Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

Linde plc, common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Accounts payable 3.24 3.13 3.74 3.76 4.29
Short-term debt 5.19 5.27 5.83 5.17 1.43
Current portion of long-term debt 2.07 2.57 1.56 2.01 2.09
Contract liabilities 1.42 1.49 2.35 3.86 3.60
Accrued taxes 0.78 0.79 0.82 0.77 0.53
Accrued expenses 1.47 1.65 1.85 1.92 1.53
Payroll 0.75 0.77 0.84 0.77 0.87
VAT payable 0.39 0.32 0.31 0.33 0.36
Pension and postretirement 0.05 0.05 0.04 0.06 0.05
Interest payable 0.36 0.28 0.16 0.15 0.12
Current operating lease liabilities 0.23 0.22 0.22 0.23 0.26
Current finance lease liabilities 0.07 0.07 0.06 0.05 0.06
Insurance reserves 0.02 0.02 0.03 0.02 0.02
Unrealized losses on derivatives 0.08 0.11 0.05 0.03 0.03
Contingent liabilities 0.15 0.21 0.00 0.00 0.00
Cost reduction programs and other charges 0.29 0.22 0.18 0.23 0.25
Other 0.94 0.98 1.41 1.32 1.22
Other current liabilities 4.80% 4.90% 5.14% 5.12% 4.78%
Current liabilities 17.51% 18.15% 19.45% 20.69% 16.72%
Long-term debt, excluding current portion 23.82 19.14 16.58 15.31 13.89
Pension and postretirement 0.54 0.65 0.86 0.80 2.21
Tax liabilities for uncertain tax positions 0.26 0.26 0.27 0.31 0.37
Tax Act liabilities 0.00 0.00 0.10 0.17 0.22
Long-term operating lease liabilities 0.77 0.76 0.71 0.68 0.76
Long-term finance lease liabilities 0.18 0.19 0.18 0.14 0.16
Interest and penalties for uncertain tax positions 0.02 0.02 0.02 0.04 0.05
Insurance reserves 0.07 0.07 0.07 0.07 0.07
Asset retirement obligation 0.37 0.38 0.38 0.38 0.37
Unrealized losses on derivatives 0.00 0.01 0.01 0.09 0.01
Cost reduction programs and other charges 0.21 0.08 0.08 0.17 0.31
Contingent liabilities 2.11 2.05 1.42 0.04 0.00
Other 0.48 0.53 0.62 0.61 0.61
Other long-term liabilities 5.02% 5.01% 4.71% 3.51% 5.13%
Deferred income taxes 6.40 7.06 7.11 7.39 7.65
Contract liabilities 1.48 1.37 1.30 1.15 0.93
Deferred credits 7.88% 8.43% 8.41% 8.54% 8.58%
Long-term liabilities 36.72% 32.58% 29.70% 27.36% 27.60%
Total liabilities 54.22% 50.73% 49.15% 48.04% 44.32%
Redeemable noncontrolling interests 0.01 0.02 0.02 0.02 0.02
Ordinary shares, €0.001 par value 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 45.42 49.41 49.27 50.22 49.24
Retained earnings 19.13 15.76 10.95 25.79 22.93
Accumulated other comprehensive loss -7.18 -8.60 -7.18 -7.26 -6.19
Treasury shares, at cost -13.32 -9.05 -3.88 -18.50 -12.02
Total Linde plc shareholders’ equity 44.05% 47.53% 49.15% 50.25% 53.96%
Noncontrolling interests 1.71 1.73 1.69 1.69 1.71
Total equity 45.76% 49.25% 50.84% 51.94% 55.67%
Total liabilities and equity 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 liabilities and stockholders’ equity experienced notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased while that of total equity decreased over the five-year period. A more detailed examination reveals specific areas driving these changes.

Current Liabilities
Current liabilities as a percentage of total liabilities and equity initially increased from 16.72% in 2021 to a peak of 20.69% in 2022, before declining to 17.51% in 2025. Within this category, short-term debt saw a significant rise from 1.43% to 5.83% between 2021 and 2023, subsequently decreasing to 5.19% in 2025. Contract liabilities decreased substantially, falling from 3.60% to 1.42% over the period. Other current liabilities remained relatively stable, fluctuating between 4.78% and 5.14% before ending at 4.80% in 2025. A new line item, contingent liabilities, appeared in 2024 and 2025, representing 0.21% and 0.15% of the total, respectively.
Long-Term Liabilities
Long-term liabilities demonstrated a consistent upward trend, increasing from 27.60% in 2021 to 36.72% in 2025. The most significant driver of this increase was long-term debt, excluding the current portion, which rose from 13.89% to 23.82% over the same period. Deferred income taxes experienced a moderate decrease, moving from 7.65% to 6.40%. Other long-term liabilities decreased from 5.13% to 5.02% over the period. Contingent liabilities also appeared in this section in 2024 and 2025, increasing from 0.04% to 2.11%.
Stockholders’ Equity
Total stockholders’ equity decreased as a percentage of total liabilities and equity, falling from 55.67% in 2021 to 45.76% in 2025. Within equity, additional paid-in capital decreased from 49.24% to 45.42%. Retained earnings showed a substantial decline from 22.93% in 2021 to 10.95% in 2023, followed by a partial recovery to 19.13% in 2025. Accumulated other comprehensive loss remained relatively stable, fluctuating around -7%. Treasury shares increased as a negative percentage, moving from -12.02% to -13.32%.
Specific Liability Items
Interest payable showed an increasing trend, rising from 0.12% to 0.36% between 2021 and 2025. Unrealized losses on derivatives also increased, particularly in 2024, reaching 0.11% before decreasing to 0.08% in 2025. Cost reduction programs and other charges fluctuated, ending at 0.29% in 2025. Pension and postretirement liabilities decreased overall, though with some fluctuation.

In summary, the company’s financial structure shifted towards greater reliance on debt financing over the analyzed period, accompanied by a decrease in the proportion of equity. Changes within current and long-term liabilities, as well as fluctuations in equity components, contributed to this overall trend.

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