Analysis of Reportable Segments
Linde plc operates in 4 segments: Americas; Europe, Middle East, and Africa (EMEA); Asia and South Pacific (APAC); and Engineering.
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- Common-Size Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
- Analysis of Debt
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Segment Profit Margin
Linde plc, profit margin by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia and South Pacific (APAC) | |||||
| Engineering |
Based on: 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).
- Americas Segment
- The profit margin demonstrated a general upward trend over the five-year period, increasing from 26.51% in 2020 to 31.51% in 2024. Notably, there was a slight decline from 27.83% in 2021 to 26.9% in 2022, followed by a marked improvement in the subsequent years, reaching the highest margin in 2024.
- Europe, Middle East, and Africa (EMEA) Segment
- This segment exhibited a substantial increase in profit margin, rising steadily from 22.72% in 2020 to 33.29% in 2024. The most significant growth occurred between 2022 and 2024, with margin expanding from 23.84% to 33.29%, indicating enhanced profitability in this region.
- Asia and South Pacific (APAC) Segment
- The APAC segment showed consistent improvement in profit margin throughout the period, growing from 22.45% in 2020 to 28.92% in 2024. The increase was gradual and steady each year, reflecting stable growth in profitability.
- Engineering Segment
- The engineering segment experienced a different pattern compared to the geographic divisions. After an initial increase from 15.26% in 2020 to a peak of 22.73% in 2023, the profit margin declined noticeably to 17.66% in 2024. This decrease suggests challenges or increased costs impacting the segment’s profitability in the most recent year.
Segment Profit Margin: Americas
Linde plc; Americas; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × ÷ =
- Operating Profit
- The operating profit in the Americas segment shows a consistent upward trend over the five-year period. Starting at US$2,773 million in 2020, it increased steadily each year to reach US$4,550 million by 2024. This represents a significant growth, indicating improving profitability and operational efficiency within the segment.
- Sales
- Sales revenue also increased each year but at a more moderate pace compared to operating profit. Sales grew from US$10,459 million in 2020 to US$14,442 million in 2024. Although revenue growth is positive, the increase is less pronounced than that seen in operating profit, suggesting possible improvements in cost control or product mix.
- Segment Profit Margin
- The segment profit margin, expressed as a percentage, reflects a positive trend in profitability relative to sales. It started at 26.51% in 2020, experienced slight fluctuation with a mild dip in 2022 to 26.9%, and then increased notably to 31.51% by 2024. This rising margin indicates enhanced operational efficiency and/or improved pricing strategies, contributing to higher profitability per unit of sales.
Segment Profit Margin: Europe, Middle East, and Africa (EMEA)
Linde plc; Europe, Middle East, and Africa (EMEA); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × ÷ =
The data for the Europe, Middle East, and Africa (EMEA) segment over the five-year period shows notable developments in key financial metrics. There is a consistent upward trend in operating profit, which increased from $1,465 million in 2020 to $2,780 million in 2024. This reflects a near doubling of profitability within the segment over the period.
Sales revenue also trended upward, rising from $6,449 million in 2020 to a peak of $8,542 million in 2023, followed by a slight decline to $8,352 million in 2024. Despite this small decrease in sales in the last year, the operating profit continued to rise, indicating improved operational efficiency or cost management.
Supporting this observation, the segment profit margin percentages show significant improvement from 22.72% in 2020 to 33.29% in 2024. The margin fluctuated slightly between 2021 (24.72%) and 2022 (23.84%) but then experienced a strong increase to 29.1% in 2023 and further to 33.29% in 2024. This marks an enhanced profitability capacity within the business unit, suggesting successful margin expansion strategies over time.
- Operating Profit
- Consistent year-over-year growth with almost twofold increase from 2020 to 2024, reflecting strong profit generation improvements.
- Sales
- Growth in sales observed through 2023, peaking in that year before a slight decline in 2024; overall upward trend indicative of increased market activity or volume.
- Segment Profit Margin
- Improved substantially over the five years, with gains particularly marked in the last two years, highlighting enhanced profitability and efficiency.
Overall, the financial performance of the EMEA segment demonstrates strong profit growth outpacing revenue growth, driven by improved margin management. This suggests that while sales faced some recent pressure, the segment has effectively optimized costs or pricing to increase overall profitability.
Segment Profit Margin: Asia and South Pacific (APAC)
Linde plc; Asia and South Pacific (APAC); segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × ÷ =
The financial performance of the Asia and South Pacific (APAC) segment demonstrates a consistent upward trend over the five-year period analyzed. Key financial indicators show steady growth in both absolute and relative terms.
- Operating Profit
- Operating profit increased each year, starting at $1,277 million in 2020 and reaching $1,918 million by the end of 2024. This reflects a compound growth that underscores the segment’s improved profitability and operational efficiency over the period. The annual increments suggest effective cost management or enhanced revenue quality contributing to profit expansion.
- Sales
- Sales figures also show a positive trend, rising from $5,687 million in 2020 to $6,632 million in 2024. While growth is consistent, the rate of increase is moderate compared to operating profit, indicating that the segment managed to improve profitability margins even as sales expanded.
- Segment Profit Margin
- The segment profit margin, which measures operating profit as a percentage of sales, improved steadily from 22.45% in 2020 to 28.92% in 2024. This margin expansion signifies enhanced operational leverage and/or favorable changes in cost structure, allowing the segment to extract greater profit from each dollar of sales over time.
Overall, the data reflects a segment exhibiting robust growth in sales accompanied by disproportionately higher growth in operating profit, resulting in a marked improvement in profitability margins. This suggests successful strategic execution and potentially increasing market presence or pricing power within the Asia and South Pacific region.
Segment Profit Margin: Engineering
Linde plc; Engineering; segment profit margin calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Operating profit | |||||
| Sales | |||||
| Segment Profitability Ratio | |||||
| Segment profit margin1 | |||||
Based on: 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).
1 2024 Calculation
Segment profit margin = 100 × Operating profit ÷ Sales
= 100 × ÷ =
- Operating Profit
- The operating profit demonstrated an initial upward trend from 435 million US dollars in 2020 to a peak of 555 million US dollars in 2022. However, this was followed by a decline in the subsequent two years, dropping to 491 million US dollars in 2023 and further to 410 million US dollars in 2024.
- Sales
- Sales figures remained relatively stable between 2020 and 2021, increasing slightly from 2851 million US dollars to 2867 million US dollars. This was followed by a decrease in 2022 to 2762 million US dollars and a more pronounced decline in 2023 to 2160 million US dollars. In 2024, sales showed a modest recovery, rising to 2322 million US dollars.
- Segment Profit Margin
- The segment profit margin exhibited a consistent improvement over the first four years, increasing from 15.26% in 2020 to a high of 22.73% in 2023. In 2024, the margin contracted to 17.66%, indicating a decline in profitability relative to sales despite the slight rebound in revenue.
- Overall Trends and Insights
- The data reveals that while the segment experienced growth in both operating profit and profit margin through 2022 and 2023, 2024 saw a reversal in these positive trends. The decline in operating profit and profit margin in the final year contrasts with the partial recovery in sales, suggesting potential pressure on cost management or pricing power. The earlier rise in margin despite fluctuating sales points towards improved operational efficiency or favorable pricing conditions during the middle years. The downturn in the last year highlights challenges that may warrant further investigation to understand underlying causes.
Segment Capital Expenditures to Depreciation
Linde plc, capital expenditures to depreciation by reportable segment
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia and South Pacific (APAC) | |||||
| Engineering |
Based on: 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).
The analysis of the annual reportable segment capital expenditures to depreciation ratios over the five-year period reveals distinct trends across the different geographic and business segments.
- Americas
- The ratio for the Americas segment exhibits a generally increasing trend from 1.19 in 2020 to a peak of 2.11 in 2023, followed by a slight decline to 1.93 in 2024. This indicates a substantial rise in capital expenditures relative to depreciation during this period, suggesting a significant investment phase culminating around 2023 with a modest pullback the following year.
- Europe, Middle East, and Africa (EMEA)
- The EMEA segment shows a decreasing trend from 0.93 in 2020 to a low of 0.83 in 2022, indicating that capital expenditures were lower relative to depreciation during these years. However, from 2022 onwards, the ratio increases steadily to 1.10 in 2024, pointing to a reversal where capital spending begins to outpace depreciation, potentially signaling renewed investment activity in this region.
- Asia and South Pacific (APAC)
- The APAC segment starts with the highest ratio at 1.96 in 2020 but shows a downward trend to 1.50 by 2022. After 2022, the ratio stabilizes and slightly increases to 1.65 by 2024. This pattern suggests an initial decline in capital expenditures relative to depreciation, followed by a stabilization and gradual increment in investment levels in recent years.
- Engineering
- The Engineering segment begins with the lowest ratio of 0.36 in 2020, indicating capital expenditures significantly below depreciation. Over the subsequent years, this ratio rises consistently to 0.85 in 2022, then experiences a slight decrease in 2023, and a modest recovery to 0.76 by 2024. Although still below a ratio of 1.0, the upward trajectory reflects increased capital investment relative to asset depreciation, albeit at a slower pace than other segments.
Overall, the data indicates varying investment dynamics across the segments, with the Americas showing the most pronounced capital expenditure growth relative to depreciation, while EMEA and APAC demonstrate initial declines followed by recovery or stabilization. The Engineering segment shows a gradual increase from a low base but remains the segment with the lowest relative capital expenditure throughout the period.
Segment Capital Expenditures to Depreciation: Americas
Linde plc; Americas; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for long-lived assets | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= ÷ =
The analysis of the financial data for the Americas segment reveals distinct trends in expenditures, depreciation, and related capital efficiency ratios over the five-year period from 2020 to 2024.
- Expenditures for long-lived assets
- There is a notable upward trend in expenditures for long-lived assets, increasing from $1,425 million in 2020 to a peak of $2,999 million in 2023. Although a slight decrease occurred in 2024, with expenditures falling to $2,805 million, the overall trend indicates significant investment growth over the period.
- Depreciation and amortization
- Depreciation and amortization expenses steadily increased throughout the reporting period, rising from $1,196 million in 2020 to $1,450 million in 2024. This gradual increase suggests ongoing capital asset utilization and aging of assets consistent with the growth in capital expenditures.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures to depreciation shows considerable fluctuation. Starting at 1.19 in 2020, it dipped slightly to 1.09 in 2021, followed by an increase to 1.29 in 2022. The ratio surged to 2.11 in 2023, indicating a large spike in capital expenditures relative to depreciation during that year. In 2024, the ratio decreased to 1.93 but remained well above the early period values, reflecting sustained elevated investment levels relative to asset depreciation.
Overall, the data suggest a strategic emphasis on capital investment within the segment, particularly evident from 2022 onward, accompanied by a consistent, albeit more moderate, rise in depreciation expenses. The capital expenditures to depreciation ratio highlights periods of intensified asset acquisition, notably in 2023, before slightly moderating in 2024. These patterns may indicate ongoing asset expansion and renewal efforts aimed at supporting future operational capacity and growth.
Segment Capital Expenditures to Depreciation: Europe, Middle East, and Africa (EMEA)
Linde plc; Europe, Middle East, and Africa (EMEA); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for long-lived assets | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= ÷ =
The financial data for the Europe, Middle East, and Africa (EMEA) segment reveals notable trends in capital expenditures, depreciation, and the ratio of capital expenditures to depreciation over the five-year period ending December 31, 2024.
- Expenditures for Long-Lived Assets
- Capital expenditures show a fluctuating pattern with an initial slight decrease from 670 million US$ in 2020 to 669 million US$ in 2021. This was followed by a more pronounced decline to 550 million US$ in 2022. Subsequently, expenditures increased to 635 million US$ in 2023 and further to 702 million US$ in 2024, surpassing the 2020 level.
- Depreciation and Amortization
- Depreciation and amortization expenses increased from 723 million US$ in 2020 to 752 million US$ in 2021, suggesting increased asset base or accelerated amortization. This was followed by a decline to 661 million US$ in 2022 and then stabilization at 640 million US$ for both 2023 and 2024.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio indicates capital expenditures relative to depreciation charges. It declined from 0.93 in 2020 to a low of 0.83 in 2022, reflecting reduced investment relative to asset consumption in that year. Thereafter, the ratio increased markedly to 0.99 in 2023 and further to 1.10 in 2024, exceeding parity, which implies that capital spending began to outpace depreciation, potentially indicating asset base expansion or modernization efforts.
In summary, the segment exhibited a trough in capital expenditures and the capital expenditure to depreciation ratio in 2022, followed by a recovery and growth phase through 2024. Meanwhile, depreciation costs peaked in 2021 before declining and stabilizing. The upward trend in the capital expenditure to depreciation ratio in the latter years suggests a strategic emphasis on renewing or expanding the asset base after a period of relative restraint.
Segment Capital Expenditures to Depreciation: Asia and South Pacific (APAC)
Linde plc; Asia and South Pacific (APAC); segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for long-lived assets | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= ÷ =
The analysis of the Asia and South Pacific (APAC) segment data over the five-year period from 2020 to 2024 reveals several key trends related to capital investment and asset management.
- Expenditures for Long-Lived Assets
- There was a noticeable decline in capital expenditures from US$1,214 million in 2020 to US$889 million in 2022, representing a substantial reduction over these three years. However, from 2022 onwards, expenditures began to recover, increasing to US$975 million in 2023 and further to US$1,059 million in 2024. This indicates a strategic shift, with investment activity ramping up after the initial decline.
- Depreciation and Amortization
- This expense remained relatively stable throughout the period, starting at US$619 million in 2020 and decreasing modestly to US$593 million in 2022. Subsequently, it rose slightly to US$633 million in 2023 and US$641 million in 2024. The relatively steady depreciation charge suggests a consistent asset base, with incremental growth reflecting gradual asset additions or changing amortization schedules.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation decreased from 1.96 in 2020 to 1.5 in 2022, demonstrating reduced reinvestment relative to asset consumption during this time. After 2022, the ratio stabilized and showed a moderate increase to 1.54 in 2023 and 1.65 in 2024. This trend aligns with the observed recovery in capital expenditure, reflecting a more balanced investment approach to maintaining and renewing the asset base relative to depreciation levels.
Overall, the data suggests an initial period of reduced investment in long-lived assets which was followed by a recovery phase starting in 2023. Depreciation expenses maintained a steady course, consistent with a relatively stable asset base. The capital expenditure to depreciation ratio indicates a conservative investment approach early on, improving gradually to better support asset renewal and growth in the later years.
Segment Capital Expenditures to Depreciation: Engineering
Linde plc; Engineering; segment capital expenditures to depreciation calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Expenditures for long-lived assets | |||||
| Depreciation and amortization | |||||
| Segment Financial Ratio | |||||
| Segment capital expenditures to depreciation1 | |||||
Based on: 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).
1 2024 Calculation
Segment capital expenditures to depreciation = Expenditures for long-lived assets ÷ Depreciation and amortization
= ÷ =
- Expenditures for Long-Lived Assets
- The expenditures for long-lived assets increased significantly from 13 million US dollars in 2020 to 28 million US dollars in 2022. After peaking in 2022, there was a moderate decline to 24 million in 2023, followed by a slight increase to 25 million in 2024. Overall, the trend shows a notable increase in investment in long-lived assets compared to the initial period.
- Depreciation and Amortization
- This expense rose from 36 million US dollars in 2020 to 39 million in 2021. Subsequently, it decreased to 33 million in 2022 and remained stable at that level through 2023 and 2024. The pattern indicates a peak in depreciation and amortization followed by a period of stability at a lower level.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of capital expenditures to depreciation increased steadily from 0.36 in 2020 to 0.85 in 2022, reflecting a growing investment intensity relative to the depreciation expense during this period. After reaching this peak, it slightly declined to 0.73 in 2023 but recovered to 0.76 in 2024. This suggests an ongoing focus on capital investment, maintaining a level notably above the 2020 base year.
Sales
Linde plc, sales by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia and South Pacific (APAC) | |||||
| Industrial Gases | |||||
| Engineering | |||||
| Other | |||||
| Total segments |
Based on: 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).
The sales data exhibits several notable trends across different regions and business segments over the five-year period.
- Regional Performance
- Sales in the Americas region show a consistent upward trajectory, increasing steadily each year from 10,459 million US dollars in 2020 to 14,442 million US dollars in 2024. This represents a considerable growth of approximately 38% over the period.
- In the Europe, Middle East, and Africa (EMEA) region, sales display an initial increasing trend from 6,449 million in 2020 to a peak of 8,542 million in 2023. However, in 2024, there is a slight decline to 8,352 million, indicating a minor contraction after several years of growth.
- The Asia and South Pacific (APAC) region also experiences steady growth but at a more moderate pace compared to the Americas and EMEA regions. Sales increase from 5,687 million in 2020 to 6,632 million in 2024.
- Segment Performance
- The Industrial Gases segment dominates overall revenues and demonstrates consistent growth over the five years, from 22,595 million in 2020 to 29,426 million in 2024. The growth rate tends to slow slightly towards the later years, with only marginal increases between 2023 and 2024.
- The Engineering segment shows a modest decline overall, dropping from 2,851 million in 2020 to 2,322 million in 2024. The lowest point is noted in 2023 at 2,160 million, followed by a small recovery in 2024.
- Sales categorized as Other decline steadily, starting at 1,797 million in 2020 and ending at 1,257 million in 2024. The most pronounced decrease occurs between 2022 and 2023, after which the decline continues but at a slowed rate.
- Total Segment Sales
- Total segment sales increase consistently from 27,243 million in 2020 to a peak of 33,364 million in 2022. After this peak, total sales experience a slight dip in 2023 to 32,854 million and a very minor recovery in 2024 to 33,005 million, suggesting a leveling off after several years of expansion.
In summary, the analysis reveals strong and steady growth in the Americas and Industrial Gases segment, moderate growth in APAC, and a stabilizing but slightly declining trend in EMEA sales. Meanwhile, the Engineering and Other segments reflect declining revenues over the period. Overall, total segment sales have grown significantly since 2020 but appear to be reaching a plateau after the 2022 peak.
Depreciation and amortization
Linde plc, depreciation and amortization by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia and South Pacific (APAC) | |||||
| Industrial Gases | |||||
| Engineering | |||||
| Other | |||||
| Total segments |
Based on: 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).
The annual segment depreciation and amortization data demonstrate varying trends across different geographic and operational segments over the five-year period.
- Americas
- The Americas segment shows a consistent upward trend from 1196 million US dollars in 2020 to 1450 million US dollars in 2024, reflecting a steady increase in depreciation and amortization expense. This suggests continued investment in asset base and expansion activities in this region.
- Europe, Middle East, and Africa (EMEA)
- The EMEA segment experiences a peak at 752 million in 2021 followed by a decline to 640 million by 2023 and remains stable through 2024. This decline may indicate divestitures, asset impairments, or slower capital expenditure compared to other regions.
- Asia and South Pacific (APAC)
- This segment fluctuates moderately, starting at 619 million in 2020, dipping slightly to 593 million in 2022, then recovering to 641 million in 2024. The trend shows some variability but generally stabilizes toward the end of the period.
- Industrial Gases
- The Industrial Gases segment exhibits a relatively stable trend with minor fluctuations, maintaining levels around 2538 million in 2020, dipping slightly in subsequent years, and peaking at 2731 million in 2024. This suggests steady capital investment aligned with operational growth.
- Engineering
- The Engineering segment remains flat and low in value, ranging narrowly from 36 million in 2020 to 33 million from 2022 onwards, indicating minimal changes or capital intensity in this segment.
- Other
- The Other segment displays a gradual decrease from 132 million in 2020 down to 93 million in 2024, which may be indicative of reduction in non-core assets or cost management initiatives.
- Total segments
- The total depreciation and amortization across all reportable segments show a general upward trend from 2706 million in 2020 to 2857 million in 2024, with a slight dip in 2022. This overall increase signifies growth in asset base and sustained investment by the company.
Operating profit
Linde plc, operating profit by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia and South Pacific (APAC) | |||||
| Industrial Gases | |||||
| Engineering | |||||
| Other | |||||
| Total segments |
Based on: 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).
- Regional Operating Profit Trends
- The Americas segment shows a consistent upward trajectory in operating profit, increasing steadily from US$2,773 million in 2020 to US$4,550 million in 2024. This indicates strong growth in this region over the five-year period.
- The Europe, Middle East, and Africa (EMEA) segment also demonstrates a positive growth trend. Operating profit rises from US$1,465 million in 2020 to US$2,780 million in 2024, with noticeable acceleration between 2022 and 2024.
- The Asia and South Pacific (APAC) segment follows a similar growth pattern, increasing from US$1,277 million in 2020 to US$1,918 million in 2024. Although growth is steady, the rate of increase appears more moderate compared to the Americas and EMEA regions.
- Segment Category Operating Profit Analysis
- The Industrial Gases segment presents a consistent and substantial increase in operating profit over the period. Starting at US$5,515 million in 2020, the figure rises to US$9,248 million by 2024, highlighting its dominant role and strong performance within the business segments.
- In contrast, the Engineering segment experiences variable results. After a gradual increase from US$435 million in 2020 to US$555 million in 2022, the operating profit declines subsequently to US$410 million in 2024. This indicates potential challenges or changing dynamics impacting this segment in recent years.
- The Other category reflects an overall improvement from a negative operating profit of -US$153 million in 2020 to a positive US$62 million in 2024. This suggests effective management or reduction of losses in miscellaneous operations over time.
- Total Segments Overview
- The total segments operating profit aggregates the growth observed across individual segments, rising from US$5,797 million in 2020 to US$9,720 million in 2024. The growth trend is robust and consistent, driven primarily by the Industrial Gases and Americas segments, despite the fluctuations seen in Engineering.
Expenditures for long-lived assets
Linde plc, expenditures for long-lived assets by reportable segment
US$ in millions
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Americas | |||||
| Europe, Middle East, and Africa (EMEA) | |||||
| Asia and South Pacific (APAC) | |||||
| Industrial Gases | |||||
| Engineering | |||||
| Other | |||||
| Total segments |
Based on: 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).
- Overall Trends
- The total reportable segment expenditures for long-lived assets display a fluctuating pattern from 2020 through 2024. After a decline between 2020 and 2021, expenditures decreased slightly in 2022 but then experienced a substantial increase in 2023, reaching the highest level over the period. In 2024, the total expenditures showed a modest increase compared to 2023.
- Regional Segment Analysis
-
- Americas
- Expenditures in the Americas saw a slight decrease from 2020 to 2021, followed by a notable rise in 2022. A significant surge occurred in 2023, nearly doubling the 2022 value, with a slight decline observed in 2024. Despite the drop, the 2024 figure remained substantially higher than the initial years, indicating increased investment activity in this region over the latter part of the period.
- Europe, Middle East, and Africa (EMEA)
- This region's expenditures were relatively stable from 2020 to 2021, followed by a downward trend in 2022. A recovery is evident in 2023 and 2024, with expenditures reaching their highest point in 2024. Overall, the EMEA region shows moderate volatility with a recent upward trajectory.
- Asia and South Pacific (APAC)
- Expenditures declined steadily from 2020 through 2022, then reversed direction with increases in 2023 and 2024. Despite the recovery, the 2024 level remains below the 2020 starting point, suggesting cautious reinvestment activities in this region.
- Business Segment Analysis
-
- Industrial Gases
- This segment exhibits a generally increasing trend in expenditures, with a slight dip in 2021 but recovering in subsequent years. A marked jump between 2022 and 2023 is evident, followed by a marginal decrease in 2024. This pattern reflects significant capital allocation towards this core segment particularly in the recent years.
- Engineering
- Expenditures in Engineering are comparatively minimal and relatively stable across the years, fluctuating within a narrow range without any significant trend or abrupt changes.
- Other
- The "Other" segment shows a downtrend from 2020 to 2023, with expenditures steadily decreasing each year. However, 2024 presents a sharp increase, more than doubling the prior year’s value, which could indicate emerging investment priorities or one-off expenditures in non-core activities.