Linde Plc

Industrials
Major Chemicals
www.linde.com

Earnings Score
Moat Score
Safety Score

Market Cap $209.15B
PE 33
Debt $22.26B
Cash $5.19B
EV $226.23B
FCF $4.94B

Earnings

loading chart...

Sales & Net Margins

loading chart...

Earnings	$6.38B
EBIT	$8.84B
ROE	16%
ROA	11%
FCF	$4.94B
Equity	$40.59B
Growth Stability	92%
PE	32.77
PEG	1.15
PB	5.15
P/FCF	42.31
P/S	6.33
Price/Cash	0.02
Debt/Equity	0.55
Debt/FCF	4.5
Net Margins	20%
Gross Margins	48%
Op. Margins	27%
Earnings CAGR	31%
Sales Growth YoY	2%
Sales Growth QoQ	1%
Sales CAGR	6%
FCF CAGR	20%
Equity CAGR	22%
Earnings Stability	0.12
Earnings Growth YoY	-1%
Earnings Growth QoQ	-7%
Earnings CAGR 5Y	29%

Sales CAGR 5Y	5%
FCF CAGR 5Y	12%
Equity CAGR 5Y	-5%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	-12%
Equity CAGR 3Y	-3%
Market Cap	$209.15B
Revenue	$33.03B
Dividend Yield	1%
Payout Ratio	41%
Assets	$82.55B
Total Debt	$22.26B
Cash	$5.19B
Shares Outstanding	476.16M
EV	226.23B
Earnings Score	8%
Moat Score	94%
Safety Score	86%
Final Score	63%
Working Capital	-589M
Current Ratio	0.96
Gross Profit	$15.77B
Shares Growth 3y	-2%
Equity Growth QoQ	3%
Equity Growth YoY	1%

Assets & ROA

loading chart...

Stockholders Equity & ROE

loading chart...

Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The firm's main products are atmospheric gases (including oxygen, nitrogen, and argon) and process gases (including hydrogen, carbon dioxide, and helium), as well as equipment used in industrial gas production. Linde serves a wide variety of end markets, including chemicals, manufacturing, healthcare, and steelmaking. Linde generated approximately $31 billion in revenue and $5 billion in GAAP operating profit in 2021.

SEC Filings

Direct access to Linde Plc (LIN) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2022
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Linde Plc compare to its competitors?

Loading chart...

Peter Lynch's Chart

This chart shows the current pricing of Linde Plc compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 31%

Stability 12%

loading chart...

Linde Plc Discounted Cash Flow

Fully customizable DCF calculator online for Linde Plc.

Years

Calculation mode

= $206B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$4.9B	$6B	$7.2B	$8.6B	$10B	$13B	$15B	$18B	$22B	$26B	$32B	$317B
DCF		$5.4B	$5.9B	$6.5B	$7.1B	$7.8B	$8.5B	$9.3B	$10B	$11B	$12B	$122B
Value	$206B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2016	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Net Margins	14%	29%	8%	9%	12%	12%	19%	20%
ROA	-	6%	4%	4%	7%	7%	10%	11%
ROE	-	8%	4%	5%	8%	10%	15%	16%

Good Net Margins (19.58%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2016	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	TTM
Debt over FCF	-	-	5.73	4.01	2.22	3.15	3.51	4.5
Debt over Equity	-	0.27	0.27	0.33	0.32	0.43	0.47	0.55
Growth Stability	-	-	-	92%	100%	100%	100%	92%

Bad Debt/FCF ratio (4.5)

Net Margins are too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Good Debt/Equity ratio (0.55)

The company is not overleveraged and has a good balance between equity and debt.

Good Graham’s Stability (92%)

The company has a good stability in its earnings, which is a sign of a good competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2016	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	41%	89%	-3%	13%	8%	-2%	5%
Earnings YoY growth	-	192%	-48%	9%	53%	8%	49%	29%
Equity YoY growth	-	949%	-10%	-4%	-8%	-9%	-1%	-5%
FCF YoY growth	-	34%	38%	65%	65%	-14%	-3%	12%