Linde (LIN) stock
Materials · Industrial Gases
Linde (LIN) is an Industrial Gases company in the Materials sector, headquartered in Guildford, United Kingdom. As of October 23, 2026, LIN closed at $508.83, a market capitalization of $234.56 billion, the 50th largest company in the S&P 500. Over the last twelve months it generated $35.45 billion in revenue (+9% year over year) and $4.97 billion in free cash flow. The stock trades at 32.8x trailing earnings and 26.0x forward earnings.
- 1-year total return: +14.6% (dividends reinvested)
- 5-year return: +11.6% a year
- 52-week range: $387.78 – $548.20
- Gross margin 48.3%, operating margin 28.1%
- Dividend yield: 1.26%, 32 straight years of increases
- FI Handbook report card: B- across 10 metrics
- Largest of 24 Materials stocks in the S&P 500
LIN price chart
1Y price change: +13.1% (price only; total returns below include dividends)
| Total return | 1M | YTD | 1Y | 3Y | 5Y | 10Y | MAX |
|---|---|---|---|---|---|---|---|
| LIN | +8.3% | +20.5% | +14.6% | +13.1% | +11.6% | +17.5% | +14.8% |
Dividends reinvested. 3Y and longer are annualized; MAX is annualized since 1992.
LIN key statistics
- Market cap
- $234.6B
- #50 in S&P 500
- P/E (TTM)
- 32.8x
- Forward P/E
- 26.0x
- EPS (TTM)
- $15.49
- Revenue (TTM)
- $35.4B
- +9%
- Free cash flow
- $5.0B
- Gross margin
- 48.3%
- Operating margin
- 28.1%
- Return on equity
- 18.4%
- Dividend yield
- 1.26%
- 52-week range
- $387.78 – $548.20
- Beta
- 0.71
- Price / sales
- 6.6x
- EV / EBITDA
- 18.8x
- Debt / equity
- 0.69x
- Employees
- 64,649
LIN report card
B-Ten fundamentals graded A to F against fixed thresholds. Not a buy or sell rating.
- Revenue growth9.3%C
- Gross margin48.3%B
- Operating margin28.1%B
- FCF margin14.0%C
- Return on equity18.4%B
- Net debt / EBITDA1.7xC
- Forward P/E26.0xC
- PEG ratio1.8xC
- Shareholder yield3.2%B
- Share count change / yr-2.3%A
Linde financials
Revenue went from $10.5B in fiscal 2016 to $34.0B in fiscal 2025, growing 13.9% a year.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.5B | $11.4B | $14.8B | $28.2B | $27.2B | $30.8B | $33.4B | $32.9B | $33.0B | $34.0B |
| Operating income | $2.2B | $2.4B | $5.2B | $2.9B | $3.3B | $5.0B | $5.4B | $8.0B | $8.6B | $8.9B |
| Net income | $1.5B | $1.2B | $4.4B | $2.3B | $2.5B | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B |
| EPS (diluted) | $5.21 | $4.32 | $13.11 | $4.19 | $4.71 | $7.33 | $8.23 | $12.59 | $13.62 | $14.61 |
| Free cash flow | — | — | — | — | $4.0B | $6.6B | $5.7B | $5.5B | $4.9B | $5.1B |
| Buybacks | $228.0M | $12.0M | $599.0M | $2.7B | $2.5B | $4.6B | $5.2B | $4.0B | $4.5B | $4.6B |
| Dividends paid | $856.0M | $901.0M | $1.2B | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B | $2.7B | $2.8B |
| Diluted shares | 287.8M | 289.1M | 334.1M | 545.2M | 531.2M | 521.9M | 504.0M | 492.3M | 482.1M | 472.2M |
Source: SEC filings (10-K XBRL). EPS and share counts are split-adjusted.
What's priced into LIN?
A reverse DCF asks what growth the current price requires. With an enterprise value of $257.7B and $5.0B of trailing free cash flow, Linde needs to grow free cash flow about 35.5% a year for ten years (fading to 3.0% terminal growth) to earn a 10% annual return. For context, free cash flow grew 4.8% a year over the last five years.
P/E ratio history
Current 34.8x vs. median 36.7x (10th–90th percentile 19.5x–60.9x).
A model, not a forecast or advice. Small changes in assumptions move the answer a lot.
LIN dividend
- Dividend yield
- 1.26%
- Annual dividend
- $6.40
- Years of increases
- 32
- 5-yr dividend growth
- 9.3%
- per year
- Payout ratio
- 40%
- Payments per year
- 4
Regular dividends per share by calendar year; special dividends excluded. Current year omitted until complete.
LIN earnings
Next report: October 29, 2026. Linde has beaten EPS estimates 8 quarters in a row. Last quarter's revenue was $9.3B (+9% year over year).
| Report date | EPS estimate | EPS actual | Surprise |
|---|---|---|---|
| Jul 31, 2026 | $4.49 | $4.50 | +0.3% |
| May 1, 2026 | $4.27 | $4.33 | +1.4% |
| Feb 5, 2026 | $4.18 | $4.20 | +0.5% |
| Oct 31, 2025 | $4.18 | $4.21 | +0.8% |
| Aug 1, 2025 | $4.04 | $4.09 | +1.4% |
| May 1, 2025 | $3.92 | $3.95 | +0.7% |
| Feb 6, 2025 | $3.92 | $3.97 | +1.2% |
| Oct 31, 2024 | $3.91 | $3.94 | +0.9% |
Stocks like LIN
| Name | Today | 1Y | Mkt cap | P/E | |
|---|---|---|---|---|---|
 APD Air Products and Chemicals | -0.35% | +24% | $68.4B | — | Compare |
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 FCX Freeport-McMoRan | +0.91% | +60% | $93.6B | 32.1x | Compare |
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 MLM Martin Marietta Materials | -2.03% | -18% | $36.0B | 33.0x | Compare |
LIN news
- Linde (LIN) Earnings Expected to Grow: What to Know Ahead of Next Week's Release · Oct 22, 2026
- Linde (LIN): How Much Value Is Really Locked Into Its Project Backlog? · Oct 21, 2026
- Linde Expands Supply of Industrial Gases to Tata Steel in India · Oct 21, 2026
- 5 Boring Dividend Stocks That Could Keep Growing While Customers Pay More · Oct 15, 2026
- Linde’s Quarterly Earnings Preview: What You Need to Know · Oct 15, 2026
LIN stock FAQ
What is LIN's market cap?
Linde's market capitalization is $234.56 billion as of October 23, 2026, ranking 50th in the S&P 500.
What is LIN's P/E ratio?
LIN trades at a trailing price-to-earnings ratio of 32.8x and a forward P/E of 26.0x. Its median P/E over the period we track is 36.7x.
Does LIN pay a dividend?
Yes. Linde pays $6.40 per share a year, a 1.26% yield. It has raised its dividend 32 years in a row. Dividends grew 9.3% a year over the last five years.
How much has LIN stock returned?
Including reinvested dividends, LIN returned +14.6% over one year, +11.6% a year over five years, +17.5% a year over ten years through October 23, 2026.
Is LIN stock overvalued?
At today's price, a reverse discounted cash flow model (10% discount rate, 3% terminal growth) implies Linde must grow free cash flow about 35% a year for the next decade. Its free cash flow grew 5% a year over the last five years. Whether that is achievable decides if the stock is cheap or expensive. This is a model, not advice.
When does LIN report earnings?
Linde is expected to report earnings on October 29, 2026. It has beaten EPS estimates 8 quarters in a row.
How many employees does Linde have?
Linde has about 64,649 full-time employees, or $548,330 of revenue per employee.
Sources: SEC EDGAR filings, Yahoo Finance market data (delayed), FI Handbook calculations. Last close October 23, 2026. Methodology