LINDE PLC
$526.06
+3.57 (+0.68%) · delayed · Nov 13, 2026
Five-year price
52w $387.78 to $548.20
- Market cap
- $241.5B
- Enterprise value
- $258.9B
- P/E
- 36.0×
- 38.7× on 3y avg EPS
- EV / EBIT
- 29.0×
- FCF yield
- 2.1%
- ROIC
- 12.4%
- Debt / equity
- 0.59
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
67
- ○ROIC > 12% (5y avg)5y avg ROIC 10.6%
- ○ROE > 15% (5y avg)5y avg ROE 14.0%
- ●Stable operating marginsMargin volatility 4.7% (σ, 5y)
- ●Earnings convert to cashFCF / net income 110% (5y avg)
- ●Growing revenueRevenue CAGR 5y 4.5%
- ●Shrinking share countDiluted shares -11.1% over 5y
Value
0
- ○P/E below 15P/E 36.0
- ○EV/EBIT below 12EV/EBIT 29.0
- ○FCF yield above 6%FCF yield 2.1%
- ○Price below Graham NumberGraham Number $165.48
- ○P/B below 3P/B 6.3
Safety
40
- ○Debt / equity below 0.5D/E 0.59
- ●Debt payable in < 4 yrs of earningsNet debt $17.4B
- ●Interest coverage > 8xCoverage 35.0x
- ○Current ratio > 1.5Current ratio 0.88
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
57
- ●Adequate size (revenue > $2B)Revenue $34.0B
- ○Strong condition (current ratio ≥ 2)Current ratio 0.88
- ●Earnings stability (no loss, 10y)10 years of data
- ●Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 80%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 38.7
- ○P/E × P/B ≤ 22.5Product 244.1
Valuation lab
What do you have to believe?
At $526.06, the market is pricing in about 18.0% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $17.4B · 459M shares · 5y revenue CAGR 4.5%
Intrinsic value
$173.09
Price
$526.06
Premium paid
204%
What the price implies
The market is paying for 18.0% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
57% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 10,534 | 11,358 | 14,836 | 28,228 | 27,243 | 30,793 | 33,364 | 32,854 | 33,005 | 33,986 |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Operating income | 2,247 | 2,444 | 5,247 | 2,933 | 3,322 | 4,984 | 5,369 | 8,024 | 8,635 | 8,923 |
| Operating margin | 21.3% | 21.5% | 35.4% | 10.4% | 12.2% | 16.2% | 16.1% | 24.4% | 26.2% | 26.3% |
| Pre-tax income | 2,048 | 2,287 | 5,049 | 2,927 | 3,384 | 5,099 | 5,543 | 7,988 | 8,569 | 8,897 |
| Income tax | 551 | 1,026 | 817 | 769 | 847 | 1,262 | 1,434 | 1,814 | 2,002 | 1,989 |
| Net income | 1,500 | 1,247 | 4,381 | 2,285 | 2,501 | 3,826 | 4,147 | 6,199 | 6,565 | 6,898 |
| EPS (diluted) | 5.21 | 4.32 | 13.11 | 4.19 | 4.71 | 7.33 | 8.23 | 12.59 | 13.62 | 14.61 |
| Diluted shares | 288 | 289 | 334 | 545 | 531 | 522 | 504 | 492 | 482 | 472 |
Who owns it