As of December 4, 2025, Linde plc (NASDAQ: LIN) is trading near a 52‑week low despite resilient earnings, a fresh credit agreement and a growing dividend — setting up a nuanced risk–reward profile for investors watching Linde stock and LIN forecasts for 2026.
Linde at a glance
Linde plc is the world’s largest industrial gases and engineering company, supplying oxygen, nitrogen, hydrogen and specialty gases to industries from healthcare and electronics to energy and metals. The group generated around $33 billion of sales in 2024 and operates in more than 80 countries. Linde
The shares are listed on Nasdaq under the ticker LIN and are a core holding in the global basic materials and industrials universe. Linde
Linde share price on December 4, 2025: trading near its 52‑week low
On December 4, 2025, Linde stock is changing hands at around $404 per share, with the latest trade reported at $403.67.
Recent MarketBeat data show:
- 52‑week low: about $404.27
- 52‑week high: about $486.38
- Market capitalization: roughly $191 billion
- P/E ratio: about 27–28x
- PEG ratio: a little above 3x
- Beta: under 1.0, reflecting below‑market volatility. MarketBeat
A December 3 MarketBeat piece noted that Linde had just set a new 52‑week low, with the share price trading well below both its 50‑ and 200‑day moving averages. MarketBeat Despite that technical weakness, analyst consensus and institutional ownership remain strongly supportive (more on that below).
Q3 2025 earnings: high margins, strong cash flow, steady guidance
Linde reported third‑quarter 2025 results on October 31, and those numbers still anchor most of today’s research views on the stock. Business Wire
Key Q3 2025 headline figures: Business Wire
- Sales: $8.6 billion, up about 3% year over year
- Net income: $1.93 billion, up 24%
- Diluted EPS (GAAP):$4.09, up 27%
- Adjusted EPS:$4.21, up 7%, slightly ahead of consensus (~$4.18)
- Adjusted operating margin: roughly 29.7%, about 10 bps higher than last year
- Operating cash flow: about $2.9 billion, up 8%, with free cash flow around $1.7 billion
By region, the Americas led growth on the back of pricing and strength in electronics, manufacturing and metals & mining, while Europe delivered margin expansion despite softer volumes. Asia‑Pacific saw flat volumes but some pricing pressure, particularly in helium. Business Wire
Management kept a cautious tone on near‑term industrial demand but reiterated confidence in Linde’s backlog‑driven growth model and margin discipline, pointing to a multi‑billion‑dollar sale‑of‑gas project pipeline. Business Wire
EPS guidance for Q4 and full‑year 2025
In the Q3 release, Linde issued updated guidance: Linde Assets
- Q4 2025 adjusted diluted EPS:$4.10–$4.20, implying 3–6% growth vs. the prior‑year quarter (1–4% if you strip out an estimated 2% currency tailwind).
- Full‑year 2025 adjusted EPS:$16.35–$16.45, targeting 5–6% growth vs. 2024, with FX expected to be broadly neutral.
Several analyst and news summaries now quote that same range and project around $16.5 EPS for the full year. MarketBeat
Fresh $1.5 billion credit agreement boosts liquidity
One of the most important new developments as of December 4, 2025 is Linde’s entry into a sizeable short‑term credit facility.
On December 3, 2025, Linde and key subsidiaries signed an unsecured 364‑day revolving credit agreement with Bank of America, N.A. as administrative agent and a syndicate of lenders. The facility provides total commitments of $1.5 billion and is intended for general corporate purposes. GuruFocus
Notable details from the credit agreement: GuruFocus
- Borrowers include Linde plc, Linde Inc., Linde GmbH and Linde Finance B.V., with the option to add more subsidiaries.
- Linde plc guarantees obligations under the facility; key subsidiaries also provide cross‑guarantees.
- Loans can be drawn in multiple currencies (USD, EUR, GBP) and include swingline options of up to $50 million in USD and €25 million in EUR.
- The commitments expire after 364 days, but Linde may convert outstanding borrowings into non‑revolving term loans, due one year after the commitment termination date.
- Interest is floating, referencing SOFR, EURIBOR, SONIA or a base rate plus a margin linked to Linde’s credit ratings.
Layered on top of an earlier €1.75 billion multi‑maturity bond issue completed in late November, which extended Linde’s debt ladder and funded general corporate purposes, this new facility underscores management’s focus on maintaining abundant liquidity and balance‑sheet flexibility. Ts2 Tech
Institutional flows on December 4: rotation under the surface, ownership still above 80%
Today’s news flow around Linde is dominated by 13F‑driven institutional holding updates, which help explain some of the recent pressure on the stock even as fundamentals remain strong.
Among the moves reported on December 4:
- Sands Capital Management trimmed its stake by about 2.9% in Q2, ending with 86,662 shares worth roughly $40.7 million. MarketBeat
- Maren Capital LLC increased its position by 5% to 250,441 shares (around $117.5 million), making Linde its sixth‑largest holding. MarketBeat
- 1832 Asset Management L.P. boosted its stake by 70.7% to 154,311 shares (about $72.4 million). MarketBeat
- Panagora Asset Management reduced its holdings by 67%, selling 12,924 shares and retaining 6,374 shares valued near $3 million. MarketBeat
- Guggenheim Capital LLC cut its position by 53.9% to about 68,746 shares (roughly $32.3 million). MarketBeat
- M&T Bank Corp trimmed its stake by 14.6% to 63,580 shares, worth just under $30 million. MarketBeat
Despite these individual sales, MarketBeat data show institutional investors still own around 82.8% of Linde’s outstanding shares, with giants like Vanguard, Price T Rowe, Wellington and Norges Bank holding multi‑billion‑dollar positions. MarketBeat
Net‑net, the picture is one of ongoing rotation, not abandonment: some managers are taking profits or reallocating, while others are adding meaningfully at current prices.
Dividend: four $1.50 payments in 2025 and a ~1.5% yield
Linde continues to position itself as a steady dividend grower. In an October 27 press release, the company declared a quarterly dividend of $1.50 per share, payable December 17, 2025 to shareholders of record as of December 3, 2025. Linde
For 2025, Linde’s investor relations site and recent analysis pieces highlight: Ts2 Tech
- Four equal quarterly dividends of $1.50, totalling $6.00 per share for the year
- An increase from $1.39 per quarter in 2024 (roughly 8% growth)
- A forward dividend yield of around 1.5% at the current share price region
- A payout ratio of roughly 40% of earnings, leaving ample room for capex, debt service and share buybacks
The Q3 cash‑flow statement shows Linde returning about $1.7 billion to shareholders in the quarter alone, through a combination of dividends and repurchases. Business Wire
As a result, Linde frequently appears on Dividend Aristocrat and quality‑income stock lists, even though the yield is modest by high‑yield standards. Ticker Nerd
Analyst ratings and price targets: consensus Buy with mid‑20s upside
Despite the recent 52‑week low, Wall Street remains broadly constructive on Linde stock.
Street consensus
Across multiple data providers and recent news:
- MarketBeat cites a consensus rating of “Buy” for LIN and an average price target of roughly $508.8 per share. MarketBeat
- TradingView aggregates 25 analysts with a 1‑year price target around $507.56, and a target range of roughly $381–$565. TradingView
- TickerNerd, summarising 32 Wall Street analysts, reports a median target around $513, with the same broad range of $381–$565 and an overall “Strong Buy” skew (23 Buy, 2 Hold, 1 Sell). Ticker Nerd
At a share price in the low‑$400s, these targets imply mid‑20s percentage upside over the next 12 months, if the Street’s view proves accurate. Ticker Nerd
Recent individual calls
Recent commentary highlights a mix of target cuts (mainly reflecting lower peer multiples and macro uncertainty) and reaffirmed buy ratings: MarketBeat
- Royal Bank of Canada (RBC): target trimmed from $576 to $540, rating “outperform” maintained
- Citigroup: target reduced from $535 to $520, rating “buy”
- Sanford C. Bernstein:“outperform” with a $516 target
- CICC Research:“outperform”, target around $510
- JPMorgan: target cut from $475 to $455 with “overweight”
- UBS: target nudged down from $510 to $507, rating “neutral” in one report, but a separate thematic note emphasizes a pickup in EPS growth into 2026. Yahoo Finance
Overall, Street sentiment tilts clearly positive: data collated in recent articles show roughly two “Strong Buy” ratings, several “Buy” ratings and only a single Hold, consistent with a broad “Buy” consensus. MarketBeat
EPS and growth forecasts for 2026: UBS sees acceleration
While Linde’s own guidance only extends through 2025, several research pieces published in late November and early December focus on 2026 earnings power:
- A UBS‑linked analysis, summarized by Yahoo Finance and other outlets, projects adjusted EPS growth accelerating from roughly 6% in 2025 to around 9–10% in 2026, helped by large projects ramping and ongoing pricing/productivity gains. Yahoo Finance
- TechStock² (TS2) highlights that this faster EPS growth story is underpinned by Linde’s €1.75 billion bond issue, which extends its funding runway, and by strong institutional inflows. Ts2 Tech
TradingView’s consensus also implies that analysts expect continued revenue and EPS growth into 2026, with forecasts calling for low‑single‑digit sales growth in the near term and high‑single‑digit EPS growth as leverage from productivity and capital allocation continues. TradingView
Independent valuations and long‑term LIN stock forecasts
Beyond 12‑month price targets, several independent platforms have published longer‑term LIN stock forecasts:
TIKR’s valuation model
A November 13 article from TIKR analyzes Linde using conservative assumptions and their in‑house valuation model. Tikr
Key points from their base‑case scenario:
- Assume 5.4% annual revenue growth, above current 3% but consistent with backlog conversion and share gains in semiconductors and aerospace.
- Model net income margins around 24–25%, reflecting ongoing margin expansion.
- Apply an exit P/E multiple of 26x, in line with Linde’s historical premium rating.
Under those inputs, TIKR projects LIN stock could rise from about $429 to roughly $528 over approximately 4 years, implying ~23% total return, or about 10% annualized. Tikr
They also explore a more optimistic scenario in which the stock could reach around $640 by late‑decade, assuming stronger demand recovery and faster execution of Linde’s roughly $10 billion project backlog. Tikr
Perceived undervaluation vs. fair value estimates
The TechStock² deep dive notes that a set of discounted‑cash‑flow (DCF) models from sources like Simply Wall St currently suggest Linde might be roughly 18–19% undervalued, with “fair value” estimates in the low $500s, though this is highly sensitive to macro assumptions and interest rates. Ts2 Tech
Taken together, external models broadly agree with Street targets:
- Short‑term (12 months): fair value clustered in the $500–$515 range
- Medium‑term (3–4 years): potential for mid‑single‑digit to low‑double‑digit annual returns, assuming Linde keeps converting its backlog and expanding margins
Leadership update: Sanjiv Lamba to become Chairman & CEO in 2026
In September 2025, Linde announced an important governance change:
- CEO Sanjiv Lamba will take on the additional role of Chairman of the Board effective January 31, 2026.
- Current Chair Steve Angel will retire from the board on that date after about 25 years with Linde and predecessor Praxair. Linde
Linde also appointed Sean Durbin as Chief Operating Officer, effective October 1, 2025, signaling a focus on operational execution as the company navigates its large project pipeline and macro uncertainty. Finanzwire
For investors, the combined Chair–CEO role reinforces continuity of strategy, but it also concentrates leadership and may be watched closely by governance‑focused funds.
Key risks investors should weigh
Although Linde’s fundamentals are robust, today’s news and recent filings point to several ongoing risks:
- Macro and industrial demand
- Management remains “guarded” on near‑term industrial recovery, particularly in Europe, where volumes in metals and manufacturing remain under pressure. Business Wire
- Pricing pressure in specific gases
- Q3 commentary flagged helium and rare gases as areas of price pressure, especially in Asia‑Pacific. Business Wire
- Currency and interest‑rate volatility
- EPS guidance explicitly factors in FX headwinds/tailwinds, and new financing (bonds plus the 364‑day facility) adds sensitivity to benchmark rates. Linde Assets
- Premium valuation
- Even near a 52‑week low, Linde trades at high‑20s earnings multiples and a rich PEG ratio versus many industrial peers, leaving less room for disappointment if growth slows. MarketBeat
- Execution on large project backlog
- Much of the bull case assumes smooth execution of roughly $7–10 billion of sale‑of‑gas projects and clean‑energy investments; delays or cost overruns could dent the growth trajectory. Business Wire
What today’s headlines mean for people searching “Linde stock today”
Putting together the latest developments through December 4, 2025, the picture for LIN looks like this:
- Fundamentals: Q3 showed high margins, record EPS and strong free cash flow, with 2025 EPS on track for mid‑single‑digit growth. Business Wire
- Balance sheet: A new $1.5 billion revolving credit facility and a recent €1.75 billion bond deal reinforce Linde’s financial flexibility. GuruFocus
- Shareholder returns: The annual dividend is now $6 per share and has been growing, supplemented by ongoing buybacks. Linde
- Market sentiment: The stock sits near its 52‑week low, yet analyst consensus and independent models generally cluster around $500+ fair value, implying meaningful upside if execution continues. Ts2 Tech
- Ownership: Institutions still hold more than 80% of the float, with some trimming positions and others buying aggressively at current levels. MarketBeat
For existing shareholders, today’s news flow largely reinforces the long‑term quality and balance‑sheet strength of the business, even if the share price has been weak. For potential buyers, Linde now screens as a high‑quality compounder trading at a discount to recent peaks but still at a premium valuation, making position size and time horizon particularly important considerations.
Disclaimer: This article is for informational and news purposes only and does not constitute investment advice or a recommendation to buy or sell any security. Always conduct your own research or consult a qualified financial adviser before making investment decisions.
