Linde (LIN) Financials

$454.22 +8.25 (+1.85%)

As of 05/15/2025 04:00 PM Eastern

Annual Income Statements for Linde

This table shows Linde's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Net Income / (Loss) Attributable to Common Shareholders	6,565	6,199	4,147	3,826	2,501	2,285	4,381	1,247	1,500
Consolidated Net Income / (Loss)	6,737	6,341	4,281	3,961	2,626	2,381	4,405	1,308	1,538
Net Income / (Loss) Continuing Operations	6,737	6,341	4,281	3,956	2,622	2,272	4,288	1,308	1,538
Total Pre-Tax Income	8,569	7,988	5,543	5,099	3,384	2,927	5,049	2,287	2,048
Total Operating Income	8,635	8,024	5,369	4,984	3,322	2,933	5,247	2,444	2,247
Total Gross Profit	15,862	15,362	13,914	13,250	11,860	11,584	5,816	4,976	4,679
Total Revenue	33,005	32,854	33,364	30,793	27,243	28,228	14,836	11,358	10,534
Operating Revenue	33,005	32,854	33,364	30,793	27,243	28,228	14,836	11,358	10,534
Total Cost of Revenue	17,143	17,492	19,450	17,543	15,383	16,644	9,020	6,382	5,855
Operating Cost of Revenue	17,143	17,492	19,450	17,543	15,383	16,644	9,020	6,382	5,855
Total Operating Expenses	7,227	7,338	8,545	8,266	8,538	8,651	569	2,532	2,432
Selling, General & Admin Expense	3,337	3,295	3,107	3,189	3,193	3,457	1,629	1,207	1,145
Research & Development Expense	150	146	143	143	152	184	113	93	92
Depreciation Expense	3,780	3,816	4,204	4,635	4,626	4,675	1,830	1,184	1,122
Other Operating Expenses / (Income)	-185	41	62	26	61	-232	-3,312	-4.00	-23
Restructuring Charge	145	40	1,029	273	506	-	-	-	-
Total Other Income / (Expense), net	-66	-36	174	115	62	-6.00	-198	-157	-199
Interest Expense	256	200	63	77	115	38	202	161	190
Other Income / (Expense), net	190	164	237	192	177	32	4.00	4.00	-9.00
Income Tax Expense	2,002	1,814	1,434	1,262	847	769	817	1,026	551
Other Gains / (Losses), net	170	167	172	119	85	114	56	47	41
Net Income / (Loss) Attributable to Noncontrolling Interest	172	142	134	135	125	96	24	61	38
Weighted Average Basic Shares Outstanding	478.77M	488.19M	499.74M	516.90M	526.74M	541.09M	330.40M	286.26M	285.68M
Diluted Earnings per Share	$13.62	$12.59	$8.23	$7.33	$4.71	$4.19	$13.11	$4.32	$5.21
Weighted Average Diluted Shares Outstanding	482.09M	492.29M	504.04M	521.88M	531.16M	545.17M	334.13M	289.11M	287.76M
Weighted Average Basic & Diluted Shares Outstanding	472.91M	481.58M	492.16M	507.74M	522.84M	532.96M	330.40M	286M	-
Cash Dividends to Common per Share	$5.56	$5.10	$4.68	$4.24	$3.85	$3.50	$3.30	$3.15	$3.00

This table shows Linde's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,673	1,725	1,550	1,663	1,627	1,543	1,565	1,575	1,516	1,328	1,273
Consolidated Net Income / (Loss)	1,707	1,769	1,603	1,700	1,665	1,576	1,601	1,612	1,552	1,361	1,300
Net Income / (Loss) Continuing Operations	1,707	1,769	1,603	1,700	1,665	1,576	1,601	1,612	1,552	1,361	1,300
Total Pre-Tax Income	2,180	2,263	2,063	2,163	2,080	1,996	2,047	2,004	1,941	1,714	1,648
Total Operating Income	2,184	2,270	2,086	2,184	2,095	2,028	2,052	2,011	1,933	1,687	1,613
Total Gross Profit	3,955	3,962	4,000	4,016	3,884	3,871	3,841	3,888	3,762	3,472	3,512
Total Revenue	8,112	8,282	8,356	8,267	8,100	8,302	8,155	8,204	8,193	7,899	8,797
Operating Revenue	8,112	8,282	8,356	8,267	8,100	8,302	8,155	8,204	8,193	7,899	8,797
Total Cost of Revenue	4,157	4,320	4,356	4,251	4,216	4,431	4,314	4,316	4,431	4,427	5,285
Operating Cost of Revenue	4,157	4,320	4,356	4,251	4,216	4,431	4,314	4,316	4,431	4,427	5,285
Total Operating Expenses	1,771	1,692	1,914	1,832	1,789	1,843	1,789	1,877	1,829	1,785	1,899
Selling, General & Admin Expense	786	814	823	840	860	832	808	833	822	764	770
Research & Development Expense	38	39	37	36	38	39	36	35	36	36	35
Depreciation Expense	910	913	960	958	949	949	959	960	948	956	1,045
Other Operating Expenses / (Income)	-18	-74	-51	-2.00	-58	25	-16	27	5.00	4.00	34
Restructuring Charge	55	-	145	0.00	0.00	-2.00	2.00	22	18	25	15
Total Other Income / (Expense), net	-4.00	-7.00	-23	-21	-15	-32	-5.00	-7.00	8.00	27	35
Interest Expense	60	53	68	70	65	71	40	52	37	31	18
Other Income / (Expense), net	56	46	45	49	50	39	35	45	45	58	53
Income Tax Expense	511	533	498	508	463	459	487	438	430	388	391
Other Gains / (Losses), net	38	39	38	45	48	39	41	46	41	35	43
Net Income / (Loss) Attributable to Noncontrolling Interest	34	44	53	37	38	33	36	37	36	33	27
Weighted Average Basic Shares Outstanding	473.30M	478.77M	477.66M	479.97M	481.95M	488.19M	487.12M	489.62M	491.82M	499.74M	497.19M
Diluted Earnings per Share	$3.51	$3.61	$3.22	$3.44	$3.35	$3.15	$3.19	$3.19	$3.06	$2.65	$2.54
Weighted Average Diluted Shares Outstanding	476.26M	482.09M	480.90M	483.18M	485.59M	492.29M	491.08M	493.55M	495.68M	504.04M	501.15M
Weighted Average Basic & Diluted Shares Outstanding	471.29M	472.91M	476.16M	477.50M	480.68M	481.58M	484.89M	487.95M	490.25M	492.16M	494.38M

This table details how cash moves in and out of Linde's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Net Change in Cash & Equivalents	186	-772	2,613	-931	1,054	-1,752	4,073	-51	723
Net Cash From Operating Activities	9,423	9,305	8,864	9,725	7,429	6,010	3,702	2,919	2,789
Net Cash From Continuing Operating Activities	9,423	9,305	8,864	9,725	7,429	6,119	3,654	3,041	2,789
Net Income / (Loss) Continuing Operations	6,737	6,341	4,281	3,956	2,622	2,272	4,288	1,308	1,538
Consolidated Net Income / (Loss)	6,737	6,341	4,281	3,826	2,622	2,374	4,396	1,186	1,538
Depreciation Expense	3,780	3,816	4,204	4,635	4,626	4,675	1,830	1,184	1,122
Non-Cash Adjustments To Reconcile Net Income	-23	-18	577	1,649	174	-289	-2,646	128	68
Changes in Operating Assets and Liabilities, net	-1,071	-834	-198	-380	7.00	-551	-186	421	61
Net Cash From Investing Activities	-4,644	-4,670	-3,088	-3,007	-2,986	1,129	5,340	-1,314	-1,407
Net Cash From Continuing Investing Activities	-4,644	-4,670	-3,088	-3,007	-2,986	1,189	5,363	-1,314	-1,407
Purchase of Property, Plant & Equipment	-4,497	-3,787	-3,173	-3,086	-3,400	-3,682	-1,883	-1,311	-1,465
Acquisitions	-317	-953	-110	-88	-68	-225	-25	-33	-
Divestitures	170	70	195	167	482	5,096	5,908	30	58
Net Cash From Financing Activities	-4,359	-5,400	-3,089	-7,588	-3,345	-8,992	-4,996	-1,656	-659
Net Cash From Continuing Financing Activities	-4,359	-5,400	-3,089	-7,588	-3,345	-8,997	-4,998	-1,656	-659
Repayment of Debt	-1,725	-1,735	-1,873	-1,791	-1,703	-4,843	-3,526	-874	-841
Repurchase of Common Equity	-4,482	-3,958	-5,168	-4,612	-2,457	-2,658	-599	-12	-228
Payment of Dividends	-2,655	-2,482	-2,344	-2,189	-2,028	-1,891	-1,166	-901	-856
Issuance of Debt	4,472	2,742	6,260	954	2,796	323	216	11	1,127
Issuance of Common Equity	31	33	36	50	47	72	77	120	139
Other Net Changes in Cash	-234	-7.00	-74	-61	-	-77	27	0.00	0.00
Cash Interest Paid	443	451	170	233	322	275	214	184	189
Cash Income Taxes Paid	2,216	1,955	1,735	1,710	1,066	1,357	757	565	585

This table details how cash moves in and out of Linde's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	444	-283	-2,917	3,202	184	770	537	-1,605	-474	1,680	101
Net Cash From Operating Activities	2,161	2,809	2,731	1,929	1,954	2,727	2,520	2,150	1,908	2,095	2,636
Net Cash From Continuing Operating Activities	2,152	2,937	-687	5,222	1,951	2,836	2,350	2,215	1,904	2,196	2,535
Net Income / (Loss) Continuing Operations	1,707	1,897	-1,815	5,028	1,627	1,685	1,492	1,612	1,552	1,462	1,199
Consolidated Net Income / (Loss)	1,707	1,897	-1,815	5,028	1,627	1,685	1,492	1,648	1,516	1,462	1,199
Depreciation Expense	910	913	960	958	949	949	959	960	948	956	1,045
Non-Cash Adjustments To Reconcile Net Income	60	115	48	-169	-17	-29	6.00	66	-61	-410	235
Changes in Operating Assets and Liabilities, net	-525	12	120	-595	-608	231	-107	-459	-499	188	56
Net Cash From Investing Activities	-1,369	-1,376	-957	-1,270	-1,041	-1,226	-946	-864	-1,634	-881	-700
Net Cash From Continuing Investing Activities	-1,369	-1,376	-957	-1,270	-1,041	-1,226	-946	-864	-1,634	-881	-700
Purchase of Property, Plant & Equipment	-1,270	-1,250	-1,066	-1,133	-1,048	-1,151	-948	-859	-829	-936	-762
Acquisitions	-112	-142	-23	-152	0.00	-111	-8.00	-26	-808	-	-61
Divestitures	13	16	132	15	7.00	36	10	21	3.00	55	123
Net Cash From Financing Activities	-388	-1,610	-1,273	-808	-668	-780	-964	-2,892	-764	390	-1,720
Net Cash From Continuing Financing Activities	-388	-1,610	-1,273	-808	-668	-780	-964	-2,892	-764	390	-1,720
Repayment of Debt	-1,085	744	41	-1,080	-1,430	242	-314	-1,109	-554	-2,315	2,180
Repurchase of Common Equity	-1,111	-1,334	-667	-1,440	-1,041	-1,033	-1,158	-908	-859	-690	-1,149
Payment of Dividends	-708	-659	-662	-665	-669	-616	-620	-623	-623	-586	-581
Issuance of Debt	2,505	-364	8.00	2,372	2,456	619	1,124	-260	1,259	3,969	-2,172
Issuance of Common Equity	11	3.00	7.00	5.00	16	8.00	4.00	8.00	13	12	2.00
Other Net Changes in Cash	40	-	-	-	-	-	-	1.00	16	-	-

This table presents Linde's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017
Total Assets	80,147	80,811	79,658	81,605	88,229	86,612	93,386	20,436
Total Current Assets	12,945	12,620	13,047	10,159	10,924	10,352	17,272	3,285
Cash & Equivalents	4,850	4,664	5,436	2,823	3,754	2,700	4,466	617
Accounts Receivable	4,622	4,718	4,559	4,499	4,167	4,322	4,297	1,710
Inventories, net	1,946	2,115	1,978	1,733	1,729	1,697	1,651	614
Other Current Assets	1,527	1,123	1,074	1,104	1,274	1,633	1,360	344
Plant, Property, & Equipment, net	24,775	24,552	23,548	26,003	0.00	0.00	29,717	11,825
Total Noncurrent Assets	42,427	43,639	43,063	45,443	77,305	76,260	46,397	5,326
Long-Term Investments	2,130	2,190	2,350	2,619	2,061	2,027	1,838	727
Goodwill	25,937	26,751	25,817	27,038	28,201	27,019	26,874	3,233
Intangible Assets	11,330	12,399	12,420	13,802	16,184	16,137	16,223	785
Other Noncurrent Operating Assets	3,030	2,299	2,476	1,984	30,859	31,077	1,462	581
Total Liabilities & Shareholders' Equity	80,147	80,811	79,658	81,605	88,229	86,612	93,386	20,436
Total Liabilities	40,659	39,716	38,271	36,164	38,647	34,977	36,290	13,914
Total Current Liabilities	14,544	15,717	16,479	13,643	13,740	12,160	12,956	3,307
Short-Term Debt	6,280	5,976	5,716	2,872	4,002	3,263	3,008	1,217
Accounts Payable	2,507	3,020	2,995	3,503	3,095	3,266	3,219	922
Current Deferred Revenue	1,194	1,901	3,073	-	1,769	1,758	1,546	0.00
Current Deferred & Payable Income Tax Liabilities	637	664	613	429	542	370	657	242
Other Current Liabilities	3,926	4,156	4,082	6,839	4,332	3,503	3,758	926
Total Noncurrent Liabilities	26,115	23,999	21,792	22,521	24,907	22,817	23,334	10,607
Long-Term Debt	15,343	13,397	12,198	11,335	12,152	10,693	12,288	7,783
Noncurrent Deferred Revenue	6,757	6,798	6,799	6,998	7,236	7,236	7,611	1,236
Other Noncurrent Operating Liabilities	4,015	3,804	2,795	4,188	5,519	4,888	3,435	1,588
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	13	13	13	13	13	113	16	11
Total Equity & Noncontrolling Interests	39,475	41,082	41,374	45,428	49,569	51,522	57,080	6,511
Total Preferred & Common Equity	38,092	39,720	40,028	44,035	47,317	49,074	51,596	6,018
Total Common Equity	38,092	39,720	40,028	44,035	47,317	49,074	51,596	6,018
Common Stock	39,604	39,813	40,006	40,181	40,203	40,202	40,152	4,088
Retained Earnings	12,634	8,845	20,541	18,710	17,178	16,842	16,529	13,224
Treasury Stock	-7,252	-3,133	-14,737	-9,808	-5,374	-3,156	-629	-7,196
Accumulated Other Comprehensive Income / (Loss)	-6,894	-5,805	-5,782	-5,048	-4,690	-4,814	-4,456	-4,098
Noncontrolling Interest	1,383	1,362	1,346	1,393	2,252	2,448	5,484	493

This table presents Linde's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	82,704	80,147	82,546	80,215	80,347	80,811	77,827	78,718	80,308	79,658	74,323
Total Current Assets	13,597	12,945	13,460	12,843	13,102	12,620	11,737	11,411	12,904	13,047	11,203
Cash & Equivalents	5,294	4,850	5,187	4,626	4,848	4,664	3,894	3,357	4,962	5,436	3,756
Accounts Receivable	4,950	4,622	4,871	5,001	5,009	4,718	4,692	4,799	4,753	4,559	4,599
Inventories, net	1,984	1,946	2,087	2,094	2,100	2,115	2,078	2,079	2,054	1,978	1,855
Other Current Assets	1,369	1,527	1,315	1,122	1,145	1,123	1,073	1,176	1,135	1,074	993
Plant, Property, & Equipment, net	25,710	24,775	25,124	24,575	24,418	24,552	23,624	23,808	23,796	23,548	22,586
Total Noncurrent Assets	43,397	42,427	43,962	42,797	42,827	43,639	42,466	43,499	43,608	43,063	40,534
Goodwill	26,507	25,937	27,108	26,365	26,289	26,751	25,955	26,456	26,418	25,817	24,565
Intangible Assets	11,561	11,330	12,113	11,851	12,001	12,399	12,092	12,510	12,638	12,420	11,810
Other Noncurrent Operating Assets	5,329	3,030	4,741	4,581	4,537	2,299	4,419	4,533	4,552	2,476	4,159
Total Liabilities & Shareholders' Equity	82,704	80,147	82,546	80,215	80,347	80,811	77,827	78,718	80,308	79,658	74,323
Total Liabilities	43,241	40,659	41,943	40,664	40,118	39,716	37,589	37,470	38,972	38,271	35,384
Total Current Liabilities	14,485	14,544	14,049	13,504	14,389	15,717	14,162	14,552	17,785	16,479	15,061
Short-Term Debt	6,289	6,280	4,787	4,587	5,092	5,976	4,771	3,962	7,033	5,716	4,730
Accounts Payable	2,446	2,507	2,845	2,859	2,885	3,020	2,750	2,977	2,941	2,995	3,067
Current Deferred Revenue	1,196	1,194	1,727	1,767	1,827	1,901	-	-	-	3,073	-
Other Current Liabilities	4,554	3,926	4,690	4,291	4,585	4,156	6,641	7,613	7,811	4,082	7,264
Total Noncurrent Liabilities	28,756	26,115	27,894	27,160	25,729	23,999	23,427	22,918	21,187	21,792	20,323
Long-Term Debt	17,608	15,343	17,475	16,931	15,227	13,397	13,232	13,528	11,744	12,198	10,608
Other Noncurrent Operating Liabilities	11,148	4,015	10,419	10,229	10,502	3,804	10,195	9,390	9,443	2,795	9,715
Redeemable Noncontrolling Interest	13	13	13	13	13	13	13	13	13	13	13
Total Equity & Noncontrolling Interests	39,450	39,475	40,590	39,538	40,216	41,082	40,225	41,235	41,323	41,374	38,926
Total Preferred & Common Equity	38,032	38,092	39,173	38,179	38,829	39,720	38,898	39,911	39,970	40,028	37,628
Total Common Equity	38,032	38,092	39,173	38,179	38,829	39,720	38,898	39,911	39,970	40,028	37,628
Common Stock	39,409	39,604	39,574	39,561	39,571	39,813	39,803	39,797	39,859	40,006	40,012
Retained Earnings	13,545	12,634	11,585	10,721	9,708	8,845	7,940	7,024	6,092	20,541	19,845
Treasury Stock	-8,154	-7,252	-5,927	-5,309	-3,922	-3,133	-2,169	-1,011	-171	-14,737	-14,135
Accumulated Other Comprehensive Income / (Loss)	-6,768	-6,894	-6,059	-6,794	-6,528	-5,805	-6,676	-5,899	-5,810	-5,782	-8,094
Noncontrolling Interest	1,418	1,383	1,417	1,359	1,387	1,362	1,327	1,324	1,353	1,346	1,298

This table displays calculated financial ratios and metrics derived from Linde's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.46%	-1.53%	8.35%	13.03%	-3.49%	90.27%	30.62%	7.82%	0.00%
EBITDA Growth	5.01%	22.36%	-0.01%	20.75%	6.18%	2.73%	105.09%	8.10%	0.00%
EBIT Growth	7.78%	46.06%	8.31%	47.93%	18.01%	-43.53%	114.50%	9.38%	0.00%
NOPAT Growth	6.70%	55.82%	6.12%	50.59%	15.17%	-50.83%	226.36%	-17.95%	0.00%
Net Income Growth	6.25%	48.12%	8.08%	50.84%	10.29%	-45.95%	236.77%	-14.95%	0.00%
EPS Growth	8.18%	52.98%	12.28%	55.63%	12.41%	-68.04%	203.47%	-17.08%	0.00%
Operating Cash Flow Growth	1.27%	4.98%	-8.85%	30.91%	23.61%	62.34%	26.82%	4.66%	0.00%
Free Cash Flow Firm Growth	48.69%	-38.50%	-29.52%	175.68%	29.25%	106.21%	-233.44%	0.00%	0.00%
Invested Capital Growth	0.96%	4.07%	-4.96%	-9.54%	-1.55%	-0.81%	332.77%	0.00%	0.00%
Revenue Q/Q Growth	-0.06%	1.24%	-1.18%	3.45%	0.71%	4.75%	0.00%	0.00%	0.00%
EBITDA Q/Q Growth	1.72%	2.69%	1.87%	2.66%	5.52%	-25.92%	0.00%	0.00%	0.00%
EBIT Q/Q Growth	2.90%	4.09%	6.84%	6.39%	12.73%	-46.43%	0.00%	0.00%	0.00%
NOPAT Q/Q Growth	2.70%	4.32%	8.21%	6.35%	12.74%	-52.34%	0.00%	0.00%	0.00%
Net Income Q/Q Growth	2.95%	3.51%	7.67%	6.79%	11.27%	-50.36%	0.00%	0.00%	0.00%
EPS Q/Q Growth	3.50%	4.14%	8.72%	7.95%	12.14%	-63.69%	0.00%	0.00%	0.00%
Operating Cash Flow Q/Q Growth	0.88%	7.29%	-11.38%	8.95%	4.38%	12.61%	0.00%	0.00%	0.00%
Free Cash Flow Firm Q/Q Growth	95.98%	93.60%	-38.92%	36.07%	7.94%	0.00%	0.00%	0.00%	0.00%
Invested Capital Q/Q Growth	-6.15%	-1.35%	1.97%	-6.16%	-2.08%	-2.09%	0.00%	0.00%	0.00%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	48.06%	46.76%	41.70%	43.03%	43.53%	41.04%	39.20%	43.81%	44.42%
EBITDA Margin	38.19%	36.54%	29.40%	31.86%	29.82%	27.11%	50.21%	31.98%	31.90%
Operating Margin	26.16%	24.42%	16.09%	16.19%	12.19%	10.39%	35.37%	21.52%	21.33%
EBIT Margin	26.74%	24.92%	16.80%	16.81%	12.84%	10.50%	35.39%	21.55%	21.25%
Profit (Net Income) Margin	20.41%	19.30%	12.83%	12.86%	9.64%	8.43%	29.69%	11.52%	14.60%
Tax Burden Percent	78.62%	79.38%	77.23%	77.68%	77.60%	81.35%	87.25%	57.19%	75.10%
Interest Burden Percent	97.10%	97.56%	98.88%	98.51%	96.71%	98.72%	96.15%	93.42%	91.51%
Effective Tax Rate	23.36%	22.71%	25.87%	24.75%	25.03%	26.27%	16.18%	44.86%	26.90%
Return on Invested Capital (ROIC)	12.28%	11.80%	7.53%	6.57%	4.12%	3.54%	11.64%	19.01%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	13.16%	13.03%	10.72%	8.78%	5.51%	6.78%	11.76%	17.98%	0.00%
Return on Net Nonoperating Assets (RNNOA)	4.44%	3.58%	2.33%	1.76%	1.07%	0.84%	2.20%	21.10%	0.00%
Return on Equity (ROE)	16.72%	15.38%	9.86%	8.34%	5.19%	4.38%	13.85%	40.11%	0.00%
Cash Return on Invested Capital (CROIC)	11.32%	7.81%	12.62%	16.59%	5.69%	4.35%	-113.28%	-180.99%	0.00%
Operating Return on Assets (OROA)	10.97%	10.21%	6.95%	6.10%	4.00%	3.29%	9.23%	11.98%	0.00%
Return on Assets (ROA)	8.37%	7.90%	5.31%	4.66%	3.00%	2.65%	7.74%	6.40%	0.00%
Return on Common Equity (ROCE)	16.15%	14.87%	9.55%	8.01%	4.94%	4.05%	12.54%	37.01%	0.00%
Return on Equity Simple (ROE_SIMPLE)	17.69%	15.96%	10.70%	9.00%	5.55%	4.85%	8.54%	21.73%	0.00%
Net Operating Profit after Tax (NOPAT)	6,618	6,202	3,980	3,750	2,491	2,162	4,398	1,348	1,642
NOPAT Margin	20.05%	18.88%	11.93%	12.18%	9.14%	7.66%	29.64%	11.86%	15.59%
Net Nonoperating Expense Percent (NNEP)	-0.88%	-1.23%	-3.19%	-2.20%	-1.38%	-3.24%	-0.12%	1.03%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	10.83%	10.26%	6.71%	-	-	-	-	-	-
Cost of Revenue to Revenue	51.94%	53.24%	58.30%	56.97%	56.47%	58.96%	60.80%	56.19%	55.58%
SG&A Expenses to Revenue	10.11%	10.03%	9.31%	10.36%	11.72%	12.25%	10.98%	10.63%	10.87%
R&D to Revenue	0.45%	0.44%	0.43%	0.46%	0.56%	0.65%	0.76%	0.82%	0.87%
Operating Expenses to Revenue	21.90%	22.34%	25.61%	26.84%	31.34%	30.65%	3.84%	22.29%	23.09%
Earnings before Interest and Taxes (EBIT)	8,825	8,188	5,606	5,176	3,499	2,965	5,251	2,448	2,238
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12,605	12,004	9,810	9,811	8,125	7,652	7,449	3,632	3,360
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.41	5.03	3.93	3.92	2.80	2.19	1.54	0.00	0.00
Price to Tangible Book Value (P/TBV)	249.76	350.35	87.74	53.99	45.16	18.19	9.35	0.00	0.00
Price to Revenue (P/Rev)	6.24	6.08	4.71	5.60	4.86	3.81	5.35	0.00	0.00
Price to Earnings (P/E)	31.39	32.21	37.89	45.08	52.94	47.11	18.13	0.00	0.00
Dividend Yield	1.33%	1.26%	1.47%	1.26%	1.53%	2.16%	1.14%	0.00%	2.03%
Earnings Yield	3.19%	3.10%	2.64%	2.22%	1.89%	2.12%	5.52%	35,488.52%	0.00%
Enterprise Value to Invested Capital (EV/IC)	4.10	3.98	3.27	3.37	2.42	1.96	1.53	0.58	0.00
Enterprise Value to Revenue (EV/Rev)	6.73	6.50	5.05	5.93	5.32	4.23	6.33	0.72	0.00
Enterprise Value to EBITDA (EV/EBITDA)	17.62	17.79	17.19	18.62	17.85	15.61	12.61	2.25	0.00
Enterprise Value to EBIT (EV/EBIT)	25.17	26.09	30.08	35.29	41.44	40.29	17.89	3.33	0.00
Enterprise Value to NOPAT (EV/NOPAT)	33.56	34.44	42.37	48.70	58.23	55.24	21.36	6.06	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	23.57	22.95	19.02	18.78	19.52	19.87	25.37	2.80	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	36.41	52.06	25.28	19.30	42.23	44.97	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.55	0.47	0.43	0.31	0.33	0.27	0.27	1.38	0.00
Long-Term Debt to Equity	0.39	0.33	0.29	0.25	0.25	0.21	0.22	1.19	0.00
Financial Leverage	0.34	0.27	0.22	0.20	0.19	0.12	0.19	1.17	0.00
Leverage Ratio	2.00	1.95	1.86	1.79	1.73	1.66	1.79	3.13	0.00
Compound Leverage Factor	1.94	1.90	1.84	1.76	1.67	1.63	1.72	2.93	0.00
Debt to Total Capital	35.38%	32.04%	30.21%	23.82%	24.57%	21.28%	21.13%	57.98%	0.00%
Short-Term Debt to Total Capital	10.28%	9.88%	9.64%	4.81%	6.09%	4.97%	4.16%	7.84%	0.00%
Long-Term Debt to Total Capital	25.11%	22.16%	20.57%	19.00%	18.49%	16.30%	16.97%	50.14%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.28%	2.27%	2.29%	2.36%	3.45%	3.90%	7.60%	3.25%	0.00%
Common Equity to Total Capital	62.33%	65.69%	67.50%	73.82%	71.98%	74.82%	71.27%	38.77%	0.00%
Debt to EBITDA	1.72	1.61	1.83	1.45	1.99	1.82	2.05	2.48	0.00
Net Debt to EBITDA	1.16	1.04	1.03	0.89	1.27	1.21	1.21	2.11	0.00
Long-Term Debt to EBITDA	1.22	1.12	1.24	1.16	1.50	1.40	1.65	2.14	0.00
Debt to NOPAT	3.27	3.12	4.50	3.79	6.49	6.45	3.48	6.68	0.00
Net Debt to NOPAT	2.21	2.02	2.54	2.34	4.15	4.27	2.04	5.68	0.00
Long-Term Debt to NOPAT	2.32	2.16	3.06	3.02	4.88	4.94	2.79	5.78	0.00
Altman Z-Score	4.01	3.87	3.42	3.72	2.73	2.53	1.96	1.86	0.00
Noncontrolling Interest Sharing Ratio	3.44%	3.31%	3.18%	3.86%	4.77%	7.41%	9.44%	7.73%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.89	0.80	0.79	0.74	0.80	0.85	1.33	0.99	0.00
Quick Ratio	0.65	0.60	0.61	0.54	0.58	0.58	0.68	0.70	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	6,101	4,103	6,671	9,465	3,434	2,656	-42,782	-12,830	0.00
Operating Cash Flow to CapEx	209.54%	245.71%	279.36%	315.13%	218.50%	163.23%	196.60%	222.65%	190.38%
Free Cash Flow to Firm to Interest Expense	23.83	20.51	105.89	122.93	29.86	69.91	-211.79	-79.69	0.00
Operating Cash Flow to Interest Expense	36.81	46.53	140.70	126.30	64.60	158.16	18.33	18.13	14.68
Operating Cash Flow Less CapEx to Interest Expense	19.24	27.59	90.33	86.22	35.03	61.26	9.01	9.99	6.97
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.41	0.41	0.36	0.31	0.31	0.26	0.56	0.00
Accounts Receivable Turnover	7.07	7.08	7.37	7.11	6.42	6.55	4.94	6.64	0.00
Inventory Turnover	8.44	8.55	10.48	10.13	8.98	9.94	7.96	10.39	0.00
Fixed Asset Turnover	1.34	1.37	1.35	0.00	0.00	0.00	0.71	0.96	0.00
Accounts Payable Turnover	6.20	5.82	5.99	5.32	4.84	5.13	4.36	6.92	0.00
Days Sales Outstanding (DSO)	51.65	51.53	49.55	51.36	56.87	55.72	73.89	54.95	0.00
Days Inventory Outstanding (DIO)	43.23	42.70	34.82	36.02	40.65	36.71	45.83	35.12	0.00
Days Payable Outstanding (DPO)	58.84	62.76	60.97	68.64	75.47	71.11	83.78	52.73	0.00
Cash Conversion Cycle (CCC)	36.04	31.48	23.40	18.74	22.05	21.33	35.94	37.34	0.00
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	54,131	53,614	51,515	54,206	59,921	60,864	61,358	14,178	0.00
Invested Capital Turnover	0.61	0.63	0.63	0.54	0.45	0.46	0.39	1.60	0.00
Increase / (Decrease) in Invested Capital	517	2,099	-2,691	-5,715	-943	-494	47,180	14,178	0.00
Enterprise Value (EV)	222,092	213,594	168,627	182,653	145,014	119,447	93,920	8,164	0.00
Market Capitalization	206,053	199,700	157,140	172,482	132,410	107,657	79,428	3.51	0.00
Book Value per Share	$80.00	$81.92	$80.97	$85.91	$90.15	$91.36	$93.63	$240,720.00	$0.00
Tangible Book Value per Share	$1.73	$1.18	$3.62	$6.23	$5.59	$11.02	$15.42	$80,000.00	$0.00
Total Capital	61,111	60,468	59,301	59,648	65,736	65,591	72,392	15,522	0.00
Total Debt	21,623	19,373	17,914	14,207	16,154	13,956	15,296	9,000	0.00
Total Long-Term Debt	15,343	13,397	12,198	11,335	12,152	10,693	12,288	7,783	0.00
Net Debt	14,643	12,519	10,128	8,765	10,339	9,229	8,992	7,656	0.00
Capital Expenditures (CapEx)	4,497	3,787	3,173	3,086	3,400	3,682	1,883	1,311	1,465
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-169	-1,785	-3,152	-3,435	-2,568	-1,245	2,858	578	0.00
Debt-free Net Working Capital (DFNWC)	4,681	2,879	2,284	-612	1,186	1,455	7,324	1,195	0.00
Net Working Capital (NWC)	-1,599	-3,097	-3,432	-3,484	-2,816	-1,808	4,316	-22	0.00
Net Nonoperating Expense (NNE)	-119	-139	-301	-211	-135	-219	-7.04	40	104
Net Nonoperating Obligations (NNO)	14,643	12,519	10,128	8,765	10,339	9,229	4,262	7,656	0.00
Total Depreciation and Amortization (D&A)	3,780	3,816	4,204	4,635	4,626	4,687	2,198	1,184	1,122
Debt-free, Cash-free Net Working Capital to Revenue	-0.51%	-5.43%	-9.45%	-11.16%	-9.43%	-4.41%	19.26%	5.09%	0.00%
Debt-free Net Working Capital to Revenue	14.18%	8.76%	6.85%	-1.99%	4.35%	5.15%	49.37%	10.52%	0.00%
Net Working Capital to Revenue	-4.84%	-9.43%	-10.29%	-11.31%	-10.34%	-6.41%	29.09%	-0.19%	0.00%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$12.70	$8.30	$7.40	$4.75	$4.22	$13.26	$0.00	$0.00
Adjusted Weighted Average Basic Shares Outstanding	478.77M	488.19M	499.74M	516.90M	526.74M	541.09M	330.40M	0.00	0.00
Adjusted Diluted Earnings per Share	$13.62	$12.59	$8.23	$7.33	$4.71	$4.19	$13.11	$0.00	$0.00
Adjusted Weighted Average Diluted Shares Outstanding	482.09M	492.29M	504.04M	521.88M	531.16M	545.17M	334.13M	0.00	0.00
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	472.91M	481.58M	492.16M	507.74M	522.84M	532.96M	544.91M	0.00	0.00
Normalized Net Operating Profit after Tax (NOPAT)	6,729	6,233	4,743	3,956	2,870	2,580	4,657	1,376	1,713
Normalized NOPAT Margin	20.39%	18.97%	14.22%	12.85%	10.53%	9.14%	31.39%	12.12%	16.26%
Pre Tax Income Margin	25.96%	24.31%	16.61%	16.56%	12.42%	10.37%	34.03%	20.14%	19.44%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	34.47	40.94	88.98	67.22	30.43	78.03	26.00	15.21	11.78
NOPAT to Interest Expense	25.85	31.01	63.17	48.71	21.66	56.91	21.77	8.37	8.64
EBIT Less CapEx to Interest Expense	16.91	22.01	38.62	27.14	0.86	-18.87	16.67	7.06	4.07
NOPAT Less CapEx to Interest Expense	8.28	12.07	12.81	8.63	-7.91	-39.99	12.45	0.23	0.93
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.41%	39.14%	54.75%	55.26%	77.23%	79.42%	26.47%	68.88%	55.66%
Augmented Payout Ratio	105.94%	101.56%	175.47%	171.70%	170.79%	191.05%	40.07%	69.80%	70.48%

This table displays calculated financial ratios and metrics derived from Linde's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.15%	-0.24%	2.46%	0.77%	-1.14%	5.10%	-7.30%	-2.99%	-0.22%	-4.81%	14.72%
EBITDA Growth	1.81%	7.06%	1.48%	5.80%	5.74%	11.66%	12.36%	73.13%	10.17%	7.14%	8.44%
EBIT Growth	4.43%	12.05%	2.11%	8.61%	8.44%	18.45%	25.27%	215.82%	28.11%	25.90%	24.61%
NOPAT Growth	2.66%	11.12%	1.19%	6.34%	8.23%	19.66%	27.11%	378.76%	33.85%	30.19%	25.55%
Net Income Growth	2.52%	12.25%	0.12%	5.46%	7.28%	15.80%	23.15%	293.17%	28.26%	28.88%	28.71%
EPS Growth	4.78%	14.60%	0.94%	7.84%	9.48%	18.87%	25.59%	331.08%	33.04%	33.17%	35.11%
Operating Cash Flow Growth	10.59%	3.01%	8.37%	-10.28%	2.41%	30.17%	-4.40%	0.80%	-4.60%	-35.20%	3.13%
Free Cash Flow Firm Growth	-164.27%	326.73%	22.71%	259.64%	-60.54%	-113.45%	-126.70%	-105.88%	-32.10%	-40.51%	92.14%
Invested Capital Growth	4.25%	0.96%	6.13%	1.92%	1.00%	4.07%	7.57%	3.66%	-2.18%	-4.96%	-12.54%
Revenue Q/Q Growth	-2.05%	-0.89%	1.08%	2.06%	-2.43%	1.80%	-0.60%	0.13%	3.72%	-10.21%	4.02%
EBITDA Q/Q Growth	-2.45%	4.46%	-3.13%	3.14%	2.59%	-0.98%	0.99%	3.08%	8.33%	-0.37%	55.63%
EBIT Q/Q Growth	-3.28%	8.68%	-4.57%	4.10%	3.77%	-0.96%	1.51%	3.94%	13.35%	4.74%	155.91%
NOPAT Q/Q Growth	-3.65%	9.66%	-5.30%	2.60%	4.29%	-0.14%	-0.49%	4.43%	15.30%	6.08%	274.82%
Net Income Q/Q Growth	-3.50%	10.36%	-5.71%	2.10%	5.65%	-1.56%	-0.68%	3.87%	14.03%	4.69%	217.07%
EPS Q/Q Growth	-2.77%	12.11%	-6.40%	2.69%	6.35%	-1.25%	0.00%	4.25%	15.47%	4.33%	243.24%
Operating Cash Flow Q/Q Growth	-23.07%	2.86%	41.58%	-1.28%	-28.35%	8.21%	17.21%	12.68%	-8.93%	-20.52%	23.58%
Free Cash Flow Firm Q/Q Growth	-156.96%	169.68%	-387.09%	-43.59%	300.92%	76.25%	-492.93%	-113.95%	-31.54%	-52.84%	30.70%
Invested Capital Q/Q Growth	7.27%	-6.15%	2.19%	1.33%	3.89%	-1.35%	-1.87%	0.42%	7.06%	1.97%	-5.44%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	48.75%	47.84%	47.87%	48.58%	47.95%	46.63%	47.10%	47.39%	45.92%	43.95%	39.92%
EBITDA Margin	38.83%	38.99%	36.99%	38.60%	38.20%	36.33%	37.35%	36.76%	35.71%	34.19%	30.82%
Operating Margin	26.92%	27.41%	24.96%	26.42%	25.86%	24.43%	25.16%	24.51%	23.59%	21.36%	18.34%
EBIT Margin	27.61%	27.96%	25.50%	27.01%	26.48%	24.90%	25.59%	25.06%	24.14%	22.09%	18.94%
Profit (Net Income) Margin	21.04%	21.36%	19.18%	20.56%	20.56%	18.98%	19.63%	19.65%	18.94%	17.23%	14.78%
Tax Burden Percent	78.30%	78.17%	77.70%	78.59%	80.05%	78.96%	78.21%	80.44%	79.96%	79.40%	78.88%
Interest Burden Percent	97.32%	97.71%	96.81%	96.87%	96.97%	96.57%	98.08%	97.47%	98.13%	98.22%	98.92%
Effective Tax Rate	23.44%	23.55%	24.14%	23.49%	22.26%	23.00%	23.79%	21.86%	22.15%	22.64%	23.73%
Return on Invested Capital (ROIC)	11.96%	12.84%	11.17%	11.87%	11.88%	11.76%	11.87%	11.65%	10.98%	10.43%	8.72%
ROIC Less NNEP Spread (ROIC-NNEP)	12.17%	13.08%	11.30%	12.05%	12.13%	11.88%	12.16%	11.96%	11.35%	11.02%	9.31%
Return on Net Nonoperating Assets (RNNOA)	5.20%	4.41%	4.36%	4.63%	4.36%	3.26%	3.94%	3.85%	3.42%	2.40%	2.60%
Return on Equity (ROE)	17.17%	17.25%	15.52%	16.50%	16.24%	15.02%	15.81%	15.51%	14.40%	12.83%	11.32%
Cash Return on Invested Capital (CROIC)	7.55%	11.32%	5.56%	9.59%	10.42%	7.81%	4.04%	6.72%	10.02%	12.62%	20.17%
Operating Return on Assets (OROA)	11.18%	11.47%	10.50%	11.16%	10.80%	10.19%	10.92%	10.59%	9.87%	9.14%	8.07%
Return on Assets (ROA)	8.52%	8.76%	7.90%	8.49%	8.38%	7.77%	8.37%	8.30%	7.75%	7.13%	6.30%
Return on Common Equity (ROCE)	16.56%	16.65%	14.99%	15.94%	15.69%	14.52%	15.28%	15.00%	13.93%	12.42%	10.95%
Return on Equity Simple (ROE_SIMPLE)	17.82%	0.00%	16.71%	17.14%	16.62%	0.00%	15.75%	14.60%	11.57%	0.00%	10.57%
Net Operating Profit after Tax (NOPAT)	1,672	1,735	1,582	1,671	1,629	1,562	1,564	1,571	1,505	1,305	1,230
NOPAT Margin	20.61%	20.95%	18.94%	20.21%	20.11%	18.81%	19.18%	19.15%	18.37%	16.52%	13.99%
Net Nonoperating Expense Percent (NNEP)	-0.21%	-0.25%	-0.13%	-0.19%	-0.25%	-0.13%	-0.29%	-0.31%	-0.37%	-0.59%	-0.59%
Return On Investment Capital (ROIC_SIMPLE)	2.64%	2.84%	-	-	-	2.58%	-	-	-	2.20%	-
Cost of Revenue to Revenue	51.25%	52.16%	52.13%	51.42%	52.05%	53.37%	52.90%	52.61%	54.08%	56.05%	60.08%
SG&A Expenses to Revenue	9.69%	9.83%	9.85%	10.16%	10.62%	10.02%	9.91%	10.15%	10.03%	9.67%	8.75%
R&D to Revenue	0.47%	0.47%	0.44%	0.44%	0.47%	0.47%	0.44%	0.43%	0.44%	0.46%	0.40%
Operating Expenses to Revenue	21.83%	20.43%	22.91%	22.16%	22.09%	22.20%	21.94%	22.88%	22.32%	22.60%	21.59%
Earnings before Interest and Taxes (EBIT)	2,240	2,316	2,131	2,233	2,145	2,067	2,087	2,056	1,978	1,745	1,666
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	3,150	3,229	3,091	3,191	3,094	3,016	3,046	3,016	2,926	2,701	2,711
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.03	5.41	5.99	5.66	5.89	5.03	4.65	4.64	4.32	3.93	3.48
Price to Tangible Book Value (P/TBV)	0.00	249.76	0.00	0.00	423.97	350.35	212.73	195.99	188.93	87.74	104.55
Price to Revenue (P/Rev)	6.94	6.24	7.11	6.58	6.98	6.08	5.58	5.60	5.18	4.71	3.88
Price to Earnings (P/E)	34.66	31.39	36.77	33.76	36.22	32.21	30.25	32.54	38.47	37.89	34.07
Dividend Yield	1.22%	1.33%	1.14%	1.21%	1.12%	1.26%	1.36%	1.30%	1.36%	1.47%	1.72%
Earnings Yield	2.88%	3.19%	2.72%	2.96%	2.76%	3.10%	3.31%	3.07%	2.60%	2.64%	2.94%
Enterprise Value to Invested Capital (EV/IC)	4.29	4.10	4.39	4.15	4.41	3.98	3.62	3.62	3.41	3.27	2.85
Enterprise Value to Revenue (EV/Rev)	7.55	6.73	7.67	7.14	7.49	6.50	6.05	6.06	5.63	5.05	4.26
Enterprise Value to EBITDA (EV/EBITDA)	19.68	17.62	20.43	18.97	20.16	17.79	16.81	17.68	18.64	17.19	14.94
Enterprise Value to EBIT (EV/EBIT)	27.94	25.17	29.52	27.45	29.37	26.09	24.98	26.96	31.10	30.08	27.42
Enterprise Value to NOPAT (EV/NOPAT)	37.41	33.56	39.29	36.46	38.79	34.44	33.05	35.77	43.10	42.37	39.12
Enterprise Value to Operating Cash Flow (EV/OCF)	25.88	23.57	27.11	25.65	26.24	22.95	22.66	22.83	21.42	19.02	14.39
Enterprise Value to Free Cash Flow (EV/FCFF)	58.02	36.41	81.34	43.67	42.48	52.06	92.72	54.86	33.61	25.28	13.18
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.61	0.55	0.55	0.54	0.51	0.47	0.45	0.42	0.45	0.43	0.39
Long-Term Debt to Equity	0.45	0.39	0.43	0.43	0.38	0.33	0.33	0.33	0.28	0.29	0.27
Financial Leverage	0.43	0.34	0.39	0.38	0.36	0.27	0.32	0.32	0.30	0.22	0.28
Leverage Ratio	2.05	2.00	1.98	1.97	1.97	1.95	1.92	1.90	1.90	1.86	1.87
Compound Leverage Factor	1.99	1.95	1.92	1.91	1.91	1.88	1.88	1.86	1.87	1.82	1.85
Debt to Total Capital	37.72%	35.38%	35.41%	35.24%	33.56%	32.04%	30.91%	29.78%	31.24%	30.21%	28.26%
Short-Term Debt to Total Capital	9.93%	10.28%	7.61%	7.51%	8.41%	9.88%	8.19%	6.75%	11.70%	9.64%	8.71%
Long-Term Debt to Total Capital	27.79%	25.11%	27.80%	27.72%	25.15%	22.16%	22.72%	23.03%	19.54%	20.57%	19.54%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.26%	2.28%	2.27%	2.25%	2.31%	2.27%	2.30%	2.28%	2.27%	2.29%	2.42%
Common Equity to Total Capital	60.03%	62.33%	62.31%	62.52%	64.13%	65.69%	66.79%	67.95%	66.49%	67.50%	69.33%
Debt to EBITDA	1.89	1.72	1.80	1.74	1.67	1.61	1.54	1.54	1.86	1.83	1.59
Net Debt to EBITDA	1.47	1.16	1.38	1.37	1.27	1.04	1.21	1.24	1.37	1.03	1.20
Long-Term Debt to EBITDA	1.39	1.22	1.41	1.37	1.25	1.12	1.13	1.19	1.17	1.24	1.10
Debt to NOPAT	3.59	3.27	3.45	3.35	3.21	3.12	3.03	3.12	4.31	4.50	4.17
Net Debt to NOPAT	2.79	2.21	2.65	2.63	2.45	2.02	2.37	2.52	3.17	2.54	3.15
Long-Term Debt to NOPAT	2.64	2.32	2.71	2.64	2.41	2.16	2.23	2.41	2.69	3.06	2.88
Altman Z-Score	3.88	3.74	4.03	3.86	4.06	3.62	3.50	3.55	3.19	3.26	3.06
Noncontrolling Interest Sharing Ratio	3.55%	3.44%	3.43%	3.35%	3.39%	3.31%	3.35%	3.28%	3.26%	3.18%	3.22%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.94	0.89	0.96	0.95	0.91	0.80	0.83	0.78	0.73	0.79	0.74
Quick Ratio	0.71	0.65	0.72	0.71	0.69	0.60	0.61	0.56	0.55	0.61	0.55
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-694	1,218	-1,749	609	1,080	-537	-2,262	-382	2,736	3,996	8,473
Operating Cash Flow to CapEx	170.16%	224.72%	256.19%	170.26%	186.45%	236.92%	265.82%	250.29%	230.16%	223.82%	345.93%
Free Cash Flow to Firm to Interest Expense	-11.57	22.99	-25.71	8.70	16.61	-7.57	-56.55	-7.34	73.94	128.91	470.74
Operating Cash Flow to Interest Expense	36.02	53.00	40.16	27.56	30.06	38.41	63.00	41.35	51.57	67.58	146.44
Operating Cash Flow Less CapEx to Interest Expense	14.85	29.42	24.49	11.37	13.94	22.20	39.30	24.83	29.16	37.39	104.11
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.41	0.41	0.41	0.41	0.41	0.41	0.43	0.42	0.41	0.41	0.43
Accounts Receivable Turnover	6.63	7.07	6.91	6.70	6.71	7.08	6.99	6.89	6.95	7.37	7.53
Inventory Turnover	8.37	8.44	8.29	8.25	8.32	8.55	8.89	9.55	9.99	10.48	11.24
Fixed Asset Turnover	1.32	1.34	1.35	1.36	1.36	1.37	1.40	0.00	0.00	1.35	1.38
Accounts Payable Turnover	6.41	6.20	6.17	5.90	5.93	5.82	6.01	5.83	6.03	5.99	6.50
Days Sales Outstanding (DSO)	55.05	51.65	52.85	54.49	54.38	51.53	52.25	52.95	52.53	49.55	48.46
Days Inventory Outstanding (DIO)	43.63	43.23	44.05	44.25	43.88	42.70	41.04	38.21	36.53	34.82	32.47
Days Payable Outstanding (DPO)	56.95	58.84	59.18	61.88	61.54	62.76	60.70	62.65	60.52	60.97	56.13
Cash Conversion Cycle (CCC)	41.73	36.04	37.72	36.85	36.72	31.48	32.59	28.51	28.54	23.40	24.80
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	58,066	54,131	57,678	56,443	55,700	53,614	54,347	55,381	55,151	51,515	50,521
Invested Capital Turnover	0.58	0.61	0.59	0.59	0.59	0.63	0.62	0.61	0.60	0.63	0.62
Increase / (Decrease) in Invested Capital	2,366	517	3,331	1,062	549	2,099	3,826	1,953	-1,231	-2,691	-7,243
Enterprise Value (EV)	249,204	222,092	253,197	234,229	245,391	213,594	196,486	200,685	187,864	168,627	143,897
Market Capitalization	229,170	206,053	234,692	215,965	228,520	199,700	181,037	185,215	172,683	157,140	131,004
Book Value per Share	$80.42	$80.00	$82.04	$79.43	$80.57	$81.92	$79.72	$81.41	$81.21	$80.97	$75.50
Tangible Book Value per Share	($0.08)	$1.73	($0.10)	($0.08)	$1.12	$1.18	$1.74	$1.93	$1.86	$3.62	$2.51
Total Capital	63,360	61,111	62,865	61,069	60,548	60,468	58,241	58,738	60,113	59,301	54,277
Total Debt	23,897	21,623	22,262	21,518	20,319	19,373	18,003	17,490	18,777	17,914	15,338
Total Long-Term Debt	17,608	15,343	17,475	16,931	15,227	13,397	13,232	13,528	11,744	12,198	10,608
Net Debt	18,603	14,643	17,075	16,892	15,471	12,519	14,109	14,133	13,815	10,128	11,582
Capital Expenditures (CapEx)	1,270	1,250	1,066	1,133	1,048	1,151	948	859	829	936	762
Debt-free, Cash-free Net Working Capital (DFCFNWC)	107	-169	-989	-700	-1,043	-1,785	-1,548	-2,536	-2,810	-3,152	-2,884
Debt-free Net Working Capital (DFNWC)	5,401	4,681	4,198	3,926	3,805	2,879	2,346	821	2,152	2,284	872
Net Working Capital (NWC)	-888	-1,599	-589	-661	-1,287	-3,097	-2,425	-3,141	-4,881	-3,432	-3,858
Net Nonoperating Expense (NNE)	-35	-34	-21	-29	-36	-14	-37	-41	-47	-56	-70
Net Nonoperating Obligations (NNO)	18,603	14,643	17,075	16,892	15,471	12,519	14,109	14,133	13,815	10,128	11,582
Total Depreciation and Amortization (D&A)	910	913	960	958	949	949	959	960	948	956	1,045
Debt-free, Cash-free Net Working Capital to Revenue	0.32%	-0.51%	-2.99%	-2.13%	-3.18%	-5.43%	-4.77%	-7.66%	-8.43%	-9.45%	-8.54%
Debt-free Net Working Capital to Revenue	16.36%	14.18%	12.71%	11.96%	11.61%	8.76%	7.23%	2.48%	6.45%	6.85%	2.58%
Net Working Capital to Revenue	-2.69%	-4.84%	-1.78%	-2.01%	-3.93%	-9.43%	-7.47%	-9.49%	-14.64%	-10.29%	-11.43%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$3.38	$0.00	$3.21	$3.22	$3.08	$0.00	$2.56
Adjusted Weighted Average Basic Shares Outstanding	473.30M	478.77M	477.66M	479.97M	481.95M	488.19M	487.12M	489.62M	491.82M	499.74M	497.19M
Adjusted Diluted Earnings per Share	$3.51	$3.61	$3.22	$3.44	$3.35	$3.15	$3.19	$3.19	$3.06	$2.65	$2.54
Adjusted Weighted Average Diluted Shares Outstanding	476.26M	482.09M	480.90M	483.18M	485.59M	492.29M	491.08M	493.55M	495.68M	504.04M	501.15M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	471.29M	472.91M	476.16M	477.50M	480.68M	481.58M	484.89M	487.95M	490.25M	492.16M	494.38M
Normalized Net Operating Profit after Tax (NOPAT)	1,714	1,735	1,692	1,671	1,629	1,560	1,565	1,589	1,519	1,324	1,242
Normalized NOPAT Margin	21.13%	20.95%	20.25%	20.21%	20.11%	18.79%	19.19%	19.36%	18.54%	16.77%	14.12%
Pre Tax Income Margin	26.87%	27.32%	24.69%	26.16%	25.68%	24.04%	25.10%	24.43%	23.69%	21.70%	18.73%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	37.33	43.70	31.34	31.90	33.00	29.11	52.18	39.54	53.46	56.29	92.56
NOPAT to Interest Expense	27.87	32.74	23.27	23.87	25.06	21.99	39.10	30.22	40.67	42.10	68.35
EBIT Less CapEx to Interest Expense	16.17	20.11	15.66	15.71	16.88	12.90	28.48	23.02	31.05	26.10	50.22
NOPAT Less CapEx to Interest Expense	6.70	9.16	7.59	7.69	8.93	5.78	15.40	13.70	18.26	11.91	26.02
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	39.74%	39.41%	39.91%	39.28%	39.17%	39.14%	40.03%	41.42%	51.37%	54.75%	57.82%
Augmented Payout Ratio	106.89%	105.94%	103.81%	110.70%	103.32%	101.56%	99.04%	103.33%	144.56%	175.47%	204.68%

Frequently Asked Questions About Linde's Financials

When does Linde's financial year end?

According to the most recent income statement we have on file, Linde's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Linde's net income changed over the last 8 years?

Linde's net income appears to be on an upward trend, with a most recent value of $6.74 billion in 2024, rising from $1.54 billion in 2016. The previous period was $6.34 billion in 2023. Check out Linde's forecast to explore projected trends and price targets.

What is Linde's operating income?

Linde's total operating income in 2024 was $8.64 billion, based on the following breakdown:

Total Gross Profit: $15.86 billion
Total Operating Expenses: $7.23 billion

How has Linde revenue changed over the last 8 years?

Over the last 8 years, Linde's total revenue changed from $10.53 billion in 2016 to $33.01 billion in 2024, a change of 213.3%.

How much debt does Linde have?

Linde's total liabilities were at $40.66 billion at the end of 2024, a 2.4% increase from 2023, and a 192.2% increase since 2017.

How much cash does Linde have?

In the past 7 years, Linde's cash and equivalents has ranged from $617 million in 2017 to $5.44 billion in 2022, and is currently $4.85 billion as of their latest financial filing in 2024.

How has Linde's book value per share changed over the last 8 years?

Over the last 8 years, Linde's book value per share changed from 0.00 in 2016 to 80.00 in 2024, a change of 7,999.9%.

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This page (NASDAQ:LIN) was last updated on 5/16/2025 by MarketBeat.com Staff

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Linde (LIN) Financials

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Linde (LIN) Financials

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