Linde PLC (LIN) intrinsic value & 10-year financials
Linde PLC (LIN) has a Graham intrinsic value of $413.18 per share. At $498.43 on Oct 17, 2026, the stock trades 21% above that value. Over the last 10 fiscal years revenue grew 13.9% a year to $34.0B, with an average return on invested capital of 12.4%.
- Graham intrinsic value
- $413.18
- Share price (Oct 17, 2026)
- $498.43
- Price vs Graham value
- 21% above
- Market cap
- $235.4B
- Revenue (FY2025)
- $34.0B
- Revenue growth (10-yr CAGR)
- 13.9%
- ROIC (10-yr avg)
- 12.4%
- Free cash flow (FY2025)
- $5.1B
LIN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $34.0B | $6.9B | $14.61 | $5.1B | 26.3% | 13.5% |
| FY2024 | $33.0B | $6.6B | $13.62 | $4.9B | 26.2% | 13.6% |
| FY2023 | $32.9B | $6.2B | $12.59 | $5.5B | 24.4% | 13.0% |
| FY2022 | $33.4B | $4.1B | $8.23 | $5.7B | 16.1% | 8.0% |
| FY2021 | $30.8B | $3.8B | $7.33 | $6.6B | 16.2% | 6.9% |
| FY2020 | $27.2B | $2.5B | $4.71 | $4.0B | 12.2% | 4.3% |
| FY2019 | $28.2B | $2.3B | $4.19 | $2.4B | 10.4% | 3.7% |
| FY2018 | $14.9B | $4.4B | $13.11 | $1.8B | 35.2% | 13.2% |
| FY2017 | $11.4B | $1.2B | $4.32 | $1.7B | 21.4% | 17.2% |
| FY2016 | $10.5B | $1.5B | $5.21 | $1.3B | 21.3% | 30.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Linde plc is a consistent compounder, expanding top-line revenue at 13.9% annually over the past decade.
Linde plc returns on capital have been average, hovering around 10.4% ROIC over the decade.
Linde plc has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Linde plc is modeled at 12.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $413.18 per share.