Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Microsoft Excel

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).

Historical Valuation Ratios (Summary)

Linde plc, historical price multiples (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
Price to earnings (P/E) 35.05 30.01 32.97 39.93 41.34 37.71 41.67 39.22 38.92 45.83 48.23 53.02 52.57 58.47 56.55 41.46 46.22 — — —
Price to operating profit (P/OP) 27.08 23.37 25.91 30.79 31.93 28.89 31.50 30.03 29.87 34.99 36.47 40.55 39.58 44.47 43.23 31.75 36.01 — — —
Price to sales (P/S) 6.61 5.53 5.67 5.38 5.14 4.29 4.53 4.96 4.84 5.50 5.48 5.56 4.83 4.85 4.73 3.46 3.74 — — —
Price to book value (P/BV) 5.47 4.62 4.70 4.48 4.28 3.85 3.73 3.67 3.38 3.69 3.47 3.34 2.78 2.84 2.83 2.17 2.15 2.26 2.05 1.93

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Linde plc P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Linde plc P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Linde plc P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Linde plc P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Earnings (P/E)

Linde plc, historical P/E calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 481,576,472 484,890,486 487,945,864 490,251,988 492,160,806 494,379,532 498,365,588 503,281,693 507,744,577 512,554,731 516,411,320 520,208,493 522,836,425 524,856,691 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214
Selected Financial Data (US$)
Net income, Linde plc (in millions) 1,543 1,565 1,575 1,516 1,328 1,273 372 1,174 1,026 979 841 980 770 700 458 573 511 735 522 517
Earnings per share (EPS)2 12.87 12.34 11.67 9.16 8.43 7.78 7.13 7.99 7.54 6.97 6.37 5.59 4.78 4.27 4.33 4.46 4.29 0.00 0.00 0.00
Share price1, 3 451.20 370.32 384.63 365.64 348.37 293.26 296.93 313.29 293.24 319.20 307.39 296.40 251.49 249.76 245.11 184.79 198.15 205.76 191.97 181.59
Valuation Ratio
P/E ratio4 35.05 30.01 32.97 39.93 41.34 37.71 41.67 39.22 38.92 45.83 48.23 53.02 52.57 58.47 56.55 41.46 46.22 — — —

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
EPS = (Net income, Linde plcQ4 2023 + Net income, Linde plcQ3 2023 + Net income, Linde plcQ2 2023 + Net income, Linde plcQ1 2023) ÷ No. shares of common stock outstanding
= (1,543,000,000 + 1,565,000,000 + 1,575,000,000 + 1,516,000,000) ÷ 481,576,472 = 12.87

3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.

4 Q4 2023 Calculation
P/E ratio = Share price ÷ EPS
= 451.20 ÷ 12.87 = 35.05

Valuation ratio Description The company
P/E ratio The P/E ratio tells analyst how much an investor in common stock pays per dollar of current earnings. Linde plc P/E ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Operating Profit (P/OP)

Linde plc, historical P/OP calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 481,576,472 484,890,486 487,945,864 490,251,988 492,160,806 494,379,532 498,365,588 503,281,693 507,744,577 512,554,731 516,411,320 520,208,493 522,836,425 524,856,691 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214
Selected Financial Data (US$)
Operating profit (in millions) 2,028 2,052 2,011 1,933 1,687 1,613 589 1,480 1,337 1,292 1,142 1,213 1,029 969 591 733 655 1,000 669 609
Operating profit per share2 16.66 15.84 14.85 11.88 10.91 10.15 9.43 10.43 9.82 9.12 8.43 7.31 6.35 5.62 5.67 5.82 5.50 0.00 0.00 0.00
Share price1, 3 451.20 370.32 384.63 365.64 348.37 293.26 296.93 313.29 293.24 319.20 307.39 296.40 251.49 249.76 245.11 184.79 198.15 205.76 191.97 181.59
Valuation Ratio
P/OP ratio4 27.08 23.37 25.91 30.79 31.93 28.89 31.50 30.03 29.87 34.99 36.47 40.55 39.58 44.47 43.23 31.75 36.01 — — —

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Operating profit per share = (Operating profitQ4 2023 + Operating profitQ3 2023 + Operating profitQ2 2023 + Operating profitQ1 2023) ÷ No. shares of common stock outstanding
= (2,028,000,000 + 2,052,000,000 + 2,011,000,000 + 1,933,000,000) ÷ 481,576,472 = 16.66

3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.

4 Q4 2023 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 451.20 ÷ 16.66 = 27.08

Valuation ratio Description The company
P/OP ratio Because P/E ratio is calculated using net income, the ratio can be sensitive to nonrecurring earnings and capital structure, analysts may use price to operating profit. Linde plc P/OP ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Sales (P/S)

Linde plc, historical P/S calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 481,576,472 484,890,486 487,945,864 490,251,988 492,160,806 494,379,532 498,365,588 503,281,693 507,744,577 512,554,731 516,411,320 520,208,493 522,836,425 524,856,691 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214
Selected Financial Data (US$)
Sales (in millions) 8,302 8,155 8,204 8,193 7,899 8,797 8,457 8,211 8,298 7,668 7,584 7,243 7,272 6,855 6,377 6,739 7,080 7,000 7,204 6,944
Sales per share2 68.22 66.92 67.82 68.02 67.79 68.29 65.48 63.11 60.65 58.08 56.07 53.34 52.11 51.54 51.77 53.36 52.96 0.00 0.00 0.00
Share price1, 3 451.20 370.32 384.63 365.64 348.37 293.26 296.93 313.29 293.24 319.20 307.39 296.40 251.49 249.76 245.11 184.79 198.15 205.76 191.97 181.59
Valuation Ratio
P/S ratio4 6.61 5.53 5.67 5.38 5.14 4.29 4.53 4.96 4.84 5.50 5.48 5.56 4.83 4.85 4.73 3.46 3.74 — — —

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
Sales per share = (SalesQ4 2023 + SalesQ3 2023 + SalesQ2 2023 + SalesQ1 2023) ÷ No. shares of common stock outstanding
= (8,302,000,000 + 8,155,000,000 + 8,204,000,000 + 8,193,000,000) ÷ 481,576,472 = 68.22

3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.

4 Q4 2023 Calculation
P/S ratio = Share price ÷ Sales per share
= 451.20 ÷ 68.22 = 6.61

Valuation ratio Description The company
P/S ratio An rationale for the P/S ratio is that sales, as the top line in an income statement, are generally less subject to distortion or manipulation than other fundamentals such as EPS or book value. Sales are also more stable than earnings and never negative. Linde plc P/S ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.

Price to Book Value (P/BV)

Linde plc, historical P/BV calculation (quarterly data)

Microsoft Excel
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019
No. shares of common stock outstanding1 481,576,472 484,890,486 487,945,864 490,251,988 492,160,806 494,379,532 498,365,588 503,281,693 507,744,577 512,554,731 516,411,320 520,208,493 522,836,425 524,856,691 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214
Selected Financial Data (US$)
Total Linde plc shareholders’ equity (in millions) 39,720 38,898 39,911 39,970 40,028 37,628 39,674 42,963 44,035 44,323 45,777 46,210 47,317 46,175 45,537 44,776 49,074 48,953 50,564 51,175
Book value per share (BVPS)2 82.48 80.22 81.79 81.53 81.33 76.11 79.61 85.37 86.73 86.47 88.64 88.83 90.50 87.98 86.68 85.26 92.08 91.13 93.53 94.29
Share price1, 3 451.20 370.32 384.63 365.64 348.37 293.26 296.93 313.29 293.24 319.20 307.39 296.40 251.49 249.76 245.11 184.79 198.15 205.76 191.97 181.59
Valuation Ratio
P/BV ratio4 5.47 4.62 4.70 4.48 4.28 3.85 3.73 3.67 3.38 3.69 3.47 3.34 2.78 2.84 2.83 2.17 2.15 2.26 2.05 1.93

Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31).

1 Data adjusted for splits and stock dividends.

2 Q4 2023 Calculation
BVPS = Total Linde plc shareholders’ equity ÷ No. shares of common stock outstanding
= 39,720,000,000 ÷ 481,576,472 = 82.48

3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.

4 Q4 2023 Calculation
P/BV ratio = Share price ÷ BVPS
= 451.20 ÷ 82.48 = 5.47

Valuation ratio Description The company
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company required rate of return and its actual rate of return. Linde plc P/BV ratio decreased from Q2 2023 to Q3 2023 but then increased from Q3 2023 to Q4 2023 exceeding Q2 2023 level.