Linde plc (LIN) — Company Research

Last Updated: 5 November 2026

Linde plc (NASDAQ: LIN) is the largest industrial gases company by market value, supplying gases such as oxygen, nitrogen, argon and hydrogen to customers in chemicals and energy, electronics, manufacturing and healthcare, and building gas plants through its Engineering business. FY2025 sales rose 3.0% to $33,986m with adjusted diluted EPS of $16.46. On 29 Oct 2026 Linde reported Q3 2026 sales up 9% to $9,404m and adjusted EPS up 9% to $4.59, and raised its full-year 2026 adjusted EPS guidance to $17.82–$17.92. GAAP EPS fell 11% to $3.66 because of a $425m cost-reduction charge, mostly linked to its US homecare business Lincare, which is now under strategic review. This refresh uses Linde's own releases and SEC filings.

1. Company Snapshot

Field	Value
Company	Linde plc
Ticker / Exchange	LIN / NASDAQ
Sector	Materials (industrial gases and engineering)
CEO / Leadership	Sanjiv Lamba (CEO since 01 Mar 2022, also Chairman since 31 Jan 2026); Matthew J. White (EVP & CFO); Sean Durbin (COO since 01 Oct 2025)
Employees	65,177 at 31 Dec 2025 (FY2025 10-K)
Headquarters	Woking, UK and Danbury, Connecticut, US; registered in Ireland
Revenue (FY2025)	Sales $33,986m (+3.0%)
Net income (FY2025)	GAAP diluted EPS $14.61; adjusted diluted EPS $16.46
Latest quarter (Q3 2026)	Sales $9,404m (+9%); GAAP EPS $3.66; adjusted EPS $4.59
Market cap	~$240.9bn ($524.74 close on 04 Nov 2026 × 459.08m shares at 30 Sep 2026)
Dividend	$1.60 per quarter ($6.40 annualised), raised 7% in Feb 2026, the 33rd consecutive annual increase

2. Investment Thesis: Bull vs Bear

Bull Case

• Pricing power and high margins: Q3 2026 underlying sales rose 5%, with price contributing 3 points, and the adjusted operating margin was 29.4%, flat year on year excluding cost pass-through.
• Electronics demand: Electronics sales grew 15% in Q3 2026, about $2bn of electronics projects are under construction in the US, Korea and China, and Linde committed $1bn on 31 Jul 2026 to expand its Phoenix site for a major chipmaker.
• Contracted growth backlog: The sale-of-gas backlog stood at $7.9bn at Q3 2026, made up of long-term supply contracts, with total project backlog of about $11bn.
• Steady earnings and dividend growth: Adjusted EPS rose every year from $10.69 in FY2021 to $16.46 in FY2025, full-year 2026 guidance was raised to $17.82–$17.92, and the dividend has been increased for 33 consecutive years.

Bear Case

• Slow volume growth: Volumes added only 2 points to Q3 2026 underlying growth, and EMEA underlying sales rose just 3%, reflecting weak industrial activity.
• Homecare drag and charges: A $425m cost-reduction charge ($0.57 per share) hit Q3 2026 GAAP EPS, Lincare cut year-to-date EPS growth by about 2 points, and its future is under strategic review.
• Heavy spending absorbs cash: Trailing twelve-month capex of about $5.6bn consumed more than half of operating cash flow of about $10.7bn, and 2026 capex guidance was raised to $5.5–$6.0bn.
• Rising debt: Long-term debt (excluding the current portion) rose from $15,343m at end-2024 to $20,593m at 30 Sep 2026, and total debt including short-term borrowings is about $26.7bn.

3. Business Segments

From Q3 2026 Linde moved its US homecare business (Lincare) out of Americas and into Other, and recast prior periods. The split below uses recast FY2025 sales of $33,986m from the Q3 2026 earnings release tables.

Segment	% of revenue	What it is
Americas	37.8% ($12,860m)	Industrial gases in North and South America, supplied by pipeline and on-site plants, as bulk liquid and in cylinders. Q3 2026 sales $3,601m (+11%), operating margin 35.1%.
EMEA	25.2% ($8,549m)	Industrial gases in Europe, the Middle East and Africa. Q3 2026 sales $2,327m (+7%), operating margin 35.1%.
APAC	19.6% ($6,661m)	Industrial gases in Asia and the Pacific, with a large electronics customer base. Q3 2026 sales $1,950m (+12%), operating margin 27.4%.
Engineering	6.6% ($2,250m)	Designs and builds gas plants, such as air separation and hydrogen units, for third parties and for Linde itself. Q3 2026 sales $582m (+12%).
Other	10.8% ($3,666m)	Lincare US homecare (annualised revenue of about $2.3bn), plus smaller businesses and corporate items.

Before the recast, FY2025 Americas sales were reported as $15,208m (44.7%) and Other as $1,318m (3.9%).

4. Business Model & Moat

How it makes money. Linde separates air into oxygen, nitrogen and argon and produces hydrogen and other gases, then sells them in three ways. Large customers such as refineries, chemical plants and chip fabs are supplied from on-site plants or pipelines under long-term contracts, which usually pass energy cost changes on to the customer. Mid-sized customers buy liquid gas delivered by truck. Small customers buy gas in cylinders. Engineering builds plants for Linde and for third parties.

Local density. Industrial gases are expensive to transport, so each region is served by a dense local network of plants, pipelines and delivery routes. Once Linde has the plant and the customers in an area, a new rival struggles to match its costs. The industry has consolidated to a few global suppliers: Linde, Air Liquide and Air Products, with Nippon Sanso and Messer behind them.

Contracted and pass-through income. The $7.9bn sale-of-gas backlog consists of contracted projects that start generating sales as plants come on line, giving visibility on future growth. Pass-through clauses mean rising energy costs inflate sales but are largely recovered from customers.

Capital discipline. Linde targets high returns on new projects and returns most spare cash to shareholders: in the first nine months of 2026 it spent $2,632m on buybacks, and in Q3 alone it returned $1,685m through buybacks and dividends.

5. Financial Health

Annual figures come from Linde's year-end earnings releases and 10-K filings (SEC XBRL). Adjusted EPS excludes cost-reduction and other charges and other items the company identifies as outside normal operations. FY2021 GAAP EPS is from continuing operations. Long-term debt is the year-end balance excluding the current portion and short-term borrowings.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2021	$30,793m	+13.0%	$7.32	$10.69	$4.24	$11,335m
FY2022	$33,364m	+8.3%	$8.23	$12.29	$4.68	$12,198m
FY2023	$32,854m	-1.5%	$12.59	$14.20	$5.10	$13,397m
FY2024	$33,005m	+0.5%	$13.62	$15.51	$5.56	$15,343m
FY2025	$33,986m	+3.0%	$14.61	$16.46	$6.00	$20,683m

Quarterly results, most recent first.

Quarter / Half	Revenue	Adjusted EPS	GAAP EPS
Q3 2026	$9,404m	$4.59	$3.66
Q2 2026	$9,289m	$4.50	$4.15
Q1 2026	$8,781m	$4.33	$3.98
Q4 2025	$8,764m	$4.20	$3.26
Q3 2025	$8,615m	$4.21	$4.09
Q2 2025	$8,495m	$4.09	$3.73
Q1 2025	$8,112m	$3.95	$3.51
FY2025 total	$33,986m	$16.46	$14.61

Cash flow and balance sheet. FY2025 operating cash flow was $10,350m and capital expenditure $5,261m, giving free cash flow of $5,089m; depreciation and amortisation was $3,763m and GAAP operating profit $8,923m. In the first nine months of 2026 operating cash flow was $7,680m (Q3: $3,169m, +8%) and capex $4,172m. At 30 Sep 2026 Linde had $3,947m of cash against $4,645m of short-term borrowings (mostly commercial paper of $4,321m), $1,464m of current long-term debt and $20,593m of long-term debt. Guidance (29 Oct 2026) is Q4 2026 adjusted EPS of $4.40–$4.50 (+5–7%), full-year 2026 adjusted EPS of $17.82–$17.92 (+8–9%, including about 2 points of currency benefit) and 2026 capex of $5.5–$6.0bn. Follow the shares on ChartsView Live Charts.

6. Valuation

Raw metrics, November 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	~$240.9bn ($524.74 close on 04 Nov 2026 × 459.08m shares outstanding at 30 Sep 2026)
Trailing P/E (GAAP)	~34.9x ($524.74 / TTM GAAP EPS $15.05, Q4 2025 to Q3 2026). On TTM adjusted EPS of $17.62 the multiple is ~29.8x.
P/E (forward)	~29.4x ($524.74 / $17.87, the midpoint of 2026 adjusted EPS guidance of $17.82–$17.92)
P/S (TTM)	~6.65x (~$240.9bn / TTM sales $36,238m)
Enterprise value	~$263.7bn (market cap ~$240.9bn + total debt ~$26.7bn [short-term borrowings $4,645m + current LT debt $1,464m + LT debt $20,593m] − cash ~$3.9bn, per 30 Sep 2026 balance sheet)
EV/EBITDA (TTM)	~20.3x (EV ~$263.7bn / TTM EBITDA ~$12.99bn; EBITDA = TTM GAAP operating profit $9,161m + TTM depreciation and amortisation $3,829m from the cash flow statement). GAAP operating profit includes the $425m Q3 2026 charge; adding it back gives ~19.7x.
P/FCF	~47.4x (~$240.9bn / TTM FCF ~$5.08bn; FCF = TTM operating CF $10,710m − capex $5,630m). On FY2025 FCF of $5,089m it is ~47.3x.
Dividend yield	~1.2% ($6.40 annualised / $524.74)
52-week high	$548.20
52-week low	$387.78
Short interest (% of float)	1.35% (6.20m shares, settlement 15 Oct 2026, MarketBeat)
Days to cover	2.9

7. What Are They Building

Project backlog. At Q3 2026 Linde's contractual sale-of-gas backlog was $7.9bn (down from a record $8.1bn at Q2 as projects started up), with a further $2.9bn of third-party engineering backlog, about $11bn in total. Management said about $1bn of project start-ups is expected in Q4 2026. Engineering took $499m of new orders in Q3.

Semiconductor supply. On 31 Jul 2026 Linde said it would invest $1bn to expand its on-site complex in Phoenix, Arizona, adding two new air separation units next to three existing ones for one of the world's largest chipmakers. Its Taiwan joint venture, Linde LienHwa, is investing about $800m separately. About $2bn of electronics projects are under construction across the US, Korea and China.

Low-carbon ammonia and hydrogen. Linde is investing more than $400m in an air separation plant for the Blue Point low-carbon ammonia project in Louisiana (a CF Industries, JERA and Mitsui venture), with start-up expected in 2029. It is also building a clean hydrogen and atmospheric gases complex worth more than $2bn for Dow's Path2Zero site in Alberta; Dow paused that project in 2025, restarted it in Jan 2026, and now targets phase 1 start-up in late 2029.

Space and capex. Management cited higher volumes of rocket propellant gases and a space component in the plant backlog. Capex was $5,261m in FY2025 and is guided at $5.5–$6.0bn for 2026.

8. Competitive Landscape

Peer	Market cap (November 2026)	Key 2025 metric
Air Liquide (AI)	~$130.9bn	Q3 2026 revenue EUR 7.26bn, +3.0% comparable growth, electronics +12%; EUR 1bn buyback tranche announced
Air Products (APD)	~$70.7bn	FY2026 (to Sep 2026) sales $13.0bn (+8%), adjusted EPS $13.45 (+12%), GAAP EPS $2.39, capex $3.3bn (results 05 Nov 2026)
Nippon Sanso Holdings (4091)	~$14.9bn (Oct 2026)	Q1 of year to Mar 2027 revenue JPY 361.7bn (+14.9%), core operating income JPY 54.6bn (+19.9%)
Messer (private)	Private — not listed	FY2025 revenue about EUR 4.5bn (flat), EBITDA EUR 1.4bn (31% margin), investment EUR 747m

Linde's market value is close to that of Air Liquide and Air Products combined. Its TTM sales of about $36.2bn compare with Air Products' $13.0bn. Discuss the sector on the ChartsView Forum.

9. Leadership & Insider Activity

Sanjiv Lamba has been CEO since 01 Mar 2022 and added the Chairman role on 31 Jan 2026. Matthew J. White has been CFO since Oct 2018, and Sean Durbin became COO on 01 Oct 2025. Armando Botello became Senior VP, APAC, in Oct 2026. Insider activity in 2026 has been mostly executive sales, with one small director purchase. Recent transactions from SEC Form 4 filings and filing summaries:

Name	Date	Type	Shares	Price	Value	Plan Type
Guillermo Bichara (EVP & Chief Legal Officer)	02 Nov 2026	Option exercise and sale	9,350 sold (26,155 options exercised at $173.13)	~$518.91 (weighted)	~$4.85m	Not 10b5-1
Paula Rosput Reynolds (Director)	18 Aug 2026	Buy	100	$479.12	~$0.05m	Open market, not 10b5-1
Robert L. Wood (Director)	14 May 2026	Sell	5,215	~$506.79	~$2.64m	Not disclosed
Sean Durbin (COO)	10 Mar 2026	Sell	6,520	$477.27	~$3.11m	Not disclosed
Guillermo Bichara (EVP & Chief Legal Officer)	10 Mar 2026	Sell	4,357	$480.79	~$2.09m	Not disclosed
Guillermo Bichara (EVP & Chief Legal Officer)	17 Feb 2026	Sell	9,455	$480.45	~$4.54m	Not disclosed

10. Key Risks

• Industrial slowdown (Macro): Volumes depend on factory, chemical and metals output. Weak activity, especially in Europe where EMEA underlying sales grew only 3% in Q3 2026, would limit volume growth.
• Lincare outcome (Operational): The US homecare business is under strategic review after a $183m non-cash charge in Q3 2026. A sale, closure or further write-downs could bring more one-off charges.
• Project execution (Operational): Large projects such as Dow Path2Zero have already been paused and re-timed by customers. Delays or cancellations would push back expected sales from the backlog.
• Energy costs (Financial): Electricity and natural gas are key inputs for making industrial gases. Contracts pass most changes through, but sharp price rises can hit merchant and cylinder margins and customer demand.
• Debt and capital spending (Financial): Total debt has risen to about $26.7bn while capex runs above $5bn a year, leaving less room if cash flow weakens.
• Currency (Macro): Most sales are earned outside the US. Currency added about 2 points to 2026 adjusted EPS growth guidance; a stronger US dollar would work the other way.

11. Recent Developments

• 02 Nov 2026 — Insider sale. Chief Legal Officer Guillermo Bichara exercised 26,155 options and sold 9,350 shares at about $518.91, worth about $4.85m.
• 29 Oct 2026 — Q3 2026 results and guidance raised. Sales rose 9% to $9,404m and adjusted EPS rose 9% to $4.59. Full-year adjusted EPS guidance was raised to $17.82–$17.92 from $17.70–$17.90, and Q4 guidance set at $4.40–$4.50.
• 29 Oct 2026 — Restructuring charge and Lincare review. Linde booked a $425m cost-reduction and other charge, including $200m of severance and $183m of non-cash charges mainly for US homecare, moved Lincare into Other and said it is evaluating strategic alternatives for the business.
• 26 Oct 2026 — Q4 dividend declared. The board declared a $1.60 quarterly dividend, payable 17 Dec 2026 to holders of record on 03 Dec 2026.
• 01 Oct 2026 — APAC leadership change. Armando Botello became Senior Vice President, APAC.
• 31 Jul 2026 — $1bn semiconductor investment and Q2 results. Linde announced a $1bn expansion of its Phoenix, Arizona complex for a major chipmaker, and reported Q2 adjusted EPS up 10% to $4.50 with a record $8.1bn sale-of-gas backlog.

For the macro data that moves industrial shares, see the ChartsView Economic Calendar.

12. Key Dates

• 17 Nov 2026 — Linde presents at the RBC investor conference.
• 01 Dec 2026 — Linde presents at the Citi investor conference.
• 02 Dec 2026 — CFO Matthew White presents at the Goldman Sachs investor conference.
• 03 Dec 2026 — Ex-dividend and record date for the $1.60 quarterly dividend.
• 17 Dec 2026 — Payment of the $1.60 quarterly dividend.
• Expected Feb 2027 — Q4 and full-year 2026 results with 2027 guidance. Date not yet announced; last year's results came on 05 Feb 2026.

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