Latest Ratios: P/E Ratio 34.0x · EV/EBITDA 19.7x · ROE 17.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $238.4B | $199.8B | $201.8B | $202.2B | $164.4B | $180.8B | $140.0B | $116.1B | $52.1B | $44.7B | $33.7B |
| Enterprise Value | $260.3B | $221.8B | $219.6B | $217.8B | $177.8B | $193.2B | $153.4B | $128.3B | $63.0B | $53.1B | $42.7B |
| P/E Ratio → | 34.01 | 29.22 | 30.74 | 32.62 | 39.63 | 47.26 | 55.95 | 50.81 | 11.90 | 35.81 | 22.49 |
| P/S Ratio | 6.58 | 5.88 | 6.12 | 6.15 | 4.93 | 5.87 | 5.14 | 4.11 | 3.51 | 3.91 | 3.20 |
| P/B Ratio | 6.08 | 5.03 | 5.11 | 4.92 | 3.97 | 3.98 | 2.82 | 2.25 | 0.91 | 6.86 | 6.19 |
| P/FCF | 46.92 | 39.27 | 40.97 | 36.64 | 28.89 | 27.23 | 34.74 | 46.32 | 28.66 | 25.85 | 25.78 |
| P/OCF | 23.03 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| 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 | 19.65 | 17.04 | 17.75 | 18.27 | 16.67 | 19.48 | 18.02 | 16.15 | 15.46 | 14.45 | 12.43 |
| EV / EBIT | 28.13 | 23.97 | 25.55 | 26.88 | 27.52 | 36.57 | 39.45 | 39.26 | 28.06 | 21.31 | 18.45 |
| EV / FCF | — | 43.58 | 44.58 | 39.48 | 31.24 | 29.10 | 38.08 | 51.20 | 34.62 | 30.70 | 32.66 |
Margins and return-on-capital ratios measuring operating efficiency
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 | 37.8% | 37.8% | 36.6% | 35.1% | 29.1% | 28.0% | 26.6% | 24.5% | 26.9% | 33.2% | 33.7% |
| Operating Margin | 27.2% | 27.2% | 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% |
| 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 | 11.7% | 11.7% | 11.3% | 10.9% | 8.6% | 6.6% | 4.6% | 3.7% | 4.1% | 12.7% | 12.2% |
| ROCE | 13.5% | 13.5% | 13.2% | 12.6% | 9.9% | 7.4% | 5.2% | 4.2% | 4.6% | 14.7% | 13.9% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 | 2.07 | 2.07 | 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 | 1.68 | 1.68 | 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 | 19.94 | 19.94 | 15.03 | 16.61 | 33.65 | 33.23 | 34.11 | 6.55 | 9.43 | 8.84 | 11.13 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | 10.29 | 10.29 | 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 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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% |
| 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 | 2.1% | 2.5% | 2.4% | 2.7% | 3.5% | 3.7% | 2.9% | 2.2% | 3.5% | 3.9% | 3.9% |
| Buyback Yield | 1.9% | 2.3% | 2.2% | 2.0% | 3.1% | 2.6% | 1.8% | 2.3% | 1.1% | 0.0% | 0.7% |
| Total Shareholder Yield | 3.1% | 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 |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying LIN stock.
Linde plc's current P/E ratio is 34.0x. The historical average is 25.7x. This places it at the 83th percentile of its historical range.
Linde plc's current EV/EBITDA is 19.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Linde plc's return on equity (ROE) is 17.4%. The historical average is 18.4%.
Based on historical data, Linde plc is trading at a P/E of 34.0x. This is at the 83th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Linde plc's current dividend yield is 1.16% with a payout ratio of 40.8%.
Linde plc has 37.8% gross margin and 27.2% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Linde plc's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Energy pass-through margin dependence
Metrics are mathematically derived from official filings.
Premium Multiples Pricing Durable Execution
Based on reported figures, Linde trades at 35.73x trailing earnings and 20.72x EV/EBITDA, a premium to most sector peers that appears to reflect its low leverage and infrastructure-backed earnings durability over cyclical chemical comparables.
The forward P/E of 29.17 and PEG of 1.41 suggest investors are paying for expected earnings growth rather than simply capitalizing current margins. Relative to peers such as PPG at 17.81x and ECL at 42.01x, Linde's multiple sits in an intermediate zone that appears justified only if the energy pass-through model continues to protect margins. Investors should monitor whether forward multiple compression occurs if industrial volume growth slows, as the premium depends heavily on that assumption holding.
Margins Track Energy Cost Timing
As reported in financial statements, Linde's gross margin ranged from 36.8% to 49.3% across ten quarters, while operating margin held between 22.9% and 37.2%, suggesting that reported profitability is sensitive to energy pass-through timing rather than steady structural pricing power.
The wide quarterly swings in gross margin imply that headline profitability may overstate the underlying earning power in periods when energy costs fall and pass-through lags. Net margins of roughly 17% to 22% remain strong relative to most industrial peers, suggesting the high fixed-cost base of the air separation model generates meaningful operating leverage. Investors should treat the trailing average rather than the peak quarters as the more reliable indicator of earning power.
Returns Stable but Diluted by Scale
Based on Linde's reported quarterly figures, ROE ranged from 3.9% to 4.8% and ROIC from 2.5% to 3.9% over the period, returns that appear modest in absolute terms and likely reflect the large equity and capital base of an asset-heavy infrastructure model.
Low ROE and ROIC relative to peers such as PPG and SHW suggest the company is not compounding returns at a high rate, but the stability across the ten quarters indicates the asset base is being deployed without significant decay. The returns profile is consistent with a regulated-utility-like business rather than a high-return specialty chemicals franchise. Investors may wish to evaluate whether incremental hydrogen and decarbonization capital can lift returns above the current range.
Low Leverage Provides Balance Sheet Flexibility
According to recent SEC filings, Linde's debt-to-equity ratio of 0.65 and interest coverage of roughly 31x in 2026Q3 appear comfortably below sector peers, suggesting ample capacity for large-scale capital commitments without stressing debt service.
Debt-to-EBITDA of 8.57x in the latest quarter is elevated on a quarterly-annualization basis, which warrants checking against full-year figures before drawing firm conclusions about leverage. Interest coverage remains strong, implying current debt service is not a constraint. Investors should monitor whether management uses this capacity for decarbonization projects or further share repurchases, as the choice shapes future risk.
Tight Working Capital Against Obligations
Based on reported quarterly figures, Linde's current ratio held between 0.82 and 0.96 while cash fell to $3.9 billion in 2026Q3, suggesting working capital is managed tightly against short-term obligations rather than held as a cushion.
A current ratio below 1.0 is common for industrial gas firms with predictable cash inflows and strong access to credit, but it leaves limited buffer under severe stress. The quick ratio of 0.72 reinforces dependence on receivable collection and short-term funding. Under a sharp demand shock, the position would likely rely on operating cash flow and committed facilities, which warrants further investigation of available liquidity sources.
Peer Ratio Comparisons May Mislead
Based on the supplied peer data, ROE and ROIC comparisons against high-return peers like SHW and PPG may understate Linde's capital base, since asset-heavy gas infrastructure is often misread through specialty-chemicals return benchmarks.
Price-to-earnings and ROE are the ratios most commonly misapplied to a business where capital is locked in air separation units and pipelines, because their book equity is depressed by depreciation and their returns reflect long-lived assets. Return on invested capital adjusted for regulated-style contract duration, or free cash flow yield on net PP&E, would likely give a fairer read. Investors should weigh these alternatives before concluding that the current return profile is structurally weak.