Linde plc (NASDAQ:LIN)

Current Assets

The current assets exhibit a fluctuating trend over the analyzed period. Initially, there is a decline from 10,924 million USD at the end of 2020 to 10,159 million USD by the end of 2021. This is followed by a significant increase to 13,047 million USD in 2022. Subsequently, the current assets slightly decrease to 12,620 million USD in 2023, before rising again to 12,945 million USD in 2024. Overall, the current assets show volatility but end higher in 2024 compared to 2020.

Adjusted Current Assets

Adjusted current assets display a pattern similar to current assets, but at consistently higher levels. The value decreases from 11,395 million USD in 2020 to 10,564 million USD in 2021, then jumps to 13,452 million USD in 2022. A modest decline follows in 2023 to 13,077 million USD, which is succeeded by an increase to 13,366 million USD in 2024. The adjusted current assets reflect adjustments that improve asset valuation or liquidity positions, maintaining a positive trajectory by the end of the period.

Total assets

The total assets show a declining trend from 88,229 million US dollars at the end of 2020 to 79,658 million US dollars by the end of 2022. This decline is followed by a slight increase in 2023, reaching 80,811 million US dollars. However, in 2024, the total assets decrease again marginally to 80,147 million US dollars. Overall, the total assets experienced a decrease over the five-year period, indicating a contraction in the asset base.

Adjusted total assets

The adjusted total assets demonstrate a similar pattern to the total assets, starting at 88,432 million US dollars in 2020 and declining steadily to 79,833 million US dollars in 2022. There is a minor increase in 2023, with adjusted total assets rising to 81,042 million US dollars, followed by a slight decline to 80,140 million US dollars in 2024. The adjusted total assets remain very close in value to the unadjusted total assets throughout the period, suggesting that adjustments had minimal impact on the overall asset valuation.

Overall assessment

Both total assets and adjusted total assets reflect a general downward trend over the five-year period with minor fluctuations around 2023. The contraction in assets might suggest divestitures, asset depreciation, or changes in asset management strategies. The minor uptick in 2023 may indicate a temporary asset acquisition or revaluation, but the trend resumes downward in the following year. The close alignment between total and adjusted total assets indicates consistency and reliability in the reporting adjustments.

Current Liabilities

The current liabilities showed a fluctuating trend over the five-year period. Beginning at 13,740 million USD at the end of 2020, there was a slight decrease in 2021 to 13,643 million USD. This was followed by a significant increase in 2022, reaching a peak of 16,479 million USD. Subsequently, current liabilities decreased again in 2023 to 15,717 million USD and further declined to 14,544 million USD by the end of 2024. Overall, the data indicates a rise in liabilities in the middle of the period with a gradual reduction towards the end.

Adjusted Current Liabilities

Adjusted current liabilities presented a pattern similar to that of current liabilities, suggesting consistent adjustments applied across the periods. Starting at 13,541 million USD in 2020, the figure slightly decreased to 13,443 million USD in 2021. Then there was a notable increase in 2022 to 16,292 million USD, mirroring the peak seen in current liabilities. This was followed by decreases to 15,571 million USD in 2023 and 14,369 million USD in 2024. The adjusted liabilities maintained a close alignment with the reported current liabilities but were consistently slightly lower in magnitude.

The total liabilities of the company demonstrated some fluctuations over the observed five-year period. Starting at US$38,647 million in 2020, the liabilities decreased to US$36,164 million in 2021, suggesting a reduction in the company's obligations during that year. However, in the following years, total liabilities showed a steady increase, rising to US$38,271 million in 2022, then increasing further to US$39,716 million in 2023, and reaching US$40,659 million in 2024. This upward trajectory from 2021 onward indicates a trend toward higher leverage or increased obligations.

In parallel, the adjusted total liabilities, which might represent a modified or more refined measure of obligations, also followed a similar pattern. The adjusted liabilities started at US$31,574 million in 2020 and decreased to US$29,472 million in 2021, mirroring the initial reduction observed in total liabilities. Subsequently, adjusted liabilities increased in each consecutive year, reaching US$32,065 million in 2022, US$33,753 million in 2023, and US$34,759 million in 2024. Despite the increase, the adjusted figures remain consistently lower than the total liabilities, reflecting the adjustments made to the raw total liabilities data.

Overall, the company's liabilities experienced a dip in 2021 but then resumed an increasing trend through 2024. This pattern may indicate an initial effort toward deleveraging or improving financial structure followed by renewed accumulation of liabilities. The consistency between total and adjusted liabilities trends supports confidence in the reliability of these observed patterns.

Total Linde plc shareholders’ equity

The total shareholders’ equity showed a consistent downward trend over the five-year period. Starting at 47,317 million US dollars at the end of 2020, it gradually decreased each subsequent year, reaching 38,092 million US dollars by the end of 2024. This represents a reduction of approximately 19.5% over the period under review. The decline appears steady, with no periods of recovery or significant fluctuations.

Adjusted total equity

Adjusted total equity mirrored the pattern observed in total shareholders’ equity, exhibiting a continual decline throughout the five years. It began at 56,858 million US dollars at the end of 2020 and decreased annually to 45,381 million US dollars by the end of 2024. This indicates a reduction of roughly 20.2%. The trajectory is similarly consistent without notable deviations or intermittent increases.

General observations

Both total shareholders’ equity and adjusted total equity demonstrate a clear and persistent downward trend over the analyzed period. The similar rates of decline between the two equity measures suggest that adjustments made to total equity did not substantially alter the overall equity trend. This persistent decrease in equity could point towards ongoing challenges in capital retention or profitability, though further detailed financial data would be required to ascertain the underlying causes.

The financial data reveals several notable trends over the five-year period from the end of 2020 to the end of 2024. Overall, there is a general upward trajectory in debt levels, contrasted by a declining pattern in equity and a relatively stable total capital base.

Total reported debt

The total reported debt exhibits a rising trend, increasing from US$16,317 million in 2020 to US$21,827 million in 2024. Although there was a dip in 2021 to US$14,383 million, the debt level subsequently rose sharply in the following years, reaching the highest value in 2024. This indicates a growing reliance on debt financing over the examined period.

Total Linde plc shareholders’ equity

Shareholders' equity shows a consistent decline, dropping from US$47,317 million in 2020 to US$38,092 million by 2024. The most significant decrease occurs between 2021 and 2022, with equity falling by approximately US$4,000 million. This continuous reduction in equity suggests either payouts exceeding earnings or other elements that diminish shareholder value.

Total reported capital

The total reported capital, which combines debt and equity, remains relatively stable but with a slight downward movement. It decreases from US$63,634 million in 2020 to US$59,919 million in 2024, after a fluctuation in 2023 where it rose marginally. This stability despite rising debt and declining equity reflects balancing factors within the capital structure.

Adjusted total debt

Adjusted total debt's trend mirrors that of the reported debt, increasing from US$17,223 million in 2020 to US$22,609 million in 2024. Similar temporary decline in 2021 is followed by continuous growth, confirming the increasing leverage position after considering adjustments.

Adjusted total equity

Adjusted total equity follows a downward trend, decreasing from US$56,858 million in 2020 to US$45,381 million in 2024. This pattern aligns with the decline seen in reported equity, indicating persistent decreases in net assets after adjustments.

Adjusted total capital

The adjusted total capital remains fairly steady with minor fluctuations, starting at US$74,081 million in 2020 and slightly declining to US$67,990 million by 2024. Fluctuations reflect the interplay between rising adjusted debt and falling adjusted equity.

In summary, the data displays a clear increase in both reported and adjusted debt levels contrasted against declining equity positions. Despite these movements, total capital figures, both reported and adjusted, demonstrate relative stability. This suggests an evolving capital structure with increasing leverage while the overall capital base is maintained within a narrow range.

The financial data reveals notable trends and fluctuations in the company's net income and adjusted net income over the five-year period ending December 31, 2024.

Net Income Trends

Net income demonstrates a general upward trajectory from 2020 to 2024. Starting at $2,501 million in 2020, it increased to $3,826 million in 2021 and $4,147 million in 2022. A more pronounced rise is observed in 2023, with net income reaching $6,199 million, followed by a slight increase to $6,565 million in 2024.

This progression suggests consistent profitability growth, with particularly strong performance in 2023 and 2024 compared to prior years.

Adjusted Net Income Trends

Adjusted net income, which accounts for noncontrolling interests, initially rose from $2,778 million in 2020 to a peak of $3,362 million in 2021. However, this was followed by a decline to $2,943 million in 2022. Subsequently, there was a sharp increase in 2023 to $6,156 million, nearly doubling from the previous year, but this was succeeded by a decrease to $5,423 million in 2024.

The adjusted net income pattern indicates some volatility compared to net income, with a dip in 2022, a significant rebound in 2023, and a moderate decline in 2024. This variability may reflect changes in noncontrolling interests or other adjustments impacting the reported figure.

Comparison and Insights

The gap between net income and adjusted net income narrows considerably in the later years, particularly in 2023 and 2024, suggesting stronger alignment between these metrics. While net income shows steady growth, the adjusted figure is subject to greater fluctuations, indicating that adjustments and noncontrolling interests have a meaningful impact on this measure.

Overall, the financial performance suggests enhanced profitability, especially notable in the large increases during 2023, although the adjustments reflected in adjusted net income suggest some underlying variability in earnings quality or stakeholder interests.