Linde (LIN)
Market Price (11/1/2026): $513.75 | Market Cap: $235.9 BilInvestor Relations Sector: Materials | Industry: Industrial Gases
Linde (LIN)
Market Price (11/1/2026): $513.75Market Cap: $235.9 BilSector: MaterialsIndustry: Industrial Gases
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 11 Bil, FCF LTM is 5.1 Bil Stock buyback supportStock Buyback 3Y Total is 13 Bil Low stock price volatilityVol 12M is 19% Megatrend and thematic driversMegatrends include Hydrogen Economy, Energy Transition & Decarbonization, Advanced Materials, and Water Infrastructure. Show more. | Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -38% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x Key risksLIN key risks include [1] execution challenges and potential cost overruns for its large-scale engineering projects, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 30%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 14%, CFO LTM is 11 Bil, FCF LTM is 5.1 Bil |
| Stock buyback supportStock Buyback 3Y Total is 13 Bil |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Hydrogen Economy, Energy Transition & Decarbonization, Advanced Materials, and Water Infrastructure. Show more. |
| Weak multi-year price returns2Y Excs Rtn is -22%, 3Y Excs Rtn is -38% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 25x |
| Key risksLIN key risks include [1] execution challenges and potential cost overruns for its large-scale engineering projects, Show more. |
Qualitative Assessment
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Linde (LIN) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Linde reported strong fiscal Q3 2026 financial results, surpassing analyst expectations. The company achieved adjusted diluted earnings per share (EPS) of $4.59, exceeding the consensus estimate of $4.52 per share and its own guidance of $4.45-$4.55 per share. Additionally, Linde posted record sales of $9.404 billion, which was above analyst estimates of $9.16 billion. This represented a 9% year-over-year increase in both adjusted EPS and sales.
2. The company demonstrated robust underlying sales growth driven by strong performance in key end markets. Underlying sales for fiscal Q3 2026 increased by 5%, primarily due to a 3% price attainment and 2% volume growth. Significant contributions came from the electronics sector, which saw revenue surge by 15% year-over-year, as well as the chemicals & energy and manufacturing segments, which grew 12% and 7% respectively.
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Linde (LIN) stock has gained about 10% since 7/31/2026 because of the following key factors:
1. Linde reported strong fiscal Q3 2026 financial results, surpassing analyst expectations. The company achieved adjusted diluted earnings per share (EPS) of $4.59, exceeding the consensus estimate of $4.52 per share and its own guidance of $4.45-$4.55 per share. Additionally, Linde posted record sales of $9.404 billion, which was above analyst estimates of $9.16 billion. This represented a 9% year-over-year increase in both adjusted EPS and sales.
2. The company demonstrated robust underlying sales growth driven by strong performance in key end markets. Underlying sales for fiscal Q3 2026 increased by 5%, primarily due to a 3% price attainment and 2% volume growth. Significant contributions came from the electronics sector, which saw revenue surge by 15% year-over-year, as well as the chemicals & energy and manufacturing segments, which grew 12% and 7% respectively.
3. Linde maintained a substantial project backlog and generated strong operating cash flow, indicating future growth and financial health. The company reported an $11 billion project backlog, including a $7.9 billion contractual sale of gas backlog, providing solid visibility for future revenue streams. Furthermore, Linde's operating cash flow for fiscal Q3 2026 reached $3.2 billion, an 8% increase compared to the prior year.
4. Positive analyst sentiment and increased price targets followed the strong earnings report. In response to Linde's robust fiscal Q3 2026 performance and optimistic future outlook, financial analysts largely maintained their "Buy" or "Strong Buy" ratings. Notably, firms such as Barclays and RBC Capital raised their price targets for Linde, contributing to positive market sentiment.
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Stock Movement Drivers
Fundamental Drivers
The 7.9% change in LIN stock from 7/31/2026 to 10/31/2026 was primarily driven by a 11.0% change in the company's P/E Multiple.| (LTM values as of) | 7312026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 476.81 | 514.24 | 7.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 35,449 | 36,238 | 2.2% |
| Net Income Margin (%) | 20.4% | 19.3% | -5.4% |
| P/E Multiple | 30.4 | 33.8 | 11.0% |
| Shares Outstanding (Mil) | 463 | 461 | 0.4% |
| Cumulative Contribution | 7.9% |
Market Drivers
7/31/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| LIN | 7.9% | |
| Market (SPY) | 1.2% | -6.7% |
| Sector (XLB) | 4.6% | 49.2% |
Fundamental Drivers
The 3.3% change in LIN stock from 4/30/2026 to 10/31/2026 was primarily driven by a 6.6% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 497.92 | 514.24 | 3.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,986 | 36,238 | 6.6% |
| Net Income Margin (%) | 20.3% | 19.3% | -4.7% |
| P/E Multiple | 33.6 | 33.8 | 0.5% |
| Shares Outstanding (Mil) | 466 | 461 | 1.1% |
| Cumulative Contribution | 3.3% |
Market Drivers
4/30/2026 to 10/31/2026| Return | Correlation | |
|---|---|---|
| LIN | 3.3% | |
| Market (SPY) | 5.4% | -0.6% |
| Sector (XLB) | 2.9% | 59.5% |
Fundamental Drivers
The 24.6% change in LIN stock from 10/31/2025 to 10/31/2026 was primarily driven by a 23.9% change in the company's P/E Multiple.| (LTM values as of) | 10312025 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 412.70 | 514.24 | 24.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,504 | 36,238 | 8.2% |
| Net Income Margin (%) | 21.2% | 19.3% | -8.7% |
| P/E Multiple | 27.3 | 33.8 | 23.9% |
| Shares Outstanding (Mil) | 469 | 461 | 1.8% |
| Cumulative Contribution | 24.6% |
Market Drivers
10/31/2025 to 10/31/2026| Return | Correlation | |
|---|---|---|
| LIN | 24.6% | |
| Market (SPY) | 11.7% | 1.9% |
| Sector (XLB) | 24.8% | 53.4% |
Fundamental Drivers
The 39.8% change in LIN stock from 10/31/2023 to 10/31/2026 was primarily driven by a 12.9% change in the company's P/E Multiple.| (LTM values as of) | 10312023 | 10312026 | Change |
|---|---|---|---|
| Stock Price ($) | 367.77 | 514.24 | 39.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 32,451 | 36,238 | 11.7% |
| Net Income Margin (%) | 18.4% | 19.3% | 4.9% |
| P/E Multiple | 29.9 | 33.8 | 12.9% |
| Shares Outstanding (Mil) | 487 | 461 | 5.8% |
| Cumulative Contribution | 39.8% |
Market Drivers
10/31/2023 to 10/31/2026| Return | Correlation | |
|---|---|---|
| LIN | 39.8% | |
| Market (SPY) | 86.9% | 38.0% |
| Sector (XLB) | 46.2% | 65.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LIN Return | 33% | -4% | 28% | 3% | 3% | 22% | 111% |
| Peers Return | 10% | -4% | 10% | -8% | -13% | 42% | 32% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 13% | 106% |
Monthly Win Rates [3] | |||||||
| LIN Win Rate | 58% | 42% | 67% | 58% | 58% | 60% | |
| Peers Win Rate | 46% | 54% | 44% | 48% | 50% | 62% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LIN Max Drawdown | -11% | -23% | -8% | -14% | -19% | -16% | |
| Peers Max Drawdown | -21% | -35% | -18% | -26% | -39% | -25% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: APD, LYB, DOW, DD. See LIN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/30/2026 (YTD)
How Low Can It Go
| Event | LIN | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -10.2% | -18.8% |
| % Gain to Breakeven | 11.4% | 23.1% |
| Time to Breakeven | 49 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.0% | -24.5% |
| % Gain to Breakeven | 26.6% | 32.4% |
| Time to Breakeven | 53 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.3% | -33.7% |
| % Gain to Breakeven | 47.6% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -11.1% | -19.2% |
| % Gain to Breakeven | 12.5% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -14.5% | -12.2% |
| % Gain to Breakeven | 17.0% | 13.9% |
| Time to Breakeven | 52 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.6% | -6.8% |
| % Gain to Breakeven | 34.4% | 7.3% |
| Time to Breakeven | 466 days | 15 days |
In The Past
Linde's stock fell -10.2% during the 2025 US Tariff Shock. Such a loss loss requires a 11.4% gain to breakeven.
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Asset Allocation
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| Event | LIN | S&P 500 |
|---|---|---|
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -21.0% | -24.5% |
| % Gain to Breakeven | 26.6% | 32.4% |
| Time to Breakeven | 53 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.3% | -33.7% |
| % Gain to Breakeven | 47.6% | 50.9% |
| Time to Breakeven | 74 days | 140 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -25.6% | -6.8% |
| % Gain to Breakeven | 34.4% | 7.3% |
| Time to Breakeven | 466 days | 15 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -47.2% | -53.4% |
| % Gain to Breakeven | 89.5% | 114.4% |
| Time to Breakeven | 511 days | 1085 days |
In The Past
Linde's stock fell -10.2% during the 2025 US Tariff Shock. Such a loss loss requires a 11.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Linde (LIN)
Linde plc (NYSE: LIN) is a leading global industrial gas and engineering company. The company primarily operates by producing, processing, storing, and distributing atmospheric and process gases. In addition to its core gas business, Linde also designs and constructs complex industrial plants for gas production and processing, serving its own operations and third-party clients worldwide across North and South America, Europe, the Middle East, Africa, and the Asia Pacific.
The company's extensive product portfolio includes a wide array of gases. It supplies atmospheric gases such as oxygen, nitrogen, argon, and various rare gases, which are essential across numerous industrial applications. Furthermore, Linde offers process gases, including carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene, catering to highly specialized and critical needs in diverse sectors.
Linde's engineering segment specializes in building large-scale, turnkey process plants for various applications, including olefin, natural gas, air separation, hydrogen, and synthesis gas plants. Its critical products and services serve a broad spectrum of industries globally, including healthcare, energy, manufacturing, food and beverage, fiber-optics, steelmaking, aerospace, chemicals, and water treatment, underscoring its foundational role in industrial economies.
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It's like the 'Intel Inside' for industrial processes, supplying essential gases like oxygen and hydrogen that are critical, though often unseen, components in countless industries, from healthcare to manufacturing.
Think of it as a global utility company, but instead of electricity or water, Linde delivers crucial industrial gases and the specialized plants to produce them, serving diverse industries worldwide.
Imagine it as a specialized 'BASF' or 'DuPont' for industrial gases, providing foundational chemical inputs and the engineering expertise to build the facilities for nearly every major industry.
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- Atmospheric Gases: These include industrial gases like oxygen, nitrogen, argon, and rare gases, extracted from the atmosphere for various industrial applications.
- Process Gases: These are specialized gases such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene, utilized in specific industrial and manufacturing processes.
- Engineering and Construction Services: Linde designs and constructs turnkey process plants, including facilities for olefin, natural gas, air separation, hydrogen, and synthesis gas, for both third-party clients and its internal gas businesses.
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Linde plc (LIN) primarily sells its industrial gases and engineering services to other companies (B2B) across a wide range of industries. While specific customer contracts are proprietary, based on the industries Linde serves, its major customers are likely large corporations within those sectors that require significant quantities of atmospheric and process gases, or specialized engineering plants.
Examples of major customers could include:
- ArcelorMittal (MT) - A leading global steel and mining company, a major consumer in the steel making industry.
- Pfizer Inc. (PFE) - A global pharmaceutical and biotechnology corporation, representing the healthcare and chemicals sectors.
- The Coca-Cola Company (KO) - A multinational beverage corporation, a significant user of carbon dioxide for beverage carbonation.
- Intel Corporation (INTC) - A leading semiconductor manufacturer, requiring high-purity electronic gases for chip production.
- Boeing (BA) - A multinational aerospace corporation, using industrial gases for manufacturing and welding in the aerospace industry.
- Dow Inc. (DOW) - A major global chemical company, a substantial consumer of various industrial gases and engineering solutions in the chemicals sector.
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Sanjiv Lamba, Chief Executive Officer & Chairman of the Board of Directors
Sanjiv Lamba became Chairman of the Board of Directors in January 2026 and has served as CEO of Linde plc since March 2022, when he also joined the Board. Prior to his appointment as CEO, he was Chief Operating Officer from January 2021 to February 2022 and Executive Vice President, APAC from 2018 to 2020. Mr. Lamba began his career with BOC India in 1989 in Finance, and later served as Director of Finance and Managing Director for the India business in 2001. Throughout his career with BOC/Linde, he has worked across various geographies, including India, the UK, Singapore, and Germany, where he was a member of the Executive Board of Linde AG. He currently serves as Co-Chair of the Hydrogen Council and is a member of the Business Council.
Matt White, Executive Vice President & Chief Financial Officer
Matt White is the Executive Vice President and Chief Financial Officer for Linde plc. He previously held the position of Senior Vice President and CFO at Praxair. Mr. White joined Praxair in 2004 as Finance Director for the North American Industrial Gases business unit. He later served as Vice President and Controller of Praxair, Inc. in 2008, Vice President and Treasurer in 2010, and President of Praxair Canada in 2011. Before his time at Praxair, Mr. White held roles at Fisher Scientific and GenTek. He is a Certified Public Accountant and a CFA charter holder. In December 2025, Mr. White joined the Board of Directors of Stoke Space, representing Industrious Ventures, a deep-tech venture firm.
Sean Durbin, Executive Vice President & Chief Operating Officer
Sean Durbin serves as Executive Vice President and Chief Operating Officer for Linde plc.
Guillermo Bichara, Executive Vice President & Chief Legal Officer
Guillermo Bichara is the Executive Vice President and Chief Legal Officer at Linde plc.
Desiree Bacher, Senior Vice President, Chief Human Resources Officer
Desiree Bacher holds the position of Senior Vice President, Chief Human Resources Officer at Linde plc.
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The key risks to Linde plc (LIN) include macroeconomic and regulatory factors, volatile energy costs, and the risks associated with technological disruption and the transition to green hydrogen.
1. Macroeconomic and Regulatory Risks
Linde's operations are significantly exposed to macroeconomic factors and regulatory changes across various global jurisdictions. This includes volatility in credit markets, which can impact financing costs and access to capital, as well as shifts in environmental and trade laws that could affect profitability and competitive positioning. Weakening economic conditions and global industrial slowdowns, particularly in major markets such as China and Europe, can directly reduce the demand for industrial gases, thereby impacting the company's financial results and cash flows.
2. Volatile Energy Costs
Energy constitutes the most substantial cost in the production and distribution of industrial gases for Linde. Although the company employs mechanisms like pricing formulas and cost pass-through arrangements to mitigate price fluctuations, the unpredictable nature of energy prices poses a notable risk to Linde's cost structure and profit margins. Sustained increases in energy and raw material costs, if not fully offset by price adjustments, could compress the company's industry-leading operating margins.
3. Technological Disruption and Green Hydrogen Transition
The industrial gas industry is subject to ongoing technological evolution, and Linde faces the risk of its offerings becoming obsolete if it fails to keep pace with these changes. A specific and significant aspect of this risk is the expensive transition to green hydrogen projects. While Linde is investing in clean energy initiatives, a slower-than-anticipated growth in the clean energy economy could lead to lower returns on these substantial investments.
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Here are the addressable market sizes for Linde's main products and services:
- Industrial Gases (Overall): The global industrial gases market was valued at USD 119.42 billion in 2025 and is projected to reach approximately USD 209.42 billion by 2035.
- Oxygen: The global oxygen market was valued at USD 87.86 billion in 2025 and is projected to reach USD 131.70 billion by 2034.
- Nitrogen: The nitrogen market accounted for 43.3% of the air separation unit market revenue in 2025.
- Argon: The global argon market size was valued at USD 19.02 billion in 2023 and is expected to reach USD 34.97 billion by 2032.
- Carbon Dioxide: The global carbon dioxide market size was valued at USD 11.90 billion in 2025 and is projected to grow to USD 16.30 billion by 2034.
- Helium: The global helium market size was valued at USD 5.42 billion in 2025 and is forecasted to hit USD 9.47 billion by 2032.
- Hydrogen: The global hydrogen market size was valued at USD 262.13 billion in 2024 and is projected to reach around USD 556.56 billion by 2034.
- Electronic Gases: The global electronic specialty gases market size was estimated at USD 15.98 billion in 2024 and is projected to grow to USD 23.66 billion by 2035.
- Specialty Gases: The global specialty gas market size was valued at USD 14.96 billion in 2025 and is projected to grow to USD 32.75 billion by 2034.
- Acetylene: The global acetylene market size was valued at US$ 7.2 billion in 2025 and is projected to reach US$ 11.3 billion by 2036.
- Air Separation Units (Plants): The global air separation unit market was valued at USD 6.1 billion in 2024 and is estimated to grow to USD 9.3 billion by 2034.
- Hydrogen Generation Plants: The hydrogen generation market size is projected to hit USD 285.3 billion by 2035.
- Olefin, Natural Gas, and Synthesis Gas Plants: null
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Linde plc (LIN) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Execution of a Robust Project Backlog, Particularly in Clean Energy and Electronics: Linde has a record project backlog of approximately $10 billion, with a significant portion dedicated to clean energy and electronics projects. Around $2.5 billion to $3 billion of these projects are anticipated to commence operations and contribute to revenue in 2026. This backlog represents stable, long-term revenue streams, with substantial investments in clean hydrogen production and infrastructure, as well as demand for high-end chip production and electronics-grade gases globally.
- Expanding Presence in the Commercial Space Industry: Linde is actively strengthening its leadership in the rapidly growing U.S. commercial space sector. The company has secured new long-term agreements to supply industrial gases for rocket launches and is making significant investments in its facilities in Florida and Texas to support this expansion. This segment is projected to deliver double-digit growth over the next few years, adding 50-100 basis points of volume growth annually in the medium term.
- Continued Leverage of Pricing Power and Productivity Initiatives: Linde has consistently demonstrated its pricing power and resilience, successfully offsetting volume weakness in some markets through strategic pricing. The company also focuses on ongoing productivity initiatives and cost control programs to expand its operating margins. These disciplined strategies are expected to contribute to steady revenue and earnings growth.
- Strategic Growth in High-Demand End Markets and Geographic Expansion: Linde is strategically investing in high-growth sectors such as electronics (including battery production for electric vehicles), healthcare, and specialized manufacturing. The company is also focusing its expansion efforts in the Americas and Asia-Pacific regions, aiming to increase its network density through solutions like small on-site plants. This diversified approach helps capture growth opportunities across various industries and geographies.
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Share Repurchases
- On February 28, 2022, Linde authorized a new share repurchase program for up to $10 billion of its ordinary shares, replacing a completed $5 billion program from January 2021. This program permitted the acquisition of up to 15% of outstanding shares between March 1, 2022, and July 31, 2024.
- A new share repurchase program for up to $15 billion was approved on October 23, 2023, bringing the total available for repurchases to $17 billion, including $2 billion remaining from the previous authorization.
- Linde returned $4.6 billion to shareholders through net share buybacks in 2025. The annual share repurchases were $3.958 billion in 2023, $4.482 billion in 2024, and $4.601 billion in 2025.
Share Issuance
- Linde did not issue new ordinary shares in 2022, 2023, or 2024.
- The company's shares outstanding have seen a decline due to repurchase programs, with 2025 shares outstanding at 0.472 billion, a 2.05% decrease from 2024.
Outbound Investments
- In October 2022, Linde acquired nexAir, a Memphis-based provider of welding equipment and industrial training services.
- Linde completed over 20 bolt-on acquisitions globally in 2025 to strengthen its market position.
- In July 2025, Linde announced significant investments to support the U.S. commercial space sector, including expanding its industrial gas facility in Mims, Florida, and building a new air separation unit in Brownsville, Texas.
Capital Expenditures
- From fiscal years ending December 2021 to 2025, Linde's capital expenditures averaged $3.585 billion, increasing from $2.711 billion in 2021 to $4.478 billion in 2025.
- For the full year 2025, Linde planned to invest between $5.0 billion and $5.5 billion in capital expenditures to support growth and maintenance, including its $7.1 billion contractual gas project backlog.
- Projected capital expenditure for 2026 is between $5.0 billion and $5.5 billion, with a primary focus on clean energy and electronics sectors.
Peer Outperformance in Industrial Gases
null| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Steel | 14 | 23.6% | 50.8% | 138.2% | STLD 308% · HCC 297% · RS 224% |
| Copper | 7 | 35.9% | 105.5% | 132.9% | SCCO 265% · TGB 249% · HBM 215% |
| Gold | 36 | 0.6% | 156.7% | 91.5% | IAG 458% · OGC 344% · AGI 283% |
| Silver | 6 | 17.5% | 240.6% | 68.9% | AYA 209% · HL 139% · EXK 43% |
| Construction Materials | 6 | -11.4% | 25.2% | 47.9% | USLM 360% · CRH 102% · VMC 54% |
| Aluminum | 3 | 13.8% | 128.1% | 43.5% | CENX 155% · AA -10% |
| Metal, Glass & Plastic Containers | 11 | 7.4% | 18.2% | 9.2% | GEF 49% · ATR 21% · SLGN 9% |
| Paper & Plastic Packaging Products & Materials | 7 | 22.9% | 23.6% | 0.8% | PKG 117% · CCK 21% · SON 4% |
| Diversified Metals & Mining | 24 | -54.8% | -6.7% | -8.3% | USAR 32182% · MTRN 215% · SKE 155% |
| Diversified Chemicals | 3 | 13.0% | 5.9% | -14.0% | CBT 55% · ASH -14% · CC -43% |
| Specialty Chemicals | 41 | 11.0% | 8.9% | -17.2% | NEU 155% · ESI 61% · ECL 44% |
| Commodity Chemicals | 13 | 8.1% | -14.4% | -33.4% | HWKN 336% · MEOH 74% · DOW -18% |
| Precious Metals & Minerals | 8 | -15.1% | 133.5% | -48.9% | PPTA 250% |
| Fertilizers & Agricultural Chemicals | 10 | -42.4% | -54.6% | -60.7% | CF 141% · NTR 18% · SMG -49% |
| Paper Products | 4 | -38.4% | -62.0% | -82.6% |
Latest Trefis Analyses
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 140.07 |
| Mkt Cap | 25.1 |
| Rev LTM | 31,964 |
| Op Inc LTM | 2,867 |
| FCF LTM | 2,168 |
| FCF 3Y Avg | 580 |
| CFO LTM | 4,571 |
| CFO 3Y Avg | 3,298 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.2% |
| Rev Chg 3Y Avg | -2.3% |
| Rev Chg Q | 9.2% |
| QoQ Delta Rev Chg LTM | 2.2% |
| Op Inc Chg LTM | 7.9% |
| Op Inc Chg 3Y Avg | 8.1% |
| Op Mgn LTM | 9.0% |
| Op Mgn 3Y Avg | 9.5% |
| QoQ Delta Op Mgn LTM | 0.8% |
| CFO/Rev LTM | 22.1% |
| CFO/Rev 3Y Avg | 12.0% |
| FCF/Rev LTM | 7.6% |
| FCF/Rev 3Y Avg | 1.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 25.1 |
| P/S | 4.0 |
| P/Op Inc | 22.5 |
| P/EBIT | 57.8 |
| P/E | 17.0 |
| P/CFO | 15.4 |
| Total Yield | 2.5% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 1.9% |
| D/E | 0.3 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 15.7% |
| 3M Rtn | 7.9% |
| 6M Rtn | 1.8% |
| 12M Rtn | 45.5% |
| 3Y Rtn | 20.6% |
| 1M Excs Rtn | 14.6% |
| 3M Excs Rtn | 6.7% |
| 6M Excs Rtn | -5.3% |
| 12M Excs Rtn | 32.2% |
| 3Y Excs Rtn | -60.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Americas | 15,208 | 14,442 | 14,304 | 13,874 | 12,103 |
| Europe, Middle East and Africa (EMEA) | 8,549 | 8,352 | 8,542 | 8,443 | 7,643 |
| Asia Pacific (APAC) | 6,661 | 6,632 | 6,559 | 6,480 | 6,133 |
| Engineering | 2,250 | 2,322 | 2,160 | 2,762 | 2,867 |
| Other | 1,318 | 1,257 | 1,289 | 1,805 | 2,047 |
| Total | 33,986 | 33,005 | 32,854 | 33,364 | 30,793 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Americas | 4,747 | 4,550 | 4,244 | 3,732 | 3,368 |
| Europe, Middle East and Africa (EMEA) | 3,055 | 2,780 | 2,486 | 2,013 | 1,889 |
| Asia Pacific (APAC) | 1,933 | 1,918 | 1,806 | 1,670 | 1,502 |
| Engineering | 408 | 410 | 491 | 555 | 473 |
| Other | -6 | 62 | 43 | -66 | -56 |
| Cost reduction program and other charges | -273 | -145 | -40 | -1,029 | -273 |
| Purchase accounting impacts - Linde AG | -941 | -940 | -1,006 | -1,506 | -1,919 |
| Total | 8,923 | 8,635 | 8,024 | 5,369 | 4,984 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| North America | 9,748 | 10,205 | 10,133 | 8,491 | 7,402 |
| Asia | 3,113 | 3,198 | 3,098 | 2,757 | 2,366 |
| Europe | 2,704 | 3,000 | 3,408 | 2,957 | 2,728 |
| South America | 2,124 | 2,723 | 2,934 | 3,205 | 3,194 |
| Surface Technologies | 630 | 676 | 682 | 680 | 666 |
| Total | 18,319 | 19,802 | 20,255 | 18,090 | 16,356 |
Price Behavior
| Market Price | $514.24 | |
| Market Cap ($ Bil) | 236.9 | |
| First Trading Date | 06/17/1992 | |
| Distance from 52W High | -5.6% | |
| 50 Days | 200 Days | |
| DMA Price | $483.24 | $490.62 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 6.4% | 4.8% |
| 3M | 1YR | |
| Volatility | 14.9% | 18.9% |
| Downside Capture | -25.20 | -2.73 |
| Upside Capture | 14.81 | 18.76 |
| Correlation (S&P 500) | 0.9% | 3.6% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.30 | -0.15 | -0.09 | -0.01 | 0.02 | 0.44 |
| Up Beta | 2.91 | -0.35 | 0.17 | -0.23 | -0.36 | 0.46 |
| Down Beta | -1.26 | -0.88 | -0.60 | 0.21 | 0.28 | 0.56 |
| Up Capture | 67% | 28% | 15% | -0% | 12% | 13% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 13 | 22 | 35 | 60 | 131 | 387 |
| Down Capture | -62% | -16% | -31% | -7% | -9% | 59% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 9 | 21 | 29 | 66 | 120 | 365 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIN | |
|---|---|---|---|---|
| LIN | 20.7% | 18.9% | 0.85 | - |
| Sector ETF (XLB) | 22.5% | 17.6% | 0.98 | 53.4% |
| Equity (SPY) | 10.9% | 12.8% | 0.52 | 1.9% |
| Gold (GLD) | -2.0% | 28.6% | -0.08 | 7.1% |
| Commodities (DBC) | 48.2% | 20.6% | 1.79 | -4.8% |
| Real Estate (VNQ) | 10.2% | 13.7% | 0.45 | 22.1% |
| Bitcoin (BTCUSD) | -30.0% | 43.5% | -0.70 | 5.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIN | |
|---|---|---|---|---|
| LIN | 11.7% | 20.9% | 0.45 | - |
| Sector ETF (XLB) | 6.5% | 19.1% | 0.22 | 73.8% |
| Equity (SPY) | 12.2% | 17.1% | 0.53 | 55.4% |
| Gold (GLD) | 16.2% | 19.0% | 0.68 | 10.5% |
| Commodities (DBC) | 9.2% | 19.5% | 0.35 | 9.1% |
| Real Estate (VNQ) | 0.9% | 18.9% | -0.06 | 48.4% |
| Bitcoin (BTCUSD) | 4.9% | 51.6% | 0.28 | 19.8% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIN | |
|---|---|---|---|---|
| LIN | 17.0% | 22.9% | 0.67 | - |
| Sector ETF (XLB) | 10.5% | 20.7% | 0.45 | 78.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 66.3% |
| Gold (GLD) | 11.4% | 16.5% | 0.56 | 9.1% |
| Commodities (DBC) | 8.2% | 18.1% | 0.37 | 22.0% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.21 | 53.7% |
| Bitcoin (BTCUSD) | 61.8% | 66.2% | 1.02 | 17.9% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 11/1/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -1.0% | ||
| 7/31/2026 | -5.9% | -3.6% | -3.8% |
| 5/1/2026 | 1.4% | -1.5% | -0.7% |
| 2/5/2026 | -2.9% | -1.2% | 2.4% |
| 10/31/2025 | -2.7% | -3.4% | -4.9% |
| 8/1/2025 | -0.2% | 2.0% | 3.9% |
| 5/1/2025 | -1.1% | -0.8% | 3.2% |
| 2/6/2025 | 1.5% | 1.1% | 3.3% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 15 |
| # Negative | 11 | 12 | 8 |
| Median Positive | 1.6% | 3.0% | 3.9% |
| Median Negative | -1.1% | -1.3% | -2.6% |
| Max Positive | 6.1% | 10.3% | 16.8% |
| Max Negative | -5.9% | -3.6% | -7.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/29/2026 | -1.0% | ||
| 7/31/2026 | -5.9% | -3.6% | -3.8% |
| 5/1/2026 | 1.4% | -1.5% | -0.7% |
| 2/5/2026 | -2.9% | -1.2% | 2.4% |
| 10/31/2025 | -2.7% | -3.4% | -4.9% |
| 8/1/2025 | -0.2% | 2.0% | 3.9% |
| 5/1/2025 | -1.1% | -0.8% | 3.2% |
| 2/6/2025 | 1.5% | 1.1% | 3.3% |
| 10/31/2024 | -3.6% | -2.3% | -2.6% |
| 8/2/2024 | 0.1% | -1.3% | 5.5% |
| 5/2/2024 | -5.2% | -3.4% | -1.6% |
| 2/6/2024 | 3.7% | 4.7% | 15.7% |
| 10/26/2023 | 1.6% | 6.2% | 13.7% |
| 7/27/2023 | -0.9% | -1.1% | -2.6% |
| 4/27/2023 | 0.2% | -0.4% | -2.3% |
| 2/7/2023 | 4.4% | 3.5% | 9.9% |
| 10/27/2022 | -0.5% | -0.2% | 16.8% |
| 7/28/2022 | 2.2% | 3.3% | 2.3% |
| 2/10/2022 | 1.5% | -0.1% | -7.3% |
| 10/28/2021 | -0.3% | 3.0% | 0.5% |
| 7/30/2021 | 2.7% | 1.8% | 5.0% |
| 5/6/2021 | 1.6% | 0.8% | 3.2% |
| 2/5/2021 | 3.3% | 1.6% | 2.2% |
| 11/5/2020 | 6.1% | 10.3% | 6.9% |
| SUMMARY STATS | |||
| # Positive | 13 | 11 | 15 |
| # Negative | 11 | 12 | 8 |
| Median Positive | 1.6% | 3.0% | 3.9% |
| Median Negative | -1.1% | -1.3% | -2.6% |
| Max Positive | 6.1% | 10.3% | 16.8% |
| Max Negative | -5.9% | -3.6% | -7.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2026 | 10/29/2026 | 10-Q |
| 06/30/2026 | 07/31/2026 | 10-Q |
| 03/31/2026 | 05/01/2026 | 10-Q |
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/01/2025 | 10-Q |
| 03/31/2025 | 05/01/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/02/2024 | 10-Q |
| 12/31/2023 | 02/28/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/28/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 05/02/2022 | 10-Q |
| 12/31/2021 | 02/28/2022 | 10-K |
| 09/30/2021 | 10/29/2021 | 10-Q |
| 06/30/2021 | 07/30/2021 | 10-Q |
| 03/31/2021 | 05/06/2021 | 10-Q |
| 12/31/2020 | 03/01/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 07/31/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/02/2020 | 10-K |
Recent Forward Guidance
Updated 10/30/2026Latest: Q3 2026 Earnings Reported 10/29/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2026 Adjusted Diluted EPS | Reported | 4.4 | 4.45 | 4.5 | -1.1% | Lower New | Guidance: 4.5 for Q3 2026 | |
| Q4 2026 Adjusted Diluted EPS Growth | Reported | 5.0% | 6.0% | 7.0% | ||||
| Q4 2026 Adjusted Diluted EPS Growth Excluding Currency | Reported | 5.0% | 6.0% | 7.0% | ||||
| 2026 Adjusted Diluted EPS | Reported | 17.82 | 17.87 | 17.92 | 0.4% | Raised | Guidance: 17.8 for 2026 | |
| 2026 Adjusted Diluted EPS Growth | Reported | 8.0% | 8.5% | 9.0% | ||||
| 2026 Adjusted Diluted EPS Growth Excluding Currency | Reported | 6.0% | 6.5% | 7.0% | ||||
| 2026 Capital Expenditures | Reported | 5.50 Bil | 5.75 Bil | 6.00 Bil | 0.0% | Affirmed | Guidance: 5.75 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted Diluted EPS | Reported | 4.4 | 4.45 | 4.5 | ||||
| 2026 Adjusted Diluted EPS | Reported | 17.6 | 17.75 | 17.9 | 0.6% | Raised | Guidance: 17.65 for 2026 | |
| 2026 Capital Expenditures | Reported | 5.00 Bil | 5.25 Bil | 5.50 Bil | 0 | Affirmed | Guidance: 5.25 Bil for 2026 | |
Q4 2025 Earnings Reported 2/5/2026
| Forward Guidance | Guidance Change | |||||||
|---|---|---|---|---|---|---|---|---|
| Metric | Source | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EPS | Reported | 4.2 | 4.25 | 4.3 | 2.4% | Higher New | Actual: 4.15 for Q4 2025 | |
| 2026 Adjusted EPS | Reported | 17.4 | 17.65 | 17.9 | 7.6% | Higher New | Actual: 16.4 for 2025 | |
| 2026 Capital Expenditures | Reported | 5.00 Bil | 5.25 Bil | 5.50 Bil | 0 | Same New | Actual: 5.25 Bil for 2025 | |
Insider Activity
Updated 10/5/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reynolds, Paula Rosput | Direct | Buy | 8192026 | 479.12 | 100 | 47,912 | 390,920 | Form | |
| 2 | Wood, Robert L | Direct | Sell | 5182026 | 506.39 | 4,335 | 2,195,201 | 4,683,339 | Form | |
| 3 | Wood, Robert L | Direct | Sell | 5182026 | 508.76 | 880 | 447,709 | 6,910,732 | Form | |
| 4 | Durbin, Sean | EVP, Chief Operating Officer | Direct | Sell | 3122026 | 477.27 | 6,520 | 3,111,829 | 3,890,054 | Form |
| 5 | Bichara, Guillermo | Exec VP & Chief Legal Officer | Direct | Sell | 3122026 | 480.79 | 4,357 | 2,094,802 | 10,643,618 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Reynolds, Paula Rosput | Direct | Buy | 8192026 | 479.12 | 100 | 47,912 | 390,920 | Form | |
| 2 | Wood, Robert L | Direct | Sell | 5182026 | 506.39 | 4,335 | 2,195,201 | 4,683,339 | Form | |
| 3 | Wood, Robert L | Direct | Sell | 5182026 | 508.76 | 880 | 447,709 | 6,910,732 | Form | |
| 4 | Durbin, Sean | EVP, Chief Operating Officer | Direct | Sell | 3122026 | 477.27 | 6,520 | 3,111,829 | 3,890,054 | Form |
| 5 | Bichara, Guillermo | Exec VP & Chief Legal Officer | Direct | Sell | 3122026 | 480.79 | 4,357 | 2,094,802 | 10,643,618 | Form |
| 6 | Patwari, Binod | Senior Vice President - APAC | Direct | Sell | 2262026 | 502.76 | 999 | 502,262 | 2,181,497 | Form |
| 7 | Bichara, Guillermo | Exec VP & Chief Legal Officer | Direct | Sell | 2182026 | 480.45 | 9,455 | 4,542,655 | 10,636,091 | Form |
| 8 | Lamba, Sanjiv | Chief Executive Officer | Direct | Buy | 12082025 | 396.68 | 2,520 | 999,634 | 36,016,240 | Form |
Investor Activity (13F)
Updated Nov 1, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Freemont Capital Pte Ltd | $2.5 Bil | 51.3% | 4 | Hold | 13F |
| Milestones Administradora de Recursos Ltda. | $49.9 Mil | 13.0% | 17 | ADD +134.7% | 13F |
| SailingStone Capital Partners LLC | $54.5 Mil | 12.4% | 17 | ADD +5.5% | 13F |
| Lansdowne Partners (UK) LLP | $222.7 Mil | 11.9% | 65 | ADD +97.5% | 13F |
| Maren Capital LLC | $191.7 Mil | 10.0% | 19 | ADD +6.2% | 13F |
| Palestra Capital Management LLC | $175.0 Mil | 6.9% | 22 | TRIM -12.1% | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $555.3 Mil | 6.9% | 21 | Hold | 13F |
| Locust Wood Capital Advisers, LLC | $232.6 Mil | 6.3% | 27 | TRIM -28.9% | 13F |
| Exane Asset Management | $29.3 Mil | 6.0% | 32 | Hold | 13F |
| Egerton Capital (UK) LLP | $529.7 Mil | 5.9% | 24 | New | 13F |
| Agave Capital Management Ltd | $34.7 Mil | 5.6% | 8 | ADD +20.7% | 13F |
| 11 Capital Partners LP | $15.7 Mil | 5.1% | 19 | New | 13F |
| Rivermont Capital Management LP | $21.3 Mil | 4.5% | 20 | New | 13F |
| Ycg, LLC | $43.4 Mil | 3.9% | 42 | ADD +10.3% | 13F |
| Mar Vista Investment Partners LLC | $36.9 Mil | 3.7% | 35 | TRIM -34.5% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $23.3 Mil | 3.5% | 28 | ADD +54.7% | 13F |
| Tairen Capital Ltd | $30.2 Mil | 3.3% | 44 | ADD +45.7% | 13F |
| Anomaly Capital Management, LP | $50.6 Mil | 3.1% | 21 | New | 13F |
| Night Owl Capital Management, LLC | $25.8 Mil | 3.0% | 30 | Hold | 13F |
| Castle Hook Partners LP | $126.4 Mil | 2.6% | 44 | New | 13F |
| Avantyr Capital Partners, LP | $52.2 Mil | 2.5% | 22 | New | 13F |
| Regents Gate Capital LLP | $11.1 Mil | 2.4% | 36 | TRIM -34.1% | 13F |
| Unisphere Establishment | $278.9 Mil | 2.3% | 50 | Hold | 13F |
| Cartenna Capital, LP | $24.8 Mil | 1.1% | 41 | New | 13F |
| Trivest Advisors Ltd | $5.4 Mil | 0.4% | 29 | New | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Egerton Capital (UK) LLP | $529.7 Mil | 5.9% | 24 | New | 13F |
| Castle Hook Partners LP | $126.4 Mil | 2.6% | 44 | New | 13F |
| Avantyr Capital Partners, LP | $52.2 Mil | 2.5% | 22 | New | 13F |
| Anomaly Capital Management, LP | $50.6 Mil | 3.1% | 21 | New | 13F |
| Cartenna Capital, LP | $24.8 Mil | 1.1% | 41 | New | 13F |
| Rivermont Capital Management LP | $21.3 Mil | 4.5% | 20 | New | 13F |
| 11 Capital Partners LP | $15.7 Mil | 5.1% | 19 | New | 13F |
| Trivest Advisors Ltd | $5.4 Mil | 0.4% | 29 | New | 13F |
| Milestones Administradora de Recursos Ltda. | $49.9 Mil | 13.0% | 17 | ADD +134.7% | 13F |
| Lansdowne Partners (UK) LLP | $222.7 Mil | 11.9% | 65 | ADD +97.5% | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $23.3 Mil | 3.5% | 28 | ADD +54.7% | 13F |
| Tairen Capital Ltd | $30.2 Mil | 3.3% | 44 | ADD +45.7% | 13F |
| Agave Capital Management Ltd | $34.7 Mil | 5.6% | 8 | ADD +20.7% | 13F |
| Ycg, LLC | $43.4 Mil | 3.9% | 42 | ADD +10.3% | 13F |
| Maren Capital LLC | $191.7 Mil | 10.0% | 19 | ADD +6.2% | 13F |
| SailingStone Capital Partners LLC | $54.5 Mil | 12.4% | 17 | ADD +5.5% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| D1 Capital Partners L.P. | $206.3 Mil | 1.9% | 42 | Exited | Dec 31, 2025 | 13F |
| Consulta Ltd | $76.8 Mil | 3.8% | 14 | Exited | Dec 31, 2025 | 13F |
| Criteria Caixa, S.A.U. | $35.8 Mil | 12.3% | 8 | Exited | Dec 31, 2025 | 13F |
| Groupe des Assurances du Credit Mutuel | $31.0 Mil | 10.5% | 5 | Exited | Dec 31, 2025 | 13F |
| Bowie Capital Management, LLC | $27.7 Mil | 1.1% | 32 | Exited | Dec 31, 2025 | 13F |
| Estuary Capital Management LP | $25.4 Mil | 4.5% | 23 | Exited | Dec 31, 2025 | 13F |
| Heirloom Wealth Management | $16.1 Mil | 3.7% | 43 | Exited | Dec 31, 2025 | 13F |
| Skye Global Management LP | $10.7 Mil | 0.2% | 45 | Exited | Dec 31, 2025 | 13F |
| Benson Investment Management Company, Inc. | $6.2 Mil | 2.2% | 50 | Exited | Dec 31, 2025 | 13F |
| Mar Vista Investment Partners LLC | $36.9 Mil | 3.7% | 35 | TRIM -34.5% | Mar 31, 2026 | 13F |
| Regents Gate Capital LLP | $11.1 Mil | 2.4% | 36 | TRIM -34.1% | Mar 31, 2026 | 13F |
| Locust Wood Capital Advisers, LLC | $232.6 Mil | 6.3% | 27 | TRIM -28.9% | Mar 31, 2026 | 13F |
| Palestra Capital Management LLC | $175.0 Mil | 6.9% | 22 | TRIM -12.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Freemont Capital Pte Ltd | $2.5 Bil | 51.3% | 4 | Hold | 13F |
| WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST | $555.3 Mil | 6.9% | 21 | Hold | 13F |
| Egerton Capital (UK) LLP | $529.7 Mil | 5.9% | 24 | New | 13F |
| Unisphere Establishment | $278.9 Mil | 2.3% | 50 | Hold | 13F |
| Locust Wood Capital Advisers, LLC | $232.6 Mil | 6.3% | 27 | TRIM -28.9% | 13F |
| Lansdowne Partners (UK) LLP | $222.7 Mil | 11.9% | 65 | ADD +97.5% | 13F |
| Maren Capital LLC | $191.7 Mil | 10.0% | 19 | ADD +6.2% | 13F |
| Palestra Capital Management LLC | $175.0 Mil | 6.9% | 22 | TRIM -12.1% | 13F |
| Castle Hook Partners LP | $126.4 Mil | 2.6% | 44 | New | 13F |
| SailingStone Capital Partners LLC | $54.5 Mil | 12.4% | 17 | ADD +5.5% | 13F |
| Avantyr Capital Partners, LP | $52.2 Mil | 2.5% | 22 | New | 13F |
| Anomaly Capital Management, LP | $50.6 Mil | 3.1% | 21 | New | 13F |
| Milestones Administradora de Recursos Ltda. | $49.9 Mil | 13.0% | 17 | ADD +134.7% | 13F |
| Ycg, LLC | $43.4 Mil | 3.9% | 42 | ADD +10.3% | 13F |
| Mar Vista Investment Partners LLC | $36.9 Mil | 3.7% | 35 | TRIM -34.5% | 13F |
| Agave Capital Management Ltd | $34.7 Mil | 5.6% | 8 | ADD +20.7% | 13F |
| Tairen Capital Ltd | $30.2 Mil | 3.3% | 44 | ADD +45.7% | 13F |
| Exane Asset Management | $29.3 Mil | 6.0% | 32 | Hold | 13F |
| Night Owl Capital Management, LLC | $25.8 Mil | 3.0% | 30 | Hold | 13F |
| Cartenna Capital, LP | $24.8 Mil | 1.1% | 41 | New | 13F |
| Retail Employees Superannuation Pty Ltd as trustee for Retail Employees Superannuation Trust | $23.3 Mil | 3.5% | 28 | ADD +54.7% | 13F |
| Rivermont Capital Management LP | $21.3 Mil | 4.5% | 20 | New | 13F |
| 11 Capital Partners LP | $15.7 Mil | 5.1% | 19 | New | 13F |
| Regents Gate Capital LLP | $11.1 Mil | 2.4% | 36 | TRIM -34.1% | 13F |
| Trivest Advisors Ltd | $5.4 Mil | 0.4% | 29 | New | 13F |
LIN Trade Sentinel
Constructive
CONVICTION RATIONALE
Linde's core industrial gas business is compounding growth, secured by a $7.9 billion project backlog and 3% price increases. While profitability is currently weighed down by an underperforming business partner, management has taken decisive action with a $425 million restructuring. The investment outlook is constructive, pending evidence that this plan is restoring company-wide margins.
STOCK ARCHETYPE
Contractual Compounder / Industrial Utility(Contracted Volume * Contracted Price) + New Project Contribution from Backlog + Engineering Revenue Operating leverage on a high-fixed-cost asset base, disciplined execution of new backlog projects at or above target returns, and pricing power exceeding cost inflation.
INVESTMENT THESIS
Linde's long-term contracts and project backlog provide high-visibility, compounding growth insulated from economic volatility.
- The sale of gas project backlog is approximately $7.9 billion.
- On-site supply contracts typically range from 10-20 years.
- Prices increased 3% in the most recent quarter.
- Electronics end-market grew 15%; Chemicals & Energy grew 12%.
PRIMARY RISK
An underperforming U.S. homecare business partner is actively dragging on results, and lowered Q4 guidance may signal that weakness is spreading to the core industrial business.
- Management stated a business partner has 'weighed on the overall results'.
- A $425 million restructuring charge was recorded in Q3 2026.
- Q4 2026 adjusted EPS guidance midpoint was lowered by 1.1%.
- Latest-quarter gross margin fell 2.0 percentage points year-over-year.
| KPI | Status | Rationale |
|---|---|---|
| Sale of Gas Project Backlog | Approximately $8 billion as of Q3 2026. - Stable | The backlog remains at a robust level. Management expects to convert a significant portion to revenue through project start-ups but anticipates new wins will keep the year-end backlog near the $8 billion mark, indicating a healthy replenishment cycle of executing projects and securing new ones. |
| Adjusted Operating Margin | 29.4% in Q3 2026. - Decelerating | The year-over-year margin compression for the second consecutive quarter is attributed by management to underperformance in non-gas segments, specifically the U.S. homecare business. The company has initiated a restructuring program to address this. Management noted that margins for the combined gas segments increased. |
| Adjusted Diluted EPS Growth | 9% (Q3 2026 YoY) | Market rewards Management commentary from a July earnings call indicates a return to double-digit EPS growth is a key objective.. Measures the growth in underlying profitability, excluding one-time charges and accounting impacts, reflecting the core operational performance of the business. |
Backlog Growth vs. Margin Drag
BULL VIEW
The core gas business is strong, with a $7.9B backlog and 3% pricing power that will easily overcome the temporary drag from a non-core business partner which is already being restructured.
CORE TENSION
Can the strength of the core gas business, evidenced by its $7.9B backlog, offset the margin drag from the U.S. homecare business partner that prompted a -6.0% Q2 stock reaction?
PREVAILING SENTIMENT
The latest evidence favors the bulls. Management took a $425M charge to fix the issue, raised full-year guidance, and delivered a Q3 result that beat market expectations.
BEAR VIEW
The margin drag is significant enough to cause a Q2 miss and a Q4 guidance reduction, suggesting the problem is difficult to fix and may mask a cyclical slowdown in the core business.
| Timeline | Event & Metric To Watch |
|---|---|
payable on December 17, 2026 | Quarterly Dividend Payment Watch: A quarterly dividend of $1.60 per share is scheduled to be paid. |
in the first half | a business partner Project Milestone Watch: The on-site hydrogen supply (ATRs) for the a business partner project is expected to be completed. |
1/28/2027 | European Industrial Weakness Watch: Peer commentary on European industrial demand and energy costs, which could confirm or contradict Linde's cautious stance. |
2/3/2027 | Disappointing Forward Guidance Watch: Initial full-year 2027 guidance, particularly assumptions for volume growth and margin recovery in non-gas segments. |
2/8/2027 | Peer Earnings Report Watch: Peer DuPont de Nemours (DD) is scheduled to report earnings. |
No set date | a business partner Strategic Review Watch: An announcement on the outcome of the review, such as a sale, spin-off, or major restructuring. |
No set date | Russian Litigation Development Watch: News related to rulings from the Hong Kong International Arbitration Centre or Russian courts regarding these claims. |
| Date | Event | Stock Impact |
|---|---|---|
2026-10-29 | Mixed Full-Year Guidance Update Details: The company raised its full-year 2026 adjusted EPS guidance midpoint by 0.4% but lowered its Q4 2026 adjusted EPS guidance midpoint by -1.1%. | +1.2% $508.16 -> $514.24 |
2026-10-29 | Third Quarter 2026 Results Details: Linde reported Q3 adjusted diluted EPS of $4.59, up 9% versus prior year, on sales of $9,404 million, up 9%. | +1.2% $508.16 -> $514.24 |
2026-10-21 | Expanded Supply to Tata Steel Details: The company expanded its long-term supply of industrial gases to Tata Steel in India by doubling its on-site capacity at the Kalinganagar Industrial Complex. | +1.7% $501.89 -> $510.36 |
2026-09-09 | Analyst Concerns on Momentum Details: An analyst note in September highlighted that while Q2 was solid, operating margin declined 60 basis points and higher capex could temper the outlook. | -1.4% $468.38 -> $461.62 |
2026-07-31 | Negative Q2 Earnings Reaction Details: The stock had a two-day reaction of -6.0% around the earnings call dated 2026-07-31, underperforming the S&P 500's 2.0% gain. | -5.5% $506.97 -> $478.88 |
2026-07-31 | Major Semiconductor Investment Details: Linde announced a new long-term agreement and a $1 billion investment to supply a major semiconductor manufacturing complex in Phoenix, Arizona. | -5.5% $506.97 -> $478.88 |
2026-05-01 | First Quarter 2026 Results Details: The company reported Q1 2026 adjusted net income of $2,019 million, up 7% versus prior year, with adjusted diluted EPS up 10% to $4.33. | -1.5% $497.92 -> $490.38 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: LIN trades at roughly 14% annualized realized (three-month) volatility versus about 10% for the S&P 500 (1.4x the market). A 5% - 7% position keeps a single-name swing of that size within a diversified portfolio's risk budget.
Diversification Alternatives
APD - Air Products and Chemicals
Focused Industrial PlayerAir Products offers a more focused portfolio after exiting certain clean energy projects to concentrate on its traditional industrial gas business. It is investing aggressively, with capex at 38.7% of revenue.
DOW - Dow
Broader Chemical ExposureAs a major customer and peer in the chemicals space, Dow offers more direct exposure to the chemicals cycle. Its scale is larger, with revenue 1.2 times that of Linde.
A resilient industrial utility whose revenue is largely secured by long-term, inflation-protected contracts, driving compounding growth through disciplined investment in essential infrastructure.
Linde operates as the world's largest industrial gas supplier, a critical and non-discretionary input for a diverse range of industries. Its business model is built on high-visibility, long-term (10-20 year) on-site contracts with built-in pricing escalators and cost pass-throughs, insulating it from economic volatility. Growth is systematically layered in through a multi-billion dollar backlog of new projects, while shareholder returns are driven by strong free cash flow and disciplined capital allocation.
Announcements of major new project wins that grow the backlog, sustained or expanding operating margins demonstrating pricing power, and consistent execution of share buybacks and dividend growth.
A significant increase in project cancellations, a structural inability to pass through costs leading to sustained margin compression, or a deep global recession causing widespread customer defaults on long-term contracts.
Short-term fluctuations in energy prices (largely passed through), quarterly revenue timing in the Engineering segment, and minor stock reactions to individual earnings reports that don't alter the long-term contractual foundation.
Repricing Catalyst
Successful execution of the announced restructuring program and the turnaround of the underperforming U.S. homecare business (a business partner), which management noted has weighed on overall results.
Americas
$15.8B TTM (45% of Total) · 31% MarginWhat It Is
Sells industrial gases to customers in approximately 20 countries in North and South America, including the U.S., Canada, Mexico, and Brazil.
Who Pays & How
Industrial enterprises in sectors like electronics, chemicals, energy, and metals & mining pay for a reliable supply of gases. They choose Linde for its extensive production and pipeline network, which provides an economic and secure source for materials essential to their operations.
Competition
Europe, Middle East and Africa (EMEA)
$8.8B TTM (25% of Total) · 36% MarginWhat It Is
Sells industrial gases to customers in approximately 50 countries across Europe, the Middle East, and Africa, including Germany, the U.K., and France.
Who Pays & How
A diverse base of industrial companies pays for essential gases. Linde's established infrastructure and technological expertise in gas production and applications support customer operations in a complex regulatory and economic region.
Competition
Asia Pacific (APAC)
$7.0B TTM (20% of Total) · 28% MarginWhat It Is
Sells industrial gases to customers in approximately 15 Asian and South Pacific countries, including China, Australia, India, and South Korea.
Who Pays & How
Customers, particularly in the high-growth electronics and chemicals sectors, pay for high-purity gases and reliable supply critical for advanced manufacturing. Linde's technological leadership and investment in on-site plants for major new facilities secure long-term relationships.
Competition
Engineering
$2.3B TTM (6% of Total) · 18% MarginWhat It Is
Designs and constructs turnkey process plants (e.g., air separation, hydrogen, natural gas plants) for third-party customers and for Linde's own industrial gas business.
Who Pays & How
Third-party industrial companies and Linde's own gas segments pay for its process engineering expertise to build efficient, technologically advanced plants for producing and processing gases, including clean energy applications.
Competition
Linde — Investor Video Playlist
Industry Resources
| Materials Resources |
| Chemical & Engineering News (C&EN) |
| Mining.com |
| Plastics News |
| Industrial Gases Resources |
| gasworld |
| Industrial Heating |
| Compressed Gas Association |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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