Debt to Equity
since 2005
Calculation
Linde plc, debt to equity, long-term trends, calculation
| Debt to equity | = | Total debt and finance lease liabilities1 | ÷ | Total Linde plc shareholders’ equity1 | |
|---|---|---|---|---|---|
| Dec 31, 2025 | 0.71 | = | 26,989) | ÷ | 38,245) |
| Dec 31, 2024 | 0.57 | = | 21,623) | ÷ | 38,092) |
| Dec 31, 2023 | 0.49 | = | 19,373) | ÷ | 39,720) |
| Dec 31, 2022 | 0.45 | = | 17,914) | ÷ | 40,028) |
| Dec 31, 2021 | 0.32 | = | 14,207) | ÷ | 44,035) |
| Dec 31, 2020 | 0.34 | = | 16,154) | ÷ | 47,317) |
| Dec 31, 2019 | 0.28 | = | 13,956) | ÷ | 49,074) |
| Dec 31, 2018 | 0.30 | = | 15,296) | ÷ | 51,596) |
| Dec 31, 2017 | 1.50 | = | 9,000) | ÷ | 6,018) |
| Dec 31, 2016 | 1.90 | = | 9,515) | ÷ | 5,021) |
| Dec 31, 2015 | 2.10 | = | 9,231) | ÷ | 4,389) |
| Dec 31, 2014 | 1.65 | = | 9,258) | ÷ | 5,623) |
| Dec 31, 2013 | 1.33 | = | 8,811) | ÷ | 6,609) |
| Dec 31, 2012 | 1.21 | = | 7,362) | ÷ | 6,064) |
| Dec 31, 2011 | 1.20 | = | 6,562) | ÷ | 5,488) |
| Dec 31, 2010 | 0.96 | = | 5,557) | ÷ | 5,792) |
| Dec 31, 2009 | 0.95 | = | 5,055) | ÷ | 5,315) |
| Dec 31, 2008 | 1.25 | = | 5,025) | ÷ | 4,009) |
| Dec 31, 2007 | 0.82 | = | 4,192) | ÷ | 5,142) |
| Dec 31, 2006 | 0.70 | = | 3,167) | ÷ | 4,554) |
| Dec 31, 2005 | 0.88 | = | 3,447) | ÷ | 3,902) |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in millions
The debt-to-equity ratio experienced considerable fluctuation between 2005 and 2025. Initially, the ratio demonstrated a decreasing trend, followed by a period of increase, and then a significant shift towards lower values before rising again in later years.
- Initial Decreasing Trend (2005-2006)
- From 2005 to 2006, the debt-to-equity ratio decreased from 0.88 to 0.70. This indicates a reduction in the relative proportion of debt financing compared to equity financing during this period. The decrease suggests the company was relying less on debt and more on equity to fund its operations or growth.
- Period of Increase (2006-2014)
- Following the initial decrease, the ratio generally increased from 0.70 in 2006 to 2.10 in 2015. This signifies a growing reliance on debt financing. The most substantial increase occurred between 2013 and 2014, moving from 1.33 to 1.65, and then again from 1.65 to 2.10 in 2015. This period may reflect strategic decisions to leverage debt for expansion, acquisitions, or other investment opportunities.
- Significant Decline (2015-2018)
- A dramatic decrease in the debt-to-equity ratio is observed from 2.10 in 2015 to 0.30 in 2018. This substantial reduction suggests a significant deleveraging effort, potentially through debt repayment, equity issuance, or a combination of both. The ratio reached its lowest point in the analyzed period in 2018.
- Subsequent Fluctuations (2018-2025)
- After 2018, the debt-to-equity ratio experienced moderate fluctuations, increasing from 0.30 to 0.71 in 2025. While still higher than the 2018 low, the ratio remained considerably lower than the peak observed in 2015. The increases in 2022, 2023, and 2024 suggest a renewed, albeit moderate, increase in debt financing. The ratio’s movement from 0.45 in 2020 to 0.71 in 2025 indicates a gradual shift back towards greater debt utilization.
Overall, the company’s capital structure has undergone significant changes over the analyzed period. The initial reliance on equity shifted towards increased debt utilization, followed by a substantial deleveraging and a more recent, moderate increase in debt levels. These changes likely reflect evolving business strategies, market conditions, and financing decisions.
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Comparison to Competitors
Linde plc, debt to equity, long-term trends, comparison to competitors
| Linde plc | Sherwin-Williams Co. | |
|---|---|---|
| Dec 31, 2025 | 0.71 | 2.36 |
| Dec 31, 2024 | 0.57 | 2.44 |
| Dec 31, 2023 | 0.49 | 2.65 |
| Dec 31, 2022 | 0.45 | 3.41 |
| Dec 31, 2021 | 0.32 | 3.95 |
| Dec 31, 2020 | 0.34 | 2.30 |
| Dec 31, 2019 | 0.28 | 2.11 |
| Dec 31, 2018 | 0.30 | 2.50 |
| Dec 31, 2017 | 1.50 | 2.85 |
| Dec 31, 2016 | 1.90 | 1.04 |
| Dec 31, 2015 | 2.10 | 2.26 |
| Dec 31, 2014 | 1.65 | 1.81 |
| Dec 31, 2013 | 1.33 | 0.97 |
| Dec 31, 2012 | 1.21 | 0.95 |
| Dec 31, 2011 | 1.20 | 0.65 |
| Dec 31, 2010 | 0.96 | 0.65 |
| Dec 31, 2009 | 0.95 | 0.55 |
| Dec 31, 2008 | 1.25 | 0.52 |
| Dec 31, 2007 | 0.82 | 0.54 |
| Dec 31, 2006 | 0.70 | 0.44 |
| Dec 31, 2005 | 0.88 | 0.36 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Chemicals)
Linde plc, debt to equity, long-term trends, comparison to sector (chemicals)
| Linde plc | Chemicals | |
|---|---|---|
| Dec 31, 2025 | 0.71 | 0.88 |
| Dec 31, 2024 | 0.57 | 0.75 |
| Dec 31, 2023 | 0.49 | 0.67 |
| Dec 31, 2022 | 0.45 | 0.66 |
| Dec 31, 2021 | 0.32 | 0.51 |
| Dec 31, 2020 | 0.34 | 0.48 |
| Dec 31, 2019 | 0.28 | 0.43 |
| Dec 31, 2018 | 0.30 | 0.45 |
| Dec 31, 2017 | 1.50 | 2.01 |
| Dec 31, 2016 | 1.90 | 1.66 |
| Dec 31, 2015 | 2.10 | 2.13 |
| Dec 31, 2014 | 1.65 | 1.67 |
| Dec 31, 2013 | 1.33 | 1.26 |
| Dec 31, 2012 | 1.21 | 1.15 |
| Dec 31, 2011 | 1.20 | 1.08 |
| Dec 31, 2010 | 0.96 | 0.89 |
| Dec 31, 2009 | 0.95 | 0.86 |
| Dec 31, 2008 | 1.25 | 1.04 |
| Dec 31, 2007 | 0.82 | 0.74 |
| Dec 31, 2006 | 0.70 | 0.62 |
| Dec 31, 2005 | 0.88 | 0.72 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Materials)
Linde plc, debt to equity, long-term trends, comparison to industry (materials)
| Linde plc | Materials | |
|---|---|---|
| Dec 31, 2025 | 0.71 | 0.77 |
| Dec 31, 2024 | 0.57 | 0.68 |
| Dec 31, 2023 | 0.49 | 0.64 |
| Dec 31, 2022 | 0.45 | 0.67 |
| Dec 31, 2021 | 0.32 | 0.55 |
| Dec 31, 2020 | 0.34 | 0.56 |
| Dec 31, 2019 | 0.28 | 0.52 |
| Dec 31, 2018 | 0.30 | 0.55 |
| Dec 31, 2017 | 1.50 | 1.85 |
| Dec 31, 2016 | 1.90 | 2.12 |
| Dec 31, 2015 | 2.10 | 2.42 |
| Dec 31, 2014 | 1.65 | 1.21 |
| Dec 31, 2013 | 1.33 | 1.07 |
| Dec 31, 2012 | 1.21 | 0.50 |
| Dec 31, 2011 | 1.20 | 0.49 |
| Dec 31, 2010 | 0.96 | 0.57 |
| Dec 31, 2009 | 0.95 | 0.77 |
| Dec 31, 2008 | 1.25 | 1.16 |
| Dec 31, 2007 | 0.82 | 0.49 |
| Dec 31, 2006 | 0.70 | 0.53 |
| Dec 31, 2005 | 0.88 | 0.71 |
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), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).