Linde (LIN)
Market Price (8/24/2026): $488.8 | Market Cap: $226.1 BilInvestor Relations Sector: Materials | Industry: Industrial Gases
Linde (LIN)
Market Price (8/24/2026): $488.8Market Cap: $226.1 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 10 Bil, FCF LTM is 5.0 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 -29%, 3Y Excs Rtn is -40% | 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 10 Bil, FCF LTM is 5.0 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 -29%, 3Y Excs Rtn is -40% |
| 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 remained largely at the same level since 4/30/2026 because of the following key factors:
1. Modest Q3 and Full-Year Fiscal 2026 Guidance Dampened Investor Enthusiasm.
Despite reporting adjusted diluted earnings per share (EPS) of $4.50 for fiscal Q2 2026, which surpassed analysts' consensus of $4.49, Linde's forward guidance for Q3 and the full fiscal year 2026 fell slightly below market expectations. The company projected fiscal Q3 2026 adjusted EPS in the range of $4.45 to $4.55, lower than the analyst estimate of $4.59. Furthermore, while the lower end of the full-year 2026 adjusted EPS guidance was raised to $17.70-$17.90, it remained below the consensus of $17.93, indicating a more conservative near-term outlook for growth.
2. Operating Margin Contraction in Fiscal Q2 2026.
Linde experienced a year-over-year decline in its operating margin during fiscal Q2 2026, which contributed to investor concerns. The adjusted operating profit margin for the quarter was 29.5%, a 60 basis point decrease compared to the prior year. Management reportedly expressed dissatisfaction with this margin performance, suggesting that higher price attainment and productivity initiatives were offset by cost inflation.
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Linde (LIN) stock has remained largely at the same level since 4/30/2026 because of the following key factors:
1. Modest Q3 and Full-Year Fiscal 2026 Guidance Dampened Investor Enthusiasm.
Despite reporting adjusted diluted earnings per share (EPS) of $4.50 for fiscal Q2 2026, which surpassed analysts' consensus of $4.49, Linde's forward guidance for Q3 and the full fiscal year 2026 fell slightly below market expectations. The company projected fiscal Q3 2026 adjusted EPS in the range of $4.45 to $4.55, lower than the analyst estimate of $4.59. Furthermore, while the lower end of the full-year 2026 adjusted EPS guidance was raised to $17.70-$17.90, it remained below the consensus of $17.93, indicating a more conservative near-term outlook for growth.
2. Operating Margin Contraction in Fiscal Q2 2026.
Linde experienced a year-over-year decline in its operating margin during fiscal Q2 2026, which contributed to investor concerns. The adjusted operating profit margin for the quarter was 29.5%, a 60 basis point decrease compared to the prior year. Management reportedly expressed dissatisfaction with this margin performance, suggesting that higher price attainment and productivity initiatives were offset by cost inflation.
3. Persistent Weakness in the U.S. Home Care Sector.
The healthcare segment faced challenges, with a 1% year-over-year decline in revenues, primarily attributed to ongoing weakness in the U.S. home care sector. This specific weakness within a key end market acted as a drag on overall performance, despite robust growth in other sectors like electronics and manufacturing.
4. Significant Insider Selling Activity.
Between May and July 2026, Linde experienced notable insider selling activity totaling approximately $12.89 million in open market sales by company insiders. A substantial portion of this, around $5.29 million, occurred following the company's fiscal Q1 2026 earnings report. Such significant divestments by executives and directors can be perceived by the market as a signal of reduced confidence in the company's near-term prospects.
5. Valuation Concerns Amidst High Multiples.
Prior to the stock's decline, some analyses indicated that Linde's stock was fully priced or potentially overvalued. As of August 1, 2026, Linde's P/E ratio stood at approximately 31.2x, which was above the Chemicals industry average of roughly 24.8x. This elevated valuation, coupled with a Discounted Cash Flow (DCF) model suggesting the stock was trading near its intrinsic value, made the stock more sensitive to any perceived negative news or modest guidance.
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Stock Movement Drivers
Fundamental Drivers
The -2.4% change in LIN stock from 4/30/2026 to 8/23/2026 was primarily driven by a -7.7% change in the company's P/E Multiple.| (LTM values as of) | 4302026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 499.56 | 487.57 | -2.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,986 | 35,449 | 4.3% |
| Net Income Margin (%) | 20.3% | 20.4% | 0.7% |
| P/E Multiple | 33.7 | 31.1 | -7.7% |
| Shares Outstanding (Mil) | 466 | 463 | 0.7% |
| Cumulative Contribution | -2.4% |
Market Drivers
4/30/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| LIN | -2.4% | |
| Market (SPY) | 6.5% | 4.8% |
| Sector (XLB) | 4.0% | 64.1% |
Fundamental Drivers
The 7.4% change in LIN stock from 1/31/2026 to 8/23/2026 was primarily driven by a 5.8% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312026 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 454.00 | 487.57 | 7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,504 | 35,449 | 5.8% |
| Net Income Margin (%) | 21.2% | 20.4% | -3.5% |
| P/E Multiple | 30.0 | 31.1 | 3.7% |
| Shares Outstanding (Mil) | 469 | 463 | 1.4% |
| Cumulative Contribution | 7.4% |
Market Drivers
1/31/2026 to 8/23/2026| Return | Correlation | |
|---|---|---|
| LIN | 7.4% | |
| Market (SPY) | 11.0% | 0.2% |
| Sector (XLB) | 9.2% | 53.3% |
Fundamental Drivers
The 7.4% change in LIN stock from 7/31/2025 to 8/23/2026 was primarily driven by a 7.4% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 454.15 | 487.57 | 7.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,017 | 35,449 | 7.4% |
| Net Income Margin (%) | 20.0% | 20.4% | 2.1% |
| P/E Multiple | 32.5 | 31.1 | -4.3% |
| Shares Outstanding (Mil) | 473 | 463 | 2.3% |
| Cumulative Contribution | 7.4% |
Market Drivers
7/31/2025 to 8/23/2026| Return | Correlation | |
|---|---|---|
| LIN | 7.4% | |
| Market (SPY) | 22.2% | 8.2% |
| Sector (XLB) | 23.8% | 55.4% |
Fundamental Drivers
The 29.7% change in LIN stock from 7/31/2023 to 8/23/2026 was primarily driven by a 18.8% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8232026 | Change |
|---|---|---|---|
| Stock Price ($) | 375.95 | 487.57 | 29.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 33,093 | 35,449 | 7.1% |
| Net Income Margin (%) | 17.2% | 20.4% | 18.8% |
| P/E Multiple | 32.3 | 31.1 | -3.7% |
| Shares Outstanding (Mil) | 490 | 463 | 5.9% |
| Cumulative Contribution | 29.7% |
Market Drivers
7/31/2023 to 8/23/2026| Return | Correlation | |
|---|---|---|
| LIN | 29.7% | |
| Market (SPY) | 73.2% | 41.4% |
| Sector (XLB) | 31.8% | 67.3% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LIN Return | 33% | -4% | 28% | 3% | 3% | 14% | 97% |
| Peers Return | 10% | -5% | 10% | -8% | -15% | 36% | 22% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 103% |
Monthly Win Rates [3] | |||||||
| LIN Win Rate | 58% | 42% | 67% | 58% | 58% | 62% | |
| Peers Win Rate | 46% | 54% | 44% | 48% | 50% | 69% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LIN Max Drawdown | -11% | -23% | -8% | -14% | -19% | -13% | |
| Peers Max Drawdown | -22% | -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 8/21/2026 (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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| 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 |
|---|---|---|---|---|---|
| Copper | 7 | 116.9% | 99.4% | 322.3% | COPR 1013% · TGB 431% · HBM 399% |
| Silver | 6 | 168.6% | 300.9% | 175.9% | HL 259% · AYA 230% · SVM 211% |
| Gold | 32 | 59.9% | 216.7% | 167.0% | IAG 796% · CNL 552% · OGC 510% |
| Steel | 13 | 25.8% | 51.0% | 112.9% | AMR 487% · HCC 470% · NWPX 320% |
| Diversified Metals & Mining | 24 | 12.3% | 0.5% | 50.2% | ATLX 237043% · USAR 64531% · FMST 1106% |
| Aluminum | 3 | 97.7% | 137.2% | 49.8% | CENX 272% · KALU 50% · AA 30% |
| Construction Materials | 7 | -13.9% | 34.9% | 46.3% | USLM 315% · CRH 98% · VMC 54% |
| Metal, Glass & Plastic Containers | 11 | 3.2% | 12.0% | 8.3% | KRT 168% · MYE 71% · GEF 70% |
| Paper & Plastic Packaging Products & Materials | 7 | 15.6% | 21.7% | -1.6% | PKG 98% · CCK 16% · SON 12% |
| Precious Metals & Minerals | 9 | 46.4% | 160.4% | -5.1% | ASM 633% · PPTA 379% · ELE 117% |
| Specialty Chemicals | 40 | 12.0% | 2.3% | -9.1% | LWLG 867% · ODC 481% · NEU 202% |
| Commodity Chemicals | 13 | 27.6% | 19.5% | -20.9% | HWKN 240% · MEOH 90% · LXU 64% |
| Diversified Chemicals | 4 | 5.7% | -26.2% | -25.4% | CBT 76% · ASH -7% · CC -44% |
| Fertilizers & Agricultural Chemicals | 10 | -4.4% | 2.2% | -33.9% | CF 219% · CTVA 103% · NTR 47% |
| Paper Products | 3 | -12.4% | -51.1% | -95.7% | CLW -31% · ITP -96% · MERC -96% |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 138.33 |
| Mkt Cap | 23.4 |
| Rev LTM | 31,192 |
| Op Inc LTM | 2,271 |
| FCF LTM | 1,578 |
| FCF 3Y Avg | 539 |
| CFO LTM | 3,866 |
| CFO 3Y Avg | 3,245 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.5% |
| Rev Chg 3Y Avg | -5.5% |
| Rev Chg Q | 9.3% |
| QoQ Delta Rev Chg LTM | 2.3% |
| Op Inc Chg LTM | 7.5% |
| Op Inc Chg 3Y Avg | 5.1% |
| Op Mgn LTM | 8.2% |
| 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 | 5.1% |
| FCF/Rev 3Y Avg | 1.3% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 23.4 |
| P/S | 4.0 |
| P/Op Inc | 21.7 |
| P/EBIT | 45.0 |
| P/E | -18.1 |
| P/CFO | 14.9 |
| Total Yield | 2.5% |
| Dividend Yield | 2.4% |
| FCF Yield 3Y Avg | 1.2% |
| D/E | 0.3 |
| Net D/E | 0.3 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 2.4% |
| 3M Rtn | -4.2% |
| 6M Rtn | 8.3% |
| 12M Rtn | 23.8% |
| 3Y Rtn | 15.0% |
| 1M Excs Rtn | 0.1% |
| 3M Excs Rtn | -5.7% |
| 6M Excs Rtn | -2.7% |
| 12M Excs Rtn | 11.5% |
| 3Y Excs Rtn | -58.9% |
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 | $487.57 | |
| Market Cap ($ Bil) | 226.3 | |
| First Trading Date | 06/17/1992 | |
| Distance from 52W High | -10.8% | |
| 50 Days | 200 Days | |
| DMA Price | $507.67 | $475.39 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -4.0% | 2.6% |
| 3M | 1YR | |
| Volatility | 22.3% | 19.2% |
| Downside Capture | -23.73 | 11.14 |
| Upside Capture | -46.67 | 11.73 |
| Correlation (SPY) | -4.3% | 6.8% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -0.45 | -0.10 | 0.05 | -0.01 | 0.12 | 0.48 |
| Up Beta | -0.95 | -0.34 | -0.50 | -0.51 | -0.23 | 0.47 |
| Down Beta | 1.30 | 0.86 | 0.55 | 0.55 | 0.34 | 0.58 |
| Up Capture | -138% | -49% | -7% | 4% | 11% | 16% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 7 | 17 | 26 | 62 | 125 | 386 |
| Down Capture | -25% | -31% | 15% | -10% | 19% | 70% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 15 | 26 | 37 | 64 | 127 | 367 |
[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 | 2.5% | 19.1% | -0.00 | - |
| Sector ETF (XLB) | 20.6% | 17.9% | 0.90 | 55.7% |
| Equity (SPY) | 21.1% | 12.9% | 1.22 | 7.0% |
| Gold (GLD) | 37.5% | 28.8% | 1.10 | 8.3% |
| Commodities (DBC) | 43.2% | 20.2% | 1.66 | -3.2% |
| Real Estate (VNQ) | 12.9% | 13.8% | 0.64 | 26.6% |
| Bitcoin (BTCUSD) | -31.6% | 44.1% | -0.73 | 8.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIN | |
|---|---|---|---|---|
| LIN | 10.8% | 20.9% | 0.42 | - |
| Sector ETF (XLB) | 6.4% | 19.1% | 0.22 | 74.4% |
| Equity (SPY) | 12.9% | 17.2% | 0.57 | 57.1% |
| Gold (GLD) | 20.6% | 18.6% | 0.90 | 11.2% |
| Commodities (DBC) | 10.4% | 19.6% | 0.41 | 10.2% |
| Real Estate (VNQ) | 2.3% | 18.9% | 0.02 | 49.1% |
| Bitcoin (BTCUSD) | 10.4% | 52.8% | 0.38 | 20.1% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LIN | |
|---|---|---|---|---|
| LIN | 16.6% | 22.9% | 0.66 | - |
| Sector ETF (XLB) | 10.3% | 20.7% | 0.44 | 78.8% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 66.8% |
| Gold (GLD) | 12.7% | 16.2% | 0.64 | 9.6% |
| Commodities (DBC) | 8.0% | 18.0% | 0.36 | 22.6% |
| Real Estate (VNQ) | 5.0% | 20.7% | 0.20 | 53.8% |
| Bitcoin (BTCUSD) | 63.1% | 66.1% | 1.03 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 7/30/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 16 |
| # Negative | 10 | 11 | 7 |
| Median Positive | 1.6% | 2.5% | 3.6% |
| Median Negative | -1.1% | -1.2% | -2.6% |
| Max Positive | 6.1% | 10.3% | 16.8% |
| Max Negative | -5.2% | -3.4% | -7.3% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 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% |
| 7/30/2020 | -1.1% | 1.5% | 2.5% |
| SUMMARY STATS | |||
| # Positive | 13 | 12 | 16 |
| # Negative | 10 | 11 | 7 |
| Median Positive | 1.6% | 2.5% | 3.6% |
| Median Negative | -1.1% | -1.2% | -2.6% |
| Max Positive | 6.1% | 10.3% | 16.8% |
| Max Negative | -5.2% | -3.4% | -7.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| Report Date | Filing Date | Filing |
|---|---|---|
| 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 |
| 09/30/2019 | 11/12/2019 | 10-Q |
Recent Forward Guidance
Updated 8/20/2026Latest: Q2 2026 Earnings Reported 7/31/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Adjusted Diluted EPS | 4.45 | 4.5 | 4.55 | 1.1% | Higher New | Guidance: 4.45 for Q2 2026 | |
| 2026 Adjusted Diluted EPS | 17.7 | 17.8 | 17.9 | 0.3% | Raised | Guidance: 17.8 for 2026 | |
| 2026 Capital Expenditures | 5.50 Bil | 5.75 Bil | 6.00 Bil | 9.5% | Raised | Guidance: 5.25 Bil for 2026 | |
Prior: Q1 2026 Earnings Reported 5/1/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Adjusted Diluted EPS | 4.4 | 4.45 | 4.5 | ||||
| 2026 Adjusted Diluted EPS | 17.6 | 17.8 | 17.9 | 0.6% | Raised | Guidance: 17.6 for 2026 | |
| 2026 Capital Expenditures | 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 | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Adjusted EPS | 4.2 | 4.25 | 4.3 | 2.4% | Higher New | Actual: 4.15 for Q4 2025 | |
| 2026 Adjusted EPS | 17.4 | 17.6 | 17.9 | 7.6% | Higher New | Actual: 16.4 for 2025 | |
| 2026 Capital Expenditures | 5.00 Bil | 5.25 Bil | 5.50 Bil | 0 | Same New | Actual: 5.25 Bil for 2025 | |
Q3 2025 Earnings Reported 10/31/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Adjusted Diluted EPS | 4.1 | 4.15 | 4.2 | 0 | Same New | Actual: 4.15 for Q3 2025 | |
| 2025 Adjusted Diluted EPS | 16.4 | 16.4 | 16.4 | 0 | Affirmed | Guidance: 16.4 for 2025 | |
| 2025 Capital Expenditures | 5.00 Bil | 5.25 Bil | 5.50 Bil | 0 | Affirmed | Guidance: 5.25 Bil for 2025 | |
Insider Activity
Updated 8/19/2026| # | 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 |
| 9 | Angel, Stephen F | Direct | Sell | 8082025 | 473.38 | 50,309 | 23,815,274 | 227,479,210 | Form |
Investor Activity (13F)
Updated Aug 24, 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 growth is secured by a record $8.1 billion project backlog, with accelerating revenue driven by high-tech end markets. A recent margin issue appears contained to a non-core business which management is actively addressing. The core, utility-like compounding model remains intact, supported by long-term contracts and strong pricing power.
STOCK ARCHETYPE
Contractual Compounder / Utility-like Industrial(Contracted Base Volume * Contracted Price) + (Spot Market Volume * Spot Price) + Engineering Project Revenue Securing new long-term, on-site contracts in high-growth end markets, which expand network density and provide decades of predictable, high-margin cash flow.
INVESTMENT THESIS
Evidence suggests yes. A record $8.1 billion backlog, fueled by secular growth in electronics and aerospace, provides high visibility into future earnings.
- Sale-of-gas backlog reached a record $8.1 billion.
- Latest-quarter revenue growth accelerated to 9.3% year-over-year.
- Recently added a $1 billion electronics win to the backlog.
- Full-year 2026 EPS guidance was raised to $17.70-$17.90.
- Underlying sales grew, split between price and volume.
PRIMARY RISK
A recent margin miss, which management attributed to the U.S. homecare business, caused a sharp negative stock reaction. The risk is that this pressure is not contained and reflects broader cost inflation issues.
- Management was 'not satisfied with our margin performance' in Q2.
- Latest-quarter gross margin fell 1.6 percentage points year-over-year.
- The stock reacted -6.0% to the Q2 earnings report.
- The U.S. homecare business was the primary driver of the decline.
| KPI | Status | Rationale |
|---|---|---|
| Sale-of-Gas Project Backlog | A record $8.1 billion as of the second quarter of 2026 - Turning around | The backlog increased to a record $8.1 billion in Q2 2026, rebounding from $7.1 billion in Q1 2026. This increase was driven by a new $1 billion electronics win in the U.S. Management expects the backlog to remain strong, finishing the year with an '8 handle' even after accounting for project start-ups. |
| Underlying Revenue Growth | 9.3% year-over-year growth in the latest reported quarter (Q2 2026) - Accelerating | Linde's revenue growth is accelerating, driven by both price and volume. The 9.3% YoY growth in the latest quarter marks the third straight quarter of acceleration, indicating strengthening business momentum. |
Backlog Growth vs. Margin Execution
BULL VIEW
The record $8.1 billion backlog in high-value electronics projects will drive high-quality earnings growth, making the recent margin slip in a non-core unit a temporary distraction.
CORE TENSION
Can the $1B quarterly backlog increase offset the 1.6 percentage point drop in quarterly gross margin?
PREVAILING SENTIMENT
The backlog's strength and management's credible, dated plan to fix the isolated margin issue favor the bull view for now.
BEAR VIEW
The margin miss is the first crack in the armor, signaling that cost inflation is beginning to erode profitability. The strong backlog cannot offset deteriorating margins.
| Timeline | Event & Metric To Watch |
|---|---|
payable on September 17, 2026 | Quarterly Dividend Payment Watch: A quarterly dividend of $1.60 per share is scheduled to be paid. |
10/22/2026 | Negative Peer Commentary Watch: Peers' outlooks for industrial and chemical end markets, which could reset sector expectations ahead of Linde's report. |
10/27/2026 | Peer Chart Industries Earnings Watch: Peer Chart Industries (GTLS) is scheduled to report earnings. |
10/29/2026 | Margin Improvement Failure Watch: Q3 operating margin figures, particularly in the Americas segment, and any change in commentary on the US homecare business. |
10/29/2026 | Backlog Growth Stalls Watch: The reported sale-of-gas backlog figure in the Q3 report and commentary on the project pipeline, especially in electronics. |
10/29/2026 | Next Quarterly Earnings Report Watch: The company is scheduled to report its next quarterly earnings. |
11/4/2026 | Peer DuPont Earnings Report Watch: Peer DuPont de Nemours (DD) is scheduled to report earnings. |
For the remainder of the year | Major Project Start-Ups Watch: More than 20 projects, representing approximately $1.3 billion in investments, are expected to start up. |
finish the year | Year-End Backlog Target Watch: Management expects the sale-of-gas backlog to finish the year with a value of $8.1 billion. |
No set date | Russian Litigation Developments Watch: News of Russian court judgments, asset seizures, or updates on the status of the $1.9 billion in related liabilities. |
| Date | Event | Stock Impact |
|---|---|---|
2026-07-31 | Q2 2026 Results Reported Details: The company reported second-quarter 2026 sales of $9,289 million, up 9%, and adjusted diluted EPS of $4.50, up 10% versus prior year. | -5.5% $508.64 -> $480.46 |
2026-07-31 | Major Semiconductor Investment Announced Details: Linde will invest $1 billion to expand its on-site industrial gases complex in Phoenix, Arizona, to support a major semiconductor manufacturer's expansion. | -5.5% $508.64 -> $480.46 |
2026-05-01 | Full-Year Guidance Raised Details: The company raised its 2026 Adjusted Diluted EPS guidance, with a new midpoint of 17.8, a change of 0.6%. | -1.5% $499.56 -> $491.99 |
2026-05-01 | Q1 2026 Results Reported Details: The company reported first-quarter 2026 adjusted net income of $2,019 million, up 7% versus prior year, and adjusted diluted EPS of $4.33, up 10%. | -1.5% $499.56 -> $491.99 |
2026-02-24 | Quarterly Dividend Increased Details: The Board of Directors declared a 7% increase in the company's quarterly dividend to $1.60 per share, marking the 33rd consecutive year of increases. | +2.0% $494.96 -> $504.97 |
2026-02-05 | Q4 2025 Results Reported Details: The company reported fourth-quarter 2025 adjusted net income of $1,968 million, up 4% versus the prior year. | -5.3% $470.26 -> $445.33 |
Position Sizing
5% - 7%
NORMAL POSITION
Sizing is volatility-based: LIN trades at roughly 23% annualized options-implied volatility versus about 13% for the S&P 500 (1.8x the market), around the 77th percentile of its own trailing year. 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
Pure-Play CompetitorOffers a more focused investment in industrial gases without the complexity of Linde's non-core businesses. APD's capital expenditure is more aggressive as a percentage of sales.
DOW - Dow
Broader Industrial ExposureProvides exposure to a different part of the industrial cycle through its diversified chemicals portfolio, which is larger than Linde's business but currently experiencing negative revenue growth.
A utility-like industrial compounder with high revenue visibility from long-term contracts and exposure to secular growth in electronics and the energy transition.
Linde operates a resilient, high-margin business model centered on long-term, take-or-pay style contracts for supplying mission-critical industrial gases. Its diversification across geographies and end markets provides stability through economic cycles. The company is a key enabler of high-growth sectors like advanced semiconductor manufacturing and commercial space, with a record project backlog securing future growth.
Announcements of new large, long-term contracts, particularly in electronics or clean energy, and continued expansion of the project backlog.
A severe, broad-based global industrial recession that leads to widespread customer defaults or contract renegotiations, or a significant slowdown in new project signings.
Short-term fluctuations in energy costs, as these are typically passed through to customers via contractual clauses and do not materially impact operating profit.
Repricing Catalyst
The conversion of the record $8.1 billion project backlog into revenue and earnings, coupled with the potential for new major project wins in the robust electronics pipeline.
Americas
$15.8B TTM (45% of Total) · 31% MarginWhat It Is
Sells industrial gases to customers across approximately 20 countries in North and South America, including the U.S., Canada, Mexico, and Brazil. End markets include electronics, manufacturing, metals, mining, and healthcare.
Who Pays & How
Enterprises in sectors like manufacturing, electronics, and healthcare pay for a reliable supply of industrial gases. They choose Linde for its extensive production and distribution infrastructure, including major pipeline complexes, which ensures economic and reliable supply for large-volume users.
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, including Germany, the U.K., France, and South Africa, serving a diverse range of industrial and healthcare end markets.
Who Pays & How
Industrial and healthcare companies pay for essential gases for their operations. Customers rely on Linde's established production facilities and distribution networks across the region.
Competition
Asia Pacific (APAC)
$7.0B TTM (20% of Total) · 28% MarginWhat It Is
Sells industrial gases to customers in approximately 15 countries, including China, Australia, India, and South Korea. The electronics end market is a significant contributor.
Who Pays & How
Enterprises, particularly in the fast-growing electronics sector, pay for ultra-high-purity gases and reliable supply critical for advanced manufacturing. They choose Linde for its technological expertise and ability to support large-scale fab expansions.
Competition
Engineering
$2.3B TTM (6% of Total) · 18% MarginWhat It Is
Designs and constructs efficient, turnkey process plants for gas production and processing. It serves third-party customers and also supplies plants to Linde's own industrial gas business for operation under long-term supply contracts.
Who Pays & How
Petrochemical, chemical, refinery, and fertilizer companies pay for Linde's process engineering expertise to build efficient plants for producing and processing gases, including clean energy applications like hydrogen and carbon capture.
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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