Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

Adjusted Financial Ratios

Microsoft Excel

Adjusted Financial Ratios (Summary)

Linde plc, adjusted financial ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Activity Ratio
Total Asset Turnover
Reported 0.41 0.42 0.38 0.31 0.33
Adjusted 0.41 0.42 0.38 0.31 0.33
Liquidity Ratio
Current Ratio
Reported 0.80 0.79 0.74 0.80 0.85
Adjusted 0.84 0.83 0.79 0.84 0.89
Solvency Ratios
Debt to Equity
Reported 0.49 0.45 0.33 0.34 0.28
Adjusted 0.43 0.39 0.29 0.30 0.25
Debt to Capital
Reported 0.33 0.31 0.25 0.26 0.22
Adjusted 0.30 0.28 0.23 0.23 0.20
Financial Leverage
Reported 2.03 1.99 1.85 1.86 1.76
Adjusted 1.71 1.67 1.56 1.56 1.47
Profitability Ratios
Net Profit Margin
Reported 18.87% 12.43% 12.42% 9.18% 8.09%
Adjusted 18.74% 8.82% 10.92% 10.20% 6.56%
Return on Equity (ROE)
Reported 15.61% 10.36% 8.69% 5.29% 4.66%
Adjusted 13.02% 6.16% 6.43% 4.89% 3.15%
Return on Assets (ROA)
Reported 7.67% 5.21% 4.69% 2.83% 2.64%
Adjusted 7.60% 3.69% 4.11% 3.14% 2.14%

Based on: 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), 10-K (reporting date: 2019-12-31).

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Linde plc adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Linde plc adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Linde plc adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Linde plc adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Linde plc adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Linde plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Linde plc adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Linde plc, Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Sales 32,854 33,364 30,793 27,243 28,228
Total assets 80,811 79,658 81,605 88,229 86,612
Activity Ratio
Total asset turnover1 0.41 0.42 0.38 0.31 0.33
Adjusted
Selected Financial Data (US$ in millions)
Sales 32,854 33,364 30,793 27,243 28,228
Adjusted total assets2 81,042 79,833 81,768 88,432 86,675
Activity Ratio
Adjusted total asset turnover3 0.41 0.42 0.38 0.31 0.33

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Total asset turnover = Sales ÷ Total assets
= 32,854 ÷ 80,811 = 0.41

2 Adjusted total assets. See details »

3 2023 Calculation
Adjusted total asset turnover = Sales ÷ Adjusted total assets
= 32,854 ÷ 81,042 = 0.41

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 improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Adjusted Current Ratio

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Current assets 12,620 13,047 10,159 10,924 10,352
Current liabilities 15,717 16,479 13,643 13,740 12,160
Liquidity Ratio
Current ratio1 0.80 0.79 0.74 0.80 0.85
Adjusted
Selected Financial Data (US$ in millions)
Adjusted current assets2 13,077 13,452 10,564 11,395 10,658
Adjusted current liabilities3 15,571 16,292 13,443 13,541 12,020
Liquidity Ratio
Adjusted current ratio4 0.84 0.83 0.79 0.84 0.89

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Current ratio = Current assets ÷ Current liabilities
= 12,620 ÷ 15,717 = 0.80

2 Adjusted current assets. See details »

3 Adjusted current liabilities. See details »

4 2023 Calculation
Adjusted current ratio = Adjusted current assets ÷ Adjusted current liabilities
= 13,077 ÷ 15,571 = 0.84

Liquidity ratio Description The company
Adjusted current ratio A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities. Linde plc adjusted current ratio improved from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Equity

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 19,566 18,070 14,383 16,317 13,956
Total Linde plc shareholders’ equity 39,720 40,028 44,035 47,317 49,074
Solvency Ratio
Debt to equity1 0.49 0.45 0.33 0.34 0.28
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 20,315 18,791 15,216 17,223 14,932
Adjusted total equity3 47,289 47,768 52,296 56,858 58,787
Solvency Ratio
Adjusted debt to equity4 0.43 0.39 0.29 0.30 0.25

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to equity = Total debt ÷ Total Linde plc shareholders’ equity
= 19,566 ÷ 39,720 = 0.49

2 Adjusted total debt. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 20,315 ÷ 47,289 = 0.43

Solvency ratio Description The company
Adjusted debt-to-equity ratio A solvency ratio calculated as adjusted total debt divided by adjusted total equity. Linde plc adjusted debt-to-equity ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Debt to Capital

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total debt 19,566 18,070 14,383 16,317 13,956
Total capital 59,286 58,098 58,418 63,634 63,030
Solvency Ratio
Debt to capital1 0.33 0.31 0.25 0.26 0.22
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt2 20,315 18,791 15,216 17,223 14,932
Adjusted total capital3 67,604 66,559 67,512 74,081 73,719
Solvency Ratio
Adjusted debt to capital4 0.30 0.28 0.23 0.23 0.20

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Debt to capital = Total debt ÷ Total capital
= 19,566 ÷ 59,286 = 0.33

2 Adjusted total debt. See details »

3 Adjusted total capital. See details »

4 2023 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 20,315 ÷ 67,604 = 0.30

Solvency ratio Description The company
Adjusted debt-to-capital ratio A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity. Linde plc adjusted debt-to-capital ratio deteriorated from 2021 to 2022 and from 2022 to 2023.

Adjusted Financial Leverage

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Total assets 80,811 79,658 81,605 88,229 86,612
Total Linde plc shareholders’ equity 39,720 40,028 44,035 47,317 49,074
Solvency Ratio
Financial leverage1 2.03 1.99 1.85 1.86 1.76
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets2 81,042 79,833 81,768 88,432 86,675
Adjusted total equity3 47,289 47,768 52,296 56,858 58,787
Solvency Ratio
Adjusted financial leverage4 1.71 1.67 1.56 1.56 1.47

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Financial leverage = Total assets ÷ Total Linde plc shareholders’ equity
= 80,811 ÷ 39,720 = 2.03

2 Adjusted total assets. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 81,042 ÷ 47,289 = 1.71

Solvency ratio Description The company
Adjusted financial leverage A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity.
Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.		 Linde plc adjusted financial leverage ratio increased from 2021 to 2022 and from 2022 to 2023.

Adjusted Net Profit Margin

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income, Linde plc 6,199 4,147 3,826 2,501 2,285
Sales 32,854 33,364 30,793 27,243 28,228
Profitability Ratio
Net profit margin1 18.87% 12.43% 12.42% 9.18% 8.09%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income, including noncontrolling interests2 6,156 2,943 3,362 2,778 1,851
Sales 32,854 33,364 30,793 27,243 28,228
Profitability Ratio
Adjusted net profit margin3 18.74% 8.82% 10.92% 10.20% 6.56%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
Net profit margin = 100 × Net income, Linde plc ÷ Sales
= 100 × 6,199 ÷ 32,854 = 18.87%

2 Adjusted net income, including noncontrolling interests. See details »

3 2023 Calculation
Adjusted net profit margin = 100 × Adjusted net income, including noncontrolling interests ÷ Sales
= 100 × 6,156 ÷ 32,854 = 18.74%

Profitability ratio Description The company
Adjusted net profit margin An indicator of profitability, calculated as adjusted net income divided by total revenue. Linde plc adjusted net profit margin ratio deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Equity (ROE)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income, Linde plc 6,199 4,147 3,826 2,501 2,285
Total Linde plc shareholders’ equity 39,720 40,028 44,035 47,317 49,074
Profitability Ratio
ROE1 15.61% 10.36% 8.69% 5.29% 4.66%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income, including noncontrolling interests2 6,156 2,943 3,362 2,778 1,851
Adjusted total equity3 47,289 47,768 52,296 56,858 58,787
Profitability Ratio
Adjusted ROE4 13.02% 6.16% 6.43% 4.89% 3.15%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROE = 100 × Net income, Linde plc ÷ Total Linde plc shareholders’ equity
= 100 × 6,199 ÷ 39,720 = 15.61%

2 Adjusted net income, including noncontrolling interests. See details »

3 Adjusted total equity. See details »

4 2023 Calculation
Adjusted ROE = 100 × Adjusted net income, including noncontrolling interests ÷ Adjusted total equity
= 100 × 6,156 ÷ 47,289 = 13.02%

Profitability ratio Description The company
Adjusted ROE A profitability ratio calculated as adjusted net income divided by adjusted total equity. Linde plc adjusted ROE deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Reported
Selected Financial Data (US$ in millions)
Net income, Linde plc 6,199 4,147 3,826 2,501 2,285
Total assets 80,811 79,658 81,605 88,229 86,612
Profitability Ratio
ROA1 7.67% 5.21% 4.69% 2.83% 2.64%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income, including noncontrolling interests2 6,156 2,943 3,362 2,778 1,851
Adjusted total assets3 81,042 79,833 81,768 88,432 86,675
Profitability Ratio
Adjusted ROA4 7.60% 3.69% 4.11% 3.14% 2.14%

Based on: 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), 10-K (reporting date: 2019-12-31).

1 2023 Calculation
ROA = 100 × Net income, Linde plc ÷ Total assets
= 100 × 6,199 ÷ 80,811 = 7.67%

2 Adjusted net income, including noncontrolling interests. See details »

3 Adjusted total assets. See details »

4 2023 Calculation
Adjusted ROA = 100 × Adjusted net income, including noncontrolling interests ÷ Adjusted total assets
= 100 × 6,156 ÷ 81,042 = 7.60%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as adjusted net income divided by adjusted total assets. Linde plc adjusted ROA deteriorated from 2021 to 2022 but then improved from 2022 to 2023 exceeding 2021 level.