May 2026)
- P/E (forward): ~26x | EV/EBITDA: ~16x | Dividend Yield: ~1.3%
- ROIC: ~14% (vs. APD ~10%) — industry-leading
- Adjusted Operating Margin: 29.8% (vs APD ~22%)
- Free Cash Flow Margin: ~15%
Growth Profile
Linde operates the industrial gas industry's best-execution playbook: ~3% organic sales growth + ~10% EPS growth via margin expansion + buybacks. FY2025 hit 29.8% adjusted operating margin — among the best in industrials globally. Project backlog of $10B (2/3 in clean energy / hydrogen) provides multi-year revenue visibility under 15-20 year take-or-pay contracts. Q1 FY26 ATR/TNS startup slipped a quarter into Q1 2027 due to subcontractor challenges on US Gulf Coast — minor delay in otherwise robust execution.
Forward Estimates
- FY2026E Sales: ~$36-37B
- FY2026E Adj. EPS: ~$17.50-18.00 (+8-10% XFX)
- FY2027E Adj. EPS: ~$19.50-20.00
- Long-term EPS growth target: ~10% per year XFX
Capital Return
- Quarterly dividend $1.50/share = $6 annual = ~$2.7B paid
- Share buybacks: ~$5B annual run-rate
- Total shareholder returns 2024: $7.1B
- Dividend Aristocrat status — grown each year since Praxair predecessor track record
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $LIN.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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