Analysis of Solvency Ratios
Quarterly Data
Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.
Solvency Ratios (Summary)
Linde plc, solvency ratios (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Debt to Equity Ratio
- The Debt to Equity ratio displayed a generally upward trajectory over the observed periods. Starting from 0.38 in March 2020, it showed minor fluctuations but maintained a gradual increase, reaching 0.67 by June 2025. This indicates a rising reliance on debt relative to equity financing, with the ratio increasing notably after mid-2022, suggesting increased leverage or borrowing activity.
- Debt to Capital Ratio
- The Debt to Capital ratio remained relatively stable in the initial periods, hovering close to 0.25 to 0.28 through 2020 and into early 2021. From late 2021 onward, the ratio exhibited a slow but steady increase, moving from approximately 0.30 to 0.40 by mid-2025. This reflects a gradual increase in the proportion of debt within the company's overall capital structure.
- Debt to Assets Ratio
- The Debt to Assets ratio followed a similar upward trend. It started at 0.20 in early 2020, remained steady through late 2021, then gradually increased, reaching 0.30 by mid-2025. This implies that debt financing is accounting for a larger share of the company’s assets over time, suggesting a more leveraged asset base.
- Financial Leverage Ratio
- The Financial Leverage ratio demonstrated persistent growth throughout the period. From an initial value of 1.88 in March 2020, it increased steadily to 2.23 by June 2025. This measure, indicating the extent to which the company uses borrowed funds to finance assets, supports the inference of increasing leverage, consistent with the trends in debt-related ratios.
- Summary
- Overall, the financial data indicates a clear trend of increasing leverage for the company over the observed periods. All four key ratios—Debt to Equity, Debt to Capital, Debt to Assets, and Financial Leverage—show upward movement, particularly more pronounced after early 2022. This suggests a strategic shift towards greater utilization of debt financing, which may imply higher financial risk but potentially enhanced return on equity depending on earnings performance. The consistency across the ratios underscores a coherent pattern of leveraging growth or capital restructuring.
Debt Ratios
Debt to Equity
Linde plc, debt to equity calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 4,879) | 4,465) | 4,223) | 3,509) | 3,326) | 4,046) | 4,713) | 3,849) | 3,018) | 5,337) | 4,117) | 3,179) | 3,215) | 2,549) | 1,163) | 2,895) | 3,681) | 3,276) | 3,251) | 4,024) | 3,679) | 4,848) | |||||||
| Current portion of long-term debt | 1,340) | 1,824) | 2,057) | 1,278) | 1,261) | 1,046) | 1,263) | 922) | 944) | 1,696) | 1,599) | 1,551) | 1,651) | 1,074) | 1,709) | 2,293) | 1,827) | 2,524) | 751) | 1,820) | 2,723) | 2,006) | |||||||
| Long-term debt, excluding current portion | 19,701) | 17,608) | 15,343) | 17,475) | 16,931) | 15,227) | 13,397) | 13,232) | 13,528) | 11,744) | 12,198) | 10,608) | 11,177) | 12,833) | 11,335) | 11,539) | 9,984) | 9,950) | 12,152) | 11,959) | 11,078) | 10,021) | |||||||
| Total debt | 25,920) | 23,897) | 21,623) | 22,262) | 21,518) | 20,319) | 19,373) | 18,003) | 17,490) | 18,777) | 17,914) | 15,338) | 16,043) | 16,456) | 14,207) | 16,727) | 15,492) | 15,750) | 16,154) | 17,803) | 17,480) | 16,875) | |||||||
| Total Linde plc shareholders’ equity | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | 44,035) | 44,323) | 45,777) | 46,210) | 47,317) | 46,175) | 45,537) | 44,776) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to equity1 | 0.67 | 0.63 | 0.57 | 0.57 | 0.56 | 0.52 | 0.49 | 0.46 | 0.44 | 0.47 | 0.45 | 0.41 | 0.40 | 0.38 | 0.32 | 0.38 | 0.34 | 0.34 | 0.34 | 0.39 | 0.38 | 0.38 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Equity, Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | 2.43 | 2.61 | 2.44 | 2.44 | 2.76 | 3.06 | 2.65 | 2.63 | 2.86 | 3.50 | 3.41 | 4.06 | 4.77 | 4.74 | 3.95 | 3.34 | 3.19 | 2.96 | 2.30 | 1.97 | 2.29 | 2.97 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to equity = Total debt ÷ Total Linde plc shareholders’ equity
= 25,920 ÷ 38,515 = 0.67
2 Click competitor name to see calculations.
- Total Debt
- The total debt shows a fluctuating trend over the periods analyzed. Initially, debt increased from 16,875 million USD at the end of Q1 2020 to a peak of 17,803 million USD at Q3 2020, then decreased to 14,207 million USD by Q4 2021. Subsequently, debt rose consistently reaching 25,920 million USD by Q2 2025. This indicates a considerable increase in debt levels in the more recent quarters.
- Total Shareholders' Equity
- Shareholders’ equity experienced a gradual decline over the period. Starting at 44,776 million USD in Q1 2020, it fell steadily with some small recoveries, reaching its lowest point around 37,628 million USD in Q3 2022. There is a minor upward correction observed after this trough but equity remained generally lower in 2024 and 2025, ending at 38,515 million USD in Q2 2025.
- Debt to Equity Ratio
- The debt to equity ratio remained relatively stable between 0.32 and 0.39 from Q1 2020 through Q4 2021, indicating a moderate balance between debt and equity. From Q1 2022 onward, the ratio shows a clear upward trajectory, climbing from 0.38 to 0.67 by Q2 2025. This reflects a growing reliance on debt financing relative to equity, suggesting increased financial leverage and potentially higher financial risk during the later periods.
Debt to Capital
Linde plc, debt to capital calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 4,879) | 4,465) | 4,223) | 3,509) | 3,326) | 4,046) | 4,713) | 3,849) | 3,018) | 5,337) | 4,117) | 3,179) | 3,215) | 2,549) | 1,163) | 2,895) | 3,681) | 3,276) | 3,251) | 4,024) | 3,679) | 4,848) | |||||||
| Current portion of long-term debt | 1,340) | 1,824) | 2,057) | 1,278) | 1,261) | 1,046) | 1,263) | 922) | 944) | 1,696) | 1,599) | 1,551) | 1,651) | 1,074) | 1,709) | 2,293) | 1,827) | 2,524) | 751) | 1,820) | 2,723) | 2,006) | |||||||
| Long-term debt, excluding current portion | 19,701) | 17,608) | 15,343) | 17,475) | 16,931) | 15,227) | 13,397) | 13,232) | 13,528) | 11,744) | 12,198) | 10,608) | 11,177) | 12,833) | 11,335) | 11,539) | 9,984) | 9,950) | 12,152) | 11,959) | 11,078) | 10,021) | |||||||
| Total debt | 25,920) | 23,897) | 21,623) | 22,262) | 21,518) | 20,319) | 19,373) | 18,003) | 17,490) | 18,777) | 17,914) | 15,338) | 16,043) | 16,456) | 14,207) | 16,727) | 15,492) | 15,750) | 16,154) | 17,803) | 17,480) | 16,875) | |||||||
| Total Linde plc shareholders’ equity | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | 44,035) | 44,323) | 45,777) | 46,210) | 47,317) | 46,175) | 45,537) | 44,776) | |||||||
| Total capital | 64,435) | 61,929) | 59,715) | 61,435) | 59,697) | 59,148) | 59,093) | 56,901) | 57,401) | 58,747) | 57,942) | 52,966) | 55,717) | 59,419) | 58,242) | 61,050) | 61,269) | 61,960) | 63,471) | 63,978) | 63,017) | 61,651) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to capital1 | 0.40 | 0.39 | 0.36 | 0.36 | 0.36 | 0.34 | 0.33 | 0.32 | 0.30 | 0.32 | 0.31 | 0.29 | 0.29 | 0.28 | 0.24 | 0.27 | 0.25 | 0.25 | 0.25 | 0.28 | 0.28 | 0.27 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Capital, Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.71 | 0.72 | 0.71 | 0.71 | 0.73 | 0.75 | 0.73 | 0.72 | 0.74 | 0.78 | 0.77 | 0.80 | 0.83 | 0.83 | 0.80 | 0.77 | 0.76 | 0.75 | 0.70 | 0.66 | 0.70 | 0.75 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to capital = Total debt ÷ Total capital
= 25,920 ÷ 64,435 = 0.40
2 Click competitor name to see calculations.
The analysis of the quarterly financial data reflects notable trends in debt management and capital structure over the observed periods.
- Total Debt (US$ millions)
-
Total debt exhibited fluctuations with an initial increase from 16,875 million in March 2020 to a peak of 17,803 million in September 2020, followed by a decline to 14,207 million by December 2021. Subsequently, total debt surged again, reaching 25,920 million by June 2025. This indicates cycles of debt accumulation followed by partial deleveraging and another phase of rising debt levels towards the later periods.
- Total Capital (US$ millions)
-
Total capital demonstrated a relatively stable but slightly declining trend from 61,651 million in March 2020 to a low of approximately 52,966 million by September 2022. After this trough, total capital recovered steadily, rising to 64,435 million by June 2025. This pattern suggests an initial contraction or reduced capital base, followed by capital rebuilding or growth in the later quarters.
- Debt to Capital Ratio (Ratio)
-
The debt to capital ratio remained fairly steady around 0.25 to 0.28 from early 2020 through mid-2021, indicating a relatively moderate leverage position. From late 2021 onward, the ratio exhibited a clear upward trend, increasing gradually from 0.31 to 0.40 by June 2025. This rising leverage ratio points to an increasing reliance on debt relative to total capital, reflecting potentially higher financial risk or strategic leveraging.
Overall, the data reveals that the company initially managed to reduce its debt burden during 2021, coinciding with decreased total capital. However, in the subsequent periods through 2024 and early 2025, the company increased its total debt substantially at the same time as its total capital recovered. The growing debt to capital ratio underscores a shift toward higher leverage, which may indicate an aggressive capital structure strategy or increased borrowing to fund operations, investments, or acquisitions. The combination of these dynamics calls for close monitoring of the company’s debt servicing capacity and risk profile going forward.
Debt to Assets
Linde plc, debt to assets calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Short-term debt | 4,879) | 4,465) | 4,223) | 3,509) | 3,326) | 4,046) | 4,713) | 3,849) | 3,018) | 5,337) | 4,117) | 3,179) | 3,215) | 2,549) | 1,163) | 2,895) | 3,681) | 3,276) | 3,251) | 4,024) | 3,679) | 4,848) | |||||||
| Current portion of long-term debt | 1,340) | 1,824) | 2,057) | 1,278) | 1,261) | 1,046) | 1,263) | 922) | 944) | 1,696) | 1,599) | 1,551) | 1,651) | 1,074) | 1,709) | 2,293) | 1,827) | 2,524) | 751) | 1,820) | 2,723) | 2,006) | |||||||
| Long-term debt, excluding current portion | 19,701) | 17,608) | 15,343) | 17,475) | 16,931) | 15,227) | 13,397) | 13,232) | 13,528) | 11,744) | 12,198) | 10,608) | 11,177) | 12,833) | 11,335) | 11,539) | 9,984) | 9,950) | 12,152) | 11,959) | 11,078) | 10,021) | |||||||
| Total debt | 25,920) | 23,897) | 21,623) | 22,262) | 21,518) | 20,319) | 19,373) | 18,003) | 17,490) | 18,777) | 17,914) | 15,338) | 16,043) | 16,456) | 14,207) | 16,727) | 15,492) | 15,750) | 16,154) | 17,803) | 17,480) | 16,875) | |||||||
| Total assets | 86,078) | 82,704) | 80,147) | 82,546) | 80,215) | 80,347) | 80,811) | 77,827) | 78,718) | 80,308) | 79,658) | 74,323) | 77,885) | 82,767) | 81,605) | 84,191) | 84,345) | 84,993) | 88,229) | 87,209) | 85,856) | 84,369) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Debt to assets1 | 0.30 | 0.29 | 0.27 | 0.27 | 0.27 | 0.25 | 0.24 | 0.23 | 0.22 | 0.23 | 0.22 | 0.21 | 0.21 | 0.20 | 0.17 | 0.20 | 0.18 | 0.19 | 0.18 | 0.20 | 0.20 | 0.20 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Debt to Assets, Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.42 | 0.44 | 0.42 | 0.42 | 0.44 | 0.46 | 0.43 | 0.43 | 0.45 | 0.48 | 0.47 | 0.47 | 0.48 | 0.49 | 0.47 | 0.43 | 0.44 | 0.45 | 0.41 | 0.40 | 0.43 | 0.47 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Debt to assets = Total debt ÷ Total assets
= 25,920 ÷ 86,078 = 0.30
2 Click competitor name to see calculations.
- Total Debt
- The total debt exhibits noticeable fluctuations over the observed periods. Starting at 16,875 million USD in Q1 2020, it rose to a peak around late 2022 and early 2023, reaching above 18,000 million USD. Following that, it experienced a general upward trend, culminating in a significant increase to over 25,000 million USD by mid-2025. This indicates a steady accumulation of debt, particularly pronounced in the last few quarters.
- Total Assets
- Total assets showed moderate variations throughout the timeline. There was a gradual decline from approximately 84,000 million USD in early 2020 to a low near 74,000 million USD around Q3 2022. Subsequently, asset values recovered somewhat, rising back to over 86,000 million USD by mid-2025. The pattern suggests some volatility possibly linked to market conditions or asset management decisions, with a recovery phase observed in the later periods.
- Debt to Assets Ratio
- The debt to assets ratio remained relatively stable in the initial quarters, ranging between 0.18 and 0.2 through 2020 and early 2021. From mid-2021 onwards, the ratio showed a clear upward trend, increasing steadily and reaching 0.3 by mid-2025. This increasing ratio reflects a growing proportion of liabilities relative to total assets, signaling higher leverage and potentially elevated financial risk over time.
Financial Leverage
Linde plc, financial leverage calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||||||
| Total assets | 86,078) | 82,704) | 80,147) | 82,546) | 80,215) | 80,347) | 80,811) | 77,827) | 78,718) | 80,308) | 79,658) | 74,323) | 77,885) | 82,767) | 81,605) | 84,191) | 84,345) | 84,993) | 88,229) | 87,209) | 85,856) | 84,369) | |||||||
| Total Linde plc shareholders’ equity | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | 44,035) | 44,323) | 45,777) | 46,210) | 47,317) | 46,175) | 45,537) | 44,776) | |||||||
| Solvency Ratio | |||||||||||||||||||||||||||||
| Financial leverage1 | 2.23 | 2.17 | 2.10 | 2.11 | 2.10 | 2.07 | 2.03 | 2.00 | 1.97 | 2.01 | 1.99 | 1.98 | 1.96 | 1.93 | 1.85 | 1.90 | 1.84 | 1.84 | 1.86 | 1.89 | 1.89 | 1.88 | |||||||
| Benchmarks | |||||||||||||||||||||||||||||
| Financial Leverage, Competitors2 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | 5.76 | 5.97 | 5.83 | 5.77 | 6.33 | 6.69 | 6.18 | 6.09 | 6.38 | 7.30 | 7.28 | 8.56 | 9.91 | 9.73 | 8.48 | 7.71 | 7.22 | 6.64 | 5.65 | 4.95 | 5.30 | 6.25 | |||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Q2 2025 Calculation
Financial leverage = Total assets ÷ Total Linde plc shareholders’ equity
= 86,078 ÷ 38,515 = 2.23
2 Click competitor name to see calculations.
- Total Assets
- The total assets exhibited a fluctuating pattern over the observed periods. Starting at US$ 84,369 million at March 31, 2020, the value slightly increased and peaked at US$ 88,229 million by December 31, 2020. This was followed by a declining trend through 2021 and into mid-2022, reaching the lowest point of US$ 74,323 million in September 30, 2022. Subsequently, total assets recovered, showing moderate fluctuations but generally trending upward again, culminating at US$ 86,078 million by June 30, 2025. This pattern indicates periods of asset contraction and expansion, with recovery evident in the later quarters.
- Total Linde plc Shareholders’ Equity
- The shareholders' equity also demonstrated variability across the timeline. It began at US$ 44,776 million on March 31, 2020, rising gradually to a high of US$ 47,317 million at the end of 2020. However, the equity then declined markedly during 2021 and into 2022, hitting a low of US$ 37,628 million by September 30, 2022. Thereafter, the equity levels stabilized with minor fluctuations, finishing at US$ 38,515 million by June 30, 2025. The overall trend points to erosion in equity mid-period with a plateau in later years, possibly reflecting challenges in equity growth or distributions impacting retained earnings.
- Financial Leverage
- The financial leverage ratio remained relatively stable in 2020 to early 2021, ranging from 1.84 to 1.9, suggesting consistent use of debt relative to equity during that span. From mid-2021 onward, a gradual increase in leverage is observed, moving from around 1.97 in December 2021 to a higher range between 2.1 and 2.23 by mid-2025. This increasing leverage indicates a growing reliance on debt financing relative to shareholders’ equity over time, potentially signifying strategic borrowing or impact from declining equity levels noted previously.