Linde plc: An In-Depth Look at Performance and Market Outlook
Linde plc (LIN), based in Woking, the United Kingdom, is a prominent industrial gas company offering a variety of atmospheric and process gases, such as oxygen, nitrogen, argon, carbon dioxide, helium, and hydrogen. With a market cap of $216.7 billion, Linde’s industrial gases, technologies, and processing solutions play a crucial role in producing clean hydrogen, carbon capture systems for energy transition, medical oxygen, and specialty gases for the electronics sector.
Recent Performance Highlights
Over the past year, Linde’s stock performance has lagged behind the broader market. The company’s shares have increased by 9.9%, while the S&P 500 Index ($SPX) has seen a significant rise of 20.7%. However, in 2025, LIN stock has rebounded, recording a gain of 10.1%, which surpasses the SPX’s 3.1% increase year-to-date.
Comparative Analysis: Linde vs. ETFs
When looking specifically at the iShares U.S. Basic Materials ETF (IYM), Linde’s performance becomes even more notable. While this ETF gained approximately 4.3% over the last year, Linde’s year-to-date double-digit returns outshine IYM’s 6.6% growth during the same period.
Challenges Facing Linde
Several factors have contributed to LIN’s weaker performance. Challenges include sluggish industrial activity, increased competition, energy price fluctuations, and broader global economic downturns, which have all been compounded by negative impacts from currency changes.
Q4 Results: A Mixed Bag
On February 6, LIN shares rose over 1% following the announcement of its Q4 results. The adjusted earnings per share (EPS) of $3.97 exceeded analysts’ expectations of $3.94, although the company’s revenue of $8.3 billion fell short of the projected $8.4 billion.
Future Earnings Expectations
Looking ahead to the current fiscal year, which ends in December, analysts predict that LIN’s EPS will grow by 6.8% to reach $16.56 on a diluted basis. Historically, Linde has demonstrated a strong earnings surprise track record, beating consensus estimates consistently over the last four quarters.
Analyst Ratings: A Positive Outlook
A positive consensus exists among the 22 analysts covering LIN stock, categorizing it as a “Strong Buy.” This assessment is supported by 15 “Strong Buy” ratings, one “Moderate Buy,” and six “Holds.”
Shifting Analyst Sentiment
This sentiment has improved compared to a month ago, when the overall rating was “Moderate Buy,” with only 14 analysts recommending a “Strong Buy.”
Price Targets and Potential Upside
On February 10, Evercore ISI analyst Eric Boyes affirmed a “Buy” rating on Linde, setting a price target of $490, suggesting a potential increase of 6.3% from current levels. The consensus mean price target of $507.37 indicates a potential upside of 10.1% from LIN’s current price. The highest price target of $540 suggests an even greater potential upside of 17.2%.
On the date of publication, Neha Panjwani did not hold (either directly or indirectly) any positions in the securities mentioned in this article. All data and information presented here is for informational purposes only. Please refer to the Barchart Disclosure Policy for further information.
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The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.
