Last 48 quarters of trend data · Basic Materials · Chemicals - Specialty
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Linde plc's quarterly P/E stands at 31.1x, down 6.1% year-over-year. EV/EBITDA has expanded 31.6% YoY to 25.3x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 34.40 | 31.14 | 32.70 | 29.03 | 31.45 | 33.17 | 29.07 | 37.02 | 31.89 | 34.65 | 32.49 | 29.18 | 29.87 |
| — | -6.1% | +12.5% | -21.6% | -1.4% | -4.3% | -10.5% | +26.9% | +6.8% | +18.9% | +6.4% | +10.0% | -69.3% | |
| P/S Ratio | 6.84 | 6.58 | 5.70 | 6.50 | 6.54 | 6.83 | 6.05 | 6.86 | 6.41 | 6.96 | 6.04 | 5.61 | 5.73 |
| — | -3.7% | -5.8% | -5.3% | +2.0% | -1.8% | +0.2% | +22.4% | +11.9% | +29.4% | +17.5% | +46.0% | +33.5% | |
| P/B Ratio | 5.92 | 5.77 | 5.03 | 5.59 | 5.56 | 5.62 | 5.08 | 5.65 | 5.36 | 5.60 | 4.88 | 4.54 | 4.56 |
| — | +2.6% | -1.0% | -1.1% | +3.7% | +0.3% | +4.1% | +24.3% | +17.6% | +31.5% | +24.3% | +31.0% | +28.8% | |
| P/FCF | 45.70 | 64.36 | 31.78 | 33.49 | 58.23 | 62.22 | 32.15 | 34.43 | 66.59 | 62.22 | 31.81 | 29.08 | 36.42 |
| — | +3.4% | -1.1% | -2.7% | -12.6% | +0.0% | +1.1% | +18.4% | +82.8% | +52.4% | -9.2% | +61.3% | +31.1% | |
| EV / EBITDA | 20.04 | 25.26 | 18.68 | 18.57 | 18.46 | 19.19 | 17.55 | 19.62 | 18.23 | 20.17 | 18.01 | 16.43 | 16.74 |
| — | +31.6% | +6.4% | -5.3% | +1.3% | -4.9% | -2.6% | +19.4% | +8.9% | +23.3% | +9.5% | +36.9% | +30.8% | |
| EV / EBIT | 28.48 | 25.26 | 26.72 | 24.77 | 25.21 | 27.57 | 21.87 | 29.86 | 25.61 | 28.19 | 24.43 | 23.23 | 25.13 |
| — | -8.4% | +22.2% | -17.1% | -1.5% | -2.2% | -10.5% | +28.6% | +1.9% | +17.3% | -4.2% | +6.0% | -57.9% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Linde plc's operating margin was 37.2% in Q1 2026, up 14.1 pp QoQ and up 9.8 pp YoY. The trailing four-quarter average of 28.8% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin expanded 29.2% YoY, indicating pricing power or improving input costs.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.3% | 48.5% | 48.1% | 38.0% | 49.3% | 37.5% | 36.8% | 36.4% | 37.0% | 36.2% | 35.2% | 35.3% | 35.7% |
| — | +29.2% | +30.7% | +4.5% | +33.3% | +3.6% | +4.6% | +2.9% | +3.6% | +5.5% | +10.5% | +9.3% | +6.8% | |
| Operating Margin | 26.3% | 37.2% | 23.0% | 27.2% | 27.7% | 27.4% | 26.5% | 26.1% | 26.4% | 25.1% | 24.7% | 25.0% | 25.1% |
| — | +35.8% | -13.2% | +4.2% | +5.0% | +8.9% | +7.3% | +4.4% | +5.1% | +5.3% | +13.7% | +9.4% | +6.8% | |
| Net Margin | 20.3% | 21.1% | 17.9% | 22.4% | 20.8% | 20.6% | 20.8% | 18.5% | 20.1% | 20.1% | 18.6% | 19.2% | 19.2% |
| — | +2.5% | -13.8% | +20.7% | +3.3% | +2.7% | +12.1% | -3.3% | +4.8% | +8.6% | +10.5% | +32.6% | +336.4% |
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 4.7% | 3.9% | 4.8% | 4.4% | 4.2% | 4.3% | 3.9% | 4.2% | 4.0% | 3.8% | 3.8% | 3.8% |
| — | +9.8% | -8.5% | +24.6% | +6.6% | +5.9% | +13.5% | +0.7% | +9.3% | +9.2% | +14.8% | +20.7% | +338.0% | |
| ROA | 8.3% | 2.1% | 1.8% | 2.2% | 2.1% | 2.1% | 2.1% | 1.9% | 2.1% | 2.0% | 1.9% | 2.0% | 2.0% |
| — | +4.4% | -14.2% | +17.7% | +1.0% | +1.8% | +9.0% | -4.7% | +4.6% | +6.5% | +12.8% | +19.5% | +327.7% | |
| ROIC | 11.3% | 4.0% | 2.5% | 2.9% | 3.0% | 2.9% | 2.9% | 2.9% | 2.9% | 2.7% | 2.8% | 2.8% | 2.8% |
| — | +38.4% | -14.3% | -0.0% | +1.5% | +6.3% | +3.5% | +2.8% | +4.4% | +1.8% | +13.2% | -3.9% | +2.9% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Linde plc's Debt/EBITDA ratio is 9.9x, up from 9.1x last quarter — elevated, raising questions about debt serviceability. The current ratio has weakened 11.7% YoY to 0.83x, tightening the short-term liquidity position.
| Metric | TTM | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.68 | 0.62 | 0.68 | 0.65 | 0.65 | 0.61 | 0.57 | 0.55 | 0.54 | 0.51 | 0.49 | 0.45 | 0.42 |
| — | +1.7% | +18.6% | +18.0% | +19.1% | +19.9% | +15.8% | +22.5% | +28.3% | +11.2% | +8.9% | +13.6% | +8.5% | |
| Debt / EBITDA | 2.13 | 9.90 | 9.09 | 7.85 | 7.86 | 7.63 | 7.27 | 7.09 | 6.85 | 6.80 | 6.77 | 6.01 | 5.79 |
| — | +29.7% | +25.0% | +10.7% | +14.8% | +12.2% | +7.4% | +18.0% | +18.3% | +5.2% | -3.7% | +19.6% | +11.1% | |
| Current Ratio | 0.88 | 0.83 | 0.88 | 0.82 | 0.93 | 0.94 | 0.89 | 0.96 | 0.95 | 0.91 | 0.80 | 0.83 | 0.78 |
| — | -11.7% | -1.5% | -14.1% | -2.6% | +3.1% | +10.8% | +15.6% | +21.3% | +25.5% | +1.4% | +11.4% | +6.4% | |
| Quick Ratio | 0.74 | 0.69 | 0.74 | 0.69 | 0.78 | 0.80 | 0.76 | 0.81 | 0.80 | 0.76 | 0.67 | 0.68 | 0.64 |
| — | -13.5% | -1.9% | -14.5% | -1.8% | +4.9% | +13.1% | +18.7% | +24.1% | +25.3% | -0.5% | +9.9% | +3.4% | |
| Interest Coverage | 43.32 | 40.21 | 32.42 | 30.58 | 36.01 | — | 10.75 | — | 31.04 | 37.49 | 10.24 | 29.04 | 251.50 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 48 years · Updated daily
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Linde plc's current P/E is 34.4x. The average P/E over the last 4 quarters is 31.1x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Linde plc's current operating margin is 26.3%. Margins have been expanding over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Linde plc's business trajectory between earnings reports.