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).
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Historical Valuation Ratios (Summary)
Linde plc, historical price multiples (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Price to Earnings (P/E) Ratio Trend
- The Price to Earnings ratio data, available from March 2020 onwards, initially shows a decreasing trend from 52.57 in March 2020 to 30.01 by December 2021. This decline indicates a reduction in the market's valuation of earnings relative to price over this period. However, after this trough, the ratio fluctuates moderately between approximately 31 and 35 through to June 2025, suggesting a stabilization of market expectations concerning earnings.
- Price to Operating Profit (P/OP) Ratio Trend
- The Price to Operating Profit ratio follows a parallel pattern to the P/E ratio. Starting at 39.58 in March 2020, it steadily declines to around 23.37 in December 2021, reflecting a decreasing price premium on operating profits. This long-term reduction might point to improved operating profit margins or changing investor valuation metrics. Post-December 2021, the ratio shows some volatility but largely remains in the mid-20 range through June 2025, suggesting a more normalized valuation relative to operating profit.
- Price to Sales (P/S) Ratio Trend
- The Price to Sales ratio shows a somewhat different pattern. After starting at 4.83 in March 2020, it increases gradually to a peak around 6.61 by March 2024. This upward trend implies rising valuation multiples relative to sales, possibly due to revenue growth prospects or improved sales efficiency. After this peak, the ratio mostly holds steady around the 6.4 to 6.6 mark through June 2025, indicating investor confidence in sales-generating ability has stabilized at a higher level compared to the starting point.
- Price to Book Value (P/BV) Ratio Trend
- The Price to Book Value ratio demonstrates a consistent and marked upward trend from 2.17 in March 2020 to around 5.59 by June 2025. This increase more than doubles the multiple over the period, reflecting a growing market valuation relative to the book value of equity. Such a pattern may indicate expectations of enhanced future profitability, strong asset quality, or investor confidence in long-term growth potential. Notably, the ratio shows steady increments with minor fluctuations, peaking as high as 5.73 in March 2025 before marginally declining yet remaining elevated.
- Overall Insights
- Across the observed periods, valuation ratios indicate a transition from high earnings and operating profit multiples early in 2020 to more moderated levels by late 2021, followed by relative stabilization. At the same time, valuation multiples relative to sales and book value exhibit upward trajectories, suggesting increasing market confidence in sales growth and asset base quality. The stabilization of earnings and operating profit multiples alongside rising sales and book value multiples may imply a shift in investor focus from short-term earnings to longer-term growth and asset value.
Price to Earnings (P/E)
Linde plc, historical P/E calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net income, Linde plcQ2 2025
+ Net income, Linde plcQ1 2025
+ Net income, Linde plcQ4 2024
+ Net income, Linde plcQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a generally upward trend from March 31, 2020, to June 30, 2025. Starting at $184.79 in early 2020, the price steadily increased with minor fluctuations, reaching a peak of approximately $461.55 by December 31, 2024. There were some periods of decline or stagnation, notably around the end of 2021 and mid-2022, where prices hovered between $293.26 and $296.93 before resuming the upward trajectory. Towards the end of the observed period, the share price remained relatively stable in the range of $448.05 to $459.41.
- Earnings Per Share (EPS) Pattern
- EPS data is available starting from the quarter ending March 31, 2021. The EPS showed consistent growth throughout the period, rising from $4.78 to $14.32 by June 30, 2025. This steady increase indicates an improving profitability profile. The acceleration in EPS growth is notable in the latter quarters, particularly from 2023 onward, where increments became more pronounced, suggesting enhanced operational efficiency or increased earnings capacity.
- Price-to-Earnings (P/E) Ratio Analysis
- The P/E ratio initially recorded values above 50 in the first quarters of 2021, peaking at 53.02, indicating a high market valuation relative to earnings at that time. Over subsequent periods, the P/E ratio displayed a decreasing trend with some fluctuations, falling to around the low 30s by mid-2025. This decline suggests that while earnings increased significantly, the share price growth did not proportionally outpace EPS, leading to a relatively lower P/E ratio and potentially reflecting a market reassessment of growth expectations or risk.
- Overall Financial Insights
- The data reflects a company experiencing strong and consistent earnings growth accompanied by a rising share price. However, the declining P/E ratio over time could imply a market adjustment towards more moderate valuation multiples despite improving earnings. The observed trends suggest healthy financial performance with market confidence tempered by valuation considerations.
Price to Operating Profit (P/OP)
Linde plc, historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| Operating profit (in millions) | |||||||||||||||||||||||||||||
| Operating profit per share2 | |||||||||||||||||||||||||||||
| Share price1, 3 | |||||||||||||||||||||||||||||
| Valuation Ratio | |||||||||||||||||||||||||||||
| P/OP ratio4 | |||||||||||||||||||||||||||||
| Benchmarks | |||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | |||||||||||||||||||||||||||||
| Sherwin-Williams Co. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating profitQ2 2025
+ Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibited significant volatility over the observed periods. From March 2020 to the end of 2020, the price increased from $184.79 to $251.49, indicating a recovery or positive momentum during this time. Throughout 2021, the share price continued to rise, peaking near $319.2 in September before a decline to about $293.24 by December. In 2022, the price fluctuated around the low to mid $300s, with a notable rise to $348.37 by December 2022. During 2023 and extending into early 2024, the share price experienced a strong upward trajectory, reaching as high as $461.55 by December 2024, followed by slight declines but maintaining levels near $450 through mid-2025.
- Operating Profit per Share (OPPS) Development
- Operating profit per share showed consistent and steady growth from its first recorded value in March 2021 at $6.35 to $18.97 by June 2025. This indicates a roughly threefold increase over the span of four years, reflecting strong operational performance improvements and potentially increased profitability or efficiency gains at the company level.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio started at a high of 39.58 in March 2021, indicating that the market price was valued at almost 40 times the operating profit per share at that time. Over successive quarters, this ratio generally declined, reflecting a relatively faster increase in operating profits compared to share price appreciation. By the end of 2021, it decreased to about 34.99 and continued a downward trend towards the mid-to-low 20s by 2024 and 2025. Fluctuations were observed during this decline, but the general movement suggests improved valuation metrics, possibly due to stronger fundamental earnings growth relative to market price increases.
- General Insights
- The combination of steadily increasing operating profit per share and a declining P/OP ratio suggests improving operational efficiency and a better balance between price and earnings. Despite share price volatility, the fundamental profitability seen in OPPS growth indicates strengthening company performance. The share price appreciation, especially during late 2023 and 2024, demonstrates strong investor confidence or market conditions favoring the company. The declining P/OP ratio also implies the stock may have become more reasonably valued relative to its increasing earnings generating capability.
Price to Sales (P/S)
Linde plc, historical P/S calculation (quarterly data)
| 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 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (SalesQ2 2025
+ SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trends
- The share price exhibits overall growth from March 31, 2020, to June 30, 2025. Starting at $184.79 in March 2020, it rises steadily with some fluctuations, peaking at $461.55 in December 2024. Notable dips occur in late 2021 and mid-2022, but these are followed by rapid recoveries and continued upward momentum. The data indicates growing investor confidence or positive market sentiment about the company during this period.
- Sales Per Share Patterns
- Sales per share show a consistent upward trend from March 2021 onwards, increasing from $52.11 to $70.90 by June 2025. The rise is gradual, with minor fluctuations around late 2022 and early 2023, but generally maintains positive growth. This suggests improving business performance and revenue generation on a per-share basis over the analyzed quarters.
- P/S Ratio Analysis
- The price-to-sales (P/S) ratio fluctuates over the period but generally trends higher towards the later quarters. Starting around 4.83 in early 2021, it declines to near 4.29 by December 2022, indicating that the share price was becoming less expensive relative to sales per share. Subsequently, the ratio climbs significantly, reaching values above 6.5 by late 2024 and mid-2025. This increase suggests either market valuation growing faster than sales or elevated investor expectations about future growth.
- Interrelation and Insights
- The combination of rising share prices and steady growth in sales per share reflects positive operational results alongside favorable market valuation. The increasing P/S ratio in later years indicates that investors might be valuing the company's sales growth strongly, potentially anticipating sustained profitability or expansion. However, the notable volatility in share price, especially dips followed by sharp recoveries, suggests market sensitivity to external factors or periodic reassessments of company prospects.
Price to Book Value (P/BV)
Linde plc, historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | |||||||||||||||||||||||||||||
| Selected Financial Data (US$) | |||||||||||||||||||||||||||||
| 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. | |||||||||||||||||||||||||||||
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
1 Data adjusted for splits and stock dividends.
2 Q2 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 Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The share price exhibited an overall upward trend over the observed periods, rising from $184.79 at the end of the first quarter of 2020 to a peak of $461.55 by the end of the first quarter of 2025. Despite fluctuations within some quarters, the general trajectory was positive. Notably, substantial gains were seen from late 2022 through 2024, with share prices increasing from approximately $348.37 in December 2022 to around $456.15 in December 2024.
Book value per share (BVPS) demonstrated relative stability with a slightly declining trend, beginning at $85.26 in March 2020 and moving down to a range near $80.55 to $82.14 between March 2025 and June 2025. Some decreases were observed particularly in 2021 and mid-2022, followed by minor recoveries, suggesting moderate fluctuations but without any significant upward or downward surge.
The price-to-book value ratio (P/BV) showed a clear upward pattern, reflecting the faster increase in share price relative to book value per share. Starting from 2.17 in March 2020, it rose steadily, reaching levels above 5 by the end of 2024 and early 2025. This growth in the P/BV ratio indicates an increasing market valuation premium compared to the book equity value, implying enhanced investor confidence or expectations about future earnings potential beyond the accounted net asset base.
- Share Price
- Strong bullish trend with significant appreciation over the five-year period.
- Intermittent short-term volatility did not alter the positive long-term movement.
- Biggest upward momentum observed between late 2022 and the end of 2024.
- Book Value Per Share
- Relative stability with a modest downward tendency observed.
- Fluctuations around the $80–$90 range without major deviations.
- No clear structural gains in net asset value per share across the timeline.
- Price-to-Book Ratio
- Consistent upward movement reflecting growing market valuation.
- Increase from approximately 2.17 to above 5 suggests heightened investor confidence.
- Indicates the market price increasingly outpaces net asset backing, highlighting valuation growth beyond book fundamentals.
Overall, the data suggests that the stock market perceives increasingly positive prospects for the company despite stable or slightly declining book value per share. Investors appear willing to pay a premium well above the company's net asset value, as reflected in the rising P/BV ratio and the growing share price over multiple years.