Linde PLC
🇩🇪 LIN.XETRA · Frankfurt · IE000S9YS762
Materials
EUR 448.40 price at analysis
Scores
Key Metrics
Powered by EODHDP/E (TTM)
29.8
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: 448.40 ÷ 15.05 = 29.8
TTM period through: 2026-03-31
Forward P/E (estimated): 28.5
Based on analyst estimates
Reference: Provider P/E (Trailing): 34.1
Net Debt/EBITDA (TTM)
1.7x
Latest quarter: 6.7x
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): 6.7x
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
9.9%
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
19.2x
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)
1.07%
TTM: 1.19%
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): 1.07%
Trailing Yield (TTM, last 12 months): 1.19%
Payout Ratio (Fwd)
32.0%
TTM: 40.2%
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): 32.0%
Payout (TTM): 40.2%
Cash Flow Payout (TTM): 27.3%
FCF Coverage (TTM): 1.78x
Growth Streak
6 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* | Quarterly² | — | 04 Jun 2027 | — | GBP | 1.382 |
| Forecast* | Quarterly² | — | 11 Mar 2027 | — | GBP | 1.382 |
| Forecast* | Quarterly² | — | 03 Dec 2026 | — | GBP | 1.295 |
| Forecast* | Quarterly² | — | 04 Sep 2026 | — | GBP | 1.295 |
| Paid | Quarterly² | — | 04 Jun 2026 | — | GBP | 1.382 |
| Paid | Quarterly² | — | 11 Mar 2026 | — | GBP | 1.382 |
| Paid | Quarterly² | — | 03 Dec 2025 | — | GBP | 1.295 |
| Paid | Quarterly² | — | 04 Sep 2025 | — | GBP | 1.295 |
* Extrapolated from past dividend history. Not an official announcement — treat as an estimate, not a confirmed date or amount.
² Type not provided by EODHD — inferred from historical payment data.
Summary
Linde is a premier global industrial gas provider operating a highly resilient, oligopolistic business model with wide economic moats and utility-like recurring revenues. While the company's long-term fundamentals remain exceptionally robust and it continues to grow its dividend, current valuation multiples are stretched and the 1.2% yield is unsuitable for current income needs. Existing shareholders should maintain positions given the immense business quality, but new investors may want to wait for a more attractive entry point.
Sector Context
Linde produces and distributes essential industrial gases such as oxygen, nitrogen, hydrogen, and helium to a wide variety of end markets including healthcare, manufacturing, and energy. Although classified in the Materials sector, the business model operates much like infrastructure or utilities due to its reliance on long-term, inflation-linked take-or-pay contracts that generate highly stable and predictable cash flows.
📊 Strategy Analysis
- • Exceptional competitive moat in the industrial gas oligopoly, backed by long-term take-or-pay contracts that provide utility-like, recurring cash flows.
- • Strong balance sheet with a Net Debt/EBITDA ratio of 1.66x, providing significant financial flexibility and safety.
- • Consistent profitability and capital return, recently raising its annual dividend by 7% supported by a highly conservative 37% trailing payout ratio.
⚠ What to Watch
- • Valuation multiples are significantly elevated relative to strategy targets, trading at a P/E of 29.8x and a P/FFO of 19.1x.
- • The trailing dividend yield of 1.19% falls well below the >3% minimum threshold typically required for income-focused portfolios.
- • Ongoing complex litigation and €750 million asset seizure in Russia due to EU sanctions, although financially manageable given the company's scale.
📊 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: 2026-06-13
Disclaimer: This information is for educational purposes only. Not financial advice.