Linde plc (NYSE:LIN), the world's largest industrial gas supplier, has drawn renewed analyst attention. The company, formed from the merger of Linde AG and Praxair, commands a 31-32% global market share.
Two leading research firms upgraded Linde to buy ratings in November 2025. The stock surged about 28% over the past six months to trade at $517.58.
Analysts noted that Linde shares traded at approximately 15.6 times forward twelve-month EBITDA, below the three-year average of 16.8 times. This discount aligns with periods of waned investor confidence.
Price targets were set at $500. The central thesis is EPS growth acceleration from about 6% in 2025 to 9-10% in 2026.
Linde's pricing discipline is a key investment thesis. The company has demonstrated success in executing price increases ahead of cost inflation, with merchant pricing strength across regions. Annual margin expansion of 50 basis points is projected.
Pricing weakness in Asia for helium and rare gases remains a concern. Stabilization in this segment is an important catalyst.
Linde's scale provides significant competitive advantages. With a $239 billion market cap, the company benefits from operational efficiencies, purchasing power, and multinational customer service.
A strong balance sheet supports organic growth and acquisitions. Clean energy opportunities offer potential upside to base case forecasts.
The industrial gas sector reflects global industrial production trends. Any strengthening in European demand would provide upside.
Backlog start-ups are expected to contribute an additional 1-2 percentage points to EPS growth. Productivity initiatives, combined with pricing discipline, support margin expansion.
This analysis is based on analyst reports from November 2025.
