Enterprise Value (EV)
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Linde plc pages available for free this week:
- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Current Enterprise Value (EV)
Linde plc, current enterprise value calculation
| Current share price (P) | |
| No. shares of common stock outstanding | |
| US$ in millions | |
| Common equity (market value)1 | |
| Add: Noncontrolling interests (per books) | |
| Total equity | |
| Add: Short-term debt (per books) | |
| Add: Current portion of long-term debt (per books) | |
| Add: Current finance lease liabilities (per books) | |
| Add: Long-term debt, excluding current portion (per books) | |
| Add: Long-term finance lease liabilities (per books) | |
| Total equity and debt | |
| Less: Cash and cash equivalents | |
| Enterprise value (EV) | |
Based on: 10-K (reporting date: 2025-12-31).
1 Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
Historical Enterprise Value (EV)
Linde plc, EV calculation
Based on: 10-K (reporting date: 2025-12-31), 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).
1 Data adjusted for splits and stock dividends.
2 Closing price as at the filing date of Linde plc Annual Report.
3 2025 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= ×
The information presents a five-year trend of several financial metrics, including common equity market value, total equity, total equity and debt, and enterprise value. A consistent upward trajectory is evident across all presented items from 2021 through 2025.
- Enterprise Value (EV) Trend
- Enterprise value demonstrates a steady increase over the five-year period, rising from US$161,844 million in 2021 to US$259,159 million in 2025. The growth is not linear, with a more substantial increase observed between 2022 and 2023 (US$48,000 million) compared to the increase between 2024 and 2025 (US$22,527 million). This suggests potentially accelerating growth in value creation followed by a moderation in the rate of increase.
- Relationship between Equity and EV
- The enterprise value consistently exceeds the total equity, as expected. The difference between enterprise value and total equity is largely attributable to the inclusion of net debt in the EV calculation. The gap between these two metrics widens over time, indicating a growing reliance on debt financing or an increasing market assessment of the company’s future cash flows relative to its equity.
- Total Equity and Debt
- Total equity and debt, the sum of the company’s equity and its debt obligations, also exhibits a consistent upward trend, increasing from US$164,667 million in 2021 to US$264,215 million in 2025. This increase parallels the growth in enterprise value, reinforcing the notion that both equity and debt contribute to the overall valuation of the company.
- Common Equity (Market Value)
- The market value of common equity shows a similar upward trend, moving from US$148,891 million in 2021 to US$235,529 million in 2025. While closely aligned with total equity, the market value reflects investor sentiment and expectations, and can fluctuate independently of book value.
Overall, the financial metrics indicate a period of sustained growth in value, driven by increases in both equity and debt. The consistent upward trend in enterprise value suggests positive market perception and potentially strong financial performance during the analyzed period.