Linde Plc.
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+ FollowMarket Cap$237.05B
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Earnings Call Q3 2026
October 29, 2026 - AI Summary
Q3 results: strong headline growth, but margin softness + non-gas drag
- Sales $9.4B (+9% YoY); underlying sales +5% (excluding currency/cost pass-through/acquisitions & engineering).
- Operating profit $2.8B (+8% YoY); operating margin 29.4% (-30 bps YoY) but flat excluding cost pass-through.
- EPS $4.59 (+9% YoY); +8% excluding currency.
- Management’s key message: business is improving, yet margin is still constrained by non-gas segments—especially Lincare (healthcare services).
Restructuring/portfolio actions: $425M charge in Q3, expected savings benefits into 2H’27
- Recorded $425M restructuring charge in Q3 to align cost base/portfolio with market conditions:
- ~half severance (notably lower growth regions),
- remainder mainly portfolio/asset actions (mostly U.S. home care / Lincare).
- Lincare reporting change: effective Q3, Lincare realigned to report directly to CFO (Matt White), and moved into Global Other to improve transparency; Linde continues restructuring Lincare and evaluates strategic alternatives (no certainty of a sale).
- Expected severance payoff: ~1–2 years typical, and for this charge benefits skew toward ~2-year end, with full benefits in 2H’27 on a run-rate basis.
Guidance: Q4 EPS growth expected to slow vs Q3; full-year guide essentially unchanged
- Q4 EPS range $4.40–$4.50 (+5% to +7% YoY). Management expects:
- ~1% sequential headwind (no prior-year currency benefit assumed),
- no economic improvement assumed, including for Lincare (not embedding meaningful Q4 profit change yet).
- Full-year EPS guide $17.82–$17.92: described as a roll-forward of current year-to-date plus Q4, with FX benefit now expected weaker (~2% vs ~1% prior quarter) (mostly “rounding,” but still a directionally lower FX tailwind).
- Investor takeaway: near-term outlook is cautious, despite operational momentum.
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$263.70
49.7% downside
Current Fair Value
49.7% downsideOvervalued by 49.7% based on the discounted cash flow analysis.
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Share Statistics
| Market cap | $237.05 Billion |
|---|---|
| Enterprise Value | $257.70 Billion |
| Annual dividend | $6.30 |
| Dividend yield | 1.23% |
| Earnings per Share | $14.67 |
| Beta | 0.73 |
| Outstanding Shares | 460,606,000 |
Return
| Return on Equity | 18.65% |
|---|---|
| Return on Assets | 8.25% |
| Return on Invested Capital | 13.21% |
Valuation & Multiples
| P/E Ratio | 34.01 |
|---|---|
| PEG | 370.76 |
| Price to Sales | 6.9 |
| Price to Book Ratio | 5.96 |
| Enterprise Value to Revenue | 7.27 |
| Enterprise Value to EBIT | 27.01 |
| Enterprise Value to Net Income | 35 |
| Total Debt to Enterprise | 0.1 |
| Debt to Equity | 0.65 |
Revenue Sources
No data
Last Earnings Call
Report Date
October 30, 2026
EPS Estimate
$4.52
Consensus analyst estimateRevenue Estimate
$9.17 B
Consensus analyst estimateNext Earnings Call
Expected Date
February 4, 2027
EPS Estimate
$4.51
Consensus analyst estimateRevenue Estimate
$9.24 B
Consensus analyst estimateInstitutional Put/Call Ratio
Compares institutional put options with call options. At 0.03, the ratio is below 1, so institutions hold more calls than puts.
| Put/Call Ratio | 0.0313▼ 203.96% |
|---|---|
| Total Calls | 15,951▼ 99.06% |
| Total Puts | 500▼ 99.99% |
Institutional Ownership
Holdings and activity of institutional investors.
| Ownership % | 5.07%▼ 80.53% |
|---|---|
| Total Invested | $11.09B▼ 94.63% |
| Investors Holding | 942▼ 1448.00% |
About Linde Plc
65,010 employees
CEO: Stephen Angel
Linde plc is a global industrial gas and engineering firm with extensive operations across North and South America, Europe, the Middle East, Africa, and the Asia Pacific region. The company provides a broad range of gases, including atmo...