Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

Analysis of Long-term (Investment) Activity Ratios

Microsoft Excel

Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)

Linde plc, long-term (investment) activity ratios

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Net fixed asset turnover 1.33 1.41 1.18 0.94 0.97
Net fixed asset turnover (including operating lease, right-of-use asset) 1.29 1.37 1.14 0.91 0.94
Total asset turnover 0.41 0.42 0.38 0.31 0.33
Equity turnover 0.83 0.83 0.70 0.58 0.58

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).

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Linde plc net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Linde plc net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Linde plc total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Linde plc equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Fixed Asset Turnover

Linde plc, net fixed asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 32,854 33,364 30,793 27,243 28,228
Property, plant and equipment, net, including finance lease right-of-use assets 24,731 23,694 26,166 28,866 29,064
Long-term Activity Ratio
Net fixed asset turnover1 1.33 1.41 1.18 0.94 0.97
Benchmarks
Net Fixed Asset Turnover, Industry
Materials 0.70 0.85 0.82 0.64 0.63

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 fixed asset turnover = Sales ÷ Property, plant and equipment, net, including finance lease right-of-use assets
= 32,854 ÷ 24,731 = 1.33

Long-term activity ratio Description The company
Net fixed asset turnover An activity ratio calculated as total revenue divided by net fixed assets. Linde plc net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Linde plc, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 32,854 33,364 30,793 27,243 28,228
 
Property, plant and equipment, net, including finance lease right-of-use assets 24,731 23,694 26,166 28,866 29,064
Operating lease right-of-use assets 759 726 853 935 1,025
Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset) 25,490 24,420 27,019 29,801 30,089
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)1 1.29 1.37 1.14 0.91 0.94
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Materials 0.69 0.84 0.81 0.63 0.62

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 fixed asset turnover (including operating lease, right-of-use asset) = Sales ÷ Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset)
= 32,854 ÷ 25,490 = 1.29

Long-term activity ratio Description The company
Net fixed asset turnover (including operating lease, right-of-use asset) An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). Linde plc net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Total Asset Turnover

Linde plc, total asset turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
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
Long-term Activity Ratio
Total asset turnover1 0.41 0.42 0.38 0.31 0.33
Benchmarks
Total Asset Turnover, Industry
Materials 0.36 0.40 0.39 0.31 0.31

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

Long-term activity ratio Description The company
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Linde plc total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.

Equity Turnover

Linde plc, equity turnover calculation, comparison to benchmarks

Microsoft Excel
Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020 Dec 31, 2019
Selected Financial Data (US$ in millions)
Sales 32,854 33,364 30,793 27,243 28,228
Total Linde plc shareholders’ equity 39,720 40,028 44,035 47,317 49,074
Long-term Activity Ratio
Equity turnover1 0.83 0.83 0.70 0.58 0.58
Benchmarks
Equity Turnover, Industry
Materials 0.79 0.91 0.82 0.66 0.66

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
Equity turnover = Sales ÷ Total Linde plc shareholders’ equity
= 32,854 ÷ 39,720 = 0.83

Long-term activity ratio Description The company
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Linde plc equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023.