Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

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 (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
Net fixed asset turnover 1.34 1.37 1.39 1.40 1.42 1.49 1.36 1.24 1.18 1.14 1.08 1.03 0.95 0.97 0.98 1.02 0.97 — — —
Total asset turnover 0.41 0.42 0.42 0.42 0.42 0.45 0.42 0.38 0.38 0.35 0.34 0.33 0.31 0.31 0.32 0.33 0.33 — — —
Equity turnover 0.83 0.83 0.83 0.83 0.83 0.90 0.82 0.74 0.70 0.67 0.63 0.60 0.58 0.59 0.60 0.63 0.58 — — —

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).

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 deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Total asset turnover An activity ratio calculated as total revenue divided by total assets. Linde plc total asset turnover ratio deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.
Equity turnover An activity ratio calculated as total revenue divided by shareholders’ equity. Linde plc equity turnover ratio improved from Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.

Net Fixed Asset Turnover

Linde plc, net fixed asset turnover 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
Selected Financial Data (US$ in millions)
Sales 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
Property, plant and equipment, net 24,552 23,624 23,808 23,796 23,548 22,586 23,993 25,595 26,003 26,180 26,917 26,934 28,711 27,945 27,693 27,418 29,064 28,460 29,540 29,418
Long-term Activity Ratio
Net fixed asset turnover1 1.34 1.37 1.39 1.40 1.42 1.49 1.36 1.24 1.18 1.14 1.08 1.03 0.95 0.97 0.98 1.02 0.97 — — —

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 Q4 2023 Calculation
Net fixed asset turnover = (SalesQ4 2023 + SalesQ3 2023 + SalesQ2 2023 + SalesQ1 2023) ÷ Property, plant and equipment, net
= (8,302 + 8,155 + 8,204 + 8,193) ÷ 24,552 = 1.34

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 deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Total Asset Turnover

Linde plc, total asset turnover 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
Selected Financial Data (US$ in millions)
Sales 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
Total assets 80,811 77,827 78,718 80,308 79,658 74,323 77,885 82,767 81,605 84,191 84,345 84,993 88,229 87,209 85,856 84,369 86,612 84,394 87,189 91,641
Long-term Activity Ratio
Total asset turnover1 0.41 0.42 0.42 0.42 0.42 0.45 0.42 0.38 0.38 0.35 0.34 0.33 0.31 0.31 0.32 0.33 0.33 — — —

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 Q4 2023 Calculation
Total asset turnover = (SalesQ4 2023 + SalesQ3 2023 + SalesQ2 2023 + SalesQ1 2023) ÷ Total assets
= (8,302 + 8,155 + 8,204 + 8,193) ÷ 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 deteriorated from Q2 2023 to Q3 2023 and from Q3 2023 to Q4 2023.

Equity Turnover

Linde plc, equity turnover 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
Selected Financial Data (US$ in millions)
Sales 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
Total Linde plc shareholders’ equity 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
Long-term Activity Ratio
Equity turnover1 0.83 0.83 0.83 0.83 0.83 0.90 0.82 0.74 0.70 0.67 0.63 0.60 0.58 0.59 0.60 0.63 0.58 — — —

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 Q4 2023 Calculation
Equity turnover = (SalesQ4 2023 + SalesQ3 2023 + SalesQ2 2023 + SalesQ1 2023) ÷ Total Linde plc shareholders’ equity
= (8,302 + 8,155 + 8,204 + 8,193) ÷ 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 Q2 2023 to Q3 2023 but then deteriorated significantly from Q3 2023 to Q4 2023.