10 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 4.5% per year over the past 5 years.
Net income has grown faster than revenue (22.5% vs 4.5% per year).
Operating margin has expanded, at 26.3% in the latest year.
Free cash flow has grown 4.8% per year over the past 5 years.
Financial health
Total debt ($27.0B) exceeds cash ($5.1B); net debt is $21.9B.
Total debt has grown faster than revenue (10.8% vs 4.5% per year).
Operating income covered interest expense 35× in the latest year.
Total debt is 2.1× EBITDA.
Shareholder returns
Dividends have been paid for 10 consecutive years, consuming 40.8% of earnings and 55.2% of free cash flow.
The dividend has grown 6.7% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$34.0B
$6.9B
0.0%
26.3%
$5.1B
$27.0B
$5.1B
2024
$33.0B
$6.6B
0.0%
26.2%
$4.9B
$21.6B
$4.8B
2023
$32.9B
$6.2B
0.0%
24.4%
$5.5B
$19.4B
$4.7B
2022
$33.4B
$4.1B
0.0%
16.1%
$5.7B
$17.9B
$5.4B
2021
$30.8B
$3.8B
0.0%
16.2%
$6.6B
$14.2B
$2.8B
2020
$27.2B
$2.5B
0.0%
12.2%
$4.0B
$16.2B
$3.8B
2019
$28.2B
$2.3B
0.0%
10.4%
—
$14.0B
$2.7B
2018
$14.8B
$4.4B
0.0%
35.4%
—
$15.3B
$4.5B
2017
$11.4B
$1.2B
0.0%
21.5%
—
$9.0B
$617M
2016
$10.5B
$1.5B
0.0%
21.3%
—
—
$524M
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$8.8B
$1.9B
0.0%
27.8%
$898M
$26.3B
$4.0B
Dec '25
$8.8B
$1.5B
0.0%
23.0%
$1.6B
$27.0B
$5.1B
Sep '25
$8.6B
$1.9B
0.0%
27.5%
$1.7B
$25.9B
$4.5B
Jun '25
$8.5B
$1.8B
0.0%
27.7%
$954M
$25.9B
$4.8B
Mar '25
$8.1B
$1.7B
0.0%
26.9%
$891M
$23.9B
$5.3B
Dec '24
$8.3B
$1.7B
0.0%
27.4%
$1.6B
$21.6B
$4.8B
Sep '24
$8.4B
$1.6B
0.0%
25.0%
$1.7B
$22.3B
$5.2B
Jun '24
$8.3B
$1.7B
0.0%
26.4%
$796M
$21.5B
$4.6B
Mar '24
$8.1B
$1.6B
0.0%
25.9%
$906M
$20.3B
$4.8B
Dec '23
$8.3B
$1.5B
0.0%
24.4%
$1.6B
$19.4B
$4.7B
Sep '23
$8.2B
$1.6B
0.0%
25.2%
$1.6B
$18.0B
$3.9B
Jun '23
$8.2B
$1.6B
0.0%
24.5%
$1.3B
$17.5B
$3.4B
Mar '23
$8.2B
$1.5B
0.0%
23.6%
$1.1B
$18.8B
$5.0B
Dec '22
$7.9B
$1.3B
0.0%
21.4%
$1.2B
$17.9B
$5.4B
Sep '22
$8.8B
$1.3B
0.0%
18.3%
$1.9B
$15.3B
$3.8B
Jun '22
$8.5B
$372M
0.0%
7.0%
$1.3B
$16.0B
$3.7B
Mar '22
$8.2B
$1.2B
0.0%
18.0%
$1.4B
$16.5B
$4.5B
Dec '21
$8.3B
$1.0B
0.0%
16.1%
$2.4B
$14.2B
$2.8B
Sep '21
$7.7B
$979M
0.0%
16.8%
$1.8B
$16.7B
$4.7B
Jun '21
$7.6B
$841M
0.0%
15.1%
$1.1B
$15.5B
$3.1B
Valuation over time
How the market has priced LIN against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 39.6× (Mar '23) to 35.0× (Jun '26).
The price-to-sales ratio has risen from 4.9× (Mar '23) to 7.1× (Jun '26).
The dividend yield has fallen from 1.4% (Mar '23) to 1.2% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is LIN growing its revenue and profit?
Over the past 5 years, Linde's revenue has grown 4.5% per year, and net income grown 22.5% per year. These are computed facts, not advice.
How much debt does LIN have?
As of FY2025, Linde reported $27.0B of total debt against $5.1B of cash; operating income covered interest expense 35×.
What is LIN's profit margin?
In FY2025, gross margin was —, operating margin 26.3%, and net margin 20.3%.
What is LIN's P/E ratio?
As of Jun '26, Linde traded at a price-to-earnings ratio of about 35.0× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.