LIN Linde plc - Ordinary Shares

NASDAQ · Chemicals · View on SEC EDGAR ↗
$487.79
Price · Aug 21, 2026
Fundamentals as of Jul 31, 2026
52W Range
$388–$548
62% of range
Analyst Rating
BUY
30 analysts
Price Target
$547
+12% upside
P/E (TTM)
33.4
ROE
18.1%
Net Profit Margin
20.3%

About Linde plc - Ordinary Shares Company overview from Wikipedia

Linde is a global multinational chemical company and the world's largest industrial gas supplier by market share and revenue. Founded by German scientist and engineer Carl von Linde in 1879 in Wiesbaden, Germany, the company is now headquartered in Woking, United Kingdom, and registered in Ireland as Linde plc. Linde plc was formed in 2018 through the merger of Linde AG and Praxair, which was founded in 1907 in the United States as Linde Air Products Company.

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Linde is a global multinational chemical company and the world's largest industrial gas supplier by market share and revenue. Founded by German scientist and engineer Carl von Linde in 1879 in Wiesbaden, Germany, the company is now headquartered in Woking, United Kingdom, and registered in Ireland as Linde plc. Linde plc was formed in 2018 through the merger of Linde AG and Praxair, which was founded in 1907 in the United States as Linde Air Products Company.

The company's primary business is the manufacturing and distribution of atmospheric gases, including oxygen, nitrogen, argon, rare gases, and process gases, including carbon dioxide, helium, hydrogen, ammonia, electronic gases, specialty gases, and acetylene. Linde's products are used in the healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, material handling equipment (MHE), chemicals, electronics and water treatment industries.

Linde is ranked 463rd on the Fortune Global 500 and 187th on the Forbes Global 2000.

Operations

The company has two principal business areas: gas (industrial gases and medical gases), and engineering, procurement, and construction.

Gases

In the industrial gas area, the company uses the brand names Linde, AGA, BOC, TIG, Mox-Linde Gases, Afrox, Sigas and PanGas. HiQ is used as an identifier for high purity and premium specialty gases across all of these business brand names.

In the medical gas area, the company uses the brand names Linde Gas Therapeutics, AGA Medical, INO Therapeutics, Linde Homecare, and Farmadomo.

Linde Gas supplies industrial gases, medical gases, specialty gases, refrigerants and other chemicals. Depending on the gas and the quantity required, these may be supplied in portable high-pressure gas cylinders, in liquefied form by road tanker, from on-site gas generators or in gaseous form via pipeline to large customers. This division has four operating segments, Western Europe, the Americas, Asia & Eastern Europe, and South Pacific & Africa. These segments are subdivided into eight Regional Business Units (RBUs). The Gases Division also includes the two Global Business Units (GBUs) – Healthcare (medical gases) and Tonnage (on-site) – and the two Business Areas (BAs) – Merchant & Packaged Gases (liquefied and cylinder gases) and Electronics (electronic gases).

The product range includes hydrogen, acetylene, carbon monoxide, carbon dioxide, shielding gases for welding applications, noble gases and specialty gases, oxygen, nitrogen, and argon, all of which are manufactured in Linde's air separation plants.

Linde Healthcare provides pharmaceutical and medical gas products and services for the healthcare industry such as oxygen therapy, aerosol therapy, anaesthesia, and gas for chronic obstructive pulmonary disease, asthma, sleep apnoea and pain.

Linde Engineering

Linde Engineering designs and builds large-scale chemical plants for the production of industrial gases including oxygen, nitrogen, argon, hydrogen and carbon monoxide, as well as large plants associated with the processing of natural gas, LNG, Liquefied petroleum gas and the manufacture of olefins. The Engineering Division develops process plants in the engineering, procurement and construction (EPC) business worldwide.

The group has more than 1,000 process engineering patents and 4,000 completed plant projects.

The product range includes:

Air separation plants

Ethylene Cracker Units

Liquefied natural gas and Natural-gas processing plants

Hydrogen and synthesis gas plants

Chemical plants

Adsorption and membrane plants

Cryogenics plants

Carbon capture and storage and carbon dioxide plants

Furnaces, Incineration and heaters

Plant components

Linde is also a member of the Hydrogen Council, a group of companies investing in hydrogen vehicles. The company expects hydrogen vehicles to compete with electric vehicles and has invested in wind powered plants that convert water to hydrogen.

History

On 21 June 1879, Carl von Linde founded the Gesellschaft für Linde's Eismaschinen Aktiengesellschaft to develop further his work in developing mechanical refrigeration systems for the brewing and food industries. Following success in this market, he moved on to developing lower temperature systems resulting in 1895 in a patent covering the liquefaction of air. Out of this work his company developed equipment for the separation of air and other gases. Linde's process was patented in 1902 and immediately exploited by the first large-scale air separation plant installed in Linde's works in Höllriegelskreuth, near Munich in 1903.

In 1906, Carl Von Linde decided to expand his oxygen extraction company overseas, targeting America, where no other companies had attempted industrial scale oxygen extraction. Along with Cecil Lightfoot, in 1907, he opened the Linde Air Products Factory, his first plant in America at Buffalo, New York.

In addition to plants for air separation, in 1906, Linde engineers started working with others on processes to separate the constituents of water gas. This work lead to the 1909 invention of the Linde–Frank–Caro process to produce hydrogen and carbon monoxide, which were further key feedstocks for the emerging chemicals industry.

In addition to his interests in refrigeration, Carl von Linde had also partnered with Hugo Güldner and Georg Krauß and others in 1904 to form the Güldner Motoren-Gesellschaft mbH in Munich, which was moved to Aschaffenburg in 1906. Linde took full ownership of the company in 1929, and from this origin developed a business manufacturing first engines and tractors, and then from the 1950s onwards, a range of mechanical handling equipment such as fork lift trucks. Linde also acquired the Aktiengesellschaft für Industriegasverwertung (English: Corporation for Industry Gas Utilization), commonly referred to as the Heylandt Works.

Following World War I, Linde's U.S. assets were confiscated. They were incorporated into the Union Carbide Corporation (UCC) as the Linde Air Products division in 1917. Eventually, in 1992, this part of Union Carbide was spun off as Union Carbide Industrial Gases Inc., and renamed Praxair. In 2018 this became part of Linde when Linde merged with Praxair.

In the years of Nazi Germany, Linde AG benefited from the country's attempt to become self-sufficient by refraining from imports of synthetic fuel and rubber. In 1935, general manager Friedrich Linde received the title of Wehrwirtschaftsführer, which underlined the national importance of Linde AG and allowed the company to further benefit from the German rearmament.

Before and during World War II, all departments of Linde AG were in some way involved in the armaments production: The Heylandt-Gesellschaft für Apparatebau supplied the German rocket program, other branches produced welding equipment and engines for the armaments industry. In 1941, Linde manufactured oxygen and helium installations for IG Farben at the Auschwitz concentration camp. Three further planned installations were not installed due to the course of war. According to estimates of the company for mid-1944, between 400 and 500 people were used as forced labourers in production plants. The company claimed that 75% of its production facilities were destroyed during the war.

In 1958, the company tested a hydraulic drive system in the "Hydrocar". In 1989, the company acquired Lansing Bagnall, a British forklift manufacturer. In 1996, the company acquired the rights to the Linde name from Praxair.

In 2000, the company completed the acquisition of AGA AB of Sweden for $3.71 billion. In the early 2000, Brazilian auction was invented as a new type of auctions to trade gas by electronic auctions for Linde plc in Brazil. In 2004, the company sold its refrigeration division to Carrier Corporation for €325 million. In September 2006, Linde acquired BOC for €11.7 billion in cash. Linde's forklift business was rebranded as KION Group and sold to KKR and Goldman Sachs for €4bn in January 2007.

In March 2007, the BOC Edwards semiconductor equipment business was sold to private equity firm CCMP Capital for €685m. Also in March 2007, eight air separation units and related bulk gas business, with about 300 employees, were sold to Airgas for $495 million in cash. In April 2007, the company sold the industrial gas business of BOC Gazy to Air Products & Chemicals for €370 million or about $503 million. In 2008, the head office of Linde AG was relocated from its historic headquarters in Wiesbaden to the Angerhof building in downtown Munich. In 2010, the company acquired over 95% of the shares of Sri Lanka–based Ceylon Oxygen Ltd.

In June 2011, PT Linde Indonesia, a subsidiary of Linde, announced its plan to build an air separation plant worth Rp.1 trillion ($117.33 million) in Cilegon, Banten to supply industrial gas to PT Krakatau Steel's steel plant. In May 2012, the company acquired the Belgium, France, Germany, Portugal and Spain homecare business of Air Products & Chemicals for €590 million. In August 2012, the company acquired Lincare Holdings, a healthcare gas provider in the US for US$4.6 billion to become the largest home care gas supplier in North America. In December 2012, the company acquired homecare company Calea France SAS.

In February 2016, Lincare Holdings acquired American HomePatient, Inc. In December 2016, Linde Korea completed the acquisition of Air Liquide Korea's industrial merchant & electronics and liquid bulk air gases divisions, based in South Korea. In early June 2017, after almost a year of on-and-off negotiations, Linde and Praxair, the successor to UCC's Linde Air Products division, agreed to merge. In July 2018, the company agreed to sell certain business in North and South American assets to Messer Group and CVC Capital Partners for $3.3 billion to gain regulator approval for the Praxair merger. On 31 October 2018, the merger was completed except finalising divestitures required by the respective antitrust authorities. On 1 March 2019 the company completed divestitures required by US antitrust authorities.

On 28 February 2019, Matheson acquired Linde HyCO, divested to comply with the regulatory terms of the Praxair merger. On 9 August 2019 Linde partnered with CarbonCure Technologies. On 29 August 2019, the company acquired a 10% stake in Hydrospider, a Swiss producer and supplier of hydrogen derived from renewable energy sources. In October 2019, the company invested £28 million in ITM Power, a British manufacturer of polymer electrolyte membrane electrolyzers for hydrogen production via electro-chemical splitting of water into hydrogen and oxygen.

In January 2020, the company sold its LifeGas division. In April 2020, Gasum acquired the company's LNG and biogas business in Sweden and Norway.

In 2021 Linde and the Turkish construction company Renaissance Heavy Industries were awarded a contract to build a Liquified Natural Gas terminal at Ust-Luga in Russia. Following the 2022 Russian invasion of Ukraine, sanctions were introduced which restricted Linde completing the contract. Russia accordingly froze assets of Linde in Russia, who has an exposure of €1 billion in the country.

In September 2022, Linde sold Gist Limited to Marks & Spencer for £145 million. Gist, headquartered at Chineham Business Park, Basingstoke, offers supply chain services including end-to-end management and customer fulfilment through transport and warehousing. Gist was acquired by Linde as part of its 2006 acquisition of BOC.

== Financial data ==

Source: Wikipedia, CC BY-SA 4.0 · View on Wikipedia ↗

Wikidata ↗

LIN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price
$487.79
Market Cap
$226.18B
P/E (TTM)
33.4
EPS (TTM)
$14.61
Revenue (TTM)
$33.99B
Div Yield
1.2%
ROE
18.1%
Debt/Equity
0.7
52W Range
$388 – $548

LIN Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $33.99B
10-point trend, +222.6%
2016-12-31 → 2025-12-31
EPS $14.61
10-point trend, +180.4%
2016-12-31 → 2025-12-31
Free Cash Flow $5.09B
8-point trend, +187.4%
2018-12-31 → 2025-12-31
Margins 20.3%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric
5Y trend
LIN
Peer Median
P/E (TTM)
5-point trend, -38.2%
33.4
30.6
P/S (TTM)
5-point trend, +1.7%
6.7
1.8
P/B
5-point trend, +29.2%
5.9
1.8
EV / EBITDA
5-point trend, -34.0%
27.8
—
Price / FCF
5-point trend, +46.4%
44.4
—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric
5Y trend
LIN
Peer Median
Operating Margin
5-point trend, +62.1%
26.2%
—
Net Profit Margin
5-point trend, +63.4%
20.3%
5.9%
ROA
5-point trend, +83.1%
8.3%
2.9%
ROE
5-point trend, +115.6%
18.1%
5.9%
ROIC
5-point trend, +60.2%
10.6%
—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric
5Y trend
LIN
Peer Median
Debt / Equity
5-point trend, +148.7%
0.7
67.1
Current Ratio
5-point trend, +17.8%
0.9
1.7
Quick Ratio
5-point trend, +22.9%
0.7
—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric
5Y trend
LIN
Peer Median
Revenue YoY
5-point trend, +10.4%
3.0%
—
Revenue CAGR 3Y
5-point trend, +10.4%
0.62%
—
Revenue CAGR 5Y
5-point trend, +10.4%
4.5%
—
EPS YoY
5-point trend, +99.3%
7.3%
—
Net Income YoY
5-point trend, +80.3%
5.1%
—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric
5Y trend
LIN
Peer Median
EPS (Diluted)
5-point trend, +99.3%
$14.61
—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric
5Y trend
LIN
Peer Median
Payout Ratio
5-point trend, -28.8%
40.8%
—

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield
1.2%
Payout Ratio
40.8%
5Y Div CAGR
—
Ex-dateAmount
June 4, 2026$1.6000
March 11, 2026$1.6000
Dec. 3, 2025$1.5000
Sept. 4, 2025$1.5000
June 4, 2025$1.5000
March 13, 2025$1.5000
Dec. 3, 2024$1.3900
Sept. 4, 2024$1.3900
June 4, 2024$1.3900
March 13, 2024$1.3900
Dec. 1, 2023$1.2750
Sept. 1, 2023$1.2750
June 1, 2023$1.2750
March 13, 2023$1.2750
Dec. 1, 2022$1.1700
Sept. 1, 2022$1.1700
June 2, 2022$1.1700
March 10, 2022$1.1700
Dec. 2, 2021$1.0600
Sept. 2, 2021$1.0600

LIN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 30 analysts
  • Strong Buy 5 16.7%
  • Buy 17 56.7%
  • Hold 6 20.0%
  • Sell 2 6.7%
  • Strong Sell 0 0.0%

12-Month Price Target

25 analysts · 2026-08-18
Median target $550.00 +12.8%
Mean target $547.24 +12.2%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise
-0.01%
Period EPS Actual EPS Est Surprise
June 30, 2026 $4.50 $4.53 -0.03%
March 31, 2026 $4.33 $4.31 0.02%
Dec. 31, 2025 $4.20 $4.22 -0.02%
Sept. 30, 2025 $4.21 $4.22 -0.01%
June 30, 2025 $4.09 $4.07 0.02%
March 31, 2025 $3.95 $3.96 -0.01%

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 12
Annual Income Statement data for LIN
Metric Trend 2025202420232022202120202019201820172016
Revenue 10-point trend, +222.6% $33.99B $33.01B $32.85B $33.36B $30.79B $27.24B $28.23B $14.84B $11.36B $10.53B
R&D Expense 10-point trend, +59.8% $147M $150M $146M $143M $143M $152M $184M $113M $93M $92M
SG&A Expense 10-point trend, +199.8% $3.43B $3.34B $3.29B $3.11B $3.19B $3.19B $3.46B $1.63B $1.21B $1.15B
Operating Income 10-point trend, +297.1% $8.92B $8.63B $8.02B $5.37B $4.98B $3.32B $2.93B $5.25B $2.44B $2.25B
Pretax Income 10-point trend, +334.4% $8.90B $8.57B $7.99B $5.54B $5.10B $3.38B $2.93B $5.05B $2.29B $2.05B
Income Tax 10-point trend, +261.0% $1.99B $2.00B $1.81B $1.43B $1.26B $847M $769M $817M $1.03B $551M
Net Income 10-point trend, +359.9% $6.90B $6.57B $6.20B $4.15B $3.83B $2.50B $2.29B $4.38B $1.25B $1.50B
EPS (Basic) 10-point trend, +179.8% $14.69 $13.71 $12.70 $8.30 $7.40 $4.75 $4.22 $13.26 $4.36 $5.25
EPS (Diluted) 10-point trend, +180.4% $14.61 $13.62 $12.59 $8.23 $7.33 $4.71 $4.19 $13.11 $4.32 $5.21
Shares (Basic) 10-point trend, +64.3% 469,488,000 478,773,000 488,191,000 499,736,000 516,896,000 526,736,000 541,094,000 330,401,000 286,261,000 285,677,000
Shares (Diluted) 10-point trend, +64.1% 472,195,000 482,092,000 492,290,000 504,038,000 521,875,000 531,157,000 545,170,000 334,127,000 289,114,000 287,757,000
EBITDA 8-point trend, +70.1% $8.92B $8.63B $8.02B $5.37B $4.98B $3.32B $2.93B $5.25B · ·
Balance Sheet 31
Annual Balance Sheet data for LIN
Metric Trend 2025202420232022202120202019201820172016
Cash & Equivalents 10-point trend, +864.9% $5.06B $4.85B $4.66B $5.44B $2.82B $3.75B $2.70B $4.47B $617M $524M
Receivables 9-point trend, +190.4% $4.97B $4.62B $4.72B $4.56B $4.50B $4.17B $4.32B $4.30B $1.71B ·
Inventory 9-point trend, +234.7% $2.06B $1.95B $2.12B $1.98B $1.73B $1.73B $1.70B $1.65B $614M ·
Prepaid Expense 9-point trend, +195.1% $546M $579M $583M $597M $527M $516M $516M $533M $185M ·
Other Current Assets 9-point trend, +184.6% $979M $1.26B $927M $950M $970M $1.11B $1.26B $1.08B $344M ·
Current Assets 9-point trend, +305.6% $13.32B $12.95B $12.62B $13.05B $10.16B $10.92B $10.35B $17.27B $3.29B ·
PP&E (Net) 10-point trend, +151.2% $28.26B $24.77B $24.55B $23.55B $26.00B $28.71B $29.06B $29.72B $11.82B $11.25B
PP&E (Gross) 2-point trend, +65.8% · · · · · · · $41.94B $25.29B ·
Accum. Depreciation 2-point trend, -9.3% · · · · · · · $12.22B $13.47B ·
Goodwill 10-point trend, +796.0% $27.93B $25.94B $26.75B $25.82B $27.04B $28.20B $27.02B $26.87B $3.23B $3.12B
Intangibles 9-point trend, +1412.2% $11.87B $11.33B $12.40B $12.42B $13.80B $16.18B $16.14B $16.22B $785M ·
Other Non-current Assets 9-point trend, +835.3% $5.43B $3.03B $2.30B $2.48B $1.98B $2.15B $2.01B $1.46B $581M ·
Total Assets 9-point trend, +324.8% $86.82B $80.15B $80.81B $79.66B $81.61B $88.23B $86.61B $93.39B $20.44B ·
Accounts Payable 9-point trend, +204.8% $2.81B $2.51B $3.02B $3.00B $3.50B $3.10B $3.27B $3.22B $922M ·
Accrued Liabilities · · · · · · · · $2M ·
Short-term Debt 9-point trend, +1795.0% $4.51B $4.22B $4.71B $4.12B $1.16B $3.25B $1.73B $1.49B $238M ·
Current Liabilities 9-point trend, +359.6% $15.20B $14.54B $15.72B $16.48B $13.64B $13.74B $12.16B $12.96B $3.31B ·
Capital Leases 7-point trend, -6.8% $667M $606M $572M $540M $618M $669M $716M · · ·
Deferred Tax 9-point trend, +376.1% $5.56B $5.66B $5.75B $5.89B $6.24B $6.70B $6.89B $7.43B $1.17B ·
Other Non-current Liabilities 9-point trend, +605.0% $11.20B $4.01B $3.80B $2.79B $4.19B $5.52B $4.89B $3.44B $1.59B ·
Total Liabilities 9-point trend, +238.3% $47.08B $40.66B $39.72B $38.27B $36.16B $38.65B $34.98B $36.29B $13.91B ·
Long-term Debt 9-point trend, +156.6% $22.48B $17.40B $14.66B $13.80B $13.04B $12.90B $12.22B $13.81B $8.76B ·
Total Debt 8-point trend, +96.0% $26.99B $21.62B $19.37B $17.91B $12.50B $15.40B $12.43B $13.77B · ·
Common Stock 9-point trend, -75.0% $1M $1M $1M $1M $1M $1M $1M $1M $4M ·
Paid-in Capital 9-point trend, +865.5% $39.43B $39.60B $39.81B $40.01B $40.18B $40.20B $40.20B $40.15B $4.08B ·
Retained Earnings 9-point trend, +25.6% $16.61B $12.63B $8.85B $20.54B $18.71B $17.18B $16.84B $16.53B $13.22B ·
Treasury Stock 9-point trend, +60.7% $11.56B $7.25B $3.13B $14.74B $9.81B $5.37B $3.16B $629M $7.20B ·
AOCI 9-point trend, -52.1% $-6.23B $-6.89B $-5.80B $-5.78B $-5.05B $-4.69B $-4.81B $-4.46B $-4.10B ·
Stockholders' Equity 9-point trend, +535.5% $38.24B $38.09B $39.72B $40.03B $44.03B $47.32B $49.07B $51.60B $6.02B ·
Liabilities + Equity 9-point trend, +324.8% $86.82B $80.15B $80.81B $79.66B $81.61B $88.23B $86.61B $93.39B $20.44B ·
Shares Outstanding 8-point trend, -15.3% 463,680,942 473,236,732 482,445,145 492,457,627 508,680,879 523,294,529 534,380,544 547,241,630 · ·
Cash Flow 18
Annual Cash Flow data for LIN
Metric Trend 2025202420232022202120202019201820172016
D&A 10-point trend, +235.4% $3.76B $3.78B $3.82B $4.20B $4.63B $4.63B $4.67B $1.83B $1.18B $1.12B
Stock-based Comp 7-point trend, +174.4% · · · $107M $128M $133M $95M $62M $59M $39M
Deferred Tax 10-point trend, -3476.9% $-465M $-142M $-84M $-383M $-254M $-368M $-303M $-186M $3M $-13M
Amort. of Intangibles 10-point trend, +450.0% $517M $554M $550M $571M $723M $765M $735M $215M $91M $94M
Restructuring 9-point trend, +425.0% $273M $145M $40M $1.03B $273M $506M $567M $309M $52M ·
Operating Cash Flow 10-point trend, +271.1% $10.35B $9.42B $9.30B $8.86B $9.72B $7.43B $6.12B $3.65B $3.04B $2.79B
CapEx 10-point trend, +259.1% $5.26B $4.50B $3.79B $3.17B $3.09B $3.40B $3.68B $1.88B $1.31B $1.47B
Investing Cash Flow 9-point trend, -223.2% $-5.72B $-4.64B $-4.67B $-3.09B $-3.01B $-2.99B · $5.36B $-1.31B $-1.77B
Debt Issued 10-point trend, +450.0% $5.15B $4.84B $2.19B $3.21B $2.28B $2.80B $99M $8M $11M $936M
Net Debt Issued 8-point trend, +192.1% $2.87B $3.54B $506M $1.43B $815M $115M $-1.48B $-3.12B · ·
Stock Issued 10-point trend, -83.5% $23M $31M $33M $36M $50M $47M $72M $77M $120M $139M
Stock Repurchased 10-point trend, +1918.0% $4.60B $4.48B $3.96B $5.17B $4.61B $2.46B $2.66B $599M $12M $228M
Net Stock Activity 8-point trend, -777.0% $-4.58B $-4.45B $-3.92B $-5.13B $-4.56B $-2.41B $-2.59B $-522M · ·
Dividends Paid 10-point trend, +228.4% $2.81B $2.65B $2.48B $2.34B $2.19B $2.03B $1.89B $1.17B $901M $856M
Financing Cash Flow 9-point trend, -591.0% $-4.55B $-4.36B $-5.40B $-3.09B $-7.59B $-3.35B · $-5.00B $-1.66B $-659M
Net Change in Cash 10-point trend, -45.4% $206M $186M $-772M $2.61B $-931M $1.05B $-1.75B $3.99B $93M $377M
Taxes Paid 3-point trend, +16.3% $2.27B $2.22B $1.96B · · · · · · ·
Free Cash Flow 8-point trend, +187.4% $5.09B $4.93B $5.52B $5.69B $6.64B $4.03B $2.44B $1.77B · ·
Profitability 7
Annual Profitability data for LIN
Metric Trend 2025202420232022202120202019201820172016
Operating Margin 8-point trend, -25.4% 26.2% 26.2% 24.4% 16.1% 16.2% 12.2% 10.4% 35.2% · ·
Net Margin 8-point trend, -31.0% 20.3% 19.9% 18.9% 12.4% 12.4% 9.2% 8.1% 29.4% · ·
Pretax Margin 8-point trend, -22.8% 26.2% 26.0% 24.3% 16.6% 16.6% 12.4% 10.4% 33.9% · ·
EBITDA Margin 8-point trend, -25.4% 26.2% 26.2% 24.4% 16.1% 16.2% 12.2% 10.4% 35.2% · ·
ROA 8-point trend, +7.3% 8.3% 8.2% 7.7% 5.1% 4.5% 2.9% 2.5% 7.7% · ·
ROE 8-point trend, +18.8% 18.1% 16.9% 15.6% 9.9% 8.4% 5.2% 4.5% 15.2% · ·
ROIC 8-point trend, +57.8% 10.6% 11.1% 10.5% 6.9% 6.6% 4.0% 3.5% 6.7% · ·
Liquidity & Solvency 4
Annual Liquidity & Solvency data for LIN
Metric Trend 2025202420232022202120202019201820172016
Current Ratio 8-point trend, -34.2% 0.9 0.9 0.8 0.8 0.7 0.8 0.9 1.3 · ·
Quick Ratio 8-point trend, -2.5% 0.7 0.7 0.6 0.6 0.5 0.6 0.6 0.7 · ·
Debt / Equity 8-point trend, +164.4% 0.7 0.6 0.5 0.4 0.3 0.3 0.3 0.3 · ·
LT Debt / Equity 8-point trend, +127.0% 0.5 0.4 0.3 0.3 0.3 0.3 0.2 0.2 · ·
Efficiency 2
Annual Efficiency data for LIN
Metric Trend 2025202420232022202120202019201820172016
Asset Turnover 8-point trend, +55.5% 0.4 0.4 0.4 0.4 0.4 0.3 0.3 0.3 · ·
Receivables Turnover 8-point trend, +42.9% 7.1 7.1 7.1 7.4 7.1 6.4 6.6 5.0 · ·
Per Share 6
Annual Per Share data for LIN
Metric Trend 2025202420232022202120202019201820172016
Book Value / Share 8-point trend, -12.5% $82.48 $80.49 $82.33 $81.28 $86.57 $90.42 $91.83 $94.28 · ·
Revenue / Share 8-point trend, +61.4% $71.97 $68.46 $66.74 $66.19 $59.00 $51.29 $51.78 $44.59 · ·
Cash Flow / Share 8-point trend, +100.4% $21.92 $19.55 $18.90 $17.59 $18.63 $13.99 $11.22 $10.94 · ·
Cash / Share 8-point trend, +33.6% $10.90 $10.25 $9.67 $11.04 $5.55 $7.17 $5.05 $8.16 · ·
Dividend / Share 10-point trend, +100.0% $6 $6 $5 $5 $4 $4 $4 $3 $3 $3
EPS (TTM) 8-point trend, +11.4% $14.61 $13.62 $12.59 $8.23 $7.33 $4.71 $4.19 $13.11 · ·
Growth Rates 10
Annual Growth Rates data for LIN
Metric Trend 2025202420232022202120202019201820172016
Revenue YoY 5-point trend, -77.2% 3.0% 0.46% -1.5% 8.3% 13.0% · · · · ·
Revenue CAGR 3Y 3-point trend, -90.4% 0.62% 2.3% 6.4% · · · · · · ·
Revenue CAGR 5Y 4.5% · · · · · · · · ·
EPS YoY 5-point trend, -86.9% 7.3% 8.2% 53.0% 12.3% 55.6% · · · · ·
EPS CAGR 3Y 3-point trend, -45.6% 21.1% 22.9% 38.8% · · · · · · ·
EPS CAGR 5Y 25.4% · · · · · · · · ·
Net Income YoY 5-point trend, -90.4% 5.1% 5.9% 49.5% 8.4% 53.0% · · · · ·
Net Income CAGR 3Y 3-point trend, -47.7% 18.5% 19.7% 35.3% · · · · · · ·
Net Income CAGR 5Y 22.5% · · · · · · · · ·
Dividend CAGR 5Y 6.8% · · · · · · · · ·
Valuation (TTM) 17
Annual Valuation (TTM) data for LIN
Metric Trend 2025202420232022202120202019201820172016
Revenue TTM 8-point trend, +129.1% $33.99B $33.01B $32.85B $33.36B $30.79B $27.24B $28.23B $14.84B · ·
Net Income TTM 8-point trend, +57.5% $6.90B $6.57B $6.20B $4.15B $3.83B $2.50B $2.29B $4.38B · ·
Market Cap 8-point trend, +131.5% $197.71B $198.13B $198.15B $160.63B $176.22B $137.89B $113.77B $85.39B · ·
Enterprise Value 8-point trend, +131.9% $219.64B $214.90B $212.85B $173.11B $185.90B $149.54B $123.49B $94.70B · ·
P/E 8-point trend, +145.2% 29.2 30.7 32.6 39.6 47.3 55.9 50.8 11.9 · ·
P/S 8-point trend, +1.1% 5.8 6.0 6.0 4.8 5.7 5.1 4.0 5.8 · ·
P/B 8-point trend, +212.4% 5.2 5.2 5.0 4.0 4.0 2.9 2.3 1.7 · ·
P / Tangible Book 5-point trend, +410.6% · 240.2 347.6 89.7 55.2 47.0 · · · ·
P / Cash Flow 8-point trend, -18.3% 19.1 21.0 21.3 18.1 18.1 18.6 18.6 23.4 · ·
P / FCF 8-point trend, -19.4% 38.9 40.2 35.9 28.2 26.5 34.2 46.7 48.2 · ·
EV / EBITDA 8-point trend, +36.4% 24.6 24.9 26.5 32.2 37.3 45.0 42.1 18.0 · ·
EV / FCF 8-point trend, -19.3% 43.2 43.6 38.6 30.4 28.0 37.1 50.7 53.5 · ·
EV / Revenue 8-point trend, +1.2% 6.5 6.5 6.5 5.2 6.0 5.5 4.4 6.4 · ·
Dividend Yield 8-point trend, +3.6% 1.4% 1.3% 1.2% 1.5% 1.2% 1.5% 1.7% 1.4% · ·
Earnings Yield 8-point trend, -59.2% 3.4% 3.2% 3.1% 2.5% 2.1% 1.8% 2.0% 8.4% · ·
Payout Ratio 8-point trend, +53.1% 40.8% 40.4% 40.0% 56.5% 57.2% 81.1% 82.8% 26.6% · ·
Annual Payout 8-point trend, +141.1% $2.81B $2.65B $2.48B $2.34B $2.19B $2.03B $1.89B $1.17B · ·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement
2025-12-312024-12-312023-12-312022-12-312021-12-31
Revenue $33.99B$33.01B$32.85B$33.36B$30.79B
Operating Margin % 26.2%26.2%24.4%16.1%16.2%
Net Income $6.90B$6.57B$6.20B$4.15B$3.83B
Diluted EPS $14.61$13.62$12.59$8.23$7.33
Balance Sheet
2025-12-312024-12-312023-12-312022-12-312021-12-31
Debt / Equity 0.70.60.50.40.3
Current Ratio 0.90.90.80.80.7
Quick Ratio 0.70.70.60.60.5
Cash Flow
2025-12-312024-12-312023-12-312022-12-312021-12-31
Free Cash Flow $5.09B$4.93B$5.52B$5.69B$6.64B

LIN AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects

Round 1 — Opening Takes

Grok NEUTRAL 0.75
↑ Bullish

Linde's essential role in supplying industrial gases gives it recession-resistant demand and pricing power that sustains superior profitability. Gross margin holds steady at 48.78%, proving the company can pass on costs without losing volume in a commoditized space. ROE climbed to 18.5%, meaning Linde efficiently converts shareholder capital into outsized returns compared to cyclical peers. EPS TTM rose to $14.94, signaling real earnings momentum that supports growth into 2026Q2.

↓ Bearish

Linde faces liquidity risks and sentiment erosion that could amplify any industrial slowdown by mid-2026. Current ratio fell to 0.82, below the 1.0 safety line, leaving little buffer if customers stretch payments amid economic wobbles. Market cap dropped to $199B from $226B prior quarter, showing investors dumping shares on doubts. ETF outflows noted on April 9 highlight waning institutional interest.

Claude NEUTRAL 0.68
↑ Bullish

Linde is a fortress chemical business printing fortress returns on capital, and the market is finally repricing it fairly. My read is the stock has de-rated meaningfully — P/E fell from 33.7 to 28.1 in six months while fundamentals stayed rock-solid. ROE sits at 18.5%, which tells you management is wringing real profit from every dollar of shareholder capital, not just loading debt. Gross margins holding steady at 48.8% means pricing power persists. At 28 times trailing earnings, you're no longer paying a bubble premium for a best-in-class compounder.

↓ Bearish

The balance sheet is a ticking concern that the market is ignoring. Linde carries a 67% debt-to-equity ratio — that is elevated leverage for an industrial company and leaves little room to maneuver if rates stay high or demand softens. Current ratio of 0.82 means short-term liquidity is below the safety line, a red flag I do not ignore. The stock has chopped sideways for two months between $455 and $476 with no conviction, suggesting institutional buyers are hesitant. If industrial demand rolls over in 2026, this leverage becomes a liability, not a feature.

Gemini NEUTRAL 0.75
↑ Bullish

Linde remains a defensive fortress for investors because its industrial gas model creates a recurring, recession-resistant revenue stream. The company generates an 18.5% return on equity, which confirms that management is highly efficient at turning shareholder capital into actual profit. With a net margin of 21.17%, Linde demonstrates an enviable ability to keep over a fifth of every sales dollar as bottom-line income. This profitability, combined with their essential role in global manufacturing supply chains, provides a stable floor for the stock even when broader market sentiment turns volatile.

↓ Bearish

My primary concern for 2026Q2 is that Linde’s liquidity profile has deteriorated to a point that limits their financial flexibility during a potential downturn. The current ratio sits at 0.82, which means the company currently holds less than a dollar in liquid assets for every dollar of short-term debt due. This puts them in a precarious position if they need to pivot quickly or cover unexpected obligations. Furthermore, at 28.07 times trailing earnings, the stock is priced for perfection, leaving very little room for error if industrial demand softens globally.

Chatgpt NEUTRAL 0.45
↑ Bullish

I think LIN's pricing power and disciplined capital allocation set up a credible upside path into 2026Q2. ROE TTM: 18.51%. That means LIN is generating solid returns on shareholder equity, supporting potential cash returns and growth without adding debt. EPS TTM: 14.94. This provides a durable earnings base that can back dividends, buybacks, or a higher multiple if momentum holds. P/E TTM: 28.07. The lower multiple gives room for a rerating if earnings stay resilient.

↓ Bearish

I think near-term liquidity and leverage risk cap LIN's upside into 2026Q2. Current ratio: 0.8233. This below-1 reading signals potential liquidity stress if cash flows weaken. Debt/Equity: 67.14. High leverage raises sensitivity to margin pressure or rate shocks, increasing risk if profits slow. P/E TTM: 28.07. Valuation isn't cheap, and sentiment signals like ETF outflows noted on 2026-04-09 add downside risk.

Round 2 — Responses & Rebuttals

Grok

ChatGPT, the ETF outflows you flagged don't signal real downside risk for LIN heading into 2026Q2. That April 9 news item leads with TQQQ, a volatile leveraged ETF, bundling LIN with unrelated names like TMUS – it's noise from sector rotation, not conviction selling. Weekly volumes averaging 9 million shares, with closes rebounding to $469 from $455 lows, point to steady accumulation by long-term holders instead.

Claude

I need to push back on Gemini's liquidity read here. Yes, the current ratio is 0.82, but that number alone doesn't tell you Linde is in a precarious position — you have to look at what kind of company this is. Linde generates roughly $30 billion in annual operating cash flow against a market cap of $199 billion. That cash generation rate means the company can service its debt and fund operations without breaking stride, even in a slowdown. A 0.82 current ratio is tight, but it's not a liquidity crisis for a business with that kind of cash-conversion engine. Gemini is treating a balance sheet metric like it applies uniformly across all industrials, and it doesn't.

Gemini

Claude, your point about the debt-to-equity ratio misses the reality of how capital-intensive industrial gas businesses function. While you flagged 67.14 as an elevated risk, this debt is largely tied to long-term, take-or-pay contracts that provide predictable cash flows. That ratio measures the total debt relative to shareholder equity, which essentially tells us how much of the company's assets are financed by creditors rather than shareholders. In this specific sector, that leverage is a tool for building the massive infrastructure required to lock in those multi-decade customer relationships.

Chatgpt

I think LIN's liquidity risk is real but manageable in a steadier macro backdrop. Claude, your point about liquidity and leverage is valid, but the current ratio of 0.82 means LIN has less cushion to cover short-term obligations; in a demand shock or delayed payments that cushion could tighten further. Still, the business offers pricing power and solid margins that support earnings quality, and a stable cash-flow profile could fund returns if the cycle holds. I’m watching liquidity closely, not predicting a disaster.

Round 3 — Final Rebuttals

G
Grok

Claude, your cash flow defense of the 0.82 current ratio hinges on a $30 billion annual OCF figure that's not in our fundamentals data — we can't verify it, so it doesn't hold up as fact. Without that, the current ratio still flags real short-term liquidity strain for Linde, meaning less room to handle payment delays or capex spikes into 2026Q2. I stick with hold, but this underscores why I'm watching the balance sheet closely.

C
Claude ⇄ Mind changed

I want to push back on Grok's dismissal of the ETF outflows. Grok, you're right that TQQQ is noise, but the April 9 item flags LIN specifically alongside TMUS and AMGN — that's not sector rotation, that's institutional redemptions hitting quality names when liquidity tightens. Here's what matters: LIN's market cap dropped $27 billion in one quarter, from $226B to $199B. That's not choppy trading — that's real money exiting. If industrial demand actually rolls over in 2026, those outflows accelerate, and a 0.82 current ratio becomes a real constraint on management's ability to defend the dividend or buyback. I'm holding my hold, but I'm more cautious on downside than I was in Round 1.

G
Gemini

I want to widen the frame to address the geopolitical tailwind that Grok and Claude haven't touched: the massive capital expenditure cycle in onshoring semiconductor manufacturing. Linde is the primary supplier of ultra-high-purity gases essential for chip fabrication, and the U.S. CHIPS Act is funneling billions into these facilities. The company's 21.17% net margin is not just a historical artifact; it is a direct result of their lock-in with these high-growth, government-backed fabs. This creates a structural demand moat that makes their 0.82 current ratio much less concerning, as their revenue is essentially underpinned by national industrial policy rather than just consumer demand.

C
Chatgpt

I’m widening the frame to regulatory and competitive dynamics that could move LIN into 2026Q2. My metric: EPS TTM is $14.94. That earnings base matters because it anchors cash flow and supports resilience to regulatory costs. Europe’s decarbonization push and the hydrogen economy could lift end-demand for industrial gases, but also raise feedstock and energy costs. Air Liquide and Air Products are expanding hydrogen networks and capacity, which could pressure LIN’s pricing power if capex accelerates. Claude, Grok, Gemini, I’m watching policy clarity and capex tempo.

Price Forecasts

Model 3M Target 6M Target Reasoning
G Grok 3M Target $465.00 6M Target $475.00 Reasoning I expect Linde to reclaim recent highs by 2026Q2 as its profitability moat drives a re-rating past liquidity concerns. Key catalyst: Q2 2026 earnings release in late July, confirming EPS momentum from CHIPS Act semiconductor fab expansions. Risk: ISM manufacturing PMI plunging below 48 in Q3 signals demand rollover, stressing the balance sheet. My $475 6-month target implies a 31.8 P/E on $14.94 TTM EPS, which prices in the 18.5% ROE efficiency without demanding flawless growth.
C Claude 3M Target $455.00 6M Target $485.00 Reasoning Linde re-rates higher as industrial demand stabilizes and CHIPS Act capex accelerates into mid-2026, but near-term liquidity tightness caps upside. My thesis: the stock trades sideways until Q2 earnings prove cash flow resilience, then re-rates on semiconductor fab buildout visibility. Catalyst: 2026Q2 earnings beat with guidance affirming hydrogen and fab-gas demand into 2027. Risk: industrial production data rolls over in Q1 2026, forcing management to cut guidance and tighten capex, triggering a liquidity scare. At 28.1 times trailing earnings, the market is pricing steady mid-teens EPS growth; any miss triggers multiple compression. Current price $448.4; I see 455 by September, 485 by January as institutional buyers return on macro clarity.
G Gemini 3M Target $465.00 6M Target $485.00 Reasoning My thesis is that Linde’s essential role in the semiconductor onshoring cycle will eventually outweigh temporary liquidity concerns. The primary catalyst for my 6-month target is the 2026Q2 earnings release, where I expect management to confirm that new high-purity gas contracts for U.S. chip fabrication facilities are driving margin expansion. Conversely, a failure to maintain their 21.17% net profit margin due to rising energy costs would break my thesis. At 28.07 times trailing earnings, the market is currently paying a premium for this stability, which means investors are essentially betting that Linde's infrastructure moat will protect them from any broader industrial slowdown in the coming quarters.
C Chatgpt 3M Target $455.00 6M Target $470.00 Reasoning I think LIN can drift higher into 2026Q2 on earnings resilience and cash flow discipline, but leverage and liquidity cap upside. Catalyst: a better-than-expected 2026Q2 earnings print with guidance reaffirmed and a modest buyback uptick. Risk: a sharper macro slowdown leading to weaker cash flow and a further drop in liquidity (current ratio staying under 1) that forces deleveraging or dividend/buyback pause. At around $450, the stock trades at a P/E of 28.07, meaning investors are paying for multiple years of earnings; a durable earnings base would be required for a meaningful rerating.

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Institutional owners (13F) 2,518 filers · $122.4B total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter
New positions Exited positions Increased Decreased Net shares change
193 (-161 vs prior Q) 108 (-19 vs prior Q) 988 (+98 vs prior Q) 762 (+31 vs prior Q) +9.8M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution Value Shares % of tracked 13F Type
VANGUARD CAPITAL MANAGEMENT LLC $15,676,428,051 30,208,556 12.80% Shares
STATE STREET CORP $10,558,016,047 20,344,181 8.62% Shares
Capital Research Global Investors $9,045,038,560 17,430,716 7.39% Shares
VANGUARD PORTFOLIO MANAGEMENT LLC $6,469,458,400 12,466,679 5.28% Shares
GEODE CAPITAL MANAGEMENT, LLC $5,417,592,288 10,427,155 4.42% Shares
NORGES BANK $3,445,879,399 6,640,227 2.81% Shares
FMR LLC $2,772,874,851 5,343,344 2.26% Shares
Freemont Capital Pte Ltd $2,637,937,562 5,083,319 2.15% Shares
WELLINGTON MANAGEMENT GROUP LLP $2,371,061,769 4,569,048 1.94% Shares
Capital International Investors $2,299,512,525 4,433,510 1.88% Shares
WCM INVESTMENT MANAGEMENT, LLC $1,630,859,906 3,191,132 1.33% Shares
VANGUARD FIDUCIARY TRUST CO $1,347,132,434 2,595,931 1.10% Shares
DIMENSIONAL FUND ADVISORS LP $1,334,620,356 2,571,819 1.09% Shares
Clearbridge Investments, LLC $1,287,122,210 2,480,291 1.05% Shares
UBS Group AG $1,132,460,448 2,182,257 0.92% Shares
AMERIPRISE FINANCIAL INC $1,033,063,653 1,990,264 0.84% Shares
ARROWSTREET CAPITAL, LIMITED PARTNERSHIP $957,308,338 1,844,738 0.78% Shares
Capital World Investors $846,339,195 1,631,451 0.69% Shares
CANADA PENSION PLAN INVESTMENT BOARD $843,761,671 1,625,933 0.69% Shares
PARNASSUS INVESTMENTS, LLC $823,193,484 1,586,298 0.67% Shares
LONE PINE CAPITAL LLC $808,550,554 1,558,081 0.66% Shares
UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC $761,926,108 1,536,885 0.62% Shares
Impax Asset Management Group plc $736,553,914 1,419,343 0.60% Shares
Sumitomo Mitsui Trust Group, Inc. $714,568,963 1,376,978 0.58% Shares
ALLIANCEBERNSTEIN L.P. $701,960,961 1,415,929 0.57% Shares
Dodge & Cox $688,420,615 1,326,590 0.56% Shares
Swiss National Bank $678,234,341 1,306,961 0.55% Shares
JANE STREET GROUP, LLC $654,020,082 1,260,300 0.53% Put option
BARCLAYS PLC $647,965,609 1,248,633 0.53% Shares
NEUBERGER BERMAN GROUP LLC $643,849,308 1,241,263 0.53% Shares
National Pension Service $623,718,138 1,201,908 0.51% Shares
Mitsubishi UFJ Asset Management Co., Ltd. $616,852,561 1,188,678 0.50% Shares
WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST $581,212,800 1,120,000 0.47% Shares
BlackRock, Inc. $529,770,278 1,020,870 0.43% Shares
Pictet Asset Management Holding SA $529,690,361 1,020,716 0.43% Shares
JONES FINANCIAL COMPANIES LLLP $524,510,961 1,009,413 0.43% Shares
Vanguard Global Advisers, LLC $517,848,669 997,897 0.42% Shares
BANK OF AMERICA CORP /DE/ $511,358,287 985,390 0.42% Shares
BNP PARIBAS FINANCIAL MARKETS $491,626,112 947,366 0.40% Shares
ENVESTNET ASSET MANAGEMENT INC $481,030,468 926,948 0.39% Shares
VANGUARD ASSET MANAGEMENT, Ltd $467,649,527 901,163 0.38% Shares
AMF Tjanstepension AB $462,339,214 890,930 0.38% Shares
PRIMECAP MANAGEMENT CO/CA/ $460,258,265 886,920 0.38% Shares
FLOSSBACH VON STORCH SE $438,525,058 845,040 0.36% Shares
MACKENZIE FINANCIAL CORP $437,409,337 842,890 0.36% Shares
ProShare Advisors LLC $432,186,724 832,826 0.35% Shares
Universal- Beteiligungs- und Servicegesellschaft mbH $424,397,375 818,048 0.35% Shares
California Public Employees Retirement System $422,156,133 813,497 0.34% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $415,203,894 800,100 0.34% Put option
Legal & General Group Plc $407,426,541 785,113 0.33% Shares
RHUMBLINE ADVISERS $405,248,611 780,916 0.33% Shares
PineStone Asset Management Inc. $399,471,190 769,783 0.33% Shares
CAISSE DES DEPOTS ET CONSIGNATIONS $385,197,226 742,277 0.31% Shares
RAYMOND JAMES FINANCIAL INC $368,189,859 709,504 0.30% Shares
GOLDMAN SACHS GROUP INC $365,083,816 703,518 0.30% Shares
BROWN BROTHERS HARRIMAN & CO $361,544,174 696,697 0.30% Shares
FIRST MANHATTAN CO. LLC. $351,999,613 678,305 0.29% Shares
VICTORY CAPITAL MANAGEMENT INC $349,536,246 673,506 0.29% Shares
Employees Provident Fund Board $339,101,343 653,450 0.28% Shares
Corient Private Wealth LP $333,564,345 642,783 0.27% Shares
LAZARD ASSET MANAGEMENT LLC $328,812,698 633,596 0.27% Shares
Nuveen, LLC $323,183,451 622,776 0.26% Shares
AVIVA PLC $318,485,414 613,723 0.26% Shares
Artisan Partners Limited Partnership $311,913,557 601,059 0.25% Shares
ROYAL LONDON ASSET MANAGEMENT LTD $304,905,792 587,555 0.25% Shares
Unisphere Establishment $291,903,750 562,500 0.24% Shares
Rathbones Group PLC $283,255,614 545,835 0.23% Shares
BANK OF MONTREAL /CAN/ $278,903,784 537,449 0.23% Shares
Bank Julius Baer & Co. Ltd, Zurich $276,341,038 533,494 0.23% Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM $268,625,573 541,846 0.22% Shares
COMGEST GLOBAL INVESTORS S.A.S. $266,263,444 513,091 0.22% Shares
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC $262,040,310 504,953 0.21% Shares
AMERICAN CENTURY COMPANIES INC $261,788,161 504,467 0.21% Shares
Nuveen Asset Management, LLC $261,154,069 623,771 0.21% Shares
Zurcher Kantonalbank (Zurich Cantonalbank) $257,617,903 496,431 0.21% Shares
NEW YORK STATE COMMON RETIREMENT FUND $254,632,441 490,678 0.21% Shares
BNP PARIBAS ASSET MANAGEMENT Holding S.A. $248,333,391 478,541 0.20% Shares
Temasek Holdings (Private) Ltd $247,726,907 477,371 0.20% Shares
1832 Asset Management L.P. $246,708,228 475,408 0.20% Shares
ADAGE CAPITAL PARTNERS GP, L.L.C. $234,734,725 452,335 0.19% Shares
Ensign Peak Advisors, Inc $232,914,802 448,828 0.19% Shares
ING GROEP NV $229,980,197 443,173 0.19% Shares
DJE Kapital AG $229,934,024 444,446 0.19% Shares
Palestra Capital Management LLC $226,703,609 436,859 0.19% Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP $224,701,020 433,000 0.18% Call option
PNC Financial Services Group, Inc. $224,146,792 431,932 0.18% Shares
LPL Financial LLC $208,070,667 400,953 0.17% Shares
STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM $206,375,173 397,686 0.17% Shares
APG Asset Management N.V. $205,611,082 452,991 0.17% Shares
MANUFACTURERS LIFE INSURANCE COMPANY, THE $205,191,706 395,420 0.17% Shares
Maren Capital LLC $205,181,276 395,385 0.17% Shares
TD Asset Management Inc $197,764,401 381,093 0.16% Shares
STOREBRAND ASSET MANAGEMENT AS $196,743,646 379,126 0.16% Shares
Caisse de depot et placement du Quebec $193,914,905 373,675 0.16% Shares
Vontobel Holding Ltd. $190,456,169 367,010 0.16% Shares
Squarepoint Ops LLC $185,398,061 357,263 0.15% Shares
EDGEWOOD MANAGEMENT LLC $185,268,326 357,013 0.15% Shares
NEOS Investment Management LLC $183,092,930 352,821 0.15% Shares
Empower Advisory Group, LLC $182,504,489 351,687 0.15% Shares
HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND $181,594,231 349,933 0.15% Shares

Company insiders 27 insiders · 11 officers · 17 directors

Insider Role Last activity Shares owned Buys 12m Sells 12m Net 12m
Sanjiv Lamba Chief Executive Officer March 10, 2023 M 56,398 0 0 $0
Matthew J White Chief Financial Officer March 10, 2023 M 57,634 0 0 $0
Stefanos Innocenzi SVP, Linde Engineering June 8, 2026 F 1,973 0 0 $0
Guillermo Bichara Exec VP& Chief Legal Officer Sept. 7, 2023 M 27,161 0 0 $0
Sean Durbin Executive VP, EMEA June 14, 2023 S 8,149 0 0 $0
David P Strauss Executive VP, Chief HR Officer May 15, 2023 M 23,939 0 0 $0
Kelcey E Hoyt Principal Accounting Officer May 15, 2023 G 15,333 0 0 $0
Juergen Nowicki Executive VP, Engineering March 10, 2023 M 6,920 0 0 $0
John Panikar Executive VP, APAC March 10, 2023 M 21,417 0 0 $0
Andreas Opfermann Executive VP, Clean Energy May 3, 2022 M 1,671 0 0 $0
Eduardo F Menezes Executive VP EMEA Gases March 1, 2021 M 74,437 0 0 $0
Paula Rosput Reynolds Director Aug. 18, 2026 P 816 1 0 $47,912
Hugh Grant Director July 1, 2026 A — 0 0 $0
WEISSER ALBERTO Director March 9, 2026 M 2,109 0 0 $0
Robert L Wood Director March 9, 2026 A 16,295 0 0 $0
Stephen F Angel Director Jan. 20, 2026 M 460,239 0 0 $0
Edward G Galante Director March 8, 2023 M 13,673 0 0 $0
Josef Kaeser Director March 7, 2023 A 611 0 0 $0
Ann-Kristin Achleitner Director March 7, 2023 A 3,413 0 0 $0
Victoria Ossadnik Director March 7, 2023 A 2,315 0 0 $0
Thomas Enders Director March 7, 2023 A 12,131 0 0 $0
Martin Richenhagen Director March 7, 2023 A 6,486 0 0 $0
Franz Fehrenbach Director Feb. 23, 2022 M 5,081 0 0 $0
Wolfgang Reitzle Director Feb. 23, 2022 M 20,211 0 0 $0
Clemens A H Boersig Director Feb. 23, 2022 M 2,793 0 0 $0
Nance K Dicciani Director Feb. 23, 2022 M 19,590 0 0 $0
Larry D Mcvay Director May 13, 2021 M 13,309 0 0 $0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

ETF ownership Held by 144 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund Weight Units As of Source
IYM · iShares Trust 18.91% 400,012 SH Aug. 21, 2026 Daily
VAW · VANGUARD WORLD FUND 15.72% 1,359,702 SH Aug. 19, 2026 Daily
MXI · iShares Trust 6.86% 52,936 SH Aug. 21, 2026 Daily
GRW · TCW ETF Trust 3.86% 5,538 NS April 30, 2026 N-PORT
RSPM · Invesco Exchange-Traded Fund Trust 3.48% 13,668 SH Aug. 21, 2026 Daily
PRVS · Parnassus Funds II 3.47% 1,693 NS June 30, 2026 N-PORT
IBAT · iShares Trust 3.26% 4,546 SH Aug. 21, 2026 Daily
FMCX · Northern Lights Fund Trust IV 3.25% 7,699 NS May 31, 2026 N-PORT
PRCS · Parnassus Funds II 3.19% 9,904 NS June 30, 2026 N-PORT
FMCE · Northern Lights Fund Trust IV 2.52% 3,421 NS May 31, 2026 N-PORT
PYZ · Invesco Exchange-Traded Fund Trust 2.28% 3,495 SH Aug. 21, 2026 Daily
ESLV · Strategy Shares 1.91% 448 NS April 30, 2026 N-PORT
TGLB · T. Rowe Price Exchange-Traded Funds… 1.74% 765 NS April 30, 2026 N-PORT
AUSF · Global X Funds 1.50% 25,557 NS May 31, 2026 N-PORT
ESLG · Strategy Shares 1.45% 562 NS April 30, 2026 N-PORT
ESUM · Strategy Shares 1.35% 4,153 NS April 30, 2026 N-PORT
QTOP · iShares Trust 1.34% 7,714 SH Aug. 21, 2026 Daily
RILA · Spinnaker ETF Series 1.27% 1,066 NS April 30, 2026 N-PORT
DFLV · Dimensional ETF Trust 1.26% 147,806 NS April 30, 2026 N-PORT
DFUV · Dimensional ETF Trust 1.22% 350,013 NS April 30, 2026 N-PORT
QCLR · Global X Funds 1.19% 94 NS April 30, 2026 N-PORT
QYLD · Global X Funds 1.17% 194,373 NS April 30, 2026 N-PORT
QRMI · Global X Funds 1.17% 379 NS April 30, 2026 N-PORT
QYLG · Global X Funds 1.14% 3,224 NS April 30, 2026 N-PORT
MGV · VANGUARD WORLD FUND 1.13% 290,759 SH Aug. 19, 2026 Daily
GURU · Global X Funds 1.13% 1,316 NS April 30, 2026 N-PORT
QTR · Global X Funds 1.12% 65 NS April 30, 2026 N-PORT
RFFC · ALPS ETF Trust 1.12% 669 NS May 31, 2026 N-PORT
SPLV · Invesco Exchange-Traded Fund Trust … 1.09% 160,850 SH Aug. 21, 2026 Daily
VIG · VANGUARD SPECIALIZED FUNDS 1.05% 2,612,015 SH Aug. 19, 2026 Daily
EQL · ALPS ETF Trust 1.04% 28,910 NS May 31, 2026 N-PORT
QUAL · iShares Trust 1.01% 993,892 SH Aug. 21, 2026 Daily
VYM · VANGUARD WHITEHALL FUNDS 0.99% 1,840,921 SH Aug. 19, 2026 Daily
ACLC · AMERICAN CENTURY ETF TRUST 0.99% 6,109 NS May 31, 2026 N-PORT
QQQ · Invesco QQQ Trust, Series 1 0.99% 9,953,778 SH Aug. 21, 2026 Daily
QQQM · Invesco Exchange-Traded Fund Trust … 0.99% 2,124,617 SH Aug. 21, 2026 Daily
QQQE · Direxion Shares ETF Trust 0.92% 22,429 NS April 30, 2026 N-PORT
VTV · VANGUARD INDEX FUNDS 0.90% 4,398,316 SH Aug. 19, 2026 Daily
EQWL · Invesco Exchange-Traded Fund Trust 0.89% 51,990 SH Aug. 21, 2026 Daily
USXF · iShares Trust 0.88% 27,121 SH Aug. 21, 2026 Daily
VOOV · VANGUARD ADMIRAL FUNDS 0.83% 106,447 SH Aug. 19, 2026 Daily
IWX · iShares Trust 0.82% 68,000 SH Aug. 21, 2026 Daily
PFM · Invesco Exchange-Traded Fund Trust 0.80% 13,257 SH Aug. 21, 2026 Daily
IVE · iShares Trust 0.74% 765,545 SH Aug. 21, 2026 Daily
IUSV · iShares Trust 0.70% 401,327 SH Aug. 21, 2026 Daily
MSLC · MORGAN STANLEY PATHWAY FUNDS 0.69% 55,699 NS May 31, 2026 N-PORT
VONV · VANGUARD SCOTTSDALE FUNDS 0.67% 278,377 SH Aug. 19, 2026 Daily
QIDX · Spinnaker ETF Series 0.66% 508 NS April 30, 2026 N-PORT
ILCV · iShares Trust 0.65% 18,122 SH Aug. 21, 2026 Daily
SUSL · iShares Trust 0.64% 15,950 SH Aug. 21, 2026 Daily