Linde Advanced Material Technologies Overview
Linde Advanced Material Technologies is the advanced-materials and surface-engineering arm of Linde plc, the world's largest industrial gases company. It makes and supplies four kinds of engineered materials. The first is thermal spray and diffusion coatings that protect high-value components against wear, corrosion, oxidation and heat. The second is gas-atomised metal powders sold under the TruForm brand for additive manufacturing, hot isostatic pressing, metal injection moulding and cold spray. The third is thermal spray equipment. The fourth is high-purity physical vapour deposition (PVD) sputtering targets for semiconductor and electronics fabs. The electronics franchise comes from the 1999 purchase of Materials Research Corporation from Sony. It is vertically integrated from metal refining, including an in-house 6N copper refining line, through target fabrication, bonding, recycling and refill. LAMT is a niche business inside a USD 34 billion group. It sits in Linde's "Other" reporting category, which gives it access to Linde's balance sheet, its semiconductor-customer relationships and its process technology, but also means its performance is not separately disclosed.
What the company does
Linde AMT is a materials-science and surface-engineering business organised around four operating lines.
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Global Coating Services. Service-based application of metallic, carbide and ceramic coatings by thermal spray (plasma, high-velocity oxy-fuel, detonation), diffusion and slurry processes. The coatings go on customer components such as aero-engine and industrial gas turbine parts, landing gear, pump and valve components, paper and printing rolls, glass-making equipment, bakeware moulds and industrial wear parts. The business also offers coating alternatives to hexavalent chrome and cadmium, laser ablation and related surface finishing.
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Atomization. Production of thermal spray powders, TruForm gas-atomised metal powders for additive manufacturing and other powder-metallurgy routes, and specialty ceramic powders. The ceramic range includes multi-metallic component oxide powders for solid oxide fuel cells (SOFC), solid oxide electrolyser cells (SOEC), and environmental and thermal barrier coatings (EBC/TBC).
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Equipment. Design and manufacture of thermal spray systems, guns and consumables for customers who run their own coating operations.
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Electronics. Manufacture of high-purity PVD sputtering targets and evaporation materials for semiconductor, flat panel display, memory, photovoltaic and other thin-film uses. Metals include tantalum, copper and copper alloys, aluminium and aluminium alloys, tungsten and tungsten alloys, titanium, nickel and nickel alloys, and precious metals including gold. The business also runs precious-metal programmes with recycling, refill and flexible metal-supply options.
Company self-description
Linde describes LAMT as a provider of metallic and ceramic coatings, sputtering targets, additive manufacturing powders and coating equipment that help industries push past performance limits. LAMT's own website says its solutions across Global Coating Services, Atomization, Equipment and Electronics deliver performance, economic value and better sustainability, and that they underpin industrial efficiency and component life. In Linde plc's conflict-minerals filings (Form SD for calendar 2023 and 2024), the business is described as supplying wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings and powders.
Business model and revenue model
| Revenue stream | Nature | Model |
|---|---|---|
| Coating services | Toll-coating of customer-owned components at LAMT service centres, often under OEM-qualified process specifications | Service (per-part or per-job pricing; recurring through maintenance, repair and overhaul cycles) |
| Powders | Thermal spray, TruForm AM and ceramic powders | Product (per-kilogram pricing; alloy-dependent; often qualified to customer specifications) |
| Equipment | Thermal spray systems, guns, spare parts and consumables | Product plus aftermarket |
| Sputtering targets | Machined, bonded high-purity targets sold to fabs and tool OEMs | Product; precious-metal targets may be priced as fabrication plus metal value, with metal-leasing, recycling and refill options |
| Recycling and refill | Reclaiming spent targets and precious metals | Service, embedded in target programmes |
Coating services: Nature: Toll-coating of customer-owned components at LAMT service centres, often under OEM-qualified process specifications; Model: Service (per-part or per-job pricing; recurring through maintenance, repair and overhaul cycles)
Powders: Nature: Thermal spray, TruForm AM and ceramic powders; Model: Product (per-kilogram pricing; alloy-dependent; often qualified to customer specifications)
Equipment: Nature: Thermal spray systems, guns, spare parts and consumables; Model: Product plus aftermarket
Sputtering targets: Nature: Machined, bonded high-purity targets sold to fabs and tool OEMs; Model: Product; precious-metal targets may be priced as fabrication plus metal value, with metal-leasing, recycling and refill options
Recycling and refill: Nature: Reclaiming spent targets and precious metals; Model: Service, embedded in target programmes
Linde does not disclose the split between products and services for LAMT. Because the company was historically described as primarily a service-based business, coating services are likely the largest single stream, with products (powders, targets, equipment) making up the remainder. LAMT does not report subscription or licensing revenue.
Value-chain position
LAMT sits at the materials and process layer of several value chains. In aerospace and energy, it is a Tier-2 or Tier-3 supplier, applying coatings for OEMs and MRO providers and supplying powders to coaters and AM part makers. In semiconductors, it is a direct materials supplier to wafer fabs and PVD-tool makers. Here it competes in a concentrated market led by JX Advanced Metals. In electronics, LAMT is vertically integrated backward into metal refining (6N copper) and forward into target end-of-life recovery.
Customer types and end markets
| End market | Typical customers | Products used |
|---|---|---|
| Aviation and aerospace | Engine OEMs, airframers, MRO shops | Thermal spray and diffusion coatings, powders, Cr6+/Cd-replacement coatings |
| Power generation | Gas turbine OEMs and operators | Thermal barrier, environmental barrier and wear coatings |
| Semiconductors and electronics | Logic, memory and foundry fabs; display and PV makers; PVD equipment makers | Sputtering targets, evaporation materials, precious-metal programmes |
| Defence and naval | US Navy supply chain, AM printer OEMs | TruForm powders (for example, 70-30 copper-nickel) |
| Oil and gas | Pump, valve and drilling-tool makers | Wear and corrosion coatings |
| Paper, printing, glass, food | Mill operators, printing, glassware and bakeware makers | Roll coatings, mould coatings, fluoropolymer coatings |
| Chemicals and pharmaceuticals | Process-equipment makers | Corrosion-resistant coatings |
| Energy transition | SOFC/SOEC developers | Multi-metallic oxide ceramic powders |
Aviation and aerospace: Typical customers: Engine OEMs, airframers, MRO shops; Products used: Thermal spray and diffusion coatings, powders, Cr6+/Cd-replacement coatings
Power generation: Typical customers: Gas turbine OEMs and operators; Products used: Thermal barrier, environmental barrier and wear coatings
Semiconductors and electronics: Typical customers: Logic, memory and foundry fabs; display and PV makers; PVD equipment makers; Products used: Sputtering targets, evaporation materials, precious-metal programmes
Defence and naval: Typical customers: US Navy supply chain, AM printer OEMs; Products used: TruForm powders (for example, 70-30 copper-nickel)
Oil and gas: Typical customers: Pump, valve and drilling-tool makers; Products used: Wear and corrosion coatings
Paper, printing, glass, food: Typical customers: Mill operators, printing, glassware and bakeware makers; Products used: Roll coatings, mould coatings, fluoropolymer coatings
Chemicals and pharmaceuticals: Typical customers: Process-equipment makers; Products used: Corrosion-resistant coatings
Energy transition: Typical customers: SOFC/SOEC developers; Products used: Multi-metallic oxide ceramic powders
Independent characterisation
LAMT is a portfolio of small but technically demanding niche businesses. Each is defensible through process know-how, customer qualification and certification rather than scale. The electronics business stands out because it faces the semiconductor supercycle, needs fab qualification, is concentrated in Orangeburg (New York), Toulouse and Mercus (France) and Cheonan (South Korea), and is aligned with Linde's broader growth in electronics, which Linde management calls its fastest-growing end market. The coatings and powders businesses are tied to the aerospace build and MRO cycle and to defence reshoring. Strategically, LAMT is non-core to Linde's gases model. Linde groups it with corporate costs and global helium wholesale in "Other", a category whose operating profit swung from USD 62 million in FY2024 to a USD 6 million loss in FY2025.
Strategy
Corporate strategy themes
Linde frames its group strategy around being the best-performing global industrial gases and engineering company. Its themes are operational excellence, disciplined capital allocation, network density, a high-quality project backlog (USD 11 billion in 2026, of which USD 7.9 billion is contractual sale-of-gas), and growth in electronics, clean energy, space and healthcare. Its 2025 annual report, titled "Growth Compounder", highlights advanced electronics fabs and the US space sector as growth vectors.
LAMT's own stated strategy rests on four ideas: advancing industrial productivity; supplying materials that extend component life and reduce environmental impact; vertical integration in electronics; and domestic, secure supply chains for defence and aerospace.
Strategic initiatives, last 24 months
| Initiative | Description | Strategic intent |
|---|---|---|
| 6N copper refining line | In-house refining of 6N copper, mainly from recycled feed, for copper PVD targets; all process by-products recycled | Secure supply of high-purity raw material, lower cost, support the copper-interconnect roadmap and sustainability credentials |
| Atomisation capacity expansion, Indiana | Another atomisation expansion completed by September 2025 | Scale TruForm powder output for aerospace, defence and space AM demand |
| Velo3D / US Navy CuNi programme | Fully US-made 70-30 copper-nickel powder supply for Navy shipbuilding parts printed on a dedicated Velo3D Sapphire XC | Enter defence AM qualification channels; build ITAR-compliant domestic supply |
| Cr6+ and Cd replacement coatings | Commercial push for coatings that replace hexavalent chrome and cadmium | Capture regulation-driven substitution in aerospace and defence |
| SOFC/SOEC ceramic powders | Supply of multi-metallic oxide powders for fuel cells and electrolysers | Exposure to hydrogen and energy-transition supply chains |
| Precious-metal target programmes | Purchasing options that lower metal-adder and transaction fees; recycling and refill | Lock in fab customers; lower customers' total cost of ownership |
| Group productivity actions | Linde's 2025–2026 cost-reduction programme (USD 273 million of charges in FY2025, mainly Engineering severance) and further productivity actions in Q3 2026 | Margin protection across the group |
6N copper refining line: Description: In-house refining of 6N copper, mainly from recycled feed, for copper PVD targets; all process by-products recycled; Strategic intent: Secure supply of high-purity raw material, lower cost, support the copper-interconnect roadmap and sustainability credentials
Atomisation capacity expansion, Indiana: Description: Another atomisation expansion completed by September 2025; Strategic intent: Scale TruForm powder output for aerospace, defence and space AM demand
Velo3D / US Navy CuNi programme: Description: Fully US-made 70-30 copper-nickel powder supply for Navy shipbuilding parts printed on a dedicated Velo3D Sapphire XC; Strategic intent: Enter defence AM qualification channels; build ITAR-compliant domestic supply
Cr6+ and Cd replacement coatings: Description: Commercial push for coatings that replace hexavalent chrome and cadmium; Strategic intent: Capture regulation-driven substitution in aerospace and defence
SOFC/SOEC ceramic powders: Description: Supply of multi-metallic oxide powders for fuel cells and electrolysers; Strategic intent: Exposure to hydrogen and energy-transition supply chains
Precious-metal target programmes: Description: Purchasing options that lower metal-adder and transaction fees; recycling and refill; Strategic intent: Lock in fab customers; lower customers' total cost of ownership
Group productivity actions: Description: Linde's 2025–2026 cost-reduction programme (USD 273 million of charges in FY2025, mainly Engineering severance) and further productivity actions in Q3 2026; Strategic intent: Margin protection across the group
Management guidance (parent)
For FY2026, Linde guides adjusted diluted EPS of USD 17.82–17.92 (8–9% growth). Guidance at the start of the year was USD 17.40–17.90 and was raised after each quarter. Fourth-quarter 2026 adjusted EPS guidance is USD 4.40–4.50, and FY2026 capex is guided at USD 5.5–6.0 billion. Linde does not publish financial targets for LAMT.
Products & Services
Electronics — PVD sputtering targets and evaporation materials
| Product | Description and capabilities | Target customers | Notes |
|---|---|---|---|
| Tantalum sputtering targets | High-performance Ta targets for barrier and liner layers in copper interconnects | Logic, foundry and memory fabs | Made and served from Orangeburg (US), Toulouse and Mercus (France) and Cheonan (Korea) |
| Copper and copper-alloy targets | High-purity Cu targets for interconnect seed layers, backed by an internal 6N (99.9999%) copper refining line using mainly recycled copper | Leading-edge fabs | All refining by-products are recycled |
| Aluminium and aluminium-alloy targets | Interconnect and metallisation targets | Logic, power devices, MEMS, displays | — |
| Tungsten and tungsten-alloy targets | Contact and gate-metal applications | Logic and memory fabs | — |
| Titanium targets | Barrier, adhesion and silicide layers | Fabs, display makers | — |
| Nickel and nickel-alloy targets | Purity above 99.99% (4N), with several supply options | Silicide formation, backside metallisation | — |
| Precious-metal targets (including gold) | Gold targets for bond pads, ohmic contacts and interconnects; RF and microwave filters; high-reliability electronics | Compound semiconductor, RF, power and packaging | Purchasing options intended to cut precious-metal transaction and metal-adder fees; recycling and refill programmes |
| Evaporation materials | High-purity evaporation sources | Compound semiconductor, optics, inkjet heads | Part of the business since the MRC era |
| Target lifecycle services | Bonding, recycling of spent targets, refill, metal management | All target customers | Vertically integrated from high-purity metal through end of life |
Manufacturing routes include powder metallurgy and casting, chosen by material system. Disclosed applications span automotive, 5G communications, mobile, cloud computing, cameras, flat panel displays, memory, photovoltaics and semiconductor logic. Pricing is not publicly disclosed. Precious-metal targets are commonly priced as fabrication value plus metal value, with leasing or consignment options.
Atomization — powders
| Product | Description | Target customers | Notes |
|---|---|---|---|
| TruForm AM powders | Gas-atomised cobalt, copper, iron, nickel and titanium alloy powders for laser powder bed fusion, directed energy deposition and electron beam melting | Aerospace, defence, space, energy and medical AM producers | Also used in hot isostatic pressing, metal injection moulding and cold spray AM; alloys made to customer specification |
| TruForm CuNi 70-30 | Copper-nickel powder for corrosion-resistant naval components | US Navy and Maritime Industrial Base supply chain; Velo3D Sapphire XC users | Launched commercially through the September 2025 Velo3D agreement; ITAR-compliant, fully US-sourced |
| Thermal spray powders | Metallic, carbide and ceramic powders for plasma, HVOF and other processes | Coating shops, OEM in-house coaters | Sold alongside LAMT equipment and coating services |
| Specialty ceramic powders | Multi-metallic component oxide powders; more than 30 years' supply history | SOFC and SOEC stack makers; EBC/TBC coaters | Serves hydrogen and electrolysis supply chains |
Global Coating Services
| Service | Description | Target customers |
|---|---|---|
| Thermal spray coatings | Plasma, HVOF and detonation-gun carbide, metallic and ceramic coatings against abrasion, erosion, galling, oxidation and wear | Aviation, power generation, oil and gas, industrial |
| Thermal and environmental barrier coatings | High-temperature ceramic systems for turbine hot sections | Engine and turbine OEMs, MRO |
| Diffusion and slurry coatings | Oxidation- and corrosion-resistant diffusion layers | Turbine components |
| Cr6+ and Cd replacement coatings | Coating systems claimed to perform as well as or better than hexavalent chrome and cadmium coatings without their environmental hazards | Aerospace landing gear and actuation, defence, industrial |
| Roll and mould coatings | Coatings for paper-machine rolls, printing rolls, glass-making equipment and bakeware moulds; fluoropolymer coating slurries | Paper, printing, glass, food and beverage |
| Component coatings | Connectors and pins, forks and rings, other wear parts | Industrial OEMs |
| Laser ablation and surface preparation | Laser-based surface treatment and pre-coat preparation | Aerospace and industrial |
Equipment
| Product | Description | Target customers |
|---|---|---|
| Thermal spray systems | Turnkey and modular spray systems and controls | OEMs and MRO providers running in-house coating |
| Spray guns and components | Plasma, HVOF and arc-spray guns and replacement parts | Coating shops |
| Consumables | Wires, powders and spare parts | Installed-base customers |
Launch years and version histories for individual products are not publicly disclosed.
Financial Narrative
LAMT does not publish standalone financial statements. Its revenue, profit, balance sheet and cash flows are consolidated into Linde plc and are not broken out. The tables below give Linde plc's consolidated financials, which determine LAMT's access to capital, its cost of capital and the strategic lens through which its parent judges it. One third-party estimate puts LAMT's 2024 sputtering-target revenue at about USD 50 million with an EBITDA margin of about 20%. That figure is an outside estimate, not a company disclosure.
Income statement — Linde plc (parent)
Source: Linde plc Form 10-K FY2021–FY2025 and full-year earnings releases. Adjusted figures exclude Linde AG purchase-accounting effects and cost reduction and other charges. Revenue CAGR FY2021–FY2025: 2.5%.
Linde's FY2023 10-K gives EBITDA of USD 12,007 million (36.5% of sales) in FY2023 and USD 9,745 million (29.2%) in FY2022. Adjusted EBITDA was USD 12,133 million (36.9%) in FY2023 and USD 10,873 million (32.6%) in FY2022. Linde does not report gross profit, because cost of sales is shown excluding depreciation and amortisation. That cost was 51.2% of sales in FY2025 and 51.9% in FY2024. Pre-tax income is reported in the 10-K but is not reproduced here.
Commentary. Group sales were flat between FY2022 and FY2025 at USD 33–34 billion, because lower cost pass-through (contractual energy-cost billing to on-site customers) offset price gains. Profitability nonetheless rose steeply. The adjusted operating margin went from 23.3% in FY2021 to 29.8% in FY2025, driven by pricing (2% price/mix in FY2025), productivity and a richer mix. The jump in reported operating margin in FY2023 reflects the end of heavy cost-reduction and Russia-related charges (USD 1,029 million in FY2022 against USD 40 million in FY2023) and lower Linde AG purchase-accounting amortisation. Cost reduction and other charges rose again to USD 145 million in FY2024 and USD 273 million in FY2025. The FY2025 total included USD 308 million of global severance, mainly in Engineering, partly offset by a USD 35 million benefit mostly from a divestiture. Reported diluted EPS doubled from USD 7.32 to USD 14.61 over the period, helped by steady share-count reduction (diluted shares fell from 522 million in FY2021 to 472 million in FY2025).
Balance sheet — Linde plc (parent)
Source: Linde plc Form 10-K FY2021–FY2025 consolidated balance sheets.
Debt detail — Linde plc (company-reported net debt basis)
Source: Linde plc Form 10-K FY2024 and FY2025. The FY2023 short-term figure combines short-term debt and the current portion of long-term debt.
Commentary. Net debt rose by USD 5,160 million in FY2025 to USD 21,933 million. About USD 2,400 million of the increase came from currency translation; the rest reflects capex of USD 5,261 million and USD 7.4 billion returned to shareholders. Net debt at end-FY2025 consisted of USD 26,388 million in public securities and USD 601 million of mainly bank borrowings, less USD 5,056 million of cash. Goodwill of about USD 28 billion and other intangibles of USD 11.9 billion together make up 46% of total assets, almost entirely from the 2018 Linde AG merger. Working capital is structurally negative, which is typical of industrial-gas contract economics.
Cash flow — Linde plc (parent)
Source: Linde plc Form 10-K FY2021–FY2025 consolidated statements of cash flows. Free cash flow is operating cash flow minus capital expenditures.
Linde returned USD 7.1 billion to shareholders through dividends and buybacks in FY2024 and USD 7.4 billion in FY2025, implying net buybacks of roughly USD 4.4–4.6 billion a year. Capex rose by 70% between FY2021 and FY2025, reflecting the sale-of-gas project backlog, including large electronics and clean-energy on-site plants. As a result, free cash flow fell even as operating cash flow grew. Capex guidance for FY2026 is USD 5.5–6.0 billion.
Ratios — Linde plc (parent)
Source: calculated from Linde plc Form 10-K FY2021–FY2025.
Linde reports after-tax return on capital of 25.9% for FY2024 and 24.2% for FY2025. Total debt to Linde plc equity was 0.71x at end-FY2025 (USD 26,989 million against USD 38,245 million). Net debt to adjusted EBITDA, approximated as adjusted operating profit plus segment depreciation and amortisation of USD 2,986 million, was about 1.7x in FY2025. Net interest expense was USD 63 million in FY2022, USD 200 million in FY2023 and USD 256 million in FY2024, giving reported operating-profit interest cover of about 40x in FY2023 and 34x in FY2024. Linde's 10-K does not report a cash conversion cycle.
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Revenue by Segment and Segment Margins & Growth (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Other external sales (USD Mn) | 2,047 | 1,805 | 1,289 | 1,257 | 1,318 |
Other operating profit (USD Mn) | -56 | -66 | 43 | 62 | -6 |
Other operating margin (%) | -2.7 | -3.7 | 3.3 | 4.9 | -0.5 |
Other sales YoY growth (%) | — | -11.8 | -28.6 | -2.5 | 4.9 |
Other share of Linde sales (%) | 6.6 | 5.4 | 3.9 | 3.8 | 3.9 |
Business Lines
| Business line | Contents | Main products and services | Key sites (disclosed) |
|---|---|---|---|
Global Coating Services | Network of coating service centres | Thermal spray, diffusion and slurry coatings; Cr6+ and Cd replacement coatings; roll and mould coatings; laser ablation | Indianapolis (IN), Biddeford (ME), Brevard (NC), Ellisville (MS), Houston (TX) and international centres |
Atomization | Powder production | TruForm metal powders (cobalt, copper, iron, nickel, titanium, copper-nickel); thermal spray powders; multi-metallic oxide ceramic powders | Indianapolis (IN) |
Equipment | Thermal spray equipment | Spray systems, guns, controls, spare parts, consumables | Concord (NH) |
Electronics | PVD materials | Sputtering targets (Ta, Cu, Al, W, Ti, Ni, precious metals), evaporation materials, precious-metal recycling and refill, 6N copper refining | Orangeburg (NY), Toulouse (France), Mercus (France), Cheonan (South Korea) |
Global Coating Services | Primary (US service-centre network) | Present | Present |
Atomization | Primary (Indianapolis) | Export | Export |
Equipment | Primary (Concord, NH) | Export and service | Export and service |
Electronics | Orangeburg, NY | Toulouse and Mercus, France | Cheonan, South Korea; Asia sales led by a VP Asia |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Sales (USD Mn) | 30,793 | 33,364 | 32,854 | 33,005 | 33,986 |
Reported operating profit (USD Mn) | 4,984 | 5,369 | 8,024 | 8,635 | 8,923 |
Adjusted operating profit (USD Mn) | 7,176 | 7,904 | 9,070 | 9,720 | 10,137 |
Net income attributable to Linde plc (USD Mn) | 3,826 | 4,147 | 6,199 | 6,565 | 6,898 |
Diluted EPS reported (USD) | 7.32 | 8.23 | 12.59 | 13.62 | 14.61 |
Diluted EPS adjusted (USD) | 10.69 | 12.29 | 14.20 | 15.51 | 16.46 |
Dividends per share (USD) | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 |
Reported operating margin (%) | 16.2 | 16.1 | 24.4 | 26.2 | 26.3 |
Adjusted operating margin (%) | 23.3 | 23.7 | 27.6 | 29.4 | 29.8 |
Net margin (%) | 12.4 | 12.4 | 18.9 | 19.9 | 20.3 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 81,605 | 79,658 | 80,811 | 80,147 | 86,817 |
Cash and cash equivalents (USD Mn) | 2,823 | 5,436 | 4,664 | 4,850 | 5,056 |
Long-term debt (USD Mn) | 11,335 | 12,198 | 13,397 | 15,343 | 20,683 |
Goodwill (USD Mn) | 27,038 | 25,817 | 26,751 | 25,937 | 27,927 |
Other intangible assets net (USD Mn) | 13,802 | 12,420 | 12,399 | 11,330 | 11,871 |
Linde plc shareholders' equity (USD Mn) | 44,035 | 40,028 | 39,720 | 38,092 | 38,245 |
Total equity incl. NCI (USD Mn) | 45,428 | 41,374 | 41,082 | 39,475 | 39,728 |
Total current assets (USD Mn) | 10,159 | 13,047 | 12,620 | 12,945 | 13,325 |
Total current liabilities (USD Mn) | 13,643 | 16,479 | 15,717 | 14,544 | 15,198 |
Working capital (USD Mn) | -3,484 | -3,432 | -3,097 | -1,599 | -1,873 |
Key Financials
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Short-term debt (USD Mn) | 5,976 | 4,223 | 4,510 |
Current portion of long-term debt (USD Mn) | — | 2,057 | 1,796 |
Long-term debt (USD Mn) | 13,397 | 15,343 | 20,683 |
Net debt (USD Mn) | 14,709 | 16,773 | 21,933 |
Cash Flow
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Operating cash flow (USD Mn) | 9,725 | 8,864 | 9,305 | 9,423 | 10,350 |
Capital expenditures (USD Mn) | 3,086 | 3,173 | 3,787 | 4,497 | 5,261 |
Free cash flow (USD Mn) | 6,639 | 5,691 | 5,518 | 4,926 | 5,089 |
Dividends paid to Linde plc shareholders (USD Mn) | 2,189 | 2,344 | 2,482 | 2,655 | 2,811 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on year-end Linde plc equity (%) | 8.7 | 10.4 | 15.6 | 17.2 | 18.0 |
ROA on year-end total assets (%) | 4.7 | 5.2 | 7.7 | 8.2 | 7.9 |
Current ratio (x) | 0.74 | 0.79 | 0.80 | 0.89 | 0.88 |
Asset turnover (x) | 0.38 | 0.42 | 0.41 | 0.41 | 0.39 |
Segment Overview
| Segment | FY2024 |
|---|---|
Americas (USD Mn) | 14,442 |
EMEA (USD Mn) | 8,352 |
APAC (USD Mn) | 6,632 |
Engineering (USD Mn) | 2,322 |
Other, including LAMT (USD Mn) | 1,257 |
Total (USD Mn) | 33,005 |
Share Price & Returns
| Date | Close |
|---|---|
1 January 2026 | 426.39 |
18 September 2026 | 460.40 |
26 October 2026 | 507.56 |
4 November 2026 | 524.74 |
6 November 2026 | 514.89 |
Valuation Snapshot
| Multiple | Value | Basis |
|---|---|---|
Market capitalisation | About USD 236 billion | About 459 million shares |
P/E, trailing reported | 34.2x | TTM diluted EPS USD 15.05 (Q4 2025 to Q3 2026) |
P/E, forward adjusted | 28.8x | FY2026 guidance midpoint USD 17.87 |
EV/Sales, trailing | About 7.2x | EV of about USD 261 billion; TTM sales about USD 36.2 billion |
P/B | About 6.0x | Linde plc shareholders' equity about USD 39 billion (June 2026) |
Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividends per share (USD) | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 |
Credit Ratings
| Agency | Long-term | Short-term |
|---|---|---|
S&P | A | A-1 |
Moody's | A2 | P-1 |
Analyst Conclusions
Guidance and expectations
Linde gives no guidance for LAMT. At group level, FY2026 adjusted EPS guidance is USD 17.82–17.92 (8–9% growth), Q4 2026 adjusted EPS guidance is USD 4.40–4.50, capex is guided at USD 5.5–6.0 billion, and the project backlog stands at USD 11 billion, including USD 7.9 billion of sale-of-gas projects. Management names electronics as the fastest-growing end market, a backdrop that favours LAMT's Electronics business.
Bull case
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AI-led target demand. The market leader's semiconductor target volumes grew 17% year on year in mid-2025. With a qualified tantalum and copper franchise and in-house 6N copper, LAMT can grow faster than the Other category's 5% sales increase in FY2025.
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Reshoring premium. Plants in Orangeburg, France and Korea, plus Linde's growing role at US fabs such as the Arizona complex, give LAMT a localisation edge as US and European fabs seek secure, non-Chinese supply.
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Defence and space AM. The 2025 Indiana atomisation expansion and the Navy CuNi programme position TruForm for multi-year defence demand, alongside Linde's investment of nearly USD 1 billion in space-sector gases.
Bear case
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Scale disadvantage. JX Advanced Metals' 64% share and Konfoong's 22% growth squeeze LAMT's second-tier position, especially in China.
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Low parental priority. The Other category made a USD 6 million operating loss in FY2025. Linde's productivity drive (USD 273 million of cost-reduction charges in FY2025 and further actions in Q3 2026) may favour cost cuts over growth capex at LAMT.
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Cyclicality. Coating services depend on industrial and aerospace activity, which Linde itself described as stagnant in 2025. Memory or industrial downturns would hit volumes without the contractual protection of Linde's on-site gas model.
Key catalysts and monitorables (next 12 months)
| Catalyst or monitorable | Why it matters |
|---|---|
| Linde FY2026 Form 10-K (expected February 2027): Other sales and operating profit | The only disclosed proxy for LAMT trends |
| Any Linde portfolio-review or divestiture announcement involving LAMT | Would change ownership, strategy and capital access |
| Semiconductor capex and fab ramps in the US, Korea and Europe | Drives target demand |
| Detail behind the Q3 2026 productivity actions | Whether LAMT sites are affected |
| Further defence AM contracts beyond the Navy CuNi programme | Validates the powder growth strategy |
| Copper and tantalum product qualifications at leading-edge nodes | Share gains or losses in Electronics |
| Tantalum, tungsten and gold price volatility and conflict-minerals reporting | Margin and compliance risk |
| US export-control and tariff changes affecting semiconductor materials | Access to China and cost of inputs |
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Linde FY2026 Form 10-K (expected February 2027): Other sales and operating profit — Why it matters: The only disclosed proxy for LAMT trends
-
Any Linde portfolio-review or divestiture announcement involving LAMT — Why it matters: Would change ownership, strategy and capital access
-
Semiconductor capex and fab ramps in the US, Korea and Europe — Why it matters: Drives target demand
Detail behind the Q3 2026 productivity actions: Why it matters: Whether LAMT sites are affected
Further defence AM contracts beyond the Navy CuNi programme: Why it matters: Validates the powder growth strategy
-
Copper and tantalum product qualifications at leading-edge nodes — Why it matters: Share gains or losses in Electronics
-
Tantalum, tungsten and gold price volatility and conflict-minerals reporting — Why it matters: Margin and compliance risk
-
US export-control and tariff changes affecting semiconductor materials — Why it matters: Access to China and cost of inputs
Analyst verdict
Linde Advanced Material Technologies is a technically strong but strategically secondary business. Its value depends on its parent's intentions as much as its own execution. On the evidence, LAMT holds three real assets. The first is a semiconductor sputtering-target franchise with a 25-year qualification record from the MRC acquisition, plants in the US, Western Europe and South Korea, and a vertically integrated 6N copper refining line that few rivals outside Japan and China match. The second is a full-stack thermal spray business spanning services, powders and equipment, with Oerlikon Metco as its only comparably broad rival. The third is a domestic US atomisation base that has shown it can win defence business, as the September 2025 Velo3D and US Navy copper-nickel programme shows.
The limits are equally clear. In targets, LAMT is a second-tier player in a market where JX Advanced Metals sells about two of every three semiconductor targets and Chinese suppliers are growing at more than 20% a year. Financially, it is invisible: grouped with helium wholesale and corporate costs in a reporting category that went from a USD 62 million operating profit in FY2024 to a USD 6 million loss in FY2025. Within a group earning a 29.8% adjusted operating margin and focused on long-term gas contracts, a cyclical, project-light materials business struggles to win priority for capital. Linde's continuing productivity programme adds uncertainty.
The balance of evidence points to a business worth more to a materials-focused owner, or to a parent that invests in its electronics growth, than as an unreported unit inside Linde. The electronics demand cycle, US reshoring and defence AM are real tailwinds. Whether LAMT captures them depends on whether Linde funds capacity at Orangeburg, Toulouse, Cheonan and Indianapolis or re-examines its portfolio. For suppliers, customers and competitors, LAMT is best seen as a capable, qualified, mid-sized materials house with a strategic option attached: it could grow inside Linde or be sold, and its next few Other-category disclosures and any portfolio decisions will show which.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | Background |
|---|---|---|
Todd Skare | President (named President of PST on 1 July 2021) | Joined Linde/Praxair in 1992 as a process engineer; Director of Engineering Asia; Vice President PDI South; President, Praxair Europe; Chief Technology and Sustainability Officer, Linde |
Hansung Kim | Vice President, Asia | Leads Asian operations, including the Cheonan electronics site |
Derek Hileman | Vice President, Technology & Innovation | Leads R&D and technology |
John Callahan | Vice President, Finance | Finance lead for LAMT |
Andy Shives | Global Director of Sales | Company spokesperson for the 2025 Velo3D/US Navy agreement |
Sanjiv Lamba | Chief Executive Officer; Chairman from 31 January 2026 | 61 |
Sean Durbin | Chief Operating Officer (from 1 October 2025); previously EVP North America (from September 2023) and EVP EMEA | 55 |
Matthew J. White | Executive Vice President and Chief Financial Officer | 53 |
Guillermo Bichara | Executive Vice President and Chief Legal Officer | 51 |
Desiree Bacher | Senior Vice President and Chief Human Resources Officer | 54 |
Ben Glazer | Senior Vice President, Americas | 52 |
Oliver Pfann | Senior Vice President, EMEA | 57 |
Binod Patwari | Senior Vice President, APAC | 54 |
Stefano Innocenzi | Senior Vice President, Linde Engineering | 52 |
Kelcey E. Hoyt | Chief Accounting Officer (retired May 2026) | 56 |
Denny Brown | Chief Accounting Officer from 15 May 2026; Chief Information Officer since 2024 | — |
“—” = not publicly disclosed.
Major Shareholders
| Holder | Stake in LAMT (%) | Basis |
|---|---|---|
Linde plc (through US subsidiaries) | 100 | Linde plc Form 10-K FY2025 and Form SD filings |
Competitive Landscape
Key Competitors
| Competitor | Business line where it competes | Positioning against LAMT |
|---|---|---|
JX Advanced Metals (Tokyo-listed since March 2025) | Sputtering targets | Global leader with 64% of semiconductor sputtering targets in 2023 (Fuji Keizai). Machining and inspection plant in Mesa, Arizona since November 2024. Much larger scale and an integrated tantalum supply chain |
Solstice Advanced Materials (ex-Honeywell Electronic Materials) | Sputtering targets | Large US-based target maker; Spokane capacity expansion announced December 2025 |
Tosoh | Sputtering targets | Japanese chemicals group with a strong target position |
Materion | Sputtering targets; precious-metal targets | US advanced-materials company; strong in precious-metal and specialty targets |
Konfoong Materials International (KFMI) | Sputtering targets | Fast-growing Chinese domestic champion; target revenue RMB 2.85 billion in 2025, up 22% |
ULVAC | Sputtering targets | Japanese tool maker that also supplies targets |
Plansee SE | Refractory-metal targets (W, Mo) | Austrian refractory-metals specialist |
GRIKIN Advanced Material (GRINM group) | Sputtering targets | State-owned Chinese supplier |
Mitsui Mining & Smelting; TANAKA | Targets; precious metals | Japanese metals specialists |
Oerlikon (Metco) | Thermal spray coatings, powders, equipment | Closest like-for-like rival across all three of LAMT's surface lines |
Höganäs; Sandvik (Osprey); Carpenter Additive | AM and thermal spray powders | Powder-metallurgy majors with large atomisation capacity |
Chromalloy; Bodycote; Hitemco | Coating services | Aerospace and industrial coating-service rivals |
Peer Comparison FY2025
| Measure | LAMT | JX Advanced Metals | Konfoong Materials |
|---|---|---|---|
Ownership | Wholly owned by Linde plc | Listed, Tokyo | Listed, Shenzhen |
Semiconductor sputtering-target share | Third-party estimates rank it among the main global suppliers | 64% (2023, Fuji Keizai) | Leading Chinese domestic supplier |
Latest disclosed growth | Other category sales +5% in FY2025 | Semiconductor target volume +17% YoY in April–September 2025; semiconductor materials revenue JPY 83.1 billion, +13% | Target revenue +22% in 2025 |
Vertical integration | 6N copper refining; target recycling and refill | Mining and smelting through to targets | Domestic supply chain in China |
