Analysis of Operating Leases
An operating lease is treated like a rental contract. Neither the leased asset nor the associated liability is reported on the lessee balance sheet, but the rights may be very similar to the rights of an owner. The lessee only records the lease payments as a rental expense in income statement.
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Linde plc pages available for free this week:
- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Adjustments to Financial Statements for Operating Leases
Linde plc, adjustments to financial statements
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
1, 2 Equal to total present value of future operating lease payments.
Linde plc, Financial Data: Reported vs. Adjusted
Adjusted Financial Ratios for Operating Leases (Summary)
Linde plc, adjusted financial ratios
Based on: 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), 10-K (reporting date: 2020-12-31).
| Financial ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Linde plc adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
| Adjusted debt to equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | Linde plc adjusted debt to equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Linde plc adjusted ROA improved from 2022 to 2023 and from 2023 to 2024. |
Linde plc, Financial Ratios: Reported vs. Adjusted
Adjusted Total Asset Turnover
Based on: 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), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Total asset turnover = Sales ÷ Total assets
= ÷ =
2 Adjusted total asset turnover = Sales ÷ Adjusted total assets
= ÷ =
| Activity ratio | Description | The company |
|---|---|---|
| Adjusted total asset turnover | An activity ratio calculated as total revenue divided by adjusted total assets. | Linde plc adjusted total asset turnover ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024. |
Adjusted Debt to Equity
Based on: 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), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Debt to equity = Total debt ÷ Total Linde plc shareholders’ equity
= ÷ =
2 Adjusted debt to equity = Adjusted total debt ÷ Total Linde plc shareholders’ equity
= ÷ =
| Solvency ratio | Description | The company |
|---|---|---|
| Adjusted debt-to-equity | A solvency ratio calculated as adjusted total debt divided by total shareholders’ equity. | Linde plc adjusted debt-to-equity ratio deteriorated from 2022 to 2023 and from 2023 to 2024. |
Adjusted Return on Assets (ROA)
Based on: 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), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 ROA = 100 × Net income, Linde plc ÷ Total assets
= 100 × ÷ =
2 Adjusted ROA = 100 × Net income, Linde plc ÷ Adjusted total assets
= 100 × ÷ =
| Profitability ratio | Description | The company |
|---|---|---|
| Adjusted ROA | A profitability ratio calculated as net income divided by adjusted total assets. | Linde plc adjusted ROA improved from 2022 to 2023 and from 2023 to 2024. |