Upside case
Bull case
$742+48.3%
LIN would need investors to value it at roughly 42x earnings — about 14x more generous than today's 28x forward P/E. That requires meaningful multiple expansion on top of continued earnings growth.
Analysis OverviewBuyUpdated May 1, 2026
Linde plc (LIN) Stock Analysis
Wall Street verdict, consensus price target, and analyst rating breakdown — everything needed to frame the risk/reward at today's price.
Analyst consensus
Buy
Covering
28
analysts
24 bullish · 0 bearish · 28 covering LIN
Strong Buy
0
Buy
24
Hold
4
Sell
0
Strong Sell
0
Consensus Target
$540
+7.9% vs today
Scenario Range
$227 – $742
Model bear to bull value window
Coverage
28
Published analyst ratings
Valuation Context
28.0x
Forward P/E · Market cap $231.9B
LIN price targets
Three scenarios for where LIN stock could go
Current
~$500
Confidence
65 / 100
Updated
May 1, 2026
Where we are now
Current · $500
Bear
$227
Base
$635
Bull
$742
Market caseClosest to today
Base case
$635+26.8%
At 36x on FY1 earnings, the base case reflects a reasonable but not stretched valuation. It prices in continued growth without assuming an exceptional setup.
Stress case
Bear case
$227-54.6%
If investor confidence fades or macro conditions deteriorate, a 15x multiple contraction could push LIN down roughly 55% from where it trades now.
Not financial advice. Model confidence reflects internal scenario assumptions, not a guarantee of returns. Past performance does not predict future results.
Linde plc
LIN · NASDAQBasic MaterialsChemicals - SpecialtyDecember year-end
Linde is a global industrial gas and engineering company that produces atmospheric gases like oxygen and nitrogen, process gases including hydrogen and helium, and builds gas production plants. It generates revenue primarily from on-site gas supply contracts (~60% of sales), merchant gas sales (~25%), and engineering project construction (~15%). The company's moat lies in its massive scale, long-term customer contracts, and extensive pipeline networks that create high switching costs for industrial clients.
Market Cap
$231.9B
Revenue TTM
$34.7B
Net Income TTM
$7.1B
Net Margin
20.6%
LIN Revenue and Earnings Performance
Quarterly beat-or-miss track record against analyst estimates, plus forward revenue and EPS outlook for the next two fiscal years.
EPS Beat Rate
100%Exceptional
12 quarters tracked
Revenue Beat Rate
33%Exceptional
vs consensus estimates
Avg EPS Surprise
+1.5%
above Street consensus
Beat / Miss Record
BeatMissLeft = EPS · Right = Revenue
Q3 2025
Q4 2025
Q1 2026
Q2 2026
Last 4 Quarters
EPS beats: 4 of 4Q3 2025
EPS
$4.09/$4.03
Revenue
$8.5B/$8.4B
Q4 2025
EPS
$4.21/$4.18
Revenue
$8.6B/$8.6B
Q1 2026
EPS
$4.20/$4.18
Revenue
$8.8B/$8.6B
Q2 2026
EPS
$4.33/$4.27
Revenue
$8.8B/$8.6B
| Quarter | EPS (Actual / Est) | EPS Surprise | Revenue (Actual / Est) | Rev Surprise |
|---|---|---|---|---|
| Q3 2025 | $4.09/$4.03 | +1.5% | $8.5B/$8.4B | +1.6% |
| Q4 2025 | $4.21/$4.18 | +0.7% | $8.6B/$8.6B | -0.1% |
| Q1 2026 | $4.20/$4.18 | +0.5% | $8.8B/$8.6B | +1.4% |
| Q2 2026 | $4.33/$4.27 | +1.4% | $8.8B/$8.6B | +2.1% |
FY1–FY2 Estimates
Revenue Outlook
FY1
$35.6B
+2.7% YoY
FY2
$36.8B
+3.5% YoY
EPS Outlook
FY1
$17.21
+12.6% YoY
FY2
$18.50
+7.5% YoY
Trailing FCF (TTM)$5.1B
FCF Margin: 14.7%
Next Earnings
—
Expected EPS
—
Expected Revenue
—
LIN beat EPS estimates in 4 of 4 tracked quarters. A perfect track record raises the bar for the upcoming report.
LIN Revenue Breakdown by Segment
Product and geographic revenue mix from the latest annual disclosure, with year-over-year growth by segment.
Latest disclosure
FY 2025
Total disclosed revenue $33.1B
Product Mix
Latest annual revenue by segment or product family
Americas Segment
45.9%
+5.3% YoY
Tap, hover, or focus a slice to inspect segment detail.
Geographic Mix
Latest annual revenue by reported region
UNITED STATES
35.8%
+6.0% YoY
Tap, hover, or focus a slice to inspect segment detail.
Americas Segment is the largest disclosed segment at 45.9% of FY 2025 revenue, up 5.3% YoY.
UNITED STATES is the largest reported region at 35.8%, up 6.0% YoY.
LIN Valuation Snapshot
Current multiples compared to the S&P 500, the company's sector, and its own five-year average.
Relative Value Signal
Overvalued
Fair value est. $388 — implies -23.5% from today's price.
Premium to Fair Value
23.5%
above fair value
Deep DiscountFair ValueVery Expensive
vs S&P 500 Trailing P/E
LIN
34.3x
vs
S&P 500
25.1x
+37% premium
vs Basic Materials Trailing P/E
LIN
34.3x
vs
Basic Materials
22.3x
+54% premium
vs LIN 5Y Avg P/E
Today
34.3x
vs
5Y Average
35.9x
In line with benchmark
Forward PE
28.0x
S&P 500
19.1x
+47%
Basic Materials
15.2x
+84%
5Y Avg
—
—
Trailing PE
34.3x
S&P 500
25.1x
+37%
Basic Materials
22.3x
+54%
5Y Avg
35.9x
-4%
PEG Ratio
1.35x
S&P 500
1.72x
-21%
Basic Materials
1.17x
+15%
5Y Avg
—
—
EV/EBITDA
20.0x
S&P 500
15.2x
+31%
Basic Materials
11.0x
+82%
5Y Avg
17.9x
+12%
Price/FCF
45.6x
S&P 500
21.1x
+116%
Basic Materials
25.6x
+78%
5Y Avg
34.6x
+32%
Price/Sales
6.8x
S&P 500
3.1x
+118%
Basic Materials
1.9x
+260%
5Y Avg
5.8x
+18%
Dividend Yield
1.20%
S&P 500
1.87%
-36%
Basic Materials
1.32%
-9%
5Y Avg
1.32%
-9%
| Metric | LIN | S&P 500 | Basic Materials | 5Y Avg LIN |
|---|---|---|---|---|
| Forward PE | 28.0x | 19.1x+47% | 15.2x+84% | — |
| Trailing PE | 34.3x | 25.1x+37% | 22.3x+54% | 35.9x |
| PEG Ratio | 1.35x | 1.72x-21% | 1.17x+15% | — |
| EV/EBITDA | 20.0x | 15.2x+31% | 11.0x+82% | 17.9x+12% |
| Price/FCF | 45.6x | 21.1x+116% | 25.6x+78% | 34.6x+32% |
| Price/Sales | 6.8x | 3.1x+118% | 1.9x+260% | 5.8x+18% |
| Dividend Yield | 1.20% | 1.87% | 1.32% | 1.32% |
LIN trades above S&P 500 benchmarks on 5 of 6 measured multiples — commands a broad premium across most valuation dimensions.
Forward P/E and PEG reflect analyst consensus estimates. Historical averages use trailing ratios where forward data is unavailable.S&P 500 and sector benchmarks both use trailing median P/E — similar readings indicate the broader index and sector are priced alike.
Open valuation toolLIN Financial Health
Verdict
Strong
LIN generates $5.1B in free cash flow at a 14.7% margin — 11.3% ROIC signals a durable competitive advantage · returns 3.2% of market cap to shareholders annually.
Cash Engine
Revenue, margins, and cash generation
Revenue (TTM)
Trailing-twelve-month sales base
$34.7B
Revenue Growth
TTM vs prior year
+5.0%
Gross Margin
Gross profit as a share of revenue
46.0%
Operating Margin
Operating income divided by revenue
28.8%
Net Margin
Net income divided by revenue
20.6%
EPS (TTM)
Diluted earnings per share, trailing twelve months
$15.28
Free Cash Flow (TTM)
Cash generation after capex
$5.1B
FCF Margin
FCF as share of revenue — the primary cash quality signal
14.7%
Capital Quality
ROIC, leverage, and debt serviceability
ROIC
Return on invested capital — primary competitive quality signal
11.3%
ROA
Return on assets, trailing twelve months
8.3%
Cash & Equivalents
Liquid assets on the balance sheet
$5.1B
Net Debt
Total debt minus cash
$21.9B
Debt Serviceability
Net debt as a multiple of annual free cash flow
4.3× FCF
~4.3 years to full repayment at current FCF run-rate
ROE
Return on equity, trailing twelve months
17.8%
Shareholder Returns
How capital is returned to owners
Total shareholder yield
3.2%
Dividend
1.2%
Buyback
2.0%
Share Repurchases
Trailing buyback outflow — dollar magnitude of capital returned
$4.6B
Dividend / Share
Annualized trailing dividend per share
$6.00
Payout Ratio
Share of earnings distributed as dividends
40.8%
Shares Outstanding
Declining as buybacks retire shares
463M
All figures from the trailing twelve months. ROIC uses invested capital (equity + net debt).
Open full ratios pageLIN Stock Risk Factors
Key factors that could pressure the stock price, compress the multiple, or weigh on future results.
AI analysis · updated April 11, 2026
High Risk
Global Recession Impact
A severe global recession could materially reduce Linde’s EBITDA, as demand for industrial gases falls. Political and economic uncertainty may also curb customer investment activities, further compressing earnings.
Medium
Industrial End‑Market Softness
Weakening performance in Asia‑Pacific and Europe, especially in cyclical sectors such as chemicals, energy, and metals, could dampen sales volumes and margin pressure.
Medium
Healthcare Segment Decline
Revenue in the U.S. home‑care segment of the healthcare sector has been declining, exposing Linde to reduced diversification and potential revenue erosion.
Medium
Operational & Construction Risks
Reliance on uninterrupted plant operations and timely, on‑budget completion of new construction projects means any downtime or cost overruns could erode profit margins and increase liability exposure.
Medium
Capital Market Volatility
Fluctuations in credit and equity markets may raise borrowing costs or limit access to capital, constraining growth initiatives and refinancing options.
Lower
Supply‑Chain & Pricing Pressures
Flat pricing in certain regions and potential helium oversupply could squeeze margins, while rare‑gas pricing pressures add further cost uncertainty.
Lower
Competitive & Oversupply Risks
Intense competition and regional gas oversupply could erode market share and compress pricing power.
These are risk mechanisms, not predictions. The key question is which would force a cut to earnings estimates or a lower multiple than the market currently prices in.
Why LIN Stock Could Outperform
Structural drivers behind the upside case and why the stock could outperform over the next 12 months.
AI analysis · updated April 11, 2026
Strong Growth and Performance
Linde posted an all‑time high EPS of $4.21 in Q3 2025, with revenues reaching $8.6 billion—a 3% year‑over‑year increase. The company has delivered a 23% net income CAGR over the past five years, driven by successful integration, scale, and execution.
Resilience and Pricing Power
Linde has expanded its valuation multiple even during economic downturns, demonstrating resilience. Effective pricing strategies have bolstered margins, and operating cash flow grew 8% year‑over‑year.
Dominant Market Position
Linde is the leading player in the industrial gases market, benefiting from scale advantages and strong profitability. Its competent management team and high‑quality compounder status position the company well for long‑term success.
Shareholder Returns and Dividend Growth
The company achieved its 32nd consecutive year of dividend growth in 2025, with free cash flow sufficient to fund dividends and share repurchases. This track record underscores Linde’s commitment to rewarding shareholders.
A real bull case compounds — each driver matters most when it strengthens margins, supports capital returns, and keeps the company above the market's minimum growth bar simultaneously.
LIN Stock Price Performance
52-week range context and price returns across multiple time horizons. Dividend contribution is shown separately in the Capital Return section.
Current Price
$500.39
52W Range Position
84%
52-Week Range
Current price plotted between the 52-week low and high.
52-Week Low
$387.78
+29.0% from the low
52-Week High
$521.28
-4.0% from the high
1 Month
+0.18%
3 Month
+8.85%
YTD
+16.6%
1 Year
+10.6%
3Y CAGR
+11.0%
5Y CAGR
+11.4%
10Y CAGR
+16.0%
Range context matters because valuation compression and earnings misses rarely hit from the same starting point. A stock already far below its high can still fall, but it is no longer carrying the same embedded optimism as one pressing a fresh peak.
LIN vs Peers
Valuation, growth, and margin comparison against the closest publicly traded peers for this company.
Peer Set
Accurate peer set
Forward PE
28.0x
vs 23.1x median
+21% above peer median
Revenue Growth
+2.7%
vs +1.3% median
+102% above peer median
Net Margin
20.6%
vs 10.9% median
+89% above peer median
| Company | Mkt Cap | Fwd PE | Rev Grw | Margin | Rating | Upside |
|---|---|---|---|---|---|---|
LIN LIN Linde plc | $231.9B | 28.0x | +2.7% | 20.6% | Buy | +7.9% |
APD APD Air Products and Chemicals, Inc. | $67.7B | 23.1x | +0.9% | 16.9% | Buy | +2.9% |
ALB ALB Albemarle Corporation | $22.9B | 22.0x | -13.1% | -10.7% | Hold | -2.1% |
ECL ECL Ecolab Inc. | $72.8B | 30.8x | +6.8% | 12.9% | Buy | +27.0% |
PPG PPG PPG Industries, Inc. | $23.8B | 13.5x | +1.3% | 9.8% | Buy | +20.0% |
SHW SHW The Sherwin-Williams Company | $77.1B | 26.6x | +2.9% | 10.9% | Buy | +24.6% |
This peer comparison reflects companies with similar business models, product lines, or market positioning, supplemented by industry grouping when direct matches are limited.
LIN Dividend and Capital Return
LIN returns capital mainly through $4.6B/year in buybacks (2.0% buyback yield), with a modest 1.20% dividend — combining for 3.2% total shareholder yield. The dividend has grown for 33 consecutive years.
Dividend SustainableFCF Adequate
Total Shareholder Yield
3.2%
Dividend + buyback return per year
Buyback Yield
2.0%
Dividend Yield
1.20%
Payout Ratio
40.8%
How LIN Splits Its Return
Div 1.20%
Buyback 2.0%
Dividend 1.20%Buybacks 2.0%
Dividend Profile
Yield, cadence, and growth quality
Dividend / Share
Trailing annualized cash dividend
$6.00
Growth Streak
Consecutive years of dividend increases
33Y
3Y Div CAGR
8.6%
5Y Div CAGR
9.3%
Ex-Dividend Date
—
Payment Cadence
Semi-Annual
5 payments over the last 12 months
Buyback Engine
How much per-share support comes from repurchases
Repurchases (TTM)
Cash used for buybacks in the latest trailing period
$4.6B
Estimated Shares Retired
9M
Approx. Share Reduction
2.0%
Shares Outstanding
Current diluted share count from the screening snapshot
463M
At 2.0%/year, buybacks mechanically lift EPS even with flat earnings — each remaining share represents a slightly larger piece of the company.
| Year | Div / Share | YoY Grw | BB Yield | Total Yield |
|---|---|---|---|---|
| 2026 | $3.20 | — | — | — |
| 2025 | $6.00 | +7.9% | 2.3% | 3.7% |
| 2024 | $5.56 | +9.0% | 2.2% | 3.5% |
| 2023 | $5.10 | +9.0% | 2.0% | 3.2% |
| 2022 | $4.68 | +10.4% | 3.1% | 4.6% |
FAQ
7 questionsLIN Investor Questions
Common questions answered from live analyst data and company financials.
01Is Linde plc (LIN) stock a buy or sell in 2026?
Linde plc (LIN) is rated Buy by Wall Street analysts as of 2026. Of 28 analysts covering the stock, 24 rate it Buy or Strong Buy, 4 rate it Hold, and 0 rate it Sell or Strong Sell. The consensus 12-month price target is $540, implying +7.9% from the current price of $500. The bear case scenario is $227 and the bull case is $742.
02What is the LIN stock price target for 2026?
The Wall Street consensus price target for LIN is $540 based on 28 analyst estimates. The high-end target is $579 (+15.7% from today), and the low-end target is $501 (+0.1%). The base case model target is $635.
03Is Linde plc (LIN) stock overvalued in 2026?
LIN trades at 28.0x times forward earnings. The stock trades at a notable premium to the broad market, which is typical for businesses with strong free cash flow and above-average growth expectations. Based on current multiples versus the peer group, the relative model signals overvalued. Whether the stock is over or undervalued ultimately depends on whether consensus earnings estimates are achievable.
04What are the main risks for Linde plc (LIN) stock in 2026?
The primary risks for LIN in 2026 are: (1) Global Recession Impact — A severe global recession could materially reduce Linde’s EBITDA, as demand for industrial gases falls. (2) Industrial End‑Market Softness — Weakening performance in Asia‑Pacific and Europe, especially in cyclical sectors such as chemicals, energy, and metals, could dampen sales volumes and margin pressure. (3) Healthcare Segment Decline — Revenue in the U. Each factor has the potential to pressure earnings or compress the stock's valuation multiple.
05What is Linde plc's revenue and earnings forecast?
Analyst consensus estimates LIN will report consensus revenue of $35.6B (+2.7% year-over-year) and EPS of $17.21 (+12.6% year-over-year) for the upcoming fiscal year. The following year, analysts project $36.8B in revenue.
06When does Linde plc (LIN) report its next earnings?
A confirmed upcoming earnings date for LIN is not yet available. Check the Earnings section above for the most recent quarterly report dates and forward estimates.
07How much free cash flow does Linde plc generate?
Linde plc (LIN) generated $5.1B in free cash flow over the trailing twelve months — a free cash flow margin of 14.7%. LIN returns capital to shareholders through dividends (1.2% yield) and share repurchases ($4.6B TTM).