CluenexLinde plc LIN
Linde plc scores average on business quality (5.4 of 10). Here is why, in plain words, and what our sealed record shows.
Why it matters
- What Linde plc does
Linde sells atmospheric and process gases like oxygen, nitrogen, and hydrogen directly to industrial giants via long-term, on-site pipeline contracts.
- What it does best
Linde converts long-term customer relationships into operating margins that sit in the top decile of its sector at 27.1%. On-site pipelines require massive upfront capital and create high switching costs that block new entrants from undercutting existing supply contracts.
- The main risk
Net debt sits at $22.1B while capital expenditures absorb $5.5B annually, leaving free cash flow at $5.0B. A broader industrial slowdown would strain debt service capabilities against these heavy infrastructure commitments.
Quality, check by check
Scored against its own industry, from company filings.
Operating margins reach 27.1% and free cash flow margins hit 14.0%, placing profitability in the top decile of its sector. The asset-heavy pipeline model turns higher volume into wider margins as capacity scales.
The asset footprint locks in enterprise customers through long-term supply contracts secured by on-site production plants. Operating margins sit in the top decile of its sector at 27.1%, protected by high capital barriers.
Revenue grew 3.0% to $35.4B over the latest period, continuing a slow upward crawl from $32.9B in 2023. This expansion rate remains middle of the pack for its sector at the 46th percentile.
Total debt of $27.2B outweighs cash holdings of $5.1B, resulting in a net debt position of $22.1B. Free cash flow of $5.0B covers heavy capital spending of $5.5B, leaving the balance sheet softening.
Insiders
Executives and directors, from SEC Form 4 filings we read ourselves. Open market trades only; grants, option exercises and pre-planned sales left out.
1 insider bought $48K on the open market.
Our sealed record on LIN
Verdicts appear here 30 days after we publish them; members see today's. Each one is in the nightly ledger, fingerprinted the night it was made.
The first sealed verdicts appear here on Oct 11, 2026.
Questions
Linde plc scores average on the Cluenex quality check (5.4 of 10), measured against its own industry. Profitability is strong, moat fair, growth slow and financial health fair.
In the last 90 days of SEC Form 4 filings: 1 insider bought $48K on the open market.
Oct 29, 2026, before the open.
See LIN today
- Today's verdict on LIN, and why
- Fair value with cautious, base and optimistic cases
- The exact price that would change the verdict
- Which stocks each signal names, the night it fires
Cite this page: Cluenex, “Linde plc (LIN)”, https://cluenex.com/stocks/lin/, data as of Oct 10, 2026.