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Linde plc Ordinary Shares
🇺🇸 LIN · NYSE/NASDAQ · IE000S9YS762
Materials
USD 540.10 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
35.6
P/E (Price-to-Earnings)Shows how much investors pay for each $1 of profit. We display the TTM P/E (Trailing Twelve Months) which uses actual earnings from the last 4 quarters. This is more reliable than Forward P/E which uses analyst estimates.
Calculation: 540.10 ÷ 15.16 = 35.6
TTM period through: 2026-03-31
Forward P/E (estimated): 29.9
Based on analyst estimates
Reference: Provider P/E (Trailing): 36.2
Net Debt/EBITDA (TTM)
1.7x
Latest quarter: 6.5x
Net Debt / EBITDAA leverage ratio showing how many years of EBITDA (earnings before interest, taxes, depreciation, and amortization) it would take to repay net debt. EBITDA approximates operating cash generation. Lower ratios (e.g., <3x) are generally safer; higher (e.g., >5x) may indicate more financial risk.
TTM through: 2026-03-31
Latest quarter (2026-03-31): 6.5x
The quarterly value can spike when quarterly EBITDA is very low (e.g., one-time charges).
Quick guide: <2x manageable, >4x can be risky (sector-dependent).
ROE
18.2%
ROE (Return on Equity)A profitability measure: how much profit is generated from shareholders’ equity. Higher isn’t always better if it comes from high debt.
EV/EBITDA
20.1x
EV/EBITDAA valuation ratio that compares total business value (including debt) to EBITDA. Lower can mean cheaper, but context matters.
Dividend Summary
Powered by EODHDDividend Yield (Fwd)
1.18%
TTM: 1.14%
Dividend YieldThe Forward yield (Fwd) shows the next announced annual dividend / current price — what you'd earn going forward. The Trailing yield (TTM) in the tooltip shows dividends actually paid in the last 12 months. Forward is shown as primary because it reflects the company's current commitment to shareholders.
Forward Yield (estimated): 1.18%
Trailing Yield (TTM, last 12 months): 1.14%
Payout Ratio (Fwd)
42.2%
TTM: 39.9%
Payout RatioDividends as a percentage of earnings. The Forward payout (Fwd) uses the announced dividend divided by actual past earnings (TTM) — it tells you if the company can afford what it promised. Very high payouts can be risky, especially if profits fall.
Announced dividend / actual earnings (TTM)
Payout (Fwd): 42.2%
Payout (TTM): 39.9%
Cash Flow Payout (TTM): 27.3%
FCF Coverage (TTM): 1.79x
Growth Streak
8 yrs
Consec. increases
Div. Growth (5Y)
9.3%
Dividend History
EODHD Dividends API| Status | Type | Decl. Date | Ex-Div Date | Pay Date | Currency | Amount |
|---|---|---|---|---|---|---|
| Forecast* | Quarterly | — | 04 Jun 2027 | — | USD | 1.6 |
| Forecast* | Quarterly | — | 11 Mar 2027 | — | USD | 1.6 |
| Forecast* | Quarterly | — | 03 Dec 2026 | — | USD | 1.5 |
| Forecast* | Quarterly | — | 04 Sep 2026 | — | USD | 1.5 |
| Paid | Quarterly | 27 Apr 2026 | 04 Jun 2026 | 18 Jun 2026 | USD | 1.6 |
| Paid | Quarterly | 24 Feb 2026 | 11 Mar 2026 | 26 Mar 2026 | USD | 1.6 |
| Paid | Quarterly | 27 Oct 2025 | 03 Dec 2025 | 17 Dec 2025 | USD | 1.5 |
| Paid | Quarterly | 29 Jul 2025 | 04 Sep 2025 | 18 Sep 2025 | USD | 1.5 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
Summary
Linde is a premier global industrial gas supplier with a virtually unassailable market position and utility-like cash generation capabilities. While the underlying business quality, balance sheet, and 33-year dividend growth history are exceptional, current valuation multiples around 35.6x earnings offer limited upside and fall short of our minimum income requirements. Existing shareholders should maintain positions given the outstanding fundamentals, but new investors should wait for a substantial pullback or prolonged consolidation before initiating exposure.
Sector Context
Linde is a premier global industrial gas and engineering company that supplies essential gases like oxygen, nitrogen, and hydrogen to various industries. The company operates much like an industrial utility, relying on capital-intensive, 15-to-20-year take-or-pay bilateral contracts that provide highly predictable, inflation-protected cash flows ideal for long-term dividend growth.
📊 Strategy Analysis
- • Exceptional business quality operating in a consolidated oligopoly, generating utility-like predictable cash flows through long-term, take-or-pay contracts.
- • Outstanding track record of 33 consecutive years of dividend growth, supported by a conservative 36.8% trailing payout ratio and strong free cash flow coverage of 1.79x.
- • Robust balance sheet with a safe Net Debt/EBITDA ratio of 1.69x, providing ample flexibility for the ongoing structural energy transition and continued shareholder returns.
⚠ What to Watch
- • Valuation multiples are severely stretched, with a P/E of 35.6x and P/FFO of 22.7x far exceeding the strategy's target valuation ranges, even factoring in the company's monopoly-tier assets.
- • The trailing dividend yield of 1.14% falls significantly below the strategy's 3% minimum requirement for meaningful current income generation.
- • The company faces substantial structural contingent liabilities totaling approximately $2.7 billion related to the forced suspension of Russian operations, including advance payment disputes and guarantor bank claims.
📊 Historical Trends (10 Years)
Powered by EODHDThese charts show how key metrics have evolved over the past decade, helping you identify if the company is improving or deteriorating.
Debt Evolution (Net Debt / EBITDA)
Lower values are better. A declining trend indicates the company is reducing its debt (deleveraging).
Revenue & Earnings Growth
Consistent growth in revenueRevenue
The money a company brings in from selling its products or services. It’s the top line before costs. (blue) and earningsEarnings (Profit)
What’s left after expenses. Positive earnings mean the business made a profit; negative means a loss. (green) indicates a healthy business. Look for upward trends and recoveries after temporary dips.
Dividend Sustainability (FCF vs Dividends Paid)
Free cash flowFree Cash Flow
Cash left after the company pays for running the business and maintaining it. Often used to fund dividends, pay debt, or buy back shares. (FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., blue) should cover dividends paidDividends Paid
Cash the company paid out to shareholders. It’s not guaranteed and can change over time. (green). If dividends consistently exceed FCFFCF (Free Cash Flow)
Short for Free Cash Flow: cash left after operating needs and maintenance spending., the dividend may be at risk.
Analysis date: 2026-07-04
Disclaimer: This information is for educational purposes only. Not financial advice.