Linde plc (LIN) fair value: what the stock is really worth
As of Nov 4, 2026: fair value (intrinsic value) of Linde plc stock $447, price $525, that is 14.9% below the price, quality 70 out of 100. Rating: overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range $250.73 – $544.85 · fair‑value band $249.02 – $585.64 · the $524.74 price screens above the $446.62 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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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.
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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.
Stock analysis
Linde plc (LIN) currently trades at $524.74, while our model-based Fair Value estimate is $446.62, 15% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $224.70 per share, and 0 of the 24 models we run sit above the $524.74 price.
Bear case: the Dividend Discount group reads lowest at $111.37, and 24 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: $249.02 (bear) to $585.64 (bull), the price of $524.74 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 70/100 (solid quality), in the Basic Materials sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
Key figures
Market cap $244B Mega · P/E ratio 34.8 · P/S ratio 6.73 · EPS (TTM) $15.06 · Dividend yield 1.2% · Net margin 19.3% · Return on equity 17.7% · Return on assets (EBIT) 9.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (medium confidence).
What moves the price
The share trades about 4% below its 52-week high and 36% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −44% fair-value upside, at −15%, LIN screens cheaper than that median.
Fair Value models
Bear$249.02Fair Value $446.62Bull$585.64
Price $524.74 · Downside -14.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($7.42 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
In the last 6 months, one officer or director bought shares worth $47,912, on Aug 18, 2026. Over the same period, 2 people sold shares worth $7.5M.
SaleGuillermo BicharaExec VP & Chief Legal Officer3× since Feb 17, 2026: 23,162 shares, avg. $496.04$11.5MNov 2, 2026
BuyPaula Rosput ReynoldsDirector100 shares at $479.12$47,912Aug 18, 2026
SaleRobert L WoodDirector5,215 shares at $506.79$2.6MMay 15, 2026
SaleSean DurbinEVP, Chief Operating Officer6,520 shares at $477.27$3.1MMar 10, 2026
SaleBinod PatwariSenior Vice President - APAC999 shares at $502.77$502,267Feb 24, 2026
BuySanjiv LambaChief Executive Officer, Director2,520 shares at $396.68$999,634Dec 8, 2025
Plus 2 other filings such as grants, option exercises or tax withholding. They are not market purchases or sales.
Sales are often planned (taxes, diversification, 10b5-1 plans). Purchases with their own money are seen as the stronger sign. For information only: not part of the quality score or Fair Value.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.0%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+0.6%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+4.5%
Start year 2020 (pandemic). Over 10 years: +12.2% a year
Revenue growth 34 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: adjusted.
+23.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.9%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘ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.25.6% vs 10.6%, picking up
Profit margin 2020 to 2025 ⓘ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% → 26%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+22.5%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +19.7% a year for the price and +2.4% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (98 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Linde shows solid margins and cash flow from electronics volumes, yet limited public signals leave its moat durability and customer dependence unconfirmed across most areas.
Main risk: Stricter GHG emissions and climate regulations could increase compliance burdens and energy costs for Linde's energy-intensive air separation units, pressuring margins on gas production.
Bull case: Linde could leverage its scale, long-term contracts and efficiency technologies to absorb or pass on regulatory costs while expanding in regulated high-purity gas markets.
Bear case: Persistent regulatory tightening or unresolved legal claims could raise operating costs, delay projects and erode cash flows from Linde's core gas production and on-site supply agreements.
Linde is lifting its full-year earnings outlook after record quarterly sales driven by electronics volumes and pricing tied to AI chip demand. At the same time it booked a sizable restructuring charge and is shifting its underperforming Lincare home-care business under the CFO while weighing strategic alternatives. Our models see the shares as overvalued. Will the growth in high-purity gases for semiconductors deliver more durable margin expansion than the cost actions can secure across the rest of the portfolio?
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Peer Groupⓘ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.Specialty Chemicals · 726 stocks
Beats the industry median on 6/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score70 · Top 25%
Fair Value upside−14.9% · Above median
Profitability
Return on equity (12 months)17.7% · Top 25%
Return on assets8.0% · Top 25%
Net margin (12 months)19.3% · Top 25%
Operating margin (12 months)28.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)9.2% · Below median
Dividend yield (12 months)1.2% · Below median
Balance sheet
Debt / equity0.54× · Highest 25%
Valuation Multiplesvs Specialty Chemicals median · lower = cheaper
P/E (12 months)34.8× · Pricier than median
P/B6.37× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
As of Nov 5, 2026, our model estimates a fair value of $446.62 versus a price of $524.74, about 15% lower (overvalued).
What is the fair value of LIN?
Our model-based fair value for Linde plc Ordinary Shares is $446.62 (as of Nov 5, 2026), built from audited fundamentals. The current price: $524.74.
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 (LIN)?
Our model-based price target is the fair value of $446.62 (as of Nov 5, 2026) from 24 valuation models. Cautious scenario $249.02, optimistic scenario $585.64. 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 $446.62, about 15% lower versus a price of $524.74 (overvalued). Cautious scenario $249.02, optimistic scenario $585.64. The calculation is refreshed regularly with new filings.
What is the revenue of Linde plc (LIN)?
Linde plc Ordinary Shares reported trailing-twelve-month revenue of about $36.2B (latest available figure, as of Nov 5, 2026).
Does Linde plc Ordinary Shares pay a dividend?
Linde plc Ordinary Shares currently shows a dividend yield of 1.20% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Linde plc (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 +22.5 % per year for five years (discount rate 8.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +4.5 % per year. As of Nov 5, 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 0.71, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Linde plc Ordinary Shares that is +22.5 % per year a year over ten years, using the same discount rate (8.1 %) and the same formula as our fair value.
How much growth has Linde plc (LIN) delivered so far?
Over the past 5 years revenue at Linde plc Ordinary Shares grew +4.5 % a year. The price currently implies +22.5 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Linde plc (LIN) growing?
The median revenue growth in the sector is +9.8 % a year. That is the yardstick for the growth priced into Linde plc Ordinary Shares (+22.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Linde plc (LIN)?
The free-cash-flow yield on the price is 2.09 %: that much free cash flow Linde plc Ordinary Shares produces per unit of market value. When it exceeds the discount rate of our models (8.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Linde plc (LIN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Linde plc Ordinary Shares it is $446.62 per share (as of Nov 5, 2026), against a price of $524.74. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Linde plc Ordinary Shares stock overvalued or undervalued in 2026?
As of Nov 5, 2026, LIN trades above its calculated fair value: price $524.74, fair value $446.62, a gap of about −15% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of LIN?
No. The price is what the market pays today ($524.74); the fair value is what the company's own numbers justify ($446.62). For Linde plc Ordinary Shares the two are $78.12 per share apart. That gap is exactly why we show both numbers side by side.
How much is Linde plc Ordinary Shares worth?
The market values Linde plc Ordinary Shares at about $244B (market capitalisation, as of Nov 5, 2026). Per share that is $524.74; our models calculate a fair value of $446.62 per share.
What do the bullish and bearish scenarios say about LIN?
Our models span a range for Linde plc Ordinary Shares: cautious scenario $249.02, base $446.62, optimistic $585.64 per share (as of Nov 5, 2026, price $524.74). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of LIN?
Linde plc Ordinary Shares trades at a price-to-earnings ratio of 34.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $446.62 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, 7 of the years ex one-offs: 32.9. Other multiples: PEG 2.0, P/B 6.4, P/S 6.7, EV/EBITDA 18.8.
What is the PEG ratio of LIN?
The PEG ratio of Linde plc Ordinary Shares is 2.00 (P/E divided by earnings growth, as of Nov 5, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Linde plc (LIN)?
Balance-sheet figures for Linde plc Ordinary Shares (as of Nov 5, 2026): return on equity 17.7%, debt of 0.54 per unit of equity. They feed the Quality Score of 70/100, which measures business quality independently of the share price.
How far is LIN from its 52-week high?
Linde plc Ordinary Shares trades at $524.74, about 4% below its 52-week high of $544.85 and 36% above the low of $385.58 (as of Nov 4, 2026). Distance from the high says nothing about value: that is what the fair value of $446.62 is for.
Which stocks are comparable to Linde plc Ordinary Shares?
From the same area (Basic Materials) we also value Ecolab Inc, The Sherwin-Williams Company, Nan Ya Plastics Corporation, Givaudan SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Linde plc Ordinary Shares stock attractive at the current price?
The data as of Nov 5, 2026: price $524.74, calculated fair value $446.62 (−15%), Quality Score 70/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of LIN calculated?
We run Linde plc Ordinary Shares through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $446.62, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.6% above its aggregate fair value. Linde plc Ordinary Shares itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Linde plc (LIN)?
The closing price on Nov 4, 2026 was $524.74. Our model-based fair value is $446.62, about 15% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Linde plc Ordinary Shares right now?
Solid but not exceptional quality (70/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($249.02 to $585.64) leaves room in how you read the outcome.
Where does the earnings growth of Linde plc (LIN) come from?
Earnings per share at Linde plc Ordinary Shares grew +10.8 % a year from 2014 to 2025. Broken into its drivers: revenue per share +6.7 %, EBIT margin +1.6 %, tax rate +0.8 %, residual (interest, one-offs) +1.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Linde plc Ordinary Shares
How large is the market capitalisation of Linde plc (LIN)?
The market capitalisation of Linde plc Ordinary Shares is $244B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Linde plc (LIN)?
The price-to-sales ratio of Linde plc Ordinary Shares is 6.73 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Linde plc (LIN)?
Earnings per share at Linde plc Ordinary Shares are $15.06 (price ÷ EPS = P/E 34.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Linde plc (LIN)?
The dividend yield of Linde plc Ordinary Shares is 1.2% (payout 41.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Linde plc (LIN)?
The net margin of Linde plc Ordinary Shares is 19.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Linde plc (LIN)?
The return on equity (ROE) of Linde plc Ordinary Shares is 17.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Linde plc (LIN)?
On an EBIT basis the return on assets of Linde plc Ordinary Shares is 9.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Linde plc (LIN)?
The operating margin of Linde plc Ordinary Shares is 28.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Linde plc (LIN)?
Revenue at Linde plc Ordinary Shares is growing +9.2% versus a year earlier (3y avg +0.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Linde plc (LIN)?
Earnings per share at Linde plc Ordinary Shares are growing −10.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Linde plc (LIN) carry?
The net debt of Linde plc Ordinary Shares is $21.9B (fiscal year 2025, ≈ 4.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 5, 2026