Stock Analysis on Net
Stock Analysis on Net

Linde plc (NYSE:LIN)

Common Stock Valuation Ratios (Price Multiples)
Quarterly Data

Beginner level

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 LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
Price to earnings (P/E) 56.55 41.46 46.22 23.26 23.17 22.22 21.71 32.38 34.34 33.96 34.48 26.44 24.65 23.36 22.87 21.94 21.17 22.53 18.76
Price to operating profit (P/OP) 43.23 31.75 36.01 20.05 20.02 18.94 18.13 17.56 18.38 17.80 17.56 17.76 16.63 15.80 15.33 14.70 14.15 14.88 12.50
Price to sales (P/S) 4.73 3.46 3.74 4.10 4.51 5.23 6.38 3.86 4.01 3.83 3.76 3.85 3.48 3.33 3.26 3.17 3.19 3.18 2.69
Price to book value (P/BV) 2.83 2.17 2.15 2.26 2.05 1.93 1.84 7.46 7.94 7.04 7.15 6.85 6.54 6.48 6.83 6.34 6.50 6.85 6.61 7.53 6.69 7.16

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-03-02), 10-Q (filing date: 2019-11-12), 10-Q (filing date: 2019-08-09), 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-18), 10-Q (filing date: 2018-11-09), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-28), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-29).

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’s P/E ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 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’s P/OP ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 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’s P/S ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.
P/BV ratio The P/BV ratio is interpreted as an indicator of market judgment about the relationship between a company’s required rate of return and its actual rate of return. Linde plc’s P/BV ratio increased from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.

Price to Earnings (P/E)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214 544,910,125 287,856,237 287,575,784 287,369,483 287,136,596 286,305,341 286,024,310 285,353,938 285,071,181 285,388,991 285,231,648 285,264,902 284,836,117 284,845,518 286,471,609 288,310,190
Selected Financial Data (US$)
Net income, Linde plc (in millions) 458  573  511  735  522  517  2,978  461  480  462  33  419  406  389  406  339  399  356  422  401  308  416 
Earnings per share (EPS)2 4.33 4.46 4.29 8.85 8.28 8.17 8.04 4.99 4.85 4.59 4.34 5.66 5.38 5.37 5.26 5.31 5.53 5.21 5.43 0.00 0.00 0.00
Share price1, 3 245.11 184.79 198.15 205.76 191.97 181.59 174.55 161.52 166.45 155.99 149.75 149.60 132.71 125.48 120.36 116.56 117.11 117.46 101.89 112.75 115.93 124.69
Valuation Ratio
P/E ratio4 56.55 41.46 46.22 23.26 23.17 22.22 21.71 32.38 34.34 33.96 34.48 26.44 24.65 23.36 22.87 21.94 21.17 22.53 18.76
Benchmarks
P/E Ratio, Competitors5
Air Products & Chemicals Inc. 23.99 28.51 29.36 29.34 25.89 20.90 23.09 23.40 31.93 13.02 11.74 11.09 9.69 54.47 48.13 55.63 57.98 20.75 23.51 29.50 29.83 30.41
Ecolab Inc. 36.32 33.36 36.32 38.66 35.94 34.27 27.58 27.16 27.69 25.06 28.97 29.74 29.23 29.77 30.23 37.29 33.76 31.39

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-03-02), 10-Q (filing date: 2019-11-12), 10-Q (filing date: 2019-08-09), 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-18), 10-Q (filing date: 2018-11-09), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-28), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-29).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
EPS = (Net income, Linde plcQ2 2020 + Net income, Linde plcQ1 2020 + Net income, Linde plcQ4 2019 + Net income, Linde plcQ3 2019) ÷ No. shares of common stock outstanding
= (458,000,000 + 573,000,000 + 511,000,000 + 735,000,000) ÷ 525,360,032 = 4.33

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

4 Q2 2020 Calculation
P/E ratio = Share price ÷ EPS
= 245.11 ÷ 4.33 = 56.55

5 Click competitor name to see calculations.

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’s P/E ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Price to Operating Profit (P/OP)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214 544,910,125 287,856,237 287,575,784 287,369,483 287,136,596 286,305,341 286,024,310 285,353,938 285,071,181 285,388,991 285,231,648 285,264,902 284,836,117 284,845,518 286,471,609 288,310,190
Selected Financial Data (US$)
Operating profit (in millions) 591  733  655  1,000  669  609  3,236  669  689  653  636  626  604  582  599  497  588  554  624  594  480  623 
Operating profit per share2 5.67 5.82 5.50 10.26 9.59 9.59 9.63 9.20 9.06 8.77 8.53 8.42 7.98 7.94 7.85 7.93 8.27 7.89 8.15 0.00 0.00 0.00
Share price1, 3 245.11 184.79 198.15 205.76 191.97 181.59 174.55 161.52 166.45 155.99 149.75 149.60 132.71 125.48 120.36 116.56 117.11 117.46 101.89 112.75 115.93 124.69
Valuation Ratio
P/OP ratio4 43.23 31.75 36.01 20.05 20.02 18.94 18.13 17.56 18.38 17.80 17.56 17.76 16.63 15.80 15.33 14.70 14.15 14.88 12.50
Benchmarks
P/OP Ratio, Competitors5
Air Products & Chemicals Inc. 20.19 23.92 24.10 24.18 21.72 18.03 17.60 18.77 22.44 23.83 24.68 21.37 17.05 16.06 14.42 15.93 16.73 15.35 17.68 22.32 22.61 22.73
Ecolab Inc. 31.90 27.47 25.82 27.20 29.44 27.11 25.16 22.14 20.56 20.79 18.71 19.45 19.75 19.10 19.12 19.28 23.45 21.84 20.15

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-03-02), 10-Q (filing date: 2019-11-12), 10-Q (filing date: 2019-08-09), 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-18), 10-Q (filing date: 2018-11-09), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-28), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-29).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
Operating profit per share = (Operating profitQ2 2020 + Operating profitQ1 2020 + Operating profitQ4 2019 + Operating profitQ3 2019) ÷ No. shares of common stock outstanding
= (591,000,000 + 733,000,000 + 655,000,000 + 1,000,000,000) ÷ 525,360,032 = 5.67

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

4 Q2 2020 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= 245.11 ÷ 5.67 = 43.23

5 Click competitor name to see calculations.

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’s P/OP ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Price to Sales (P/S)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214 544,910,125 287,856,237 287,575,784 287,369,483 287,136,596 286,305,341 286,024,310 285,353,938 285,071,181 285,388,991 285,231,648 285,264,902 284,836,117 284,845,518 286,471,609 288,310,190
Selected Financial Data (US$)
Sales (in millions) 6,377  6,739  7,080  7,000  7,204  6,944  5,816  3,024  3,061  2,999  2,953  2,922  2,834  2,728  2,644  2,716  2,665  2,509  2,595  2,686  2,738  2,757 
Sales per share2 51.77 53.36 52.96 50.20 42.52 34.72 27.34 41.82 41.50 40.74 39.83 38.87 38.19 37.68 36.95 36.74 36.65 36.91 37.83 0.00 0.00 0.00
Share price1, 3 245.11 184.79 198.15 205.76 191.97 181.59 174.55 161.52 166.45 155.99 149.75 149.60 132.71 125.48 120.36 116.56 117.11 117.46 101.89 112.75 115.93 124.69
Valuation Ratio
P/S ratio4 4.73 3.46 3.74 4.10 4.51 5.23 6.38 3.86 4.01 3.83 3.76 3.85 3.48 3.33 3.26 3.17 3.19 3.18 2.69
Benchmarks
P/S Ratio, Competitors5
Air Products & Chemicals Inc. 5.20 6.02 5.79 5.61 4.89 3.95 3.87 4.01 4.19 4.36 4.30 3.84 3.51 3.41 3.19 3.40 3.36 2.82 3.04 3.02 2.99 2.98
Ecolab Inc. 3.98 3.75 3.49 3.73 3.91 3.61 3.34 3.03 2.94 2.94 2.73 2.80 2.87 2.77 2.78 2.45 2.69 2.53 2.32

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-03-02), 10-Q (filing date: 2019-11-12), 10-Q (filing date: 2019-08-09), 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-18), 10-Q (filing date: 2018-11-09), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-28), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-29).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
Sales per share = (SalesQ2 2020 + SalesQ1 2020 + SalesQ4 2019 + SalesQ3 2019) ÷ No. shares of common stock outstanding
= (6,377,000,000 + 6,739,000,000 + 7,080,000,000 + 7,000,000,000) ÷ 525,360,032 = 51.77

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

4 Q2 2020 Calculation
P/S ratio = Share price ÷ Sales per share
= 245.11 ÷ 51.77 = 4.73

5 Click competitor name to see calculations.

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’s P/S ratio decreased from Q4 2019 to Q1 2020 but then increased from Q1 2020 to Q2 2020 exceeding Q4 2019 level.

Price to Book Value (P/BV)

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

Microsoft Excel LibreOffice Calc
Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015
No. shares of common stock outstanding1 525,360,032 525,185,319 532,959,736 537,175,977 540,591,490 542,766,214 544,910,125 287,856,237 287,575,784 287,369,483 287,136,596 286,305,341 286,024,310 285,353,938 285,071,181 285,388,991 285,231,648 285,264,902 284,836,117 284,845,518 286,471,609 288,310,190
Selected Financial Data (US$)
Total Linde plc shareholders’ equity (in millions) 45,537  44,776  49,074  48,953  50,564  51,175  51,596  6,232  6,027  6,368  6,018  6,256  5,807  5,529  5,021  5,245  5,140  4,888  4,389  4,264  4,964  5,018 
Book value per share (BVPS)2 86.68 85.26 92.08 91.13 93.53 94.29 94.69 21.65 20.96 22.16 20.96 21.85 20.30 19.38 17.61 18.38 18.02 17.13 15.41 14.97 17.33 17.40
Share price1, 3 245.11 184.79 198.15 205.76 191.97 181.59 174.55 161.52 166.45 155.99 149.75 149.60 132.71 125.48 120.36 116.56 117.11 117.46 101.89 112.75 115.93 124.69
Valuation Ratio
P/BV ratio4 2.83 2.17 2.15 2.26 2.05 1.93 1.84 7.46 7.94 7.04 7.15 6.85 6.54 6.48 6.83 6.34 6.50 6.85 6.61 7.53 6.69 7.16
Benchmarks
P/BV Ratio, Competitors5
Air Products & Chemicals Inc. 4.10 4.66 4.67 4.41 3.93 3.25 3.19 3.38 3.44 3.64 3.49 3.45 3.30 4.31 4.29 4.59 4.64 3.71 4.14 4.03 4.20 4.24
Ecolab Inc. 9.47 6.36 5.99 6.46 7.03 6.46 6.12 5.56 5.39 5.47 4.96 5.25 5.55 5.38 5.31 4.72 5.40 5.13 4.55 5.14 5.04 4.91

Based on: 10-Q (filing date: 2020-07-31), 10-Q (filing date: 2020-05-07), 10-K (filing date: 2020-03-02), 10-Q (filing date: 2019-11-12), 10-Q (filing date: 2019-08-09), 10-Q (filing date: 2019-05-10), 10-K (filing date: 2019-03-18), 10-Q (filing date: 2018-11-09), 10-Q (filing date: 2018-07-26), 10-Q (filing date: 2018-04-26), 10-K (filing date: 2018-02-28), 10-Q (filing date: 2017-10-26), 10-Q (filing date: 2017-07-27), 10-Q (filing date: 2017-04-27), 10-K (filing date: 2017-03-01), 10-Q (filing date: 2016-10-27), 10-Q (filing date: 2016-07-28), 10-Q (filing date: 2016-04-29), 10-K (filing date: 2016-02-24), 10-Q (filing date: 2015-10-29), 10-Q (filing date: 2015-07-29), 10-Q (filing date: 2015-04-29).

1 Data adjusted for splits and stock dividends.

2 Q2 2020 Calculation
BVPS = Total Linde plc shareholders’ equity ÷ No. shares of common stock outstanding
= 45,537,000,000 ÷ 525,360,032 = 86.68

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

4 Q2 2020 Calculation
P/BV ratio = Share price ÷ BVPS
= 245.11 ÷ 86.68 = 2.83

5 Click competitor name to see calculations.

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’s required rate of return and its actual rate of return. Linde plc’s P/BV ratio increased from Q4 2019 to Q1 2020 and from Q1 2020 to Q2 2020.