Price to Earnings (P/E)
since 2005
Calculation
Linde plc, P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income, Linde plc1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 25, 2026 | 34.14 | = | 508.27 | ÷ | 14.89 | 14.89 | = | 6,898 | ÷ | 463,394,156 | |
| Feb 26, 2025 | 33.25 | = | 461.55 | ÷ | 13.88 | 13.88 | = | 6,565 | ÷ | 472,911,618 | |
| Feb 28, 2024 | 35.05 | = | 451.20 | ÷ | 12.87 | 12.87 | = | 6,199 | ÷ | 481,576,472 | |
| Feb 28, 2023 | 41.34 | = | 348.37 | ÷ | 8.43 | 8.43 | = | 4,147 | ÷ | 492,160,806 | |
| Feb 28, 2022 | 38.92 | = | 293.24 | ÷ | 7.54 | 7.54 | = | 3,826 | ÷ | 507,744,577 | |
| Mar 1, 2021 | 52.57 | = | 251.49 | ÷ | 4.78 | 4.78 | = | 2,501 | ÷ | 522,836,425 | |
| Mar 2, 2020 | 46.22 | = | 198.15 | ÷ | 4.29 | 4.29 | = | 2,285 | ÷ | 532,959,736 | |
| Mar 18, 2019 | 19.41 | = | 156.04 | ÷ | 8.04 | 8.04 | = | 4,381 | ÷ | 544,910,125 | |
| Feb 28, 2018 | 34.48 | = | 149.75 | ÷ | 4.34 | 4.34 | = | 1,247 | ÷ | 287,136,596 | |
| Mar 1, 2017 | 22.87 | = | 120.36 | ÷ | 5.26 | 5.26 | = | 1,500 | ÷ | 285,071,181 | |
| Feb 24, 2016 | 18.76 | = | 101.89 | ÷ | 5.43 | 5.43 | = | 1,547 | ÷ | 284,836,117 | |
| Feb 25, 2015 | 21.92 | = | 128.59 | ÷ | 5.87 | 5.87 | = | 1,694 | ÷ | 288,789,175 | |
| Feb 25, 2014 | 21.31 | = | 127.20 | ÷ | 5.97 | 5.97 | = | 1,755 | ÷ | 293,974,931 | |
| Feb 27, 2013 | 19.64 | = | 112.22 | ÷ | 5.71 | 5.71 | = | 1,692 | ÷ | 296,188,748 | |
| Feb 29, 2012 | 19.45 | = | 109.00 | ÷ | 5.60 | 5.60 | = | 1,672 | ÷ | 298,410,216 | |
| Feb 23, 2011 | 24.62 | = | 97.00 | ÷ | 3.94 | 3.94 | = | 1,195 | ÷ | 303,308,878 | |
| Feb 24, 2010 | 18.56 | = | 76.00 | ÷ | 4.09 | 4.09 | = | 1,254 | ÷ | 306,321,560 | |
| Feb 25, 2009 | 15.03 | = | 59.29 | ÷ | 3.94 | 3.94 | = | 1,211 | ÷ | 307,084,235 | |
| Feb 27, 2008 | 22.42 | = | 84.23 | ÷ | 3.76 | 3.76 | = | 1,177 | ÷ | 313,255,356 | |
| Feb 28, 2007 | 20.00 | = | 61.69 | ÷ | 3.08 | 3.08 | = | 988 | ÷ | 320,370,106 | |
| Mar 1, 2006 | 24.39 | = | 54.85 | ÷ | 2.25 | 2.25 | = | 726 | ÷ | 322,779,147 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Linde plc Annual Report.
The price-to-earnings (P/E) ratio, calculated from the provided share price and earnings per share figures, exhibits considerable fluctuation over the observed period from 2006 to 2026. Initial values indicate a P/E ratio around 24, followed by a decrease to approximately 15 in 2009, coinciding with a period of economic uncertainty. Subsequently, the ratio generally increased through 2011, reaching a peak of 24.62 before experiencing further variability.
- Overall Trend
- The P/E ratio does not demonstrate a consistent long-term trend. While there are periods of increase and decrease, the ratio largely oscillates within a range of 15 to 46. A notable increase is observed between 2017 and 2020, peaking at 46.22 in 2020, before declining somewhat in subsequent years. The most recent values, from 2023 to 2026, suggest a stabilization in the mid-30s.
- Periods of Notable Change
- The period between 2008 and 2011 shows a recovery in the P/E ratio following the financial crisis. The ratio decreased significantly in 2009, then increased over the next two years. A more dramatic increase occurred between 2019 and 2020, likely influenced by market conditions and investor sentiment. The period from 2020 to 2022 shows a decline from the peak, followed by relative stability.
- Recent Performance (2023-2026)
- From 2023 to 2026, the P/E ratio remains relatively stable, fluctuating between 35.05 and 34.14. This suggests a period of consolidation after the more volatile period preceding it. The slight decrease from 2023 to 2026 may indicate a modest correction or a shift in investor expectations.
- Relationship to Earnings
- The fluctuations in the P/E ratio are influenced by both changes in share price and earnings per share. Periods of high P/E ratios often correspond to significant increases in share price relative to earnings, while lower ratios suggest either lower share prices or higher earnings. The substantial increase in the P/E ratio in 2020 is attributable to a larger increase in share price than in earnings per share.
In conclusion, the P/E ratio demonstrates a dynamic pattern over the analyzed timeframe, reflecting changes in market conditions, investor sentiment, and the company’s financial performance. The recent period of relative stability suggests a potential normalization of valuation following a period of significant growth.
AI Ask an analyst for more
Comparison to Competitors
Linde plc, P/E, long-term trends, comparison to competitors
| Linde plc | Sherwin-Williams Co. | |
|---|---|---|
| Feb 25, 2026 | 34.14 | 34.50 |
| Feb 26, 2025 | 33.25 | 32.81 |
| Feb 28, 2024 | 35.05 | 33.16 |
| Feb 28, 2023 | 41.34 | 28.48 |
| Feb 28, 2022 | 38.92 | 37.32 |
| Mar 1, 2021 | 52.57 | 31.64 |
| Mar 2, 2020 | 46.22 | 34.31 |
| Mar 18, 2019 | 19.41 | 36.79 |
| Feb 28, 2018 | 34.48 | 21.12 |
| Mar 1, 2017 | 22.87 | 25.74 |
| Feb 24, 2016 | 18.76 | 22.74 |
| Feb 25, 2015 | 21.92 | 31.54 |
| Feb 25, 2014 | 21.31 | 26.50 |
| Feb 27, 2013 | 19.64 | 26.48 |
| Feb 29, 2012 | 19.45 | 23.80 |
| Feb 23, 2011 | 24.62 | 19.17 |
| Feb 24, 2010 | 18.56 | 16.18 |
| Feb 25, 2009 | 15.03 | 11.36 |
| Feb 27, 2008 | 22.42 | 10.62 |
| Feb 28, 2007 | 20.00 | 15.53 |
| Mar 1, 2006 | 24.39 | 12.72 |
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 Sector (Chemicals)
Linde plc, P/E, long-term trends, comparison to sector (chemicals)
| Linde plc | Chemicals | |
|---|---|---|
| Feb 25, 2026 | 34.14 | 34.24 |
| Feb 26, 2025 | 33.25 | 33.12 |
| Feb 28, 2024 | 35.05 | 34.52 |
| Feb 28, 2023 | 41.34 | 37.13 |
| Feb 28, 2022 | 38.92 | 38.39 |
| Mar 1, 2021 | 52.57 | 43.19 |
| Mar 2, 2020 | 46.22 | 41.42 |
| Mar 18, 2019 | 19.41 | 22.92 |
| Feb 28, 2018 | 34.48 | 26.64 |
| Mar 1, 2017 | 22.87 | 24.11 |
| Feb 24, 2016 | 18.76 | 20.37 |
| Feb 25, 2015 | 21.92 | 25.17 |
| Feb 25, 2014 | 21.31 | 22.86 |
| Feb 27, 2013 | 19.64 | 21.50 |
| Feb 29, 2012 | 19.45 | 20.36 |
| Feb 23, 2011 | 24.62 | 23.10 |
| Feb 24, 2010 | 18.56 | 17.95 |
| Feb 25, 2009 | 15.03 | 14.00 |
| Feb 27, 2008 | 22.42 | 18.37 |
| Feb 28, 2007 | 20.00 | 18.36 |
| Mar 1, 2006 | 24.39 | 19.84 |
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, P/E, long-term trends, comparison to industry (materials)
| Linde plc | Materials | |
|---|---|---|
| Feb 25, 2026 | 34.14 | 35.51 |
| Feb 26, 2025 | 33.25 | 32.60 |
| Feb 28, 2024 | 35.05 | 33.75 |
| Feb 28, 2023 | 41.34 | 30.05 |
| Feb 28, 2022 | 38.92 | 28.21 |
| Mar 1, 2021 | 52.57 | 47.50 |
| Mar 2, 2020 | 46.22 | 49.13 |
| Mar 18, 2019 | 19.41 | 17.75 |
| Feb 28, 2018 | 34.48 | 22.15 |
| Mar 1, 2017 | 22.87 | — |
| Feb 24, 2016 | 18.76 | — |
| Feb 25, 2015 | 21.92 | 69.44 |
| Feb 25, 2014 | 21.31 | 17.83 |
| Feb 27, 2013 | 19.64 | 15.06 |
| Feb 29, 2012 | 19.45 | 12.60 |
| Feb 23, 2011 | 24.62 | 14.83 |
| Feb 24, 2010 | 18.56 | 14.87 |
| Feb 25, 2009 | 15.03 | — |
| Feb 27, 2008 | 22.42 | 15.68 |
| Feb 28, 2007 | 20.00 | 13.52 |
| Mar 1, 2006 | 24.39 | 15.84 |
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).