Linde plc (LIN) 10-Year Financial Performance & Capital Metrics

LIN • • Industrial / General

Basic MaterialsSpecialty ChemicalsIndustrial Gases & Atmospheric ChemicalsIndustrial Gas Producers

AboutLinde plc operates as an industrial gas and engineering company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company also designs and constructs turnkey process plants for third-party customers, as well as for the gas businesses in various locations, such as olefin, natural gas, air separation, hydrogen, and synthesis gas plants. It serves a range of industries, including healthcare, energy, manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, chemicals, and water treatment. The company was founded in 1879 and is based in Woking, the United Kingdom.Show more

Revenue $33.01B +0.5%
EBITDA $12.38B +3.8%
Net Income $6.57B +5.9%
EPS (Diluted) 13.62 +8.2%
Gross Margin 36.61% +4.2%
EBITDA Margin 37.49% +3.3%
Operating Margin 26.04% +5.6%
Net Margin 19.89% +5.4%
ROE 16.29% +8.4%
ROIC 11.31% +3.7%
Debt/Equity 0.57 +15.8%
Interest Coverage 15.03 -9.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 23.5%
✓Strong Piotroski F-Score: 8/9
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 2.1% through buybacks
✓Healthy 5Y average net margin of 14.6%

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y10.4%

5Y3.18%

3Y2.34%

TTM1.45%

Profit (Net Income) CAGR

10Y14.51%

5Y23.5%

3Y19.72%

TTM11.12%

EPS CAGR

10Y9.04%

5Y26.59%

3Y22.94%

TTM13.36%

ROCE

10Y Avg10.03%

5Y Avg9.66%

3Y Avg11.88%

Latest13.15%

Peer Comparison

Industrial Gas Producers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LINLinde plc	205.48B	440.04	32.31	0.46%	21.17%	17.69%	2.4%	0.57
OLNOlin Corporation	2.7B	23.63	25.97	-4.29%	0.79%	2.7%	11.43%	1.53
HDSNHudson Technologies, Inc.	319.08M	7.42	14.27	-17.96%	9.6%	8.55%	27.11%	0.03
GUREGulf Resources, Inc.	6.17M	4.01	-0.07	-74.5%	-195.77%	-19.16%		0.06
APDAir Products and Chemicals, Inc.	59.2B	265.98	-150.27	-0.52%	-3.28%	-2.27%		1.06

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	10.78B	10.53B	11.44B	14.84B	28.23B	27.24B	30.79B	33.36B	32.85B	33.01B
Revenue Growth %	-0.12%	-0.02%	0.09%	0.3%	0.9%	-0.03%	0.13%	0.08%	-0.02%	0%
Cost of Goods Sold+	7.07B	6.98B	7.64B	10.85B	21.32B	20.01B	22.18B	23.65B	21.31B	20.92B
COGS % of Revenue	0.66%	0.66%	0.67%	0.73%	0.76%	0.73%	0.72%	0.71%	0.65%	0.63%
Gross Profit+	3.71B	3.55B	3.79B	3.99B	6.91B	7.23B	8.62B	9.71B	11.55B	12.08B
Gross Margin %	0.34%	0.34%	0.33%	0.27%	0.24%	0.27%	0.28%	0.29%	0.35%	0.37%
Gross Profit Growth %	-0.1%	-0.04%	0.07%	0.05%	0.73%	0.05%	0.19%	0.13%	0.19%	0.05%
Operating Expenses+	1.24B	1.24B	1.3B	1.74B	3.64B	3.35B	3.33B	3.25B	3.44B	3.49B
OpEx % of Revenue	0.11%	0.12%	0.11%	0.12%	0.13%	0.12%	0.11%	0.1%	0.1%	0.11%
Selling, General & Admin	1.15B	1.15B	1.21B	1.63B	3.46B	3.19B	3.19B	3.11B	3.29B	3.34B
SG&A % of Revenue	0.11%	0.11%	0.11%	0.11%	0.12%	0.12%	0.1%	0.09%	0.1%	0.1%
Research & Development	93M	92M	93M	113M	184M	152M	143M	143M	146M	150M
R&D % of Revenue	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%	0%	0%	0%	0%
Other Operating Expenses	-6M	0	0	0	0	0	0	0	0	0
Operating Income+	2.47B	2.31B	2.49B	2.24B	3.27B	3.89B	5.28B	6.46B	8.11B	8.6B
Operating Margin %	0.23%	0.22%	0.22%	0.15%	0.12%	0.14%	0.17%	0.19%	0.25%	0.26%
Operating Income Growth %	-0.09%	-0.06%	0.08%	-0.1%	0.46%	0.19%	0.36%	0.22%	0.25%	0.06%
EBITDA+	3.58B	3.44B	3.68B	4.07B	7.94B	8.52B	9.92B	10.66B	11.92B	12.38B
EBITDA Margin %	0.33%	0.33%	0.32%	0.27%	0.28%	0.31%	0.32%	0.32%	0.36%	0.37%
EBITDA Growth %	-0.08%	-0.04%	0.07%	0.11%	0.95%	0.07%	0.16%	0.08%	0.12%	0.04%
D&A (Non-Cash Add-back)	1.11B	1.12B	1.18B	1.83B	4.67B	4.63B	4.63B	4.2B	3.82B	3.78B
EBIT	2.16B	2.26B	2.57B	5.29B	3.43B	3.5B	5.26B	5.74B	8.48B	9.14B
Net Interest Income+	1M	-208M	-282M	-158M	-387M	-59M	-119M	-75M	-291M	-344M
Interest Income	1M	0	0	80M	112M	55M	40M	117M	197M	228M
Interest Expense	0	208M	282M	238M	499M	114M	159M	192M	488M	572M
Other Income/Expense	-268M	-226M	-158M	2.86B	-227M	-420M	-65M	-745M	50M	144M
Pretax Income+	2.2B	2.09B	2.33B	5.11B	3.04B	3.47B	5.22B	5.71B	8.15B	8.74B
Pretax Margin %	0.2%	0.2%	0.2%	0.34%	0.11%	0.13%	0.17%	0.17%	0.25%	0.26%
Income Tax+	612M	551M	1.03B	817M	769M	847M	1.26B	1.43B	1.81B	2B
Effective Tax Rate %	0.7%	0.72%	0.53%	0.86%	0.75%	0.72%	0.73%	0.73%	0.76%	0.75%
Net Income+	1.55B	1.5B	1.25B	4.38B	2.29B	2.5B	3.83B	4.15B	6.2B	6.57B
Net Margin %	0.14%	0.14%	0.11%	0.3%	0.08%	0.09%	0.12%	0.12%	0.19%	0.2%
Net Income Growth %	-0.09%	-0.03%	-0.17%	2.51%	-0.48%	0.09%	0.53%	0.08%	0.49%	0.06%
Net Income (Continuing)	1.59B	1.54B	1.31B	4.29B	2.27B	2.62B	3.96B	4.28B	6.34B	6.74B
Discontinued Operations	0	0	0	117M	109M	4M	5M	0	0	0
Minority Interest	517M	431M	504M	5.5B	2.56B	2.27B	1.41B	1.36B	1.38B	1.4B
EPS (Diluted)+	5.35	5.21	4.32	13.11	4.19	4.71	7.33	8.23	12.59	13.62
EPS Growth %	-0.07%	-0.03%	-0.17%	2.03%	-0.68%	0.12%	0.56%	0.12%	0.53%	0.08%
EPS (Basic)	5.39	5.25	4.36	13.26	4.22	4.75	7.40	8.30	12.70	13.71
Diluted Shares Outstanding	289.06M	287.76M	289.11M	334.13M	545.17M	531.16M	521.88M	504.04M	492.29M	482.09M
Basic Shares Outstanding	287M	285.68M	286.26M	330.4M	541.09M	526.74M	516.9M	499.74M	488.19M	478.77M
Dividend Payout Ratio	0.53%	0.57%	0.72%	0.27%	0.83%	0.81%	0.57%	0.57%	0.4%	0.4%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	2.63B	2.88B	3.29B	17.27B	10.35B	10.92B	10.16B	13.05B	12.62B	12.95B
Cash & Short-Term Investments	147M	524M	617M	4.47B	2.7B	3.75B	2.82B	5.44B	4.66B	4.85B
Cash Only	147M	524M	617M	4.47B	2.7B	3.75B	2.82B	5.44B	4.66B	4.85B
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	1.6B	1.64B	1.8B	4.83B	4.96B	4.59B	4.83B	4.91B	5.09B	5.06B
Days Sales Outstanding	54.23	56.86	57.57	118.83	64.2	61.5	57.24	53.69	56.57	55.98
Inventory	531M	550M	614M	1.65B	1.7B	1.73B	1.73B	1.98B	2.12B	1.95B
Days Inventory Outstanding	27.43	28.75	29.31	55.54	29.05	31.54	28.52	30.52	36.23	33.95
Other Current Assets	237M	57M	65M	5.79B	474M	335M	247M	128M	166M	508M
Total Non-Current Assets+	15.69B	16.45B	17.15B	76.11B	76.26B	77.31B	71.45B	66.61B	68.19B	67.2B
Property, Plant & Equipment	11B	11.48B	12.06B	29.72B	29.06B	28.71B	26B	23.55B	25.49B	25.76B
Fixed Asset Turnover	0.98x	0.92x	0.95x	0.50x	0.97x	0.95x	1.18x	1.42x	1.29x	1.28x
Goodwill	2.99B	3.12B	3.23B	26.87B	27.02B	28.2B	27.04B	25.82B	26.75B	25.94B
Intangible Assets	568M	583M	553M	16.22B	16.14B	16.18B	13.8B	12.42B	12.4B	11.33B
Long-Term Investments	677M	731M	739M	1.91B	2.07B	2.08B	2.64B	2.53B	2.38B	2.24B
Other Non-Current Assets	346M	359M	371M	876M	1.73B	1.86B	1.72B	2.06B	948M	1.94B
Total Assets+	18.32B	19.33B	20.44B	93.39B	86.61B	88.23B	81.61B	79.66B	80.81B	80.15B
Asset Turnover	0.59x	0.54x	0.56x	0.16x	0.33x	0.31x	0.38x	0.42x	0.41x	0.41x
Asset Growth %	-0.07%	0.06%	0.06%	3.57%	-0.07%	0.02%	-0.08%	-0.02%	0.01%	-0.01%
Total Current Liabilities+	1.89B	2.48B	3.31B	12.96B	12.16B	13.74B	13.64B	16.48B	15.72B	14.54B
Accounts Payable	791M	906M	922M	3.22B	3.27B	3.1B	3.5B	3B	3.02B	2.51B
Days Payables Outstanding	40.86	47.36	44.02	108.29	55.92	56.46	57.65	46.22	51.73	43.73
Short-Term Debt	256M	598M	1.22B	3.01B	3.26B	4B	2.87B	5.72B	5.98B	6.28B
Deferred Revenue (Current)	0	0	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	681M	786M	694M	5.19B	2.51B	3.37B	2.89B	3.19B	3.22B	1.27B
Current Ratio	1.39x	1.16x	0.99x	1.33x	0.85x	0.80x	0.74x	0.79x	0.80x	0.89x
Quick Ratio	1.11x	0.94x	0.81x	1.21x	0.71x	0.67x	0.62x	0.67x	0.67x	0.76x
Cash Conversion Cycle	40.8	38.25	42.87	66.08	37.34	36.58	28.11	38	41.07	46.19
Total Non-Current Liabilities+	11.52B	11.4B	10.61B	23.33B	22.82B	24.91B	22.52B	21.79B	24B	26.11B
Long-Term Debt	8.97B	8.92B	7.78B	12.29B	10.69B	12.15B	11.34B	12.2B	13.4B	15.34B
Capital Lease Obligations	0	-1.27B	4M	81M	716M	794M	747M	654M	715M	756M
Deferred Tax Liabilities	0	1.21B	1.17B	2.29B	-7.24B	-7.24B	-7B	0	5.75B	0
Other Non-Current Liabilities	2.54B	1.21B	2.82B	3.35B	11.41B	11.96B	10.44B	8.94B	3.09B	10.02B
Total Liabilities	13.41B	13.88B	13.91B	36.29B	34.98B	38.65B	36.16B	38.27B	39.72B	40.66B
Total Debt+	9.23B	9.52B	9B	15.3B	14.93B	17.22B	15.22B	18.79B	20.32B	22.61B
Net Debt	9.08B	8.99B	8.38B	10.83B	12.23B	13.47B	12.39B	13.36B	15.65B	17.76B
Debt / Equity	1.88x	1.75x	1.38x	0.27x	0.29x	0.35x	0.33x	0.45x	0.49x	0.57x
Debt / EBITDA	2.58x	2.77x	2.45x	3.75x	1.88x	2.02x	1.53x	1.76x	1.70x	1.83x
Net Debt / EBITDA	2.54x	2.62x	2.28x	2.66x	1.54x	1.58x	1.25x	1.25x	1.31x	1.44x
Interest Coverage	-	11.13x	8.84x	9.43x	6.55x	34.11x	33.23x	33.65x	16.61x	15.03x
Total Equity+	4.91B	5.45B	6.52B	57.1B	51.63B	49.58B	45.44B	41.39B	41.09B	39.49B
Equity Growth %	-0.21%	0.11%	0.2%	7.75%	-0.1%	-0.04%	-0.08%	-0.09%	-0.01%	-0.04%
Book Value per Share	16.97	18.95	22.56	170.88	94.71	93.35	87.07	82.11	83.48	81.91
Total Shareholders' Equity	4.39B	5.02B	6.02B	51.6B	49.07B	47.32B	44.03B	40.03B	39.72B	38.09B
Common Stock	4M	4M	4M	1M	1M	1M	1M	1M	1M	1M
Retained Earnings	12.23B	12.88B	13.22B	16.53B	16.84B	17.18B	18.71B	20.54B	8.85B	12.63B
Treasury Stock	-7.25B	-7.34B	-7.2B	-629M	-3.16B	-5.37B	-9.81B	-14.74B	-3.13B	-7.25B
Accumulated OCI	-4.6B	-4.6B	-4.1B	-4.46B	-4.81B	-4.69B	-5.05B	-5.78B	-5.8B	-6.89B
Minority Interest	517M	431M	504M	5.5B	2.56B	2.27B	1.41B	1.36B	1.38B	1.4B

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	2.68B	2.77B	3.04B	3.7B	6.19B	7.43B	9.72B	8.86B	9.3B	9.42B
Operating CF Margin %	0.25%	0.26%	0.27%	0.25%	0.22%	0.27%	0.32%	0.27%	0.28%	0.29%
Operating CF Growth %	-0.06%	0.03%	0.1%	0.22%	0.67%	0.2%	0.31%	-0.09%	0.05%	0.01%
Net Income	1.59B	1.54B	1.31B	4.29B	2.27B	2.62B	3.96B	4.28B	6.2B	6.57B
Depreciation & Amortization	1.11B	1.12B	1.18B	1.83B	4.67B	4.63B	4.63B	4.2B	3.82B	3.78B
Stock-Based Compensation	30M	39M	59M	62M	95M	133M	128M	107M	141M	0
Deferred Taxes	-59M	-5M	634M	-248M	-314M	-222M	6M	-319M	-84M	-142M
Other Non-Cash Items	76M	33M	-52M	-2.43B	-452M	34M	-72M	789M	-284M	291M
Working Capital Changes	-62M	46M	-92M	202M	-88M	236M	1.07B	-198M	-483M	-1.07B
Change in Receivables	1M	-33M	-92M	-124M	80M	19M	-553M	-423M	-86M	-160M
Change in Inventory	-23M	-13M	-22M	-4M	-81M	18M	-129M	-347M	-127M	56M
Change in Payables	47M	86M	-46M	383M	-174M	109M	447M	307M	-102M	-277M
Cash from Investing+	-1.3B	-1.77B	-1.31B	5.34B	1.13B	-2.99B	-3.01B	-3.09B	-4.67B	-4.64B
Capital Expenditures	-1.54B	-1.47B	-1.31B	-1.88B	-3.68B	-3.4B	-3.09B	-3.17B	-3.79B	-4.5B
CapEx % of Revenue	0.14%	0.14%	0.11%	0.13%	0.13%	0.12%	0.1%	0.1%	0.12%	0.14%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	320M	58M	30M	-23M	-60M	0	0	0	0	170M
Cash from Financing+	-1.3B	-643M	-1.66B	-5B	-8.99B	-3.35B	-7.59B	-3.09B	-5.4B	-4.36B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-819M	-856M	-901M	-1.17B	-1.89B	-2.03B	-2.19B	-2.34B	-2.48B	-2.65B
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-9M	84M	-92M	-323M	-3.18B	-220M	-323M	-88M	-20M	-420M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	1.14B	1.31B	1.73B	1.82B	2.51B	4.03B	6.64B	5.69B	5.52B	4.93B
FCF Margin %	0.11%	0.12%	0.15%	0.12%	0.09%	0.15%	0.22%	0.17%	0.17%	0.15%
FCF Growth %	-0.03%	0.15%	0.32%	0.05%	0.38%	0.61%	0.65%	-0.14%	-0.03%	-0.11%
FCF per Share	3.95	4.55	5.98	5.44	4.60	7.59	12.72	11.29	11.21	10.22
FCF Conversion (FCF/Net Income)	1.73x	1.85x	2.44x	0.85x	2.71x	2.97x	2.54x	2.14x	1.50x	1.44x
Interest Paid	174M	189M	184M	214M	275M	322M	233M	170M	451M	443M
Taxes Paid	420M	585M	565M	-757M	1.36B	1.07B	1.71B	1.74B	1.96B	2.22B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	27.89%	28.96%	20.83%	13.77%	4.2%	4.94%	8.05%	9.55%	15.03%	16.29%
Return on Invested Capital (ROIC)	12.65%	12.21%	12.74%	4.06%	3.72%	4.6%	6.56%	8.61%	10.9%	11.31%
Gross Margin	34.43%	33.72%	33.16%	26.87%	24.48%	26.55%	27.98%	29.1%	35.14%	36.61%
Net Margin	14.36%	14.24%	10.9%	29.53%	8.09%	9.18%	12.42%	12.43%	18.87%	19.89%
Debt / Equity	1.88x	1.75x	1.38x	0.27x	0.29x	0.35x	0.33x	0.45x	0.49x	0.57x
Interest Coverage	-	11.13x	8.84x	9.43x	6.55x	34.11x	33.23x	33.65x	16.61x	15.03x
FCF Conversion	1.73x	1.85x	2.44x	0.85x	2.71x	2.97x	2.54x	2.14x	1.50x	1.44x
Revenue Growth	-12.2%	-2.25%	8.57%	29.72%	90.27%	-3.49%	13.03%	8.35%	-1.53%	0.46%

Revenue by Segment

	2018	2019	2020	2021	2022	2023	2024
Americas	-	10.99B	10.46B	12.1B	13.87B	14.3B	14.44B
Americas Growth	-	-	-4.86%	15.72%	14.63%	3.10%	0.96%
EMEA	-	6.64B	6.45B	7.64B	8.44B	8.54B	8.35B
EMEA Growth	-	-	-2.92%	18.51%	10.47%	1.17%	-2.22%
APAC	-	5.84B	5.69B	6.13B	6.48B	6.56B	6.63B
APAC Growth	-	-	-2.60%	7.84%	5.66%	1.22%	1.11%
Engineering	-	2.8B	2.85B	2.87B	2.76B	2.16B	2.32B
Engineering Growth	-	-	1.86%	0.56%	-3.66%	-21.80%	7.50%
Atmospheric gases and related	8.38B	-	-	-	-	-	-
Atmospheric gases and related Growth	-	-	-	-	-	-	-
Process gases and other	2.97B	-	-	-	-	-	-
Process gases and other Growth	-	-	-	-	-	-	-
Linde Aktiengesellschaft	2.87B	-	-	-	-	-	-
Linde Aktiengesellschaft Growth	-	-	-	-	-	-	-
Surface Technologies	682M	-	-	-	-	-	-
Surface Technologies Growth	-	-	-	-	-	-	-

Revenue by Geography

	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	5.94B	8.6B	8.47B	9.12B	10.55B	10.57B	11.5B
UNITED STATES Growth	-	44.80%	-1.50%	7.65%	15.67%	0.12%	8.81%
Other International	3.56B	10.21B	9.48B	11.07B	12.02B	12.76B	10.85B
Other International Growth	-	187.26%	-7.21%	16.84%	8.55%	6.17%	-15.02%
CHINA	1.03B	2B	2.06B	2.56B	2.64B	2.58B	2.65B
CHINA Growth	-	94.28%	2.79%	24.31%	3.16%	-2.19%	2.48%
GERMANY	868M	3.63B	3.74B	3.6B	3.66B	2.83B	2.51B
GERMANY Growth	-	318.20%	3.03%	-3.72%	1.69%	-22.80%	-11.25%
UNITED KINGDOM	-	1.65B	1.59B	2.06B	1.95B	1.51B	1.54B
UNITED KINGDOM Growth	-	-	-3.51%	29.15%	-5.15%	-22.88%	2.19%
AUSTRALIA	-	1.13B	1.07B	1.31B	1.37B	1.3B	1.35B
AUSTRALIA Growth	-	-	-4.97%	22.04%	4.97%	-5.03%	3.91%
MEXICO	-	-	-	-	-	-	1.35B
MEXICO Growth	-	-	-	-	-	-	-
BRAZIL	1.07B	994M	822M	1.06B	1.16B	1.3B	1.26B
BRAZIL Growth	-	-6.84%	-17.30%	29.56%	8.73%	12.44%	-3.00%

Frequently Asked Questions

Valuation & Price

Linde plc (LIN) has a price-to-earnings (P/E) ratio of 32.3x. This suggests investors expect higher future growth.

Growth & Financials

Linde plc (LIN) reported $33.50B in revenue for fiscal year 2024. This represents a 198% increase from $11.25B in 2011.

Linde plc (LIN) grew revenue by 0.5% over the past year. Growth has been modest.

Yes, Linde plc (LIN) is profitable, generating $7.09B in net income for fiscal year 2024 (19.9% net margin).

Dividend & Returns

Yes, Linde plc (LIN) pays a dividend with a yield of 1.25%. This makes it attractive for income-focused investors.

Linde plc (LIN) has a return on equity (ROE) of 16.3%. This is reasonable for most industries.

Linde plc (LIN) generated $5.08B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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