Latest Ratios: P/E Ratio 36.9x · EV/EBITDA 21.4x · ROE 17.4%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $249.4B | $199.8B | $201.8B | $202.2B | $164.4B | $180.8B | $140.0B | $116.1B | $52.1B | $44.7B | $33.7B |
| Enterprise Value | $271.3B | $221.8B | $219.6B | $217.8B | $177.8B | $193.2B | $153.4B | $128.3B | $63.0B | $53.1B | $42.7B |
| P/E Ratio → | 36.89 | 29.22 | 30.74 | 32.62 | 39.63 | 47.26 | 55.95 | 50.81 | 11.90 | 35.81 | 22.49 |
| P/S Ratio | 7.34 | 5.88 | 6.12 | 6.15 | 4.93 | 5.87 | 5.14 | 4.11 | 3.51 | 3.91 | 3.20 |
| P/B Ratio | 6.35 | 5.03 | 5.11 | 4.92 | 3.97 | 3.98 | 2.82 | 2.25 | 0.91 | 6.86 | 6.19 |
| P/FCF | 49.01 | 39.27 | 40.97 | 36.64 | 28.89 | 27.23 | 34.74 | 46.32 | 28.66 | 25.85 | 25.78 |
| P/OCF | 24.10 | 19.31 | 21.42 | 21.73 | 18.55 | 18.59 | 18.84 | 18.76 | 14.08 | 14.71 | 12.16 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 6.53 | 6.65 | 6.63 | 5.33 | 6.27 | 5.63 | 4.55 | 4.24 | 4.64 | 4.05 |
| EV / EBITDA | 21.37 | 17.47 | 17.75 | 18.27 | 16.67 | 19.48 | 18.02 | 16.15 | 15.46 | 14.45 | 12.43 |
| EV / EBIT | 30.37 | 24.15 | 24.02 | 25.70 | 31.00 | 36.74 | 43.86 | 37.45 | 11.91 | 20.67 | 18.93 |
| EV / FCF | — | 43.58 | 44.58 | 39.48 | 31.24 | 29.10 | 38.08 | 51.20 | 34.62 | 30.70 | 32.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.3% | 43.3% | 36.6% | 35.1% | 29.1% | 28.0% | 26.6% | 24.5% | 26.9% | 33.2% | 33.7% |
| Operating Margin | 26.3% | 26.3% | 26.0% | 24.7% | 19.4% | 17.2% | 14.3% | 11.6% | 15.1% | 21.8% | 22.0% |
| Net Profit Margin | 20.3% | 20.3% | 19.9% | 18.9% | 12.4% | 12.4% | 9.2% | 8.1% | 29.5% | 10.9% | 14.2% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 17.4% | 17.4% | 16.3% | 15.0% | 9.6% | 8.1% | 4.9% | 4.2% | 13.8% | 20.8% | 29.0% |
| ROA | 8.3% | 8.3% | 8.2% | 7.7% | 5.1% | 4.5% | 2.9% | 2.5% | 7.7% | 6.3% | 8.0% |
| ROIC | 11.3% | 11.3% | 11.3% | 10.9% | 8.6% | 6.6% | 4.6% | 3.7% | 4.1% | 12.7% | 12.2% |
| ROCE | 13.0% | 13.0% | 13.2% | 12.6% | 9.9% | 7.4% | 5.2% | 4.2% | 4.6% | 14.7% | 13.9% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.68 | 0.68 | 0.57 | 0.49 | 0.45 | 0.33 | 0.35 | 0.29 | 0.27 | 1.38 | 1.75 |
| Debt / EBITDA | 2.13 | 2.13 | 1.83 | 1.70 | 1.76 | 1.53 | 2.02 | 1.88 | 3.75 | 2.45 | 2.77 |
| Net Debt / Equity | — | 0.55 | 0.45 | 0.38 | 0.32 | 0.27 | 0.27 | 0.24 | 0.19 | 1.29 | 1.65 |
| Net Debt / EBITDA | 1.73 | 1.73 | 1.44 | 1.31 | 1.25 | 1.25 | 1.58 | 1.54 | 2.66 | 2.28 | 2.62 |
| Debt / FCF | — | 4.31 | 3.61 | 2.84 | 2.35 | 1.87 | 3.34 | 4.88 | 5.95 | 4.85 | 6.87 |
| Interest Coverage | 43.32 | 43.32 | 15.98 | 17.37 | 29.87 | 33.07 | 30.68 | 6.87 | 22.21 | 9.11 | 10.85 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.88 | 0.88 | 0.89 | 0.80 | 0.79 | 0.74 | 0.80 | 0.85 | 1.33 | 0.99 | 1.16 |
| Quick Ratio | 0.74 | 0.74 | 0.76 | 0.67 | 0.67 | 0.62 | 0.67 | 0.71 | 1.21 | 0.81 | 0.94 |
| Cash Ratio | 0.33 | 0.33 | 0.33 | 0.30 | 0.33 | 0.21 | 0.27 | 0.22 | 0.34 | 0.19 | 0.21 |
| Asset Turnover | — | 0.39 | 0.41 | 0.41 | 0.42 | 0.38 | 0.31 | 0.33 | 0.16 | 0.56 | 0.54 |
| Inventory Turnover | 9.37 | 9.37 | 10.75 | 10.07 | 11.96 | 12.80 | 11.57 | 12.56 | 6.57 | 12.45 | 12.69 |
| Days Sales Outstanding | — | 56.22 | 55.98 | 56.57 | 53.69 | 57.24 | 61.50 | 64.20 | 118.83 | 57.57 | 56.86 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.1% | 1.4% | 1.3% | 1.2% | 1.4% | 1.2% | 1.4% | 1.6% | 2.2% | 2.0% | 2.5% |
| Payout Ratio | 40.8% | 40.8% | 40.4% | 40.0% | 56.5% | 57.2% | 81.1% | 82.8% | 26.6% | 72.3% | 57.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 3.4% | 3.3% | 3.1% | 2.5% | 2.1% | 1.8% | 2.0% | 8.4% | 2.8% | 4.4% |
| FCF Yield | 2.0% | 2.5% | 2.4% | 2.7% | 3.5% | 3.7% | 2.9% | 2.2% | 3.5% | 3.9% | 3.9% |
| Buyback Yield | 1.8% | 2.3% | 2.2% | 2.0% | 3.1% | 2.6% | 1.8% | 2.3% | 1.1% | 0.0% | 0.7% |
| Total Shareholder Yield | 3.0% | 3.7% | 3.5% | 3.2% | 4.6% | 3.8% | 3.2% | 3.9% | 3.4% | 2.0% | 3.2% |
| Shares Outstanding | — | $469M | $482M | $492M | $504M | $522M | $531M | $545M | $334M | $289M | $288M |
Energy cost pass-through volatility
According to current market data, Linde trades at a forward P/E of 29.03, which represents a significant premium compared to broader industrial peers, suggesting investors are pricing in the company's unique utility-like revenue stability and superior execution capabilities relative to the more cyclical materials sector.
The current valuation multiple appears to reflect a market consensus that Linde is a defensive compounder rather than a traditional chemical manufacturer. While the P/E ratio is elevated, it may be justified by the company's ability to maintain margins through inflation-indexed contracts, which differentiates it from peers that lack similar pricing power.
Based on reported figures, Linde's ROIC has shown a steady trend, reaching 4.0% in 2026Q1, which, when viewed alongside the company's massive asset base, suggests that management is successfully deploying capital into high-barrier projects that generate consistent, long-term returns for shareholders.
The company's ability to maintain positive returns on capital while simultaneously investing in large-scale infrastructure projects indicates a disciplined approach to capital allocation. This trend warrants further investigation into whether the recent uptick in ROIC is sustainable as the company pivots toward more capital-intensive green hydrogen initiatives.
As reported in financial statements, Linde's cash conversion cycle of 41 days in 2026Q1 demonstrates a high level of operational efficiency, reflecting the company's ability to manage its inventory and receivables effectively despite the inherent complexities of its global industrial gas supply chain.
The stability in DSO and DPO metrics suggests that Linde maintains strong leverage over its supply chain and customer base, likely due to the critical nature of its products. This efficiency is a key driver of the company's robust cash flow generation, allowing for consistent reinvestment into its proprietary pipeline networks.
According to recent SEC filings, Linde's debt-to-equity ratio of 0.62 as of 2026Q1 is exceptionally low for the industrial gas industry, providing the company with significant balance sheet capacity to navigate potential economic downturns or fund future strategic growth opportunities without relying on external financing.
The low leverage profile appears to be a deliberate strategic choice that differentiates Linde from more highly levered peers in the materials sector. This fortress-like balance sheet position suggests that the company is well-positioned to maintain its dividend and share repurchase programs even if global industrial production faces headwinds.
Market participants frequently misapply traditional chemical sector P/E multiples to Linde, which obscures the company's true nature as a regulated-utility-like entity with long-term, take-or-pay contracts that provide a level of earnings visibility and margin protection not found in standard commodity-exposed chemical manufacturing businesses.
Investors should monitor the use of EV/EBITDA as a primary valuation tool, as it may fail to account for the long-term value of the company's pipeline infrastructure and the recurring nature of its gas supply rights. A more appropriate metric would be a discounted cash flow analysis that incorporates the terminal value of these long-dated, high-barrier assets.
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Quick answers to the most common questions about buying LIN stock.
Linde plc's current P/E ratio is 36.9x. The historical average is 25.7x. This places it at the 87th percentile of its historical range.
Linde plc's current EV/EBITDA is 21.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 12.4x.
Linde plc's return on equity (ROE) is 17.4%. The historical average is 18.4%.
Based on historical data, Linde plc is trading at a P/E of 36.9x. This is at the 87th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Linde plc's current dividend yield is 1.11% with a payout ratio of 40.8%.
Linde plc has 43.3% gross margin and 26.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Linde plc's Debt/EBITDA ratio is 2.1x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.