Linde (LIN) Stock Analysis

September 7, 2026

This is a peer-relative look at Linde (LIN): its performance, risk, profitability, growth, financial strength, dividend, and valuation are each measured against its Materials peers, so every number reads in context rather than in isolation.

Company Profile

Company profile fields for Linde (LIN)
Profile Item	LIN
Name	Linde plc
Country/Region	United Kingdom
GICS Sector	Materials
GICS Industry Group	Materials
GICS Industry	Chemicals
GICS Sub-Industry	Industrial Gases
Market Capitalization	220.15 billion USD
Currency	USD
Exchange	Nasdaq
Listing Date	June 17, 1992
Security Type	Common Stock

Price Performance

Cumulative Growth

LIN

GSPC

Linde (LIN) vs. S&P 500 (GSPC): Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

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Trailing total returns for Linde (LIN) and S&P 500 (GSPC). Returns over one year are annualized.

Calendar-Year Returns

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Calendar-year total returns for Linde (LIN) and S&P 500 (GSPC). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
Total Return (1Y)	2.47%	32.07%
Total Return (3Y, Annualized)	8.46%	16.58%
Total Return (5Y, Annualized)	10.27%	9.27%

Risk Profile

Drawdown History

LIN

GSPC

Linde (LIN) vs. S&P 500 (GSPC): Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

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Distribution of monthly total returns for Linde (LIN) and S&P 500 (GSPC). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
Volatility (1Y, Annualized)	19.12%	54.96%
Beta (5Y)	0.70	1.03
Max Drawdown (5Y)	-22.82%	-59.24%

Risk-Adjusted Performance

Risk-Return Positioning

Each dot is a stock plotted by 1-year volatility (risk) and 1-year return. LIN is highlighted; the dashed line is the Capital Allocation Line from the risk-free rate through the industry median — dots above it are stronger on a risk-adjusted basis.

Risk-Adjusted Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
Sharpe Ratio (1Y)	-0.09	0.55
Sortino Ratio (1Y)	-0.12	0.83

Profitability

ROE (TTM)

Linde (LIN) posts ROE of 18.40%, roughly around the peer group’s normal range. Shareholders’ equity is producing a return that looks broadly typical for the industry.

LIN

Materials industry group

18.40%

Group distribution

Max: 58.68%
Q3: 19.91%
LIN: 18.40%
Median: 7.18%
Q1: -6.58%
Min: -41.32%

Largest peers

SCCO: 49.90%
NEM: 25.91%
BHP: 24.00%
AEM: 22.97%
RIO: 19.31%
LIN: 18.40%
FCX: 14.76%

Where Linde (LIN) stands on ROE within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Net Margin (TTM)

Linde (LIN) keeps 20.44% of revenue as net profit, putting net margin in the upper peer quartile. After operating costs, interest, and taxes, more of each sales dollar reaches shareholders than it does at most industry peers.

LIN

Materials industry group

20.44%

Group distribution

Max: 37.52%
LIN: 20.44%
Q3: 15.14%
Median: 4.47%
Q1: 0.00%
Min: -19.34%

Largest peers

AEM: 40.44%
SCCO: 35.87%
NEM: 33.36%
LIN: 20.44%
RIO: 19.59%
BHP: 16.73%
FCX: 11.39%

Where Linde (LIN) stands on net margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Operating Margin (TTM)

Linde (LIN) turns 28.12% of revenue into operating profit, roughly in line with the peer group’s normal operating margin range. Its core cost structure looks typical for the industry.

LIN

Materials industry group

28.12%

Group distribution

Max: 66.54%
Q3: 29.90%
LIN: 28.12%
Median: 12.36%
Q1: 1.74%
Min: -29.20%

Largest peers

SCCO: 61.16%
AEM: 58.11%
NEM: 51.57%
BHP: 43.34%
FCX: 33.40%
LIN: 28.12%
RIO: 28.05%

Where Linde (LIN) stands on operating margin within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Profitability Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
ROE (TTM)	18.40%	7.18%
ROA (TTM)	7.16%	4.55%
Net Margin (TTM)	20.44%	4.47%
Operating Margin (TTM)	28.12%	12.36%
Gross Margin (TTM)	48.35%	27.39%

Growth

Revenue Growth

Linde (LIN) grew revenue 2.97%, roughly around the peer group's normal range. Top-line momentum looks broadly typical for the industry.

Linde (LIN): Revenue Growth across different time periods, set against Materials industry-group medians.

EPS Growth

Linde (LIN) grew earnings per share 7.27%, roughly around the peer group's normal range. Bottom-line momentum looks broadly typical for the industry.

Linde (LIN): EPS Growth across different time periods, set against Materials industry-group medians.

Growth Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
Revenue Growth (YoY)	2.97%	7.64%
Revenue Growth (3Y CAGR)	0.62%	0.35%
EPS Growth (YoY)	7.27%	-3.17%
EPS Growth (3Y CAGR)	21.08%	1.98%

Financial Strength

Current Ratio (MRQ)

Linde (LIN) has current ratio of 0.88, in the tighter-liquidity quartile for its industry. The short-term cushion is thinner than most peers carry, even if the absolute comfort level still depends on the business model.

LIN

Materials industry group

0.88

Group distribution

Max: 6.33
Q3: 3.44
Median: 2.24
Q1: 1.46
LIN: 0.88
Min: 0.16

Largest peers

SCCO: 5.06
AEM: 2.86
NEM: 2.55
FCX: 2.07
BHP: 1.89
RIO: 1.42
LIN: 0.88

Where Linde (LIN) stands on current ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Debt / Equity (MRQ)

Linde (LIN) has debt-to-equity ratio of 0.69, roughly in line with the peer group’s normal leverage range. Its mix of debt and equity looks typical for the industry.

LIN

Materials industry group

0.69

Group distribution

Max: 2.03
Q3: 0.94
LIN: 0.69
Median: 0.45
Q1: 0.13
Min: 0.00

Largest peers

LIN: 0.69
SCCO: 0.68
BHP: 0.50
FCX: 0.32
RIO: 0.32
NEM: 0.16
AEM: 0.01

Where Linde (LIN) stands on debt-to-equity ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Financial Strength Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
Current Ratio (MRQ)	0.88	2.24
Debt / Equity (MRQ)	0.69	0.45
Net Debt / EBITDA	1.67	1.42

Dividends

Dividend Yield (TTM)

Linde (LIN) has dividend yield of 1.29%, in the industry’s normal income range. It provides a meaningful dividend without the red flag of an unusually high headline yield.

LIN

Materials industry group

1.29%

Group distribution

Max: 4.11%
Q3: 1.77%
LIN: 1.29%
Median: 0.34%
Q1: 0.00%
Min: 0.00%

Largest peers

RIO: 4.52%
BHP: 1.90%
SCCO: 1.77%
LIN: 1.29%
FCX: 0.83%
AEM: 0.82%
NEM: 0.79%

Where Linde (LIN) stands on dividend yield within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Payout Ratio (TTM)

Linde (LIN) has payout ratio of 40.00%, above the industry’s usual payout band. A larger share of earnings is going to dividends, so the cushion narrows if profit weakens.

LIN

Materials industry group

40.00%

Group distribution

Max: 84.09%
LIN: 40.00%
Q3: 34.12%
Median: 7.61%
Q1: 0.00%
Min: 0.00%

Largest peers

BHP: 68.84%
RIO: 54.46%
SCCO: 54.16%
LIN: 40.00%
FCX: 29.41%
AEM: 14.55%
NEM: 12.86%

Where Linde (LIN) stands on payout ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Dividend Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
Dividend Yield (TTM)	1.29%	0.34%
Dividend Payout Ratio (TTM)	40.00%	7.61%

Valuation

P/E Ratio (TTM)

Linde (LIN) trades at P/E ratio of 30.77, near the industry’s usual earnings multiple. The stock is not showing a clear peer discount or premium on trailing earnings.

LIN

Materials industry group

30.77

Group distribution

Max: 60.29
Q3: 33.41
LIN: 30.77
Median: 21.54
Q1: 15.25
Min: 6.03

Largest peers

FCX: 35.65
LIN: 30.77
SCCO: 29.84
BHP: 23.42
AEM: 17.51
NEM: 16.15
RIO: 13.99

Where Linde (LIN) stands on P/E ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/S Ratio (TTM)

Linde (LIN) trades at 6.21 on P/S ratio, in the higher sales-valuation quartile. Investors are paying up for each dollar of revenue, so stronger margins, growth, or revenue quality need to carry that price.

LIN

Materials industry group

6.21

Group distribution

Max: 10.63
LIN: 6.21
Q3: 5.00
Median: 2.04
Q1: 0.74
Min: 0.00

Largest peers

SCCO: 10.63
AEM: 7.14
LIN: 6.21
NEM: 5.24
FCX: 4.04
BHP: 3.91
RIO: 2.72

Where Linde (LIN) stands on P/S ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

P/B Ratio (MRQ)

Linde (LIN) trades at 5.63 on P/B ratio, in the higher book-value quartile. The market is paying a premium to book, so stronger ROE, cleaner assets, or a better growth profile need to justify it.

LIN

Materials industry group

5.63

Group distribution

Max: 8.50
LIN: 5.63
Q3: 4.34
Median: 2.61
Q1: 1.48
Min: -0.31

Largest peers

SCCO: 13.53
LIN: 5.63
FCX: 5.19
BHP: 4.51
NEM: 3.85
AEM: 3.62
RIO: 2.56

Where Linde (LIN) stands on P/B ratio within its Materials peer group — the box is the group’s distribution and the dots its largest members.

Valuation Metrics

Linde (LIN) metric values compared with Materials industry-group medians
Metric	Current stock: LIN	Industry group median
P/E Ratio (TTM)	30.77	21.54
P/S Ratio (TTM)	6.21	2.04
P/B Ratio (MRQ)	5.63	2.61
Free Cash Flow Yield (TTM)	1.89%	1.89%