Linde plc (LIN) Stock Hits a New 52‑Week Low – Is the Industrial Gas Giant Now Undervalued?

As of December 8, 2025, shares of Linde plc (NASDAQ: LIN) are trading near fresh 52‑week lows even as the company delivers record earnings, robust cash flows, and growing exposure to energy‑transition megatrends.

Midday on Monday, Linde’s own investor page showed the stock at about $391.81, down nearly 2% on the day. ^[1] MarketBeat reports that earlier in the session, LIN touched a new 52‑week low around $395.80, well below its 50‑day moving average near $434 and 200‑day around $458. At these levels, Linde trades on roughly 26× earnings with a market capitalization of about $182 billion. ^[2]

Yet Wall Street’s consensus price targets sit 25–30% above the current share price, and most analysts still rate the stock a Buy or Strong Buy. ^[3] This disconnect between weak price action and solid fundamentals is at the heart of today’s Linde story.

Linde Stock Today: Quality Business, Depressed Valuation

Key snapshot as of December 8, 2025:

Share price (intraday): ~$391.8 ^[4]
New 52‑week low: ~$395.8 earlier in the session ^[5]
Market cap: ≈ $182 billion ^[6]
Trailing P/E ratio: ~26.2 ^[7]
Dividend yield: ~1.5% (annualized $6.00 per share) ^[8]
Institutional ownership: ≈87% of shares, with short interest just over 1% ^[9]

Despite the sell‑off, Linde remains the world’s largest industrial gas company, with 2024 revenue of $33 billion across the Americas, EMEA, and Asia‑Pacific. ^[10] Its gases and engineering businesses support critical markets from semiconductors and space launches to medical oxygen and decarbonization projects.

The pressing question for investors on December 8, 2025 is whether the recent weakness is a buying opportunity in a high‑quality compounder, or a warning signal about deeper macro and regional risks.

2025 So Far: Resilient Earnings, Expanding Margins, and Steady Guidance

Across the first three quarters of 2025, Linde has delivered a consistent pattern: flat to modest revenue growth, expanding margins, and double‑digit EPS growth, even against a soft industrial backdrop.

First Quarter 2025

In Q1 2025, Linde reported: ^[11]

Sales: $8.11 billion (flat year‑over‑year; underlying sales +1%)
Adjusted operating profit: $2.44 billion, +4% YoY
Adjusted operating margin:30.1%, up 120 basis points
Adjusted EPS:$3.95, up 5% (8% ex‑FX)
Operating cash flow: $2.16 billion, up 11%

Management guided full‑year 2025 adjusted EPS to $16.20–$16.50, implying 4–6% growth versus 2024. ^[12]

Second Quarter 2025

By Q2 2025, the company had strengthened that trend: ^[13]

Sales: $8.5 billion, +3% YoY (underlying sales +1%)
Adjusted operating profit: $2.6 billion, +6% YoY
Adjusted operating margin: again about 30.1%, up 80 bps
Adjusted EPS:$4.09, +6% YoY
Operating cash flow: $2.2 billion, up 15%
Project backlog: around $7.1 billion in contractual sale‑of‑gas projects

Guidance was tightened to $16.30–$16.50 adjusted EPS for 2025, implying about 5–6% EPS growth for the year. ^[14]

Third Quarter 2025: Record EPS, But Cautious Outlook

On October 31, 2025, Linde reported another strong quarter: ^[15]

Sales: $8.62 billion, up about 3% YoY
Net income: $1.93 billion
GAAP EPS:$4.09, up 27% YoY
Adjusted EPS:$4.21, up 7% YoY and slightly ahead of consensus (~$4.18)
Adjusted operating margin: about 29.7%, up 10 bps
Operating cash flow: roughly $2.95 billion, up 8%

At the same time, Linde:

Raised full‑year 2025 adjusted EPS guidance to $16.35–$16.45 (5–6% growth) ^[16]
Guided Q4 2025 adjusted EPS to $4.10–$4.20, which fell slightly short of the ~$4.23 consensus estimate, largely because of weak volumes in Europe, Middle East & Africa (EMEA). ^[17]

Management highlighted that while volumes in some industrial end markets remain soft—particularly in EMEA—pricing, productivity, and project start‑ups continue to drive EPS growth and margin resilience. ^[18]

Dividends, Buybacks and Balance Sheet Moves

Linde’s capital‑allocation playbook remains shareholder‑friendly and disciplined.

Dividends

The board declared another quarterly dividend of $1.50 per share for Q4 2025, payable December 17, 2025 to shareholders of record on December 3, 2025. ^[19]
At today’s price near $392, that equates to an annualized yield of roughly 1.5%. ^[20]

Buybacks and Cash Returns

In each of the first three quarters of 2025, Linde returned around $1.7–1.8 billion per quarter to shareholders through a combination of dividends and share repurchases. ^[21]

Debt and Liquidity

Recent financing actions include:

A €1.75 billion multi‑tranche euro‑note issuance on November 20, 2025, with maturities in 2027, 2032 and 2038, aimed at general corporate purposes and reinforcing Linde’s access to European capital markets. ^[22]
A new 364‑day credit agreement announced in early December, providing additional short‑term liquidity flexibility. ^[23]

These moves support Linde’s heavy investment pipeline—including hydrogen, carbon capture and major on‑site gas projects—while maintaining a conservative balance sheet.

Latest Headlines: 52‑Week Lows, Institutional Flows and Governance

Fresh 52‑Week Low and Technical Backdrop

The December 8 MarketBeat note on Linde’s 52‑week low underscores several factors weighing on the stock: ^[24]

New 52‑week low at ~$395.80 with the stock recently around $395–$400 before sliding further intraday.
LIN trading well below its 50‑day and 200‑day moving averages, cementing a short‑term downtrend.
A still‑healthy net margin of ~21% and ROE near 19%, despite macro pressure.

A related article from earlier in December framed the question as “time to sell?” but noted that despite price weakness, Linde retains a consensus Buy rating with an average price target just above $508. ^[25]

Institutional Activity

Recent regulatory filings highlight active institutional trading in Linde shares:

Cerity Partners LLC increased its stake in Linde by about 12% in Q2 2025, taking holdings to roughly 182,829 shares worth nearly $85.8 million at the time of filing. ^[26]
Other large holders such as Prudential Financial and Marshall Wace have also reported meaningful positions, while some asset managers have trimmed exposure, reflecting differing views on valuation and macro risk. ^[27]
Overall, institutional ownership sits around 87%, with short interest just over 1%, signalling that professional investors dominate Linde’s register and outright bearish positioning remains limited. ^[28]

Leadership Changes and Governance

On the corporate‑governance front, Linde recently announced that CEO Sanjiv Lamba will assume the additional role of Chairman of the Board effective January 31, 2026, succeeding long‑time leader Steve Angel. ^[29]

The company also appointed Sean Durbin as Chief Operating Officer in 2025, strengthening top‑level operational leadership. ^[30]

Separately, Linde India—an associated regional entity—saw its CFO resign amid local regulatory issues, a development that has generated headlines but does not directly change the fundamentals of Linde plc’s global business. ^[31]

How Wall Street Sees Linde: Ratings, Targets and Earnings Forecasts

Despite the stock’s recent weakness, analysts remain broadly constructive on Linde.

Consensus Ratings and 12‑Month Price Targets

According to TipRanks, over the last three months: ^[32]

15 analysts have issued ratings on LIN.
The consensus rating is Strong Buy (13 Buy, 2 Hold, 0 Sell).
The average 12‑month price target is about $509.31, with:
- High target around $540
- Low target around $455
That average implies roughly 27% upside from a recent reference price of $399.57.

Benzinga’s broader dataset, covering 27 analysts, shows: ^[33]

Consensus rating: Buy (rating score around 4.1/5).
Consensus price target: about $478.50, with a range from $375 to $540.
The three most recent notes—CICC, UBS and RBC Capital—carry an average target of around $516.67, implying more than 30% upside from current levels.

Recent moves include:

CICC initiating Linde at Outperform with a $510 target on December 3, 2025. ^[34]
UBS upgrading LIN from Neutral to Buy in November with a $500 target. ^[35]
RBC Capital trimming its target from $576 to $540 but maintaining an Outperform rating. ^[36]

Earnings and Revenue Forecasts Through 2026

Analyst‑compiled forecasts point to continued EPS growth despite macro headwinds:

2025 revenue: about $34.2 billion, up ~3.7% from 2024.
2026 revenue: about $36.0 billion, implying 5% growth.
2025 EPS (consensus): roughly $16.6, representing ~22% growth from 2024.
2026 EPS: about $18.0, up 8–9% vs 2025. ^[37]

These forecasts sit broadly in line with Linde’s own 2025 guidance and reflect expectations for mid‑single‑digit revenue growth and high‑single‑digit EPS growth as margins remain elevated.

Separately, a detailed Simply Wall St narrative projects Linde’s revenue reaching ~$38.9 billion and earnings ~$9.1 billion by 2028, implying around 5.4% annual revenue growth and suggesting a fair value near $505 per share—about 23% above recent prices. ^[38]

Strategic Growth Drivers: Hydrogen, Helium and the Energy Transition

The bullish case for Linde is anchored in structural, long‑duration trends that go well beyond the current industrial cycle.

Energy Transition and Hydrogen

Linde is deeply embedded in hydrogen, carbon capture and broader decarbonization infrastructure:

The company positions itself as a “fast‑forwarder of the energy transition” through hydrogen production, liquefaction, storage, and fueling solutions, plus carbon‑capture technologies. ^[39]
Projects include large autothermal reformer (ATR) plants for low‑carbon hydrogen (e.g., at Clear Lake, Texas) and multiple CCUS‑enabled industrial gas facilities. ^[40]
Joint ventures such as Linde LienHwa in Taiwan are presented as hydrogen pioneers in regional energy transitions, particularly for electronics manufacturing hubs. ^[41]

These projects typically rely on long‑term, take‑or‑pay contracts, providing stable cash flows once on line.

Helium, Semiconductors and Space

Linde is also investing heavily in helium and high‑purity gas infrastructure:

In summer 2025, Linde commissioned one of the world’s largest helium storage caverns in Beaumont, Texas, with capacity exceeding 3 billion cubic feet—one of only three such caverns globally. ^[42]
The company also agreed major investments to support the U.S. commercial space sector, including an expansion of its Mims, Florida facility (liquid oxygen and nitrogen for rocket launches) and a new air‑separation unit in Brownsville, Texas, scheduled to start up in 2026. ^[43]

These projects directly support semiconductors, aerospace, and advanced manufacturing—markets that may grow faster than traditional heavy industry.

ESG and Sustainability Positioning

Linde has built a strong ESG profile:

It has been included in the FTSE4Good Index Series for ten consecutive years, reflecting leadership in corporate governance, climate strategy and safety. ^[44]
In 2024, Linde’s technologies helped customers avoid more than 96 million metric tons of CO₂‑equivalent emissions, more than double its own operational footprint. ^[45]
The company targets a 35% reduction in Scope 1 & 2 emissions by 2035 and has articulated longer‑term neutrality ambitions. ^[46]

This sustainability positioning matters for institutions prioritizing “transition‑enabling” industrials in their portfolios.

What’s Weighing on the Stock? Macro, Europe and Sentiment

If the fundamentals look solid, why has the stock slid to a new low?

European Weakness and Volume Pressure

Reuters highlighted that Linde’s Q4 2025 EPS guidance came in below consensus largely because of weak volumes in EMEA, which accounts for about a quarter of revenue. ^[47]

In Q3, EMEA volumes fell around 3% while pricing remained positive, reflecting deindustrialization and high energy costs in parts of Europe. ^[48]
Several analyst notes and SWOT analyses point to persistent European industrial softness as a core medium‑term risk, particularly for metals, mining and heavy manufacturing customers. ^[49]

Industrial Macro and FX Headwinds

Broader industrial indicators point to:

Muted demand in some manufacturing and chemical markets, especially in Europe and parts of Asia. ^[50]
Foreign‑exchange headwinds, which have trimmed reported growth by a few percentage points in recent quarters. ^[51]

While Linde has offset much of this with pricing and efficiency, there is a limit to how much EPS can outrun volumes if global industrial conditions deteriorate further.

Valuation Compression and Media Scrutiny

Several recent articles have dissected Linde’s valuation after the pullback:

Pieces on Yahoo Finance and other platforms have asked whether Linde is now “fairly priced” after a long stretch of outperformance, using discounted‑cash‑flow and relative‑multiple frameworks. ^[52]
Another widely circulated piece, “Reassessing Linde (LIN) Valuation After Media Scrutiny on Its Recent Stock Underperformance,” highlights how the stock has lagged peers in the materials sector despite strong earnings. ^[53]

Television commentary has also turned more critical. A recent segment quoted Jim Cramer describing Linde’s stock as “nothing but nastiness” lately—capturing the mood of frustrated holders who watched a high‑quality name slide despite solid fundamentals. ^[54]

Put simply: sentiment has broken, even if the business hasn’t.

Bulls vs Bears: How Investors Are Framing LIN Stock After the Sell‑Off

The Bull Case

Supporters of Linde stock tend to emphasize:

Durable Competitive Moat
- ~31–32% global market share in industrial gases, with a dense network of plants and pipelines that is hard to replicate. ^[55]
Resilient Earnings and Cash Flow
- Mid‑30% adjusted operating margins in several regions and consistently high returns on capital. ^[56]
- Strong free cash flow that comfortably funds dividends, buybacks and capex.
Energy Transition as a Multi‑Decade Tailwind
- Hydrogen, helium, and clean‑energy process gases positioned as structural growth drivers, supported by multi‑billion‑dollar project backlogs and long‑term contracts. ^[57]
Attractive Risk/Reward After the Pullback
- With the stock around $390–400 and consensus targets near $480–510, multiple analyst frameworks—and Simply Wall St’s DCF‑based fair value around $505—suggest 20–30% upside if forecasts prove correct. ^[58]

The Bear Case

Skeptics focus on:

Cyclical and Regional Risks
- Continued European industrial weakness could keep volumes under pressure for longer than management expects, especially if energy prices stay elevated or deindustrialization worsens. ^[59]
Valuation Still Not “Cheap”
- Even after the pullback, a mid‑20s P/E and elevated PEG ratio around 3× leave limited room for disappointment if growth slows. ^[60]
Execution and Project‑Risk Overhangs
- Large hydrogen and CCUS projects carry execution, regulatory and policy risks, especially in Europe and North America, where timelines and subsidies can shift. ^[61]
Potential Erosion of Pricing Power in a Downturn
- While Linde has successfully pushed price increases ahead of inflation so far, there are questions about how long this can continue if end‑market demand remains weak. ^[62]

Bottom Line: What Today’s 52‑Week Low Really Says About Linde plc

From a purely fundamental standpoint, Linde in late 2025 looks like the same company it did when the stock traded closer to its highs:

Margins remain near record levels. ^[63]
EPS is hitting all‑time highs and guided to grow 5–6% in 2025. ^[64]
The project backlog, hydrogen footprint and helium infrastructure all point to long‑term relevance in decarbonization and advanced manufacturing. ^[65]

What has changed is:

The macro backdrop, especially in Europe. ^[66]
Investor sentiment, which has soured after guidance came in slightly below expectations and the stock underperformed peers. ^[67]

For long‑term, fundamentally‑focused investors, that combination—resilient business, weaker sentiment, and a 52‑week low—may look like an opportunity if they are comfortable with European exposure and the cyclical risks. For more tactically minded traders, the broken technical picture and negative momentum may be reasons to stay cautious until there are clearer signs of stabilization in both price and European industrial data.

Important note

This article is for informational and educational purposes only and does not constitute financial advice, investment recommendation, or an offer to buy or sell any security. Always do your own research and consider consulting a licensed financial adviser before making investment decisions.

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