Linde plc (LIN) 10-K Red Flags
Risk signals extracted deterministically from Linde plc’s SEC 10-K/10-Q XBRL filings — no LLM, every finding cites the underlying data.
Detected red flags (17)
- 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.
- Market cap $252.88B at $546.64 per share.
- Trailing P/E 43.42, P/S 7.70, P/B 6.56.
- Composite risk: Elevated.
- Leverage debt/equity 0.56 (moderate).
- 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).
Filings & ownership
- 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.
Full LIN analyst report
Valuation (DCF & Graham), technicals, macro exposure, risk scorecard and 13F/13D ownership.
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