Linde plc
Linde plc is a global leader in industrial gases and engineering.
It supplies gases and technologies that support healthcare, energy, and manufacturing industries.
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Performance
Linde plc (NYSE: LIN) delivered strong financial results in 2024, with adjusted earnings per share (EPS) increasing by 9% to $15.51, or 10% when excluding currency effects, despite flat total sales of $33.0 billion. The company’s adjusted operating profit rose by 7% to $9.7 billion, and the adjusted operating margin expanded by 190 basis points to 29.5%, reflecting effective pricing strategies and productivity initiatives. In the fourth quarter, adjusted EPS grew by 11% year-over-year to $3.97, and the adjusted operating margin reached 29.9%. Linde generated $9.4 billion in operating cash flow for the year, returning $7.1 billion to shareholders through dividends and share repurchases, and ended the year with a robust project backlog of $10.4 billion. Looking ahead, the company projects adjusted EPS growth of 8% to 11% for 2025, supported by its diversified customer base and strategic investments in clean hydrogen and other growth areas.
Quality of Earnings
The company demonstrates strong adherence to General Accounting Principles, with financial reports that conform to GAAP, are decision-useful, sustainable, and offer returns exceeding the cost of capital. There have been no recent changes to accounting policies, and all required financial reports are submitted on time. Revenue quality is also robust, marked by high predictability—with a substantial portion of clients returning year after year—strong profitability with gross margins exceeding 70%, diversified income sources with no client accounting for more than 15% of revenue, and clear growth in both revenue and net income. Additionally, there are no significant financial report warning signs: earnings contain minimal accrual components, do not narrowly beat benchmarks in a suspicious pattern, and revenue is not recognized prematurely. Expenses are not misrepresented, audit opinions are unqualified, goodwill is properly assessed, and the company does not rely on aggressive accounting tactics such as related-party transactions or off-balance-sheet debt. Operating ccash flows align with net income, earnings are recurring and persistent, and there is no history of restatements or enforcement actions, reinforcing the reliability and quality of the company’s financial reporting.
Company Summary
Linde plc (NYSE: LIN) is a leading global industrial gases and engineering company, serving a variety of end markets such as chemicals and energy, food and beverages, electronics, healthcare, manufacturing, metals, and mining.
