Materials · Industrial Gases · US stock · price as of 16 Oct 2026
Key indicators
Price
$498.43
52-week range
$384.00 – $546.40
Market cap
$231.5B
P/E (trailing)
32.2×
EV / EBITDA
19.6×
Free-cash-flow yield
2.1%
Dividend yield
1.3%
Revenue (last 12 months)
$35.4B
Revenue growth (3y a year)
0.6%
Operating margin
26.5%
Return on invested capital
10.9%
Net debt / EBITDA
2.1×
Fair value
Blended fair value$333.63 range $312 – $358
Versus priceOvervalued−33% to fair value
Peer multiples
$312.14
Fundamentals-adjusted multiple
$365.71
10-year DCF (market-scaled)
$323.05
Earnings power value (floor, not blended)
$106.83
Model uncertainty
Medium
X-Ray Score
44/ 100 · High confidence · ahead of 26% of sector peers
Valuation20
Growth55
Profitability59
Financial health40
Dividends49
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Linde supplies industrial gases such as oxygen, nitrogen, argon, hydrogen and helium, together with related equipment and engineering services. Its customers work in chemicals, energy, healthcare, metals, food and beverage, electronics and manufacturing, and many are supplied under long-term contracts through pipelines, on-site plants or bulk and packaged deliveries. Linde also designs and builds gas processing and separation plants through its engineering unit.
Linde earns revenue from the gases it supplies, often under long-term contracts, and from equipment and plant projects. Revenue for the last twelve months was $35.4 billion, growing at 0.6% a year across the last three years. The operating margin is 26.5%, and the business earns a profit of 11% on the capital invested in it. It has net debt of 2.1 times EBITDA. A dividend is paid, with a yield of 1.3%.
StocksXray gives Linde PLC an X-Ray Score of 44 out of 100 (high confidence), ahead of 26% of the S&P 500 stocks in its sector. Its strongest lens is profitability (59) and its weakest is valuation (20).
Our fair value blend is $333.63 (range $312.09 to $357.56). At $498.43 the stock trades 49% above that blend, so the label is "Overvalued" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Linde PLC (LIN)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2021
FY2022
FY2023
FY2024
FY2025
Now
Price
$324.84
$310.57
$396.47
$409.08
$422.23
$498.43
Market cap
$169.5B
$156.5B
$195.2B
$197.2B
$199.4B
$231.5B
P/E
44.3×
37.7×
31.5×
30.0×
28.9×
32.2×
EV / revenue
5.9×
5.2×
6.6×
6.6×
6.7×
7.4×
EV / EBITDA
19.0×
18.2×
18.2×
17.7×
17.9×
19.7×
Price / free cash flow
25.5×
27.5×
35.4×
40.0×
39.2×
46.5×
Free-cash-flow yield
3.9%
3.6%
2.8%
2.5%
2.6%
2.1%
Price / book
3.8×
3.9×
4.9×
5.2×
5.2×
5.9×
Dividend yield
1.31%
1.51%
1.29%
1.36%
1.42%
1.26%
Fundamentals checklist ● 4 Good · ● 4 Average · ● 7 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.7%Average
Free-cash-flow yield2.1%Bad
Risk models
Altman Z score2.1×Bad
Piotroski F-Score5 of 9Bad
Growth
EPS growth (3y)21.1%Good
Free-cash-flow growth (3y)−3.7%Bad
Revenue growth (3y)0.6%Average
Growth consistency80%Good
Balance sheet
Current ratio0.9×Bad
Net debt / EBITDA2.1×Average
Interest cover37.4×Good
Valuation
Fair value vs price0.7×Bad
EBIT / EV yield3.6%Bad
Profitability
Return on invested capital10.9%Average
Operating margin26.5%Good
XStocksXray
Linde PLC (LIN)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY21
FY22
FY23
FY24
FY25
LTM
Revenue
30,793
33,364
32,854
33,005
33,986
35,449
Gross profit
–
–
–
–
–
–
Operating income
4,984
5,369
8,024
8,635
8,923
9,378
Net income
3,826
4,147
6,199
6,565
6,898
7,244
Diluted EPS ($)
7.33
8.23
12.59
13.62
14.61
15.46
Free cash flow
6,639
5,691
5,518
4,926
5,089
4,975
Gross margin
–
–
–
–
–
–
Operating margin
16.2%
16.1%
24.4%
26.2%
26.3%
26.5%
Net margin
12.4%
12.4%
18.9%
19.9%
20.3%
20.4%
Balance sheet
FY21
FY22
FY23
FY24
FY25
LTM
Total assets
81,605
79,658
80,811
80,147
86,817
88,349
Cash
2,823
5,436
4,664
4,850
5,056
4,898
Total debt
14,485
21,840
23,856
25,587
31,215
32,544
Equity
44,035
40,028
39,720
38,092
38,245
39,081
Dividend per share ($)
4.24
4.68
5.10
5.56
6.00
6.20
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.