LIN Linde plc - Ordinary Shares
NASDAQ · Chemicals · View on SEC EDGAR ↗ close Oct 6, 2026 10-K/10-Q Jul 31, 2026LIN Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range
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| Ex-date | Split | Type |
|---|---|---|
| Dec. 16, 2003 | 2-for-1 | Forward |
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.
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 ↗
10-Year Performance Revenue, net income, margins and EPS trends
Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?
| Metric | 5Y trend | LIN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| P/E (TTM) | 31.65Y avg ≈35.9 | ≈35.9 | · | · | |
| P/S | 6.75Y avg ≈5.7 | ≈5.7 | · | · | |
| P/B | 5.95Y avg ≈4.7 | ≈4.7 | · | · | |
| EV / EBITDA | 27.95Y avg ≈29.1 | ≈29.1 | · | · | |
| Price / FCF | 44.65Y avg ≈33.9 | ≈33.9 | · | · | |
| Price / Cash Flow | 21.95Y avg ≈19.5 | ≈19.5 | · | · | |
| EV / Revenue | 7.35Y avg ≈6.1 | ≈6.1 | · | · | |
| EV / FCF | 49.05Y avg ≈36.8 | ≈36.8 | · | · | |
| Price / Tangible Book | 276.05Y avg ≈183.2 | ≈183.2 | · | · | |
| PEG Ratio | ≈1.2 | · | · | · |
Peer median is calculated on a standardized basis per metric and may not always match the TTM/MRQ basis shown for this stock.
Profitability Gross, operating and net margins; ROE, ROA, ROIC
| Metric | 5Y trend | LIN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Operating Margin (TTM) | 26.5%5Y avg ≈21.8% | ≈21.8% | · | · | |
| EBITDA Margin | 26.2%5Y avg ≈21.8% | ≈21.8% | · | · | |
| Pretax Margin (TTM) | 26.4%5Y avg ≈21.9% | ≈21.9% | · | · | |
| Net Profit Margin (TTM) | 20.4%5Y avg ≈16.8% | ≈16.8% | · | · | |
| ROA (TTM) | 8.3%5Y avg ≈6.8% | ≈6.8% | · | · | |
| ROE (TTM) | 18.7%5Y avg ≈13.7% | ≈13.7% | · | · | |
| ROIC | 10.6%5Y avg ≈9.1% | ≈9.1% | · | · |
Financial Health Debt, liquidity, solvency — balance sheet strength
| Metric | 5Y trend | LIN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Debt / Equity (MRQ) | 0.75Y avg ≈0.5 | ≈0.5 | · | · | |
| Current Ratio (MRQ) | 0.95Y avg ≈0.8 | ≈0.8 | · | · | |
| Quick Ratio | 0.75Y avg ≈0.6 | ≈0.6 | · | · | |
| Long-Term Debt / Equity (MRQ) | 0.55Y avg ≈0.4 | ≈0.4 | · | · |
Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR
| Metric | 5Y trend | LIN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Revenue YoY | 3.0%5Y avg ≈4.7% | ≈4.7% | · | · | |
| Revenue CAGR 3Y | 0.62%5Y avg ≈3.1% | ≈3.1% | · | · | |
| Revenue CAGR 5Y | 4.5% | · | · | · | |
| EPS YoY | 7.3%5Y avg ≈27.3% | ≈27.3% | · | · | |
| Net Income YoY | 5.1%5Y avg ≈24.4% | ≈24.4% | · | · | |
| EPS CAGR 3Y | 21.1%5Y avg ≈27.6% | ≈27.6% | · | · | |
| EPS CAGR 5Y | 25.4% | · | · | · | |
| Net Income CAGR 3Y | 18.5%5Y avg ≈24.5% | ≈24.5% | · | · | |
| Net Income CAGR 5Y | 22.5% | · | · | · |
Capital Efficiency Asset turnover, inventory turnover, receivables turnover
| Metric | 5Y trend | LIN | 5Y avg | Peer Median | Verdict |
|---|---|---|---|---|---|
| Asset Turnover | 0.45Y avg ≈0.4 | ≈0.4 | · | · | |
| Receivables Turnover | 7.15Y avg ≈7.1 | ≈7.1 | · | · | |
| Revenue / Employee | ≈$525.7K | · | · | · |
value · ≈ 5Y avg · industry median · verdict relative to median
Dividends Yield, payout ratio, dividend history, 5Y CAGR
| Ex-date | Amount | Currency | Yield |
|---|---|---|---|
| Sep 3, 2026 | $1.60 | USD | ≈1.3% |
| Jun 4, 2026 | $1.60 | USD | ≈1.2% |
| Mar 11, 2026 | $1.60 | USD | ≈1.3% |
| Dec 3, 2025 | $1.50 | USD | ≈1.5% |
| Sep 4, 2025 | $1.50 | USD | ≈1.2% |
| Jun 4, 2025 | $1.50 | USD | ≈1.2% |
| Mar 13, 2025 | $1.50 | USD | ≈1.3% |
| Dec 3, 2024 | $1.39 | USD | ≈1.2% |
| Sep 4, 2024 | $1.39 | USD | ≈1.2% |
| Jun 4, 2024 | $1.39 | USD | ≈1.2% |
| Mar 13, 2024 | $1.39 | USD | ≈1.1% |
| Dec 1, 2023 | $1.28 | USD | ≈1.2% |
| Sep 1, 2023 | $1.28 | USD | ≈1.3% |
| Jun 1, 2023 | $1.28 | USD | ≈1.4% |
| Mar 13, 2023 | $1.28 | USD | ≈1.4% |
| Dec 1, 2022 | $1.17 | USD | ≈1.4% |
| Sep 1, 2022 | $1.17 | USD | ≈1.6% |
| Jun 2, 2022 | $1.17 | USD | ≈1.3% |
| Mar 10, 2022 | $1.17 | USD | ≈1.5% |
| Dec 2, 2021 | $1.06 | USD | ≈1.3% |
Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date
| Period | Report | EPS Actual | EPS Est | Surprise |
|---|---|---|---|---|
| June 30, 2026 | Jul 30, 2026 | $4.15 | $4.53 | -8.4% |
| March 31, 2026 | $4.33 | $4.31 | 0.53% | |
| Dec. 31, 2025 | $4.20 | $4.22 | -0.43% | |
| Sept. 30, 2025 | $4.21 | $4.22 | -0.22% | |
| June 30, 2025 | $4.09 | $4.07 | 0.43% | |
| March 31, 2025 | $3.95 | $3.96 | -0.37% |
Full Fundamentals All metrics by year — income statement, balance sheet, cash flow
Income Statement
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $33.99B | $33.01B | $32.85B | $33.36B | $30.79B | $27.24B | $28.23B | $14.84B | $11.36B | $10.53B | |
| R&D Expense | $147M | $150M | $146M | $143M | $143M | $152M | $184M | $113M | $93M | $92M | |
| SG&A Expense | $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 | |
| Pretax 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 | $847M | $769M | $817M | $1.03B | $551M | |
| 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 (Basic) | 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) | 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 | $8.92B | $8.63B | $8.02B | $5.37B | $4.98B | $3.32B | $2.93B | $5.25B | · | · |
Balance Sheet
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.06B | $4.85B | $4.66B | $5.44B | $2.82B | $3.75B | $2.70B | $4.47B | $617M | $524M | |
| 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 | $614M | · | |
| Prepaid Expense | $546M | $579M | $583M | $597M | $527M | $516M | $516M | $533M | $185M | · | |
| Other Current Assets | $979M | $1.26B | $927M | $950M | $970M | $1.11B | $1.26B | $1.08B | $344M | · | |
| Current Assets | $13.32B | $12.95B | $12.62B | $13.05B | $10.16B | $10.92B | $10.35B | $17.27B | $3.29B | · | |
| PP&E (Net) | $28.26B | $24.77B | $24.55B | $23.55B | $26.00B | $28.71B | $29.06B | $29.72B | $11.82B | $11.25B | |
| PP&E (Gross) | · | · | · | · | · | · | · | $41.94B | $25.29B | · | |
| Accum. Depreciation | · | · | · | · | · | · | · | $12.22B | $13.47B | · | |
| Goodwill | $27.93B | $25.94B | $26.75B | $25.82B | $27.04B | $28.20B | $27.02B | $26.87B | $3.23B | $3.12B | |
| Intangibles | $11.87B | $11.33B | $12.40B | $12.42B | $13.80B | $16.18B | $16.14B | $16.22B | $785M | · | |
| Other Non-current Assets | $5.43B | $3.03B | $2.30B | $2.48B | $1.98B | $2.15B | $2.01B | $1.46B | $581M | · | |
| 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 | $922M | · | |
| Accrued Liabilities | · | · | · | · | · | · | · | · | $2M | · | |
| Short-term Debt | $4.51B | $4.22B | $4.71B | $4.12B | $1.16B | $3.25B | $1.73B | $1.49B | $238M | · | |
| Current Liabilities | $15.20B | $14.54B | $15.72B | $16.48B | $13.64B | $13.74B | $12.16B | $12.96B | $3.31B | · | |
| Capital Leases | $667M | $606M | $572M | $540M | $618M | $669M | $716M | · | · | · | |
| Deferred Tax | $5.56B | $5.66B | $5.75B | $5.89B | $6.24B | $6.70B | $6.89B | $7.43B | $1.17B | · | |
| Other Non-current Liabilities | $11.20B | $4.01B | $3.80B | $2.79B | $4.19B | $5.52B | $4.89B | $3.44B | $1.59B | · | |
| Total Liabilities | $47.08B | $40.66B | $39.72B | $38.27B | $36.16B | $38.65B | $34.98B | $36.29B | $13.91B | · | |
| Long-term Debt | $22.48B | $17.40B | $14.66B | $13.80B | $13.04B | $12.90B | $12.22B | $13.81B | $8.76B | · | |
| Total Debt | $26.99B | $21.62B | $19.37B | $17.91B | $12.50B | $15.40B | $12.43B | $13.77B | · | · | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $4M | · | |
| Paid-in Capital | $39.43B | $39.60B | $39.81B | $40.01B | $40.18B | $40.20B | $40.20B | $40.15B | $4.08B | · | |
| Retained Earnings | $16.61B | $12.63B | $8.85B | $20.54B | $18.71B | $17.18B | $16.84B | $16.53B | $13.22B | · | |
| Treasury Stock | $11.56B | $7.25B | $3.13B | $14.74B | $9.81B | $5.37B | $3.16B | $629M | $7.20B | · | |
| AOCI | $-6.23B | $-6.89B | $-5.80B | $-5.78B | $-5.05B | $-4.69B | $-4.81B | $-4.46B | $-4.10B | · | |
| Stockholders' Equity | $38.24B | $38.09B | $39.72B | $40.03B | $44.03B | $47.32B | $49.07B | $51.60B | $6.02B | · | |
| Liabilities + Equity | $86.82B | $80.15B | $80.81B | $79.66B | $81.61B | $88.23B | $86.61B | $93.39B | $20.44B | · | |
| Shares Outstanding | 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
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $3.76B | $3.78B | $3.82B | $4.20B | $4.63B | $4.63B | $4.67B | $1.83B | $1.18B | $1.12B | |
| Stock-based Comp | · | · | · | $107M | $128M | $133M | $95M | $62M | $59M | $39M | |
| Deferred Tax | $-465M | $-142M | $-84M | $-383M | $-254M | $-368M | $-303M | $-186M | $3M | $-13M | |
| Amort. of Intangibles | $517M | $554M | $550M | $571M | $723M | $765M | $735M | $215M | $91M | $94M | |
| Restructuring | $273M | $145M | $40M | $1.03B | $273M | $506M | $567M | $309M | $52M | · | |
| Operating Cash Flow | $10.35B | $9.42B | $9.30B | $8.86B | $9.72B | $7.43B | $6.12B | $3.65B | $3.04B | $2.79B | |
| CapEx | $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 | · | $5.36B | $-1.31B | $-1.77B | |
| Debt Issued | $5.15B | $4.84B | $2.19B | $3.21B | $2.28B | $2.80B | $99M | $8M | $11M | $936M | |
| Net Debt Issued | $2.87B | $3.54B | $506M | $1.43B | $815M | $115M | $-1.48B | $-3.12B | · | · | |
| Stock Issued | $23M | $31M | $33M | $36M | $50M | $47M | $72M | $77M | $120M | $139M | |
| Stock Repurchased | $4.60B | $4.48B | $3.96B | $5.17B | $4.61B | $2.46B | $2.66B | $599M | $12M | $228M | |
| Net Stock Activity | $-4.58B | $-4.45B | $-3.92B | $-5.13B | $-4.56B | $-2.41B | $-2.59B | $-522M | · | · | |
| Dividends Paid | $2.81B | $2.65B | $2.48B | $2.34B | $2.19B | $2.03B | $1.89B | $1.17B | $901M | $856M | |
| Financing Cash Flow | $-4.55B | $-4.36B | $-5.40B | $-3.09B | $-7.59B | $-3.35B | · | $-5.00B | $-1.66B | $-659M | |
| Net Change in Cash | $206M | $186M | $-772M | $2.61B | $-931M | $1.05B | $-1.75B | $3.99B | $93M | $377M | |
| Taxes Paid | $2.27B | $2.22B | $1.96B | · | · | · | · | · | · | · | |
| Free Cash Flow | $5.09B | $4.93B | $5.52B | $5.69B | $6.64B | $4.03B | $2.44B | $1.77B | · | · |
Profitability
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 26.2% | 26.2% | 24.4% | 16.1% | 16.2% | 12.2% | 10.4% | 35.2% | · | · | |
| Net Margin | 20.3% | 19.9% | 18.9% | 12.4% | 12.4% | 9.2% | 8.1% | 29.4% | · | · | |
| Pretax Margin | 26.2% | 26.0% | 24.3% | 16.6% | 16.6% | 12.4% | 10.4% | 33.9% | · | · | |
| EBITDA Margin | 26.2% | 26.2% | 24.4% | 16.1% | 16.2% | 12.2% | 10.4% | 35.2% | · | · | |
| ROA | 8.3% | 8.2% | 7.7% | 5.1% | 4.5% | 2.9% | 2.5% | 7.7% | · | · | |
| ROE | 18.1% | 16.9% | 15.6% | 9.9% | 8.4% | 5.2% | 4.5% | 15.2% | · | · | |
| ROIC | 10.6% | 11.1% | 10.5% | 6.9% | 6.6% | 4.0% | 3.5% | 6.7% | · | · |
Liquidity & Solvency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 0.7 | 0.8 | 0.9 | 1.3 | · | · | |
| Quick Ratio | 0.7 | 0.7 | 0.6 | 0.6 | 0.5 | 0.6 | 0.6 | 0.7 | · | · | |
| Debt / Equity | 0.7 | 0.6 | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | · | · | |
| LT Debt / Equity | 0.5 | 0.4 | 0.3 | 0.3 | 0.3 | 0.3 | 0.2 | 0.2 | · | · |
Efficiency
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.4 | 0.4 | 0.4 | 0.4 | 0.4 | 0.3 | 0.3 | 0.3 | · | · | |
| Receivables Turnover | 7.1 | 7.1 | 7.1 | 7.4 | 7.1 | 6.4 | 6.6 | 5.0 | · | · |
Per Share
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Book Value / Share | $82.48 | $80.49 | $82.33 | $81.28 | $86.57 | $90.42 | $91.83 | $94.28 | · | · | |
| Revenue / Share | $71.97 | $68.46 | $66.74 | $66.19 | $59.00 | $51.29 | $51.78 | $44.59 | · | · | |
| Cash Flow / Share | $21.92 | $19.55 | $18.90 | $17.59 | $18.63 | $13.99 | $11.22 | $10.94 | · | · | |
| Cash / Share | $10.90 | $10.25 | $9.67 | $11.04 | $5.55 | $7.17 | $5.05 | $8.16 | · | · | |
| Dividend / Share | $6.00 | $5.56 | $5.10 | $4.68 | $4.24 | $3.85 | $3.50 | $3.30 | $3.15 | $3.00 | |
| EPS (TTM) | $14.61 | $13.62 | $12.59 | $8.23 | $7.33 | $4.71 | $4.19 | $13.11 | · | · |
Growth Rates
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue YoY | 3.0% | 0.46% | -1.5% | 8.3% | 13.0% | · | · | · | · | · | |
| Revenue CAGR 3Y | 0.62% | 2.3% | 6.4% | · | · | · | · | · | · | · | |
| Revenue CAGR 5Y | 4.5% | · | · | · | · | · | · | · | · | · | |
| EPS YoY | 7.3% | 8.2% | 53.0% | 12.3% | 55.6% | · | · | · | · | · | |
| EPS CAGR 3Y | 21.1% | 22.9% | 38.8% | · | · | · | · | · | · | · | |
| EPS CAGR 5Y | 25.4% | · | · | · | · | · | · | · | · | · | |
| Net Income YoY | 5.1% | 5.9% | 49.5% | 8.4% | 53.0% | · | · | · | · | · | |
| Net Income CAGR 3Y | 18.5% | 19.7% | 35.3% | · | · | · | · | · | · | · | |
| Net Income CAGR 5Y | 22.5% | · | · | · | · | · | · | · | · | · | |
| Dividends Paid CAGR 5Y | 6.8% | · | · | · | · | · | · | · | · | · |
Valuation (TTM)
| Metric | Trend | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $33.99B | $33.01B | $32.85B | $33.36B | $30.79B | $27.24B | $28.23B | $14.84B | · | · | |
| Net Income TTM | $6.90B | $6.57B | $6.20B | $4.15B | $3.83B | $2.50B | $2.29B | $4.38B | · | · | |
| Market Cap | $197.71B | $198.13B | $198.15B | $160.63B | $176.22B | $137.89B | $113.77B | $85.39B | · | · | |
| Enterprise Value | $219.64B | $214.90B | $212.85B | $173.11B | $185.90B | $149.54B | $123.49B | $94.70B | · | · | |
| P/E | 29.2 | 30.7 | 32.6 | 39.6 | 47.3 | 55.9 | 50.8 | 11.9 | · | · | |
| P/S | 5.8 | 6.0 | 6.0 | 4.8 | 5.7 | 5.1 | 4.0 | 5.8 | · | · | |
| P/B | 5.2 | 5.2 | 5.0 | 4.0 | 4.0 | 2.9 | 2.3 | 1.7 | · | · | |
| P / Tangible Book | · | 240.2 | 347.6 | 89.7 | 55.2 | 47.0 | · | · | · | · | |
| P / Cash Flow | 19.1 | 21.0 | 21.3 | 18.1 | 18.1 | 18.6 | 18.6 | 23.4 | · | · | |
| P / FCF | 38.9 | 40.2 | 35.9 | 28.2 | 26.5 | 34.2 | 46.7 | 48.2 | · | · | |
| EV / EBITDA | 24.6 | 24.9 | 26.5 | 32.2 | 37.3 | 45.0 | 42.1 | 18.0 | · | · | |
| EV / FCF | 43.2 | 43.6 | 38.6 | 30.4 | 28.0 | 37.1 | 50.7 | 53.5 | · | · | |
| EV / Revenue | 6.5 | 6.5 | 6.5 | 5.2 | 6.0 | 5.5 | 4.4 | 6.4 | · | · | |
| Dividend Yield | 1.4% | 1.3% | 1.2% | 1.5% | 1.2% | 1.5% | 1.7% | 1.4% | · | · | |
| Earnings Yield | 3.4% | 3.2% | 3.1% | 2.5% | 2.1% | 1.8% | 2.0% | 8.4% | · | · | |
| Payout Ratio | 40.8% | 40.4% | 40.0% | 56.5% | 57.2% | 81.1% | 82.8% | 26.6% | · | · | |
| Annual Payout | $2.81B | $2.65B | $2.48B | $2.34B | $2.19B | $2.03B | $1.89B | $1.17B | · | · |
Income Statement
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.29B | $8.78B | $8.76B | $8.62B | $8.49B | $8.11B | $8.28B | $8.36B | $8.27B | $8.10B | $8.30B | $8.15B | $8.20B | $8.19B | $7.90B | $8.80B | |
| R&D Expense | $37M | $38M | $35M | $36M | $38M | $38M | $39M | $37M | $36M | $38M | $39M | $36M | $35M | $36M | $36M | $35M | |
| SG&A Expense | $891M | $893M | $880M | $897M | $870M | $786M | $814M | $823M | $840M | $860M | $832M | $808M | $833M | $822M | $764M | $770M | |
| Operating Income | $2.55B | $2.44B | $2.02B | $2.37B | $2.35B | $2.18B | $2.27B | $2.09B | $2.18B | $2.10B | $2.03B | $2.05B | $2.01B | $1.93B | $1.69B | $1.61B | |
| Pretax Income | $2.55B | $2.43B | $2.01B | $2.36B | $2.35B | $2.18B | $2.26B | $2.06B | $2.16B | $2.08B | $2.00B | $2.05B | $2.00B | $1.94B | $1.71B | $1.65B | |
| Income Tax | $610M | $571M | $481M | $424M | $573M | $511M | $533M | $498M | $508M | $463M | $459M | $487M | $438M | $430M | $388M | $391M | |
| Net Income | $1.93B | $1.86B | $1.53B | $1.93B | $1.77B | $1.67B | $1.73B | $1.55B | $1.66B | $1.63B | $1.54B | $1.56B | $1.57B | $1.52B | $1.33B | $1.27B | |
| EPS (Basic) | $4.17 | $4.00 | $3.30 | $4.11 | $3.75 | $3.53 | $3.63 | $3.24 | $3.46 | $3.38 | $3.19 | $3.21 | $3.22 | $3.08 | $2.69 | $2.56 | |
| EPS (Diluted) | $4.15 | $3.98 | $3.28 | $4.09 | $3.73 | $3.51 | $3.61 | $3.22 | $3.44 | $3.35 | $3.15 | $3.19 | $3.19 | $3.06 | $2.65 | $2.54 | |
| Shares (Basic) | 462,525,000 | 464,051,000 | · | 468,802,000 | 470,865,000 | 473,303,000 | · | 477,662,000 | 479,973,000 | 481,949,000 | · | 487,122,000 | 489,618,000 | 491,817,000 | · | 497,186,000 | |
| Shares (Diluted) | 464,523,000 | 466,319,000 | · | 471,509,000 | 473,573,000 | 476,262,000 | · | 480,898,000 | 483,177,000 | 485,592,000 | · | 491,076,000 | 493,549,000 | 495,676,000 | · | 501,151,000 | |
| EBITDA | $2.55B | $2.44B | · | $2.37B | $2.35B | $2.18B | · | $2.09B | $2.18B | $2.10B | · | $2.05B | $2.01B | $1.93B | · | $1.61B |
Balance Sheet
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.90B | $3.96B | $5.06B | $4.51B | $4.79B | $5.29B | $4.85B | $5.19B | $4.63B | $4.85B | · | $3.89B | $3.36B | $4.96B | · | $3.76B | |
| Receivables | $5.63B | $5.32B | $4.97B | $5.33B | $5.23B | $4.95B | $4.62B | $4.87B | $5.00B | $5.01B | · | $4.69B | $4.80B | $4.75B | · | $4.60B | |
| Inventory | $2.12B | $2.08B | $2.06B | $2.13B | $2.12B | $1.98B | $1.95B | $2.09B | $2.09B | $2.10B | · | $2.08B | $2.08B | $2.05B | · | $1.85B | |
| Prepaid Expense | · | · | $546M | · | · | · | $579M | · | · | · | · | · | · | · | · | · | |
| Other Current Assets | $1.09B | $1.07B | $979M | $1.14B | $1.23B | $1.08B | $1.26B | $1.06B | $896M | $928M | · | $922M | $1.02B | $960M | · | $889M | |
| Current Assets | $14.18B | $12.75B | $13.32B | $13.33B | $13.63B | $13.60B | $12.95B | $13.46B | $12.84B | $13.10B | · | $11.74B | $11.41B | $12.90B | · | $11.20B | |
| PP&E (Net) | · | · | $28.26B | · | · | · | $24.77B | · | · | · | $24.55B | · | · | · | $23.55B | · | |
| Goodwill | $27.93B | $27.88B | $27.93B | $27.83B | $27.81B | $26.51B | $25.94B | $27.11B | $26.36B | $26.29B | $26.75B | $25.95B | $26.46B | $26.42B | $25.82B | $24.57B | |
| Intangibles | $11.56B | $11.67B | $11.87B | $11.93B | $12.08B | $11.56B | $11.33B | $12.11B | $11.85B | $12.00B | · | $12.09B | $12.51B | $12.64B | · | $11.81B | |
| Other Non-current Assets | $5.51B | $5.45B | $3.42B | $5.37B | $5.63B | $5.33B | $3.03B | $4.74B | $4.58B | $4.54B | · | $4.42B | $4.53B | $4.55B | · | $4.16B | |
| Total Assets | $88.35B | $86.31B | $86.82B | $85.99B | $86.08B | $82.70B | $80.15B | $82.55B | $80.22B | $80.35B | · | $77.83B | $78.72B | $80.31B | · | $74.32B | |
| Accounts Payable | $2.84B | $2.66B | $2.81B | $2.65B | $2.59B | $2.45B | $2.51B | $2.85B | $2.86B | $2.88B | · | $2.75B | $2.98B | $2.94B | · | $3.07B | |
| Short-term Debt | $4.86B | $4.82B | $4.51B | $4.96B | $4.88B | $4.46B | $4.22B | $3.51B | $3.33B | $4.05B | · | $3.85B | $3.02B | $5.34B | · | $3.18B | |
| Current Liabilities | $16.13B | $15.39B | $15.20B | $16.19B | $14.71B | $14.48B | $14.54B | $14.05B | $13.50B | $14.39B | · | $14.16B | $14.55B | $17.79B | · | $15.06B | |
| Capital Leases | · | · | $667M | · | · | · | $606M | · | · | · | · | · | · | · | · | · | |
| Deferred Tax | · | · | $5.56B | · | · | · | $5.66B | · | · | · | · | · | · | · | · | · | |
| Other Non-current Liabilities | $10.91B | $10.97B | $4.36B | $11.12B | $11.68B | $11.15B | $4.01B | $10.42B | $10.23B | $10.50B | · | $10.20B | $9.39B | $9.44B | · | $9.71B | |
| Total Liabilities | $47.72B | $46.22B | $47.08B | $45.91B | $46.09B | $43.24B | $40.66B | $41.94B | $40.66B | $40.12B | · | $37.59B | $37.47B | $38.97B | · | $35.38B | |
| Long-term Debt | $23.15B | $21.50B | $22.48B | $20.96B | $21.04B | $19.43B | $17.40B | $18.75B | $18.19B | $16.27B | · | $14.15B | $14.47B | $13.44B | · | $12.16B | |
| Total Debt | $28.01B | $26.32B | · | $25.93B | $25.92B | $23.90B | · | $22.26B | $21.52B | $20.32B | · | $18.00B | $17.49B | $18.78B | · | $3.18B | |
| Common Stock | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | $1M | · | $0 | $0 | $0 | · | $1M | |
| Paid-in Capital | $39.13B | $39.18B | $39.43B | $39.41B | $39.41B | $39.41B | $39.60B | $39.57B | $39.56B | $39.57B | · | $39.80B | $39.80B | $39.86B | · | $40.01B | |
| Retained Earnings | $18.80B | $17.64B | $16.61B | $15.80B | $14.60B | $13.54B | $12.63B | $11.59B | $10.72B | $9.71B | · | $7.94B | $7.02B | $6.09B | · | $19.84B | |
| Treasury Stock | $12.93B | $12.10B | $11.56B | $10.18B | $9.24B | $8.15B | $7.25B | $5.93B | $5.31B | $3.92B | · | $2.17B | $1.01B | $171M | · | $14.13B | |
| AOCI | $-5.93B | $-6.15B | $-6.23B | $-6.41B | $-6.25B | $-6.77B | $-6.89B | $-6.06B | $-6.79B | $-6.53B | · | $-6.68B | $-5.90B | $-5.81B | · | $-8.09B | |
| Stockholders' Equity | $39.08B | $38.57B | $38.24B | $38.62B | $38.52B | $38.03B | $38.09B | $39.17B | $38.18B | $38.83B | · | $38.90B | $39.91B | $39.97B | · | $37.63B | |
| Liabilities + Equity | $88.35B | $86.31B | $86.82B | $85.99B | $86.08B | $82.70B | $80.15B | $82.55B | $80.22B | $80.35B | · | $77.83B | $78.72B | $80.31B | · | $74.32B | |
| Shares Outstanding | · | · | 463,680,942 | · | · | · | 473,236,732 | · | · | · | · | · | · | · | · | · |
Cash Flow
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| D&A | $963M | $951M | $950M | $961M | $942M | $910M | $913M | $960M | $958M | $949M | $949M | $959M | $960M | $948M | $956M | $1.04B | |
| Stock-based Comp | · | · | · | · | · | · | · | · | · | · | · | $36M | $36M | $30M | · | $27M | |
| Restructuring | $0 | $0 | $229M | $-11M | $0 | $55M | $0 | $145M | $0 | $0 | $-2M | $2M | $22M | $18M | $25M | $15M | |
| Operating Cash Flow | $2.27B | $2.24B | $3.03B | $2.95B | $2.21B | $2.16B | $2.81B | $2.73B | $1.93B | $1.95B | $2.73B | $2.52B | $2.15B | $1.91B | $2.10B | $2.64B | |
| CapEx | $1.44B | $1.34B | $1.46B | $1.28B | $1.26B | $1.27B | $1.25B | $1.07B | $1.13B | $1.05B | $1.15B | $948M | $859M | $829M | $936M | $762M | |
| Investing Cash Flow | $-1.66B | $-1.38B | $-1.46B | $-1.43B | $-1.46B | $-1.37B | $-1.38B | $-957M | $-1.27B | $-1.04B | $-1.23B | $-946M | $-864M | $-1.63B | $-881M | $-700M | |
| Debt Issued | $1.96B | $58M | $2.08B | $5M | $719M | $2.34B | $8M | $8M | $2.37B | $2.46B | $65M | $8M | $2.06B | $60M | $919M | $0 | |
| Net Debt Issued | · | $-675M | · | · | · | $1.33B | · | · | · | $1.85B | · | · | · | $-482M | · | · | |
| Stock Issued | $19M | $3M | $3M | $5M | $4M | $11M | $3M | $7M | $5M | $16M | $8M | $4M | $8M | $13M | $12M | $2M | |
| Stock Repurchased | $871M | $807M | $1.39B | $989M | $1.11B | $1.11B | $1.33B | $667M | $1.44B | $1.04B | $1.03B | $1.16B | $908M | $859M | $690M | $1.15B | |
| Net Stock Activity | · | $-804M | · | · | · | $-1.10B | · | · | · | $-1.02B | · | · | · | $-846M | · | · | |
| Dividends Paid | $738M | $741M | $698M | $701M | $704M | $708M | $659M | $662M | $665M | $669M | $616M | $620M | $623M | $623M | $586M | $581M | |
| Financing Cash Flow | $321M | $-1.97B | $-1.02B | $-1.78B | $-1.37B | $-388M | $-1.61B | $-1.27B | $-808M | $-668M | $-780M | $-964M | $-2.89B | $-764M | $390M | $-1.72B | |
| Net Change in Cash | $939M | $-1.10B | $547M | $-277M | $-508M | $444M | $-337M | $561M | $-222M | $184M | $770M | $537M | $-1.60B | $-474M | $1.68B | $101M | |
| Free Cash Flow | · | $898M | · | · | · | $891M | · | · | · | $906M | · | · | · | $1.08B | · | · |
Profitability
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 27.5% | 27.8% | · | 27.5% | 27.7% | 26.9% | · | 25.0% | 26.4% | 25.9% | · | 25.2% | 24.5% | 23.6% | · | 18.3% | |
| Net Margin | 20.8% | 21.1% | · | 22.4% | 20.8% | 20.6% | · | 18.6% | 20.1% | 20.1% | · | 19.2% | 19.2% | 18.5% | · | 14.5% | |
| Pretax Margin | 27.4% | 27.7% | · | 27.4% | 27.6% | 26.9% | · | 24.7% | 26.2% | 25.7% | · | 25.1% | 24.4% | 23.7% | · | 18.7% | |
| EBITDA Margin | 27.5% | 27.8% | · | 27.5% | 27.7% | 26.9% | · | 25.0% | 26.4% | 25.9% | · | 25.2% | 24.5% | 23.6% | · | 18.3% | |
| ROA | 2.2% | 2.2% | · | 2.3% | 2.1% | 2.1% | · | 1.9% | 2.1% | 2.0% | · | 2.1% | 2.0% | 1.9% | · | 1.6% | |
| ROE | 5.0% | 4.9% | · | 5.0% | 4.6% | 4.3% | · | 4.0% | 4.3% | 4.1% | · | 4.1% | 4.0% | 3.7% | · | 3.1% | |
| ROIC | 2.9% | 2.9% | · | 3.0% | 2.8% | 2.7% | · | 2.6% | 2.8% | 2.8% | · | 2.8% | 2.7% | 2.6% | · | 3.0% |
Liquidity & Solvency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 0.9 | 0.8 | · | 0.8 | 0.9 | 0.9 | · | 1.0 | 1.0 | 0.9 | · | 0.8 | 0.8 | 0.7 | · | 0.7 | |
| Quick Ratio | 0.7 | 0.6 | · | 0.6 | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.7 | · | 0.6 | 0.6 | 0.5 | · | 0.6 | |
| Debt / Equity | 0.7 | 0.7 | · | 0.7 | 0.7 | 0.6 | · | 0.6 | 0.6 | 0.5 | · | 0.5 | 0.4 | 0.5 | · | 0.1 | |
| LT Debt / Equity | 0.5 | 0.5 | · | 0.5 | 0.5 | 0.5 | · | 0.4 | 0.4 | 0.4 | · | 0.3 | 0.3 | 0.3 | · | · |
Efficiency
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Asset Turnover | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | 0.1 | 0.1 | · | 0.1 | |
| Receivables Turnover | 1.7 | 1.7 | · | 1.7 | 1.7 | 1.6 | · | 1.7 | 1.7 | 1.7 | · | 1.8 | 1.7 | 1.7 | · | 2.0 |
Per Share
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue / Share | $20.00 | $18.83 | · | $18.27 | $17.94 | $17.03 | · | $17.38 | $17.11 | $16.68 | · | $16.61 | $16.62 | $16.53 | · | $17.55 | |
| Cash Flow / Share | · | $4.80 | · | · | · | $4.54 | · | · | · | $4.02 | · | · | · | $3.85 | · | · | |
| Dividend / Share | $1.60 | $1.60 | $1.50 | $1.50 | $1.50 | $1.50 | $1.39 | $1.39 | $1.39 | $1.39 | $1.27 | $1.27 | · | · | · | · | |
| Dividend Paid / Share | · | · | · | · | · | · | · | · | $1.39 | $1.39 | · | $1.27 | $1.27 | $1.27 | · | $1.17 | |
| EPS (TTM) | $15.50 | $15.08 | · | $14.94 | $14.07 | $13.78 | · | $13.16 | $13.13 | $12.88 | · | $12.09 | $11.44 | $8.99 | · | $7.57 |
Valuation (TTM)
| Metric | Trend | Q2 2026 | Q1 2026 | Q4 2025 | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue TTM | $35.45B | $34.66B | · | $33.50B | $33.24B | $33.02B | · | $33.02B | $32.82B | $32.76B | · | $32.45B | $33.09B | $33.35B | · | $33.76B | |
| Net Income TTM | $7.24B | $7.08B | · | $7.09B | $6.71B | $6.61B | · | $6.38B | $6.40B | $6.31B | · | $5.98B | $5.69B | $4.49B | · | $3.85B | |
| P/E | 33.5 | 32.9 | · | 31.8 | 33.3 | 33.8 | · | 36.2 | 33.4 | 36.0 | · | 30.8 | 33.3 | 39.5 | · | 35.6 | |
| Earnings Yield | 3.0% | 3.0% | · | 3.1% | 3.0% | 3.0% | · | 2.8% | 3.0% | 2.8% | · | 3.2% | 3.0% | 2.5% | · | 2.8% | |
| Payout Ratio | · | 39.9% | · | · | · | 42.3% | · | · | · | 41.1% | · | · | · | 41.1% | · | · | |
| Annual Payout | $2.88B | $2.84B | · | $2.77B | $2.73B | $2.69B | · | $2.61B | $2.57B | $2.53B | · | $2.45B | $2.41B | $2.38B | · | $2.30B |
Most recent period on the left · null values shown as ·
Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| 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 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Debt / Equity | 0.7 | 0.6 | 0.5 | 0.4 | 0.3 |
| Current Ratio | 0.9 | 0.9 | 0.8 | 0.8 | 0.7 |
| Quick Ratio | 0.7 | 0.7 | 0.6 | 0.6 | 0.5 |
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Free Cash Flow | $5.09B | $4.93B | $5.52B | $5.69B | $6.64B |
Institutional owners (13F) 2,489 filers · $218.6B total · As of Sept. 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.
| New positions | Exited positions | Increased | Decreased | Net shares change |
|---|---|---|---|---|
| 192 (-166 vs prior Q) | 110 (-18 vs prior Q) | 1,014 (+80 vs prior Q) | 778 (+73 vs prior Q) | +14.5M |
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 |
|---|---|---|---|---|
| BlackRock, Inc. | $19,357,434,845 | 37,301,875 | 8.86% | Shares |
| VANGUARD GROUP INC | $19,167,559,131 | 44,953,116 | 8.77% | Shares |
| VANGUARD CAPITAL MANAGEMENT LLC | $15,676,428,051 | 30,208,556 | 7.17% | Shares |
| STATE STREET CORP | $10,558,016,047 | 20,344,181 | 4.83% | Shares |
| Capital Research Global Investors | $9,045,038,560 | 17,430,716 | 4.14% | Shares |
| Invesco Ltd. | $7,950,856,662 | 15,321,341 | 3.64% | Shares |
| VANGUARD PORTFOLIO MANAGEMENT LLC | $6,469,458,400 | 12,466,679 | 2.96% | Shares |
| GEODE CAPITAL MANAGEMENT, LLC | $6,204,231,638 | 11,943,013 | 2.84% | Shares |
| FMR LLC | $4,315,784,990 | 8,316,540 | 1.97% | Shares |
| MORGAN STANLEY | $3,828,108,032 | 7,376,780 | 1.75% | Shares |
| NORGES BANK | $3,445,879,399 | 6,640,227 | 1.58% | Shares |
| JPMORGAN CHASE & CO | $3,343,339,178 | 6,541,968 | 1.53% | Shares |
| MASSACHUSETTS FINANCIAL SERVICES CO /MA/ | $3,254,734,640 | 4,922,872 | 1.49% | Shares |
| Freemont Capital Pte Ltd | $2,637,937,562 | 5,083,319 | 1.21% | Shares |
| WELLINGTON MANAGEMENT GROUP LLP | $2,498,827,392 | 4,815,253 | 1.14% | Shares |
| Bank of New York Mellon Corp | $2,455,734,376 | 4,732,213 | 1.12% | Shares |
| FRANKLIN RESOURCES INC | $2,406,042,050 | 4,636,455 | 1.10% | Shares |
| Capital International Investors | $2,299,512,525 | 4,433,510 | 1.05% | Shares |
| NORTHERN TRUST CORP | $2,283,447,052 | 4,400,214 | 1.04% | Shares |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC | $2,230,251,717 | 4,498,652 | 1.02% | Shares |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC | $2,116,854,045 | 4,079,179 | 0.97% | Shares |
| Nuveen, LLC | $2,082,724,570 | 4,013,421 | 0.95% | Shares |
| WELLS FARGO & COMPANY/MN | $1,986,429,781 | 3,827,860 | 0.91% | Shares |
| BANK OF AMERICA CORP /DE/ | $1,982,204,595 | 3,819,718 | 0.91% | Shares |
| AMERIPRISE FINANCIAL INC | $1,973,238,728 | 3,803,102 | 0.90% | Shares |
| DEUTSCHE BANK AG\ | $1,906,528,995 | 3,673,891 | 0.87% | Shares |
| GOLDMAN SACHS GROUP INC | $1,892,641,082 | 3,647,129 | 0.87% | Shares |
| WCM INVESTMENT MANAGEMENT, LLC | $1,630,859,906 | 3,191,132 | 0.75% | Shares |
| UBS Group AG | $1,616,241,745 | 3,114,506 | 0.74% | Shares |
| Legal & General Group Plc | $1,493,993,453 | 2,878,928 | 0.68% | Shares |
| DIMENSIONAL FUND ADVISORS LP | $1,457,709,064 | 2,809,274 | 0.67% | Shares |
| Amundi | $1,358,720,362 | 2,618,261 | 0.62% | Shares |
| VANGUARD FIDUCIARY TRUST CO | $1,347,132,434 | 2,595,931 | 0.62% | Shares |
| Clearbridge Investments, LLC | $1,289,303,310 | 2,484,494 | 0.59% | Shares |
| FIL Ltd | $1,165,896,427 | 2,246,661 | 0.53% | Shares |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | $957,308,338 | 1,844,738 | 0.44% | Shares |
| ROYAL BANK OF CANADA | $918,041,000 | 1,769,065 | 0.42% | Shares |
| BARCLAYS PLC | $862,221,404 | 1,661,505 | 0.39% | Shares |
| Capital World Investors | $846,339,195 | 1,631,451 | 0.39% | Shares |
| CANADA PENSION PLAN INVESTMENT BOARD | $843,761,671 | 1,625,933 | 0.39% | Shares |
| PARNASSUS INVESTMENTS, LLC | $823,193,484 | 1,586,298 | 0.38% | Shares |
| LONE PINE CAPITAL LLC | $808,550,554 | 1,558,081 | 0.37% | Shares |
| Impax Asset Management Group plc | $736,553,914 | 1,419,343 | 0.34% | Shares |
| Sumitomo Mitsui Trust Group, Inc. | $714,568,963 | 1,376,978 | 0.33% | Shares |
| ALLIANCEBERNSTEIN L.P. | $701,960,961 | 1,415,929 | 0.32% | Shares |
| Dodge & Cox | $688,420,615 | 1,326,590 | 0.31% | Shares |
| Swiss National Bank | $678,234,341 | 1,306,961 | 0.31% | Shares |
| NEUBERGER BERMAN GROUP LLC | $661,168,931 | 1,274,638 | 0.30% | Shares |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main | $660,365,782 | 1,272,509 | 0.30% | Shares |
| JANE STREET GROUP, LLC | $654,020,082 | 1,260,300 | 0.30% | Put option |
Company insiders 34 insiders · 18 officers · 17 directors
| Insider | Role | Last activity | Shares owned | Buys 12m | Sells 12m | Net 12m |
|---|---|---|---|---|---|---|
| Sanjiv Lamba | Chairman & CEO | March 9, 2026 A | 109,161 | 1 | 0 | $999,634 |
| Matthew J White | Chief Financial Officer | March 9, 2026 A | 83,095 | 0 | 0 | $0 |
| Sean Durbin | EVP, Chief Operating Officer | March 10, 2026 M | 8,151 | 0 | 2 | $-3,111,829 |
| Stefanos Innocenzi | SVP, Linde Engineering | June 8, 2026 M | 1,973 | 0 | 0 | $0 |
| Guillermo Bichara | Exec VP & Chief Legal Officer | March 10, 2026 S | 22,138 | 0 | 2 | $-6,637,457 |
| Benjamin Glazer | SVP, Americas | March 9, 2026 A | 14,891 | 0 | 0 | $0 |
| Desiree Bacher | SVP, Chief HR Officer | March 9, 2026 A | 979 | 0 | 0 | $0 |
| Binod Patwari | Senior Vice President - APAC | March 9, 2026 M | 5,277 | 0 | 1 | $-502,257 |
| Oliver Pfann | Senior Vice President, EMEA | March 9, 2026 A | 3,683 | 0 | 0 | $0 |
| Kelcey E Hoyt | Principal Accounting Officer | March 9, 2026 A | 22,050 | 0 | 0 | $0 |
| David P Strauss | Executive VP, Chief HR Officer | May 16, 2025 S | 22,639 | 0 | 0 | $0 |
| Juergen Nowicki | Executive VP, Engineering | March 7, 2025 A | 18,479 | 0 | 0 | $0 |
| John Panikar | Executive VP, APAC | Sept. 10, 2024 S | 17,584 | 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 |
| Anne K Roby | Executive Vice President | June 3, 2020 M | 31,293 | 0 | 0 | $0 |
| Christian Bruch | Executive VP Engineering | March 12, 2020 M | 10,293 | 0 | 0 | $0 |
| Bernd Hugo Eulitz | Executive VP Americas Gases | Aug. 15, 2019 M | 10,904 | 0 | 0 | $0 |
| Paula Rosput Reynolds | Director | Oct. 1, 2026 A | 816 | 1 | 0 | $47,912 |
| Hugh Grant | Director | Oct. 1, 2026 A | 1,082 | 0 | 0 | $0 |
| Robert L Wood | Director | May 15, 2026 S | 9,248 | 0 | 2 | $-2,642,910 |
| Josef Kaeser | Director | March 9, 2026 M | 3,025 | 0 | 0 | $0 |
| Ann-Kristin Achleitner | Director | March 9, 2026 M | 4,911 | 0 | 0 | $0 |
| Victoria Ossadnik | Director | March 9, 2026 M | 3,768 | 0 | 0 | $0 |
| Thomas Enders | Director | March 9, 2026 M | 11,014 | 0 | 0 | $0 |
| WEISSER ALBERTO | Director | March 9, 2026 M | 2,109 | 0 | 0 | $0 |
| Stephen F Angel | Director | Jan. 20, 2026 M | 460,239 | 0 | 0 | $0 |
| Martin Richenhagen | Director | March 11, 2024 M | 7,008 | 0 | 0 | $0 |
| Edward G Galante | Director | March 8, 2023 M | 13,673 | 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 125 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 | 18.59% | 475,351 SH | Sept. 11, 2026 | Daily |
| VAW · VANGUARD WORLD FUND | 15.72% | 1,359,702 SH | Aug. 19, 2026 | Daily |
| MXI · iShares Trust | 6.68% | 58,634 SH | Sept. 11, 2026 | Daily |
| RSPM · Invesco Exchange-Traded Fund Trust | 4.35% | 15,449 SH | Oct. 5, 2026 | Daily |
| GRW · TCW ETF Trust | 3.50% | 4,748 NS | July 31, 2026 | N-PORT |
| IBAT · iShares Trust | 3.04% | 4,546 SH | Sept. 11, 2026 | Daily |
| PYZ · Invesco Exchange-Traded Fund Trust | 2.63% | 3,543 SH | Oct. 5, 2026 | Daily |
| ESLV · Strategy Shares | 1.47% | 439 NS | July 31, 2026 | N-PORT |
| ESLG · Strategy Shares | 1.29% | 625 NS | July 31, 2026 | N-PORT |
| QTOP · iShares Trust | 1.27% | 7,755 SH | Sept. 11, 2026 | Daily |
| ESUM · Strategy Shares | 1.23% | 4,681 NS | July 31, 2026 | N-PORT |
| DFUV · Dimensional ETF Trust | 1.20% | 387,711 NS | July 31, 2026 | N-PORT |
| RILA · Spinnaker ETF Series | 1.18% | 1,040 NS | July 31, 2026 | N-PORT |
| SPLV · Invesco Exchange-Traded Fund Trust … | 1.14% | 164,721 SH | Oct. 5, 2026 | Daily |
| MGV · VANGUARD WORLD FUND | 1.13% | 290,759 SH | Aug. 19, 2026 | Daily |
| DFLV · Dimensional ETF Trust | 1.09% | 154,526 NS | July 31, 2026 | N-PORT |
| VIG · VANGUARD SPECIALIZED FUNDS | 1.05% | 2,612,015 SH | Aug. 19, 2026 | Daily |
| EQWL · Invesco Exchange-Traded Fund Trust | 1.04% | 60,413 SH | Oct. 5, 2026 | Daily |
| QYLD · Global X Funds | 1.03% | 174,376 NS | July 31, 2026 | N-PORT |
| QRMI · Global X Funds | 1.03% | 308 NS | July 31, 2026 | N-PORT |
| QYLG · Global X Funds | 1.02% | 3,378 NS | July 31, 2026 | N-PORT |
| QTR · Global X Funds | 1.00% | 160 NS | July 31, 2026 | N-PORT |
| VYM · VANGUARD WHITEHALL FUNDS | 0.99% | 1,840,921 SH | Aug. 19, 2026 | Daily |
| QUAL · iShares Trust | 0.99% | 997,469 SH | Sept. 11, 2026 | Daily |
| QCLR · Global X Funds | 0.98% | 68 NS | July 31, 2026 | N-PORT |
| QQQE · Direxion Shares ETF Trust | 0.98% | 27,311 NS | July 31, 2026 | N-PORT |
| QQQM · Invesco Exchange-Traded Fund Trust … | 0.91% | 2,127,327 SH | Oct. 5, 2026 | Daily |
| QQQ · Invesco QQQ Trust, Series 1 | 0.91% | 9,622,381 SH | Oct. 5, 2026 | Daily |
| VTV · VANGUARD INDEX FUNDS | 0.90% | 4,398,316 SH | Aug. 19, 2026 | Daily |
| USXF · iShares Trust | 0.86% | 27,493 SH | Sept. 11, 2026 | Daily |
| VOOV · VANGUARD ADMIRAL FUNDS | 0.83% | 106,447 SH | Aug. 19, 2026 | Daily |
| PFM · Invesco Exchange-Traded Fund Trust | 0.81% | 13,129 SH | Oct. 5, 2026 | Daily |
| IWX · iShares Trust | 0.79% | 66,584 SH | Sept. 11, 2026 | Daily |
| IVE · iShares Trust | 0.72% | 767,898 SH | Sept. 11, 2026 | Daily |
| IUSV · iShares Trust | 0.68% | 404,556 SH | Sept. 11, 2026 | Daily |
| VONV · VANGUARD SCOTTSDALE FUNDS | 0.67% | 278,377 SH | Aug. 19, 2026 | Daily |
| IIGD · Invesco Exchange-Traded Self-Indexe… | 0.64% | 195,000 | Oct. 5, 2026 | Daily |
| ILCV · iShares Trust | 0.63% | 18,150 SH | Sept. 11, 2026 | Daily |
| SUSL · iShares Trust | 0.63% | 16,326 SH | Sept. 11, 2026 | Daily |
| DFVX · Dimensional ETF Trust | 0.63% | 6,886 NS | July 31, 2026 | N-PORT |
| QIDX · Spinnaker ETF Series | 0.62% | 502 NS | July 31, 2026 | N-PORT |
| USMV · iShares Trust | 0.61% | 314,510 SH | Sept. 11, 2026 | Daily |
| DSI · iShares Trust | 0.60% | 70,704 SH | Sept. 11, 2026 | Daily |
| DGRO · iShares Trust | 0.59% | 552,290 SH | Sept. 11, 2026 | Daily |
| IWD · iShares Trust | 0.57% | 1,024,692 SH | Sept. 11, 2026 | Daily |
| EVUS · iShares Trust | 0.56% | 4,583 SH | Sept. 11, 2026 | Daily |
| MPLY · Strategy Shares | 0.54% | 180 NS | July 31, 2026 | N-PORT |
| AQLT · iShares Trust | 0.54% | 3,790 SH | Sept. 11, 2026 | Daily |
| IOO · iShares Trust | 0.52% | 101,539 SH | Sept. 11, 2026 | Daily |
| XLG · Invesco Exchange-Traded Fund Trust | 0.52% | 127,403 SH | Oct. 5, 2026 | Daily |
| ESMV · iShares Trust | 0.46% | 78 SH | Sept. 11, 2026 | Daily |
| LRGF · iShares Trust | 0.46% | 36,619 SH | Sept. 11, 2026 | Daily |
| MGC · VANGUARD WORLD FUND | 0.45% | 92,421 SH | Aug. 19, 2026 | Daily |
| OEF · iShares Trust | 0.45% | 195,462 SH | Sept. 11, 2026 | Daily |
| SUSA · iShares Trust | 0.42% | 36,434 SH | Sept. 11, 2026 | Daily |
| ESGV · VANGUARD WORLD FUND | 0.41% | 104,269 SH | Aug. 19, 2026 | Daily |
| USCL · iShares Trust | 0.40% | 24,493 SH | Sept. 11, 2026 | Daily |
| QVML · Invesco Exchange-Traded Fund Trust … | 0.40% | 14,047 SH | Oct. 5, 2026 | Daily |
| TOPC · iShares Trust | 0.40% | 281 SH | Sept. 11, 2026 | Daily |
| VV · VANGUARD INDEX FUNDS | 0.38% | 540,245 SH | Aug. 19, 2026 | Daily |
| IWL · iShares Trust | 0.38% | 17,916 SH | Sept. 11, 2026 | Daily |
| VOO · VANGUARD INDEX FUNDS | 0.37% | 12,007,760 SH | Aug. 19, 2026 | Daily |
| XVV · iShares Trust | 0.37% | 5,320 SH | Sept. 11, 2026 | Daily |
| ESGU · iShares Trust | 0.36% | 139,671 SH | Sept. 11, 2026 | Daily |
| XYLG · Global X Funds | 0.35% | 467 NS | July 31, 2026 | N-PORT |
| XRMI · Global X Funds | 0.35% | 361 NS | July 31, 2026 | N-PORT |
| OMFL · Invesco Exchange-Traded Self-Indexe… | 0.34% | 34,111 SH | Oct. 5, 2026 | Daily |
| CATH · Global X Funds | 0.34% | 9,362 NS | July 31, 2026 | N-PORT |
| VOTE · TCW ETF Trust | 0.34% | 7,885 NS | July 31, 2026 | N-PORT |
| XYLD · Global X Funds | 0.34% | 23,263 NS | July 31, 2026 | N-PORT |
| CHRI · Global X Funds | 0.34% | 57 NS | July 31, 2026 | N-PORT |
| VONE · VANGUARD SCOTTSDALE FUNDS | 0.34% | 76,289 SH | Aug. 19, 2026 | Daily |
| IUS · Invesco Exchange-Traded Self-Indexe… | 0.34% | 6,849 SH | Oct. 5, 2026 | Daily |
| XTR · Global X Funds | 0.34% | 34 NS | July 31, 2026 | N-PORT |
| PBP · Invesco Exchange-Traded Fund Trust | 0.34% | 2,742 SH | Oct. 5, 2026 | Daily |
| XCLR · Global X Funds | 0.34% | 25 NS | July 31, 2026 | N-PORT |
| PBUS · Invesco Exchange-Traded Fund Trust … | 0.33% | 74,686 SH | Oct. 5, 2026 | Daily |
| VTI · VANGUARD INDEX FUNDS | 0.33% | 14,687,739 SH | Aug. 19, 2026 | Daily |
| VTHR · VANGUARD SCOTTSDALE FUNDS | 0.33% | 38,819 SH | Aug. 19, 2026 | Daily |
| IVV · iShares Trust | 0.33% | 5,827,454 SH | Sept. 11, 2026 | Daily |
| ILCB · iShares Trust | 0.33% | 9,069 SH | Sept. 11, 2026 | Daily |
| DFUS · Dimensional ETF Trust | 0.32% | 140,609 NS | July 31, 2026 | N-PORT |
| SPUU · Direxion Shares ETF Trust | 0.32% | 1,744 NS | July 31, 2026 | N-PORT |
| PFIG · Invesco Exchange-Traded Fund Trust … | 0.31% | 465,000 | Oct. 5, 2026 | Daily |
| IWB · iShares Trust | 0.30% | 319,402 SH | Sept. 11, 2026 | Daily |
| IYY · iShares Trust | 0.30% | 19,789 SH | Sept. 11, 2026 | Daily |
| IWV · iShares Trust | 0.29% | 126,679 SH | Sept. 11, 2026 | Daily |
| ITOT · iShares Trust | 0.29% | 601,508 SH | Sept. 11, 2026 | Daily |
| DFAU · Dimensional ETF Trust | 0.29% | 74,111 NS | July 31, 2026 | N-PORT |
| PRF · Invesco Exchange-Traded Fund Trust | 0.28% | 58,203 SH | Oct. 5, 2026 | Daily |
| DFAC · Dimensional ETF Trust | 0.28% | 280,499 NS | July 31, 2026 | N-PORT |
| PHDG · Invesco Actively Managed Exchange-T… | 0.28% | 363 SH | Oct. 5, 2026 | Daily |
| HCMT · Direxion Shares ETF Trust | 0.27% | 3,214 NS | July 31, 2026 | N-PORT |
| DCOR · Dimensional ETF Trust | 0.27% | 19,024 NS | July 31, 2026 | N-PORT |
| SPXL · Direxion Shares ETF Trust | 0.26% | 36,146 NS | July 31, 2026 | N-PORT |
| TOK · iShares Trust | 0.25% | 1,273 SH | Sept. 11, 2026 | Daily |
| EQAL · Invesco Exchange-Traded Fund Trust … | 0.25% | 4,156 SH | Oct. 5, 2026 | Daily |
| CRBN · iShares Trust | 0.24% | 6,077 SH | Sept. 11, 2026 | Daily |
| URTH · iShares, Inc. | 0.23% | 41,512 SH | Sept. 11, 2026 | Daily |
| DXUV · Dimensional ETF Trust | 0.21% | 2,428 NS | July 31, 2026 | N-PORT |
| RSP · Invesco Exchange-Traded Fund Trust | 0.21% | 416,932 SH | Oct. 5, 2026 | Daily |
| ACWI · iShares Trust | 0.21% | 148,158 SH | Sept. 11, 2026 | Daily |
| VT · VANGUARD INTERNATIONAL EQUITY INDEX… | 0.20% | 386,904 SH | Aug. 19, 2026 | Daily |
| EUSA · iShares, Inc. | 0.20% | 8,109 SH | Sept. 11, 2026 | Daily |
| GLOF · iShares Trust | 0.19% | 824 SH | Sept. 11, 2026 | Daily |
| RWL · Invesco Exchange-Traded Fund Trust … | 0.19% | 37,917 SH | Oct. 5, 2026 | Daily |
| BSCU · Invesco Exchange-Traded Self-Indexe… | 0.16% | 5,199,000 | Oct. 1, 2026 | Daily |
| SIZE · iShares Trust | 0.16% | 1,490 SH | Sept. 11, 2026 | Daily |
| ACVF · ETF Opportunities Trust | 0.12% | 388 NS | July 31, 2026 | N-PORT |
| ACWV · iShares, Inc. | 0.05% | 3,784 SH | Sept. 11, 2026 | Daily |
| BSMS · Invesco Exchange-Traded Self-Indexe… | 0.04% | 150,000 | Oct. 5, 2026 | Daily |
| PICK · iShares, Inc. | 0.04% | 1,949,416 SH | Sept. 11, 2026 | Daily |
| SCZ · iShares Trust | 0.02% | 4,495,515 SH | Sept. 11, 2026 | Daily |
| IPAC · iShares Trust | 0.01% | 410,627 SH | Sept. 11, 2026 | Daily |
| WSML · iShares Trust | 0.01% | 78,944 SH | Sept. 11, 2026 | Daily |
| IDEV · iShares Trust | 0.00% | 1,774,680 SH | Sept. 11, 2026 | Daily |
| IEFA · iShares Trust | 0.00% | 8,224,385 SH | Sept. 11, 2026 | Daily |
| IXUS · iShares Trust | 0.00% | 1,247,636 SH | Sept. 11, 2026 | Daily |
| BLV · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| BND · VANGUARD BOND INDEX FUNDS | · | · | July 15, 2026 | Daily |
| VCSH · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VCLT · VANGUARD SCOTTSDALE FUNDS | · | · | July 15, 2026 | Daily |
| VTC · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDW · VANGUARD SCOTTSDALE FUNDS | · | · | July 30, 2026 | Daily |
| BNDX · VANGUARD CHARLOTTE FUNDS | · | · | July 15, 2026 | Daily |
LIN Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside
12-Month Price Target
26 analysts · 2026-10-06Mean target $543.81 +11.0%
Latest News Recent headlines mentioning this company
LIN AI Analyst Panel — Bullish and Bearish Views 2026Q2 debate: Claude, Grok, Gemini, ChatGPT on the stock's prospects
Linde is a high-quality industrial leader, but investors are split on whether its current liquidity profile can withstand a broader economic slowdown. Gemini and Grok highlighted the company's essential role in semiconductor onshoring as a major growth catalyst, while Claude and ChatGPT expressed caution regarding the 0.82 current ratio. The panel ultimately converged on a hold rating, agreeing that while the firm's 18.5% return on equity is impressive, the stock's premium valuation leaves li...
Round 1 — Opening Takes
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.
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.
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.
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.
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.
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.
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.
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
Round 2 — Responses & Rebuttals
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.
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.
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.
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
Round 3 — Final Rebuttals
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.
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.
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.
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 |
|---|---|---|---|
| Grok | $465.00 | $475.00 | 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. |
| Claude | $455.00 | $485.00 | 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. |
| Gemini | $465.00 | $485.00 | 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. |
| Chatgpt | $455.00 | $470.00 | 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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