LIN
Linde plc

Linde plcLIN

Basic Materials · Specialty Chemicals
524.74USD
+2.58%
Nov 05, 2026
LIN overview ready
Global Industrial Gas Leader Advancing Lower-Emissions Hydrogen Production and Supply
Global industrial-gas producer and engineering operator that produces, processes, distributes, and supplies hydrogen alongside atmospheric, electronic, rare, and specialty gases; it also designs and builds associated process plants.
Theme not measured
No economic group is assigned yet.
An early price trend
Longer-term context reads established trend, with a near-term setup of daily reclaim.
Demanding valuation
The price embeds expectations that run ahead of the cash the business currently produces.
Unremarkable fundamentals
Primary risk
Cyclical demand fluctuations in industrial end markets.
Market Nov 4Filing Sep 30Price action Nov 5Research Aug 14

Conviction Level

Theme Momentum has no canonical measurement for this company — a research-profile dimension, not an input to this score.

PriceAction10.0BusinessPerformance5.0BusinessQuality7.8Valuation2.7ThemeMomentum—Mixed — Revenue is growing at a steady pace (+9.2% year over year). Diluted EPS fell 11% year over year to $3.66. — From filed financial statements. Describes the recent trajectory of the business, not the stock. 20 of the 100 Conviction points.

Conviction uses Price Action, Business Performance, Business Quality, Valuation. Theme Momentum is research context, not an input.

Theme momentumPrimary theme · group context, not entry timing
No economic group yet — pending research
Price
Loading price history…

Price Action

An early price trend
Longer-term context reads established trend, with a near-term setup of daily reclaim.
EntryReset + recovery

The stock remains extended from its long-term weekly base, but the recent reset toward the daily SMA200 aligned with support at the weekly EMA21. Daily structure is recovering above the fast averages, improving the current entry location.

Key Financials

Market Cap
$240.9B
Avg Volume (60D)
2.1M
60 sessions
Revenue Growth YoY
+3.0%
FY2025 vs FY2024
Gross Margin
+37.3%
Trailing twelve months
Operating Margin
+25.3%
Trailing twelve months
Free Cash Flow Yield
+2.1%
P/E
34.4x
EV / EBITDA
19.9x
EV / Sales
7.1x
Market metrics as of Nov 4, 2026
Financial results for the period ended Sep 30, 2026
Filed balance-sheet data as of Sep 30, 2026

Business Performance

Mixed

Revenue is growing at a steady pace (+9.2% year over year). Diluted EPS fell 11% year over year to $3.66.

Latest reported: Q3 FY2026, ended Sep 30
Revenue growthGrowing
+9.2%
$9.40B in Q3 FY2026 · YoY
YoY growth, last 4 quarters
  1. +5.8%
  2. +8.2%
  3. +9.3%
  4. +9.2%
Earnings growthDeclining
-11%
Diluted EPS $3.66 vs $4.09 a year earlier · GAAP
Diluted EPS YoY (GAAP), last 4 quarters
  1. n/a
  2. +13%
  3. +11%
  4. -11%
Operating marginStable
22.9%
-4.6 pp YoY

Business Quality

7.8 / 10

How well the business earns on its assets, converts earnings to cash and funds itself — read from its SEC filings.

Fundamentals & Valuation

Two of the three valuation perspectives say expensive; own history is the dissenting view.
Linde plc has an Expensive valuation stance because the price embeds expectations that run ahead of the cash the business currently produces. It trades at a 2.1% free-cash-flow yield and 19.9x EBITDA, which require sustained delivery to be justified.

Company Research

Thesis
Global industrial-gas producer and engineering operator that produces, processes, distributes, and supplies hydrogen alongside atmospheric, electronic, rare, and specialty gases; it also designs and builds associated process plants.
Opportunity
Limited opportunity
Industrial and energy customers are developing lower-carbon hydrogen supply, purification, liquefaction, storage, and delivery systems to decarbonize existing hydrogen consumption and selected hard-to-abate processes.
Key risk
Cyclical demand fluctuations in industrial end markets.

Economic classification

Loading the economic classification…

Business & Markets

Basic Materials · Specialty Chemicals
What they do

Linde plc operates globally as an industrial gas company, producing and supplying atmospheric and process gases, and designing and constructing process plants for its own use and third-party customers.

How it earns

The company generates revenue primarily through transactional sales of gases and project-based contracts for plant design and construction.

Products & services
Atmospheric gases (oxygen, nitrogen, argon, rare gases)
Process gases (hydrogen, helium, carbon dioxide, electronic gases, specialty gases)
Turnkey process plant design and construction
Customers & end markets
Healthcare
Chemicals and energy
Manufacturing
Metals and mining
Food and beverage
Market position

Linde is a global leader in industrial gases with a broad product portfolio and integrated plant construction capabilities.

Demand drivers
Medium cyclicality

Demand for industrial gases is linked to industrial production cycles and capital investment in end markets.