Linde plc (LIN) Financial Ratios
30 years of historical data (1996–2025) · Basic Materials · Chemicals - Specialty
EV/EBITDA
↓
19.99
+12% vs avg
5yr avg: 17.93
30Y Low6.9·High19.5
P/FCF
↑
45.56
↑+32% vs avg
5yr avg: 34.60
30Y Low18.9·High82.1
P/B Ratio
↑
5.90
↑+28% vs avg
5yr avg: 4.60
30Y Low0.9·High6.9
ROE
↑
17.4%
↓+31% vs avg
5yr avg: 13.3%
30Y Low4%·High29%
Debt/EBITDA
↑
2.13
+19% vs avg
5yr avg: 1.79
30Y Low1.5·High3.8
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
LIN Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Linde plc trades at 34.3x earnings, roughly in line with its 5-year average of 35.9x, sitting at the 83rd percentile of its historical range. Compared to the Basic Materials sector median P/E of 22.3x, the stock trades at a premium of 54%. On a free-cash-flow basis, the stock trades at 45.6x P/FCF, 32% above the 5-year average of 34.6x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $231.9B | $199.8B | $201.8B | $202.2B | $164.4B | $180.8B | $140.0B | $116.1B | $52.1B | $44.7B | $33.7B |
| Enterprise Value | $253.8B | $221.8B | $219.6B | $217.8B | $177.8B | $193.2B | $153.4B | $128.3B | $63.0B | $53.1B | $42.7B |
| P/E Ratio → | 34.30 | 29.22 | 30.74 | 32.62 | 39.63 | 47.26 | 55.95 | 50.81 | 11.90 | 35.81 | 22.49 |
| P/S Ratio | 6.82 | 5.88 | 6.12 | 6.15 | 4.93 | 5.87 | 5.14 | 4.11 | 3.51 | 3.91 | 3.20 |
| P/B Ratio | 5.90 | 5.03 | 5.11 | 4.92 | 3.97 | 3.98 | 2.82 | 2.25 | 0.91 | 6.86 | 6.19 |
| P/FCF | 45.56 | 39.27 | 40.97 | 36.64 | 28.89 | 27.23 | 34.74 | 46.32 | 28.66 | 25.85 | 25.78 |
| P/OCF | 22.40 | 19.31 | 21.42 | 21.73 | 18.55 | 18.59 | 18.84 | 18.76 | 14.08 | 14.71 | 12.16 |
P/E links to full P/E history page with 30-year chart
LIN EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Linde plc's enterprise value stands at 20.0x EBITDA, 12% above its 5-year average of 17.9x. The Basic Materials sector median is 11.0x, placing the stock at a 82% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.53 | 6.65 | 6.63 | 5.33 | 6.27 | 5.63 | 4.55 | 4.24 | 4.64 | 4.05 |
| EV / EBITDA | 19.99 | 17.47 | 17.75 | 18.27 | 16.67 | 19.48 | 18.02 | 16.15 | 15.46 | 14.45 | 12.43 |
| EV / EBIT | 28.41 | 24.15 | 24.02 | 25.70 | 31.00 | 36.74 | 43.86 | 37.45 | 11.91 | 20.67 | 18.93 |
| EV / FCF | — | 43.58 | 44.58 | 39.48 | 31.24 | 29.10 | 38.08 | 51.20 | 34.62 | 30.70 | 32.66 |
LIN Profitability
Margins and return-on-capital ratios measuring operating efficiency
Linde plc earns an operating margin of 26.3%, significantly above the Basic Materials sector average of 9.2%. Operating margins have expanded from 24.7% to 26.3% over the past 3 years, signaling improving operational efficiency. ROE of 17.4% indicates solid capital efficiency. ROIC of 11.3% represents solid returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.3% | 43.3% | 36.6% | 35.1% | 29.1% | 28.0% | 26.6% | 24.5% | 26.9% | 33.2% | 33.7% |
| Operating Margin | 26.3% | 26.3% | 26.0% | 24.7% | 19.4% | 17.2% | 14.3% | 11.6% | 15.1% | 21.8% | 22.0% |
| Net Profit Margin | 20.3% | 20.3% | 19.9% | 18.9% | 12.4% | 12.4% | 9.2% | 8.1% | 29.5% | 10.9% | 14.2% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 16.3% | 15.0% | 9.6% | 8.1% | 4.9% | 4.2% | 13.8% | 20.8% | 29.0% |
| ROA | 8.3% | 8.3% | 8.2% | 7.7% | 5.1% | 4.5% | 2.9% | 2.5% | 7.7% | 6.3% | 8.0% |
| ROIC | 11.3% | 11.3% | 11.3% | 10.9% | 8.6% | 6.6% | 4.6% | 3.7% | 4.1% | 12.7% | 12.2% |
| ROCE | 13.0% | 13.0% | 13.2% | 12.6% | 9.9% | 7.4% | 5.2% | 4.2% | 4.6% | 14.7% | 13.9% |
LIN Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Linde plc carries a Debt/EBITDA ratio of 2.1x, which is manageable (15% below the sector average of 2.5x). Net debt stands at $21.9B ($27.0B total debt minus $5.1B cash). Interest coverage of 43.3x signals virtually no risk of debt distress — earnings comfortably cover interest obligations.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.68 | 0.68 | 0.57 | 0.49 | 0.45 | 0.33 | 0.35 | 0.29 | 0.27 | 1.38 | 1.75 |
| Debt / EBITDA | 2.13 | 2.13 | 1.83 | 1.70 | 1.76 | 1.53 | 2.02 | 1.88 | 3.75 | 2.45 | 2.77 |
| Net Debt / Equity | — | 0.55 | 0.45 | 0.38 | 0.32 | 0.27 | 0.27 | 0.24 | 0.19 | 1.29 | 1.65 |
| Net Debt / EBITDA | 1.73 | 1.73 | 1.44 | 1.31 | 1.25 | 1.25 | 1.58 | 1.54 | 2.66 | 2.28 | 2.62 |
| Debt / FCF | — | 4.31 | 3.61 | 2.84 | 2.35 | 1.87 | 3.34 | 4.88 | 5.95 | 4.85 | 6.87 |
| Interest Coverage | 43.32 | 43.32 | 15.98 | 17.37 | 29.87 | 33.07 | 30.68 | 6.87 | 22.21 | 9.11 | 10.85 |
LIN Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
The current ratio of 0.88x is below 1.0, meaning current liabilities exceed current assets — though the company's $5.1B cash position helps mitigate short-term liquidity concerns. The current ratio has improved from 0.80x to 0.88x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.89 | 0.80 | 0.79 | 0.74 | 0.80 | 0.85 | 1.33 | 0.99 | 1.16 |
| Quick Ratio | 0.74 | 0.74 | 0.76 | 0.67 | 0.67 | 0.62 | 0.67 | 0.71 | 1.21 | 0.81 | 0.94 |
| Cash Ratio | 0.33 | 0.33 | 0.33 | 0.30 | 0.33 | 0.21 | 0.27 | 0.22 | 0.34 | 0.19 | 0.21 |
| Asset Turnover | — | 0.39 | 0.41 | 0.41 | 0.42 | 0.38 | 0.31 | 0.33 | 0.16 | 0.56 | 0.54 |
| Inventory Turnover | 9.37 | 9.37 | 10.75 | 10.07 | 11.96 | 12.80 | 11.57 | 12.56 | 6.57 | 12.45 | 12.69 |
| Days Sales Outstanding | — | 56.22 | 55.98 | 56.57 | 53.69 | 57.24 | 61.50 | 64.20 | 118.83 | 57.57 | 56.86 |
LIN Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Linde plc returns 3.2% to shareholders annually — split between a 1.2% dividend yield and 2.0% buyback yield. A payout ratio of 40.8% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 2.9% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.2% | 1.4% | 1.3% | 1.2% | 1.4% | 1.2% | 1.4% | 1.6% | 2.2% | 2.0% | 2.5% |
| Payout Ratio | 40.8% | 40.8% | 40.4% | 40.0% | 56.5% | 57.2% | 81.1% | 82.8% | 26.6% | 72.3% | 57.1% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.9% | 3.4% | 3.3% | 3.1% | 2.5% | 2.1% | 1.8% | 2.0% | 8.4% | 2.8% | 4.4% |
| FCF Yield | 2.2% | 2.5% | 2.4% | 2.7% | 3.5% | 3.7% | 2.9% | 2.2% | 3.5% | 3.9% | 3.9% |
| Buyback Yield | 2.0% | 2.3% | 2.2% | 2.0% | 3.1% | 2.6% | 1.8% | 2.3% | 1.1% | 0.0% | 0.7% |
| Total Shareholder Yield | 3.2% | 3.7% | 3.5% | 3.2% | 4.6% | 3.8% | 3.2% | 3.9% | 3.4% | 2.0% | 3.2% |
| Shares Outstanding | — | $469M | $482M | $492M | $504M | $522M | $531M | $545M | $334M | $289M | $288M |
Peer Comparison
Compare LIN with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LINYou | $232B | 34.3 | 20.0 | 45.6 | 43.3% | 26.3% | 17.4% | 11.3% | 2.1 |
 APD | $68B | -171.7 | 122.6 | — | 31.4% | -7.3% | -2.2% | -2.0% | 26.8 |
 ALB | $23B | -33.8 | — | 33.1 | — | — | -12.5% | — | — |
 ECL | $73B | 35.4 | 22.7 | 38.2 | 44.5% | 18.1% | 22.3% | 12.7% | 2.6 |
 PPG | $24B | 15.4 | 10.8 | 20.5 | 38.0% | 13.7% | 92.2% | 23.5% | 2.8 |
 SHW | $77B | 30.4 | 20.8 | 29.0 | 48.9% | 16.1% | 59.4% | 16.5% | 3.3 |
 PX | $909M | 47.2 | 13.6 | 9.4 | 47.6% | 20.4% | 4.6% | 6.2% | 3.9 |
 AXTA | $6B | 15.6 | 8.1 | 12.8 | 32.6% | 14.9% | 17.4% | 11.4% | 3.2 |
 CE | $8B | -6.5 | 12.8 | 9.6 | 18.8% | 8.0% | -23.1% | 3.4% | 8.6 |
 EMN | $9B | 18.9 | 9.2 | 20.8 | 21.1% | 10.6% | 8.0% | 6.7% | 3.5 |
 HUN | $3B | -9.4 | 19.8 | 22.5 | 13.2% | -0.7% | -9.0% | -0.6% | 11.0 |
| Basic Materials Median | — | 22.3 | 11.0 | 25.6 | 31.3% | 9.2% | 0.0% | 4.5% | 2.5 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
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Start ComparisonLIN — Frequently Asked Questions
Quick answers to the most common questions about buying LIN stock.
What is Linde plc's P/E ratio?
Linde plc's current P/E ratio is 34.3x. The historical average is 25.7x. This places it at the 83th percentile of its historical range.
What is Linde plc's EV/EBITDA?
Linde plc's current EV/EBITDA is 20.0x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
What is Linde plc's ROE?
Linde plc's return on equity (ROE) is 17.4%. The historical average is 18.4%.
Is LIN stock overvalued?
Based on historical data, Linde plc is trading at a P/E of 34.3x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Linde plc's dividend yield?
Linde plc's current dividend yield is 1.20% with a payout ratio of 40.8%.
What are Linde plc's profit margins?
Linde plc has 43.3% gross margin and 26.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Linde plc have?
Linde plc's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.