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Data-driven stock valuation

Linde plc Ordinary Shares (LIN) fair value: what the stock is really worth

We calculate from audited financials what Linde plc Ordinary Shares is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.

  1. Compare price with fair valuebelow fair value = cheap, above = expensive
  2. Check the quality50 and up solid, 75 and up strong
  3. Watch it or check another stockalert when fair value or trend changes

Basic Materials · US · Market cap $241B · ISIN IE000S9YS762

At a glance

LP Linde plc Ordinary Shares logo Linde plc Ordinary Shares LIN · US
Price$477.57
Fair Value$222.03
Upside−53.5%
Quality70/100

A solid business, but trading 115% above our fair value of $222.03.

As of Sep 7, 2026, the fair value of Linde plc Ordinary Shares is $222.03 per share against a price of $477.57, so the fair value sits 54% below the price. A model estimate from reported figures, not an analyst target.

✓Healthy Growth (revenue 5y +4.5 %/yr)
✓Highly profitable · 20.4% net margin
✓Moderate debt · generates free cash flow
·1.28% dividend yield
!Mixed vs. peers (6/15)
✓Wide moat 75/100
!Weak on dividend: 26 out of 100
Evidence: High Range $120.93 to $290.75

Fair value as of: Sep 7, 2026

From 26 valuation models · updated today

Share price −2.7% over the past month.

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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • A high-quality business (quality 70/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
  • The price sits above even our optimistic bull case ($290.75). The favourable scenario is already priced in.
  • A fairly wide model range ($120.93 to $290.75) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

$546.64 $251.56 Fair Value $222.03 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 7, 2026.

How to read this chart

60‑month range $251.56 – $546.64 · fair‑value band $120.93 – $290.75 · the $477.57 price screens above the $222.03 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 7, 2026.

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Analysis

Linde plc Ordinary Shares (LIN) currently trades at $477.57, while our model-based Fair Value estimate is $222.03, implying the stock looks roughly 115.1% overvalued today. The Quality Score stands at 70/100 (solid quality), in the Basic Materials sector. Bull case: the Multiples group reads highest at a median of $236.75 per share, and 0 of the 26 models we run sit above the $477.57 price. Bear case: the Asset-Based group reads lowest at $55.42, and 26 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Linde plc Ordinary Shares generated revenue of $34.7B at a net margin of 20.4%. Revenue grew 8.2% year over year. It earns a return on equity of 18.2%. Net debt stands at $21.9B. Fundamentals as of Sep 7, 2026

Scenario range: $120.93 (bear) to $290.75 (bull), the price of $477.57 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 8% below its 52-week high and 24% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −58% fair-value upside, at −54%, LIN screens cheaper than that median.

Fair Value models

Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then ($6.00 per share) are deliberately not added.

Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence $102.77 $193.41 $343.93 77
Growth DCF $104.71 $195.71 $349.32 75
EPV $117.15 $143.79 $167.46 74
All 26 models by family
DCF Models
FCF DCF best evidence $102.77 $193.41 $343.93 77
Owner Earnings $111.11 $207.30 $367.02 73
5Y Revenue Exit $60.96 $113.39 $180.26 71
5Y EBITDA Exit $135.69 $257.09 $402.05 73
5Y P/E Exit $126.14 $238.73 $359.98 69
10Y Revenue Exit $71.52 $124.45 $196.32 65
10Y EBITDA Exit $123.33 $228.07 $374.06 66
10Y P/E Exit $117.03 $214.82 $340.35 62
Earnings-Based
Graham-Dodd $101.45 $358.28 $482.14 64
Lynch FV $83.86 $119.80 $155.74 61
PEG = 1.0 $83.86 $119.80 $155.74 57
EPV $117.15 $143.79 $167.46 74
Dividend Discount
Gordon GGM $58.48 $127.68 $214.82 65
DDM Multi-Stage $58.48 $104.59 $133.06 66
Multiples
P/E Multiple $190.22 $253.63 $317.04 63
P/S Multiple $82.70 $110.26 $137.83 58
P/B Multiple $186.12 $248.16 $310.20 55
EV/EBIT $169.12 $236.75 $304.39 66
EV/EBITDA $172.18 $240.84 $309.50 67
EV/Revenue $43.38 $76.46 $109.54 52
Asset-Based
NCAV (Graham) $41.36 $55.42 $82.72 54
Growth DCF
Growth DCF $104.71 $195.71 $349.32 75
Rev-Margin DCF $60.96 $113.96 $177.37 71
Economic Profit
Residual Income $101.24 $130.78 $441.40 64
ROIC Compounder $127.82 $181.81 $255.01 71
Growth Earnings
Growth-Adj P/E $142.80 $204.00 $265.21 67

Widest divergence: Multiples ($236.75) versus Asset-Based ($55.42). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 31.3
P/S ratio 6.35 P/E × margin
EPS (TTM) $15.07 price ÷ EPS = P/E 31.3
Dividend yield 1.3% payout 40.5%
Net margin 20.3% FY2025
Return on equity 18.2% TTM
More key figures
Profitability
Return on assets (EBIT) 9.1% avg 5y
Operating margin 28.5% TTM
Growth
Revenue (TTM) $34.7B TTM
Revenue growth (YoY) +8.2% 3y avg +0.6%
EPS growth (YoY) +13.4%
Balance sheet & cash flow
Free cash flow $5.1B FY2025
Net debt $21.9B FY2025 · ≈ 4.3 yrs of FCF

Figures from reported company fundamentals · as of Sep 7, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 70/100

Of which business quality 66 · Market factors (momentum, volatility) 55

Profitability 51
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 69
Balance sheet, leverage, solvency risk
Investment 70
Disciplined investing over empire-building
Low Volatility 87
Calm price path (market factor)
Momentum 39
Price trend over the last 3–12 months (market factor)
52W Momentum 46
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Linde plc operates as an industrial gas company worldwide. It 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.

Full company description

Linde plc operates as an industrial gas company worldwide. It 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. The company also engages in designing and constructing of turnkey process plants for third-party customers, as well as for the gas businesses in various locations comprising air separation, hydrogen, synthesis, olefin, and natural gas plants. It serves healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. The company operates in the United States, Brazil, Mexico, Canada, Germany, the Unted Kingdom, Eastern Europe, China, Australia, South Korea, And India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Linde plc Ordinary Shares reported revenue of $34.0B in FY2025 versus $30.8B in FY2021, a compound +2.5%/yr. Reported net income was $6.9B in FY2025, compounding +15.9%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$34.0B
Latest YoY
+3.0%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.6%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.5%
Avg. revenue growth/yr (34Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.0%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years, adjusted) plus dividend yield: value created per share and year.
+24.2%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+22.9%
Dividend yield1.3%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 25.6% vs 10Y 10.6%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.14.3% (2020) → 26.3% (2025) · rising
Worst earnings drop60% (2018) · in USD
Revenue +2.5%/yr
FY21 $30.8B
FY22 $33.4B
FY23 $32.9B
FY24 $33.0B
FY25 $34.0B
Net income +15.9%/yr
FY21 $3.8B
FY22 $4.1B
FY23 $6.2B
FY24 $6.6B
FY25 $6.9B
Character of growth · EPS growth decomposed (2014-2025) +10.8 % p.a.
Revenue per share +6.7 %

of which total revenue +12.9 % · buybacks/dilution −5.4 %

EBIT margin +1.6 %
Tax rate +0.8 %
Residual (interest, one-offs) +1.4 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

LIN screens 115% overvalued. Compare with The Sherwin-Williams Company →

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Linde plc Ordinary Shares · Fair Value
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Cite: Fair Value Calculator (2026). "Linde plc Ordinary Shares Fair Value". https://www.fairvalue-calculator.com/stock/LIN

Peer Group

Specialty Chemicals · 695 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Valuation
Quality Score 70 · Top 25%
Fair Value upside −54% · Below median
Profitability
Return on equity (TTM) 18% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 20% · Top 25%
Operating margin (TTM) 28% · Top 25%
Growth and dividend
Revenue growth 8% · Above median
Dividend yield (TTM) 1.3% · Below median
Balance sheet
Debt / equity 0.54× · Highest 25%

Valuation Multiples vs Specialty Chemicals median · lower = cheaper

P/E (TTM) 31.3× · Pricier than median
P/B 6.30× · Priciest 25%
P/S (TTM) 6.95× · Priciest 25%
P/FCF 47.3× · Priciest 25%
EV/EBITDA 18.9× · Pricier than median
PEG 2.18× · Pricier than median

What the price implies (reverse DCF)

The inverse question: what free-cash-flow growth must Linde plc Ordinary Shares deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.

Implied FCF growth, 10 years+15.9 % per year
Achieved revenue growth, 5 years+4.5 % p.a.
Sector median revenue growth+3.2 %
FCF yield on price2.27 %
Discount rate (WACC) in the models8.1 %

The price demands an acceleration versus past growth: a high bar the company still has to clear. Ranking of the largest stocks →

Context: sector, industry, market

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 0
FUTURE41 · sector 20
PAST73 · sector 23
HEALTH73 · sector 95
DIVIDEND26 · sector 28

VALUE 0: the price sits above our fair-value range.

Insider activity: 44/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Specialty Chemicals stocks, each showing price versus our Fair Value estimate (as of Sep 7, 2026).

Stock Price Fair Value vs Fair Value
The Sherwin-Williams Company SHW $344.86 $143.38 −58%
Ecolab Inc ECL $279.28 $96.18 −66%
Air Products and Chemicals, Inc APD $301.27 $122.14 −59%
Givaudan SA GIVN CHF 3,282 CHF 1,498 −54%
Wanhua Chemical Group 600309 ¥77.66 ¥68.03 −12%
500820 500820 ₹2,757 ₹557.43 −80%
Sika AG SIKA CHF 189.55 CHF 98.89 −48%
Novozymes A/S NSISB kr 456.40 kr 169.99 −63%
Asian Paints Limited ASIANPAINT ₹2,630 ₹696.23 −74%
PPG Industries, Inc PPG $114.22 $71.31 −38%

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Frequently asked questions

Is Linde plc Ordinary Shares (LIN) overvalued or undervalued?
As of Sep 7, 2026, our model estimates a fair value of $222.03 versus a price of $477.57, about −54% upside (overvalued).
What is the fair value of LIN?
Our model-based fair value for Linde plc Ordinary Shares is $222.03 (as of Sep 7, 2026), built from audited fundamentals. The current price: $477.57.
What is the quality score of LIN?
Linde plc Ordinary Shares has a Quality Score of 70/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Linde plc Ordinary Shares (LIN)?
Our model-based price target is the fair value of $222.03 (as of Sep 7, 2026) from 26 valuation models. Cautious scenario $120.93, optimistic scenario $290.75. It is a calculation from audited fundamentals, not an analyst target.
What is the Linde plc Ordinary Shares stock forecast for 2026?
Our models put fair value at $222.03, about −54% upside versus a price of $477.57 (overvalued). Cautious scenario $120.93, optimistic scenario $290.75. The calculation is refreshed regularly with new filings.
What is the revenue of Linde plc Ordinary Shares (LIN)?
Linde plc Ordinary Shares reported trailing-twelve-month revenue of about $34.7B (latest available figure, as of Sep 7, 2026).
What is the net profit margin of LIN?
The net profit margin of Linde plc Ordinary Shares is about 20.4%, meaning it keeps roughly 20.4% of revenue as net income. Based on the latest reported figures.
Does Linde plc Ordinary Shares pay a dividend?
Linde plc Ordinary Shares currently shows a dividend yield of about 1.28% relative to its recent price (as of Sep 7, 2026).
What growth is priced into Linde plc Ordinary Shares (LIN)?
For today's price to be fair in a discounted-cash-flow model, Linde plc Ordinary Shares would have to grow free cash flow by +15.9 % per year for ten years (discount rate 8.1 %, then 2 % perpetual growth). Over the last 5 years revenue grew +4.5 % per year. As of Sep 7, 2026.
What discount rate (WACC) does the fair value of LIN use?
Our models discount Linde plc Ordinary Shares at 8.1 %: a base by market capitalisation (mega), damped by beta 0.72, country premium for USA. The same rate applies in all 26 models.
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