Seeking Alpha • May 05

Linde: A Great Business That's A Bit Too Expensive

Summary Linde (LIN) remains a best-in-class industrial with robust margins, 33 years of dividend growth, and disciplined capital allocation. Q1'26 results reinforced business resilience: 10% EPS growth, 30% margins, and $1.5B returned to shareholders, despite only 1% underlying volume growth. Secular tailwinds in electronics, aerospace, and helium offer long-term upside, but near-term volume recovery is not yet visible, especially in EMEA. At 28x forward earnings and 7–9% EPS growth, I rate LIN a Hold, preferring entry in the $420–$440 range for better margin of safety. Read the full article on Seeking Alpha

Analyseartikel • Jan 23

Linde plc's (NASDAQ:LIN) Popularity With Investors Is Under Threat From Overpricing

Linde plc's ( NASDAQ:LIN ) price-to-earnings (or "P/E") ratio of 29.3x might make it look like a sell right now...

Analyseartikel • Jan 09

Estimating The Intrinsic Value Of Linde plc (NASDAQ:LIN)

Key Insights The projected fair value for Linde is US$390 based on 2 Stage Free Cash Flow to Equity With US$440 share...

Analyseartikel • Sep 29

With EPS Growth And More, Linde (NASDAQ:LIN) Makes An Interesting Case

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...

Analyseartikel • Sep 05

Linde (NASDAQ:LIN) Is Experiencing Growth In Returns On Capital

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Ideally, a business will show two...

Analyseartikel • Jun 30

Is Linde plc (NASDAQ:LIN) Potentially Undervalued?

Today we're going to take a look at the well-established Linde plc ( NASDAQ:LIN ). The company's stock saw a...

Analyseartikel • May 25

Linde (NASDAQ:LIN) Is Looking To Continue Growing Its Returns On Capital

If we want to find a stock that could multiply over the long term, what are the underlying trends we should look for...

Seeking Alpha • Mar 30

The Linde Investment Case Is Continuing To Deliver

Summary Linde offers long-term investors a solid 10-12% return potential, backed by a 20% CAGR since 2017 and a 340% total return. The company's stability, geographical diversification, and crucial role in various industries make it a resilient and essential investment. Despite a forward PE ratio of 27, Linde's strong EPS growth, strategic location, and robust supply chain ensure continued profitability and shareholder returns. Risks include increasing long-term debt and geopolitical tensions, but Linde remains a strong buy for conservative portfolios seeking steady growth. Read the full article on Seeking Alpha

Seeking Alpha • Feb 28

Linde: Oligopoly Leader, Further Profitability Increase Ahead

Summary Linde plc is the leader in the oligopolistic industrial gases market. The on-site nature of the business and a low distribution radius form a natural moat for companies operating in the industrial gases market. Purchase Accounting effect from the Linde AG / Praxair merger back in 2018 led to Linde reporting artificially low GAAP earnings. Linde's organic growth outlook, coupled with ongoing margin increases and economies of scale, should allow Linde to grow earnings at a rate of at least 8% annually. I would add to my position at around 27x Adjusted EPS, implying an entry price of $420 on FY24 earnings or $445 on FY25 earnings. Read the full article on Seeking Alpha

Seeking Alpha • Feb 04

Linde: Looking For A Better Entry Point Despite Highly Attractive Fundamentals

Summary Following the $73 billion merger with Praxair completed at the end of October 2018, Linde is now the world's largest producer of industrial gases. The industrial gas industry is now highly consolidated, with the four largest players accounting for over 80% of worldwide sales. In retrospect, the merger between Linde and Praxair will likely be seen as the last step in the industry's consolidation process. I expect much of Linde's future growth to come from organic opportunities, specifically from the $10.1 billion project backlog. In my view, the inorganic growth vector has been largely exhausted. Linde's free cash flow yield of 2.3% is among the lowest in at least a decade. Even if EPS growth remains strong in the low teens, the valuation creates meaningful downside risks, hence my hold rating. Read the full article on Seeking Alpha

Seeking Alpha • Jan 11

Linde Keeps Its Momentum Alive

Summary Linde plc is a potential buy, showing steady growth with a 238% increase over 10 years, despite market fluctuations. The industrial gases market is projected to grow significantly, driven by clean energy, decarbonization, and expanding applications in healthcare and technology. Linde's strong financials, low volatility, and proactive management strategies position it well for future growth, despite risks like increased debt, economic vagaries, and a low dividend yield. Analysts are bullish on LIN, with 19 out of 28 recommending it as a buy or strong buy; we believe it sells at a fair price with positive growth potential. Read the full article on Seeking Alpha

Seeking Alpha • Nov 03

Linde: Dragged Down By Slowdown In Asia And Europe

Summary Linde is a growing low-risk business capable of generating 30%+ returns on capital invested. Elevated inflation levels as of late enabled Linde to raise prices and helped boost earnings growth. The economic backdrop is less favourable currently and the stock could re-rate to a lower valuation multiple. Read the full article on Seeking Alpha

Seeking Alpha • Oct 25

Linde: Too Pricey, Neutral Rated

Summary Q3 Wall Street analysts' expectations exceed the company's outlook. Any negative surprise might significantly impact Linde's valuation. Linde's investment backlog declined, and the company is also exposed to cyclical sectors. Compared to peers, Linde is expensive on EV/EBITDA and P/E basis. FCF yield is also lower than peers. We are now neutral. Read the full article on Seeking Alpha

Seeking Alpha • Sep 11

Linde: TSMC Phoenix Facility Starting To Contribute Profits

Summary I reiterate a ‘Buy’ rating for Linde with a one-year target price of $520 per share, driven by double-digit EPS growth and effective cost management. Linde reported 3% growth in underlying revenue and 6% growth in adjusted operating profits, with strong pricing and productivity despite flattish volume growth. High-quality project backlog, including semiconductor manufacturing facilities and green energy initiatives, positions Linde for near-term business growth and profitability. Despite weak industrial production and growth challenges in China, Linde’s consistent capital allocation and cost pass-through model support sustained earnings growth. Read the full article on Seeking Alpha

Seeking Alpha • Jul 09

Linde: A Quality Company But Valuation Looks A Little Bloated

Summary Linde is a high-quality defensive company with strong share price performance in recent years, mostly driven by margin expansion. Revenue growth has been limited and with the rising share prices, valuation is looking bloated. We would like to see organic growth before we re-rate this company. With its current high PE ratios, we initiate with a sell rating. Read the full article on Seeking Alpha

Seeking Alpha • May 20

Linde: A Deserved Valuation Premium, Margin Growth Persists

Summary Linde plc is the largest industrial gas company in the world, with strong sales and a wide range of industries it serves. Despite a slightly light Q1 report, Linde's management expects a significant increase in adjusted EPS for FY 2024 with continued strong margins. Analysts project steady EPS growth for Linde over the next few years, though sell side downgrades have come along with a pullback in shares since the end of the first quarter. I highlight key price levels to watch on the chart as the stock nears key support. Read the full article on Seeking Alpha

Seeking Alpha • Mar 10

Linde: Maintain Buy, Strong EPS Growth Indicated In FY24 From Pricing, Cost Management

Summary Linde's stock price has surged by over 25% since the presentation of a 'Buy' thesis, with strong revenue and profit growth reported. The company's pricing strategy and cost management initiatives have contributed to margin expansion and strong earnings growth expected in FY24. The projection of 8%-11% adjusted EPS growth, backed by a high-quality project backlog, pricing growth, and share repurchases, further supports the 'Buy' rating. Read the full article on Seeking Alpha

Seeking Alpha • Jan 14

Linde: Robust Financials And A New Hydrogen Plant Make It A Strong Buy

Summary Linde plc operates in the industrial gases and engineering sector, providing essential gases for various industries. Despite a decrease in sales, Linde's Q3 profit margin increased through strategic actions and lowered costs. Linde's investment in a new hydrogen plant showcases their commitment to innovation, sustainability, and economic growth. Read the full article on Seeking Alpha

Seeking Alpha • Oct 30

Linde Q3: Stellar Execution Despite Macro Weakness; $15 Billion Of New Buybacks Announced

Summary On October 26, 2023, Linde released Q3 results with sales missing street consensus and down 7% YoY due to diminishing cost pass-through effects and a weak macro environment. Adjusting for cost pass-through and FX effects, underlying sales were up 3% YoY, driven by pricing and favorable mix, leading to a 550bps operating margin expansion vs. Q3 2022. Performance in EMEA was particularly strong with 820bps YoY margin expansion, cutting down the legacy EMEA/APAC assets margin gap vs. Americas segment to 1.3%. Prior to the results management also announced a new $15 billion buyback program which, together with the remaining authorized $2 billion, could retire up to 9.4% of the total outstanding shares. I reiterate my Buy rating and update my DCF model to calculate a target price of $442 per share, up 6.5%. Read the full article on Seeking Alpha

Seeking Alpha • Oct 07

Linde Should Definitely Be High On Your Watchlist

Summary Linde is a dividend aristocrat with a 30-year history of annual dividend increases. The company has shown significant organic growth and is expected to continue growing sales and EPS in the medium term. However, the current valuation of the shares is high, making them overvalued, and there are risks to the investment thesis, including competition and higher interest rates. Read the full article on Seeking Alpha

Seeking Alpha • Sep 15

Linde: Best Of Breed Defensive Growth Plus Hydrogen Upside Make It A Buy

Summary Linde plc is the global leader in industrial gases with a 33% market share and FY22 revenues of more than $33bn. The company has strong pricing power and is well-positioned to capitalize on the growing demand for industrial gases, particularly in the APAC region. Leveraging the high stability of its core business, Linde is investing heavily in clean hydrogen and can deploy its strong balance sheet for M&A, capital structure optimization and share buybacks. Read the full article on Seeking Alpha

Seeking Alpha • Aug 04

Linde: Double-Digit EPS Growth, Buy Confirmed

Summary Linde reported Q2 results with decreased sales but increased organic turnover and core operating profit. The company raised its Fiscal Year 2023 EPS guidance and expects double-digit EPS growth. Supportive backlog, higher market share vs. Air Liquide, and a solid balance sheet. Our buy rating is then confirmed. Read the full article on Seeking Alpha

Seeking Alpha • Jul 11

Hydrogen Revolution: Linde's Resilience Amid Recession And Inflation

Summary Linde, the largest industrial gas company worldwide, is well-positioned in the blue and green hydrogen industries, expecting this business to quadruple over the next decade. Linde's business model, which includes passing inflation onto customers and contractual fixed payments, provides significant protection during economic downturns. Despite potential risks from weak demand and sluggish volume growth, Linde's solid capital allocation, clean-energy projects, and growth in the hydrogen sector make it a resilient investment. Read the full article on Seeking Alpha

Seeking Alpha • May 31

Linde: Another Beat, Another Raise

Summary Linde plc's target price increased to $370 from $360 after better-than-expected 1Q earnings, with a 12-month outperform rating. Upside reflects better price/cost realization, with a supportive order backlog. Downside risks include foreign exchange fluctuations and a severe economic downturn causing a slowdown in industrial activity. Read the full article on Seeking Alpha

Seeking Alpha • Feb 20

Linde: A Stellar Company For The Long Run

Summary Linde has good long-term growth prospects and significant margins. The company's free cash flow has powered its share buybacks, boosting EPS. Linde's dividend yield is too low. Uncertain economic conditions may pose a challenge to the company. The fight against inflation is not over, so the Federal Reserve may have to raise interest rates further. Linde (LIN) is a great company serving diverse customers across multiple industries. The company has always been a star performer in its sector, and investors have highly valued it. But, strong inflation and labor market continue to be a problem for the Federal Reserve looking to get inflation down to its 2% target. U.S. consumers and businesses are under increasing stress as the Federal Reserve raises interest rates. Given these headwinds facing the economy, the U.S. could enter a recession, and the markets could take a beating. The Linde stock is overvalued at this time. Exceptional profit margins The company saw a decline of 4.8% in y/y quarterly revenue growth in the December quarter, but the company's gross margins improved to 43% compared to the September 2022 quarter. Volume was down about 1% in the December quarter compared to the same quarter in 2021. The y/y price increase of 8% helped the company sustain its revenues. The CFO, Mark White, warned about the uncertain economic conditions heading into 2023, which could affect revenue and profitability. But, the company signs long-term supply contracts with its customers, which should offer some protection against an economic downturn. UBS estimates that Linde is one company that has good operating cash flows, which should protect its earnings. The company has excellent margins overall. Its EBITDA margin is over 30%. The company's free cash flow has averaged 13% annually over the past decade (Exhibit 1). The company's free cash flow margins have averaged 18.5% since June 2020 (Exhibit 2). The quarterly free cash flow margin was 14.6% for December 2022. Exhibit 1: Linde Annual Operating Cash Flow and Free Cash Flow (Seeking Alpha, Author Compilation) Exhibit 2: Linde Quarterly Operating Cash Flow and Free Cash Flow (Seeking Alpha, Author Compilation) Tax subsidies in the U.S. and Europe drive hydrogen investments The company has signed a long-term agreement to supply clean hydrogen to OCI's blue ammonia plant in Texas. Linde is investing $1.8 billion in this hydrogen project. The inflation reduction act has improved the returns on clean hydrogen investments. There are $85 per ton tax credits for carbon capture and sequestration and $3/kg for producing green hydrogen (Exhibit 3). The company is eyeing nearly $30 billion in carbon capture and hydrogen production investments in the U.S. (Exhibit 4). Exhibit 3: Hydrogen and Carbon Capture Tax Credits Offered by the U.S. Federal Government (Linde Investor Presentation) Exhibit 4: Linde's Decarbonization Investment Opportunities (Linde Investor Presentation) Several materials companies have jumped on the hydrogen, EV, and decarbonization bandwagon spurred on by the massive tax subsidies offered by the U.S Federal and state governments. Darling Ingredients (DAR) has invested in renewable diesel, and Eastman Chemical is investing in renewable plastics and hydrogen. The California Air Resources Board subsidizes the Tesla Semi. The California Air Resources Board is an obscure California government entity that may be one of the most potent environmental agencies in the country. This entity is fully funded by the cap-and-trade system that California implemented. The cap-and-trade auctions in California generated $19.2 billion in Greenhouse Gas Reduction Funds [GGRF] at the end of 2022. Those funds are used for various environmental and conservation efforts around the state. Massive share repurchases have helped grow EPS Between 2013 and 2022, the company spent $17.9 billion in share repurchases while issuing $922 million in shares. Since 2013, the company has generated $50.2 billion in operating cash flow and $26.9 billion in free cash flow (operating cash flow - CapEx). The company generated $13.3 billion in operating cash after accounting for CapEx and dividends. In short, the company has used debt financing to complete some of its buybacks. Share repurchases benefit management more than shareholders. Earnings per share get a boost from share repurchases even when the company's revenue and profits have not changed. The earnings per share boost received from repurchases make valuation metrics such as price-to-earnings look cheap. The company's share buybacks have reduced the share count from 529.1 million in June 2020 to 497.9 million in December 2022, a reduction of 5.8% (Exhibit 5). Exhibit 5: Linde Quarterly Share Repurchase, Shares Issued, and Diluted Share Count (Seeking Alpha, Author Compilation) The company offers a meager dividend yield of 1.46%. The U.S. 2-Year Treasury yields 3x more than Linde. The company's GAAP payout ratio is 56%, and the company paid $586 million in dividends for the December 2022 quarter and $2.3 billion over the past four quarters. Linde's pricey valuation Linde looks overvalued based on almost every metric. Its forward GAAP PE is 27.9x. The forward PE seems cheap compared to its five-year average of 33.5x. But, interest rates have increased substantially over the past year, decreasing the value of future earnings and increasing the cost of capital. The company carried total debt of $17.9 billion and net debt (after cash) of $12.4 billion. The company generated EBITDA (Operating Income + Depreciation & Amortization) of $10.8 billion, giving it a Debt-to-EBITDA ratio of 1.65. The company has excellent profit margins and generates much cash, but its current valuation is a cause for concern. The Seeking Alpha factor grade gives the company an "F" for its valuation (Exhibit 6). Exhibit 6: Linde's Seeking Alpha Factor Grades (Seeking Alpha) A discounted cash flow model estimates an equity value of $339.90 (Exhibit 7). The stock is trading at $321. This model makes some optimistic assumptions for the company's growth rate and cost of capital. It assumes a short-term growth rate of 8% until 2027 and a long-term growth rate of 4% for the terminal value calculation. The company's cost of capital is assumed to be 7%, a liberal assumption given that the risk-free 2-year U.S. Treasury yields 4.6%.

Schneeflocken-Punktzahl
Bewertung	1/6
Künftiges Wachstum	2/6
Vergangene Leistung	4/6
Finanzielle Gesundheit	2/6
Dividenden	3/6

Historische Aktienkurse
Aktueller Aktienkurs	US$517.58
52-Wochen-Hoch	US$521.28
52-Wochen-Tief	US$387.78
Beta	0.74
1 Monat Veränderung	4.64%
3 Monate Veränderung	4.24%
1 Jahr Veränderung	12.79%
3 Jahre Veränderung	45.30%
5 Jahre Veränderung	72.18%
Veränderung seit IPO	6,420.69%

	LIN	US Chemicals	US Markt
7D	2.3%	-2.2%	-0.8%
1Y	12.8%	8.3%	27.1%

LIN volatility
LIN Average Weekly Movement	2.7%
Chemicals Industry Average Movement	7.4%
Market Average Movement	7.2%
10% most volatile stocks in US Market	16.3%
10% least volatile stocks in US Market	3.2%

LIN grundlegende Statistiken
Marktanteil	US$237.88b
Gewinn(TTM)	US$7.08b
Umsatz(TTM)	US$34.66b

LIN Gewinn- und Verlustrechnung (TTM)
Einnahmen	US$34.66b
Kosten der Einnahmen	US$17.76b
Bruttogewinn	US$16.90b
Sonstige Ausgaben	US$9.82b
Gewinn	US$7.08b

Gewinn per Aktie (EPS)	15.32
Bruttomarge	48.77%
Nettogewinnspanne	20.44%
Schulden/Eigenkapital-Verhältnis	65.6%

Linde Dividendentermine
Ex-Dividenden Datum	Jun 04 2026
Datum der Dividendenzahlung	Jun 18 2026
Tage bis Ex-Dividende	12 days
Tage bis zum Datum der Dividendenzahlung	26 days

Daten	Zuletzt aktualisiert (UTC-Zeit)
Unternehmensanalyse	2026/05/22 00:12
Aktienkurs zum Tagesende	2026/05/22 00:00
Gewinne	2026/03/31
Jährliche Einnahmen	2025/12/31

Paket	Daten	Zeitrahmen	Beispiel US-Quelle ^*
Finanzdaten des Unternehmens	10 Jahre	Gewinn- und Verlustrechnung Kapitalflussrechnung Bilanz	SEC-Formular 10-K SEC-Formular 10-Q
Konsensschätzungen der Analysten	+3 Jahre	Finanzielle Vorausschau Kursziele der Analysten	Analysten Research Berichte Blue Matrix
Marktpreise	30 Jahre	Aktienkurse Dividenden, Splits und Aktionen	ICE-Marktdaten SEC-Formular S-1
Eigentümerschaft	10 Jahre	Top-Aktionäre Insiderhandel	SEC-Formular 4 SEC-Formular 13D
Verwaltung	10 Jahre	Das Führungsteam Direktorium	SEC-Formular 10-K SEC-Formular DEF 14A
Wichtige Entwicklungen	10 Jahre	Ankündigungen des Unternehmens	SEC-Formular 8-K

Analyst	Einrichtung
William Selesky	Argus Research Company
David Manthey	Baird
null null	Banco de Sabadell. S.A.

Linde (LIN) Aktienübersicht

Belohnungen

Risikoanalyse

Analyst Price Targets

US Clean Energy And Hydrogen Trends Will Define Future Infrastructure

Top Analyst Narratives

US Clean Energy And Hydrogen Trends Will Define Future Infrastructure

Linde plc Wettbewerber

Air Products and Chemicals

Sherwin-Williams

Ecolab

Corteva

Preisentwicklung & Leistung

Aktuelle Nachrichten und Updates

Lead Independent Director recently sold US$2.6m worth of stock

Linde Delivers Q1 Earnings Beat With Higher Dividend and 2026 Growth Guidance

LIN: Pricing Power And Capital Returns Will Shape Fairly Valued Helium Exposure

First quarter 2026 earnings: EPS and revenues exceed analyst expectations

Linde: A Great Business That's A Bit Too Expensive

Linde plc, Annual General Meeting, Jul 28, 2026

Recent updates

Lead Independent Director recently sold US$2.6m worth of stock

Linde Delivers Q1 Earnings Beat With Higher Dividend and 2026 Growth Guidance

LIN: Pricing Power And Capital Returns Will Shape Fairly Valued Helium Exposure

First quarter 2026 earnings: EPS and revenues exceed analyst expectations

Linde: A Great Business That's A Bit Too Expensive

Linde plc, Annual General Meeting, Jul 28, 2026

Fourth quarter dividend of US$1.60 announced

Linde plc (LIN): The Global Powerhouse Braces for a Record-Setting Verdict

Linde plc Declares Dividend in Second Quarter of 2026, Payable on June 18, 2026

LIN: Pricing Power And Capital Returns Will Guide Fairly Valued Helium Exposure

LIN: Pricing Power And Capital Returns Will Shape Helium And Inflation Response

Linde plc to Report Q1, 2026 Results on May 01, 2026

COO & EVP recently sold US$2.0m worth of stock

Now 20% overvalued after recent price rise

Executive VP & Chief Legal Officer notifies of intention to sell stock

Fourth quarter dividend increased to US$1.60

Linde plc Increases Quarterly Dividend on Common Stock, Payable on March 26, 2026

Full year 2025 earnings: EPS misses analyst expectations

Now 21% overvalued after recent price rise

Insufficient new directors

Chairman exercised options and sold US$1.1m worth of stock

LIN: Defensive Profile And Buybacks Poised To Support 2026 Rerating

Linde plc's (NASDAQ:LIN) Popularity With Investors Is Under Threat From Overpricing

Chairman exercised options and sold US$1.1m worth of stock

Linde plc to Report Q4, 2025 Results on Feb 05, 2026

LIN: Defensive Profile And Buybacks Will Support 2026 Rerating Potential

Estimating The Intrinsic Value Of Linde plc (NASDAQ:LIN)

LIN: Defensive Profile And Buybacks Will Support Shares Into 2026

LIN: Earnings Momentum And Defensive Appeal Will Drive Share Performance Into 2026

Upcoming dividend of US$1.50 per share

LIN: Earnings Growth Acceleration Projected to Drive Share Price Momentum

Third quarter 2025 earnings: EPS exceeds analyst expectations

Second quarter dividend of US$1.50 announced

Linde plc Declares Dividend in Fourth Quarter 2025, Payable on December 17, 2025

Linde plc to Report Q3, 2025 Results on Oct 31, 2025

Linde Announces Management Changes

With EPS Growth And More, Linde (NASDAQ:LIN) Makes An Interesting Case

Linde (NASDAQ:LIN) Is Experiencing Growth In Returns On Capital

US Clean Energy And Hydrogen Trends Will Define Future Infrastructure

Upcoming dividend of US$1.50 per share

Chairman notifies of intention to sell stock

Second quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind

First quarter dividend of US$1.50 announced

Linde plc Declares Dividend for the Third Quarter of 2025, Payable on September 18, 2025

Linde plc to Report Q2, 2025 Results on Aug 01, 2025

Is Linde plc (NASDAQ:LIN) Potentially Undervalued?

Insider recently sold US$2.1m worth of stock

Linde (NASDAQ:LIN) Is Looking To Continue Growing Its Returns On Capital

Insider notifies of intention to sell stock

First quarter 2025 earnings: EPS in line with expectations, revenues disappoint

First quarter dividend of US$1.50 announced

Linde plc, Annual General Meeting, Jul 29, 2025

Linde plc Declares Quarterly Dividend in Second Quarter 2025, Payable on June 18, 2025

Linde plc to Report Q1, 2025 Results on May 01, 2025

The Linde Investment Case Is Continuing To Deliver

Fourth quarter dividend increased to US$1.50

Linde: Oligopoly Leader, Further Profitability Increase Ahead

Linde plc Declares Quarterly Dividend, Payable on March 27, 2025

Insider notifies of intention to sell stock