Linde plc (LIN)
ÜberbewertetFundamental
67
Kurs
$474.65
Marktkapitalisierung
$215.80B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Linde produces and delivers industrial gases — oxygen, nitrogen, hydrogen, argon and carbon dioxide, among others — that manufacturers, hospitals, refineries and electronics makers need to run their processes but rarely make themselves. It supplies large customers through dedicated on-site plants built next to their facilities, smaller customers by tanker truck or cylinder, and also has an Engineering unit that designs and builds gas-production plants for third parties, including rival gas companies.
Wie das Geld verdient wird
Most revenue comes from long-term, often 15-to-20-year, on-site contracts with take-or-pay minimums that pay Linde whether or not the customer uses the full volume, plus merchant sales of liquefied gas delivered by truck and cylinder gas sold to smaller accounts. Energy and raw-material costs are largely passed through to customers contractually. The Engineering segment instead books lumpy, project-based revenue as it designs and constructs plants, unrelated to the recurring gas-supply business.
Umsatz nach Segment
Gas production and distribution across North and South America, Linde's largest geographic segment.
Gas production and distribution across Europe, the Middle East and Africa.
Gas production and distribution across Asia Pacific, including electronics and metals customers.
Designs and builds gas-production plants for third-party customers, including other industrial-gas companies.
Corporate and other smaller activities not allocated to a geographic or engineering segment.
Wettbewerbsvorteil
Wechselkosten · BreitLinde's on-site plants are built inside a customer's own facility and connected by pipeline, so switching supplier means relocating an entire gas plant — practically never done once a contract is signed. Combined with a dense, hard-to-replicate network of pipelines and distribution routes built up over decades, this gives Linde a durable, structural advantage over smaller or newer competitors.
Was die Nachfrage antreibt
Mäßig zyklischDemand is a mix: healthcare and food-grade gases are fairly stable through economic cycles, while sales to chemicals, metals and mining, and energy customers rise and fall with those industries' own investment cycles. Long-term take-or-pay contracts smooth some of this volatility, but the Engineering segment's project backlog can still slow if large customers delay capital projects.
Wichtigste Risiken
- Energy is the largest cost input — Electricity, natural gas and diesel for distribution are Linde's single largest cost item; while contracts pass through much of this cost, unmitigated spikes or supply disruptions can still hurt margins.
- Cyclical industrial end markets — Customers in chemicals and energy, and metals and mining are cyclical businesses, and a downturn in these industries reduces the volumes Linde sells and can delay new on-site project starts.
- Large project backlog execution risk — Linde is building a multibillion-dollar backlog of large on-site and engineering projects; delays, cost overruns, or a customer's own project being cancelled or downsized would slow the growth these projects are meant to deliver.
- Global operating and regulatory exposure — Operating plants and distribution networks across dozens of countries exposes Linde to currency movements, local regulation and geopolitical disruption in any single market where it has significant invested capital.
Die Argumente dafür
Buyers argue that pipeline-connected, take-or-pay contracts make Linde's core revenue unusually predictable for an industrial company, that a multibillion-dollar project backlog gives visibility into several years of growth, and that scale and route density make Linde structurally hard for smaller gas suppliers to dislodge from existing customer sites.
Die Argumente dagegen
Sellers fear that a meaningful share of volumes still depends on cyclical chemicals, metals and energy customers who can cut back sharply in a downturn, that energy-cost pass-through contracts do not fully protect margins in extreme price spikes, and that the large project backlog carries execution and customer-cancellation risk over a multi-year build-out.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19. September 2026 with claude-haiku-4-5 — shared with all users
Competes head-on for the large on-site and pipeline contracts that anchor the industry — air separation units and hydrogen supply to refineries and chemical plants — with its strongest overlap with Linde in the United States and the Gulf Coast.
The closest global rival, named first in Linde's own 10-K: it supplies the same oxygen, nitrogen, hydrogen and argon to the same steel, chemical, electronics and healthcare customers, through the same mix of on-site plants, pipelines and packaged cylinders.
A family-owned German group, cited by Linde among its competitors, that sells the same industrial and medical gases in Europe and North America — where it bought the businesses Linde had to divest to obtain approval for its merger with Praxair.
Named by Linde in its 10-K (through its former Taiyo Nippon Sanso name), it is the leading industrial gas supplier in Japan and a direct rival in electronic specialty gases for semiconductor makers, as well as in the United States and Europe.
Bilanz & Liquidität
Umsatz
$35.45B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$7.24B
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$5.09B
Gesamtes Eigenkapital
$38.24B
Gesamtverbindlichkeiten
$47.08B
Current Ratio
0.88
Zinsdeckungsgrad
37.36
Schulden/EBITDA
2.59
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$366.10
Aktueller Kurs
$474.65
Sicherheitsmarge
-29.7%
Innerer-Wert-Spanne
$238.07 - $494.12
Streubreite zwischen den verwendeten Bewertungsmethoden, kein statistisch kalibriertes Konfidenzintervall.
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
30.62
ROE
18.0%
P/B-Verhältnis
5.60
P/FCF
43.98
Bruttomarge
-
ROIC
10.3%
Rentabilitäts-Radar
Wertschöpfung (Wettbewerbsvorteil)
ROIC
10.3%
WACC
7.3%
ROIC − WACC
+2.9 pp
Der ROIC übersteigt die Kapitalkosten: Das Unternehmen schafft Wert für die Aktionäre.
Fundamentalanalyse-Kriterien
Bestanden (17)
- EPS shows upward trend
- EPS CAGR 12.14%
- Price CAGR 14.90%
- ROIC 10.3%
- Debt/Equity ratio
- Operating Margin 26.5%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 18.8%
- Analyst Consensus 71% Buy
- PEG Ratio 1.17
- Earnings Quality (OCF/NI) 1.45
- Share Dilution -2.0%
- Net Margin Trend 20.4% vs 20.2%
Nicht bestanden (9)
- P/FCF 43.98
- P/B Ratio 5.60
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue Growth 5Y 4.5%
- Earnings Surprise avg -0.2%
- Piotroski F-Score 4/9
Nicht verfügbar (2)
- Gross Margin NaN%
- Dividend Payout NaN%
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Institutionelle Beteiligungen
Für dieses Unternehmen liegen keine institutionellen Meldungen vor.
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Sanjiv Lamba | CEO & Chairman of the Board | 61 |
| Mr. Matthew J. White C.F.A. | Executive VP & CFO | 53 |
| Mr. Sean F. Durbin | COO & EVP | 54 |
| Mr. Guillermo Bichara | Executive VP & Chief Legal Officer | 50 |
| Mr. Benjamin W. Glazer | Senior VP of Americas | 51 |
| Denny Brown | Chief Accounting Officer | - |
| Mr. Juan Pelaez | Vice President of Investor Relations | - |
| Karin Griggel | Chief Compliance Officer | - |
| Ms. Desiree Co Bacher | Senior VP & Chief Human Resources Officer | 54 |
| Mr. Moloy Banerjee | President of ASEAN & South Asia | 59 |
Prüfungsrisiko
10
Vorstandsrisiko
8
Vergütungsrisiko
1
Aktionärsrechterisiko
4
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Dokumente
- Dokument ansehen
Jahresbericht (10-K)
Ein jährlicher Überblick über das Geschäft, die Finanzergebnisse und die Risiken des Unternehmens.
Eingereicht am 2026-02-25
- Dokument ansehen
Quartalsbericht (10-Q)
Ein Update zur finanziellen Entwicklung der letzten drei Monate.
Eingereicht am 2026-07-31
- Dokument ansehen
Ad-hoc-Meldung (8-K)
Eine Mitteilung über ein wichtiges Ereignis, etwa einen Führungswechsel oder eine bedeutende Ankündigung.
Eingereicht am 2026-07-31
via SEC EDGAR
Ertragshistorie
via SEC EDGAR
Latest News
Recent headlines for LIN, sourced from Markets Gazette.
- 4/1/2026POSITIVEHere's How Much You Would Have Made Owning Linde Stock In The Last 10 Years
Linde plc has demonstrated significant long-term value for its shareholders, with returns over the past decade indicating a robust performance. While specific figures are not detailed in the provided snippet, the title suggests substantial gains for investors who held Linde stock over the last 10 years. This historical performance underscores the company's stability and growth potential within the industrial gases sector. Investors looking for established companies with a track record of delivering shareholder value may find Linde an attractive option, especially given its essential role in various industrial processes.
- 3/6/2026NEGATIVEMedtronic Diabetes Unit MiniMed Falls 2% After $560 Million IPO
MiniMed Group Inc., a newly separated diabetes management unit from Medtronic Plc, experienced a 2% decline in its stock price during its trading debut. The company successfully raised $560 million through its initial public offering. The initial dip suggests a lukewarm market reception or profit-taking by early investors, despite the significant capital raised. For investors, this initial performance indicates potential short-term volatility and highlights the importance of monitoring post-IPO performance closely.
via Markets Gazette