Linde plc
ConvictionStrong
Capital-intensive, contract-anchored industrial-gas supply: on-site plants (long-term take-or-pay, cost pass-through), merchant (bulk/cryogenic delivery) and packaged-gas (cylinders), plus Linde Engineering (plant EPC). Density of pipelines/plants + 15-20 year contracts produce recurring, inflation-protected cash flows.
Revenue
$33.99B FY2025$8.78B Q1-2026Rev growth
+3% FY2025price-led, volume-flat); +8% Q1-2026 reported (3% underlying + ~5% FXGross margin
Not separately reportedindustrial-gas COGS bundled); headline profitability is measured on operating marginOp margin
26.3% reported / 29.8% adjusted FY2025+30bps YoY adjusted); 27.8% reported / 30.0% adjusted Q1-2026Capex intensity
~15.5%FY2025 capex $5.26B / sales $33.99B); FY2026 guide $5.0-5.5BMarket cap
~$253BNasdaq: LIN, ~$547/sh, early Jul 2026; all-time high $547.22 on 2026-07-02The read
Where our coverage leans
Coverage leans bullish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence