Linde plc (LIN), headquartered in Woking, the United Kingdom, is an industrial gas company that provides a wide range of atmospheric and process gases, including oxygen, nitrogen, argon, carbon dioxide, helium, and hydrogen. Valued at $216.7 billion by market cap, the company’s industrial gases, technologies, and gas processing solutions are used in the production of clean hydrogen and carbon capture systems for energy transition, medical oxygen, and specialty gases for electronics.
Shares of this global multinational chemical company have underperformed the broader market over the past year. LIN has gained 9.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 20.7%. However, in 2025, LIN stock is up 10.1%,surpassing SPX’s 3.1% rise on a YTD basis.
Narrowing the focus, LIN’s outperformance is apparent compared to iShares U.S. Basic Materials ETF (IYM). The exchange-traded fund has gained about 4.3% over the past year. Moreover, LIN’s double-digit returns on a YTD basis outshine the ETF’s 6.6% gains over the same time frame.
LIN's weak performance stems from slow industrial activity, rising competition, and energy price volatility, further exacerbated by global economic downturns and adverse currency impacts.
On Feb. 6,LIN shares closed up more than 1% after reporting its Q4 results. Its adjusted EPS of $3.97 exceeded the Wall Street expectations of $3.94. The company’s revenue was $8.3 billion, missing the Wall Street forecasts of $8.4 billion.
For the current fiscal year, ending in December, analysts expect LIN’s EPS to grow 6.8% to $16.56 on a diluted basis. The company’s earnings surprise history is impressive. It beat the consensus estimate in each of the last four quarters.
Among the 22 analysts covering LIN stock, the consensus is a “Strong Buy.” That’s based on 15 “Strong Buy” ratings, one “Moderate Buy,” and six “Holds.”
This configuration is more bullish than a month ago, with its overall rating of “Moderate Buy,” consisting of 14 analysts suggesting a “Strong Buy.”
On Feb. 10, Evercore ISI analyst Eric Boyes maintained a “Buy” rating on LIN with a price target of $490, implying a potential upside of 6.3% from current levels.
The mean price target of $507.37 represents a 10.1% premium to LIN’s current price levels. The Street-high price target of $540 suggests an upside potential of 17.2%.
