Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
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).
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- Balance Sheet: Assets
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Sales (P/S) since 2005
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Historical Valuation Ratios (Summary)
Linde plc, historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
The financial data shows several key valuation ratios for the company over a series of quarterly periods, highlighting notable trends and shifts in market perception relative to earnings, operating profit, sales, and book value.
- Price to Earnings (P/E) Ratio
- The P/E ratio displays a clear downward trend from a high in early 2020 with values above 50, decreasing steadily through the subsequent quarters. By the end of the period, the P/E settles around the low 30s. This decline suggests a market reassessment leading to a relatively lower valuation of the company’s earnings over time, potentially reflecting changes in growth expectations or earnings stability.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio similarly trends downward from near 40 in early 2020 to the mid-20s by the last recorded quarter. This reduction implies the market is valuing operating profits more conservatively compared to earlier periods, indicating either growth concerns or improved operating profit margins not fully reflected in the share price.
- Price to Sales (P/S) Ratio
- Contrasting with the other ratios, the P/S ratio demonstrates an overall increasing trajectory from below 5 to around 6.5 towards the end of the timeline. This rise indicates a relatively higher valuation being placed on sales revenue, which may suggest growing investor confidence in the company’s revenue generation capability or anticipating future sales growth despite earnings and profit valuation moderation.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a significant upward progression from approximately 2.2 in early 2020 to above 5.5 by the latest quarter. This increase suggests that the market is valuing the company's net assets at a considerably higher multiple over time. The expansion in this ratio could be driven by improved asset quality, growth in intangible assets, or increasing investor optimism regarding the company’s long-term prospects and return on equity.
In summary, the declining P/E and P/OP ratios combined with rising P/S and P/BV ratios suggest a nuanced market view. While earnings and operating profits are being valued more conservatively, the company’s revenue base and net asset value are being assigned higher multiples. This may reflect a transition phase where investors focus more on sales growth and asset strength rather than current profitability measures, possibly aligned with strategic business developments or industry conditions impacting profitability metrics.
Price to Earnings (P/E)
Linde plc, historical P/E calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Net income, Linde plc (in millions) | ||||||||||||||||||||||||||||
| Earnings per share (EPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/E ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/E Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
EPS
= (Net income, Linde plcQ1 2025
+ Net income, Linde plcQ4 2024
+ Net income, Linde plcQ3 2024
+ Net income, Linde plcQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibited an overall upward trend from March 31, 2020 to March 31, 2025. It started at $184.79 and experienced fluctuations with periodic increases and minor declines. Notably, the price rose significantly between December 31, 2022 ($348.37) and December 31, 2023 ($451.20), demonstrating strong growth momentum. Although there were some slight pullbacks in early 2024, the general trajectory remained positive, ending at $448.05 by March 31, 2025.
- Earnings Per Share (EPS)
- EPS data became available starting from March 31, 2021, showing a continuous and steady increase over subsequent quarters. From an initial $4.78, the EPS advanced consistently, reaching $14.03 by March 31, 2025. This sustained growth indicates improving profitability and suggests enhanced earnings performance quarter over quarter without any significant declines.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio was recorded starting from March 31, 2021, with an initial high value of 52.57. Over the analyzed period, the ratio generally declined, moving from values above 50 down to a lower range around 30-35. This decreasing trend, despite the rise in share price and EPS, implies that the market's valuation per unit of earnings has become more moderate or that earnings growth outpaced share price appreciation. The P/E ratio exhibited some short-term fluctuations but tended to stabilize towards the lower 30s in the final quarters examined.
- Overall Insights
- The data reflects a period characterized by significant earnings growth accompanied by a rising share price, signaling strong operational performance and investor confidence. The reduction in P/E ratio suggests a market adjustment to the improved earnings profile, possibly reflecting a maturation phase or more balanced valuation levels relative to earnings. The steady increase in EPS alongside the share price appreciation highlights financial strength and effective business execution throughout the analyzed timeframe.
Price to Operating Profit (P/OP)
Linde plc, historical P/OP calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jun 30, 2020 | Mar 31, 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Operating profit (in millions) | ||||||||||||||||||||||||||||
| Operating profit per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/OP ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/OP Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Operating profit per share
= (Operating profitQ1 2025
+ Operating profitQ4 2024
+ Operating profitQ3 2024
+ Operating profitQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price
- The share price exhibits an overall upward trend over the analyzed period. Starting at $184.79 in March 2020, it rises significantly to $296.40 by March 2021, reflecting a strong recovery and growth phase. Subsequently, the price fluctuates moderately across quarters, remaining mostly above the $290 mark from mid-2021 through early 2022. There is a noticeable peak towards the end of 2022 at $348.37, followed by further increases in 2023, reaching a high of $451.20 in December 2023. In 2024 and early 2025, the share price stabilizes in the mid-$400 range, ending slightly lower at $448.05 in March 2025. This pattern indicates positive investor sentiment with periods of volatility but sustained long-term growth.
- Operating Profit per Share (OP per Share)
- Operating profit per share data begins in March 2021 at $6.35 and shows a consistent upward movement throughout the entire period. There is an approximate doubling from $6.35 in early 2021 to $18.51 by March 2025. Quarterly growth appears steady, with no significant declines, suggesting improving operational efficiency and profitability. Marginal acceleration is observable in the latter quarters, particularly from late 2022 forward, where increases become more pronounced, reaching $18.26 to $18.51 in the last two reported quarters.
- Price to Operating Profit Ratio (P/OP)
- The P/OP ratio generally declines over time, indicating that the share price is becoming more justified by operating profits or that operating profits are growing faster than the share price. Initial values near 40 in the first quarter of 2021 decrease steadily, with minor fluctuations, to around 24 by early 2025. This downward trend may reflect improved valuation metrics for the company, possibly signaling increased investor confidence in sustainable profit growth. The ratio’s dip below 30 as early as late 2020 continues through much of the timeframe, further supporting the trend of enhanced profitability in relation to share price.
- Summary Insights
- The data reveals strong financial performance characterized by significant growth in both market valuation and operating profitability per share over the course of approximately five years. While the share price experiences periodic volatility, the steady rise in operating profit per share underscores genuine improvements in business operations. The decreasing price-to-operating profit ratio suggests increasing market efficiency in pricing the company's earnings, possibly due to enhanced operational stability and sustained profit growth. These trends highlight a positive outlook for financial health and investor confidence.
Price to Sales (P/S)
Linde plc, historical P/S calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Sales (in millions) | ||||||||||||||||||||||||||||
| Sales per share2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/S ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/S Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
Sales per share
= (SalesQ1 2025
+ SalesQ4 2024
+ SalesQ3 2024
+ SalesQ2 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
5 Click competitor name to see calculations.
- Share Price Trend
- The share price exhibited a general upward trend from March 31, 2020, through March 31, 2025. Starting at $184.79 in March 2020, the price increased notably, reaching $296.40 by March 31, 2021, and continued to rise, with intermittent fluctuations, peaking at $461.55 in December 2024. There were some periods of decline or stagnation, particularly between December 2021 ($293.24) and December 2022 ($348.37), and minor dips observed around March 2023 and March 2025. Overall, the price more than doubled across the five-year span, indicating strong market appreciation.
- Sales per Share Movement
- Sales per share data, available from March 31, 2021, onwards, shows a steady and consistent increase. Beginning at $52.11 in March 2021, sales per share rose gradually every quarter, reaching $70.06 by March 31, 2025. The incremental growth reflects positive revenue development on a per-share basis with minor variations, and no significant declines were observed during the reported periods, underscoring a stable increase in company sales relative to shares outstanding.
- Price to Sales (P/S) Ratio Analysis
- The P/S ratio experienced fluctuations throughout the period, initially increasing from 4.83 in March 2021 to a low point of 4.29 in December 2022, suggesting improving sales relative to share price during that timeframe. Post-December 2022, the ratio increased significantly to a peak of 6.61 in March 2024, indicating that share price growth outpaced sales growth during this period. The ratio hovered around 6.4 to 6.6 towards the end of the timeline, reflecting heightened market valuation relative to sales, possibly driven by investor confidence or expectations of future growth.
- Overall Insights
- The data reveals consistent sales growth per share alongside a more volatile but generally rising share price. The increasing P/S ratio in the latter years suggests that share price appreciation has outpaced sales growth, reflecting stronger market optimism or valuation premiums. Periods of ratio decline correlate with either accelerating sales or price corrections. The interplay between these metrics indicates ongoing positive performance, with investor sentiment likely influenced by sustained revenue increases and broader market conditions affecting share valuation multiples.
Price to Book Value (P/BV)
Linde plc, historical P/BV calculation (quarterly data)
| Mar 31, 2025 | Dec 31, 2024 | Sep 30, 2024 | Jun 30, 2024 | Mar 31, 2024 | 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 | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| No. shares of common stock outstanding1 | ||||||||||||||||||||||||||||
| Selected Financial Data (US$) | ||||||||||||||||||||||||||||
| Total Linde plc shareholders’ equity (in millions) | ||||||||||||||||||||||||||||
| Book value per share (BVPS)2 | ||||||||||||||||||||||||||||
| Share price1, 3 | ||||||||||||||||||||||||||||
| Valuation Ratio | ||||||||||||||||||||||||||||
| P/BV ratio4 | ||||||||||||||||||||||||||||
| Benchmarks | ||||||||||||||||||||||||||||
| P/BV Ratio, Competitors5 | ||||||||||||||||||||||||||||
| Sherwin-Williams Co. | ||||||||||||||||||||||||||||
Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 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).
1 Data adjusted for splits and stock dividends.
2 Q1 2025 Calculation
BVPS = Total Linde plc shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Linde plc Quarterly or Annual Report.
4 Q1 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
5 Click competitor name to see calculations.
The financial data reveals noteworthy trends in the share price, book value per share (BVPS), and the price-to-book value (P/BV) ratio over the observed quarterly periods.
- Share Price
- The share price exhibits an overall upward trajectory from March 31, 2020, through March 31, 2025. Starting at $184.79, it experiences periods of volatility but maintains growth, reaching a peak of $461.55 by December 31, 2024. Notable increases occur around mid-2023 and late 2024, with a slight dip toward the last quarter at $448.05. The data indicates sustained investor confidence with periodic market adjustments.
- Book Value Per Share (BVPS)
- Beneath the surface of share price growth, the book value per share shows relative stability with minor fluctuations. It begins at $85.26 and remains roughly in the $80–90 range throughout the period. A gradual decline is seen from 2021 through 2023, dropping to the mid-70s at times, followed by modest recovery toward the end of the timeframe. This trend suggests stable underlying asset values with slight pressures affecting equity book value.
- Price-to-Book Value (P/BV) Ratio
- The P/BV ratio steadily increases from 2.17 in March 2020 to a peak of 5.73 by December 2024, before slightly reducing to 5.55 in March 2025. This doubling of the ratio indicates that the market price of the shares is growing considerably faster than the book value. The rising P/BV suggests heightened market expectations, potentially reflecting optimism about future earnings, intangible asset valuation, or growth prospects beyond the company’s current net asset value.
In summary, the data points to robust share price appreciation unaccompanied by similar growth in book value per share. This divergence leads to a progressive increase in the price-to-book ratio, highlighting a market perception of enhanced value or growth potential relative to the company's recorded book equity. Such trends warrant further analysis into the drivers of share price performance and any intangible asset creation or earnings growth underpinning investor sentiment.