Linde Plc Overview
Linde plc is the world's largest industrial-gas company by revenue. It generated $34.0 billion of FY2025 sales and $10.1 billion of adjusted operating profit, an industry-leading 29.8% adjusted margin. The company produces and distributes atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (hydrogen, helium, CO2, CO, electronic and specialty gases, acetylene) through three supply modes: on-site/pipeline, merchant bulk and packaged cylinders. Customers span chemicals and energy, healthcare, manufacturing, metals and mining, food and beverage, and electronics in roughly 80+ countries. A captive engineering arm, Linde Engineering, designs air-separation, hydrogen/syngas, olefin and natural-gas plants. Its economics rest on dense regional networks, take-or-pay contracts of 10–20 years and contractual energy pass-through, which together produce utility-like cash flows: $10.4 billion of FY2025 operating cash flow. Strategy combines pricing discipline, productivity and a contracted project backlog (about $11 billion at Q2 2026), with growing exposure to semiconductors, commercial space and low-carbon hydrogen.
Company's own description (FY2025 Form 10-K, Item 1)
The 10-K describes Linde as the largest industrial gas company worldwide and a major technological innovator in industrial gases.
Primary products: atmospheric gases (oxygen, nitrogen, argon and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases and acetylene).
Engineering offering: Linde designs and builds gas-production and gas-processing plants, including olefin, natural-gas, air-separation, hydrogen and synthesis-gas plants.
Industries served: healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.
The earnings-release boilerplate (Q2 2026) frames the mission as "making our world more productive". It highlights space-launch propellants, ultra-high-purity gases for semiconductor fabs, medical oxygen, clean hydrogen and carbon capture.
Business model and revenue model
| Channel | FY2025 revenue (USD Mn) | % of total | Typical contract structure (10-K) | Economic character |
|---|---|---|---|---|
| Packaged gases (cylinders, hardgoods) | 11,853 | 34.9% | 1–3-year supply contracts and purchase orders | Highest margin per unit, retail-like density, rental income on cylinders |
| Merchant (bulk liquid by tanker) | 10,159 | 29.9% | 3–7-year requirement contracts; tanks usually Linde-owned, leased to customer | Pricing power; distribution radius limited (O2/N2), longer for argon, helium, H2 |
| On-site / pipeline (tonnage) | 8,083 | 23.8% | 10–20-year total-requirement contracts with minimum purchase (take-or-pay) and price escalation | Infrastructure-like returns; energy cost pass-through |
| Other (Engineering third-party, helium wholesale, LAMT coatings, etc.) | 3,891 | 11.4% | Project contracts recognised over time (cost-to-cost) | Cyclical; order-intake-driven |
| Total | 33,986 | 100% | — | — |
Linde's revenue is overwhelmingly product sales under contract, not subscription or licensing. The model has four supply channels, set out below with the FY2025 revenue split by distribution channel (Fiscal.ai via StockAnalysis.com; company 10-K for contract terms).
The service component (cylinder rental, homecare via Lincare in the US, plant operations, digital services) is embedded in these channels and is not separately disclosed.
Licensing: Linde licenses process technology through Linde Engineering (e.g., air separation, HISORP carbon capture, olefin and LNG processes), but licence income is not separately disclosed (n.p.d.).
Energy pass-through: energy is the single largest cost. Large contracts carry pass-through and escalation clauses, so reported sales move with energy prices ("cost pass-through") with minimal profit impact.
Value-chain position
Linde is vertically integrated from technology and plant design (Linde Engineering), through production (approximately 855 major cryogenic ASU/H2/CO2 plants across the three regions per the 10-K property description), to distribution (pipelines, tanker fleet, cylinder depots, retail stores) and application know-how at the customer site.
Upstream inputs are electricity, natural gas and purchased raw gases. Hydrogen, CO2 and calcium carbide are often sourced as by-products, and helium comes from US natural gas streams and imports.
The Engineering segment both sells plants to third parties and builds plants for Linde's own gas business. Intersegment sales from Engineering to the gas segments were $2,702m in FY2025, against $1,958m in 2024 and $1,479m in 2023, showing rising internal capital deployment.
Customer types and end-markets
| End-market | Linde's role | Recent evidence |
|---|---|---|
| Chemicals & energy | Hydrogen/syngas for refining and chemicals; oxygen/nitrogen for ammonia and ATR; CCS | Dow Path2Zero (>$2bn), Blue Point ammonia (>$400m ASU), Woodside/OCI Beaumont ($1.8bn) |
| Electronics | Ultra-high-purity N2/O2/Ar, H2, specialty and electronic gases for fabs | $1bn Phoenix SPECTRA® ASUs (Jul 2026); Linde LienHwa ~$800m Taiwan; sale-of-gas backlog record $8.1bn |
| Healthcare | Medical oxygen, homecare (Lincare in US), hospital gases | Stable, non-cyclical (detail n.p.d.) |
| Manufacturing | Packaged and merchant gases for welding, cutting, metal fabrication, 3D printing | EMEA volume declines in 2025–H1 2026 |
| Metals & mining | Oxygen for steelmaking, nonferrous smelting | Americas volume growth in 2025; EMEA declines |
| Food & beverage | CO2, N2 for freezing, carbonation, MAP packaging | Stable |
| Space (sub-segment) | Liquid O2/N2/Ar, helium for launch providers | Brownsville ASU start-up Q1 2026; Mims expansion 2027; 200,000 gal LOX for Artemis II |
The 10-K states that Linde is not dependent on any single customer or small group of customers.
Independent characterization
Linde is best understood as a regulated-utility-like infrastructure owner with commercial pricing freedom. About one quarter of revenue is long-dated, take-or-pay on-site supply, which provides a floor. The merchant and packaged businesses, about 65% of revenue, are local oligopolies. Transport economics limit competition to a radius of a few hundred miles, so network density converts directly into pricing power.
Linde's distinguishing trait relative to peers is capital discipline. It typically commits capital only against secured offtake, and it prices to recover inflation. This has delivered steady price attainment of 2–4% a year even through flat or negative base volumes (FY2025 volumes: 0%).
The principal earnings risk is not demand collapse but volume stagnation in cyclical industrial end-markets (notably Europe) together with engineering-project execution, as illustrated by the Russian Amur gas processing plant dispute.
Strategy
Stated strategic themes (FY2025 10-K, 2026 proxy, earnings releases)
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"Making our world more productive." This is the corporate mission. Linde aims to make customers more successful while helping "sustain, decarbonize and protect our planet".
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Network density and long-term contracts. Pipelines and plant networks are described as "a competitive advantage". Most business runs on long-term contracts with energy pass-through.
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Disciplined capital allocation. Projects are taken only with "secured off-take", for example the Dow Path2Zero rationale. Bolt-on M&A builds density.
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Pricing and productivity. Linde aims to deliver EPS growth "regardless of the economic climate" (CEO, Q2 2026), offsetting cost inflation through price and productivity.
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Growth vectors. Electronics (largest proposal pipeline), commercial space ("expected to grow double-digits for the years to come", per the proxy), clean hydrogen and decarbonization, and healthcare.
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Shareholder returns. The dividend has been raised for 33 consecutive years, and the $15bn buyback continues.
Strategic initiatives — last 24 months
| Date | Initiative | Category | Scale / target |
|---|---|---|---|
| Aug 2024 | Dow Path2Zero clean hydrogen, ATR + HISORP®, >2 Mtpa CO2 capture | Clean energy project | >$2bn; Linde's largest investment |
| Jun 2025 | Blue Point low-carbon ammonia ASU | Clean energy project | >$400m; start-up 2029 |
| Jul 2025 | Space-launch capacity (Brownsville ASU; Mims expansion) | Growth market | Not disclosed; Brownsville online Q1 2026 |
| 2,025 | >20 bolt-on acquisitions | Network density | >$400m invested |
| Sep 2025 | Airtec consolidation (GCC) | Regional density | 49% → >90% stake |
| 2,025 | Global cost-reduction/severance programme, largely Engineering | Cost programme | $308m severance charges in 2025 |
| 2,025 | Low-carbon power procurement | ESG | ~50% of electricity from low-carbon or renewable sources; active renewable power +23% YoY |
| Q1 2026 | 9 bolt-ons signed (secondary source) | M&A | n.v. |
| May 2026 | Praxair India–Deepak Chem Tech HyCO build-own-operate contract | Emerging-market on-site | n.p.d. |
| Jul 2026 | Phoenix semiconductor expansion (two SPECTRA® ASUs) | Electronics | $1bn |
| Jul 2026 | Linde LienHwa Taiwan semiconductor and advanced packaging supply | Electronics (JV) | ~$800m (JV) |
| 2,026 | Capex step-up | Growth investment | $5.5–6.0bn guidance |
Management guidance and medium-term targets
| Item | Guidance | Date |
|---|---|---|
| FY2026 adjusted EPS | $17.70–$17.90 (+8–9%; ~1% FX tailwind). Raised from $17.40–$17.90 in February 2026 and $17.60–$17.90 in May 2026 | 31 Jul 2026 |
| Q3 2026 adjusted EPS | $4.45–$4.55 (+6–8%; no FX impact expected) | 31 Jul 2026 |
| FY2026 capex | $5.5–6.0bn (raised from $5.0–5.5bn) | 31 Jul 2026 |
| Pension | 2026 pension benefit ≈$136m; cash contributions $25–35m | FY2025 10-K |
| Climate | 35% absolute Scope 1+2 reduction by 2035 vs 2021 (39 → 26 Mt CO2e); climate neutrality ambition by 2050 | Ongoing |
No formal multi-year financial targets (e.g., an investor-day margin or EPS CAGR) were identified in the sources reviewed (n.v.). Management communicates through annual and quarterly EPS guidance.
Products & Services
Pricing models are contract-based; list prices are n.p.d. Launch years are given where disclosed; otherwise "legacy".
Industrial Gases — atmospheric gases (all three geographic segments)
| Product | Description / key specs | Target customers | Supply modes | Notes |
|---|---|---|---|---|
| Oxygen (gaseous/liquid, medical grade) | Cryogenic or VPSA-produced; purities from industrial to USP medical | Steel, chemicals, glass, pulp and paper, wastewater, hospitals, homecare, space launch (LOX) | On-site, merchant, packaged | Highest-volume product; Artemis II supplied with 200,000 gal LOX (2026) |
| Nitrogen (gaseous/liquid, UHP) | Inerting, blanketing, freezing; ultra-high-purity grade for fabs | Electronics, chemicals, food, oil and gas, space | All three | Phoenix SPECTRA® ASUs (2026 contract) |
| Argon (incl. UHP) | By-product of air separation; long-distance transportable | Welding, steel, electronics, 3D printing | Merchant, packaged | Tight-market pricing lever |
| Rare gases (krypton, neon, xenon) | Recovered in ASUs | Lasers/lithography (neon), lighting, satellite propulsion (xenon) | Merchant, packaged | Electronics-critical |
Industrial Gases — process gases
| Product | Description | Target customers | Technology / sourcing |
|---|---|---|---|
| Hydrogen (grey, low-carbon "blue", renewable "green") | SMR/ATR from natural gas; blue via carbon capture and sequestration; green via electrolysis; recovery from off-gases | Refineries, chemicals, electronics, mobility, ammonia | SMR, ATR, HISORP® CCS, PEM/alkaline electrolysis |
| Synthesis gas / carbon monoxide | SMR/ATR or naphtha-based | Chemicals (polycarbonate, acetic acid) | HyCO plants (e.g., Deepak Chem Tech BOO, India, May 2026) |
| Helium | Sourced from US helium-rich natural gas plus imports; global wholesale in "Other" | MRI, electronics, space, leak detection | Global helium wholesale business |
| Carbon dioxide (food/beverage/industrial grade) | Purified by-product CO2 | Beverage carbonation, food freezing, water treatment, greenhouses | ~CO2 plants across all regions |
| Electronic gases & specialty gases | High-purity specialty molecules and mixtures | Semiconductor fabs, labs, analytical | Packaged/bulk specialty |
| Acetylene | Chemical by-product or calcium-carbide route | Welding, cutting | Packaged |
Healthcare (within geographic segments)
| Offering | Description | Customers |
|---|---|---|
| Hospital/medical gases | Medical O2, N2O, medical air, piped systems | Hospitals, clinics |
| Homecare (Lincare in the US; international homecare) | Home oxygen, respiratory therapy, sleep apnoea | Patients and payers |
Segment-level healthcare revenue is n.p.d.
Packaged gases & hardgoods
| Offering | Description | Customers |
|---|---|---|
| Cylinder gases and mixtures | Medium/high-pressure cylinders; retail stores and depots (e.g., Linde Gas & Equipment Inc. in the US) | Fabricators, workshops, labs |
| Welding hardgoods & safety products | Equipment and consumables | Manufacturing, construction |
Engineering (Linde Engineering)
| Product line | Description / capability | Target customers | Flagship examples |
|---|---|---|---|
| Air separation units (ASUs) | Cryogenic and non-cryogenic; standardized and world-scale designs | Linde gas business; steel, chemicals, electronics, ammonia | SPECTRA® (UHP electronics ASU); world-scale ASUs for ATR (Blue Point, Dow) |
| Hydrogen & synthesis-gas plants | SMR, ATR, PSA purification, HyCO | Refining, chemicals, ammonia | ATR + HISORP® CCS (Dow Path2Zero) |
| Carbon capture technology | HISORP® (H2 plant CO2 capture); oxyfuel combustion | Hydrogen, steel, glass, cement | Dow complex: >2 Mtpa CO2 capture |
| Olefin plants | Steam-cracker technology | Petrochemical companies | Legacy leader |
| Natural gas processing / LNG plants | Gas processing and liquefaction (incl. small and mid-scale LNG) | Gas producers | Amur GPP (Russia, halted 2022) |
| Electrolysis & H2 value chain | Electrolysis plants (incl. PEM technology partnership with ITM Power†), liquefaction, storage, fuelling | Industrial H2, mobility | e.g., Mainzer Stadtwerke hydrogen plant upgrade (Aug 2025, per Owler n.v.) |
| Plant components | Plate-fin and coil-wound heat exchangers (Tacherting, DE); cryogenic pumps/turbo-expanders (Hesingue, FR)†; cold boxes (Dalian, CN; New York, US) | Third parties and internal | — |
| Digital services | Plant-performance and efficiency services | Plant owners | Not quantified |
Other — Linde Advanced Material Technologies (LAMT)
| Product | Description | Customers |
|---|---|---|
| Thermal-spray and surface coatings | Wear, corrosion and thermal-barrier coatings | Aerospace, industrial gas turbines, energy |
| Metal powders | Powders for coatings and additive manufacturing | Aerospace, AM |
| Sputtering targets | Thin-film deposition materials | Electronics, semiconductors |
FY2025 Other sales of $1,318m rose 5%, driven by LAMT volumes; helium was weaker.
Pricing model summary
On-site: fixed facility fee plus variable energy-linked fees, with minimum offtake. Indexation and energy pass-through are standard.
Merchant: per-unit pricing with surcharges and periodic increases.
Packaged: per-cylinder pricing plus cylinder rental and delivery fees.
Engineering: fixed-price or reimbursable EPC; revenue recognised over time using the cost-to-cost input method.
Financial Narrative
Income statement
Sources and notes:
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FY2024–FY2025 come from the FY2025 10-K.
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FY2021–FY2023 revenue and net income come from the 10-Ks (via standardized data). FY2021–FY2023 operating profit, D&A and adjusted EPS are from prior 10-Ks/earnings releases (†).
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Gross profit equals sales less cost of sales excluding D&A, because Linde does not report a gross-profit line.
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Pre-tax income is the S&P-standardized figure including income from equity investments.
Company-reported EBITDA: $12,585m (2024) and $12,836m (2025). Adjusted EBITDA: $12,819m and $13,351m (39.3% margin).
- Diluted share counts were 482.1m (2024) and 472.2m (2025).
Margins and growth
The 2021 adjusted EPS growth entry of zero means "not computed"; it is not a zero result. Adjusted operating margin was 29.5% in FY2024 and 29.8% in FY2025 (10-K).
Revenue CAGR. FY2021→FY2025 was 2.5% a year. FY2020→FY2025 was about 4.5% a year, using FY2020 sales of $27,243m†.
Commentary — the income statement. Linde's reported P&L shows three regimes.
FY2021–FY2022: inflation and merger amortization. Sales rose 13% and 8% as energy cost pass-through and pricing inflated the top line. GAAP operating margin was suppressed to 16–17% by heavy merger-related D&A ($4.6bn in 2021) and, in 2022, by Russia-related impairments and charges.
FY2023: GAAP inflection. GAAP operating profit jumped 49% to $8.0bn. Three drivers explain this: cost pass-through deflated sales (−1.5%), pricing held, and Russia charges did not recur. The adjusted-to-GAAP gap narrowed as purchase-accounting D&A rolled off.
FY2024–FY2025: low-growth, high-quality compounding. Sales were essentially flat (+0.5%, +3.0%) with zero aggregate volume growth. Even so, adjusted EPS grew 9% and 6%. The drivers were roughly 2–3 points of price, productivity, and a 2% annual reduction in diluted share count from buybacks.
The gap between GAAP and adjusted EPS ($1.85 in 2025) is mainly $941m of annual Linde AG purchase-accounting amortization plus $273m of 2025 cost-reduction charges. The 2025 charges include $308m of severance, largely in Engineering.
Balance sheet
Sources: S&P Global Market Intelligence via StockAnalysis.com (standardized). FY2024–FY2025 net debt reconciles exactly to the 10-K: $21,933m at end-2025 and $16,773m at end-2024. Leases add $1,080m (2025) on top of these debt figures. As of 30 June 2026 (standardized), total debt including leases was $28,013m, cash $4,898m and total assets $88,349m.
Commentary — balance sheet. Linde has deliberately re-levered.
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Net debt rose from $11.4bn (2021) to $21.9bn (2025) while shareholders' equity fell from $44.0bn to $38.2bn, because buybacks ran ahead of retained earnings.
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About $2.4bn of the 2025 net-debt increase was currency translation (10-K), since much of the debt is euro-denominated. Linde issued €4.0bn of euro notes and CHF500m of Swiss-franc notes in 2025.
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The global effective borrowing rate of about 2.3% (2025) reflects a low-coupon euro funding strategy that is a structural cost advantage.
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Goodwill ($27.9bn) and intangibles ($11.9bn) together exceed shareholders' equity, so tangible book value is negative (−$1.6bn at end-2025, standardized).
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Negative working capital is structural. It reflects customer advances on Engineering contracts (contract liabilities), which have declined from about $4.0bn in 2022 as Russian projects unwound.
Cash flow
Notes:
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Operating cash flow, capex and FCF for all years come from the 10-Ks via standardized data.
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Dividends and buybacks for 2024–2025 are from the FY2025 10-K. For 2021–2023 they are from prior 10-Ks (†).
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Trailing twelve months to June 2026 (standardized): operating cash flow $10,489m, capex $5,514m, FCF $4,975m.
Commentary — cash flow. Operating cash flow is remarkably stable at $8.9–10.4bn. Growth in 2025 (+10%) came from higher earnings and lower working-capital absorption, helped by Engineering customer advances.
The visible trend is capex intensity, which rose from 10.0% of sales (2021) to 15.5% (2025). Guidance for 2026 has been raised to $5.5–6.0bn (from $5.0–5.5bn in February 2026) to fund the backlog, which is weighted to electronics, space and clean hydrogen. About 60% of 2025 capex was in the Americas and 21% in APAC.
FCF has therefore drifted down from $6.6bn to about $5.0bn. Shareholder returns ($7.4bn in 2025, 145% of FCF) are now partly debt-funded. This is sustainable at current leverage (about 1.6–1.7x net debt/EBITDA) but is the principal capital-allocation tension to monitor.
Ratios
Ratio definitions:
ROE: FY2021 uses year-end equity.
ROA: FY2021 uses year-end assets.
GAAP ROIC proxy: operating profit × (1 − 23%) ÷ (total equity + net debt). This is depressed by about $40bn of merger goodwill and intangibles.
Company-reported after-tax return on capital: (adjusted, excludes purchase accounting): 24.2% (FY2025) and 23.5% (Q2 2026).
Debt to equity: total debt excluding leases ÷ Linde plc equity.
Net debt to adjusted EBITDA (company): 1.64x (FY2025).
Cash conversion cycle: year-end balances; DSO on sales; DIO and DPO on cost of sales excluding D&A.
Interest coverage (OP ÷ net interest expense): 33.7x (FY2024) and 35.0x (FY2025). Earlier years were n.v.
Commentary — returns. The dual return picture is a defining analytical feature.
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On a GAAP basis, Linde earns roughly 11% on invested capital because the 2018 merger capitalised about $40bn of goodwill and intangibles.
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On management's adjusted ROC (about 24%), which strips purchase accounting, the underlying asset base earns returns far above peers. Air Liquide targets ROCE above 10%.
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ROE has nearly doubled since 2021. Earnings growth explains part of this; a shrinking equity base from buybacks explains the rest.
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The rise in the cash conversion cycle since 2021 is driven by lower payables days and a fall in Engineering advances, not by any deterioration in collections.
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Segment Overview
| Segment | Contents | Countries / scope | Products & services |
|---|---|---|---|
Americas | Industrial gases | ~20 countries incl. US, Canada, Mexico, Brazil (White Martins) | On-site, merchant, packaged gases; healthcare (incl. Lincare); five major North American pipeline complexes |
EMEA | Industrial gases | ~50 countries incl. Germany, UK, France, Sweden, South Africa, Eastern Europe, GCC | Atmospheric, process, medical and specialty gases (BOC brand in UK/South Africa) |
APAC | Industrial gases | ~15 countries/regions incl. China, Australia, India, South Korea, Thailand | Electronics, chemicals and energy, merchant and packaged gases; China pipeline complexes |
Engineering | Linde Engineering (global) | Factories in Germany, France, US, China | Air-separation, hydrogen/syngas, olefin, natural-gas and LNG plants; CCS technology; plant components |
Other | Corporate costs and smaller businesses | Global | Linde Advanced Material Technologies (LAMT: coatings, powders, sputtering targets); global helium wholesale |
Revenue by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Americas sales (USD Mn) | 14,304 | 14,442 | 15,208 |
EMEA sales (USD Mn) | 8,542 | 8,352 | 8,549 |
APAC sales (USD Mn) | 6,559 | 6,632 | 6,661 |
Engineering sales (USD Mn) | 2,160 | 2,322 | 2,250 |
Other sales (USD Mn) | 1,289 | 1,257 | 1,318 |
Total sales (USD Mn) | 32,854 | 33,005 | 33,986 |
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View Subscription PlansResults by Segment
| Segment | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Americas operating profit (USD Mn) | 4,244 | 4,550 | 4,747 |
EMEA operating profit (USD Mn) | 2,486 | 2,780 | 3,055 |
APAC operating profit (USD Mn) | 1,806 | 1,918 | 1,933 |
Engineering + Other operating profit (USD Mn) | 534 | 472 | 402 |
Total segment operating profit (USD Mn) | 9,070 | 9,720 | 10,137 |
Segment Margins & Growth (%)
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Americas OP margin (%) | 29.7 | 31.5 | 31.2 |
EMEA OP margin (%) | 29.1 | 33.3 | 35.7 |
APAC OP margin (%) | 27.5 | 28.9 | 29.0 |
Engineering OP margin (%) | 0 | 17.7 | 18.1 |
Americas sales YoY growth (%) | 3.1 | 1.0 | 5.3 |
EMEA sales YoY growth (%) | 1.2 | -2.2 | 2.4 |
APAC sales YoY growth (%) | 1.2 | 1.1 | 0.4 |
Engineering sales YoY growth (%) | 0 | 7.5 | -3.1 |
Americas % of total sales | 43.5 | 43.8 | 44.7 |
EMEA % of total sales | 26.0 | 25.3 | 25.2 |
APAC % of total sales | 20.0 | 20.1 | 19.6 |
Engineering % of total sales | 6.6 | 7.0 | 6.6 |
Other % of total sales | 3.9 | 3.8 | 3.9 |
Revenue by Segment (Quarterly)
| Segment metric | Q1 2026 | Q2 2026 | Q2 YoY reported | Q2 YoY underlying |
|---|---|---|---|---|
Americas sales (USD Mn) | 4,025 | 4,083 | +7% | +4% (price +2%, vol +2%) |
Americas OP (USD Mn) / margin | n.v. | 1272 / 31.2% | margin −50 bp | — |
EMEA sales (USD Mn) | 2,171 | 2,303 | +7% | +1% (price +2%, vol lower) |
EMEA OP (USD Mn) / margin | n.v. | 823 / 35.7% | margin −40 bp (+10 bp ex pass-through) | — |
APAC sales (USD Mn) | 1,701 | 1,870 | +13% | +8% (vol +6%, price +2%) |
APAC OP (USD Mn) / margin | 477 / 28.0% | 531 / 28.4% | margin −120 bp | — |
Engineering sales (USD Mn) | n.v. | 625 | +13% | — |
Engineering OP (USD Mn) / margin | n.v. | 100 / 16.0% | — | — |
Engineering order intake (USD Mn) | n.v. | 871 | — | — |
Engineering third-party backlog (USD Bn) | n.v. | 3.0 | vs 2.7 at Q4 2025 | — |
Income Statement and Per-Share Data
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Revenue (USD Mn) | 30,793 | 33,364 | 32,854 | 33,005 | 33,986 |
Gross profit excl. D&A (USD Mn) | 13,250 | 13,914 | 15,362 | 15,862 | 16,597 |
Depreciation & amortization (USD Mn) | 4,635 | 4,204 | 3,816 | 3,780 | 3,763 |
Operating profit GAAP (USD Mn) | 5,353 | 5,369 | 8,024 | 8,635 | 8,923 |
EBITDA proxy = OP + D&A (USD Mn) | 9,988 | 9,573 | 11,840 | 12,415 | 12,686 |
Pre-tax income incl. equity income (USD Mn) | 5,219 | 5,715 | 8,154 | 8,739 | 9,047 |
Net income attributable to Linde plc (USD Mn) | 3,826 | 4,147 | 6,199 | 6,565 | 6,898 |
Diluted EPS GAAP (USD) | 7.32 | 8.23 | 12.59 | 13.62 | 14.61 |
Adjusted diluted EPS (USD) | 11.42 | 12.59 | 14.20 | 15.51 | 16.46 |
Dividends per share (USD) | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 |
Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Gross margin excl. D&A (%) | 43.0 | 41.7 | 46.8 | 48.1 | 48.8 |
Operating margin GAAP (%) | 17.4 | 16.1 | 24.4 | 26.2 | 26.3 |
EBITDA proxy margin (%) | 32.4 | 28.7 | 36.0 | 37.6 | 37.3 |
Net margin (%) | 12.4 | 12.4 | 18.9 | 19.9 | 20.3 |
Revenue growth YoY (%) | 13.0 | 8.3 | -1.5 | 0.5 | 3.0 |
Adjusted EPS growth YoY (%) | 0 | 10.2 | 12.8 | 9.2 | 6.1 |
Balance Sheet
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Total assets (USD Mn) | 81,605 | 79,658 | 80,811 | 80,147 | 86,817 |
Cash & equivalents (USD Mn) | 2,823 | 5,436 | 4,664 | 4,850 | 5,056 |
Short-term debt incl. current LTD (USD Mn) | 2,872 | 5,716 | 5,976 | 6,280 | 6,306 |
Long-term debt (USD Mn) | 11,335 | 12,198 | 13,397 | 15,343 | 20,683 |
Total debt excl. leases (USD Mn) | 14,207 | 17,914 | 19,373 | 21,623 | 26,989 |
Net debt excl. leases (USD Mn) | 11,384 | 12,478 | 14,709 | 16,773 | 21,933 |
Linde plc shareholders' equity (USD Mn) | 44,035 | 40,028 | 39,720 | 38,092 | 38,245 |
Total equity incl. NCI (USD Mn) | 45,441 | 41,387 | 41,095 | 39,488 | 39,741 |
Goodwill (USD Mn) | 27,038 | 25,817 | 26,751 | 25,937 | 27,927 |
Other intangible assets (USD Mn) | 13,802 | 12,420 | 12,399 | 11,330 | 11,871 |
Working capital (USD Mn) | -3,484 | -3,432 | -3,097 | -1,599 | -1,873 |
Cash Flow and Margin Analysis (%)
| 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 (USD Mn) | 2,189 | 2,344 | 2,482 | 2,655 | 2,811 |
Net share repurchases (USD Mn) | 4,375 | 5,151 | 3,858 | 4,451 | 4,578 |
Acquisitions net of cash (USD Mn) | 0 | 0 | 0 | 317 | 412 |
FCF margin (%) | 21.6 | 17.1 | 16.8 | 14.9 | 15.0 |
Returns & Leverage Ratios (%) and Financial Ratios (x)
| Ratio | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
ROE on average equity (%) | 8.7 | 9.9 | 15.5 | 16.9 | 18.1 |
ROA on average assets (%) | 4.7 | 5.1 | 7.7 | 8.2 | 8.3 |
GAAP ROIC proxy (%) | 7.3 | 7.7 | 11.1 | 11.8 | 11.1 |
Current ratio (x) | 0.74 | 0.79 | 0.80 | 0.89 | 0.88 |
Debt to equity (x) | 0.32 | 0.45 | 0.49 | 0.57 | 0.71 |
Net debt to EBITDA proxy (x) | 1.14 | 1.30 | 1.24 | 1.35 | 1.73 |
Asset turnover (x) | 0.38 | 0.41 | 0.41 | 0.41 | 0.41 |
Cash conversion cycle (days) | 18.1 | 32.1 | 34.0 | 40.4 | 38.8 |
Revenue by Region and Region Margins & Growth (%)
| Region | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Americas gases sales (USD Mn) | 14,304 | 14,442 | 15,208 |
EMEA gases sales (USD Mn) | 8,542 | 8,352 | 8,549 |
APAC gases sales (USD Mn) | 6,559 | 6,632 | 6,661 |
Americas growth YoY (%) | 3.1 | 1.0 | 5.3 |
EMEA growth YoY (%) | 1.2 | -2.2 | 2.4 |
APAC growth YoY (%) | 1.2 | 1.1 | 0.4 |
Revenue by Region and Revenue by Region (%)
| Country metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
Germany sales incl. Engineering third-party (USD Mn) | 1,584 | 1,386 | 1,550 |
Engineering share of Germany sales (%) | 35 | 28 | 25 |
Currency Details
| Currency | % of FY2025 sales |
|---|---|
Euro | 17 |
Chinese yuan | 7 |
British pound | 4 |
Brazilian real | 4 |
Australian dollar | 4 |
Mexican peso | 3 |
Korean won | 3 |
Canadian dollar | 3 |
Indian rupee | 2 |
Swedish krona | 1 |
South African rand | 1 |
Swiss franc | 1 |
USD and other (residual) | ~50 |
Valuation Snapshot
| Metric | Value | Source / note |
|---|---|---|
Last close (2 Oct 2026) | $479.48 | StockAnalysis.com |
Approx. year-end 2025 close | ≈$422 | Derived: FY2025 P/E 28.86 × EPS $14.61 |
YTD 2026 price change | ≈+14% | Derived |
1-year price change (vs ~$469 late Sep 2025) | ≈+2% | Simply Wall St reference price; approximate |
3-year price change (vs ~$370 early Oct 2023) | ≈+29% | Approximate (n.v.) |
5-year price change (vs ~$300 early Oct 2021) | ≈+60% | Approximate (n.v.) |
52-week range (approx.) | ≈$395 – ≈$520 | Insider trade prices Dec 2025 / May 2026 and July 2026 quotes; approximate |
Q2 results reaction (31 Jul 2026) | ≈−6% | Barchart |
Capital Markets
| Index | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
Linde TSR index | 100 | 133 | 128 | 163 | 168 | 173 |
S&P 500 TSR index | 100 | 129 | 105 | 133 | 166 | 196 |
S&P 500 Materials TSR index | 100 | 127 | 112 | 126 | 126 | 139 |
Valuation Multiples
| Multiple | Linde | Basis |
|---|---|---|
P/E (TTM GAAP EPS $15.50) | 30.9x | StockAnalysis |
P/E (FY2026E adjusted EPS, $17.80 guidance midpoint) | 26.9x | Calculated |
Forward P/E (consensus) | 25.6x | StockAnalysis |
EV (market cap $221.0bn + debt incl. leases $28.0bn − cash $4.9bn + NCI $1.5bn) | ≈$245.6bn | Calculated (30 Jun 2026 balance sheet) |
EV/Sales (TTM sales $35.45bn) | ≈6.9x | Calculated |
EV/EBITDA (FY2025 adjusted EBITDA $13.35bn) | ≈18.4x | Calculated |
P/B (equity $39.08bn, Jun 2026) | ≈5.7x | Calculated |
P/FCF (TTM) | 44.4x | StockAnalysis |
Dividend yield (indicated $6.40) | 1.33% | StockAnalysis |
Aggregator Details
| Aggregator | Analysts | Consensus | Mean price target | Range |
|---|---|---|---|---|
MarketBeat (mid-2026) | 13 | Buy | $548.67 | $460–$600 |
Barchart (Aug 2026) | 24 | Strong Buy (17 Strong Buy / 2 Moderate Buy / 5 Hold) | $551.96 | high $612 |
Per-Share Data and Margin Analysis (%)
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|
Dividend per share (USD) | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 |
DPS growth (%) | 10.1 | 10.4 | 9.0 | 9.0 | 7.9 |
Payout ratio on GAAP EPS (%) | 57.9 | 56.9 | 40.5 | 40.8 | 41.1 |
Capital Programmes
| Program | Authorized | Repurchased to date | Remaining |
|---|---|---|---|
2023 program (approved 23 Oct 2023) | $15.0bn | $7.7bn (to 31 Dec 2025) | $7.3bn (31 Dec 2025) |
Credit Ratings
| Agency | Long-term | Short-term | Outlook |
|---|---|---|---|
S&P Global | A | A-1 | n.v. (historically stable) |
Moody's | A2 | P-1 | n.v. (historically stable) |
Fitch | Not cited in 10-K | — | n.p.d. |
Analyst Conclusions
Management guidance (31 July 2026)
FY2026 adjusted EPS: $17.70–$17.90 (+8–9%; ~1% FX tailwind).
Q3 2026 adjusted EPS: $4.45–$4.55 (+6–8%; no FX).
FY2026 capex: $5.5–6.0bn.
Backlog: sale-of-gas backlog $8.1bn (record); third-party Engineering backlog $3.0bn; total about $11bn.
Consensus growth expectations
Sell-side consensus clusters around the guided range for 2026, with mean targets implying about 14% upside. A Simply Wall St narrative (late 2025) models about $38.9bn revenue and about $9.1bn earnings by 2028, implying roughly 4–5% annual sales growth and about 9% earnings growth; this is an aggregator narrative and n.v.
Bull case
-
Contracted growth inflection. The sale-of-gas backlog rose from $7.3bn (end-2025) to $8.1bn (Q2 2026), and capex is guided up to $5.5–6.0bn. These projects start up on take-or-pay contracts through 2026–2029, adding volume regardless of the industrial cycle (electronics in Arizona and Taiwan, space, Gulf Coast ammonia, Alberta H2).
-
Operating leverage to any recovery. Linde grew adjusted EPS 6–10% on zero volume growth, with EMEA margin at 35.7% despite falling volumes. A modest European or US industrial-volume recovery would carry very high incremental margins.
-
Compounding capital return. $7.3bn of buyback capacity remains, the dividend is rising 7–8% a year, and leverage is about 1.6x. Together these support high-single-digit per-share growth independent of macro conditions.
Bear case
-
Margin ceiling. Q2 2026 adjusted margin fell 60 bp, with APAC down 120 bp, as cost inflation outpaced price. If the ~30% margin has peaked, EPS growth reverts to price plus buybacks (about 5–6%), which does not justify about 27x forward earnings.
-
Capex-funded growth dilutes FCF. FCF has fallen from $6.6bn to about $5.0bn while returns stay above $7bn. Net debt rose $5.2bn in 2025. Customer deferrals of clean-energy projects (e.g., Path2Zero timing) could strand capital or delay returns.
-
Europe and Russia tail risk. EMEA volumes keep shrinking amid European de-industrialization. The RCA and Gazprom proceedings could produce further adverse enforcement in Russia or disrupt Engineering's order book.
Key catalysts and monitorables (next 12 months)
| Timing | Catalyst / monitorable | What to watch |
|---|---|---|
| Late Oct 2026 | Q3 2026 results | Delivery vs the $4.45–$4.55 guide; margin trajectory (management expects second-half improvement); first 2027 framing |
| Early Feb 2027 | FY2026 results and 2027 guidance | Whether 2027 EPS growth stays at or above 8%; capex level; backlog |
| Rolling | Electronics contract announcements | Additional US and Asian fab awards; sale-of-gas backlog above $8.1bn |
| 2026–2027 | Project start-ups | Beaumont H2 ramp; Mims expansion (Q1 2027); Phoenix progress |
| Rolling | EMEA volumes | Stabilization in chemicals and energy and manufacturing |
| Rolling | Russian / HKIAC / SCC arbitration | Any award or enforcement events |
| Rolling | Capital allocation | Pace of buybacks vs debt; any new authorization once the $15bn programme is exhausted |
| Jan 2027 | Dividend declaration | 34th consecutive increase expected |
| Rolling | Governance | Board additions to the nine-member board |
Concluding analyst verdict
Linde remains the highest-quality franchise in global industrial gases. That is a judgment grounded in numbers, not reputation: FY2025 adjusted operating margin was 29.8%, about 900 bp above Air Liquide's recurring margin, and adjusted return on capital was 24.2%. Operating cash flow of $10.4bn grew 10%, and adjusted EPS has compounded each year since the merger, even through three years of flat-to-negative industrial volumes. The 2026 trajectory of 8–9% guided EPS growth, a record $8.1bn contracted sale-of-gas backlog and new semiconductor and space awards shows the growth engine is shifting from price toward contracted project volume. That shift should improve earnings quality from 2027 onward.
The debate is therefore about price paid and capital intensity, not franchise strength. At about $479 the shares trade on roughly 27x guided 2026 adjusted EPS and about 18x EV/EBITDA, which leaves little room for disappointment. The market's roughly 6% sell-off on an in-line Q2 2026 print, when margins slipped 60 bp, illustrates that sensitivity. Meanwhile capex is rising toward $6bn, FCF has fallen about 25% from its 2021 peak, and shareholder returns are partly debt-funded. Net debt to EBITDA has moved from about 1.3x to 1.6–1.7x. That remains comfortable for an A/A2 credit, but it is a trend to watch.
Our synthesis is that Linde is a core long-duration holding with moderate near-term upside. The consensus mean target of about $550 (about 15% upside) is achievable only if second-half 2026 margins recover as management expects and 2027 guidance holds at or above 8% EPS growth. The key monitorables are the Q3 2026 margin print, the conversion of backlog into start-ups, EMEA volume stabilization and the Russian arbitration outcomes. Risk-reward is balanced to modestly favourable. A pullback toward 24–25x forward earnings would offer a more compelling entry point for new capital.
Source index
Linde primary filings and releases
-
Form 10-K FY2025 (filed 25 Feb 2026); Form 10-K FY2024; Form 10-K FY2023.
-
2026 DEF 14A (approx. 29 Apr 2026).
-
Earnings releases (8-K Ex. 99.1): Q4/FY2025 (5 Feb 2026), Q1 2026 (1 May 2026), Q2 2026 (31 Jul 2026).
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Press releases: Lamba Chair appointment (29 Sep 2025); Blue Point (23 Jun 2025); space investments (Jul 2025); Airtec (1 Sep 2025); $1bn Phoenix (31 Jul 2026); 2025 Sustainable Development Report (1 Jun 2026); dividend declarations.
-
8-K and 8-A on the Nasdaq transfer (Oct–Nov 2023); 10-K/10-Q Note 17 contingency disclosures.
Peer filings and releases
-
Air Products FY2025 10-K and results (6 Nov 2025).
-
Air Liquide FY2025 results release (20 Feb 2026).
Market data and aggregators (labelled where used)
-
S&P Global Market Intelligence via StockAnalysis.com.
-
13F aggregators: Fintel, Blarkad, Yahoo Finance.
-
Simply Wall St; MarketBeat; Barchart; Morningstar (space report, Jun 2026).
-
Trade press: gasworld, Chemical Processing, Hydrocarbon Engineering.
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View Subscription PlansExecutive Leadership
Executive Leadership Team
| Name | Title | In role since | Prior roles | Age |
|---|---|---|---|---|
Sanjiv Lamba | Chairman & CEO | CEO 1 Mar 2022; Chair 31 Jan 2026 | COO (2021–22); EVP APAC (2018–21); Linde AG Executive Board (2011); BOC India Finance Director and MD (2001); joined BOC India 1989. Co-chair, Hydrogen Council; director of Amphenol (since Jan 2026) | 61 |
Matthew J. White | EVP & CFO | Oct 2018 | Praxair CFO (2014–18); President Praxair Canada (2011–13); Praxair Treasurer, Controller; earlier Fisher Scientific, GenTek | 53 |
Sean Durbin | Chief Operating Officer | 1 Oct 2025 | EVP North America (2023–25); EVP EMEA (2021–23); SVP Global Functions (2020); President Praxair Canada (2013–19); joined Praxair 1993 | 55 |
Guillermo Bichara | EVP & Chief Legal Officer | 2018 | Praxair VP & General Counsel; joined 2006; earlier Cemex and law firms | 51 |
Kelcey E. Hoyt | SVP Accounting, FP&A & Sustainability; Chief Accounting Officer | CAO Oct 2018; SVP Apr 2024 | Praxair Controller, Director IR; KPMG audit | 56 |
Desiree Bacher | SVP & Chief Human Resources Officer | 1 Sep 2025 | SVP Communications, AI & Procurement (2024); VP FP&A (2019–24); joined 1999 (Linde Philippines) | 54 |
Ben Glazer | SVP Americas | 1 Oct 2025 | President Linde Gas & Equipment; SVP South America; led merger integration (2017); joined Praxair 2002 | 52 |
Oliver Pfann | SVP EMEA | 1 Sep 2023 | Business President Region Europe East; UK/Ireland/Africa; joined 1995 | 57 |
Binod Patwari | SVP APAC | Nov 2024 | MD South Pacific; APAC CFO; ASEAN head; joined 1997 | 54 |
Stefano Innocenzi | SVP Linde Engineering | 1 May 2025 | President Region Europe West; SVP at Siemens Energy; rejoined 2023 | 52 |
Directors' Remuneration
| Executive | Salary | Variable / stock / options | Total FY2025 | Source |
|---|---|---|---|---|
Sanjiv Lamba (CEO) | ≈$1.57m (≈7.2% of total) | ≈92.8% variable and equity | ≈$21.78m (FY2024: ≈$20.70m) | Simply Wall St summary of proxy Table 1 (aggregator; n.v. against primary) |
Matthew White (CFO) | n.v. | n.v. | n.v. | — |
Other NEOs | n.v. | n.v. | n.v. | — |
Board of Directors
| Director | Age | Since | Independent | Committees | Background | Other public boards |
|---|---|---|---|---|---|---|
Sanjiv Lamba | 61 | 2022 | No | Chair, Executive | Linde Chair & CEO | Amphenol |
Prof. DDr. Ann-Kristin Achleitner | 60 | 2018 | Yes | Chair, Human Capital; Sustainability | TU Munich; ex-Linde AG Supervisory Board | Lazard; Deutsche Post (DHL) |
Dr. Thomas Enders | 67 | 2018 | Yes | Chair, Sustainability; Audit; Executive | Former CEO, Airbus | GE Aerospace |
Hugh Grant | 67/68 | 2023 | Yes | Human Capital; Nomination & Governance; Executive | Former Chairman & CEO, Monsanto | Freeport-McMoRan |
Joe Kaeser | 68 | 2021 | Yes | Chair, Nomination & Governance; Human Capital | Former CEO, Siemens | Daimler Truck (Chair); Siemens Energy (Chair) |
Dr. Victoria E. Ossadnik | 57 | 2018 | Yes | Audit; Nomination & Governance | COO-Digital, E.ON SE | E.ON; Munich Re |
Paula Rosput Reynolds | 69 | 2024 | Yes | Audit; Sustainability | Chair, National Grid; ex-CEO AGL Resources, Safeco | National Grid; GE Vernova |
Alberto Weisser | 70 | 2021 | Yes | Chair, Audit; Sustainability | Former Chairman & CEO, Bunge | Bayer; PepsiCo |
Robert L. Wood | 72 | 2018 | Yes (Lead Independent Director) | Human Capital; Nomination & Governance; Executive | Former CEO, Chemtura; ex-Dow; ex-Praxair Lead Director | — |
Board & Management Changes
| Date | Change | Context |
|---|---|---|
1 May 2025 | Stefano Innocenzi becomes SVP Linde Engineering | Precedes 2025 Engineering severance programme |
1 Sep 2025 | Desiree Bacher becomes CHRO | Internal promotion |
1 Oct 2025 | Sean Durbin becomes COO; Ben Glazer becomes SVP Americas | Operating bench for the Chair/CEO combination |
31 Jan 2026 | Steve Angel retires; Lamba becomes Chair & CEO | Angel left to "pursue a new leadership opportunity" (company release) |
Jan 2026 | Lamba joins Amphenol board | External directorship (within 2-board cap) |
Major Shareholders
| Holder | Shares (M) | % of outstanding |
|---|---|---|
Vanguard Group Inc. (aggregate) | 44.95 | 9.7 |
BlackRock, Inc. | 36.87 | 8.0 |
State Street Corp. | 19.63 | 4.2 |
Capital Research Global Investors | 16.05 | 3.5 |
Geode Capital Management | 11.83 | 2.6 |
T. Rowe Price Associates | 9.85 | 2.1 |
FMR LLC | 9.00 | 1.9 |
Norges Bank | 7.61 | 1.6 |
Morgan Stanley | 7.36 | 1.6 |
JPMorgan Chase & Co. | 6.40 | 1.4 |
Governance Timeline
| Date | Insider | Transaction | Value |
|---|---|---|---|
8 Dec 2025 | Sanjiv Lamba | Open-market purchase of 2,520 shares at ~$396.68 | ≈$1.0m |
10 Mar 2026 | Sean Durbin | Sale of 4,114 shares at ~$477.78 | ≈$1.97m |
15 May 2026 | Robert Wood | Sale of 5,215 shares at ~$508.76 | ≈$2.64m |
Competitive Landscape
Competitors by Segment
| Segment / arena | Competitors |
|---|---|
Global industrial gases (all regions) | L'Air Liquide S.A. (incl. Airgas in the US); Air Products and Chemicals, Inc.; Messer Group GmbH; Nippon Sanso Holdings / Taiyo Nippon Sanso (Matheson Tri-Gas in the US) |
Regional gases | SOL Group (Italy); Air Water Inc. and Iwatani (Japan); Yingde Gases and Hangzhou Oxygen Plant Group/Hangyang (China); Gulf Cryo (Middle East); Coregas (Australia); DIG Airgas (Korea, acquired by Air Liquide); many local independents |
Captive / customer-owned | Large steel, chemical and refining companies operating their own ASUs/SMRs, a "significant portion" of the market per the 10-K |
Engineering | Air Liquide Engineering & Construction; Technip Energies; KBR; Topsoe (H2/ammonia technology); thyssenkrupp nucera and others (electrolysis); Hangyang and Sichuan Air Separation (ASUs) |
US healthcare / homecare | AdaptHealth; Rotech; Air Liquide Healthcare (internationally) |
Packaged gases (US) | Airgas (Air Liquide); Matheson; independent distributors |
Peer Comparison FY2025
| Metric | Linde (FY2025, Dec) | Air Liquide (FY2025, Dec) | Air Products (FY2025, Sep) | Nippon Sanso (FY3/2026) |
|---|---|---|---|---|
Revenue | $33.99bn | €26.94bn (≈$30.3bn at the 2025 average rate) | $12.04bn | n.v. |
Reported growth | +3% | −0.4% (+2.0% comparable) | −1% | n.v. |
Operating margin (adjusted/recurring) | 29.8% | 20.7% (OIR; G&S 22.6%) | ≈24% (adjusted OI $2.9bn) | n.v. |
GAAP net result | $6.90bn | n.v. (recurring net profit >€3.5bn) | −$354m (after ≈$3.7bn pre-tax charges) | n.v. |
EPS growth | Adjusted +6% | Recurring EPS €6.10 (+6.3%) | Adjusted $12.03 (≈−3% vs FY2024's $12.43†) | n.v. |
Project backlog | $10.0bn total / $7.3bn sale of gas (end-2025); $11bn / $8.1bn (Q2 2026) | €4.9bn investment backlog | n.v. (exiting several projects) | n.v. |
R&D intensity | ≈0.4–0.5% (n.v.) | n.v. | n.v. | n.v. |
