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Stocks/Materials/Industrial Gases

LindeLIN

Industrial Gases · Guildford, United Kingdom · In the S&P 500
High qualityPricier than peers
$514.24+2.20%After hours: $515.00 (+0.15%)At the close, 30 Oct · Prices from CNBC, may be delayed
▲ 19.0% over 1 year
Linde over 1 yearDaily close, $, to 30 Oct 2026
$400$450$500$550Nov2026MarMayJulSep$514.24$400$500NovMarJul$514.24
Source: Nasdaq daily closes
Market value$237B
Price to earnings34.1x
Forward P/E27.6x
Dividend yield1.24%
Year to date+20.6%
One year+19.0%
Next earningsNot scheduled
SectorMaterials
52-week range (closes)
$389.38$546.64

Quality and valuation

How Linde compares with other materials stocks. A description, not a recommendation.

Linde and 4 industrial gases peers. Across: valuation (P/E) against the sector. Up: business quality against the sector. Hover or tap a logo for its numbers.

Business quality: stronger than mostValuation: pricier than most

A stronger business than most materials companies, priced above most of them.

Linde trades at 27.6 times the next 12 months of expected earnings, against a median of 16.1x for the 28 materials stocks we cover. The quality score blends where it ranks on revenue growth, gross margin, operating margin and free-cash-flow margin (net margin for banks and insurers) over the last 12 months, from SEC filings.

  • Revenue grew slower than the sector median: +8.2% vs +9.1%
  • More profitable (operating margin): 25.3% vs 10.9%
  • Turns more of its sales into cash: 14.0% vs 7.6%
LIN trades at 27.6x forward earnings, above the sector medianForward p/e, Industrial Gases peers
NEM12.0xAEM14.6xFCX16.0xSHW26.6xLIN27.6xECL35.5xSector median 16.1xNEM12.0xAEM14.6xFCX16.0xSHW26.6xLIN27.6xECL35.5xSector median 16.1x
Source: CNBC quotes; Mostly Markets
At 34.1x earnings, LIN is pricier than its average since Oct 2024Price over the last 12 months of reported (GAAP) diluted EPS
P/EUsual range (±1 s.d.)
30x35xAverage 32.7x2025202634.1x30x35xAverage 32.7x2025202634.1x
Source: Nasdaq prices; SEC filings

Financials

From Linde's SEC filings, through the quarter ending 30 Sep 2026. Hover or tap a bar for its value.

Revenue grew 9.2% from a year earlierQuarterly revenue, $bn, latest Q3 ’26
$0bn$2bn$5bn$8bnQ4 ’24Q2 ’25Q4 ’25$9.4bnQ3 ’26$0bn$5bnQ4 ’24Q2 ’25Q4 ’25$9.4bnQ3 ’26
Source: SEC filings
Growth slowed to +9.2% last quarterRevenue growth, year on year, %
0%2%5%8%Q4 ’24Q2 ’25Q4 ’259.2%Q3 ’260%5%Q4 ’24Q2 ’25Q4 ’259.2%Q3 ’26
Source: SEC filings
Operating margin was 22.9% last quarterOperating income as a share of revenue, %
0%10%20%Q4 ’24Q2 ’25Q4 ’2522.9%Q3 ’260%10%20%Q4 ’24Q2 ’25Q4 ’2522.9%Q3 ’26
Source: SEC filings
Free cash flow was $5.1 billion over 12 monthsQuarterly free cash flow (operating cash flow minus capex), $bn
$0.0bn$0.5bn$1.0bn$1.5bnQ4 ’24Q2 ’25Q4 ’25$1.8bnQ3 ’26$0bn$1bnQ4 ’24Q2 ’25Q4 ’25$1.8bnQ3 ’26
Source: SEC filings
Last 12 monthsLINSector median
Revenue growth+8.2%+9.1%
Operating margin25.3%10.9%
Free cash flow margin14.0%7.6%
Price to earnings34.1x19.9x

Stories on Linde

Thursday, 29 October
Earnings

Linde (LIN) Tops Q3 Estimates as Higher Prices Lift Sales 9%

Linde's adjusted EPS of $4.59 beat the $4.52 expected on sales of $9.4 billion, and it nudged up its 2026 forecast. The stock slipped 1.0% on Thursday.

LIN▼ 1.0%
Gold bars in a vault

Similar companies

Industrial Gases, by market value.

CompanyPriceTodayYTDValue
BHPBHP Group$79.16−3.25%+31.1%$201B
RIORio Tinto$81.89−1.63%+2.3%$133B
NEMNewmont$106.61−4.64%+6.8%$111B
FCXFreeport-McMoRan$62.47−5.55%+23.0%$87.46B
ECLEcolab$302.98+0.70%+15.4%$84.93B
AEMAgnico Eagle Mines$165.38−5.99%−2.4%$83.61B
SHWSherwin-Williams$332.61+0.76%+2.6%$80.36B
APDAir Products$316.43+1.50%+28.1%$70.46B