LINLINDE PLC

Industrial Inorganic Chemicals

Revenue: $34.0B; 3.0% YoY
Operating margin: 26.3%; 0.4% YoY
EBITDA: $12.7B; 2.2% YoY
Market cap: $261.6B
Employees: 65,177; $521K revenue each
Net debt / EBITDA: 1.8×; $22.8B net debt
AI in 10-K: 0.3; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 0 of 7

TSR below peersNo
0 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
$22M median
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
150% of net income
Cash flow under 80% of net income
Dilutive SBCNo
0% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
72% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
32% of assets
Over 40% of assets
Shareholder dissentNo
—
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$521K · 58th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.3 per 10K words · 15th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.8× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$261.6B market cap
Market cap $500M–$5B

Catalysts 1 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingYes
−$12M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$30.8B	$33.4B	$32.9B	$33.0B	$34.0B	3.0%
Operating income	$5.0B	$5.4B	$8.0B	$8.6B	$8.9B	3.3%
Net income	$3.8B	$4.1B	$6.2B	$6.6B	$6.9B	5.1%
Operating cash flow	$9.7B	$8.9B	$9.3B	$9.4B	$10.3B	9.8%
Capex	$3.1B	$3.2B	$3.8B	$4.5B	$5.3B	17%
Stock-based comp	$128M	$107M	$141M	$160M	$164M	2.5%
Buybacks	$4.6B	$5.2B	$4.0B	$4.5B	$4.6B	2.7%
Dividends	$2.2B	$2.3B	$2.5B	$2.7B	$2.8B	5.9%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 9, 2022	DEFM14A	—	$0.00	—
Nov 22, 2022	PREM14A	—	—	—

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $1M · 2
Open-market sells, 12 mo: $13M · 7
Net: −$12M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	$22M	$16M	173	139
FY2024	—	—	168	126
FY2023	—	—	163	126
FY2022	—	—	128	112
FY2021	—	—	133	127