FirmAtlas
Company handbook · LIN · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
LIN · CIK 1707925 · LATEST FILING: 10-Q JUN '26 · FILED JUL 31, 2026
LINDE PLC
$498.43
+5.21 (+1.06%)
Close, Oct 16, 2026 · 52-week $388–548
Last fiscal year
LINDE PLC reported revenue of $34.0B for the year ended Dec 31, 2025 (FY25), up 3.0% from FY24. Net income was $6.9B, operating cash flow $10.3B and free cash flow $5.1B. Source: 10-K filed Feb 25, 2026.
Market cap
$235.4B
P/E
32.5
EV/EBITDA
19.8x
P/B
6.0
Div yield
1.26%
ROIC
13.5%
Revenue 1Y
3.0%/yr
EPS 1Y
7.3%/yr
Shares 1Y
−2%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOSanjiv Lamba
HQWoking Surrey, United Kingdom
AuditorPricewaterhouseCoopers LLP
Employees65,177
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
15.6%
10.1%
9.5%
12.2%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$25.0B deployed
Capex
$9.8B
39.0%
Acquisitions
$729M
2.9%
Dividends
$5.5B
21.8%
Buybacks
$9.1B
36.3%
Operating cash flow over the period: $19.8B. Total debt changed by +$5.3B. R&D of $297M is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
Per-share figures are split-adjusted (2-for-1 split after FY17).
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
33,005
33,986+3.0%
35,449
YoY
+3.0%
Operating income
8,635
8,923+3.3%
9,378
Operating margin
26.2%
26.3%+0.1 pp
—
EBITDA
12,415
12,686+2.2%
—
EBITDA margin
37.6%
37.3%−0.3 pp
—
Interest expense
555
575+3.6%
—
Interest coverage
22.37x
22.06x−0.31x
—
Net income
6,565
6,898+5.1%
7,244
YoY
+5.1%
Net margin
19.9%
20.3%+0.4 pp
—
EPS (diluted, $)
13.62
14.61+7.3%
15.46
YoY
+7.3%
Balance sheet
Total assets
80,147
86,817+8.3%
88,349
Cash & short-term investments
4,850
5,056+4.2%
—
Accounts receivable
4,622
4,966+7.4%
—
Inventory
1,946
2,055+5.6%
—
Net PP&E
24,775
28,260+14.1%
—
Other assets
43,954
46,480+5.7%
—
Total liabilities
42,055
48,572+15.5%
49,268
Accounts payable
2,507
2,810+12.1%
—
Total debt
15,343
20,683+34.8%
20,678
Other liabilities
24,205
25,079+3.6%
—
Shareholders’ equity
38,092
38,245+0.4%
39,081
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
9,423
10,350+9.8%
10,489
Net income
6,737
7,058+4.8%
—
Depreciation & amortization
3,780
3,763−0.4%
—
Stock-based compensation
160
164+2.5%
—
Working capital & other
(1,254)
(635)n/m
—
Cash from investing
(4,644)
(5,721)n/m
—
Capex
(4,497)
(5,261)n/m
—
Acquisitions
(317)
(412)n/m
—
Other investing
170
(48)−128.2%
—
Cash from financing
(4,359)
(4,554)n/m
—
Debt raised
4,844
5,148+6.3%
—
Debt repaid
(1,305)
(2,278)n/m
—
Dividends
(2,655)
(2,811)n/m
—
Buybacks
(4,482)
(4,601)n/m
—
Shares issued
31
23−25.8%
—
Other financing
(792)
(35)n/m
—
Net change in cash
186
206+10.8%
—
Free cash flow (OCF − capex)
4,926
5,089+3.3%
4,975
Where the cash went
Operating cash flow
9,423
10,350+9.8%
10,489
Reinvested in the business
4,814
5,673+17.8%
—
% of operating cash flow
51.1%
54.8%
Capex
4,497
5,261+17.0%
5,514
Acquisitions
317
412+30.0%
—
R&D (memo, already in costs)
150
147−2.0%
—
Free cash flow
4,926
5,089+3.3%
4,975
YoY
+3.3%
Returned to shareholders
7,137
7,412+3.9%
—
% of free cash flow
144.9%
145.6%
Dividends
2,655
2,811+5.9%
—
Buybacks
4,482
4,601+2.7%
—
Change in total debt
—
5,340
—
Cash left over
—
2,605
—
FCF conversion (FCF ÷ net income)
75.0%
73.8%−1.3 pp
—
Owner earnings
—
5,250
—
Owner earnings margin
—
15.4%
—
Buyback yield
2.2%
2.3%+0.1 pp
—
Returns & ratios
ROIC (all capital)
13.6%
13.5%−0.1 pp
—
ROIC (operating)
22.9%
22.6%−0.3 pp
—
Net debt / EBITDA
0.85x
1.23x+0.39x
—
Debt / equity
0.40x
0.54x+0.14x
—
Cash conversion cycle (days)
45
45+0 d
—
ROE
17.2%
18.0%+0.8 pp
—
ROA
8.2%
7.9%−0.2 pp
—
ROCE
13.2%
12.5%−0.7 pp
—
NOPAT
6,618
6,928+4.7%
—
Invested capital (operating)
28,836
32,471+12.6%
—
Invested capital (all)
48,585
53,872+10.9%
—
Reinvestment rate
—
52.5%
—
Debtor days
51
53+2 d
—
Inventory days
22
22+1 d
—
Days payable
28
30+2 d
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
8,615
8,764
8,781
9,289
vs year-ago quarter
Operating income
2,367
2,018
2,439
2,554
Net income
1,929
1,530
1,857
1,928
vs year-ago quarter
Net margin
22.4%
17.5%
21.1%
20.8%
EPS (diluted, $)
4.09
3.24
3.98
4.15
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
85,993
86,817
86,315
88,349
Cash & equivalents
4,509
5,056
3,959
4,898
Total debt
18,592
20,683
19,859
20,678
Shareholders’ equity
38,616
38,245
38,566
39,081
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,948
3,030
2,240
2,271
Capex
1,276
1,458
1,342
1,438
Free cash flow
1,672
1,572
898
833
vs year-ago quarter