# Linde plc (LIN)

> Linde makes and supplies industrial gases, builds gas-production plants, and provides related engineering services.

- Exchange: NASDAQ · Sector: Materials · Industry: Specialty Chemicals
- Headquarters: Principal executive offices in Woking, Surrey, United Kingdom, and Danbury, Connecticut, United States
- Founded: 1879
- Employees: 65,177 (December 31, 2025)
- SEC CIK: 0001707925 ([filings on EDGAR](https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001707925))
- Full page: https://inspectstocks.com/stocks/lin
- Data as of: price 2026-09-28; newest filing used 2026-07-31; latest fiscal period ended 2026-06-30

## Grade

**C+** on the growth-and-cash rubric, 3 of 5 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Revenue growing overall | passed | $35.4B | $33.1B |
| Revenue growing recently | passed | $35.4B | $34B |
| Free cash flow positive | passed | $5B |  |
| Free cash flow growing overall | failed | $5B | $5.4B |
| Free cash flow growing recently | failed | $5B | $5.1B |

Business quality (the + / − mark): 6 of 6 checks passed.

| Check | Result | Now | Before |
| --- | --- | --- | --- |
| Profitable | passed | 20.4% |  |
| Healthy profit margin | passed | 20.4% |  |
| Strong operating margin | passed | 26.5% |  |
| Good return on equity | passed | 18.9% |  |
| Debt under control | passed | 0.73 |  |
| Turns sales into cash | passed | 14.0% |  |

How the grade works: the letter counts failed checks (none → A, one → B, two → C, three → D, four or more → F). It is built from SEC filings only — the share price never enters it — and describes the business, not whether the stock is worth buying.

## Key figures

In US dollars, as filed.

| Measure | Value |
| --- | --- |
| Revenue, trailing twelve months | $35.4B |
| Net income, trailing twelve months | $7.2B |
| Free cash flow, trailing twelve months | $5B |
| Net margin | 20.4% |
| Operating margin | 26.5% |
| Return on equity | 18.9% |
| Debt to equity | 0.73 |
| Diluted EPS, trailing twelve months | $15.49 |
| Share price | $471.99 |
| Market value | $217.6B |
| Price / earnings | 30.5x |
| Price / sales | 6.1x |

## What the business does

Linde produces atmospheric gases such as oxygen and nitrogen, and process gases such as hydrogen, helium and carbon dioxide. It supplies gases directly to large customers through on-site plants and pipelines, delivers bulk liquid gases by tanker, and sells smaller quantities in cylinders. Its engineering business designs and builds plants that produce or process gases for customers in industries including healthcare, chemicals, manufacturing, metals and mining, food and beverage, and electronics.

### How it makes money

- **Industrial gases — Americas** (44.7% (FY2025)) — Customers pay for gases supplied through on-site plants and pipelines, bulk liquid deliveries, or packaged cylinders; large on-site supply generally uses long-term contracts.
- **Industrial gases — Europe, Middle East and Africa** (25.2% (FY2025)) — Customers pay for gases supplied through on-site plants and pipelines, bulk liquid deliveries, or packaged cylinders.
- **Industrial gases — Asia Pacific** (19.6% (FY2025)) — Customers pay for gases supplied through on-site plants and pipelines, bulk liquid deliveries, or packaged cylinders.
- **Engineering** (6.6% (FY2025)) — Customers pay for plant design, engineering and construction work; Linde may also build plants for its own industrial-gas business to operate.
- **Corporate and Other** (3.9% (FY2025)) — Reported under this label in the segment data; the supplied filing excerpt does not specify the underlying activities or how their revenue is earned.

### Products

- **Atmospheric gases** — Oxygen, nitrogen, argon and rare gases separated from air for industrial and other customer uses.
- **Hydrogen** — Hydrogen produced from different feedstocks and processes, including conventional, low-carbon and renewable production methods.
- **Specialty gases and mixtures** — Packaged gases and blends made for customers with particular gas-composition or purity requirements.
- **Bulk and packaged gas supply** — Bulk liquid gases delivered by tanker to customer storage tanks, and smaller quantities supplied in pressurized cylinders.
- **Gas-production and processing plants** — Plants and related engineering for producing or processing gases, including air separation, hydrogen, natural gas, synthesis gas and olefins.

### Customers

- Large-volume users such as chemical plants, refineries and manufacturers buy gases produced at or near their sites and supplied directly, often through pipelines and long-term supply contracts.
- Electronics manufacturers, including semiconductor facilities, buy high-purity gases and may have Linde build plants to supply their sites.
- Customers needing bulk liquid gases receive tanker deliveries into storage containers at their sites.
- Customers needing smaller quantities buy gases in cylinders, through delivery, facility pickup or purchase orders.
- Healthcare, food and beverage, metals and mining, and other industrial customers buy gases for their operations; Linde also has a United States home-care business.

### Competitors

- L’Air Liquide S.A. (AIQUY) — Industrial gas production and supply, and engineering for gas plants.
- Air Products and Chemicals, Inc. (APD) — Industrial gas production and supply, and engineering for gas plants.
- Messer Group GmbH — Industrial gas production and supply; the 10-K identifies Messer as a competitor.

### What it depends on

- Electricity is Linde's largest production and distribution cost; it also uses natural gas and diesel fuel, and their prices and availability can change.
- Linde buys many raw materials used for hydrogen, helium, carbon dioxide, carbon monoxide and specialty gases from outside suppliers; availability and prices depend on market conditions.
- Helium supply depends on sourcing from helium-rich natural gas streams and on logistics such as storage and transport; the latest call discussed disruption and dislocation costs affecting that supply chain.

### What could go wrong

- Higher energy or raw-material prices, or interruptions in their supply, can raise production costs or prevent Linde from supplying customers; contractual price adjustments do not remove all exposure.
- Linde's international operations expose it to currency, regulatory and political changes. Its Russian engineering contracts have led to continuing disputes, claims and asset-related proceedings.
- Linde's United States home-care business has faced labor-cost inflation and changes in reimbursement conditions, according to management; the company said it was taking operational measures and reviewing the business's strategic options.

## More on this company

- [Overview](https://inspectstocks.com/stocks/lin)
- [Financial statements](https://inspectstocks.com/stocks/lin/financials)
- [Competitors](https://inspectstocks.com/stocks/lin/peers)
- [Earnings](https://inspectstocks.com/stocks/lin/earnings)

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Source: InspectStocks, built from the company’s own SEC filings. This describes a business — it is not investment advice and not a recommendation to buy or sell anything.