Linde plc (LIN) Key Metrics
LIN valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $229.77B
- Enterprise value
- $237.43B
- P/E (TTM)
- 32.2 10-yr median 34.2
- Forward P/E
- 23.6
- PEG ratio
- 1.80
- Price / sales
- 6.5 10-yr median 5.0
- Price / book
- 5.5 10-yr median 4.6
- EV / EBITDA
- 17.4 10-yr median 16.9
- Dividend yield
- 1.28% $6.40 a year
- Beta
- 0.71
LIN key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLIN valuation Price multiples at each fiscal year-end price.
LIN returns How much profit the business earns on the capital it uses.
LIN per-share figures Results divided by the shares outstanding at year-end.
LIN financial health Debt, liquidity and how easily interest is covered.
LIN efficiency & capital use Working capital cycle and where the cash goes.
LIN valuation history
LIN returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LIN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LIN cash returned to shareholders
LIN price vs earnings per share
LIN key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $199.85B | $201.84B | $202.19B | $164.41B | $180.79B | $139.97B | $116.07B | $52.14B | $44.72B | $33.72B |
| Enterprise value | $221.78B | $219.60B | $217.84B | $177.76B | $193.19B | $153.43B | $128.30B | $62.97B | $53.10B | $42.71B |
| P/E ratio | 29.0 | 30.7 | 32.6 | 39.6 | 47.3 | 56.0 | 50.8 | 11.9 | 35.9 | 22.5 |
| Price / sales | 5.9 | 6.1 | 6.2 | 4.9 | 5.9 | 5.1 | 4.1 | 3.5 | 3.9 | 3.2 |
| Price / book | 5.2 | 5.3 | 5.1 | 4.1 | 4.1 | 3.0 | 2.4 | 1.0 | 7.4 | 6.7 |
| Price / free cash flow | 39.3 | 41.0 | 36.6 | 28.9 | 27.2 | 34.7 | 46.3 | 28.7 | 25.8 | 25.8 |
| Price / operating cash flow | 19.3 | 21.4 | 21.7 | 18.5 | 18.6 | 18.8 | 18.8 | 14.1 | 14.7 | 12.2 |
| EV / sales | 6.5 | 6.7 | 6.6 | 5.3 | 6.3 | 5.6 | 4.5 | 4.2 | 4.6 | 4.1 |
| EV / EBITDA | 17.0 | 17.7 | 18.3 | 16.7 | 19.5 | 18.0 | 16.2 | 15.5 | 14.4 | 12.4 |
| EV / free cash flow | 43.6 | 44.6 | 39.5 | 31.2 | 29.1 | 38.1 | 51.2 | 34.6 | 30.7 | 32.7 |
| Earnings yield | 3.5% | 3.3% | 3.1% | 2.5% | 2.1% | 1.8% | 2.0% | 8.4% | 2.8% | 4.4% |
| Free cash flow yield | 2.5% | 2.4% | 2.7% | 3.5% | 3.7% | 2.9% | 2.2% | 3.5% | 3.9% | 3.9% |
| Dividend yield | 1.4% | 1.3% | 1.2% | 1.4% | 1.2% | 1.4% | 1.6% | 2.2% | 2.0% | 2.5% |
| Shareholder yield (dividends + buybacks) | 3.7% | 3.5% | 3.2% | 4.6% | 3.8% | 3.2% | 3.9% | 3.4% | 2.0% | 3.2% |
| Share price at fiscal year-end | $426.39 | $418.67 | $410.71 | $326.18 | $346.43 | $263.51 | $212.90 | $156.04 | $154.68 | $117.19 |
| Per share | ||||||||||
| Revenue per share | $72.51 | $68.46 | $66.74 | $66.19 | $59.00 | $51.29 | $51.78 | $44.40 | $39.56 | $36.61 |
| Earnings per share | $14.72 | $13.62 | $12.59 | $8.23 | $7.33 | $4.71 | $4.19 | $13.11 | $4.31 | $5.21 |
| Operating cash flow per share | $22.08 | $19.55 | $18.90 | $17.59 | $18.63 | $13.99 | $11.35 | $11.08 | $10.52 | $9.64 |
| Free cash flow per share | $10.86 | $10.22 | $11.21 | $11.29 | $12.72 | $7.59 | $4.60 | $5.44 | $5.98 | $4.55 |
| Cash per share | $10.79 | $10.06 | $9.47 | $10.78 | $5.41 | $7.07 | $4.95 | $13.37 | $2.13 | $1.82 |
| Book value per share | $81.60 | $79.01 | $80.68 | $79.41 | $84.38 | $89.08 | $90.02 | $154.42 | $20.82 | $17.45 |
| Tangible book value per share | −$3.31 | $1.71 | $1.16 | $3.55 | $6.12 | $5.52 | $10.86 | $25.44 | $7.72 | $4.59 |
| Dividends per share | $6.00 | $5.51 | $5.04 | $4.65 | $4.19 | $3.82 | $3.47 | $3.49 | $3.12 | $2.97 |
| Capex per share | $11.22 | $9.33 | $7.69 | $6.30 | $5.91 | $6.40 | $6.75 | $5.64 | $4.53 | $5.09 |
| Debt per share | $57.58 | $46.90 | $41.27 | $37.28 | $29.16 | $32.43 | $27.39 | $45.78 | $31.13 | $33.07 |
| Shares outstanding | 468.7M | 482.1M | 492.3M | 504.0M | 521.9M | 531.2M | 545.2M | 334.1M | 289.1M | 287.8M |
| Change in shares outstanding | −2.8% | −2.1% | −2.3% | −3.4% | −1.7% | −2.6% | +63.2% | +15.6% | +0.5% | −0.4% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 18.1% | 16.9% | 15.5% | 9.9% | 8.4% | 5.2% | 4.5% | 15.2% | 22.6% | 31.9% |
| Return on invested capital (ROIC) | 12.4% | 11.9% | 11.6% | 8.8% | 6.8% | 4.8% | 3.9% | 4.9% | 9.8% | 12.4% |
| Return on assets (ROA) | 8.3% | 8.2% | 7.7% | 5.1% | 4.5% | 2.9% | 2.5% | 7.7% | 6.3% | 8.0% |
| Return on tangible assets | 14.7% | 15.3% | 14.9% | 10.0% | 9.4% | 5.7% | 5.3% | 8.7% | 7.5% | 9.6% |
| Free cash flow margin | 15.0% | 14.9% | 16.8% | 17.1% | 21.6% | 14.8% | 8.9% | 12.3% | 15.1% | 12.4% |
| Income quality (OCF / net income) | 1.50 | 1.44 | 1.50 | 2.14 | 2.54 | 2.97 | 2.71 | 0.85 | 2.44 | 1.85 |
| Financial health | ||||||||||
| Total debt | $26.99B | $22.61B | $20.32B | $18.79B | $15.22B | $17.22B | $14.93B | $15.30B | $9.00B | $9.52B |
| Cash & short-term investments | $5.06B | $4.85B | $4.66B | $5.44B | $2.82B | $3.75B | $2.70B | $4.47B | $617.0M | $524.0M |
| Net debt | $21.93B | $17.76B | $15.65B | $13.36B | $12.39B | $13.47B | $12.23B | $10.83B | $8.38B | $8.99B |
| Debt / equity | 0.71 | 0.59 | 0.51 | 0.47 | 0.35 | 0.36 | 0.30 | 0.30 | 1.50 | 1.90 |
| Debt / assets | 0.31 | 0.28 | 0.25 | 0.24 | 0.19 | 0.20 | 0.17 | 0.16 | 0.44 | 0.49 |
| Net debt / EBITDA | 1.68 | 1.44 | 1.31 | 1.25 | 1.25 | 1.58 | 1.54 | 2.66 | 2.28 | 2.62 |
| Current ratio | 0.88 | 0.89 | 0.80 | 0.79 | 0.74 | 0.80 | 0.85 | 1.33 | 0.99 | 1.16 |
| Quick ratio | 0.74 | 0.76 | 0.67 | 0.67 | 0.62 | 0.67 | 0.71 | 1.21 | 0.81 | 0.94 |
| Interest coverage | 19.9 | 15.0 | 16.6 | 33.6 | 33.2 | 34.1 | 6.5 | 9.4 | 8.8 | 11.1 |
| Working capital | −$1.87B | −$1.60B | −$3.10B | −$3.43B | −$3.48B | −$2.82B | −$1.81B | $4.32B | −$22.0M | $402.0M |
| Invested capital | $60.18B | $55.85B | $55.37B | $53.38B | $56.43B | $60.79B | $61.31B | $62.43B | $14.40B | $14.01B |
| Tangible asset value | −$57.0M | $2.22B | $1.95B | $3.15B | $4.60B | $5.20B | $8.48B | $14.00B | $2.74B | $1.75B |
| Net current asset value | −$33.75B | −$27.71B | −$27.10B | −$25.22B | −$26.00B | −$27.72B | −$24.62B | −$19.02B | −$10.63B | −$11.00B |
| Graham number | $164.38 | $155.59 | $151.19 | $121.25 | $117.98 | $97.15 | $92.14 | $213.44 | $44.95 | $45.24 |
| Graham net-net per share | −$79.08 | −$64.39 | −$61.30 | −$55.88 | −$55.29 | −$57.58 | −$50.82 | −$81.93 | −$40.25 | −$41.18 |
| Capital allocation | ||||||||||
| Dividends paid | $2.81B | $2.65B | $2.48B | $2.34B | $2.19B | $2.03B | $1.89B | $1.17B | $901.0M | $856.0M |
| Share buybacks (net) | $4.60B | $4.48B | $3.96B | $5.17B | $4.61B | $2.46B | $2.66B | $599.0M | $12.0M | $228.0M |
| Dividend payout ratio | 40.8% | 40.4% | 40.0% | 56.5% | 57.2% | 81.1% | 82.8% | 26.6% | 72.3% | 57.1% |
| Dividends + buybacks / free cash flow | 145.6% | 144.9% | 116.7% | 132.0% | 102.4% | 111.3% | 181.5% | 97.0% | 52.8% | 82.9% |
| Capex / revenue | 15.5% | 13.6% | 11.5% | 9.5% | 10.0% | 12.5% | 13.0% | 12.7% | 11.5% | 13.9% |
| Capex / operating cash flow | 50.8% | 47.7% | 40.7% | 35.8% | 31.7% | 45.8% | 59.5% | 50.9% | 43.1% | 52.8% |
| Capex / depreciation | 1.40 | 1.19 | 0.99 | 0.75 | 0.67 | 0.73 | 0.79 | 1.03 | 1.11 | 1.31 |
| Stock-based compensation / revenue | 0.4% | 0.5% | 0.4% | 0.3% | 0.4% | 0.5% | 0.3% | 0.4% | 0.5% | 0.4% |
| R&D / revenue | 0.4% | 0.5% | 0.4% | 0.4% | 0.5% | 0.6% | 0.7% | 0.8% | 0.8% | 0.9% |
| SG&A / revenue | 10.1% | 10.1% | 9.5% | 9.3% | 10.4% | 11.7% | 12.2% | 11.0% | 10.6% | 10.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 55.3 | 56.1 | 55.5 | 53.3 | 55.8 | 64.0 | 63.3 | 81.6 | 55.0 | 56.2 |
| Days of inventory on hand | 34.5 | 35.4 | 35.1 | 28.6 | 28.5 | 31.2 | 28.7 | 38.1 | 27.8 | 28.3 |
| Days payables outstanding | 45.9 | 48.2 | 51.5 | 50.1 | 54.3 | 58.0 | 55.5 | 69.7 | 43.6 | 44.4 |
| Cash conversion cycle (days) | 43.9 | 43.4 | 39.1 | 31.8 | 30.0 | 37.2 | 36.5 | 50.1 | 39.1 | 40.1 |
| Receivables turnover | 6.60 | 6.50 | 6.57 | 6.85 | 6.54 | 5.70 | 5.76 | 4.47 | 6.64 | 6.50 |
| Payables turnover | 7.96 | 7.57 | 7.08 | 7.28 | 6.72 | 6.29 | 6.57 | 5.24 | 8.36 | 8.23 |
| Inventory turnover | 10.57 | 10.30 | 10.41 | 12.75 | 12.81 | 11.68 | 12.74 | 9.58 | 13.14 | 12.92 |
| Asset turnover | 0.41 | 0.41 | 0.41 | 0.41 | 0.36 | 0.31 | 0.31 | 0.26 | 0.58 | 0.56 |
| Average receivables | $5.15B | $5.08B | $5.00B | $4.87B | $4.71B | $4.78B | $4.90B | $3.32B | $1.72B | $1.62B |
| Average payables | $2.66B | $2.76B | $3.01B | $3.25B | $3.30B | $3.18B | $3.24B | $2.07B | $914.0M | $848.5M |
| Average inventory | $2.00B | $2.03B | $2.05B | $1.86B | $1.73B | $1.71B | $1.67B | $1.13B | $582.0M | $540.5M |
| Intangibles / total assets | 45.8% | 46.5% | 48.4% | 48.0% | 50.0% | 50.3% | 49.8% | 46.1% | 18.5% | 19.1% |
Computed from LIN's annual financial statements (latest annual report filed February 25, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
LIN valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Linde traded at 29.0 times earnings, against a 10-year median of 34.2. Based on the latest twelve months, the trailing P/E is 32.2 and the forward P/E is 23.6. Linde earned a return on equity of 18.1% and a return on invested capital of 12.4% in fiscal 2025. It ended the year with $27.0 billion of debt and $5.1 billion in cash and short-term investments, net debt of $21.9 billion. It returned $7.4 billion to shareholders: $2.8 billion in dividends and $4.6 billion in share buybacks, 146% of free cash flow. The share count rose 62.9% from 287.8M to 468.7M over 9 years.
See the LIN income statement, the LIN chart for price history, or the LIN stock overview for the latest quote and news.
LIN key metrics FAQ
What is Linde's P/E ratio?
Linde's trailing P/E ratio is 32.2 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 23.6. At the end of fiscal 2025 it was 29.0, compared with a 10-year median of 34.2.
What is Linde's EV/EBITDA?
Linde's enterprise value was 17.0 times EBITDA at the end of fiscal 2025 (enterprise value $221.8 billion, EBITDA $13.0 billion); the current EV/EBITDA is 17.4.
What is Linde's return on equity?
Linde's return on equity (ROE) was 18.1% in fiscal 2025: net income of $6.9 billion on average shareholders' equity of $38.2 billion.
What is Linde's ROIC?
Linde's return on invested capital was 12.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Linde have?
Linde had total debt of $27.0 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.71 and $21.9 billion of net debt (1.68 times EBITDA).
What is Linde's dividend yield?
Linde's forward dividend yield is 1.28%. Linde paid $2.8 billion in dividends in fiscal 2025 ($6.00 per share), a payout ratio of 40.8%.
Does Linde buy back its shares?
Yes. Linde spent $4.6 billion on net share repurchases in fiscal 2025 Shares outstanding changed −2.8% over the year, to 468.7M..
What is Linde's free cash flow yield?
Linde generated $5.1 billion of free cash flow in fiscal 2025, a free cash flow yield of 2.5% on its market value at year-end ($199.8 billion).
What is Linde's current ratio?
Linde's current ratio was 0.88 at the end of fiscal 2025: current assets were 0.88 times current liabilities.