Latest Ratios: P/E Ratio 31.9x · EV/EBITDA 18.7x · 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 | $215.1B | $199.8B | $201.8B | $202.2B | $164.4B | $180.8B | $140.0B | $116.1B | $52.1B | $44.7B | $33.7B |
| Enterprise Value | $237.0B | $221.8B | $219.6B | $217.8B | $177.8B | $193.2B | $153.4B | $128.3B | $63.0B | $53.1B | $42.7B |
| P/E Ratio → | 31.86 | 29.22 | 30.74 | 32.62 | 39.63 | 47.26 | 55.95 | 50.81 | 11.90 | 35.81 | 22.49 |
| P/S Ratio | 6.33 | 5.88 | 6.12 | 6.15 | 4.93 | 5.87 | 5.14 | 4.11 | 3.51 | 3.91 | 3.20 |
| P/B Ratio | 5.48 | 5.03 | 5.11 | 4.92 | 3.97 | 3.98 | 2.82 | 2.25 | 0.91 | 6.86 | 6.19 |
| P/FCF | 42.26 | 39.27 | 40.97 | 36.64 | 28.89 | 27.23 | 34.74 | 46.32 | 28.66 | 25.85 | 25.78 |
| P/OCF | 20.78 | 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 | 18.66 | 17.47 | 17.75 | 18.27 | 16.67 | 19.48 | 18.02 | 16.15 | 15.46 | 14.45 | 12.43 |
| EV / EBIT | 26.52 | 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 |
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 | 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% |
| 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% |
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 | 2.13 | 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 |
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 | 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 |
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 | 1.3% | 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 | 3.1% | 3.4% | 3.3% | 3.1% | 2.5% | 2.1% | 1.8% | 2.0% | 8.4% | 2.8% | 4.4% |
| FCF Yield | 2.4% | 2.5% | 2.4% | 2.7% | 3.5% | 3.7% | 2.9% | 2.2% | 3.5% | 3.9% | 3.9% |
| Buyback Yield | 2.1% | 2.3% | 2.2% | 2.0% | 3.1% | 2.6% | 1.8% | 2.3% | 1.1% | 0.0% | 0.7% |
| Total Shareholder Yield | 3.4% | 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 31.9x. The historical average is 25.7x. This places it at the 80th percentile of its historical range.
Linde plc's current EV/EBITDA is 18.7x. 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 31.9x. This is at the 80th 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 1.29% with a payout ratio of 40.8%.
Linde plc has 43.3% gross margin and 26.3% 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 cost pass-through lag
Metrics are mathematically derived from official filings.
Margin Expansion Defies Energy Volatility
Linde's gross margin surged to 47.7% in 2026Q2 from 38.0% in 2025Q3, as per quarterly filings, while operating margin held at 27.3%, suggesting robust pricing power and cost pass-through.
The sharp recovery in gross margin from the 2025Q3 trough indicates that energy cost pass-through mechanisms are functioning effectively, though the volatility underscores the sensitivity to input prices. Operating margin stability at 27.3% despite revenue fluctuations highlights the operational leverage inherent in the asset base, but investors should monitor whether this reflects genuine productivity gains or merely the arithmetic of lower energy costs.
Stable Returns Amidst Capital Intensity
ROIC has remained remarkably stable at approximately 3% over the past ten quarters, as reported in financial statements, despite rising capital expenditures, suggesting that incremental investments are generating consistent, albeit modest, returns.
The consistency of ROIC around 3% indicates that Linde's heavy capital investments in new plants and hydrogen projects are not yet yielding outsized returns, but they are also not diluting returns. ROE has improved slightly to 4.8% in 2026Q2 from 4.0% in 2024Q1, driven by margin expansion and share buybacks, though the absolute level remains low due to the capital-intensive nature of the business. The stability suggests a mature, predictable return profile rather than a compounding growth story.
Working Capital Efficiency Holds Steady
Linde's cash conversion cycle has hovered between 43 and 50 days over the past ten quarters, as per reported data, with DSO stable at 57 days and DPO around 50 days, indicating consistent working capital management.
The slight lengthening of the cash conversion cycle from 43 days in 2024Q1 to 45 days in 2026Q2 is negligible and reflects the stability of the take-or-pay contract model. Asset turnover remains low at 0.10, which is typical for the industry, but the stability suggests that the asset base is being utilized consistently. The modest DPO relative to DSO indicates that Linde does not rely heavily on supplier financing, which is a sign of financial strength.
Leverage Creeps Higher, Still Conservative
Debt-to-equity rose from 0.51 in 2024Q1 to 0.69 in 2026Q2, with D/EBITDA at 8.0, as per balance sheet data, yet interest coverage remains strong at 42.7x, indicating ample capacity for debt service.
The increase in leverage is driven by debt-funded investments in growth projects, but the absolute level remains well below peers like Air Products (D/E of 1.06). Interest coverage of 42.7x in 2026Q2 is exceptionally high, suggesting that debt service is not a concern. However, the rising D/EBITDA trend warrants monitoring, as it may indicate a shift toward a more levered capital structure, though the current fortress-like balance sheet provides significant headroom.
Liquidity Tightens Despite Stable Cash Flows
Linde's current ratio dipped to 0.88 in 2026Q2 from 0.91 in 2024Q1, as per financial statements, with quick ratio at 0.75, suggesting a tighter short-term position but still adequate given predictable cash flows.
The sub-1.0 current ratio is typical for industrial companies with strong cash generation, as they rely on operating cash flows rather than liquid assets to meet short-term obligations. The quick ratio of 0.75 indicates that inventory is not a major liquidity buffer, but the stability of cash flows from long-term contracts mitigates liquidity risk. Under a severe stress scenario, Linde's access to credit markets and its fortress balance sheet would likely provide ample support.
Misapplied Metric: Gross Margin
Gross margin is the most misapplied ratio for Linde, as energy cost pass-throughs distort it, with swings from 36.2% to 49.3% in recent quarters, per reported data, obscuring true pricing power.
Analysts often interpret gross margin as a measure of core profitability, but for Linde, it is heavily influenced by energy costs that are passed through to customers. A better metric is operating margin, which has remained stable at 26-27%, or EBITDA margin, which adjusts for depreciation and amortization. Investors should focus on operating margin trends and cash flow conversion to assess underlying performance, rather than gross margin fluctuations that reflect energy price movements.