LIN (Linde plc): Themes, ETFs, and Basket Ideas
LIN is the ticker for Linde plc. This page covers what the company does, where it's heading, its approximate earnings and valuation, key competitors, the themes it belongs to, the ETFs that hold it, and similar stocks worth looking at.
What does Linde plc do?
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.
The industrial gases business is unusual in its capital structure. Most large gas supply arrangements are long-term take-or-pay contracts (often 15-20 years) under which Linde builds an on-site air separation plant at the customer's facility and supplies gases at contracted rates. These contracts produce extremely stable cash flows and high return on capital. Linde is one of the world's largest emerging-hydrogen players and has been investing significantly in low-carbon and green hydrogen capacity. Founded 1879 (German Linde) and 1907 (Praxair predecessor). Sanjiv Lamba has been CEO since 2022.
Where is Linde plc heading?
1. Long-term take-or-pay contract durability.
Most of Linde's revenue is locked into multi-decade on-site gas supply contracts with customers in steel, chemicals, refining, electronics, and other industries. This produces unusually high revenue visibility and operating margin stability.
2. Hydrogen and clean energy transition.
Hydrogen demand for both traditional applications (refining, chemicals) and emerging clean energy applications (steel decarbonization, transportation) drives a multi-decade growth opportunity. Linde is investing in blue hydrogen and green hydrogen capacity globally.
3. Electronics gases and semiconductor capex.
Specialty gases (ultra-high-purity nitrogen, neon, krypton, xenon) are critical for semiconductor manufacturing. AI-driven fab capex (TSMC Arizona, Intel Ohio, etc.) drives electronics gases demand.
4. Pricing power and operational excellence.
The industrial gases industry is consolidated globally (Linde, Air Liquide, Air Products are the big three) and has demonstrated pricing power across cycles. Operational excellence has driven margin expansion over many years.
Risks worth tracking: Capital intensity is meaningful for new gas plants. Energy costs (a major input) can compress margins if not passed through. Cyclical industries like steel and refining create some volume risk.
Earnings and valuation (approximate, early 2026)
A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Linde plc's investor relations page or your broker.
- Revenue (TTM): ~$33 billion
- Operating margin: ~26%
- Net income (TTM): ~$7 billion
- EPS (TTM): ~$14.50
- P/E (TTM): ~32x
- Price to sales: ~7x
- Dividend yield: ~1.2%, with consistent annual growth
- Free cash flow: ~$7 billion annually
- Return on capital: ~20%, highest among industrial gases peers
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.
Themes LIN belongs to
These are the investment theses LIN naturally fits into. Each links to a full theme guide listing every other stock that belongs and the ETFs commonly used as a passive proxy.
Data center power and cooling
Industrial gases, including the specialty electronics gases used in fabs that produce AI accelerators.
Critical materials
Industrial gases including helium and specialty electronic gases that semiconductor and defense customers depend on.
Dividend growth
Take-or-pay industrial gas contracts produce predictable cash flow that supports reliable dividend growth.
LIN's competitors
Industrial gases
Air Liquide (French, the second-largest globally) is the primary direct competitor. Air Products (US-listed) is the third major player. Messer and Taiyo Nippon Sanso are smaller competitors. Together, the big three (Linde, Air Liquide, Air Products) hold the majority of global industrial gases revenue.
Hydrogen and clean energy
Air Liquide and Air Products are also the primary competitors in blue and green hydrogen. Various energy majors (Shell, BP, TotalEnergies, ExxonMobil) are entering hydrogen infrastructure with varying levels of commitment. Plug Power and Bloom Energy compete in fuel cells and smaller-scale hydrogen applications.
Similar stocks
Other names that show up alongside LIN in the same themes. Worth a look if you're thinking about diversification within a single thesis rather than concentration on one ticker.
Also fits Data center power and cooling. Industrial gases and large-scale hydrogen projects; semiconductor and data center customers consume meaningful share of revenue.
Also fits Critical materials. Largest US steel producer; EAF technology is structurally lower-carbon and has supply-chain reshoring tailwinds.
Also fits Data center power and cooling. UPS, PDUs, liquid cooling, and integrated thermal management for AI training racks. Pure-play AI infrastructure beneficiary.
Also fits Data center power and cooling. Largest specialty electrical infrastructure contractor in North America. Transmission and substation work for AI-driven utility load growth.
Using LIN in a Walnut basket
The most useful question to ask about a single stock is rarely “will it go up?”. It's “does this fit a thesis I actually believe in, and how do I size it alongside other stocks that fit the same thesis?” That's what Walnut is built for.
Open the AI assistant on Walnut and describe a thesis (for example: “the AI infrastructure buildout”, “dividend growth large-caps”, “global semiconductors”) where LIN would naturally fit. The AI proposes 5 to 6 constituents with target weights, you review, and you can fund the basket through your broker once you're ready.
Build a basket around LIN with Walnut
Use Linde plc as one constituent in a thematic basket Walnut's AI helps you assemble. Describe a thesis you believe in, the AI proposes the holdings and weights, and you approve before any broker order.
FAQ
What is Linde's ticker symbol?
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LIN, listed on NYSE. Officially Linde plc. Formed in 2018 through the merger of Linde AG (German) and Praxair (US). Headquartered in Woking, England with operations primarily managed from Connecticut. Trades during US market hours, available at every major US brokerage.
Who are Linde's competitors?
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Air Liquide (French, the second-largest industrial gas company globally) and Air Products (US-listed) are the primary direct competitors. The big three (Linde, Air Liquide, Air Products) hold the majority of global industrial gases revenue. In hydrogen specifically, various energy majors are entering with varying levels of commitment.
Is Linde a good dividend stock?
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Yes. Linde yields approximately 1.2% as of early 2026 with consistent annual dividend growth over many years. The take-or-pay contract structure produces stable cash flows that support reliable dividend coverage. The company is widely held in dividend-growth funds.
What is Linde's P/E ratio?
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Approximately 32x trailing twelve months as of early 2026. Premium to the S&P 500 average (~22x) and to most industrial peers, reflecting the durable contract structure, operational excellence, hydrogen growth story, and demonstrated pricing power across cycles.
What does Linde do?
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Linde is the largest industrial gases company in the world, providing oxygen, nitrogen, argon, hydrogen, helium, and specialty gases to manufacturing, healthcare, energy, electronics, and food processing customers. Most revenue is locked into multi-decade take-or-pay contracts. The company is one of the world's largest hydrogen players.
Who owns the most Linde stock?
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Major institutional holders include Vanguard (~9%), BlackRock (~7%), and State Street (~4%). Insider ownership is low. Linde is broadly institutionally owned and widely held in quality-compounder and dividend-growth funds globally.
Which ETFs have the most Linde exposure?
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XLB (Materials Select Sector SPDR) holds LIN at ~17-20% (one of XLB's largest single holdings). VAW (Vanguard Materials) holds at similar weight. VOO holds LIN at ~0.7%. SCHD has held LIN historically when it screens favorably on dividend metrics. Materials sector ETFs give the most concentrated LIN exposure passively.
Which thematic baskets typically include Linde?
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Three themes on Walnut. Data center power and cooling (industrial gases including specialty electronics gases used in fabs that produce AI accelerators), Critical materials (helium and specialty electronic gases that semiconductor and defense customers depend on), and Dividend growth (consistent annual dividend growth supported by take-or-pay contracts). LIN is one of the few stocks spanning multiple thematic baskets.
How much of XLB is Linde?
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Approximately 17-20% as of early 2026, making LIN the single largest XLB holding by weight. The materials sector ETF universe is concentrated; LIN's large market cap relative to other materials companies gives it dominant weight. In the broader VOO, LIN is ~0.7%.
Is Linde in the S&P 500?
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Yes. LIN is consistently a top-30 S&P 500 holding by market cap. Among materials sector specifically, LIN is the largest US-listed materials company by market cap.
What is Linde's market cap?
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Approximately $230 billion as of early 2026. LIN has appreciated steadily over decades, becoming one of the largest publicly traded industrial gas companies globally and the largest US-listed materials company. The market cap reflects the take-or-pay contract durability premium and consistent execution.
Is Linde a defensive stock?
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Yes. Most of Linde's revenue is locked into multi-decade take-or-pay contracts that produce extremely stable cash flow regardless of macro conditions. Earnings have grown through multiple cycles including the 2020 pandemic and the 2022 inflation episode. LIN is often classified as a 'quality compounder' or 'bond-proxy' stock.
Why is helium important?
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Helium is essential for semiconductor manufacturing (cooling, atmosphere control in fabs), MRI machines, and aerospace applications. Global helium supply is concentrated and price-sensitive; Linde is one of the largest commercial helium suppliers. AI-driven semiconductor capex has driven helium demand growth, contributing to Linde's specialty gases segment.
Should I own Linde directly or through XLB?
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Both common. Direct LIN gives concentrated industrial gases exposure with the dividend growth track record. XLB includes LIN at ~17-20% (dominant weight) along with other materials. For investors who want exposure specifically to industrial gases (versus broader materials including chemicals, mining), direct LIN is more focused. XLB's heavy LIN weight makes it the most LIN-tilted of any major materials ETF.
Walnut is informational, not investment advice. Financial figures on this page are approximations; always verify current numbers with Linde plc's investor relations page or your broker before making investment decisions.