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: 2026-03-31), 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).
Liquidity analysis for the period from March 2022 to March 2026 reveals a consistent pattern of ratios remaining below 1.0, indicating that current liabilities exceed current assets across all measured quarters. A cyclical trend is observed, characterized by a decline in liquidity through early 2023, a recovery phase peaking in late 2024, and a subsequent moderate decline heading into early 2026.
- Current Ratio
- The current ratio fluctuated between a low of 0.73 in March 2023 and a peak of 0.96 in September 2024. Although the ratio remained below parity throughout the period, there was a sustained improvement during 2024 before the ratio settled at 0.83 by March 2026.
- Quick Ratio
- Mirroring the trajectory of the current ratio, the quick ratio reached its lowest values of 0.56 between June 2022 and March 2023. A peak of 0.73 was recorded in mid-2024, reflecting an improved ability to meet short-term obligations without relying on the sale of inventories. The period ended with a ratio of 0.62 in March 2026.
- Cash Ratio
- The cash ratio remained the most conservative measure, oscillating between a minimum of 0.23 in June 2023 and a maximum of 0.37 in September 2024 and March 2025. A downward trend occurred in the final year, with the ratio closing at 0.26 in March 2026.
The high correlation between the three liquidity metrics suggests that fluctuations are driven by broad changes in current asset levels rather than shifts in inventory composition. The overall financial position indicates a consistent reliance on operational cash flow or short-term financing to manage obligations, as none of the liquidity ratios reached or exceeded 1.0 during the analyzed timeframe.
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Current Ratio
Linde plc, current ratio calculation (quarterly data)
| 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 | 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 | 15,391) | 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 | 0.83 | 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. | 0.86 | 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: 2026-03-31), 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 Q1 2026 Calculation
Current ratio = Current assets ÷ Current liabilities
= 12,751 ÷ 15,391 = 0.83
2 Click competitor name to see calculations.
The liquidity position over the observed period is characterized by a current ratio that consistently remains below 1.0, indicating that current liabilities exceed current assets. While the ratio experienced fluctuations, it demonstrated a notable recovery phase between mid-2023 and late 2024 before stabilizing in the subsequent quarters.
- Current Ratio Volatility and Trends
- The current ratio began at 0.84 in March 2022 and entered a period of decline, reaching a trough of 0.73 by March 2023. Following this low point, a sustained upward trend occurred, peaking at 0.96 in September 2024. This represents a period of improved short-term solvency. However, the ratio retreated in the final year of the analysis, closing at 0.83 in March 2026.
- Current Asset Analysis
- Current assets remained relatively stable, fluctuating within a range of approximately 11.2 billion to 13.6 billion US dollars. A gradual increase is observed starting in December 2023, with values peaking around June 2025 at 13.6 billion US dollars before slightly declining to 12.8 billion US dollars by March 2026.
- Current Liability Dynamics
- Current liabilities exhibited more significant variance than assets, peaking at 17.8 billion US dollars in March 2023, which contributed to the period's lowest current ratio. A subsequent reduction in liabilities led to a low of 13.5 billion US dollars in June 2024, providing the primary driver for the improvement in the liquidity ratio during that interval. Liabilities trended upward again toward the end of the period, reaching 15.4 billion US dollars by March 2026.
- Liquidity Interpretation
- The persistent current ratio below 1.0 suggests a structural reliance on cash flow from operations or short-term financing to meet immediate obligations, as liquid assets are insufficient to cover total current liabilities at any single point in the provided timeframe.
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Quick Ratio
Linde plc, quick ratio calculation (quarterly data)
| 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 | 3,959) | 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 | 5,321) | 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 | 321) | 269) | 228) | 260) | 293) | 263) | 255) | 226) | 217) | 196) | 151) | 156) | 175) | 124) | 104) | 78) | 100) | ||||||
| Total quick assets | 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 | 15,391) | 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 | 0.62 | 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. | 0.45 | 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: 2026-03-31), 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 Q1 2026 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 9,601 ÷ 15,391 = 0.62
2 Click competitor name to see calculations.
The liquidity profile over the analyzed period demonstrates a consistent reliance on non-quick current assets or operational cash flows to meet short-term obligations, as the quick ratio remained below 1.00 from March 2022 through March 2026.
- Total Quick Assets Trend
- Quick assets exhibited moderate volatility, fluctuating between a minimum of 8,312 million USD in June 2023 and a maximum of 10,537 million USD in March 2025. While the asset base showed a slight upward trajectory between 2022 and early 2025, a decline occurred in the final quarter, with assets ending at 9,601 million USD in March 2026.
- Current Liabilities Movement
- Current liabilities reached a peak of 17,785 million USD in March 2023 before trending downward to a period low of 13,504 million USD in June 2024. A subsequent increase in obligations is observed toward the end of the period, with liabilities rising to 15,391 million USD by March 2026.
- Quick Ratio Analysis
- The quick ratio experienced a period of improvement starting in late 2023 and peaking at 0.73 in June and September 2024. This peak was the result of a simultaneous increase in quick assets and a reduction in current liabilities. Following this peak, the ratio entered a period of instability, fluctuating between 0.62 and 0.73, before returning to 0.62 in March 2026. The overall trend indicates that while liquidity strengthened mid-period, it ultimately reverted to levels similar to those observed in 2022 and 2023.
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Cash Ratio
Linde plc, cash ratio calculation (quarterly data)
| 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 | 3,959) | 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 | 3,959) | 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 | 15,391) | 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 | 0.26 | 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 | 0.02 | 0.04 | 0.08 | 0.03 | 0.02 | 0.03 | 0.02 | 0.04 | 0.06 | ||||||
Based on: 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 Q1 2026 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 3,959 ÷ 15,391 = 0.26
2 Click competitor name to see calculations.
The cash ratio for the period between March 2022 and March 2026 exhibits a fluctuating trend, consistently remaining below 0.40. This indicates that the organization maintains a conservative cash-to-liabilities position, relying on other current assets or operational cash flows to meet its short-term obligations.
- Cash Ratio Trajectory
- The ratio experienced a period of volatility, reaching a low of 0.23 in June 2023. A subsequent recovery occurred throughout 2024, with the ratio peaking at 0.37 in March and June 2024, and again in March 2025. A recent decline is observed toward the end of the analyzed period, with the ratio dropping to 0.26 by March 31, 2026.
- Cash Asset Fluctuations
- Total cash assets showed significant variance, ranging from a minimum of 3,357 million USD in June 2023 to a maximum of 5,436 million USD in December 2022. The reduction in cash assets to 3,959 million USD in the final period is a primary driver for the decrease in the cash ratio during the first quarter of 2026.
- Current Liabilities Behavior
- Short-term liabilities peaked at 17,785 million USD in March 2023 before trending downward to a low of 13,504 million USD in June 2024. While liabilities have remained relatively stable around the 14,000 to 15,000 million USD range in more recent periods, the fluctuations in the cash ratio appear to be more closely correlated with the volatility of cash asset balances than with shifts in liability levels.
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