# Linde plc (LIN) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/LIN/thesis · /stocks/LIN/memo

## 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 | ~67% (~$6.7B) |
| 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/LIN/fundamental

## Navigation

- Overview: /stocks/LIN
- Financials (this page): /stocks/LIN/financials
- Thesis: /stocks/LIN/thesis
- Investment Memo: /stocks/LIN/memo
- Coverage universe: /stocks