Industrial gases and engineering company serving industries including healthcare, energy, manufacturing, and chemicals.MoreShow less
Profile & Fundamentals
Linde (LIN.NYSE) Profile & Fundamentals
Review Linde reported earnings, valuation, balance sheet and ownership, with source tables and separate AI assessments.
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Company and Market Context
Linde: Company Profile & Ownership
Linde plc operates as an industrial gas company worldwide. The company offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. It also engages in the design and construction of turnkey process plants for third-party customers, as well as for its gas businesses, including air separation, hydrogen, synthesis, olefin, and natural gas plants. The company serves the healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. It operates in the United States, Brazil, Mexico, Canada, Germany, the United Kingdom, Eastern Europe, China, Australia, South Korea, and India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.
Company profile record
Linde plc Ordinary Shares
Common Stock · Materials · Industrial Gases
Company
- Company / asset
- Linde plc Ordinary Shares
- Security type
- Common Stock
- Sector
- Materials
- Industry
- Industrial Gases
- HQ
- 🇬🇧 United Kingdom
- Head office
- Forge, 43 Church Street West, Woking, United Kingdom, GU21 6HT
Leadership & scale
- Chief executive
- Mr. Sanjiv Lamba
- CEO year born
- 1964
- Full-time employees
- 64.5K
- Fiscal year end
- December
- IPO date
- 2002-01-11
Fundamentals snapshot
- Market Cap
- USD 241.3B
- P/E
- 34.4x
- Revenue (Q3 26)
- USD 9.4B
- Profit (Q3 26)
- USD 1.7B
- Dividend Yield
- 1.2%
- Revenue (FY 25)
- USD 34.0B
- Shares in public float
- 457.6M
- Insider ownership
- 0.25%
Reporting & identifiers
- Symbol
- LIN.NYSE
- Listing
- 🇺🇸 United States | Dividend Tax: 0%
- Ticker Currency
- USD
- Income Statement Currency
- USD
- Balance Sheet Currency
- USD
- Cash Flow Currency
- USD
- EPS Currency
- USD
- Contract Type
- SPOT
- ISIN
- IE000S9YS762
- Asset ID
- equity_0e372eea-b090-547a-88a2-4a7f958db812
Linde: Ownership
Shares Outstanding
Latest: 462.5M | Max: 540.9M | Min: 290.5M
Latest reported ownership snapshot
Float Shares
98.94%
457.6M latest reported shares
Insider Ownership
0.25%
Latest reported insider stake
Short Float
0.01%
Latest reported short interest / float
Top Holders
Source tablesView ownership tables
Shares Outstanding
Annual reported shares outstanding; up to 10 reporting dates.
Scroll the table to see every column.
| Reporting date | Shares outstanding |
|---|---|
| 2017-01-01 | 290,456,000 |
| 2018-01-01 | 462,683,000 |
| 2019-01-01 | 540,919,000 |
| 2020-01-01 | 529,038,000 |
| 2021-01-01 | 516,276,000 |
| 2022-01-01 | 497,922,000 |
| 2023-01-01 | 488,249,000 |
| 2024-01-01 | 478,877,000 |
| 2025-01-01 | 468,702,000 |
| 2026-01-01 | 462,512,000 |
Top Holders
Available reported ownership records.
Scroll the table to see every column.
| Holder | Shares | Ownership | Reported date |
|---|---|---|---|
| BlackRock Inc | 37,301,875 | 8.13% | 2026-06-30 |
| Vanguard Capital Management, LLC | 30,208,556 | 6.58% | 2026-06-30 |
| State Street Corp | 20,344,181 | 4.43% | 2026-06-30 |
| Capital Research Global Investors | 17,430,716 | 3.8% | 2026-06-30 |
| Amvescap Plc. | 15,321,341 | 3.34% | 2026-06-30 |
| Vanguard MStar Total Stk Mkt Idx Invest | 14,624,028 | 3.19% | 2026-09-30 |
| Vanguard Portfolio Management, LLC | 12,466,679 | 2.72% | 2026-06-30 |
| Vanguard 500 Index Investor | 12,105,867 | 2.64% | 2026-09-30 |
| Geode Capital Management, LLC | 11,943,013 | 2.6% | 2026-06-30 |
| T. Rowe Price Associates, Inc. | 11,832,240 | 2.58% | 2026-06-30 |
| Invesco QQQ Trust | 9,589,733 | 2.09% | 2026-10-30 |
| FMR Inc | 8,316,540 | 1.81% | 2026-06-30 |
| Morgan Stanley - Brokerage Accounts | 7,376,780 | 1.61% | 2026-06-30 |
| NORGES BANK | 6,640,227 | 1.45% | 2026-06-30 |
| JPMorgan Chase & Co | 6,541,968 | 1.43% | 2026-06-30 |
Linde: Earnings, Profitability & Valuation
Latest Financials Filed On
Earnings & Revenue
Earnings and Revenue Trajectory
AI Review
The company's earnings engine demonstrates exceptional resilience, generating 35.4 billion dollars in trailing revenue and converting it into steady profit expansion. Recent second-quarter results showed nine percent reported revenue growth, though underlying operational growth was closer to four percent after adjusting for energy cost pass-throughs and currency translation. Long-term take-or-pay customer contracts and disciplined pricing power have successfully decoupled core earnings from broad industrial factory slowdowns. While headline numbers look accelerating, the underlying growth story is primarily price-driven rather than volume-driven. Strong pricing and new electronics gas plant start-ups generated 7.29 billion dollars in trailing net income. Contractual protections ensure that inflation is passed along to customers, converting stable industrial production into durable, high-visibility cash flows.
The company's earnings engine demonstrates exceptional resilience, generating 35.4 billion dollars in trailing revenue and converting it into steady profit expansion. Recent second-quarter results showed nine percent reported revenue growth, though underlying operational growth was closer to four percent after adjusting for energy cost pass-throughs and currency translation. Long-term take-or-pay customer contracts and disciplined pricing power have successfully decoupled core earnings from broad industrial factory slowdowns. While headline numbers look accelerating, the underlying growth story is primarily price-driven rather than volume-driven. Strong pricing and new electronics gas plant start-ups generated 7.29 billion dollars in trailing net income. Contractual protections ensure that inflation is passed along to customers, converting stable industrial production into durable, high-visibility cash flows.
Revenue, Net Income, and Free Cash Flow
Latest: USD 34.0B | Max: USD 34.0B | Min: USD 1.2B
Valuation
P/E Ratio (TTM)iPublished valuation snapshots use the earnings basis recorded with each observation. Source tables retain that basis.
Latest: 29x
Profitability & Margins
Margins and Operating Efficiency
AI Review
Profitability margins have expanded steadily over the past several years, with gross margins exceeding forty-three percent and adjusted operating margins reaching 29.5 percent. This structural margin widening reflects ruthless localized delivery route density, post-merger efficiency gains, and an unyielding commitment to price attainment ahead of underlying operating cost inflation. Recent quarters have seen minor headline margin softening due to labor cost inflation in the home healthcare division and the mathematical dilutive effect of energy pass-through billing. Because energy cost increases are passed through directly dollar-for-dollar, absolute dollar profit expands even when percentage margins temporarily pause. Core industrial gas pricing power remains entirely intact.
Profitability margins have expanded steadily over the past several years, with gross margins exceeding forty-three percent and adjusted operating margins reaching 29.5 percent. This structural margin widening reflects ruthless localized delivery route density, post-merger efficiency gains, and an unyielding commitment to price attainment ahead of underlying operating cost inflation. Recent quarters have seen minor headline margin softening due to labor cost inflation in the home healthcare division and the mathematical dilutive effect of energy pass-through billing. Because energy cost increases are passed through directly dollar-for-dollar, absolute dollar profit expands even when percentage margins temporarily pause. Core industrial gas pricing power remains entirely intact.
Profitability Margins
Latest: 37.8% | Max: 37.8% | Min: 8.1%
Latest Profitability Ratios as of 2025-12-31
Gross Margin
37.8%
Gross profit / revenue
Operating Margin
27.2%
Operating income / revenue
Net Margin
20.3%
Net income / revenue
FCF Margin
15.0%
Free cash flow / revenue
Source tablesView earnings, profitability & valuation tables
Revenue, Net Income, and Free Cash Flow
Annual reported results, using the source statement's recorded USD conversion. Up to 10 reporting periods; missing values are not estimated.
Scroll the table to see every column.
| Period end | Revenue (USD) | Net income (USD) | Free cash flow (USD) |
|---|---|---|---|
| 2016-12-31 | 10,534,000,000 | 1,500,000,000 | 1,308,000,000 |
| 2017-12-31 | 11,437,000,000 | 1,247,000,000 | 1,730,000,000 |
| 2018-12-31 | 14,836,000,000 | 4,381,000,000 | 1,819,000,000 |
| 2019-12-31 | 28,228,000,000 | 2,285,000,000 | 2,506,000,000 |
| 2020-12-31 | 27,243,000,000 | 2,501,000,000 | 4,029,000,000 |
| 2021-12-31 | 30,793,000,000 | 3,826,000,000 | 6,639,000,000 |
| 2022-12-31 | 33,364,000,000 | 4,147,000,000 | 5,691,000,000 |
| 2023-12-31 | 32,854,000,000 | 6,199,000,000 | 5,518,000,000 |
| 2024-12-31 | 33,005,000,000 | 6,565,000,000 | 4,926,000,000 |
| 2025-12-31 | 33,986,000,000 | 6,898,000,000 | 5,089,000,000 |
Published P/E Ratio
Published valuation snapshots retain each observation's earnings basis.
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| Period end | P/E (times earnings) | Earnings basis |
|---|---|---|
| 2025-12-31 | 28.8 | Trailing four quarters |
| 2024-12-31 | 30.5 | Trailing four quarters |
| 2023-12-31 | 32.3 | Trailing four quarters |
| 2022-12-31 | 39.2 | Annual net income |
| 2021-12-31 | 46.7 | Annual net income |
Profitability Margins
Matching annual reporting dates. Values are percentages.
Scroll the table to see every column.
| Period end | Gross margin (%) | Operating margin (%) | Net margin (%) | Free cash flow margin (%) |
|---|---|---|---|---|
| 2016-12-31 | 33.72 | 21.98 | 14.24 | 12.42 |
| 2017-12-31 | 33.16 | 21.79 | 10.9 | 15.13 |
| 2018-12-31 | 26.87 | 15.13 | 29.53 | 12.26 |
| 2019-12-31 | 24.48 | 11.58 | 8.09 | 8.88 |
| 2020-12-31 | 26.55 | 14.28 | 9.18 | 14.79 |
| 2021-12-31 | 27.98 | 17.16 | 12.42 | 21.56 |
| 2022-12-31 | 29.1 | 19.36 | 12.43 | 17.06 |
| 2023-12-31 | 35.14 | 24.67 | 18.87 | 16.8 |
| 2024-12-31 | 36.61 | 26.04 | 19.89 | 14.93 |
| 2025-12-31 | 37.76 | 27.23 | 20.3 | 14.97 |
Public data excerpt created by iPulse AI and published by Future Edge Group FZE. Snapshot retrieved 2026-11-10.
Use is subject to the iPulse AI Terms of Service and applicable source rights. Missing inputs are not estimated. Full access includes the remaining records, research and interactive tools.
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