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Linde plc
LINMaterialsGenerated Jul 5, 2026, 08:09 PM UTC
LIN (Linde plc) analytical snapshot. Revenue declined +1.5% YoY to $32.85B. Net margin at 18.87% (expanding ▲). Return on equity 16.27%, ROA 7.73%, ROIC 14.46%. Market cap $252.88B at $546.64 per share. Trailing P/E 43.42, P/S 7.70, P/B 6.56. EV/Operating income ≈ 33.70 (EV $270.41B). Risk: Elevated. Macro: Risk-on · Supportive. Composite analytical score -9 (data confidence 83%). Descriptive analytics from public filings — not investment advice.
Market cap
$252.88B
462.60M shares
Price
$546.64
NMS
P/E (ttm)
43.42
Revenue (FY)
$32.85B
YoY -1.5%
Net margin
18.87%
▲ 9.69pp
Free cash flow
$5.52B
16.80% margin
Risk level
Elevated
Free SEC analysis
— computed from SEC filings, free to readFree previewFundamentals Analyst
Fundamentals
Fundamentals Analyst
score 0Stable
80% conf
Revenue declined +1.5% YoY to $32.85B. Net margin at 18.87% (expanding ▲). Return on equity 16.27%, ROA 7.73%, ROIC 14.46%.
- Revenue declined +1.5% YoY to $32.85B.
- Net margin at 18.87% (expanding ▲).
- Return on equity 16.27%, ROA 7.73%, ROIC 14.46%.
- Gross margin 0.00%, operating margin 24.42%.
- Free cash flow margin 16.80% ($5.52B).
- Net income up ▲ +49.5% YoY.
- Debt/equity 0.56, current ratio 0.83, net debt $17.54B.
- Asset turnover 0.38 — capital efficiency.
Revenue (FY)
$32.85B
YoY -1.5%
Net margin
18.87%
▲ 9.69pp
ROE
16.27%
ROA 7.73%
ROIC
14.46%
EPS (diluted)
$12.59
FY2025
Free cash flow
$5.52B
16.80% margin
Debt / equity
0.56
Cash $3.96B
Current ratio
0.83
Equity $38.57B
Annual fundamentals — up to 10 years (SEC 10-K, US-GAAP)
| FY | Revenue | Rev YoY | Gross% | Op% | Net% | FCF | ROE% |
|---|---|---|---|---|---|---|---|
| 2017 | — | — | — | — | — | — | 0.00 |
| 2018 | $10.53B | — | 0.00 | 21.33 | 14.24 | — | 24.93 |
| 2019 | $11.36B | +7.8% | 0.00 | 21.52 | 10.98 | — | 2.42 |
| 2020 | $14.84B | +30.6% | 0.00 | 35.37 | 29.53 | — | 8.93 |
| 2021 | $28.23B | +90.3% | 0.00 | 10.39 | 8.09 | — | 4.83 |
| 2022 | $27.24B | -3.5% | 0.00 | 12.19 | 9.18 | $4.03B | 5.68 |
| 2023 | $30.79B | +13.0% | 0.00 | 16.19 | 12.42 | $6.64B | 9.56 |
| 2024 | $33.36B | +8.3% | 0.00 | 16.09 | 12.43 | $5.69B | 10.44 |
| 2025 | $32.85B | -1.5% | 0.00 | 24.42 | 18.87 | $5.52B | 16.27 |
Quarterly revenue trend (last 6 quarters, SEC 10-Q)
| Quarter end | Revenue | YoY | QoQ | Net margin |
|---|---|---|---|---|
| Mar 31, 2025 | $8.11B | +0.1% | — | 20.62% |
| Jun 30, 2025 | $16.61B | +1.5% | +104.7% | 20.71% |
| Jun 30, 2025 | $8.49B | -48.1% | -48.8% | 40.48% |
| Sep 30, 2025 | $25.22B | +2.0% | +196.9% | 21.28% |
| Sep 30, 2025 | $8.62B | -65.2% | -65.8% | 62.31% |
| Mar 31, 2026 | $8.78B | +8.2% | +1.9% | 21.15% |
Revenue (annual, SEC 10-K)
2017: 0
2018: 10,534
2019: 11,358
2020: 14,836
2021: 28,228
2022: 27,243
2023: 30,793
2024: 33,364
2025: 32,854
2017
2018
2019
2020
2021
2022
2023
2024
2025
Profitability trends (%)
GrossOperatingNet
Free cash flow (annual)
2017: 0
2018: 0
2019: 0
2020: 0
2021: 0
2022: 4,029
2023: 6,639
2024: 5,691
2025: 5,518
2017
2018
2019
2020
2021
2022
2023
2024
2025
Sources:SEC EDGAR — Company Facts (XBRL)
Free previewRegulatory Analyst
Filings & Ownership
Regulatory Analyst
score 30Improving
80% conf
Latest annual report (10-K) filed Feb 25, 2026. Latest quarterly report (10-Q) filed May 1, 2026. 12 recent 8-K material-event filings in the index.
- Latest annual report (10-K) filed Feb 25, 2026.
- Latest quarterly report (10-Q) filed May 1, 2026.
- 12 recent 8-K material-event filings in the index.
- Recent insider Form 4s: 0 buy vs 0 sell transactions.
- ~10,000+ recent 13F-HR filings reference Linde plc; broad institutional reporting.
- Recent filers include ALTRINSIC GLOBAL ADVISORS LLC, LANSDOWNE PARTNERS (UK) LLP, SAL Trading, LLC.
- 1 recent 13D activist/beneficial-ownership filings — potential catalyst.
- 12 recent 13G passive institutional ownership notices.
Latest 10-K
Feb 25, 2026
Annual report
Latest 10-Q
May 1, 2026
8-K (recent)
12
Insider net
—
0B/0S
13F filers
10k+
Activist 13D
1
Recent 13F institutional filers (SEC EDGAR full-text)
| Filer | Form | Filed |
|---|---|---|
| ALTRINSIC GLOBAL ADVISORS LLC | 13F-HR | May 15, 2023 |
| LANSDOWNE PARTNERS (UK) LLP | 13F-HR | Nov 14, 2023 |
| SAL Trading, LLC | 13F-HR | May 16, 2023 |
| LOCUST WOOD CAPITAL ADVISERS, LLC | 13F-HR | Jul 24, 2019 |
| Lord & Richards Wealth Management, LLC | 13F-HR | Nov 4, 2025 |
Recent 8-K material events
| Date | Form | Description |
|---|---|---|
| May 13, 2026 | 8-K | 8-K |
| May 1, 2026 | 8-K | FORM 8-K |
| Feb 5, 2026 | 8-K | FORM 8-K |
| Dec 3, 2025 | 8-K | 8-K |
| Nov 20, 2025 | 8-K | 8-K |
| Oct 31, 2025 | 8-K | FORM 8-K |
| Sep 29, 2025 | 8-K | FORM 8-K |
| Aug 7, 2025 | 8-K | FORM 8-K |
Free previewSEC Filing Analyst
SEC Filing Deep-Analysis
SEC Filing Analyst
score -50Deteriorating
70% conf
3 risk signal(s), 1 positive signal(s), 2 watch item(s) detected from XBRL filing diff analysis. The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- Leverage is building — debt rising while equity contracts: Long-term debt grew +18.7% while stockholders equity declined -4.1%. The debt-to-equity ratio is deteriorating, increasing financial risk and interest burden. This may constrain future borrowing capacity.
- NEW: Going concern doubt in latest filing: The term "going concern" appears in recent 10-K/10-Q filings but was NOT present in the prior 24-month period. This is a new risk disclosure that warrants attention. Found in 4 filing(s).
- Material weakness in internal controls: The term "material weakness" appears in 8 recent filing(s) (vs 2 in the prior period). This risk language is ongoing.
- Operating cash flow exceeds net income: OCF is 1.50x net income, indicating high earnings quality — cash conversion is strong and accruals are not inflating reported profits.
- Goodwill is 32% of total assets: Goodwill of $27.88B represents a large share of the balance sheet. If acquired businesses underperform, a non-cash impairment charge could materially impact earnings. Monitor segment performance and acquisition integration metrics.
- NEW: Restructuring: Restructuring appears in recent filings but not in the prior 24-month period. Monitor for materiality.
- Endogenous analysis: The combination of explicit "going concern" language in the filing with deteriorating cash flow or rising leverage is a severe warning signal — the company's own auditors have flagged doubt about the ability to continue as a going concern.
- 1 new XBRL disclosure(s) in latest filing — expanding reporting scope.
- 20 disclosure(s) dropped from prior year — reduced reporting granularity.
- 2 new risk-language term(s) detected in filing text: Going concern doubt, Restructuring.
- Ongoing high-severity risk language: Material weakness in internal controls.
Revenue
$32.85B
-1.5% YoY
Operating income
$8.02B
+49.5% YoY
Net income
$6.20B
+49.5% YoY
Operating cash flow
$9.30B
+5.0% YoY
Capex
$3.79B
+19.4% YoY
Total assets
$80.15B
-0.8% YoY
Total liabilities
$40.66B
+2.4% YoY
Long-term debt
$17.40B
+18.7% YoY
Filing quality score
72/100
1 new disclosures
SEC XBRL metric changes (latest annual vs prior)
| Metric | Prior year | Latest year | Change | % Change |
|---|---|---|---|---|
| Revenue | $33.36B | $32.85B | $-510.0M | -1.5% |
| Operating income | $5.37B | $8.02B | $2.65B | +49.5% |
| Net income | $4.15B | $6.20B | $2.05B | +49.5% |
| Operating cash flow | $8.86B | $9.30B | $441.0M | +5.0% |
| Capex | $3.17B | $3.79B | $614.0M | +19.4% |
| Total assets | $80.81B | $80.15B | $-664.0M | -0.8% |
| Total liabilities | $39.72B | $40.66B | $943.0M | +2.4% |
| Long-term debt | $14.66B | $17.40B | $2.74B | +18.7% |
| Cash & equivalents | $4.66B | $4.85B | $186.0M | +4.0% |
| Stockholders equity | $39.72B | $38.09B | $-1.63B | -4.1% |
| Inventory | $2.12B | $1.95B | $-169.0M | -8.0% |
| Accounts receivable | $4.72B | $4.62B | $-96.0M | -2.0% |
| R&D expense | $143.0M | $146.0M | $3.0M | +2.1% |
| SG&A expense | $3.11B | $3.29B | $188.0M | +6.1% |
| Interest expense | $277.0M | $480.0M | $203.0M | +73.3% |
XBRL disclosure changes (new vs dropped concepts)
| Type | Concepts |
|---|---|
| Added | NumberOfOperatingSegments |
| Removed | AccruedIncomeTaxes, AccruedInsuranceCurrent, AccruedInsuranceNoncurrent, AccruedSalariesCurrent, AllowanceForDoubtfulAccountsReceivableCurrent, AllowanceForDoubtfulAccountsReceivableNoncurrent, AmortizationOfIntangibleAssets, AssetRetirementObligationsNoncurrent, BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentConsiderationTransferred, CurrentFederalTaxExpenseBenefit |
Risk language in filing text (EDGAR full-text search)
| Term | Severity | Recent | Prior | Status |
|---|---|---|---|---|
| Going concern doubt | high | 4 | 0 | NEW |
| Material weakness in internal controls | high | 8 | 2 | Ongoing |
| Impairment charge | medium | 21 | 4 | Ongoing |
| Restructuring | medium | 12 | 0 | NEW |
| Off-balance sheet arrangements | medium | 9 | 2 | Ongoing |
| Related party transactions | low | 11 | 2 | Ongoing |
Filing signal breakdown
Red flags: 3
Positive: 1
Watch: 2
Red flags
Positive
Watch
Unlock the rest
- ProValuationMarket cap $252.88B at $546.64 per share.
- ProPrice & TechnicalsPrice $546.64 — uptrend (above 200-DMA); 1-month momentum positive.
- ProMacro & RatesMarket regime: Risk-on · Supportive.
- ProRisk ScorecardComposite risk: Elevated.
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Macro exposure
Cyclical / growth · High sensitivityMacro regime: Risk-on · Supportive. Linde plc is a cyclical / growth name (high macro sensitivity) — risk appetite favors cyclical/growth names.
Macro regime
Risk-on · Supportive
Yield curve
Normal
VIX
16.59
Fed funds
3.63%
CPI YoY
+4.2%
Analytical read
deterministic previewPrice $546.64 — uptrend (above 200-DMA); 1-month momentum positive..
Risk
Elevated
Macro regime
Risk-on · Supportive
Macro exposure
Supportive
Descriptive analytics from public filings and macro data — not investment advice.
Peer comparison
Cyclical / growth groupHow LIN stacks up against tracked peers with similar macro sensitivity — by analytical score and macro exposure.
| Company | Score | Macro |
|---|---|---|
| Airbnb Inc. ABNB | 30 | Supportive |
| Nike Inc. NKE | 28 | Supportive |
| Marathon Petroleum MPC | 25 | Supportive |
| Deere & Co. DE | 12 | Supportive |
| ASML Holding NV ASML | 10 | Supportive |
| GE Aerospace GE | 10 | Supportive |
| United Parcel Service UPS | 9 | Supportive |
| NVIDIA Corp. NVDA | 7 | Supportive |
| Alphabet Inc. GOOGL | 7 | Supportive |
| Booking Holdings BKNG | 6 | Supportive |
| Amazon.com Inc. AMZN | 4 | Supportive |
| Adobe Inc. ADBE | 3 | Supportive |
| Intuit Inc. INTU | 2 | Supportive |
| Micron Technology MU | 0 | Supportive |
| Lockheed Martin LMT | 0 | Supportive |
| Boeing Co. BA | 0 | Supportive |
| Starbucks Corp. SBUX | 0 | Supportive |
| IBM Corp. IBM | -3 | Supportive |
| Meta Platforms Inc. META | -4 | Supportive |
| Uber Technologies UBER | -4 | Supportive |
| Caterpillar Inc. CAT | -5 | Supportive |
| Alibaba Group BABA | -5 | Supportive |
| Schlumberger N.V. SLB | -7 | Supportive |
| McDonald's Corp. MCD | -7 | Supportive |
| Delta Air Lines DAL | -8 | Supportive |
| Linde plc LIN● you | -9 | Supportive |
| Home Depot Inc. HD | -10 | Supportive |
| Sherwin-Williams SHW | -10 | Supportive |
| Salesforce Inc. CRM | -11 | Supportive |
| Netflix Inc. NFLX | -12 | Supportive |
| Tesla Inc. TSLA | -14 | Supportive |
| Exxon Mobil Corp. XOM | -14 | Supportive |
| Palo Alto Networks PANW | -14 | Supportive |
| Apple Inc. AAPL | -15 | Supportive |
| ConocoPhillips COP | -15 | Supportive |
| Occidental Petroleum OXY | -15 | Supportive |
| Cisco Systems Inc. CSCO | -16 | Supportive |
| Microsoft Corp. MSFT | -16 | Supportive |
| Walt Disney Co. DIS | -17 | Supportive |
| Oracle Corp. ORCL | -18 | Supportive |
| CrowdStrike Holdings CRWD | -18 | Supportive |
| Mosaic Co. MOS | -18 | Supportive |
| RTX Corp. RTX | -19 | Supportive |
| Advanced Micro Devices AMD | -19 | Supportive |
| Freeport-McMoRan FCX | -20 | Supportive |
| Chevron Corp. CVX | -22 | Supportive |
| T-Mobile US Inc. TMUS | -23 | Supportive |
| Lowe's Cos. LOW | -24 | Supportive |
| Texas Instruments TXN | -24 | Supportive |
| Honeywell International HON | -24 | Supportive |
| Qualcomm Inc. QCOM | -25 | Supportive |
| Intel Corp. INTC | -31 | Supportive |
| Verizon Communications VZ | -31 | Supportive |
| ServiceNow Inc. NOW | -33 | Supportive |
| Broadcom Inc. AVGO | -37 | Supportive |
| Phillips 66 PSX | — | Supportive |
| Valero Energy VLO | — | Supportive |
| EOG Resources EOG | — | Supportive |
| Air Products & Chemicals APD | — | Supportive |
| Newmont Corp. NEM | — | Supportive |
| Nucor Corp. NUE | — | Supportive |
| 3M Co. MMM | — | Supportive |
| Union Pacific Corp. UNP | — | Supportive |
| CSX Corp. CSX | — | Supportive |
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