LINNasdaqIndustrial Inorganic ChemicalsFiscal year ends December 31
LINDE PLC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 31, 2026
$503.44+5.01 (+1.01%)
Close on Oct 19, 2026
- Market cap
- $233.86B
- P/E (TTM)
- 32.5
- Dividend yield
- 1.19%
Margins
Share of revenue, fiscal years 2015 to 2025
Gross margin
48.8%+5.3 pts over 5 years
Operating margin
26.3%+14.1 pts over 5 years
Net margin
20.3%+11.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +3.0% | +0.6% | +4.5% | – | |
| Gross profit | +4.6% | +6.1% | +7.0% | – | |
| Operating income | +3.3% | +18.5% | +21.8% | – | |
| Net income | +5.1% | +18.5% | +22.5% | – | |
| EPS, diluted | +7.3% | +21.1% | +25.4% | – | |
| Free cash flow | +3.3% | -3.7% | +4.8% | – | |
| Dividend per share | +7.9% | +8.6% | +9.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 5.2% | 18.1% | |
| Return on assets | – | 2.9% | 8.3% | |
| Current ratio | – | 0.80 | 0.88 | |
| Debt to equity | – | 0.34 | 0.71 | |
| Net debt to EBITDA | – | 1.56× | 1.73× | |
| Interest coverage | 10.8× | 12.0× | 35.0× | |
| Inventory turnover | – | 9.0× | 8.7× | |
| Capex to revenue | 13.9% | 12.5% | 15.5% | |
| Diluted shares | 288M | 531M | 472M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Linde generated $47.67B from operations and spent $55.11B on capital expenditure, dividends and share buybacks. 36% of that went back into the business.
Generated
$47.67B
Used
$55.11B
Capital expenditure$19.80B36%Dividends$12.48B23%Share buybacks$22.82B41%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin20.3%
×Asset turnover0.41×
×Equity multiplier2.19×
=Return on equity, FY202518.1%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 20.3% | 0.41× | 2.19× | 18.1% |
| FY2024 | 19.9% | 0.41× | 2.07× | 16.9% |
| FY2023 | 18.9% | 0.41× | 2.01× | 15.5% |
| FY2022 | 12.4% | 0.41× | 1.92× | 9.9% |
| FY2021 | 12.4% | 0.36× | 1.86× | 8.4% |
| FY2020 | 9.2% | 0.31× | 1.81× | 5.2% |
| FY2019 | 8.1% | 0.31× | 1.79× | 4.5% |
| FY2018 | 29.5% | 0.26× | 1.98× | 15.2% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$6.90B
- Cash generatingOperating cash flow above zero$10.35B
- Return on assets improvedROA up on the prior year8.1% → 8.6%
- Earnings backed by cashOperating cash flow above net income$10.35B vs $6.90B
- Less leverageLong-term debt to assets fell19.1% → 23.8%
- Better liquidityCurrent ratio rose0.89 → 0.88
- No dilutionShare count did not rise482M → 472M
- Gross margin improvedGross margin up on the prior year48.06% → 48.83%
- More efficientAsset turnover rose0.41 → 0.42