Price to FCFE (P/FCFE)
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Linde plc pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Assets
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Selected Financial Data since 2005
- Current Ratio since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
- Aggregate Accruals
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Free Cash Flow to Equity (FCFE)
Linde plc, FCFE calculation
US$ in millions
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).
The financial information reveals fluctuating patterns in both net cash provided by operating activities and free cash flow to equity (FCFE) over the five-year period. While operating cash flow generally trends upward, FCFE exhibits more volatility.
- Net Cash from Operations
- Net cash provided by operating activities decreased from US$9,725 million in 2021 to US$8,864 million in 2022, representing a decline. However, it subsequently increased to US$9,305 million in 2023 and further to US$9,423 million in 2024, indicating a recovery and modest growth. The most substantial increase occurred in 2025, reaching US$10,350 million. This suggests improving operational efficiency or increased revenue generation in later years.
- Free Cash Flow to Equity (FCFE)
- FCFE experienced a significant increase from US$6,125 million in 2021 to US$10,166 million in 2022. This substantial rise suggests a considerable improvement in cash available to equity holders. However, FCFE then decreased to US$6,578 million in 2023, a notable decline from the previous year. A subsequent increase to US$8,093 million was observed in 2024, followed by a slight decrease to US$8,000 million in 2025. The FCFE figures from 2023-2025 remain relatively stable, but below the peak observed in 2022.
The divergence between the trends in operating cash flow and FCFE suggests that factors beyond core operations, such as changes in debt levels, share repurchases, or dividend payments, are significantly influencing the cash available to equity holders. The large jump in FCFE in 2022, followed by a decline in 2023, warrants further investigation to understand the underlying drivers of these fluctuations.
- Relationship between Operating Cash Flow and FCFE
- While both metrics generally move in the same direction, the magnitude of change differs. The increase in operating cash flow from 2022 to 2025 did not translate into a proportional increase in FCFE, indicating that a larger portion of the increased operating cash flow was potentially allocated to debt servicing, capital expenditures not reflected in FCFE, or distributions to equity holders.
Overall, the period demonstrates a complex financial picture with improving operational cash generation but fluctuating cash flow available to equity holders. Continued monitoring of these trends, alongside analysis of related financial statement items, is recommended.
Price to FCFE Ratio, Current
Linde plc, current P/FCFE calculation, comparison to benchmarks
| No. shares of common stock outstanding | |
| Selected Financial Data (US$) | |
| Free cash flow to equity (FCFE) (in millions) | |
| FCFE per share | |
| Current share price (P) | |
| Valuation Ratio | |
| P/FCFE | |
| Benchmarks | |
| P/FCFE, Competitors1 | |
| Sherwin-Williams Co. | |
| P/FCFE, Sector | |
| Chemicals | |
| P/FCFE, Industry | |
| Materials | |
Based on: 10-K (reporting date: 2025-12-31).
1 Click competitor name to see calculations.
If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.
Price to FCFE Ratio, Historical
Linde plc, historical P/FCFE calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Free cash flow to equity (FCFE) (in millions)2 | ||||||
| FCFE per share3 | ||||||
| Share price1, 4 | ||||||
| Valuation Ratio | ||||||
| P/FCFE5 | ||||||
| Benchmarks | ||||||
| P/FCFE, Competitors6 | ||||||
| Sherwin-Williams Co. | ||||||
| P/FCFE, Sector | ||||||
| Chemicals | ||||||
| P/FCFE, Industry | ||||||
| Materials | ||||||
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.
3 2025 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= ÷ =
4 Closing price as at the filing date of Linde plc Annual Report.
5 2025 Calculation
P/FCFE = Share price ÷ FCFE per share
= ÷ =
6 Click competitor name to see calculations.
The Price to Free Cash Flow to Equity (P/FCFE) ratio exhibits fluctuations over the observed five-year period. The share price demonstrates a consistent upward trajectory, while the FCFE per share shows more variability. Consequently, the P/FCFE ratio itself presents a dynamic pattern.
- Share Price
- The share price increased from US$293.24 in 2021 to US$508.27 in 2025, representing a substantial overall growth. The largest year-over-year increase occurred between 2022 and 2023.
- FCFE per Share
- FCFE per share rose significantly from US$12.06 in 2021 to US$20.66 in 2022. However, it then decreased to US$13.66 in 2023 before recovering to US$17.11 in 2024 and US$17.26 in 2025. This indicates a period of volatility following the initial increase.
- P/FCFE Ratio
- The P/FCFE ratio began at 24.31 in 2021, decreased to 16.87 in 2022, then increased sharply to 33.03 in 2023. It subsequently declined to 26.97 in 2024 and 29.44 in 2025. The ratio’s movements are largely influenced by the interplay between share price increases and the fluctuating FCFE per share. The increase in 2023 suggests investors were willing to pay a higher premium for each dollar of FCFE, while the decreases in 2022 and 2024 indicate a reduced premium.
The observed trends suggest that investor sentiment, as reflected in the share price, has been a dominant factor in the P/FCFE ratio’s behavior. While FCFE per share experienced fluctuations, the consistent growth in share price generally contributed to a higher P/FCFE ratio overall, despite the intermittent declines.