Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
Historical Valuation Ratios (Summary)
Linde plc, historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
- Price to Earnings Ratio (P/E)
- The P/E ratio demonstrates a general declining trend over the analyzed periods, starting from 53.02 at the beginning of 2021 and gradually decreasing to 27.54 by the third quarter of 2025. Notable fluctuations appear around the end of each year, with some temporary increases observed in late 2021 and late 2023. Overall, this indicates a reduction in market valuation relative to earnings over the long term, possibly reflective of either improving earnings, changing investor sentiment, or adjustments in expected future profitability.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio follows a similar downward trajectory as the P/E ratio, beginning at 40.55 in early 2021 and falling to 21.29 by the third quarter of 2025. This ratio shows periodic drops corresponding with certain quarters, indicating either increasing operating profits or adjustments in price levels relative to these profits. The consistent decline suggests a trend of improving operating efficiency or profitability being increasingly recognized by the market valuation.
- Price to Sales Ratio (P/S)
- The P/S ratio exhibits more volatility than the previous ratios, initially hovering near 5.5 in 2021, decreasing to around 4.29 in late 2022, and then rising steadily to peak at about 6.61 in the quarters spanning 2023 and 2024. Toward the last two reported periods in 2025, it declines marginally to approximately 5.83. This pattern suggests fluctuating market perceptions of sales value or growth prospects, potentially influenced by changes in sales volume, revenue quality, or margin expectations.
- Price to Book Value Ratio (P/BV)
- The P/BV ratio shows a consistent upward trend from 3.34 at the start of 2021 to a peak near 5.73 in late 2024, followed by a slight decline to around 5.06 in mid-2025. This steady increase over several years suggests growing investor confidence in the book value, potentially reflecting favorable asset growth, enhanced return on equity, or improved balance sheet strength. The minor decline near the end may indicate a market revaluation or stabilization after a period of growth.
Price to Earnings (P/E)
Linde plc, historical P/E calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 466,948,930 | 468,909,532 | 471,294,205 | 472,911,618 | 476,157,903 | 477,502,737 | 480,676,281 | 481,576,472 | 484,890,486 | 487,945,864 | 490,251,988 | 492,160,806 | 494,379,532 | 498,365,588 | 503,281,693 | 507,744,577 | 512,554,731 | 516,411,320 | 520,208,493 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Net income, Linde plc (in millions) | 1,929) | 1,766) | 1,673) | 1,725) | 1,550) | 1,663) | 1,627) | 1,543) | 1,565) | 1,575) | 1,516) | 1,328) | 1,273) | 372) | 1,174) | 1,026) | 979) | 841) | 980) | ||||||
| Earnings per share (EPS)2 | 15.19 | 14.32 | 14.03 | 13.88 | 13.41 | 13.40 | 13.13 | 12.87 | 12.34 | 11.67 | 9.16 | 8.43 | 7.78 | 7.13 | 7.99 | 7.54 | 6.97 | 6.37 | 5.59 | ||||||
| Share price1, 3 | 418.30 | 459.41 | 448.05 | 461.55 | 456.15 | 454.00 | 419.62 | 451.20 | 370.32 | 384.63 | 365.64 | 348.37 | 293.26 | 296.93 | 313.29 | 293.24 | 319.20 | 307.39 | 296.40 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/E ratio4 | 27.54 | 32.09 | 31.94 | 33.25 | 34.03 | 33.88 | 31.97 | 35.05 | 30.01 | 32.97 | 39.93 | 41.34 | 37.71 | 41.67 | 39.22 | 38.92 | 45.83 | 48.23 | 53.02 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/E Ratio, Competitors5 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 34.17 | 33.33 | 32.55 | 32.81 | 35.59 | 34.58 | 31.44 | 33.16 | 24.87 | 30.29 | 28.47 | 28.48 | 29.45 | 34.26 | 38.67 | 37.32 | 42.12 | 34.90 | 33.77 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
EPS
= (Net income, Linde plcQ3 2025
+ Net income, Linde plcQ2 2025
+ Net income, Linde plcQ1 2025
+ Net income, Linde plcQ4 2024)
÷ No. shares of common stock outstanding
= (1,929,000,000 + 1,766,000,000 + 1,673,000,000 + 1,725,000,000)
÷ 466,948,930 = 15.19
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q3 2025 Calculation
P/E ratio = Share price ÷ EPS
= 418.30 ÷ 15.19 = 27.54
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited an overall upward trend from March 2021 through September 2025, starting at $296.40 and reaching a peak of $461.55 in December 2024, before experiencing minor fluctuations thereafter. Notably, there was a significant rise in late 2022 and early 2023, with the price increasing from $293.26 in September 2022 to $451.20 in December 2023. Although occasional declines occurred, particularly in early 2025, the price generally maintained a level well above its 2021 values, indicating sustained investor confidence and positive market performance over the period.
- Earnings Per Share (EPS) Development
- EPS demonstrated consistent growth throughout the timeframe, rising steadily from $5.59 in March 2021 to $15.19 in September 2025. The increase was gradual and continuous, reflecting the company’s improving profitability. The most notable jumps appeared between mid-2022 and early 2023, with EPS climbing from $7.13 in June 2022 to $12.87 by December 2023, signaling enhanced earnings capacity. Post-December 2023, EPS growth continued but at a more moderate pace, suggesting continued but steady operational performance improvements.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio showed a general downward trend over the examined period, falling from 53.02 in March 2021 to 27.54 in September 2025. This decline indicates that the share price increased more moderately compared to the earnings growth, which could be interpreted as the stock becoming comparatively less expensive relative to its earnings. The ratio fluctuated with intermittent rises, such as the increase from 30.01 in September 2023 to 35.05 in December 2023, but the long-term direction pointed to valuation normalization as earnings expanded and share price adjusted accordingly.
- Overall Financial Insights
- The data reflects a company with robust earnings growth and appreciable appreciation in share price, suggesting effective operational performance and positive investor sentiment over the years. The declining P/E ratio alongside rising EPS supports the view of enhanced profitability and potentially improved market valuation efficiency. The trends illustrate a maturing equity profile with earnings gains outpacing price increases, which is typically favorable from a value investment perspective.
Price to Operating Profit (P/OP)
Linde plc, historical P/OP calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 466,948,930 | 468,909,532 | 471,294,205 | 472,911,618 | 476,157,903 | 477,502,737 | 480,676,281 | 481,576,472 | 484,890,486 | 487,945,864 | 490,251,988 | 492,160,806 | 494,379,532 | 498,365,588 | 503,281,693 | 507,744,577 | 512,554,731 | 516,411,320 | 520,208,493 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Operating profit (in millions) | 2,367) | 2,354) | 2,184) | 2,270) | 2,086) | 2,184) | 2,095) | 2,028) | 2,052) | 2,011) | 1,933) | 1,687) | 1,613) | 589) | 1,480) | 1,337) | 1,292) | 1,142) | 1,213) | ||||||
| Operating profit per share2 | 19.65 | 18.97 | 18.51 | 18.26 | 17.63 | 17.51 | 17.03 | 16.66 | 15.84 | 14.85 | 11.88 | 10.91 | 10.15 | 9.43 | 10.43 | 9.82 | 9.12 | 8.43 | 7.31 | ||||||
| Share price1, 3 | 418.30 | 459.41 | 448.05 | 461.55 | 456.15 | 454.00 | 419.62 | 451.20 | 370.32 | 384.63 | 365.64 | 348.37 | 293.26 | 296.93 | 313.29 | 293.24 | 319.20 | 307.39 | 296.40 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/OP ratio4 | 21.29 | 24.22 | 24.20 | 25.28 | 25.88 | 25.93 | 24.64 | 27.08 | 23.37 | 25.91 | 30.79 | 31.93 | 28.89 | 31.50 | 30.03 | 29.87 | 34.99 | 36.47 | 40.55 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 23.54 | 23.00 | 22.73 | 23.08 | 24.24 | 23.36 | 21.22 | 22.20 | 17.07 | 20.75 | 19.19 | 19.16 | 20.54 | 24.24 | 27.85 | 27.19 | 30.17 | 25.17 | 24.24 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Operating profit per share
= (Operating profitQ3 2025
+ Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024)
÷ No. shares of common stock outstanding
= (2,367,000,000 + 2,354,000,000 + 2,184,000,000 + 2,270,000,000)
÷ 466,948,930 = 19.65
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q3 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 418.30 ÷ 19.65 = 21.29
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trend from the first quarter of 2021 through to the end of 2025, starting at $296.4 and reaching peaks above $450 during 2023 and 2024. Some volatility was observed, with declines around the end of 2021 and mid-2022, but the overall trajectory showed growth. The price experienced fluctuations in the latter quarters of 2024 and 2025, dropping modestly after reaching highs in late 2024 and early 2025.
- Operating Profit per Share
- Operating profit per share demonstrated a strong and consistent increase across the entire period. Starting at $7.31 in early 2021, it nearly tripled to $19.65 by the third quarter of 2025. This steady growth indicates improving operational efficiency or profitability on a per-share basis, reflecting positively on the company's earnings capacity.
- Price-to-Operating Profit Ratio (P/OP)
- The P/OP ratio showed a declining trend overall, starting at 40.55 at the beginning of 2021 and dropping to 21.29 by the third quarter of 2025. This decline implies that share price appreciation has not kept pace proportionally with the growth in operating profit per share, suggesting that the stock has become more attractively valued relative to its operating earnings over time. Periods of fluctuation within the ratio indicate varying market sentiment or adjustments in profit expectations.
- Summary of Financial Patterns
- The data reflects a robust improvement in operational performance, as seen by the rising operating profit per share. Despite some share price volatility, the long-term trend points to capital appreciation. The decreasing P/OP ratio underscores that market valuation has become more favorable when considering operating earnings, which may hint at improved market confidence or increased earnings stability. The simultaneous increase in profit metrics and tempered valuation multiples could signify a maturing company with sustained performance improvements.
Price to Sales (P/S)
Linde plc, historical P/S calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 466,948,930 | 468,909,532 | 471,294,205 | 472,911,618 | 476,157,903 | 477,502,737 | 480,676,281 | 481,576,472 | 484,890,486 | 487,945,864 | 490,251,988 | 492,160,806 | 494,379,532 | 498,365,588 | 503,281,693 | 507,744,577 | 512,554,731 | 516,411,320 | 520,208,493 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Sales (in millions) | 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) | 8,298) | 7,668) | 7,584) | 7,243) | ||||||
| Sales per share2 | 71.75 | 70.90 | 70.06 | 69.79 | 69.36 | 68.74 | 68.16 | 68.22 | 66.92 | 67.82 | 68.02 | 67.79 | 68.29 | 65.48 | 63.11 | 60.65 | 58.08 | 56.07 | 53.34 | ||||||
| Share price1, 3 | 418.30 | 459.41 | 448.05 | 461.55 | 456.15 | 454.00 | 419.62 | 451.20 | 370.32 | 384.63 | 365.64 | 348.37 | 293.26 | 296.93 | 313.29 | 293.24 | 319.20 | 307.39 | 296.40 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/S ratio4 | 5.83 | 6.48 | 6.40 | 6.61 | 6.58 | 6.60 | 6.16 | 6.61 | 5.53 | 5.67 | 5.38 | 5.14 | 4.29 | 4.53 | 4.96 | 4.84 | 5.50 | 5.48 | 5.56 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/S Ratio, Competitors5 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 3.78 | 3.68 | 3.79 | 3.81 | 3.95 | 3.78 | 3.31 | 3.44 | 2.61 | 3.09 | 2.68 | 2.60 | 2.63 | 2.89 | 3.48 | 3.49 | 4.21 | 3.86 | 3.79 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
Sales per share
= (SalesQ3 2025
+ SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024)
÷ No. shares of common stock outstanding
= (8,615,000,000 + 8,495,000,000 + 8,112,000,000 + 8,282,000,000)
÷ 466,948,930 = 71.75
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q3 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= 418.30 ÷ 71.75 = 5.83
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend over the analyzed periods. Starting at $296.40 in March 2021, it experienced fluctuations but increased notably towards the end of 2023, peaking at $451.20 in December 2023. Following this peak, the price stabilized in the range of approximately $418 to $461 through 2024 and into the first three quarters of 2025. There were minor declines in some quarters but no sustained downward movement.
- Sales per Share Trend
- Sales per share showed a steady and moderate increase throughout the timeline. Starting from $53.34 in March 2021, sales per share rose consistently each quarter, reaching $71.75 by September 2025. The growth was smooth without any significant dips, indicating stable revenue generation per share over the entire period.
- Price-to-Sales (P/S) Ratio Trend
- The P/S ratio fluctuated during the observation periods. It started at 5.56 in the first quarter of 2021, decreased to a low of 4.29 in September 2022, suggesting a relative undervaluation or improved sales relative to the share price at that point. Subsequently, the ratio increased sharply, peaking at 6.61 in December 2023, indicating a potential premium valuation against sales during that period. Following this peak, the ratio showed minor fluctuations but generally maintained a higher level above 6 until a decline to 5.83 was observed by September 2025. The variability in the P/S ratio reflects changes in market valuation relative to sales performance over time.
- Summary of Financial Patterns
- The share price appreciation combined with steadily increasing sales per share indicates positive market sentiment and improving business performance. The rising sales per share suggest consistent growth in revenue generation capabilities. However, fluctuations in the P/S ratio demonstrate varying market perceptions of valuation, with periods of both higher and lower premium relative to sales. The peak P/S ratio around late 2023 implies a period of heightened investor optimism or expectation of future growth. Recent slight decreases in both share price and P/S ratio towards 2025 might indicate a market reassessment or stabilization following previous gains.
Price to Book Value (P/BV)
Linde plc, historical P/BV calculation (quarterly data)
| 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 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | 466,948,930 | 468,909,532 | 471,294,205 | 472,911,618 | 476,157,903 | 477,502,737 | 480,676,281 | 481,576,472 | 484,890,486 | 487,945,864 | 490,251,988 | 492,160,806 | 494,379,532 | 498,365,588 | 503,281,693 | 507,744,577 | 512,554,731 | 516,411,320 | 520,208,493 | ||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||
| Total Linde plc shareholders’ equity (in millions) | 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) | 44,035) | 44,323) | 45,777) | 46,210) | ||||||
| Book value per share (BVPS)2 | 82.70 | 82.14 | 80.70 | 80.55 | 82.27 | 79.96 | 80.78 | 82.48 | 80.22 | 81.79 | 81.53 | 81.33 | 76.11 | 79.61 | 85.37 | 86.73 | 86.47 | 88.64 | 88.83 | ||||||
| Share price1, 3 | 418.30 | 459.41 | 448.05 | 461.55 | 456.15 | 454.00 | 419.62 | 451.20 | 370.32 | 384.63 | 365.64 | 348.37 | 293.26 | 296.93 | 313.29 | 293.24 | 319.20 | 307.39 | 296.40 | ||||||
| Valuation Ratio | |||||||||||||||||||||||||
| P/BV ratio4 | 5.06 | 5.59 | 5.55 | 5.73 | 5.54 | 5.68 | 5.19 | 5.47 | 4.62 | 4.70 | 4.48 | 4.28 | 3.85 | 3.73 | 3.67 | 3.38 | 3.69 | 3.47 | 3.34 | ||||||
| Benchmarks | |||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 19.86 | 19.27 | 21.12 | 21.72 | 21.90 | 23.16 | 21.68 | 21.32 | 15.91 | 19.54 | 19.12 | 18.55 | 21.97 | 27.03 | 31.59 | 28.55 | 30.80 | 26.67 | 23.23 | ||||||
Based on: 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), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).
1 Data adjusted for splits and stock dividends.
2 Q3 2025 Calculation
BVPS = Total Linde plc shareholders’ equity ÷ No. shares of common stock outstanding
= 38,616,000,000 ÷ 466,948,930 = 82.70
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q3 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= 418.30 ÷ 82.70 = 5.06
5 Click competitor name to see calculations.
- Share Price Trend
- The share price demonstrated a general upward trend from March 2021 through mid-2024, increasing from approximately $296 to a peak of around $461 in December 2024. Notable fluctuations occurred, including a dip at the end of 2021 and again in mid-2022, followed by strong recovery and significant growth through 2023 and 2024. In early 2025, the share price showed some volatility, decreasing from the peak but remaining above the levels observed in 2021 and early 2022.
- Book Value Per Share (BVPS) Trend
- Bvps displayed relative stability with slight fluctuations across the period. It started at approximately $88.83 in March 2021, experiencing a gradual decline and fluctuations through 2022, reaching a low near $76.11 in September 2022. After this low, BVPS stabilized around the low 80s through late 2022 and 2023, and maintained a range between roughly 79 and 83 through to late 2025. Overall, BVPS showed minor volatility but no significant trend upward or downward.
- Price-to-Book Value (P/BV) Ratio Trend
- The P/BV ratio exhibited a steady increase over the analyzed timeframe, indicating rising market valuation relative to the company's book value per share. Starting near 3.34 in March 2021, the ratio rose consistently with temporary accelerations, reaching approximately 5.73 by December 2024. Early 2025 saw a slight decrease to a ratio around 5.06 by September 2025. This upward movement in P/BV corresponds with the stronger share price performance compared to the relatively stable book value, suggesting increased investor confidence or market expectations of future growth.
- Overall Insights
- The data reflects a company experiencing stable underlying book values per share but gaining substantial market valuation as reflected in its rising share price and P/BV ratio. The increasing P/BV ratio signals positive investor sentiment and possibly anticipated earnings growth or other favorable outlook factors. Despite the occasional volatility in share price, the company maintained a solid equity base per share, while market valuation multiples expanded notably throughout the period.