Question 1

What is Linde's P/FCF ratio?

Accepted Answer

Linde (LIN) P/FCF ratio is 46.5× as of June 5, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Linde?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Linde specifically, the relevant sector benchmark is the current sector median of 27.1×.

Question 5

Is Linde's P/FCF ratio high or low?

Accepted Answer

Linde's P/FCF ratio of 46.5× is above its own 5-year average of 35.1× and above the sector median of 27.1×. That places the current reading at the 95th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Linde's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Linde (LIN) P/FCF ratio has ranged from a low of 16.6× in 2002 to a high of 119.3× in 2011. The 5-year average is 35.1× and the 5-year median is 35.8×.

Question 7

What was Linde's P/FCF ratio in 2025?

Accepted Answer

Linde (LIN) P/FCF ratio at the end of 2025 was 39.1×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Linde's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$198.80B	$5.09B	39.1×	-1.4×	Dec 31, 2025
2024	$199.23B	$4.93B	40.4×	+4.4×	Dec 31, 2024
2023	$198.88B	$5.52B	36.0×	+7.7×	Dec 31, 2023
2022	$161.02B	$5.69B	28.3×	+1.6×	Dec 31, 2022
2021	$177.11B	$6.64B	26.7×	-7.6×	Dec 31, 2021
2020	$138.20B	$4.03B	34.3×	-11.3×	Dec 31, 2020
2019	$114.28B	$2.51B	45.6×	+6.3×	Dec 31, 2019
2018	$71.50B	$1.82B	39.3×	+13.6×	Dec 31, 2018
2017	$44.39B	$1.73B	25.7×	+0.1×	Dec 31, 2017
2016	$33.48B	$1.31B	25.6×	-0.0×	Dec 31, 2016
2015	$29.21B	$1.14B	25.6×	-6.3×	Dec 31, 2015
2014	$37.66B	$1.18B	31.9×	-10.8×	Dec 31, 2014
2013	$38.32B	$897.00M	42.7×	-14.1×	Dec 31, 2013
2012	$32.49B	$572.00M	56.8×	+8.1×	Dec 31, 2012
2011	$32.02B	$658.00M	48.7×	-7.9×	Dec 31, 2011
2010	$29.23B	$517.00M	56.5×	+26.3×	Dec 31, 2010
2009	$24.68B	$816.00M	30.3×	-12.5×	Dec 31, 2009
2008	$18.26B	$427.00M	42.8×	-5.5×	Dec 31, 2008
2007	$28.08B	$582.00M	48.2×	+18.8×	Dec 31, 2007
2006	$19.17B	$652.00M	29.4×	+0.8×	Dec 31, 2006
2005	$17.12B	$598.00M	28.6×	+3.7×	Dec 31, 2005
2004	$14.35B	$575.00M	24.9×	-56.0×	Dec 31, 2004
2003	$12.47B	$154.00M	81.0×	+62.3×	Dec 31, 2003
2002	$9.39B	$503.00M	18.7×	-2.4×	Dec 31, 2002
2001	$8.94B	$425.00M	21.0×	—	Dec 31, 2001


Nucor (NUE)	74.2×
Air Products and Chemicals (APD)	58.4×
International Flavors & Fragrances (IFF)	46.4×
Ecolab (ECL)	40.1×
Steel Dynamics (STLD)	39.2×
Albemarle (ALB)	36.7×
Martin Marietta Materials (MLM)	34.3×
Weyerhaeuser (WY)	34.1×
Southern Copper (SCCO)	33.1×
Vulcan Materials (VMC)	32.2×
Corteva (CTVA)	27.5×
Sherwin-Williams (SHW)	27.1×
RPM International (RPM)	25.2×
H.B. Fuller (FUL)	24.7×
CRH (CRH)	24.4×
Agnico Eagle Mines (AEM)	22.3×
PPG Industries (PPG)	19.5×
Eastman Chemical (EMN)	17.5×
DuPont de Nemours (DD)	17.0×
Avient (AVNT)	16.2×
Freeport-McMoRan (FCX)	13.6×
CF Industries Holdings (CF)	12.4×
Newmont (NEM)	9.6×
LyondellBasell (LYB)	9.3×
Ashland (ASH)	7.6×

P/FCF Ratio for Linde (LIN)

P/FCF Ratio daily chart for Linde (LIN)

Historical P/FCF Ratio for Linde (LIN) from 2001 to 2025

About P/FCF Ratio at Linde (LIN)

Linde P/FCF Ratio by Year

Linde P/FCF Ratio 2025: 39.1×

Linde P/FCF Ratio 2024: 40.4×

Linde P/FCF Ratio 2023: 36.0×

Linde P/FCF Ratio 2022: 28.3×

Linde P/FCF Ratio 2021: 26.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Linde (LIN) Key Financials

P/FCF Ratio daily chart for Linde (LIN)

Historical P/FCF Ratio for Linde (LIN) from 2001 to 2025

About P/FCF Ratio at Linde (LIN)

Linde P/FCF Ratio by Year

Linde P/FCF Ratio 2025: 39.1×

Linde P/FCF Ratio 2024: 40.4×

Linde P/FCF Ratio 2023: 36.0×

Linde P/FCF Ratio 2022: 28.3×

Linde P/FCF Ratio 2021: 26.7×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

+What is Linde's P/FCF ratio?

+How is the P/FCF ratio calculated?

+What is the P/FCF ratio?

+What is a good P/FCF ratio for Linde?

+Is Linde's P/FCF ratio high or low?

+What is Linde's historical P/FCF ratio range?

+What was Linde's P/FCF ratio in 2025?

+Why does Linde's P/FCF ratio change over time?

Linde (LIN) Key Financials