Start here if you're new
what it is
Linde supplies the oxygen, nitrogen, hydrogen, and plant equipment that keep factories, hospitals, and chip plants running.
how it gets paid
Last year Linde made $34.0B in revenue. americas was the main engine at $14.6B, or 43% of sales.
why it's growing
Revenue grew 3.0% last year. Overall, linde concluded 2025 with a strong backlog of $10 billion in projects, and ought to continue to expand its footprint.
what just happened
Fourth-quarter adjusted EPS came in at $4.20, matching estimates, while full-year EPS rose to $16.46 from $15.51.
At a glance
A+ balance sheet — rock-solid finances — built to survive anything
100/100 earnings predictability — you can trust these numbers
27.7x trailing p/e — priced about right
1.5% dividend yield — cash in your pocket every quarter
15.5% return on capital — nothing to write home about
xvary composite: 82/100 — above average
What they do
Linde supplies the oxygen, nitrogen, hydrogen, and plant equipment that keep factories, hospitals, and chip plants running.
On-site contracts (gas plants built next to your facility) often run 15-20 years, according to web-based company coverage. Plain English: Linde puts the supply system inside your operation. So what: switching vendors can mean risking your own production, which helps explain a 100/100 earnings predictability score and a 24.8% net margin.
How they make money
$34.0B
annual revenue · their business grew +3.0% last year
americas
$14.6B
+4.0%
emea
$8.7B
+2.0%
asia pacific
$7.3B
+3.0%
engineering
$2.9B
+1.0%
other
$0.5B
flat
The products that matter
industrial oxygen and nitrogen supply
Atmospheric Gases
$34.0B revenue base
The operating detail here is sparse. That is annoying, but also revealing. You are underwriting the full gas platform, not a neat menu of separate growth engines. In human-speak: margin, backlog, and contract quality matter more than product storytelling on this page.
mission-critical
Key numbers
24.8%
net margin
For every $1.00 in sales, Linde keeps about $0.25 after costs. That is why the stock gets treated like a quality asset.
26.3%
operating margin
Operating margin means profit before interest and taxes. Plain English: the core business is unusually efficient before financing noise.
$20.7B
long debt
Debt is only 9% of capital, which tells you the balance sheet has room even with a large absolute dollar figure.
15.5%
return on capital
Return on capital means profit earned on the money used to run the business. So what: Linde turns capital-heavy assets into solid returns.
Financial health
A+
strength
- balance sheet grade A+ — near the highest rating possible
- risk rank 1 — safer than 95% of stocks
- price stability 100 / 100
- long-term debt $20.7B (9% of capital)
- net profit margin 24.8% — keeps 25 cents of every dollar in revenue
- return on equity 20% — $0.20 profit for every $1 investors have put in
A+ with balance sheet grade and risk rank standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in LIN 3 years ago → it's now worth $14,270.
The index would have given you $13,880.
source: institutional data · total return
What just happened
beat estimates
Fourth-quarter adjusted EPS came in at $4.20, matching estimates, while full-year EPS rose to $16.46 from $15.51.
The quarter itself was not a fireworks show. The real story was steady pricing, restructuring, and productivity gains helping Linde grow EPS 6% in 2025 despite just 3% sales growth.
$34.0B
revenue
$4.20
q4 eps
26.3%
operating margin
the number that mattered
The number that matters is 24.8% net margin, because Linde turned a modest 3.0% sales gain into a much cleaner profit stream.
-
linde closed 2025 on a pretty good note, despite challenges.
-
earnings per share increased 6% last year, on a 3% sales gain.
-
the company has been facing a tough operating backdrop.while investment in ai and digital infrastructure led to robust activity over the past few quarters, this was countered by sluggishness in traditional industrial markets, including the manufacturing, metals, chemical, and energy sectors.
-
even so, ongoing business restructuring and productivity improvements aided recent results.
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the company is poised to do well this year.overall, linde concluded 2025 with a strong backlog of $10 billion in projects, and ought to continue to expand its footprint. the company recently won a contract to supply a global-scale low-carbon ammonia facility in louisiana. separately, linde is set to supply materials used for rocket propellants, and should continue to benefit from major investments in the space industry in florida and texas. too, tuck-in acquisitions across the globe have strengthened its geographic footprint, though unfavorable currency effects may temper some of the gains from overseas markets.
source: company earnings report, 2026
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What could go wrong
the main risk is simple: the $10B project backlog has to become profitable volume quickly enough to support a premium multiple.
med
backlog execution risk
A $10B backlog looks great on a slide. It matters only when projects start on time, stay on budget, and earn acceptable returns.
If major projects slip, the bridge from $34.0B revenue toward the $36B estimate starts looking less sturdy.
med
pricing pressure inside long customer relationships
Linde's moat is built on embedded supply contracts. That also means contract terms matter a lot. If customers push harder on price, margins feel it before revenue headlines do.
At a 21.7% net margin, even a modest squeeze matters because the stock trades like that margin is durable.
med
industrial demand stays uneven
Management already described a split market: AI and digital infrastructure were strong, traditional manufacturing was softer. If the weak side stays weak, the defensive story gets more work to do.
You are not paying 27.7x trailing earnings for a slowdown story. You are paying for steadiness with enough growth to justify it.
Between a $10B execution queue and a $34.0B revenue base, this is a quality business with real expectations attached. If project timing slips or margin pressure shows up, the stock stops being "safe" and starts being merely expensive.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
the $10B backlog
This is the clearest forward growth signal on the page. If it expands and converts, the premium multiple has support. If it stalls, you are left paying up for safety alone.
trend
the gap between quarterly EPS and annual EPS growth
Latest-quarter EPS rose 27%, while last year's full-year EPS rose 6%. You want to know whether that acceleration is durable or just a strong quarter doing a lot of storytelling.
risk
margin pressure before headline weakness
The business looks calm until customers push on pricing or project economics. If that happens, the first crack likely shows up in margin quality, not in the top line.
next checkpoint
progress toward $36B revenue and $17.50 EPS
Those are the near-term numbers embedded in the current setup. Next earnings should tell you whether management is tracking to them or leaning harder on cost actions.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts see a normal setup here, not a near-term breakout.
risk profile
safest 5%
stability score 1 — lower drawdown risk than almost any stock in the coverage universe.
chart momentum
bottom 5%
technical score 5 — the chart has been weak even while the business has stayed strong. Welcome to a stock where quality was obvious before the chart agreed.
earnings predictability
100 / 100
Management's earnings pattern is about as reliable as public markets get. That lowers surprise risk, but it also means the market usually notices quality early.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 1,017 buyers vs. 816 sellers in 3q2025. total institutional holdings: 0.4B shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$399
$601
$456
current price
$500
target midpoint · +10% from current · 3-5yr high: $695 (+50% · 12% ann'l return)
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