Linde plc (LIN)
SurévaluéFondamental
67
Prix
$474.65
Capitalisation boursière
$215.80B
Partie 1 · Ce que vaut l'entreprise
Vue d'ensemble
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.
Comment l'entreprise gagne de l'argent
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.
Chiffre d'affaires par 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.
Avantage concurrentiel
Coûts de changement · LargeLinde'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.
Ce qui stimule la demande
Modérément cycliqueDemand 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.
Principaux risques
- 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.
Les arguments en faveur
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.
Les arguments contre
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 août 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 septembre 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.
Bilan & Liquidités
Chiffre d'affaires
$35.45B
12 derniers mois (au 30/06/2026)
Résultat net
$7.24B
12 derniers mois (au 30/06/2026)
Flux de trésorerie libre
$5.09B
Capitaux propres totaux
$38.24B
Passif total
$47.08B
Ratio de liquidité général
0.88
Couverture des intérêts
37.36
Dette/EBITDA
2.59
Bénéfice par action
Chiffre d'affaires & Résultat net
Flux de trésorerie libre
Décomposition du résultat
État historique
Marges dans le temps
La dette dans le temps
Le poids de la dette
Grille de la croissance
Croissance — Chiffre d'affaires
Estimation de la juste valeur
Juste valeur
$366.10
Prix actuel
$474.65
Marge de sécurité
-29.7%
Fourchette de juste valeur
$238.07 - $494.12
Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.
Méthodes d'estimation
Indicateurs de valorisation
Ratio P/E
30.62
ROE
18.0%
Ratio P/B
5.60
P/FCF
43.98
Marge brute
-
ROIC
10.3%
Radar de rentabilité
Création de valeur (avantage concurrentiel)
ROIC
10.3%
WACC
7.3%
ROIC − WACC
+2.9 pp
Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.
Critères d'analyse fondamentale
Réussi (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%
Échoué (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
Indisponible (2)
- Gross Margin NaN%
- Dividend Payout NaN%
Score F de Piotroski
Signaux mixtes : certains domaines nécessitent attention
Qualité des bénéfices
Qualité élevée : bénéfices soutenus par la trésorerie
Dilution du capital
Rachat d'actions. Favorable aux actionnaires
Participations institutionnelles
Aucune déclaration institutionnelle pour cette entreprise.
Gouvernance
Équipe dirigeante
| Nom | Titre | Âge |
|---|---|---|
| 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 |
Risque d'audit
10
Risque du conseil
8
Risque de rémunération
1
Risque droits des actionnaires
4
Partie 2 · Le prix et le moment d'entrer
Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.
Documents
- Voir le document
Rapport annuel (10-K)
Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.
Déposé le 2026-02-25
- Voir le document
Rapport trimestriel (10-Q)
Une mise à jour de la performance financière des trois derniers mois.
Déposé le 2026-07-31
- Voir le document
Rapport d'événement important (8-K)
Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.
Déposé le 2026-07-31
via SEC EDGAR
Historique des résultats
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