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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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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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).
- Price to Earnings (P/E) Ratio
- The Price to Earnings ratio demonstrates a general downward trend from early 2021 to mid-2023, decreasing from 53.02 to 30.01, indicating a possible increase in earnings relative to the price or a market adjustment. After mid-2023, the P/E ratio fluctuates moderately between approximately 31 and 35, showing some volatility but no clear directional trend. The ratio remains significantly lower compared to the levels observed in the first quarter of 2021, suggesting a relative valuation decrease or improved earnings performance over the period.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a pattern similar to that of the P/E ratio, with a notable decline from 40.55 at the start of 2021 to its lowest point of 23.37 in the third quarter of 2023. This decline suggests enhanced operating profitability or a market reassessment of operating profit multiples. Subsequently, the ratio shows a mild recovery and stabilizes around 24 to 27 towards late 2024 and mid-2025, indicating a more stable valuation of operating profit relative to the market price after the earlier decrease.
- Price to Sales (P/S) Ratio
- The Price to Sales ratio exhibits relative stability from early 2021 through middle 2022, fluctuating modestly between approximately 4.29 and 5.67. From late 2023 onward, there is a noticeable upward shift with values rising above 6.0, reaching peaks above 6.6 in late 2023 and throughout 2024. This increase may reflect higher market valuation relative to sales or improved sales performance. Overall, this ratio indicates a strengthening valuation against revenue especially in the later periods.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio reveals a steady increase throughout the entire period, starting from around 3.34 in March 2021 and rising consistently to reach a peak above 5.7 by mid-2025. This sustained growth indicates that the market value of the company is increasing relative to its book value, which could suggest improved investor confidence, asset revaluation, or growing intangible asset values. The upward trend is continuous and notable, with no significant periods of decline.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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.
The analysis of the quarterly financial metrics reveals several notable trends and patterns over the observed periods. These metrics include share price, earnings per share (EPS), and the price-to-earnings (P/E) ratio.
- Share Price
- The share price exhibits an overall upward trajectory from the beginning to the end of the period. Starting at $296.40, it experienced moderate fluctuations but generally increased, reaching a peak of approximately $461.55 towards the latter part of the timeline. Some short-term declines were observed, such as drops around late 2022 and early 2025, indicating periods of market volatility or external factors affecting investor sentiment. Despite these, the long-term trend remains positive, suggesting growing investor confidence or company valuation.
- Earnings Per Share (EPS)
- The EPS shows a consistent and steady growth throughout the periods analyzed. Beginning at $5.59, EPS increased almost every quarter, culminating at $14.32. This upward trend in profitability per share reflects a strengthening financial performance and operational efficiency. The continuous rise in EPS over multiple quarters indicates strong earnings momentum and effective cost management or revenue growth.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio demonstrates a general declining trend over time, starting from a high of 53.02 and decreasing to around 32.09 by the end of the period. This decline suggests that the stock became progressively less expensive relative to its earnings. The falling P/E ratio amidst rising EPS and share price indicates that earnings growth outpaced the increase in share price, possibly signaling improved valuation metrics or market adjustment to the company's profitability gains. The P/E ratio also displayed volatility with periodic increases, reflecting short-term market perceptions or adjustments to earnings expectations.
In summary, the company exhibits strong financial growth marked by rising earnings per share and an increasing share price over the evaluated quarters. The decreasing P/E ratio points to a market reassessment of the company’s earnings potential, possibly aligning the stock price more closely with underlying financial performance. These trends collectively suggest a positive outlook on earnings capacity, with the share price reflecting a gradual realignment in market valuation over time.
Price to Operating Profit (P/OP)
Linde plc, historical P/OP calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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 Trend
- The share price exhibited a generally increasing trend over the periods analyzed. Starting from a value of 296.4 US$ at the end of March 2021, the price showed moderate growth through most quarters, reaching peaks above 450 US$ by the end of 2023 and into 2024. Some fluctuations were observed, notably a dip in the second quarter of 2022 and again towards the end of the period analyzed (first half of 2025), but overall the share price displayed strong upward momentum through these years.
- Operating Profit Per Share (OP) Movement
- The operating profit per share demonstrated a steady and consistent increase across all quarters observed. Beginning at 7.31 US$ in March 2021, the metric rose every quarter, reaching close to 19 US$ by June 2025. This suggests improving operational efficiency and profitability on a per-share basis throughout the period considered.
- Price to Operating Profit Ratio (P/OP) Analysis
- The Price to Operating Profit ratio showed variability that generally reflected the interplay between the share price and operating profit per share. Initially, this ratio was relatively high, peaking above 40 in March 2021, but decreased steadily through the periods to more moderate levels around 24 by mid-2025. This decline indicates that the growth in operating profit per share outpaced the increase in share price, suggesting the stock became comparatively more attractively valued relative to its operational performance. Some fluctuations are noted, such as an increasing trend in late 2022 and early 2023, but the longer-term movement sees a contraction of the ratio.
- Insights
- The data reflects positive financial performance, with operational profitability increasing consistently across the years. The market valuation, represented by the share price, also improved significantly but with periods of volatility. The diminishing P/OP ratio over time generally signals improved valuation relative to earnings, which may be indicative of the market's recognition of sustained earnings growth or a correction from prior overvaluation. Overall, the company exhibited strong financial momentum in both market performance and profitability per share.
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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 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).
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 Trend
- The share price showed an overall upward trend across the periods observed. Starting from approximately $296 in early 2021, the price experienced fluctuations with periods of both decline and growth. Notably, after a dip in late 2021, the price increased significantly reaching a peak above $450 by late 2023 and early 2024. Towards mid-2025, the share price demonstrated some minor volatility but generally maintained levels around the high $440 to $460 range.
- Sales per Share Pattern
- Sales per share exhibited a consistent upward movement throughout the entire timeframe. Beginning around $53 in early 2021, the figures incrementally rose each quarter, reaching approximately $71 by mid-2025. The increases were steady, with minimal fluctuation, indicating stable growth in sales relative to shares outstanding.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio showed more volatility compared to sales per share, implying variations in market valuation relative to sales. Initially, the ratio declined from 5.56 in early 2021 to around 4.29 in late 2022, suggesting that market valuation was decreasing relative to sales during this period. However, from late 2022 onwards, the P/S ratio rose sharply and consistently, reaching levels above 6.5 in 2023 and 2024. In mid-2025, the ratio stabilized around 6.4 to 6.5, indicating a higher valuation relative to sales compared to the earlier periods.
- Summary and Insights
- The data reflects strong sales growth per share over the analyzed periods with steady increments each quarter. Despite periods of share price volatility, the general trend is upward, with marked appreciation in the last two years. The P/S ratio reveals that initial declines in market valuation relative to sales gave way to a substantial increase, suggesting enhanced investor confidence or perception of the company’s growth prospects from late 2022 onward. This combination of rising sales per share and a higher P/S ratio indicates a favorable market environment and possibly expectations of sustained growth or improved profitability.
Price to Book Value (P/BV)
Linde plc, historical P/BV calculation (quarterly data)
| Jun 30, 2025 | Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||
| 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).
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.
- Share Price Trends
- The share price generally demonstrates an upward trajectory from March 2021 to June 2025, beginning at 296.4 US$ and rising to 459.41 US$ by the end of the period. Despite some volatility, notable increases occurred around December 2022 and December 2023, with the price reaching peaks of 451.2 US$ and 461.55 US$, respectively. Temporary dips are observed periodically, such as in December 2021 and September 2022, indicating market fluctuations or external factors affecting valuation.
- Book Value per Share (BVPS) Trends
- BVPS remains relatively stable throughout the period, fluctuating around the mid-80 US$ range. Starting at 88.83 US$ in March 2021, it decreases moderately with some variability, hitting lows near 76.11 US$ in September 2022 before slightly recovering to approximately 82.14 US$ by June 2025. This stability suggests consistent equity base value despite movements in market valuation.
- Price-to-Book Value (P/BV) Ratio Analysis
- The P/BV ratio steadily increases from 3.34 in March 2021 to approximately 5.59 by June 2025. This rising trend reflects the market's increasing willingness to pay a premium above the book value. Periods of significant growth in the ratio coincide with rises in share price, especially evident after December 2022 and December 2023. The peak P/BV ratio of 5.73 is reached in December 2024, suggesting heightened investor confidence or expectations of future growth, despite relatively stable book values.
- Overall Interpretation
- The data indicate robust market confidence in the company, as evidenced by the increasing share price and P/BV ratio over time. The stable book value per share suggests that the company's underlying net asset value did not fluctuate dramatically, implying that the market price gains are likely driven by improved market sentiment, growth expectations, or operational performance outside of book value metrics. The rising premium investors are willing to pay over book value warrants consideration of factors such as earnings growth, strategic positioning, or macroeconomic influences encouraging valuation expansion.