---
title: Linde (LIN) — intrinsic value and fair price
canonical: https://sweetvaluelab.com/stocks/lin
ticker: LIN
as_of: 2026-10-17
sector: Basic Materials
industry: Chemicals - Specialty
---
# Linde (LIN)

Linde (LIN) closed at $498.43 on Oct 16, 2026, overvalued by 72% vs its model value of $290.52 (from a five-year discounted cash flow).

## Key figures

| Figure | Value |
| --- | ---: |
| Last close | $498.43 (Oct 16, 2026) |
| Model value (from a five-year discounted cash flow) | $290.52 |
| Price vs model | overvalued by 72% vs model |
| Range of that model | $172.35 – $767.73 |
| Market value | $229.8B |
| P/E (fiscal 2025) | 34.1 |
| Net margin (fiscal 2025) | 20.3% |
| Free cash flow (fiscal 2025) | $5.1B |
| Dividend yield (trailing twelve months) | 1.26% |
| Beta | 0.71 |
| Cost of capital (WACC) | 7.96% |
| Business classification | Mature & Stable (Low/slowing growth (~2% recent), High profitability (20% net margin), Pays dividends, Highly cyclical earnings) |

## On the stock lists

| List | Place | Figure | Page |
| --- | ---: | ---: | --- |
| Insider buying | #48 | $47,912 | https://sweetvaluelab.com/lists/insider-buying |
| Dividend growth streaks | #36 | 32 years | https://sweetvaluelab.com/lists/dividend-growth-streaks |

## Dividends

| Figure | Value |
| --- | ---: |
| Trailing dividend yield | 1.26% |
| Dividends per share, last 12 months | $6.30 |
| Dividends / free cash flow (fiscal 2025) | 55.2% |
| Raised | 32 years in a row |
| Growth over 5 years | 8.7% a year |
| Latest payment | $1.60, ex-date Sep 3, 2026, paid Sep 17, 2026 |

| Year of payments | Dividends per share |
| --- | ---: |
| To Sep 2, 2021 | $4.14 |
| To Sep 1, 2022 | $4.57 |
| To Sep 1, 2023 | $5.00 |
| To Sep 4, 2024 | $5.45 |
| To Sep 4, 2025 | $5.89 |
| Trailing twelve months (to Sep 3, 2026) | $6.30 |

## Valuation models

Each model's value per share and the role the engine gave it for this business. The headline above is one model's value; every other model is listed with its own, and each has a page of its own under the valuation. Computed Oct 17, 2026.

| Model | Role | Value per share | Low | High |
| --- | --- | ---: | ---: | ---: |
| DCF · Perpetuity growth · 5y | primary | $290.52 | $172.35 | $767.73 |
| DCF · Perpetuity growth · 10y | cross check | $310.72 | $190.81 | $787.69 |
| DCF · EBITDA exit · 5y | cross check | $299.80 | $178.11 | $443.79 |
| DCF · EBITDA exit · 10y | cross check | $318.82 | $195.39 | $485.62 |
| P/E · peers | cross check | $318.28 | $274.90 | $361.66 |
| P/E · own history | cross check | $595.47 | $552.06 | $704.85 |
| PEG | sanity check | $251.62 | $251.62 | $251.62 |
| EV/EBITDA · peers | cross check | $240.25 | $206.03 | $274.47 |
| EV/Revenue · peers | cross check | $319.08 | $264.13 | $449.34 |
| Earnings power value | cross check | $94.08 | $71.80 | $126.70 |
| Dividend discount | cross check | $153.04 | $102.14 | $266.44 |

## Insider activity (SEC Form 4)

Past 90 days: 1 open-market buy ($47,911.5) and 0 open-market sales ($0); 10b5-1 plan sales included.

| Date | Insider | Relationship | Transaction | Shares | Value |
| --- | --- | --- | --- | ---: | ---: |
| Oct 1, 2026 | Reynolds Paula Rosput | Director | Grant / award | 18.106 | $0 |
| Oct 1, 2026 | GRANT HUGH | Director | Grant / award | 72.425 | $0 |
| Aug 18, 2026 | Reynolds Paula Rosput | Director | Open-market buy | 100 | $47,911.5 |
| Jul 1, 2026 | GRANT HUGH | Director | Grant / award | 63.724 | $0 |
| Jul 1, 2026 | Reynolds Paula Rosput | Director | Grant / award | 15.931 | $0 |

## Recent SEC filings

| Filed | Form | What | Filing |
| --- | --- | --- | --- |
| Jul 31, 2026 | 8-K | 2.02 Results of Operations (Earnings); 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1707925/000165495426007052/lin_8k.htm |
| Jul 31, 2026 | 10-Q | Quarterly report | https://www.sec.gov/Archives/edgar/data/1707925/000162828026051289/lin-20260630.htm |
| Jul 30, 2026 | 8-K | 5.07 Submission of Matters to a Shareholder Vote; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1707925/000119312526325127/lin-20260728.htm |
| May 13, 2026 | 8-K | 8.01 Other Events; 9.01 Financial Statements and Exhibits | https://www.sec.gov/Archives/edgar/data/1707925/000119312526221558/d108557d8k.htm |
| May 5, 2026 | S-3ASR | Shelf registration (automatic) | https://www.sec.gov/Archives/edgar/data/1707925/000119312526206366/d11713ds3asr.htm |

## Superinvestors holding it (latest 13F)

| Manager | Quarter | Shares | Value |
| --- | --- | ---: | ---: |
| Stephen Mandel | 2026-06-30 | 1,558,081 | $808.6M |
| Dodge & Cox | 2026-06-30 | 1,326,590 | $688.4M |
| John Armitage | 2026-06-30 | 300,854 | $156.1M |
| Soros | 2026-06-30 | 267,349 | $138.7M |

9 tracked managers in all.

## About

Linde plc functions as a global industrial gas and engineering powerhouse, extending its operations throughout North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's comprehensive product line features atmospheric gases like oxygen, nitrogen, argon, and various rare gases, alongside a diverse array of process gases such as carbon dioxide, helium, hydrogen, specialized electronic gases, and acetylene. Beyond gas supply, Linde is also adept at designing and constructing turnkey process plants. These engineering solutions serve both third-party customers and its own gas business facilities, covering types like olefin, natural gas, air separation, hydrogen, and synthesis gas plants. Linde's extensive client base spans numerous sectors, including healthcare, energy, general manufacturing, food and beverage carbonation, fiber-optics, steel production, aer…

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Source: https://sweetvaluelab.com/stocks/lin (SweetValueLab, free, no account). Prices and statements from Financial Modeling Prep; filings from SEC EDGAR. Research and educational data, not investment advice; nothing here is a recommendation to buy, sell or hold any security.