Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Linde plc, long-term (investment) activity ratios (quarterly data)
Based on: 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 investment activity ratios reveals a divergence between asset utilization efficiency and equity productivity. While the effectiveness of fixed and total asset utilization peaked in late 2022 and subsequently trended downward or stabilized, equity turnover demonstrates a sustained improvement over the later stages of the observed period.
- Net Fixed Asset Turnover
- A peak in efficiency was observed in September 2022, reaching a ratio of 1.49. Following this peak, a prolonged and gradual downward trend occurred, with the ratio declining to 1.20 by December 2025. A marginal stabilization is noted in the first half of 2026, with values hovering between 1.21 and 1.22, suggesting a period of consolidation in fixed asset productivity.
- Total Asset Turnover
- This ratio exhibited moderate volatility in 2022, peaking at 0.45 in September before settling into a tight range between 0.39 and 0.42 for the remainder of the analyzed period. The relative stability of this metric indicates a consistent relationship between total asset holdings and generated revenue, despite a slight dip observed during 2025.
- Equity Turnover
- Following an initial increase to 0.90 in September 2022 and a subsequent plateau at 0.83 through late 2023, a consistent upward trend is observed starting in March 2024. The ratio climbed steadily from 0.84 to reach 0.91 by June 2026, indicating an increasing efficiency in the utilization of shareholder equity to generate sales over the long term.
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Net Fixed Asset Turnover
Linde plc, net fixed asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Sales | 9,289) | 8,781) | 8,764) | 8,615) | 8,495) | 8,112) | 8,282) | 8,356) | 8,267) | 8,100) | 8,302) | 8,155) | 8,204) | 8,193) | 7,899) | 8,797) | 8,457) | 8,211) | ||||||
| Property, plant and equipment, net | 29,170) | 28,564) | 28,260) | 27,535) | 26,928) | 25,710) | 24,775) | 25,124) | 24,575) | 24,418) | 24,552) | 23,624) | 23,808) | 23,796) | 23,548) | 22,586) | 23,993) | 25,595) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Net fixed asset turnover1 | 1.22 | 1.21 | 1.20 | 1.22 | 1.23 | 1.28 | 1.33 | 1.31 | 1.34 | 1.34 | 1.34 | 1.37 | 1.39 | 1.40 | 1.42 | 1.49 | 1.36 | 1.24 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Sherwin-Williams Co. | 5.79 | 5.69 | 5.70 | 5.95 | 6.06 | 6.29 | 6.54 | 6.89 | 7.34 | 7.64 | 8.13 | 8.92 | 9.40 | 9.57 | 10.04 | 10.62 | 10.59 | 10.64 | ||||||
Based on: 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 Q2 2026 Calculation
Net fixed asset turnover
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ Property, plant and equipment, net
= (9,289 + 8,781 + 8,764 + 8,615)
÷ 29,170 = 1.22
2 Click competitor name to see calculations.
Analysis of asset utilization indicates a cyclical pattern in net fixed asset turnover, characterized by an initial period of increasing efficiency followed by a gradual decline as the investment base expanded.
- Efficiency Peak and Initial Variance
- The net fixed asset turnover ratio reached its maximum value of 1.49 in September 2022. This peak was driven by a simultaneous increase in sales and a temporary reduction in net property, plant, and equipment, which declined from 25,595 million USD in March 2022 to 22,586 million USD by September 2022.
- Period of Stabilization
- From December 2022 through June 2024, the turnover ratio exhibited relative stability, fluctuating within a range between 1.34 and 1.42. During this interval, sales remained largely consistent, averaging approximately 8.2 billion USD per quarter, while net fixed assets maintained a steady baseline around 24 billion USD.
- Asset Expansion and Efficiency Compression
- A sustained downward trend in the turnover ratio is observable from March 2025 through December 2025, with the ratio descending from 1.28 to 1.20. This compression is attributed to a significant increase in net property, plant, and equipment, which grew from 25,710 million USD in December 2024 to 28,260 million USD by December 2025. While sales trended upward during this period, the rate of capital investment outpaced revenue growth, leading to a decrease in the efficiency of fixed asset utilization.
- Recent Trend and Convergence
- By June 2026, the ratio stabilized at 1.22. This stabilization occurs despite the net fixed asset base continuing to rise to 29,170 million USD, suggesting that the acceleration in sales to 9,289 million USD is beginning to offset the impact of the expanded asset base.
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Total Asset Turnover
Linde plc, total asset turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Sales | 9,289) | 8,781) | 8,764) | 8,615) | 8,495) | 8,112) | 8,282) | 8,356) | 8,267) | 8,100) | 8,302) | 8,155) | 8,204) | 8,193) | 7,899) | 8,797) | 8,457) | 8,211) | ||||||
| Total assets | 88,349) | 86,315) | 86,817) | 85,993) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Total asset turnover1 | 0.40 | 0.40 | 0.39 | 0.39 | 0.39 | 0.40 | 0.41 | 0.40 | 0.41 | 0.41 | 0.41 | 0.42 | 0.42 | 0.42 | 0.42 | 0.45 | 0.42 | 0.38 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Total Asset Turnover, Competitors2 | ||||||||||||||||||||||||
| Sherwin-Williams Co. | 0.91 | 0.91 | 0.91 | 0.89 | 0.91 | 0.94 | 0.98 | 0.96 | 0.97 | 0.98 | 1.00 | 1.00 | 0.99 | 0.98 | 0.98 | 0.97 | 0.94 | 0.93 | ||||||
Based on: 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 Q2 2026 Calculation
Total asset turnover
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ Total assets
= (9,289 + 8,781 + 8,764 + 8,615)
÷ 88,349 = 0.40
2 Click competitor name to see calculations.
The total asset turnover ratio exhibits a pattern of initial volatility followed by a period of relative stability and a subsequent marginal decline. Over the analyzed period, the ratio fluctuates within a narrow range between 0.38 and 0.45, suggesting a consistent, though not static, level of efficiency in utilizing the asset base to generate revenue.
- Initial Volatility and Peak Efficiency (2022)
- A notable increase in asset turnover is observed in the first half of 2022, peaking at 0.45 in September 2022. This peak was the result of a simultaneous increase in sales and a reduction in total assets, which reached a period low of 74,323 million US dollars. This alignment created the highest efficiency level in asset utilization recorded during the series.
- Stabilization Phase (2023)
- During 2023, the total asset turnover remained remarkably stable, hovering between 0.41 and 0.42. This consistency indicates that sales growth and asset fluctuations were moving in tandem, maintaining a steady ratio of revenue generation per unit of asset investment.
- Asset Growth and Marginal Decline (2024–2026)
- From March 2024 through June 2026, a gradual downward trend in the turnover ratio is evident, with values settling between 0.39 and 0.41. Although sales showed an upward trajectory, reaching a peak of 9,289 million US dollars in June 2026, total assets increased more aggressively, rising to 88,349 million US dollars. The growth of the asset base has slightly outpaced revenue growth, leading to a minor compression of the asset turnover ratio.
- Long-term Operational Insight
- The convergence of the ratio toward 0.40 in the final quarters indicates a normalization of asset productivity. The data suggests that the increase in investment in total assets is being met with proportional, albeit slower, increases in sales, resulting in a stabilized but slightly lower efficiency profile compared to the 2022 peak.
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Equity Turnover
Linde plc, equity turnover calculation (quarterly data)
| 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) | ||||||||||||||||||||||||
| Sales | 9,289) | 8,781) | 8,764) | 8,615) | 8,495) | 8,112) | 8,282) | 8,356) | 8,267) | 8,100) | 8,302) | 8,155) | 8,204) | 8,193) | 7,899) | 8,797) | 8,457) | 8,211) | ||||||
| Total Linde plc shareholders’ equity | 39,081) | 38,566) | 38,245) | 38,616) | 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) | ||||||
| Long-term Activity Ratio | ||||||||||||||||||||||||
| Equity turnover1 | 0.91 | 0.90 | 0.89 | 0.87 | 0.86 | 0.87 | 0.87 | 0.84 | 0.86 | 0.84 | 0.83 | 0.83 | 0.83 | 0.83 | 0.83 | 0.90 | 0.82 | 0.74 | ||||||
| Benchmarks | ||||||||||||||||||||||||
| Equity Turnover, Competitors2 | ||||||||||||||||||||||||
| Sherwin-Williams Co. | 6.33 | 5.40 | 5.13 | 5.26 | 5.24 | 5.58 | 5.70 | 5.55 | 6.13 | 6.56 | 6.20 | 6.09 | 6.32 | 7.13 | 7.14 | 8.35 | 9.34 | 9.08 | ||||||
Based on: 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 Q2 2026 Calculation
Equity turnover
= (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
÷ Total Linde plc shareholders’ equity
= (9,289 + 8,781 + 8,764 + 8,615)
÷ 39,081 = 0.91
2 Click competitor name to see calculations.
The equity turnover ratio demonstrates a steady upward trend over the analyzed period, indicating a progressive improvement in the efficiency with which shareholders' equity is utilized to generate revenue. Starting at 0.74 in March 2022, the ratio reached 0.91 by June 2026.
- Revenue Performance
- Sales figures exhibited initial fluctuation during 2022, including a notable dip to 7,899 million in December of that year. Following a phase of relative stability throughout 2023 and 2024, a sustained growth trajectory emerged beginning in March 2025, with revenue climbing to a peak of 9,289 million by June 2026.
- Equity Base Evolution
- Total shareholders' equity experienced an overall decline from a high of 42,963 million in March 2022 to a lower range between 38,000 million and 39,100 million. From 2024 through mid-2026, the equity base remained remarkably stable, showing minimal variance, which provided a consistent denominator for the turnover calculation.
- Equity Turnover Dynamics
- The ratio's movement is characterized by an early peak of 0.90 in September 2022, followed by a prolonged period of stagnation at 0.83 during 2023. A consistent incremental increase is observed from March 2024 onwards, reflecting an optimized relationship between the company's capital base and its top-line growth, thereby enhancing the productivity of the invested equity.
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