Common Stock Valuation Ratios (Price Multiples)
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
Paying user area
Try for free
Linde plc pages available for free this week:
- Balance Sheet: Assets
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
The data is hidden behind: . Unhide it.
Get full access to the entire website from $10.42/mo, or
get 1-month access to Linde plc for $24.99.
This is a one-time payment. There is no automatic renewal.
We accept:
Current Valuation Ratios
Linde plc, current price multiples
| Linde plc | Sherwin-Williams Co. | Chemicals | Materials | ||||
|---|---|---|---|---|---|---|---|
| Selected Financial Data | |||||||
| Current share price (P) | |||||||
| No. shares of common stock outstanding | |||||||
| Growth rate (g) | |||||||
| Earnings per share (EPS) | |||||||
| Next year expected EPS | |||||||
| Operating profit per share | |||||||
| Sales per share | |||||||
| Book value per share (BVPS) | |||||||
| Valuation Ratios (Price Multiples) | |||||||
| Price to earnings (P/E) | |||||||
| Price to next year expected earnings | |||||||
| Price-earnings-growth (PEG) | |||||||
| Price to operating profit (P/OP) | |||||||
| Price to sales (P/S) | |||||||
| Price to book value (P/BV) | |||||||
Based on: 10-K (reporting date: 2025-12-31).
If the company price multiple is lower then the price multiple of benchmark then company stock is relatively undervalued.
Otherwise, if the company price multiple is higher then the price multiple of benchmark then company stock is relatively overvalued.
Historical Valuation Ratios (Summary)
Linde plc, historical price multiples
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| Price to earnings (P/E) | ||||||
| Price to operating profit (P/OP) | ||||||
| Price to sales (P/S) | ||||||
| Price to book value (P/BV) |
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 valuation ratios exhibit varied trends over the five-year period. Generally, the ratios suggest an increasing valuation of the company, though with some fluctuations. A consistent upward trend is observed in price relative to book value, while price multiples related to earnings and operating profit show more variability.
- Price to Earnings (P/E)
- The Price to Earnings ratio began at 38.92 and increased to 41.34 before declining to 35.05. It continued to decrease to 33.25, then experienced a slight increase to 34.14. This suggests a period of initial investor optimism followed by a correction, with a recent stabilization.
- Price to Operating Profit (P/OP)
- Similar to the P/E ratio, the Price to Operating Profit ratio increased from 29.87 to 31.93, then decreased to 27.08 and further to 25.28. A modest increase to 26.40 concludes the period. This pattern mirrors the P/E trend, indicating a similar investor sentiment shift regarding the company’s operational performance.
- Price to Sales (P/S)
- The Price to Sales ratio demonstrates a consistent upward trend, increasing from 4.84 in 2021 to 6.93 in 2025. This indicates investors are willing to pay more for each dollar of revenue generated by the company, potentially reflecting expectations of future revenue growth or improved sales efficiency.
- Price to Book Value (P/BV)
- The Price to Book Value ratio shows a clear and consistent upward trend, rising from 3.38 to 6.16 over the period. This suggests a growing perception of the company’s assets being undervalued, or an increasing premium placed on intangible assets not fully reflected in book value. It also indicates increasing investor confidence in the company’s ability to generate returns on its equity.
In summary, while ratios relating to profitability (P/E and P/OP) experienced fluctuations, the increasing P/S and P/BV ratios suggest a generally positive shift in investor perception regarding the company’s revenue generation and asset value.
Price to Earnings (P/E)
Linde plc, historical P/E 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$) | ||||||
| Net income, Linde plc (in millions) | ||||||
| Earnings per share (EPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/E ratio4 | ||||||
| Benchmarks | ||||||
| P/E Ratio, Competitors5 | ||||||
| Sherwin-Williams Co. | ||||||
| P/E Ratio, Sector | ||||||
| Chemicals | ||||||
| P/E Ratio, 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.
2 2025 Calculation
EPS = Net income, Linde plc ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Linde plc Annual Report.
4 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
The price to earnings (P/E) ratio exhibited a fluctuating pattern over the five-year period. While the share price and earnings per share (EPS) generally increased, the P/E ratio did not consistently follow suit, indicating shifts in investor sentiment or expectations regarding future growth.
- Share Price
- The share price demonstrated a consistent upward trajectory, increasing from US$293.24 in 2021 to US$508.27 in 2025. The most substantial year-over-year increase occurred between 2022 and 2023.
- Earnings Per Share (EPS)
- EPS also showed a positive trend, rising from US$7.54 in 2021 to US$14.89 in 2025. The rate of increase in EPS appeared to moderate slightly in the later years of the period.
- Price to Earnings (P/E) Ratio
- The P/E ratio initially increased from 38.92 in 2021 to 41.34 in 2022, but then decreased to 35.05 in 2023. It continued to decline to 33.25 in 2024 before experiencing a slight increase to 34.14 in 2025. This suggests that while earnings grew, the market’s willingness to pay for each dollar of earnings fluctuated. The decrease in the P/E ratio from 2022 to 2024, despite rising EPS, could indicate increasing investor skepticism or a shift in market conditions.
The divergence between the increasing share price and EPS and the fluctuating P/E ratio suggests that factors beyond earnings growth, such as broader market trends, industry-specific outlooks, or changes in risk perception, played a significant role in valuation during this period. The relatively stable P/E ratio in the final two years, despite continued growth in EPS, may indicate a stabilization of investor expectations.
Price to Operating Profit (P/OP)
Linde plc, historical P/OP calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Operating profit (in millions) | ||||||
| Operating profit per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/OP ratio4 | ||||||
| Benchmarks | ||||||
| P/OP Ratio, Competitors5 | ||||||
| Sherwin-Williams Co. | ||||||
| P/OP Ratio, Sector | ||||||
| Chemicals | ||||||
| P/OP Ratio, 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.
2 2025 Calculation
Operating profit per share = Operating profit ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Linde plc Annual Report.
4 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
The price to operating profit (P/OP) ratio exhibited a fluctuating pattern over the five-year period. Initially, the ratio increased from 2021 to 2022, followed by a decrease in 2023, and a further decrease in 2024 before increasing slightly in 2025. This suggests a dynamic relationship between market valuation and operating profitability.
- Share Price
- The share price demonstrated a consistent upward trend throughout the period, increasing from US$293.24 in 2021 to US$508.27 in 2025. The rate of increase was more pronounced between 2022 and 2023, and again between 2024 and 2025.
- Operating Profit per Share
- Operating profit per share also increased steadily over the observed timeframe, rising from US$9.82 in 2021 to US$19.26 in 2025. Similar to the share price, the largest year-over-year gains occurred between 2022 and 2023, and 2024 and 2025. This indicates improving underlying business performance.
- P/OP Ratio Trend
- The P/OP ratio began at 29.87 in 2021 and rose to 31.93 in 2022. A subsequent decline was observed in 2023, with the ratio falling to 27.08. This downward trend continued into 2024, reaching 25.28, before a modest increase to 26.40 in 2025. The fluctuations in the P/OP ratio, despite consistent increases in both share price and operating profit per share, suggest that market expectations regarding future operating profitability may have shifted during the period.
The observed decrease in the P/OP ratio from 2022 to 2024, coupled with continued growth in operating profit per share, could indicate that the market’s valuation of each dollar of operating profit decreased during those years. The slight increase in 2025 may suggest a stabilization of this valuation or a renewed positive outlook.
Price to Sales (P/S)
Linde plc, historical P/S calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Sales (in millions) | ||||||
| Sales per share2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/S ratio4 | ||||||
| Benchmarks | ||||||
| P/S Ratio, Competitors5 | ||||||
| Sherwin-Williams Co. | ||||||
| P/S Ratio, Sector | ||||||
| Chemicals | ||||||
| P/S Ratio, 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.
2 2025 Calculation
Sales per share = Sales ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Linde plc Annual Report.
4 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
The price to sales ratio exhibited an increasing trend over the five-year period. Share price and sales per share both demonstrated growth, contributing to the observed changes in the ratio.
- Price to Sales (P/S) Ratio
- The P/S ratio increased from 4.84 in 2021 to 6.93 in 2025. An initial increase from 4.84 to 5.14 was observed between 2021 and 2022. A more substantial rise occurred between 2022 and 2023, with the ratio reaching 6.61. The ratio remained constant at 6.61 in 2024 before continuing its upward trajectory to 6.93 in 2025.
- Share Price
- Share price increased consistently throughout the period, moving from US$293.24 in 2021 to US$508.27 in 2025. The largest single-year increase was observed between 2022 and 2023, with a rise of US$102.83. Growth slowed in subsequent years, with increases of US$9.35 (2023-2024) and US$46.72 (2024-2025).
- Sales per Share
- Sales per share also showed a consistent upward trend, although at a slower pace than the share price. It increased from US$60.65 in 2021 to US$73.34 in 2025. The increase between 2021 and 2022 was US$7.14, while the increase between 2022 and 2023 was minimal at US$0.43. Further increases were noted in 2024 (US$1.57) and 2025 (US$3.55).
The consistent growth in both share price and sales per share suggests positive market sentiment and increasing revenue generation. However, the P/S ratio’s increase indicates that the market is valuing each dollar of sales at a higher multiple over time, potentially reflecting increased investor confidence or expectations for future growth.
Price to Book Value (P/BV)
Linde plc, historical P/BV calculation, comparison to benchmarks
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | ||
|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||
| Selected Financial Data (US$) | ||||||
| Total Linde plc shareholders’ equity (in millions) | ||||||
| Book value per share (BVPS)2 | ||||||
| Share price1, 3 | ||||||
| Valuation Ratio | ||||||
| P/BV ratio4 | ||||||
| Benchmarks | ||||||
| P/BV Ratio, Competitors5 | ||||||
| Sherwin-Williams Co. | ||||||
| P/BV Ratio, Sector | ||||||
| Chemicals | ||||||
| P/BV Ratio, 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.
2 2025 Calculation
BVPS = Total Linde plc shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Linde plc Annual Report.
4 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The price to book value ratio demonstrates a consistent upward trend over the five-year period. This indicates that the market valuation of the equity relative to its book value has increased steadily. The share price has also increased over the period, but at a varying rate, while the book value per share has remained relatively stable.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio began at 3.38 in 2021 and increased to 6.16 by 2025. This represents a substantial increase, suggesting investors are willing to pay a progressively larger premium for each dollar of net asset value. The most significant increase occurred between 2022 and 2023, moving from 4.28 to 5.47.
The book value per share exhibited minor fluctuations, ranging from a low of 80.55 in 2024 to a high of 86.73 in 2021. This relative stability contrasts with the consistent rise in the share price and, consequently, the P/BV ratio. The book value per share ended the period at 82.53, a slight increase from the 2022 value of 81.33.
- Share Price Trend
- The share price increased from US$293.24 in 2021 to US$508.27 in 2025. The rate of increase was not constant; the largest single-year increase was observed between 2022 and 2023 (US$102.93), while the increase between 2024 and 2025 was US$46.72.
The divergence between the relatively stable book value per share and the increasing share price is the primary driver of the rising P/BV ratio. This suggests increasing investor confidence in the company’s future earnings potential and/or a shift in market sentiment regarding the value of its assets.