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Linde plc
NASDAQ: LIN Materials Chemicals 🔎 Screen
S&P 500 Nasdaq 100
🏹 Trader: 🎯 Near 52W High View all →
$216.5B
Market Cap
29.2
P/E
2.73
PEG
12.5%
ROCE
17.8%
ROE
0.71
D/E
28.2%
OPM
-14.4%
% from 52W High
37
α RS
🔍 LIN is showing a high-conviction setup because it matches 6 of 39 tracked screener presets, it's within 14.4% of its 52-week high, and fcf_machines preset's Backtest win rate is 57.2% over 90 days. Net: Broad signal stack, not a recommendation. ? Conviction 52W High Backtest
Sources
Conviction 6/39 · 14.4% from 52W high · Backtest win rate 57.2%
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🌏 Global Investor Returns
Currency-adjusted total returns for LIN including FX impact
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📈 Price History
Ratio Health
Excellent
Good
Average
Poor
By Category
📊 Sector Averages
About

Linde plc operates as an industrial gas company worldwide. The company offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. It also engages in the design and construction of turnkey process plants for third-party customers, as well as for its gas businesses, including air separation, hydrogen, synthesis, olefin, and natural gas plants. The company serves the healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. It operates in the United States, Brazil, Mexico, Canada, Germany, the United Kingdom, Eastern Europe, China, Australia, South Korea, and India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.

Key Ratios Snapshot
📈 Growth Pattern
📊 Quick Scorecard
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⭐ Superinvestors Holding LIN
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Manager Shares Value % of Fund Period
Jim Simons Renaissance Technologies LLC 629.8K $312.2M 0.49% Mar 2026
Steve Cohen Point72 Asset Management 88.8K $44.0M 0.06% Mar 2026
Stan Druckenmiller Duquesne Family Office 41.2K $20.4M 0.60% Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

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3-Statement Financial Model
Bear / Base / Bull projections · DCF fair value · Reverse-DCF
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🎙 Management Tone Mixed ↓ Deteriorating 5 quarters Full tone analysis in Intelligence →
Mixed quarter Investor Presentation One-Pager? Q2 2026
Revenue
$9.3B
+9% YoY
Adjusted Operating Profit
$2.744B
+7% YoY
Adjusted Operating Margin
29.5%
-0.6pp YoY
Adjusted Net Income
$2.089B
+8% YoY
Adjusted EPS
$4.50
+10% YoY
What Went Right
  • Record quarterly sales of $9.3B and record adjusted EPS of $4.50, up 10% YoY.
  • Sale of gas backlog rose $1B to a record $8.1B after a new U.S. electronics win.
  • Underlying sales grew 4% with 2% broad-based pricing and 2% volumes; U.S. hard goods sales up double-digit, signalling manufacturing recovery.
  • Electronics remains the fastest-growing end market, up 18% YoY, supported by AI-related hardware demand.
What to Watch
  • Adjusted operating margin fell 60bps YoY to 29.5% (down 30bps excluding cost pass-through), driven mainly by Americas and U.S. home care.
  • U.S. home care business still battling cost inflation and reimbursement policy changes; strategic options, including divestiture, are under evaluation.
  • Helium market disruption from the Strait of Hormuz continues; normalization is unlikely before early 2027, with higher dislocation costs pressuring margins.
  • APAC operating margin fell 120bps YoY partly due to low-margin electronic equipment sales; hydrocarbon-related slowdown hit India, ASEAN, Australia and China.
Management Guidance
  • Q3 2026 adjusted EPS guidance: $4.45-$4.55, representing 6%-8% YoY growth, with no FX impact from prior year but a 1% FX headwind sequentially.
  • FY 2026 adjusted EPS guidance: $17.70-$17.90, representing 8%-9% growth assuming 1% favorable FX; low end raised by $0.10, top end unchanged.
  • Full-year capital expenditure expected at $5.5-$6.0 billion to support growth and the $8.1B sale of gas backlog.
  • Management left back-half volume assumptions unchanged, saying it needs a few more quarters before incorporating base volume recovery into guidance.
Investor Lens
The long-term growth thesis is reinforced by a record $8.1B backlog, new U.S. electronics wins, and AI-driven demand, but the quarter showed clear margin pressure. The main soft spot is U.S. home care, where management is implementing cost actions and reviewing strategic options, while helium disruption remains a 2026 drag. Guidance was only modestly raised at the low end, reflecting management caution on macro and volume recovery. If Lincare and helium normalize by 2027, margin expansion should resume, but near-term EPS growth is likely to stay gradual.
From investor presentation · AI-generated analysis · Not investment advice
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📊 MIXED Record Q2 sales, backlog at $8.1B; margin pressure prompts cautious outlook
Revenue
Q2 sales were a record $9.3B, up 9% YoY and 6% sequentially. Underlying sales rose 4%, split between 2% price and 2% volume, with FX adding 2% and acquisitions/engineering each contributing 1%.
Profitability
Reported net income was $1.928B, up 9%, while adjusted net income rose 8% to $2.089B. Adjusted EPS of $4.50 was up 10% YoY, driven by higher net income and lower share count.
Margins
Adjusted operating margin was 29.5%, down 60bps YoY, or 30bps excluding cost pass-through. The decline reflected U.S. home care, packaged hard goods mix, and lower-margin electronics equipment in APAC; management expects sequential improvement in Q3.
Balance Sheet
Q2 operating cash flow was $2.271B, up 3%, with base capital spending of $1.438B producing free cash flow of $833M. Year-to-date capital deployment was approximately $6B, split evenly between business investments and shareholder returns.
Key Risks
Middle East disruption to helium supply chain is expected to persist through 2026, delaying normalization to early 2027. The U.S. home care business remains a drag and is undergoing a strategic review. APAC industrial demand has been dented by hydrocarbon supply issues in India, ASEAN, Australia and China.
Outlook
Q3 adjusted EPS is guided at $4.45-$4.55, or 6%-8% growth. Full-year adjusted EPS guidance was raised to $17.70-$17.90, or 8%-9% growth, with management keeping no macro improvement in assumptions.
Generated by AI · Q2 2026 results · Not investment advice
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✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter
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📞 Earnings Call Transcripts (5)
Q2 2026 Q2 2026 2026-07-31
Record Q2 sales and EPS were driven by strong electronics and manufacturing growth, though margins were pressured by the U.S. home care business. Project backlog hit $8.1 billion, with robust outlooks for electronics and commercial space, and management expects margin improvement in the second half.
Q1 2026 Q1 2026 2026-05-01
Q1 2026 saw 10% EPS growth and 8% sales growth, with strong margins and disciplined capital allocation. Guidance for 2026 was raised, reflecting confidence in business resilience despite geopolitical and supply chain challenges.
Q4 2025 Q4 2025 2026-02-05
Record annual EPS, cash flow, and margins were achieved despite industrial headwinds, with a $10B project backlog and robust capital returns. 2026 EPS is guided up 6–9%, with restructuring and productivity actions expected to drive margin expansion.
Q3 2025 Q3 2025 2025-10-31
EPS grew 7% to $4.21 and sales rose 3% year-over-year, with strong cash flow and a $10B backlog supporting long-term growth. Electronics and U.S. manufacturing led segment gains, while Europe and chemicals remained weak. Cautious outlook continues amid macro headwinds.
Q2 2025 Q2 2025 2025-08-01
Record Q2 results with EPS of $4.09 and 30.1% margin, strong cash flow, and a $7.1B project backlog. Guidance for 2025 EPS raised to $16.30–$16.50, with growth led by the Americas and clean energy, but volume headwinds and macro uncertainty persist.
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📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

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Financial Model
Projections are built from each company's audited annual financials (Income Statement, Balance Sheet, Cash Flow) over the last 5 fiscal years. Forward assumptions — revenue growth %, EBITDA margin, D&A (USD millions), interest expense, tax rate, and capex — are AI-generated using historical context and refreshed twice a year: after the December results season and after the September/Q4 results season.

DCF Valuation
Fair Value = Σ(FCFt / (1+WACC)t) + Terminal Value. Terminal Value uses the Gordon Growth Model: FCF5 × (1+g) / (WACC−g). Default WACC: 10% (US risk-free ~4.5%, equity risk premium ~5.5%). Default terminal growth: 3% (long-run US nominal GDP proxy).

CAGR Tracker
Expected 5-year CAGR = (DCF Fair Value / Current Price)1/5 − 1. Assumes fair value is reached in exactly 5 years — a mechanical estimate only.

Data Sources & Limitations
Financial statements sourced from public filings. Prices updated daily. Forward assumptions are AI-generated. All monetary values in USD millions. Non-US ADR companies may have currency conversion inaccuracies. Models are point-in-time and do not update intra-quarter or account for M&A, macro shocks, or extraordinary items.

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Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

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Conflict of Interest Disclosure:
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Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

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