LINDE PLC LIN
Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States. Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.99B | $33.01B | $32.85B | $33.36B | $30.79B | $27.24B | $28.23B | $14.84B | $11.36B | $10.53B |
| R&D | $147.0M | $150.0M | $146.0M | $143.0M | $143.0M | $152.0M | $184.0M | $113.0M | $93.0M | $92.0M |
| SG&A | $3.43B | $3.34B | $3.29B | $3.11B | $3.19B | $3.19B | $3.46B | $1.63B | $1.21B | $1.15B |
| Operating income | $8.92B | $8.63B | $8.02B | $5.37B | $4.98B | $3.32B | $2.93B | $5.25B | $2.44B | $2.25B |
| Interest expense | $255.0M | $256.0M | $200.0M | $63.0M | $77.0M | $115.0M | — | — | — | — |
| Pre-tax income | $8.90B | $8.57B | $7.99B | $5.54B | $5.10B | $3.38B | $2.93B | $5.05B | $2.29B | $2.05B |
| Income tax | $1.99B | $2.00B | $1.81B | $1.43B | $1.26B | $847.0M | $769.0M | $817.0M | $1.03B | $551.0M |
| Net income | $6.90B | $6.57B | $6.20B | $4.15B | $3.83B | $2.50B | $2.29B | $4.38B | $1.25B | $1.50B |
| EPS, basic | 14.69 | 13.71 | 12.70 | 8.30 | 7.40 | 4.75 | 4.22 | 13.26 | 4.36 | 5.25 |
| EPS, diluted | 14.61 | 13.62 | 12.59 | 8.23 | 7.33 | 4.71 | 4.19 | 13.11 | 4.32 | 5.21 |
| Shares, diluted (wtd. avg.) | $472.2M | $482.1M | $492.3M | $504.0M | $521.9M | $531.2M | $545.2M | $334.1M | $289.1M | $287.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.06B | $4.85B | $4.66B | $5.44B | $2.82B | $3.75B | $2.70B | $4.47B | $617.0M | $524.0M |
| Receivables | $4.97B | $4.62B | $4.72B | $4.56B | $4.50B | $4.17B | $4.32B | $4.30B | $1.71B | — |
| Inventory | $2.06B | $1.95B | $2.12B | $1.98B | $1.73B | $1.73B | $1.70B | $1.65B | $614.0M | — |
| Total current assets | $13.32B | $12.95B | $12.62B | $13.05B | $10.16B | $10.92B | $10.35B | $17.27B | $3.29B | — |
| Property, plant and equipment | $28.26B | $24.77B | $24.55B | $23.55B | $26.00B | $28.71B | $29.06B | $29.72B | $11.82B | $11.25B |
| Goodwill | $27.93B | $25.94B | $26.75B | $25.82B | $27.04B | $28.20B | $27.02B | $26.87B | $3.23B | $3.12B |
| Other intangibles | $11.87B | $11.33B | $12.40B | $12.42B | $13.80B | $16.18B | $16.14B | $16.22B | $785.0M | — |
| Total assets | $86.82B | $80.15B | $80.81B | $79.66B | $81.61B | $88.23B | $86.61B | $93.39B | $20.44B | — |
| Accounts payable | $2.81B | $2.51B | $3.02B | $3.00B | $3.50B | $3.10B | $3.27B | $3.22B | $922.0M | — |
| Short-term debt | $1.80B | $2.06B | $1.26B | $1.60B | $1.71B | $3.25B | $1.73B | $1.49B | $238.0M | — |
| Total current liabilities | $15.20B | $14.54B | $15.72B | $16.48B | $13.64B | $13.74B | $12.16B | $12.96B | $3.31B | — |
| Long-term debt | $20.68B | $15.34B | $13.40B | $12.20B | $11.34B | $12.15B | $10.69B | $12.29B | $7.78B | — |
| Total liabilities | $47.08B | $40.66B | $39.72B | $38.27B | $36.16B | $38.65B | $34.98B | $36.29B | $13.91B | — |
| Retained earnings | $16.61B | $12.63B | $8.85B | $20.54B | $18.71B | $17.18B | $16.84B | $16.53B | $13.22B | — |
| Total equity | $38.24B | $38.09B | $41.08B | $41.37B | $45.43B | $49.57B | $51.52B | $57.08B | $6.51B | $5.44B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $10.35B | $9.42B | $9.30B | $8.86B | $9.72B | $7.43B | $6.12B | $3.65B | $3.04B | $2.79B |
| Depreciation and amortisation | $3.25B | $3.23B | $3.27B | $3.63B | $3.91B | $3.86B | $3.94B | $1.61B | $1.09B | $1.03B |
| Stock-based compensation | — | — | — | $107.0M | $128.0M | $133.0M | $95.0M | $62.0M | $59.0M | $39.0M |
| Capital expenditure | $5.26B | $4.50B | $3.79B | $3.17B | $3.09B | $3.40B | $3.68B | $1.88B | $1.31B | $1.47B |
| Investing cash flow | -$5.72B | -$4.64B | -$4.67B | -$3.09B | -$3.01B | -$2.99B | $1.19B | $5.36B | -$1.31B | -$1.77B |
| Financing cash flow | -$4.55B | -$4.36B | -$5.40B | -$3.09B | -$7.59B | -$3.35B | -$9.00B | -$5.00B | -$1.66B | -$659.0M |
| Dividends paid | $2.81B | $2.65B | $2.48B | $2.34B | $2.19B | $2.03B | $1.89B | $1.17B | $901.0M | $856.0M |
| Buybacks | $4.60B | $4.48B | $3.96B | $5.17B | $4.61B | $2.46B | $2.66B | $599.0M | $12.0M | $228.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-192209.
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