Linde

LIN

Chemicals - Specialty · Basic Materials

Price

$513.22

-7.52 (-1.44%)

Market Cap

$237.42B

Exchange

NASDAQ

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−10.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 521.9M (2021) → 468.7M (2025)

Linde plc operates as an industrial gas and engineering company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. The company also designs and constructs turnkey process plants for third-party customers, as well as for the gas businesses in various locations, such as olefin,

Winston Score History

Politician Trades

24 trades / 12mo

17 Congressional buys and 7 sells on LIN in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+13.3% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$147M/ year

→ Flat (-2% vs prior year)

0.4% of revenue

Below sector average (3%)

Steady R&D investment year-over-year

Insider Activity

0.3%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$4.0B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Linde is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

48.5%

Healthy — 48.5% gross margin

Operating Margin

37.2%

Excellent — 37.2% operating margin

ROCE

5.2%

Weak — 5.2% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+5.0%

Slow sales growth (5.0% YoY)

EPS YoY

+9.5%

Earnings growing (9.5% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

146%

Turns 146% of profit into real cash

FCF Margin

14.7%

Converts sales into free cash efficiently (14.7%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

0.64

Moderate — manageable debt (0.64)

Interest Cover

36.42x

Comfortably covers interest (36.4x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

33.9x

Pricey — P/E 33.9

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+9.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (33.9 → 24.5)

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Dividends

Dividend Yield

1.17%

Small dividend — 1.17% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+7.3%

Dividend growing modestly (7.3% YoY)

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