LIN vs TMC: How Linde and TMC the metals company Compare (2026)

Same yardstick, side by side (as of July 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LIN and TMC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LIN and TMC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Linde is the largest industrial gases company in the world, providing oxygen, nitrogen, argon, hydrogen, helium, and various specialty gases to customers across manufacturing, healthcare, energy, electronics, and food processing. The company was formed in 2018 through the merger of Linde AG (German) and Praxair (US-based), making it dual-listed but primarily reporting in USD with a Connecticut headquarters.

Full LIN guide

TMC the metals company (TMC), headquartered in Vancouver, Canada and listed on Nasdaq, is a deep-sea mining developer focused on polymetallic nodules in the Clarion-Clipperton Zone of the Pacific Ocean. These potato-sized nodules sit on the abyssal seafloor roughly 4 kilometers down and contain nickel, cobalt, copper, and manganese, four metals tied to batteries, electrification, and steel. TMC controls two exploration areas through its subsidiaries NORI (Nauru Ocean Resources Inc.) and TOML (Tonga Offshore Mining Ltd.), and it partners with engineering and refining firms rather than building the full supply chain itself.

Full TMC guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• LIN drivers: Long-term take-or-pay contract durability; Hydrogen and clean energy transition.
• TMC drivers: Large, undeveloped critical-metals resource; The US permitting path.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Capital intensity is meaningful for new gas plants. For TMC, the dominant risk is regulatory and close to binary: TMC's plan depends on US permits that are contested internationally, with the ISA opening an inquiry into its subsidiaries and a coalition of dozens of nations backing a moratorium on deep-sea mining.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick LIN if you believe its drivers more; TMC if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the LIN and TMC guides.

LIN. Linde trades at one of the highest valuations among industrial companies, reflecting the durable contract structure, the demonstrated operational excellence, and the hydrogen growth story. The multiple has expanded over the past decade as the quality of the business model has been recognized.

TMC. Standard valuation ratios do not apply: TMC has no revenue and posts a loss every quarter, so there is no P/E, no profit margin, and no dividend to anchor a price. The market value is effectively an option on a future outcome, driven by permitting decisions, financing news, partner milestones, and metal-price expectations rather than current cash flows. All figures are approximate, tied to the dates above, and move quickly; verify against TMC's investor relations page or your broker before relying on them.

Headline figures (approximate, early 2026): LIN shows revenue (ttm) ~$33 billion, operating margin ~26%, net income (ttm) ~$7 billion, eps (ttm) ~$14.50; TMC shows revenue $0 (pre-revenue; no product sales), net loss (q1 2026) ~$20.6 million, EPS ~$(0.05), cash ~$119.7 million at March 31, 2026, with no financial debt, market cap ~$1.9 billion (late June 2026; varies widely with the share price).

LIN and TMC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LIN and TMC exposure against your real portfolio. It is not an investment adviser.