Linde plc (LIN) is a publicly traded company in the Basic Materials — Chemicals - Specialty industry listed on NASDAQ. This overview shows the latest price, key valuation ratios, profitability metrics and financial-health indicators used by fundamental investors.
Linde plc functions as a global industrial gas and engineering powerhouse, extending its operations throughout North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's comprehensive product line features atmospheric gases like oxygen, nitrogen, argon, and various rare gases, alongside a diverse array of process gases such as carbon dioxide, helium, hydrogen, specialized electronic gases, and acetylene.
Is Linde plc stock overvalued or undervalued in 2026?
Linde plc (LIN) trades at 34.2× earnings (P/E), above the median of the 156 materials companies over $2bn in Kaplio's universe. At the decade median (36.8×) $554 (+8 %); at its sector median (18.8×) $283 (-45 %).
Kaplio overview: Linde plc
Market cap $236B · 52 weeks $389 – $547 (6 % below the high) · P/E 34.2× · 2027 expected P/E 26.3× · Dividend 1.2 % · 6 years rising · Next earnings February 4, 2027 · expected EPS $4.51 · Closing price, Oct 30 · accounts published Oct 29.
- Valuation: P/E 34.2× (fairly priced).
- Business: ROIC 9 % (fair).
- Balance sheet: Net debt/EBITDA 1.7× (solid).
- Earnings: 8 of 8 (on track).
What would it be worth at its usual multiples?
At the decade median (36.8×) $554 (+8 %); at its sector median (18.8×) $283 (-45 %). Implied price from applying the reference multiples to today's earnings (or book value, or FFO) per share. Not a fair value: it is where the stock would trade at its usual multiples.
What matters in materials: 5 of 8 pass
- FCF yield 2.1 %, fails.
- P/B across cycles 6.0×, fails.
- Cycle-adjusted EV/EBITDA 19.5×, fails.
- Gross margin 43.3 %, passes.
- Net debt / EBITDA (trough) 1.7×, passes.
- Dividend coverage 1.8×, passes.
- Capex / D&A 1.4×, passes.
- Altman Z-Score 3.5, passes.
Against its peers (reference peers) — Linde plc: P/E 34.2×; EV/EBITDA 19.5×; ROIC 9.2 %; $236B. Air Products and Chemicals, Inc. (P/E —; EV/EBITDA 20.0×; ROIC 0.1 %; $70.5B), Ecolab Inc. (P/E 41.2×; EV/EBITDA 27.0×; ROIC 9.2 %; $84.9B), The Sherwin-Williams Company (P/E 30.6×; EV/EBITDA 20.5×; ROIC 14.4 %; $80.4B).
Expensive or cheap against its last ten years?
P/E at each close: today 34.2× · median 36.8× · minimum 21.2× · maximum 73.0× · cheap below 34.1× · expensive above 50.8×. It has been cheaper than today only 31% of the time over its last ten years.
Dividend
solid · Yield 1.2 % ($6.03 per ADS in 2025) · Years raising it 6 · 5-year growth +9 % a year · Free cash flow coverage 1.9× · With $1,000 invested today you'd collect $12.30 a year ($1.03 a month).
Kaplio's reading: Linde plc
Updated on October 30, 2026 · accounts published on October 29, 2026
Reading of October 29, 2026: A steady, conservatively financed business earning record operating margins
Linde trades at a P/E of 32.5, 12 % below its ten-year median of 36.8 but 73 % above the 18.8 median of its sector.
- Is Linde expensive or cheap? At a P/E of 32.5, Linde trades 12 % below its ten-year median but 73 % above the median of its sector.
- How is the business doing? Operating margin of 26 % over the last 12 months, well above the 20 % average of fiscal 2014-2025.
- How strong is the balance sheet? Net debt was 1.7× EBITDA in fiscal 2025, below the 3.0× the sector treats as healthy, and the dividend rose for a sixth year.
- What to expect from the next earnings? 26 of 29 analysts rate it a buy; the next report is due February 4, 2027, with EPS of $4.51 expected.
- Can the balance sheet withstand the bottom of the cycle? Linde passes six of eight sector checks; the two misses, a 2.1 % free cash flow yield and a 5.9× P/B, come from the price.
Is Linde expensive or cheap?
Over the last 12 months Linde trades at a P/E of 32.5, below its ten-year median of 36.8. Over the last decade it has traded lower only 22 % of the time, within a range of 21.2 to 73.0. Against its sector the picture changes: the median P/E of 156 basic materials companies is 18.8, so Linde carries a 73 % premium. EV/EBITDA of 19.1× over the last 12 months is close to its seven-year average of 17.6×, inside the band the sector treats as neither cheap nor expensive. Investors pay a clear premium for this business, though slightly less than they usually have.
How is the business doing?
Linde is growing slowly but earning more on each dollar of sales. Revenue rose 3.0 % over the last 12 months while EPS grew 7.1 %, so profits are outpacing sales. The operating margin of 26 % over the last 12 months compares with an average of 20 % across fiscal 2014-2025, and fiscal 2025, at 26 %, was the highest of those 12 years. Return on capital is the weak spot: ROIC of 9.4 % over the last 12 months matches the sector median exactly and has not topped 10 % in any of the last ten fiscal years.
How strong is the balance sheet?
Linde's debt looks comfortable. Net debt stood at $47.50 per share in fiscal 2025, equal to 9.4 % of the current share price, and debt to equity is 0.64 over the last 12 months. The Altman Z of 3.5 sits in the safe zone, above 2.99, and the Piotroski score is 6 out of 9. The one tight figure is the current ratio of 0.86, meaning short-term liabilities exceed short-term assets. The dividend yields 1.3 % over the last 12 months, has grown for six consecutive fiscal years and took 41 % of earnings in fiscal 2025, with free cash flow covering it 1.8 times.
What to expect from the next earnings?
Linde has beaten EPS estimates in each of the last 8 quarters. On October 29, 2026 it reported EPS of $4.59 against $4.52 expected, a 1.5 % beat. For the quarter due on February 4, 2027, analysts expect $4.51, slightly below the quarter just reported. The 2026 EPS consensus has barely moved in the last 30 days, from $17.88 to $17.85 across 16 analysts, and revenue estimates are equally stable. With 26 buy ratings, 3 holds and no sells among 29 analysts, expectations are high and settled.
Can the balance sheet withstand the bottom of the cycle?
In basic materials, earnings follow commodity prices, so the sector checks debt, cost position and dividend safety rather than P/E alone. Linde passes six of the eight checks. Net debt of 1.7× EBITDA in fiscal 2025 is under the 3.0× ceiling, capex of 1.4× depreciation sits inside the healthy 0.8× to 1.5× band, and free cash flow covered the dividend 1.8 times, above the 1.3× floor. Gross margin of 43 % in fiscal 2025 clears the 30 % healthy mark. The two misses reflect the price: a free cash flow yield of 2.1 % over the last 12 months, against a healthy 8 %, and a P/B of 5.9×, against 2.0×.
How this was prepared: the data comes from companies' official filings, collected by a professional provider, and from Kaplio's analysis engine (trailing-12-month ratios, 10 years of history and sector medians computed across US-listed companies). The text is written from that data alone, every figure is checked against it before publication, and it is reviewed when the company reports results. This is not investment advice.
Investor methods verdict
Would Buffett approve Linde today?
The Buffett Method would wait for a better price for Linde: it yields 3.3% before tax; it asks for 10%. Business quality: 82 out of 100 (price not included). Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Would Peter Lynch approve Linde today?
The Lynch Method would wait for a better price for Linde: P/E 34.2 with 25% growth; it asks that the P/E not exceed growth. Business quality: 62 out of 100 (price not included). Lynch classifies it as a stalwart. Kaplio assessment with data from the week of 2026-10-26; not investment advice.
Profitability
| Return on Equity | 18.05% |
| Return on Invested Capital | 9.25% |
| Return on Assets | 7.96% |
| Gross Margin | 37.30% |
| Operating Margin | 25.98% |
| Net Margin | 19.34% |
Financial Health
| Debt / Equity | 0.68 |
| Current Ratio | 0.86 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 3.52 |
Price Performance
| 1 month | +7.25% |
| 3 months | +7.03% |
| Year-to-date | +20.60% |
| 1 year | +22.94% |
| 3 years | +31.97% |
| 5 years | +56.99% |
| 10 years | +347.79% |
Dividend History
Paid in the last 12 months: $6.3000 per share in 4 payments.
| Date | Amount |
|---|---|
| 2026-12-03 | $1.6000 |
| 2026-09-03 | $1.6000 |
| 2026-06-04 | $1.6000 |
| 2026-03-11 | $1.6000 |
| 2025-12-03 | $1.5000 |
| 2025-09-04 | $1.5000 |
| 2025-06-04 | $1.5000 |
| 2025-03-13 | $1.5000 |
| 2024-12-03 | $1.3900 |
| 2024-09-04 | $1.3900 |
Amounts adjusted for stock splits.
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Explore sector: Basic Materials · Chemicals - Specialty
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