Analysis of Liquidity Ratios
Quarterly Data
Liquidity ratios measure the company ability to meet its short-term obligations.
Liquidity Ratios (Summary)
Linde plc, liquidity ratios (quarterly data)
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
The analysis of liquidity ratios indicates a cyclical pattern characterized by an initial decline, a period of strengthening through 2024, and a subsequent stabilization phase from 2025 through late 2026. Across the entire observation window, liquidity metrics remained below the parity level of 1.0, suggesting a structural operational framework where current liabilities consistently exceed current assets.
- Current Ratio Trends
- The current ratio experienced a downward trend from March 2022 (0.84) to a trough of 0.73 in March 2023. A recovery phase followed, with the ratio steadily climbing to a peak of 0.96 by September 2024. In the subsequent period, the ratio stabilized, fluctuating between 0.82 and 0.94, and concluded at 0.86 in September 2026.
- Quick Ratio Performance
- The quick ratio mirrored the trajectory of the current ratio, starting at 0.65 and reaching a low of 0.56 between June 2022 and March 2023. This metric saw a marked improvement, peaking at 0.73 in the third quarter of 2024. Toward the end of the period, the ratio remained relatively stable, oscillating between 0.62 and 0.68, indicating a consistent level of highly liquid assets available to cover short-term obligations.
- Cash Ratio Volatility
- The cash ratio displayed the highest degree of volatility among the analyzed metrics. Following a decline to 0.23 in June 2023, the ratio ascended to a peak of 0.37 in March 2024 and March 2025. A gradual contraction is observed in the final quarters, with the ratio decreasing to 0.25 by September 2026.
The persistent gap between the current ratio and the quick ratio suggests that inventory represents a consistent component of the current asset base. The synchronization of the peaks across all three ratios in 2024 suggests a period of intensified liquidity management, followed by a return to a baseline operational equilibrium in 2025 and 2026.
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Current Ratio
Linde plc, current ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Current assets | 13,416) | 14,176) | 12,751) | 13,325) | 13,331) | 13,627) | 13,597) | 12,945) | 13,460) | 12,843) | 13,102) | 12,620) | 11,737) | 11,411) | 12,904) | 13,047) | 11,203) | 11,272) | 12,257) | ||||||
| Current liabilities | 15,643) | 16,127) | 15,391) | 15,198) | 16,192) | 14,714) | 14,485) | 14,544) | 14,049) | 13,504) | 14,389) | 15,717) | 14,162) | 14,552) | 17,785) | 16,479) | 15,061) | 15,295) | 14,506) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Current ratio1 | 0.86 | 0.88 | 0.83 | 0.88 | 0.82 | 0.93 | 0.94 | 0.89 | 0.96 | 0.95 | 0.91 | 0.80 | 0.83 | 0.78 | 0.73 | 0.79 | 0.74 | 0.74 | 0.84 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Current Ratio, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.71 | 0.73 | 0.86 | 0.87 | 0.82 | 0.78 | 0.77 | 0.79 | 0.83 | 0.81 | 0.78 | 0.83 | 0.94 | 1.00 | 1.00 | 0.99 | 1.00 | 0.87 | 0.88 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 13,416 ÷ 15,643 = 0.86
2 Click competitor name to see calculations.
The liquidity position, as measured by the current ratio, reflects a period of contraction followed by a recovery phase and subsequent stabilization. Throughout the observed timeframe, the current ratio remained below 1.0, indicating that current liabilities consistently exceeded current assets.
- Current Ratio Trajectory
- A downward trend is observed from March 2022, where the ratio stood at 0.84, reaching a minimum of 0.73 by March 2023. This decline was followed by a steady recovery, peaking at 0.96 in September 2024. In the latter part of the period, the ratio fluctuated between 0.82 and 0.94, concluding at 0.86 in September 2026.
- Current Asset Trends
- Current assets exhibited relative stability with moderate fluctuations. After a decline to approximately 11.2 billion US dollars in mid-2022, assets generally trended upward, oscillating between 12.6 billion and 14.1 billion US dollars from December 2023 through September 2026.
- Current Liability Dynamics
- The volatility in the current ratio was primarily driven by shifts in current liabilities. A significant peak in liabilities occurred in March 2023, reaching 17.7 billion US dollars, which coincided with the lowest recorded current ratio. A subsequent reduction in liabilities to 13.5 billion US dollars by June 2024 contributed to the peak liquidity ratio of 0.95 to 0.96 during that period.
- Recent Liquidity Stability
- From March 2025 to September 2026, the current ratio stabilized within a range of 0.82 to 0.93. This suggests a managed approach to short-term liquidity, where current assets and liabilities moved in relative tandem, maintaining a consistent structural gap.
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Quick Ratio
Linde plc, quick ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 3,947) | 4,898) | 3,959) | 5,056) | 4,509) | 4,786) | 5,294) | 4,850) | 5,187) | 4,626) | 4,848) | 4,664) | 3,894) | 3,357) | 4,962) | 5,436) | 3,756) | 3,655) | 4,464) | ||||||
| Accounts receivable, net | 5,595) | 5,632) | 5,321) | 4,966) | 5,331) | 5,230) | 4,950) | 4,622) | 4,871) | 5,001) | 5,009) | 4,718) | 4,692) | 4,799) | 4,753) | 4,559) | 4,599) | 4,803) | 4,845) | ||||||
| Contract assets | 447) | 432) | 321) | 269) | 228) | 260) | 293) | 263) | 255) | 226) | 217) | 196) | 151) | 156) | 175) | 124) | 104) | 78) | 100) | ||||||
| Total quick assets | 9,989) | 10,962) | 9,601) | 10,291) | 10,068) | 10,276) | 10,537) | 9,735) | 10,313) | 9,853) | 10,074) | 9,578) | 8,737) | 8,312) | 9,890) | 10,119) | 8,459) | 8,536) | 9,409) | ||||||
| Current liabilities | 15,643) | 16,127) | 15,391) | 15,198) | 16,192) | 14,714) | 14,485) | 14,544) | 14,049) | 13,504) | 14,389) | 15,717) | 14,162) | 14,552) | 17,785) | 16,479) | 15,061) | 15,295) | 14,506) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Quick ratio1 | 0.64 | 0.68 | 0.62 | 0.68 | 0.62 | 0.70 | 0.73 | 0.67 | 0.73 | 0.73 | 0.70 | 0.61 | 0.62 | 0.57 | 0.56 | 0.61 | 0.56 | 0.56 | 0.65 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Quick Ratio, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.39 | 0.40 | 0.45 | 0.43 | 0.45 | 0.41 | 0.38 | 0.38 | 0.44 | 0.44 | 0.40 | 0.41 | 0.52 | 0.52 | 0.49 | 0.46 | 0.50 | 0.46 | 0.46 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 9,989 ÷ 15,643 = 0.64
2 Click competitor name to see calculations.
The liquidity position of the organization, as measured by the quick ratio, exhibits consistent volatility while remaining below the 1.0 threshold throughout the period from March 2022 to September 2026. This indicates that quick assets are insufficient to cover current liabilities on a one-to-one basis, suggesting a reliance on other current assets or external financing to meet short-term obligations.
- Quick Ratio Trends
- The quick ratio reached its lowest points of 0.56 between June 2022 and March 2023. A recovery trend followed, with the ratio peaking at 0.73 during June 2024, September 2024, and March 2025. Toward the end of the analyzed timeframe, the ratio experienced a moderate decline, settling at 0.64 by September 2026.
- Analysis of Total Quick Assets
- Total quick assets demonstrated a general long-term increase, rising from 9,409 million USD in March 2022 to a peak of 10,962 million USD in June 2026. While growth was evident, fluctuations were present, including a notable trough of 8,312 million USD in June 2023.
- Current Liabilities Influence
- Current liabilities showed significant variance, peaking at 17,785 million USD in March 2023. The improvement in the quick ratio observed in 2024 was primarily driven by a reduction in these liabilities, which fell to a period low of 13,504 million USD in June 2024. A subsequent rise in liabilities to 16,127 million USD by June 2026 contributed to the compression of the quick ratio in the final quarters.
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Cash Ratio
Linde plc, cash ratio calculation (quarterly data)
| Sep 30, 2026 | Jun 30, 2026 | Mar 31, 2026 | Dec 31, 2025 | Sep 30, 2025 | Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| Cash and cash equivalents | 3,947) | 4,898) | 3,959) | 5,056) | 4,509) | 4,786) | 5,294) | 4,850) | 5,187) | 4,626) | 4,848) | 4,664) | 3,894) | 3,357) | 4,962) | 5,436) | 3,756) | 3,655) | 4,464) | ||||||
| Total cash assets | 3,947) | 4,898) | 3,959) | 5,056) | 4,509) | 4,786) | 5,294) | 4,850) | 5,187) | 4,626) | 4,848) | 4,664) | 3,894) | 3,357) | 4,962) | 5,436) | 3,756) | 3,655) | 4,464) | ||||||
| Current liabilities | 15,643) | 16,127) | 15,391) | 15,198) | 16,192) | 14,714) | 14,485) | 14,544) | 14,049) | 13,504) | 14,389) | 15,717) | 14,162) | 14,552) | 17,785) | 16,479) | 15,061) | 15,295) | 14,506) | ||||||
| Liquidity Ratio | |||||||||||||||||||||||||
| Cash ratio1 | 0.25 | 0.30 | 0.26 | 0.33 | 0.28 | 0.33 | 0.37 | 0.33 | 0.37 | 0.34 | 0.34 | 0.30 | 0.27 | 0.23 | 0.28 | 0.33 | 0.25 | 0.24 | 0.31 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Cash Ratio, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.03 | 0.02 | 0.04 | 0.08 | 0.03 | 0.02 | 0.03 | 0.02 | 0.04 | 0.06 | ||||||
Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31).
1 Q3 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,947 ÷ 15,643 = 0.25
2 Click competitor name to see calculations.
The liquidity profile of the entity, as measured by the cash ratio, demonstrates a pattern of moderate volatility over the period from March 2022 to September 2026. The ratio consistently remains below 1.0, fluctuating between a minimum of 0.23 and a maximum of 0.37, indicating that the organization maintains a limited portion of its short-term obligations in immediately available cash assets.
- Cash Asset Volatility
- Total cash assets exhibit significant fluctuations, with a notable peak of 5,436 million USD in December 2022 and another high of 5,294 million USD in March 2025. Conversely, cash positions reached periodic lows, most significantly in June 2023 at 3,357 million USD and September 2026 at 3,947 million USD. This suggests a cyclical approach to cash management or periodic large-scale capital allocations.
- Current Liabilities Analysis
- Current liabilities showed a general upward trend in early 2023, peaking at 17,785 million USD in March 2023. A subsequent contraction occurred throughout 2024, reaching a period low of 13,504 million USD in June 2024. Following this trough, liabilities stabilized and trended upward again, ending the period at 15,643 million USD in September 2026.
- Cash Ratio Trends and Correlations
- The cash ratio experienced a period of improvement throughout 2024, climbing from 0.34 in March to a peak of 0.37 in June and September 2024. This improvement was driven by the simultaneous increase in cash assets and the reduction of current liabilities. However, a declining trend is observed in the latter half of the analysis, with the ratio falling to 0.25 by September 2026, primarily due to a reduction in total cash assets despite relatively stable liability levels.
Overall, the data indicates a liquidity strategy that does not prioritize the maintenance of a high cash-to-liability ratio, instead reflecting a dynamic balance between immediate liquidity and other operational requirements.
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