Linde stock forecast
Linde's probability-weighted price is $606.80 in October 2029, with a 29% total return including dividends. It hinges on profitable project starts, cash generation and the valuation multiple holding up.
Where could Linde's shares be by 2029?
The probability-weighted price is $527.34 in October 2027, representing a 10% total return including dividends. It reaches $564.32 in October 2028, or 18%, and $606.80 in October 2029, or 29%. The 2029 range runs from $419.67 in the bear case to $800.61 in the bull case. The reference price is $487.35.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 25 % | 448.12 (-7 %) | 431.87 (-9 %) | 419.67 (-10 %) |
| Base | 55 % | 540.36 (+12 %) | 579.33 (+22 %) | 621.38 (+32 %) |
| Bull | 20 % | 590.58 (+22 %) | 688.57 (+44 %) | 800.61 (+69 %) |
| Weighted | 100 % | 527.34 (+10 %) | 564.32 (+18 %) | 606.80 (+29 %) |
What has to go right or wrong for Linde?
The bear case requires uneven industrial demand, delayed projects and weaker margins to reduce EBITDA and cash conversion.
The bull case requires semiconductor and industrial demand to strengthen, projects to ramp on schedule and cash generation to support both investment and buybacks. It reaches $590.58 initially and $800.61 by October 2029. Its probability is 20% because backlog is an opportunity, not yet realized earnings.
How much cash does Linde really make?
In 2025, operating cash flow was $10,350 million and capital spending was $5,261 million. That left $5,089 million of free cash flow before the owner-oriented deduction for $164 million of stock compensation. Base capex was $2,618 million, while project capex was $2,643 million. Base spending includes some growth, so it is not pure maintenance.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Cash from operations | 10,350 | 9,423 | 9,305 | 8,864 | 9,725 |
| Of which, freed from working capital | 1,148 | ||||
| Of which, tied up in working capital | 240 | 845 | 483 | 310 | |
| − Capital spending | 5,261 | 4,497 | 3,787 | 3,173 | 3,086 |
| = Free cash flow | 5,089 | 4,926 | 5,518 | 5,691 | 6,639 |
| − Stock pay | 164 | 160 | 141 | 107 | 128 |
| = Real free cash flow | 4,925 | 4,766 | 5,377 | 5,584 | 6,511 |
| Free cash flow — the company's own count | 5,089 | 4,926 | 5,518 | 5,691 | 6,639 |
| Free cash flow, % of revenue | 15.0% | 14.9% | 16.8% | 17.1% | 21.6% |
| Real free cash flow, % of revenue | 14.5% | 14.4% | 16.4% | 16.7% | 21.1% |
What does an investor pay for Linde today?
At $487.35 on October 13, 2026, Linde’s shares were worth $224,658.68 million in total. Enterprise value was $247,773.68 million because it adds debt and subtracts cash. Market value measures only shareholders’ claim; enterprise value treats the business as if a buyer paid shareholders, took on its debt and kept its cash. Linde’s lenders therefore have a claim on future plant cash before shareholders do.
| Today (Oct 13, 2026) | |
|---|---|
| Share price | 487.35 |
| Market value (calculated) | 224,658.68 |
| Enterprise value (calculated) | 247,773.68 |
| P/E, last 12 months (calculated) | 31.5x |
| P/E, next 12 months (calculated) | 24.9x |
| EV / revenue, last 12 months (calculated) | 7.0x |
| Price to book (calculated) | 5.7x |
| Free cash flow yield (calculated) | 2.3% |
| Real free cash flow yield (calculated) | 2.2% |
| Dividend yield (calculated) | 1.3% |