Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

Common-Size Balance Sheet: Assets

Linde plc, common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Cash and cash equivalents 5.82 6.05 5.77 6.82 3.46
Accounts receivable, net 5.72 5.77 5.84 5.72 5.51
Contract assets 0.31 0.33 0.24 0.16 0.16
Inventories 2.37 2.43 2.62 2.48 2.12
Prepaid and other deferred charges 0.63 0.72 0.72 0.75 0.65
VAT recoverable 0.26 0.22 0.22 0.28 0.24
Unrealized gains on derivatives 0.12 0.38 0.09 0.03 0.12
Other 0.11 0.26 0.12 0.13 0.18
Prepaid and other current assets 1.13% 1.58% 1.15% 1.19% 1.19%
Current assets 15.35% 16.15% 15.62% 16.38% 12.45%
Property, plant and equipment, net 32.55 30.91 30.38 29.56 31.86
Finance lease right-of-use assets 0.22 0.24 0.22 0.18 0.20
Property, plant and equipment, net, including finance lease right-of-use assets 32.77% 31.15% 30.60% 29.74% 32.06%
Equity investments 2.32 2.66 2.71 2.95 3.21
Goodwill 32.17 32.36 33.10 32.41 33.13
Other intangible assets, net 13.67 14.14 15.34 15.59 16.91
Pension assets 1.50 1.38 0.47 0.83 0.17
Insurance contracts 0.04 0.04 0.05 0.05 0.06
Long-term receivables, net 0.03 0.03 0.20 0.21 0.13
Operating lease right-of-use assets 1.02 1.00 0.94 0.91 1.05
Deposits 0.07 0.09 0.09 0.07 0.05
Investments carried at cost 0.12 0.13 0.23 0.23 0.02
Deferred charges 0.07 0.07 0.07 0.08 0.08
Deferred income taxes 0.49 0.53 0.28 0.29 0.30
Unrealized gains on derivatives 0.01 0.00 0.01 0.01 0.04
Contract assets 0.08 0.00 0.00 0.00 0.00
Other 0.29 0.26 0.28 0.26 0.34
Other long-term assets 3.72% 3.54% 2.62% 2.93% 2.23%
Long-term assets 84.65% 83.85% 84.38% 83.62% 87.55%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

The composition of assets exhibited several notable shifts between 2021 and 2025. Current assets as a percentage of total assets increased significantly from 12.45% to 16.38% between 2021 and 2022, before decreasing to 15.35% in 2025. Long-term assets consistently represented the majority of the asset base, fluctuating between 83.62% and 87.55% over the period.

Liquidity & Current Assets
Cash and cash equivalents increased substantially from 3.46% to 6.82% in 2022, then decreased to 5.82% by 2025. Accounts receivable remained relatively stable, hovering around 5.7% of total assets throughout the period. Contract assets showed a gradual increase from 0.16% to 0.33% in 2024, before slightly decreasing to 0.31% in 2025. Inventories also experienced a moderate increase, rising from 2.12% to 2.62% between 2021 and 2023, then declining to 2.37% in 2025. Prepaid and other current assets increased from 1.19% to 1.58% in 2024, then decreased to 1.13% in 2025.
Long-Term Investments & Fixed Assets
Property, plant, and equipment, net, consistently constituted a significant portion of total assets, ranging from 29.56% to 32.55%. Goodwill remained a substantial component, fluctuating around 32-33% of total assets. Other intangible assets decreased steadily from 16.91% in 2021 to 13.67% in 2025. Equity investments experienced a decline from 3.21% to 2.32% over the period. Other long-term assets increased from 2.23% to 3.72%.
Other Asset Categories
Pension assets saw a significant increase from 0.17% to 0.83% in 2022, followed by a decrease to 1.50% in 2025. Deferred income taxes fluctuated, increasing to 0.53% in 2024 before decreasing to 0.49% in 2025. Unrealized gains on derivatives showed volatility, peaking at 0.38% in 2024 before falling to 0.12% in 2025. Investments carried at cost increased significantly in 2022 (0.23%) but decreased to 0.12% in 2025.

Overall, the asset structure demonstrates a dynamic allocation of resources. While long-term assets remain dominant, there are observable shifts within both current and long-term asset categories, suggesting evolving investment and operational strategies.

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