LIN Linde plc - Ordinary Shares

NASDAQ · Chemicals · View on SEC EDGAR ↗
$506.36
Price · May 20, 2026
Fundamentals as of May 1, 2026
52W Range
$388–$521
89% of range
Analyst Rating
BUY
30 analysts
Price Target
$542
+7% upside
P/E (TTM)
29.2
ROE
18.1%
Net Profit Margin
20.3%

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

Price
$506.36
Market Cap
$197.71B
P/E (TTM)
29.2
EPS (TTM)
$14.61
Revenue (TTM)
$33.99B
Div Yield
1.4%
ROE
18.1%
Debt/Equity
0.7
52W Range
$388 – $521

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%
29.2
30.6
P/S (TTM)
5-point trend, +1.7%
5.8
1.8
P/B
5-point trend, +29.2%
5.2
1.8
EV / EBITDA
5-point trend, -34.0%
24.6
—
Price / FCF
5-point trend, +46.4%
38.9
—

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
1.4%
Payout Ratio
40.8%
5Y Div CAGR
—
Ex-dateAmount
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
June 2, 2021$1.0600

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

BUY 30 analysts
  • Strong Buy 6 20.0%
  • Buy 18 60.0%
  • Hold 5 16.7%
  • Sell 1 3.3%
  • Strong Sell 0 0.0%

12-Month Price Target

25 analysts · 2026-05-19
Median target $550.00 +8.6%
Mean target $541.61 +7.0%

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

Avg Surprise
-0.00%
Period EPS Actual EPS Est Surprise
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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