Gross margin
48.8% Fiscal year 2025
Rank 47 of 100: higher than 47% of 153 peers (All). medium.
Rank 50 of 100: higher than 50% of 5 peers (Sector). medium.
Median Materials: 48.8%
Share of revenue left after the direct cost of the products sold.
About the company
Linde is a maker of industrial gases. The company supplies oxygen, nitrogen, hydrogen and other gases to industry, hospitals and electronics and food manufacturers and builds gas plants. Linde was formed through the merger with Praxair. As of Oct 13, 2026
Fact sheet (from the annual report) Industrial gases and inorganic chemicals · Woking Surrey, United Kingdom
Linde is an industrial gases company under Irish law with headquarters in the United Kingdom and the United States. It offers atmospheric gases such as oxygen, nitrogen, argon and rare gases as well as process gases such as hydrogen, helium, carbon dioxide and acetylene. Supply is by pipeline from plants at the customer’s site, in bulk in liquid form or in cylinders. In engineering, the group designs and builds air separation plants as well as plants for hydrogen, syngas, olefins and natural gas, for example for refineries and fertilizer plants. Its customers include healthcare, chemicals and energy, manufacturing, metals and mining, food and beverages, and electronics.
Automatically summarized from SEC annual report (10-K, filed Feb 25, 2026) (website of the US Securities and Exchange Commission) · reviewed Oct 14, 2026
Price performance at a glance
Last 30 trading days
- Today +0.2%
- 7 days +1.4%
- 30 days +8.3%
- 1 year +14.4%
Day range (last trading day)
−0.8%Price at 92% of the range+0.1%
52-week range
−23.8%Price at 75% of the range+7.8%
- Distance from the all-time high
- −7.2%
Our own calculation from the exchange’s daily candles, as of Oct 27, 2026. “All-time” applies since the start of this series, not to the whole market. Changes in percent; the TradingView chart shows prices. “Today” = change of the last trading day versus the previous day. Not investment advice.
52-week-high breakout · Analysis method
This method currently detects no pattern for LIN. The check runs daily after the close.
You see new patterns immediately from Watcher, on the free plan 2 days after they form. Plans and pricing
What does the pattern show?
What is this? The price closes above the highest high of the last 52 weeks for the first time, on clearly higher volume. New 52-week highs are seen as a sign of strength.
This is a calculated analysis, not a forecast and not a call to buy. Risk notice and investment advice
Fundamental analysis
SEC filing (10-K, 10-Q)Required reports of listed companies to the US Securities and Exchange Commission (SEC): 10-K is the annual report, 10-Q the quarterly report, 20-F the annual report of foreign companies. We show the figures of the first filing.Example: 10-K for the fiscal year ending Sep 27, 2025, filed on Oct 31, 2025.More in the Academy: Lesson revenue, profit and marginLinde plc · Sector Materials · amounts in USD
Information only – does not affect the other analysis methods, not investment advice. Source: SEC filings, As of Feb 25, 2026.
Quality checks
Four angles on the annual figures. Each check counts how many disclosed criteria are met – criteria without data do not count. The bars show where the company ranks on each figure among the stocks we cover and within its sector.
Fiscal year to Dec 31, 2025
Quality
Profitability, consistency, balance sheet
8 of 8 criteria met
Growth
Revenue and earnings per share · 1 without data
4 of 6 criteria met
Dividend
Level, consistency, coverage
7 of 7 criteria met
Financial strength
Piotroski, debt, liquidity
5 of 6 criteria met
Quality 8 of 8 met
- met: Gross margin above 40% cost of revenue excludes depreciation – the margin tends to be overstated 48.8%
- met: Operating margin above 15% 26.3%
- met: Net margin above 10% 20.3%
- met: Return on equity above 15% 18.0%
- met: Free cash flow margin above 10% 15.0%
- met: Profit in each of the last 5 fiscal years 5 of 5
- met: Free cash flow positive in each of the last 3 fiscal years 3 of 3
- met: Equity ratio above 30% 44.1%
Operating margin
26.3% Fiscal year 2025
Rank 71 of 100: higher than 71% of 192 peers (All). strong.
Sector: too few peers
Operating income divided by revenue: what the core business earns before interest and taxes.
Net margin
20.3% Fiscal year 2025
Rank 67 of 100: higher than 67% of 237 peers (All). strong.
Rank 70 of 100: higher than 70% of 5 peers (Sector). strong.
Median Materials: 12.9%
Profit after all costs, interest and taxes divided by revenue.
Return on equity
18.0% Fiscal year 2025
Rank 53 of 100: higher than 53% of 218 peers (All). medium.
Rank 30 of 100: higher than 30% of 5 peers (Sector). weak.
Median Materials: 20.9%
Net income divided by equity at fiscal year end.
Return on assets
7.9% Fiscal year 2025 (total assets at year end)
Rank 62 of 100: higher than 62% of 238 peers (All). medium.
Rank 30 of 100: higher than 30% of 5 peers (Sector). weak.
Median Materials: 8.4%
Net income divided by total assets at fiscal year end.
Equity ratio
44.1% Fiscal year 2025
Rank 63 of 100: higher than 63% of 239 peers (All). medium.
Rank 70 of 100: higher than 70% of 5 peers (Sector). strong.
Median Materials: 39.6%
Equity as a share of total assets. Usually low for banks.
Free cash flow margin
15.0% Fiscal year 2025
Rank 53 of 100: higher than 53% of 213 peers (All). medium.
Rank 70 of 100: higher than 70% of 5 peers (Sector). strong.
Median Materials: 11.8%
Free cash flow divided by revenue.
Free cash flow
5.1B USD Fiscal year 2025
Operating cash flow minus capital expenditure on property and equipment.
Growth 4 of 6 met · 1 without data
- not met: Over 3 years, revenue grew by more than 5% per year +0.6%
- not met: Over 5 years, revenue grew by more than 5% per year +4.5%
- no data: Over 10 years, revenue grew by more than 5% per year no comparable figures over 10 years
- met: Over 3 years, EPS grew by more than 5% per year +21.1%
- met: Over 5 years, EPS grew by more than 5% per year +25.4%
- met: Revenue rose in at least 4 of the last 5 fiscal years 4 of 5
- met: Revenue rose in the last fiscal year +3.0%
Revenue growth 3 years
+0.6% per year
Rank 20 of 100: higher than 20% of 230 peers (All). weak.
Rank 10 of 100: higher than 10% of 5 peers (Sector). weak.
Median Materials: +4.3%
Average growth per year over 3 fiscal years.
Revenue growth 5 years
+4.5% per year
Rank 17 of 100: higher than 17% of 217 peers (All). weak.
Rank 10 of 100: higher than 10% of 5 peers (Sector). weak.
Median Materials: +6.4%
Average growth per year over 5 fiscal years.
EPS growth 3 years
+21.1% per year
Rank 70 of 100: higher than 70% of 157 peers (All). strong.
Sector: too few peers
Growth of earnings per share per year, adjusted for stock splits.
EPS growth 5 years
+25.4% per year
Rank 75 of 100: higher than 75% of 146 peers (All). strong.
Sector: too few peers
Growth of earnings per share per year, adjusted for stock splits.
Dividend 7 of 7 met
- met: Pays a dividend 6.00 USD
- met: Payout ratio at most 60% of earnings 41%
- met: Dividend paid in each of the last 5 fiscal years 5 of 5
- met: Dividend per share never lowered in the last 5 fiscal years Dividend per share as filed with the SEC, including special dividends; a one-off higher prior year does not count as a cut. never
- met: Dividend per share higher than 5 years ago +9.3%
- met: Free cash flow per share covers the dividend 1.8x
- met: Dividends paid over the last 5 years covered by free cash flow 45% of free cash flow
Payout ratio
41% Fiscal year 2025
Dividend per share divided by earnings per share.
Dividend growth 5 years
+9.3% per year
Rank 53 of 100: higher than 53% of 118 peers (All). medium.
Sector: too few peers
Growth of the dividend per share per year.
Free cash flow coverage
1.8x Fiscal year 2025
Free cash flow per share divided by dividend per share. From 1x the dividend is covered.
Financial strength 5 of 6 met
- met: Piotroski F-Score at least 7 of 9 7 of 9
- met: Long-term debt no higher than equity 0.59
- not met: Current assets cover current liabilities 0.88
- met: Positive equity 38.2B USD
- met: In 5 years, share count up by at most 5% −11.1%
- met: Free cash flow positive in the last fiscal year 5.1B USD
Piotroski F-Score
7 of 9 Fiscal year 2025
Rank 72 of 100: higher than 72% of 134 peers (All). strong.
Rank 70 of 100: higher than 70% of 5 peers (Sector). strong.
Median Materials: 6.0 of 9
Nine yes/no tests on profit, cash flow, debt, liquidity and efficiency compared with the prior year.
Debt / equity
0.59 at fiscal year end
Rank 51 of 100: lower than 51% of 199 peers (All). medium.
Rank 50 of 100: lower than 50% of 5 peers (Sector). medium.
Median Materials: 0.59
Long-term financial debt divided by equity.
Liquidity (current ratio)
0.88 at fiscal year end
Rank 15 of 100: higher than 15% of 215 peers (All). weak.
Rank 30 of 100: higher than 30% of 5 peers (Sector). weak.
Median Materials: 1.08
Current assets divided by current liabilities.
Change in share count
−11.1% in 5 years
Rank 84 of 100: lower than 84% of 199 peers (All). strong.
Rank 90 of 100: lower than 90% of 5 peers (Sector). strong.
Median Materials: −1.8%
Change in diluted share count. Negative = share buybacks, positive = new shares.
The 9 criteria of the Piotroski F-Score
- met: Profit in the last fiscal year (positive return on assets)
- met: Positive operating cash flow
- met: Return on assets higher than the prior year
- met: Operating cash flow higher than net income
- not met: Long-term debt relative to total assets fell
- not met: Liquidity (current assets / current liabilities) rose
- met: No additional shares (diluted share count did not rise)
- met: Gross margin higher than the prior year
- met: Revenue relative to total assets higher than the prior year
Last fiscal year compared with the one before. Returns and revenue per total assets use total assets at the start of the year; leverage = long-term financial debt divided by total assets at year end; new shares via the average diluted share count.
Price-based criteria (P/E, dividend yield) are shown to signed-in users.
Computed automatically from SEC annual reports – not investment advice. Describes the reported figures; points are not a rating of the stock. Rank 0–100 against the 239 stocks we cover and against the sector (from 5 peers); the stronger side is always on the right.
In short
- Light yellow: Revenue grew over 5 years (+4.5% per year), more slowly than the sector median.
- Light green: Net income (total) grew over 5 years (+22.5% per year), at least as fast as the sector median; per share +25.4% per year.
- Light green: Net margin 20.3%, above the sector median (7.4%).
- Light green: Debt not higher than usual in the sector.
- Light green: Profit in each of the last 10 fiscal years.
Summarized from the lights below. Describes the reported figures – not a recommendation to buy or sell.
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Revenue 10.5B USD · Net income 1.5B USD · Net margin 14.2%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Revenue 11.4B USD · Net income 1.2B USD · Net margin 10.9%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Revenue 14.9B USD · Net income 4.4B USD · Net margin 29.4%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Revenue 28.2B USD · Net income 2.3B USD · Net margin 8.1%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Revenue 27.2B USD · Net income 2.5B USD · Net margin 9.2%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Revenue 30.8B USD · Net income 3.8B USD · Net margin 12.4%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Revenue 33.4B USD · Net income 4.1B USD · Net margin 12.4%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Revenue 32.9B USD · Net income 6.2B USD · Net margin 18.9%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Revenue 33.0B USD · Net income 6.6B USD · Net margin 19.9%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 34.0B USD · Net income 6.9B USD · Net margin 20.3%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Revenue 8.2B USD · Net income 1.6B USD · Net margin 19.2%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Revenue 8.3B USD · Net income 1.5B USD · Net margin 18.6% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Revenue 8.1B USD · Net income 1.6B USD · Net margin 20.1%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Revenue 8.3B USD · Net income 1.7B USD · Net margin 20.1%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Revenue 8.4B USD · Net income 1.6B USD · Net margin 18.5%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Revenue 8.3B USD · Net income 1.7B USD · Net margin 20.8% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Revenue 8.1B USD · Net income 1.7B USD · Net margin 20.6%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Revenue 8.5B USD · Net income 1.8B USD · Net margin 20.8%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Revenue 8.6B USD · Net income 1.9B USD · Net margin 22.4%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Revenue 8.8B USD · Net income 1.5B USD · Net margin 17.5% · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Revenue 8.8B USD · Net income 1.9B USD · Net margin 21.1%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Revenue 9.3B USD · Net income 1.9B USD · Net margin 20.8%
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Earnings per share 5.21 USD
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Earnings per share 4.32 USD
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Earnings per share 13.11 USD
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Earnings per share 4.19 USD
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Earnings per share 4.71 USD
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Earnings per share 7.33 USD
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Earnings per share 8.23 USD
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Earnings per share 12.59 USD
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Earnings per share 13.62 USD
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Earnings per share 14.61 USD
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Earnings per share 3.19 USD
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Earnings per share not reported separately for Q4
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Earnings per share 3.35 USD
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Earnings per share 3.44 USD
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Earnings per share 3.22 USD
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Earnings per share not reported separately for Q4
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Earnings per share 3.51 USD
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Earnings per share 3.73 USD
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Earnings per share 4.09 USD
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Earnings per share not reported separately for Q4
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Earnings per share 3.98 USD
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Earnings per share 4.15 USD
- Fiscal year 2016 (Jan 1, 2016 – Dec 31, 2016): Dividend per share 3.00 USD · Payout ratio 57.6%
- Fiscal year 2017 (Jan 1, 2017 – Dec 31, 2017): Dividend per share 3.15 USD · Payout ratio 72.9%
- Fiscal year 2018 (Jan 1, 2018 – Dec 31, 2018): Dividend per share 3.30 USD · Payout ratio 25.2%
- Fiscal year 2019 (Jan 1, 2019 – Dec 31, 2019): Dividend per share 3.50 USD · Payout ratio 83.5%
- Fiscal year 2020 (Jan 1, 2020 – Dec 31, 2020): Dividend per share 3.85 USD · Payout ratio 81.8%
- Fiscal year 2021 (Jan 1, 2021 – Dec 31, 2021): Dividend per share 4.24 USD · Payout ratio 57.8%
- Fiscal year 2022 (Jan 1, 2022 – Dec 31, 2022): Dividend per share 4.68 USD · Payout ratio 56.9%
- Fiscal year 2023 (Jan 1, 2023 – Dec 31, 2023): Dividend per share 5.10 USD · Payout ratio 40.5%
- Fiscal year 2024 (Jan 1, 2024 – Dec 31, 2024): Dividend per share 5.56 USD · Payout ratio 40.8%
- Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Dividend per share 6.00 USD · Payout ratio 41.1%
- Quarter Q3/23 (Jul 1, 2023 – Sep 30, 2023): Dividend per share 1.28 USD · Payout ratio 40.0%
- Quarter Q4/23 (Oct 1, 2023 – Dec 31, 2023): Dividend per share 1.27 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/24 (Jan 1, 2024 – Mar 31, 2024): Dividend per share 1.39 USD · Payout ratio 41.5%
- Quarter Q2/24 (Apr 1, 2024 – Jun 30, 2024): Dividend per share 1.39 USD · Payout ratio 40.4%
- Quarter Q3/24 (Jul 1, 2024 – Sep 30, 2024): Dividend per share 1.39 USD · Payout ratio 43.2%
- Quarter Q4/24 (Oct 1, 2024 – Dec 31, 2024): Dividend per share 1.39 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/25 (Jan 1, 2025 – Mar 31, 2025): Dividend per share 1.50 USD · Payout ratio 42.7%
- Quarter Q2/25 (Apr 1, 2025 – Jun 30, 2025): Dividend per share 1.50 USD · Payout ratio 40.2%
- Quarter Q3/25 (Jul 1, 2025 – Sep 30, 2025): Dividend per share 1.50 USD · Payout ratio 36.7%
- Quarter Q4/25 (Oct 1, 2025 – Dec 31, 2025): Dividend per share 1.50 USD · Payout ratio not available · Q4 derived (year minus 9 months), may be distorted by restatements
- Quarter Q1/26 (Jan 1, 2026 – Mar 31, 2026): Dividend per share 1.60 USD · Payout ratio 40.2%
- Quarter Q2/26 (Apr 1, 2026 – Jun 30, 2026): Dividend per share 1.60 USD · Payout ratio 38.6%
Fiscal year 2025 (Jan 1, 2025 – Dec 31, 2025): Revenue 34.0B USD · Net income 6.9B USD · Net margin 20.3%
Figures over time
Where the money of a fiscal year goes and how margins, returns, balance sheet, cash flow and share count developed over up to 10 years. Each chart has one sentence saying what the trend shows.
Money flow in fiscal year 2025
Of 100 USD of revenue, 48.8 USD gross profit, 26.3 USD operating income and 20.3 USD net income remained.
Money flow as a table
| Item | Amount | of revenue |
|---|---|---|
| Revenue | 34.0B USD | 100.0% |
| Gross profit | 16.6B USD | 48.8% |
| Cost of revenue | 17.4B USD | 51.2% |
| Operating income | 8.9B USD | 26.3% |
| Research & development | 147.0M USD | 0.4% |
| Other operating expenses | 7.5B USD | 22.1% |
| Net income | 6.9B USD | 20.3% |
| Interest expense | 255.0M USD | 0.8% |
| Taxes & other (net) | 1.8B USD | 5.2% |
Taxes, interest and other items are not available separately in the SEC data; they are combined as the difference.
Margins
The operating margin rose in 5 years from 12.2% to 26.3%.
Gross marginOperating marginNet margin- Fiscal year 2016: Gross margin not available · Operating margin 21.3% · Net margin 14.2%
- Fiscal year 2017: Gross margin 44.2% · Operating margin 21.4% · Net margin 10.9%
- Fiscal year 2018: Gross margin 39.5% · Operating margin 35.2% · Net margin 29.4%
- Fiscal year 2019: Gross margin 41.0% · Operating margin 10.4% · Net margin 8.1%
- Fiscal year 2020: Gross margin 43.5% · Operating margin 12.2% · Net margin 9.2%
- Fiscal year 2021: Gross margin 43.0% · Operating margin 16.2% · Net margin 12.4%
- Fiscal year 2022: Gross margin 41.7% · Operating margin 16.1% · Net margin 12.4%
- Fiscal year 2023: Gross margin 46.8% · Operating margin 24.4% · Net margin 18.9%
- Fiscal year 2024: Gross margin 48.1% · Operating margin 26.2% · Net margin 19.9%
- Fiscal year 2025: Gross margin 48.8% · Operating margin 26.3% · Net margin 20.3%
Returns
Return on equity rose in 5 years from 5.3% to 18.0%.
Return on equityReturn on assets- Fiscal year 2016: Return on equity 27.6% · Return on assets not available
- Fiscal year 2017: Return on equity not available · Return on assets 13,533.1%
- Fiscal year 2018: Return on equity 8.5% · Return on assets 4.7%
- Fiscal year 2019: Return on equity 4.7% · Return on assets 2.6%
- Fiscal year 2020: Return on equity 5.3% · Return on assets 2.8%
- Fiscal year 2021: Return on equity 8.7% · Return on assets 4.7%
- Fiscal year 2022: Return on equity 10.4% · Return on assets 5.2%
- Fiscal year 2023: Return on equity 15.6% · Return on assets 7.7%
- Fiscal year 2024: Return on equity 17.2% · Return on assets 8.2%
- Fiscal year 2025: Return on equity 18.0% · Return on assets 7.9%
Equity and long-term debt
The equity ratio fell in 5 years from 53.6% to 44.1%.
EquityLong-term debt in USD Long-term debt, depending on the filing, includes the current portion or leases.- Fiscal year 2016: Equity 5.4B USD · Long-term debt not available
- Fiscal year 2017: Equity −1.9M USD · Long-term debt 8.8B USD
- Fiscal year 2018: Equity 51.6B USD · Long-term debt 13.8B USD
- Fiscal year 2019: Equity 49.1B USD · Long-term debt 12.2B USD
- Fiscal year 2020: Equity 47.3B USD · Long-term debt 12.9B USD
- Fiscal year 2021: Equity 44.0B USD · Long-term debt 13.0B USD
- Fiscal year 2022: Equity 40.0B USD · Long-term debt 13.8B USD
- Fiscal year 2023: Equity 39.7B USD · Long-term debt 14.7B USD
- Fiscal year 2024: Equity 38.1B USD · Long-term debt 17.4B USD
- Fiscal year 2025: Equity 38.2B USD · Long-term debt 22.5B USD
Liquidity (current ratio)
The current ratio rose in 5 years from 0.80 to 0.88.
Current ratio- Fiscal year 2016: Current ratio not available
- Fiscal year 2017: Current ratio 0.99
- Fiscal year 2018: Current ratio 1.33
- Fiscal year 2019: Current ratio 0.85
- Fiscal year 2020: Current ratio 0.80
- Fiscal year 2021: Current ratio 0.74
- Fiscal year 2022: Current ratio 0.79
- Fiscal year 2023: Current ratio 0.80
- Fiscal year 2024: Current ratio 0.89
- Fiscal year 2025: Current ratio 0.88
Cash flow
Free cash flow rose in 5 years from 4.0B USD to 5.1B USD.
Operating cash flowCapital expenditureFree cash flow in USD- Fiscal year 2016: Operating cash flow 2.8B USD · Capital expenditure 1.5B USD · Free cash flow 1.3B USD
- Fiscal year 2017: Operating cash flow 3.0B USD · Capital expenditure 1.3B USD · Free cash flow 1.7B USD
- Fiscal year 2018: Operating cash flow 3.7B USD · Capital expenditure 1.9B USD · Free cash flow 1.8B USD
- Fiscal year 2019: Operating cash flow 6.1B USD · Capital expenditure 3.7B USD · Free cash flow 2.4B USD
- Fiscal year 2020: Operating cash flow 7.4B USD · Capital expenditure 3.4B USD · Free cash flow 4.0B USD
- Fiscal year 2021: Operating cash flow 9.7B USD · Capital expenditure 3.1B USD · Free cash flow 6.6B USD
- Fiscal year 2022: Operating cash flow 8.9B USD · Capital expenditure 3.2B USD · Free cash flow 5.7B USD
- Fiscal year 2023: Operating cash flow 9.3B USD · Capital expenditure 3.8B USD · Free cash flow 5.5B USD
- Fiscal year 2024: Operating cash flow 9.4B USD · Capital expenditure 4.5B USD · Free cash flow 4.9B USD
- Fiscal year 2025: Operating cash flow 10.4B USD · Capital expenditure 5.3B USD · Free cash flow 5.1B USD
Share count
The share count fell in 5 years by 11.1% (mostly through share repurchases).
Diluted share count- Fiscal year 2016: Diluted share count 287.8M
- Fiscal year 2017: Diluted share count 289.1M
- Fiscal year 2018: Diluted share count 334.1M
- Fiscal year 2019: Diluted share count 545.2M
- Fiscal year 2020: Diluted share count 531.2M
- Fiscal year 2021: Diluted share count 521.9M
- Fiscal year 2022: Diluted share count 504.0M
- Fiscal year 2023: Diluted share count 492.3M
- Fiscal year 2024: Diluted share count 482.1M
- Fiscal year 2025: Diluted share count 472.2M
From annual reports filed with the SEC (10-K, 20-F, 40-F) as first reported, share count adjusted for splits; obvious filing errors (e.g. wrong unit, outliers against both neighbouring years) are hidden. Describes the reported figures – not investment advice.
Dividends and share repurchases
How much the company returns to its shareholders – as dividends or by repurchasing its own shares – and whether free cash flow supports it.
- Dividend per share
- 6.00 USD · Fiscal year 2025
- Dividend growth per year
- 3 y +8.6%5 y +9.3%10 y –
- Years without a cut
- at least 9 as far as the data goes
- Payout ratio
- of earnings 41% of free cash flow 55%
- To shareholders (5 years)
- 35.3B USD 65% through repurchases
- Share count over 5 years
- −11.1% fewer shares – each share is a larger stake
Dividend per share
The dividend per share rose in 5 years from 3.85 USD to 6.00 USD.
Dividend per share USD per share Per share as filed with the SEC, including special dividends; obvious filing errors are hidden.- Fiscal year 2016: Dividend per share 3.00 USD
- Fiscal year 2017: Dividend per share 3.15 USD
- Fiscal year 2018: Dividend per share 3.30 USD
- Fiscal year 2019: Dividend per share 3.50 USD
- Fiscal year 2020: Dividend per share 3.85 USD
- Fiscal year 2021: Dividend per share 4.24 USD
- Fiscal year 2022: Dividend per share 4.68 USD
- Fiscal year 2023: Dividend per share 5.10 USD
- Fiscal year 2024: Dividend per share 5.56 USD
- Fiscal year 2025: Dividend per share 6.00 USD
Payout ratios
The payout ratio fell in 5 years from 81.8% to 41.1%.
Payout ratio (earnings)Payout ratio (free cash flow)- Fiscal year 2016: Payout ratio (earnings) 57.6% · Payout ratio (free cash flow) 64.7%
- Fiscal year 2017: Payout ratio (earnings) 72.9% · Payout ratio (free cash flow) 52.1%
- Fiscal year 2018: Payout ratio (earnings) 25.2% · Payout ratio (free cash flow) 65.8%
- Fiscal year 2019: Payout ratio (earnings) 83.5% · Payout ratio (free cash flow) 77.6%
- Fiscal year 2020: Payout ratio (earnings) 81.8% · Payout ratio (free cash flow) 50.3%
- Fiscal year 2021: Payout ratio (earnings) 57.8% · Payout ratio (free cash flow) 33.0%
- Fiscal year 2022: Payout ratio (earnings) 56.9% · Payout ratio (free cash flow) 41.2%
- Fiscal year 2023: Payout ratio (earnings) 40.5% · Payout ratio (free cash flow) 45.0%
- Fiscal year 2024: Payout ratio (earnings) 40.8% · Payout ratio (free cash flow) 53.9%
- Fiscal year 2025: Payout ratio (earnings) 41.1% · Payout ratio (free cash flow) 55.2%
What goes back to shareholders
Over 5 years, 35.3B USD went back to shareholders, 65% of it through share repurchases. That is 127% of the free cash flow of those years. This was offset by new shares issued for 173.0M USD (including employee plans).
Dividends paidShare repurchasesNew shares issued (including employee plans)Free cash flow in USD- Fiscal year 2016: Dividends paid 856.0M USD · Share repurchases 228.0M USD · New shares issued (including employee plans) 139.0M USD · Free cash flow 1.3B USD
- Fiscal year 2017: Dividends paid 901.0M USD · Share repurchases 12.0M USD · New shares issued (including employee plans) 120.0M USD · Free cash flow 1.7B USD
- Fiscal year 2018: Dividends paid 1.2B USD · Share repurchases 599.0M USD · New shares issued (including employee plans) 77.0M USD · Free cash flow 1.8B USD
- Fiscal year 2019: Dividends paid 1.9B USD · Share repurchases 2.7B USD · New shares issued (including employee plans) 72.0M USD · Free cash flow 2.4B USD
- Fiscal year 2020: Dividends paid 2.0B USD · Share repurchases 2.5B USD · New shares issued (including employee plans) 47.0M USD · Free cash flow 4.0B USD
- Fiscal year 2021: Dividends paid 2.2B USD · Share repurchases 4.6B USD · New shares issued (including employee plans) 50.0M USD · Free cash flow 6.6B USD
- Fiscal year 2022: Dividends paid 2.3B USD · Share repurchases 5.2B USD · New shares issued (including employee plans) 36.0M USD · Free cash flow 5.7B USD
- Fiscal year 2023: Dividends paid 2.5B USD · Share repurchases 4.0B USD · New shares issued (including employee plans) 33.0M USD · Free cash flow 5.5B USD
- Fiscal year 2024: Dividends paid 2.7B USD · Share repurchases 4.5B USD · New shares issued (including employee plans) 31.0M USD · Free cash flow 4.9B USD
- Fiscal year 2025: Dividends paid 2.8B USD · Share repurchases 4.6B USD · New shares issued (including employee plans) 23.0M USD · Free cash flow 5.1B USD
Dividends paid, repurchases and new shares issued from the cash flow statement of annual reports filed with the SEC (as first reported). Describes the reported figures – not investment advice.
Valuation over time
Price-based valuation (P/E, P/S, price/free cash flow and dividend yield per fiscal year, compared with its own average) for signed-in users. Log in
Sector comparison
Linde plc next to 4 stocks of the sector Materials we cover that are closest in revenue. Click a column header to sort the table.
| Symbol | Revenue (FY) | Growth 5 yrs | Gross margin | Op. margin | Net margin | ROE | Equity ratio | FCF margin | Piotroski |
|---|---|---|---|---|---|---|---|---|---|
| LIN Linde plc this stock | 34.0B USD | +4.5% | 48.8% | 26.3% | 20.3% | 18.0% | 44.1% | 15.0% | 7/9 |
| FCX Freeport-McMoRan | 25.9B USD | +12.8% | 28.2% | 25.2% | 8.5% | 11.7% | 32.5% | 4.3% | 6/9 |
| SHW Sherwin-Williams | 23.6B USD | +5.1% | 48.8% | – | 10.9% | 55.9% | 17.8% | 11.3% | 6/9 |
| NEM Newmont | 22.7B USD | +14.5% | 64.3% | – | 31.3% | 20.9% | 59.3% | 32.2% | 9/9 |
| ECL Ecolab | 16.1B USD | +6.4% | 44.5% | 17.0% | 12.9% | 21.2% | 39.6% | 11.8% | 6/9 |
| Median of the sector 5 symbols | 23.6B USD | +6.4% | 48.8% | – | 12.9% | 20.9% | 39.6% | 11.8% | 6/9 |
Growth 5 yrs = revenue growth per year over 5 fiscal years · Op. margin = operating margin · ROE = return on equity · FCF = free cash flow · Piotroski = F-Score (only with all 9 criteria).
Figures of the last fiscal year from SEC annual reports (peers as of Oct 28, 2026). Median across all companies of the sector we cover (from 5 stocks; several share classes of one company count once). Signed-in users also see P/E, P/S and dividend yield in the comparison. Describes the reported figures – not investment advice.
Key figures with traffic lights
Each light follows a simple, disclosed rule. The comparison is with the sector median Sector medianThe middle value of all companies in a sector: half are above it, half below. Unlike the average, single outliers hardly distort it.Example: Margins 4%, 8%, 10%, 12%, 60% → median 10%, average 18.8%.More in the Academy: Lesson putting the P/E in context of all 24 symbols in the Materials sector on our list (current members of the S&P 500 and other lists).
Revenue growth
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+4.5% per year, last 5 years
Sector Materials: median +6.3% (23 symbols)
What does this mean? Revenue: over 5 years it grew by 4.5% per year on average, but more slowly than the median company in the sector (+6.3%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net income (total)
Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth+22.5% per year, last 5 years
Sector Materials: median +12.0% (16 symbols)
per share: +25.4% per year (5 years, split-adjusted)
What does this mean? Total net income: over 5 years it grew by 22.5% per year on average – at least as fast as the median company in the sector (+12.0%).
Light rule: Green: grows at least as fast as the sector median (without a sector comparison: grows) · Yellow: grows more slowly · Red: shrinks.
Net margin
Profit marginThe share of revenue that is left as profit after all costs.Example: Profit €60m on €500m revenue → margin 12%.More in the Academy: Lesson revenue, profit and margin20.3% last fiscal year
Sector Materials: median 7.4% (24 symbols)
What does this mean? Of every 100 USD in revenue, 20.30 USD remained as profit – at least as much as the median company in the sector (7.4%). Five years ago the margin was 9.2%.
Light rule: Green: at least the sector median (without a sector comparison: profit) · Yellow: profit, but below the median · Red: loss.
Debt / equity
Debt-to-equity ratioFinancial debt (loans, bonds) divided by equity. A high value amplifies good and bad years alike. The key figures bar in the chart only uses long-term financial debt.Example: Financial debt €300m, equity €500m → 0.6.More in the Academy: Lesson debt, dividends and growth0.59 latest balance sheet
Sector Materials: median 0.66 (24 symbols)
What does this mean? For every 1 USD of equity there is 0.59 USD of financial debt – no more than the median company in the sector (0.66). More debt amplifies good and bad years alike.
Light rule: Green: at most the sector median · Yellow: up to twice the median · Red: more than twice · Gray: without a sector comparison.
Payout ratio
Payout ratioThe share of profit that a company pays out as a dividend. Above 100% it pays out more than it earns.Example: Dividend €1, earnings per share €2.50 → payout ratio 40%.More in the Academy: Lesson debt, dividends and growth41% Dividend / earnings per share
Sector Materials: median 34% (18 symbols)
What does this mean? Of every 1 USD of earnings per share, 0.41 USD went to shareholders as a dividend. The rest stays in the company. Median company in the sector: 34%.
Light rule: Green: up to 60% of earnings · Yellow: up to 100% · Red: more than earnings or a dividend despite a loss · Gray for real estate (REITs). The sector median is for comparison only.
Profitable years
Profitable yearsHow many of the last fiscal years ended with a profit rather than a loss on the bottom line. The figure shows how consistently a company earns.Example: Profit in 9 of 10 years → one loss year.More in the Academy: Lesson revenue, profit and margin10 of 10 fiscal years with a profit
What does this mean? In 10 of the last 10 fiscal years the bottom line showed a profit. There were no losses in this period.
Light rule: Green: profit in every year · Yellow: one loss year · Red: several loss years (at least 3 years needed).
All figures as a table
| Year | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| 2025 | Dec 31, 2025 | 34.0B | 6.9B | 20.3% | 14.61 | 6.00 | 41% |
| 2024 | Dec 31, 2024 | 33.0B | 6.6B | 19.9% | 13.62 | 5.56 | 41% |
| 2023 | Dec 31, 2023 | 32.9B | 6.2B | 18.9% | 12.59 | 5.10 | 41% |
| 2022 | Dec 31, 2022 | 33.4B | 4.1B | 12.4% | 8.23 | 4.68 | 57% |
| 2021 | Dec 31, 2021 | 30.8B | 3.8B | 12.4% | 7.33 | 4.24 | 58% |
| 2020 | Dec 31, 2020 | 27.2B | 2.5B | 9.2% | 4.71 | 3.85 | 82% |
| 2019 | Dec 31, 2019 | 28.2B | 2.3B | 8.1% | 4.19 | 3.50 | 84% |
| 2018 | Dec 31, 2018 | 14.9B | 4.4B | 29.4% | 13.11 | 3.30 | 25% |
| 2017 | Dec 31, 2017 | 11.4B | 1.2B | 10.9% | 4.32 | 3.15 | 73% |
| 2016 | Dec 31, 2016 | 10.5B | 1.5B | 14.2% | 5.21 | 3.00 | 58% |
| Quarter | End | Revenue | Net income | Margin | Earnings per share | Dividend per share | Payout |
|---|---|---|---|---|---|---|---|
| Q2/26 | Jun 30, 2026 | 9.3B | 1.9B | 20.8% | 4.15 | 1.60 | 39% |
| Q1/26 | Mar 31, 2026 | 8.8B | 1.9B | 21.1% | 3.98 | 1.60 | 40% |
| Q4/25* | Dec 31, 2025 | 8.8B | 1.5B | 17.5% | – | 1.50 | – |
| Q3/25 | Sep 30, 2025 | 8.6B | 1.9B | 22.4% | 4.09 | 1.50 | 37% |
| Q2/25 | Jun 30, 2025 | 8.5B | 1.8B | 20.8% | 3.73 | 1.50 | 40% |
| Q1/25 | Mar 31, 2025 | 8.1B | 1.7B | 20.6% | 3.51 | 1.50 | 43% |
| Q4/24* | Dec 31, 2024 | 8.3B | 1.7B | 20.8% | – | 1.39 | – |
| Q3/24 | Sep 30, 2024 | 8.4B | 1.6B | 18.5% | 3.22 | 1.39 | 43% |
| Q2/24 | Jun 30, 2024 | 8.3B | 1.7B | 20.1% | 3.44 | 1.39 | 40% |
| Q1/24 | Mar 31, 2024 | 8.1B | 1.6B | 20.1% | 3.35 | 1.39 | 41% |
| Q4/23* | Dec 31, 2023 | 8.3B | 1.5B | 18.6% | – | 1.27 | – |
| Q3/23 | Sep 30, 2023 | 8.2B | 1.6B | 19.2% | 3.19 | 1.28 | 40% |
* Q4 derived: fiscal year minus the 9-month value (EPS cannot be derived this way); may be distorted by restatements.
How we calculate: values as first reported to the SEC (later corrections are left out), a fixed order of reporting tags per figure, partial sums are never added up. Growth per year Growth per year (CAGR)The average annual growth rate over several years, as if the value had grown equally strongly every year. Individual good or bad years even out in it.Example: Revenue €100m → €161m in 5 years → (161 ÷ 100) to the power of 1/5 − 1 = 10% per year.More in the Academy: Lesson debt, dividends and growth over 5 years (otherwise 3 years). Quarters are labeled by the calendar quarter in which they end.
Insiders
Insider transactionsExecutives, directors and major shareholders (over 10%) of US companies report their own transactions in their company’s stock to the SEC within two business days (Form 4). Purchases in the market count as more meaningful than sales (often taxes, estate planning).Example: Three executives acquire stock worth a total of 2 million USD within two weeks → “purchases by several insiders”.More in the Academy: Glossary| Period | Purchases | Sales | Net |
|---|---|---|---|
| 3 months | $47.9K1 person | $00 people | +$47.9K |
| 6 months | $47.9K1 person | $2.6M1 person | −$2.6M |
| 12 months | $1.0M2 people | $12.9M4 people | −$11.8M |
Latest transactions
- Aug 18, 2026 Reynolds Paula Rosput Director Open-market purchase 100 shares · $47.9K · SEC
- May 15, 2026 Wood Robert L Director Open-market sale 4,335 shares · $2.2M · SEC
- May 14, 2026 Wood Robert L Director Open-market sale 880 shares · $447.7K · SEC
- Mar 10, 2026 Durbin Sean Officer Open-market sale 2,406 shares · $1.1M · SEC
- Mar 10, 2026 Durbin Sean Officer Open-market sale 4,114 shares · $2.0M · SEC
- Mar 10, 2026 Bichara Guillermo Officer Open-market sale · 10b5-1 plan 4,357 shares · $2.1M · SEC
Source: mandatory filings with the SEC (Form 4), open-market purchases and sales only. General information, not investment advice.
Trend score +80
Price vs. EMA 50+15
Price vs. EMA 200+15
EMA 50 vs. EMA 200+20
ADX (trend strength)+15
Highs and lows+0
Relative strength+15
Volatility and trend strength
ADX 14 (trend strength)31.8
Rel. strength 60 d+4.8%
ATR ATR (Average True Range)The average range per trading day over the last 14 days. It makes distances comparable, whether a stock costs 10 or 1,000.Example: ATR 2.50 at a price of 100: 0.4 ATR is 1.00, i.e. 1%.More in the Academy: Lesson ATR and moving averages as price values only when logged in.
More stocks from Materials
News
Latest news
Russland-Sanktionen: Geschäftskontakte abgebrochen: Der Streit zwischen Deutscher Bank und Linde eskaliert Handelsblatt Unternehmen · Oct 20, 04:01
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