Linde dividend: cash coverage and yield
Linde pays $6.36 per share in the bear case and $7.14 in the base case; the memo says payouts already exceeded free cash flow. In 2025, free cash flow was $5,089 million before stock compensation.
How much does Linde pay in dividends?
Dividends rise from $6.36 per share to $7.14 in the base case, using 6% annual increases below the historical 9.1% growth rate. The bear freezes at $6.36 because payouts already exceeded free cash flow, while the bull reaches $7.70 as earnings and project cash generation improve.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Free cash flow per share | 10.78 | 10.22 | 11.21 | 11.29 | 12.72 |
| − Paid to minority owners, per share | 0.25 | 0.28 | 0.23 | 0.16 | 0.23 |
| − Dividends paid, per share | 5.95 | 5.51 | 5.04 | 4.65 | 4.19 |
| − Share buybacks, per share | 9.74 | 9.30 | 8.04 | 10.25 | 8.84 |
| = Paid out more than FCF, per share | 5.17 | 4.86 | 2.10 | 3.77 | 0.54 |
Is Linde's dividend covered by its cash?
Linde funded substantial investment, but it also paid shareholders more than the cash remaining after that investment in every year from 2021 through 2025.
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 | |
|---|---|---|---|---|---|
| Free cash flow | 5,089 | 4,926 | 5,518 | 5,691 | 6,639 |
| − Dividends paid | 2,811 | 2,655 | 2,482 | 2,344 | 2,189 |
| − Share buybacks | 4,601 | 4,482 | 3,958 | 5,168 | 4,612 |
| = Paid out more than the free cash flow | 2,442 | 2,344 | 1,035 | 1,902 | 280 |
| − Acquisitions | 412 | 317 | 953 | 110 | 88 |
| + Debt issued | 5,189 | 4,844 | 2,742 | 6,260 | 2,283 |
What could change Linde's dividend?
The forecast would move toward the bear case if manufacturing demand weakens during 2027–2028, especially where lower delivered-gas utilization pressures margins. A delayed Phoenix ramp or other project start during 2027–2029 would reduce growth and free cash flow, causing Linde to retain cash and trim buybacks.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| EBITDA | 14,929 (13,880 / 15,291) | 15,750 (14,295 / 16,514) | 16,616 (14,867 / 17,835) |
| Shares (millions) | 452 (455 / 449) | 445 (451 / 441) | 439 (447 / 434) |
| Dividends per share | 6.36 (6.36 / 6.36) | 6.74 (6.36 / 7.00) | 7.14 (6.36 / 7.70) |
| Enterprise value to ebitda | 18.00 (16.50 / 19.00) | 18.00 (15.50 / 20.00) | 18.00 (14.50 / 21.00) |
| Net debt | 24,697 (25,034 / 25,180) | 25,812 (26,799 / 26,550) | 26,489 (27,853 / 27,229) |
What is Linde's dividend yield 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.