LIN (Linde PLC) vs S&P 500 Comparison

LIN

S&P 500

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LIN

S&P 500

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LIN

S&P 500

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Compare the stock's returns with its benchmark index and competitors. Gain insights into its relative performance over time.

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S&P 500

LIN

APD

4091

LINDEINDIA

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Linde PLC
Glance View

Economic Moat

Wide

Market Cap

200B USD

Industry

Chemicals

In the bustling world of industrial gases, Linde PLC stands as a towering figure, weaving its expertise into the fabric of numerous industries. Born from the merger of U.S.-based Praxair and Germany's Linde AG in 2018, this international behemoth has established itself in over 100 countries, driving innovation and growth. At its core, Linde is about producing and distributing atmospheric gases like oxygen, nitrogen, and argon, as well as process gases including hydrogen and carbon dioxide. These aren't just elements; they are catalysts for industries ranging from healthcare to food processing, electronics to manufacturing, each relying on these gases to bolster their operations, aid in production, and enhance safety. The company's business model cleverly balances stability and innovation. With bulk and packaged gases forming their backbone, they establish long-term contracts with industries, creating predictable revenue streams. Yet, it's not only the dependable supply of gases that fuels Linde’s growth but also their prowess in tapping into emerging markets such as clean energy. By focusing on the development of hydrogen as a fuel, Linde is not only ensuring sustainability but is also capitalizing on the burgeoning demand for alternative energy solutions. This blend of concrete foundations and forward-looking ventures ensures that Linde not only helps industries breathe but also continually finds fresh avenues for financial success.

View LIN Analysis

LIN Intrinsic Value

What is Intrinsic Value?

Economic Moat is a concept popularized by Warren Buffett to describe a company's durable competitive advantage. It represents the 'moat' that protects a company from competitors and helps it sustain profitability over the long term. Our analysis of the past 10 years showed that companies with a wide economic moat significantly outperformed the market, delivering +645% returns compared to +189% for the S&P 500.

Our research into Economic Moat performance spans the past 10 years and focuses on companies with a wide economic moat. For this analysis, we calculated the average stock price returns of these companies, comparing them to the performance of the S&P 500 index over the same period.

The results were compelling: wide moat stocks achieved a remarkable +645% average return, compared to +188% for the broader market. This difference highlights the long-term benefits of investing in businesses that can maintain their market position and pricing power over time.

Note: This research does not account for survivorship bias. Past performance is not indicative of future results.

Determining whether a company has an economic moat requires both a deep dive into financial metrics and a qualitative assessment of its competitive position. Our analysts conduct a rigorous evaluation that focuses on identifying structural advantages that enable a company to sustain profitability and defend its market share over the long term.

The process begins with an analysis of a company’s historical financial performance. We assess how consistently the company has generated returns above its cost of capital and whether those returns have been stable or improving. However, financial performance alone doesn’t reveal the full picture. To understand the sources of these advantages, we evaluate five key drivers of economic moats:

Network Effect: We analyze whether the value of a company’s product or service grows as its user base expands. Platforms like payment systems or marketplaces benefit from this self-reinforcing.

Switching Costs: We assess whether customers face significant costs or disruptions when switching to a competitor’s product or service. High switching costs create customer stickiness and provide pricing power.

Intangible Assets: Strong brands, patents, and regulatory licenses can protect a company’s market position by creating barriers for competitors or enabling premium pricing. For example, a well-recognized consumer brand may command higher customer loyalty and margins.

Efficient scale: Occurs when a market is optimally served by one or a few players, making it unprofitable for new entrants to compete. This typically happens in industries with high fixed costs or geographic constraints, such as utilities or pipelines.

Cost Advantage: Companies with structural cost advantages can produce goods or services at a lower cost than their competitors, enabling them to offer competitive pricing or maintain higher margins. These advantages often arise from economies of scale, superior supply chain management, or proprietary technology. Firms like Walmart leverage their massive scale to negotiate better terms with suppliers, allowing them to undercut competitors on price.

By examining these factors in combination with a company’s financial performance and market positioning, we classify each company into one of three categories:

This rigorous evaluation ensures that our moat ratings are both comprehensive and reliable, giving investors the tools they need to make well-informed, long-term decisions.

FR		L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA PAR:AI	Add
US		Air Products and Chemicals Inc NYSE:APD	Add
JP		Nippon Sanso Holdings Corp TSE:4091	Add
IN		Linde India Ltd NSE:LINDEINDIA	Add
IT		SOL SpA MIL:SOL	Add
JP		Air Water Inc TSE:4088	Add
CN		Hangzhou Oxygen Plant Group Co Ltd SZSE:002430	Add
CN	P	Peric Special Gases Co Ltd SSE:688146	Add
CN	S	Sichuan Qiaoyuan Gas Co Ltd SZSE:301286	Add
CN	S	Suzhou Jinhong Gas Co Ltd SSE:688106	Add

FR		L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA PAR:AI	Select
US		Air Products and Chemicals Inc NYSE:APD	Select
JP		Nippon Sanso Holdings Corp TSE:4091	Select
IN		Linde India Ltd NSE:LINDEINDIA	Select
IT		SOL SpA MIL:SOL	Select
JP		Air Water Inc TSE:4088	Select
CN		Hangzhou Oxygen Plant Group Co Ltd SZSE:002430	Select
CN	P	Peric Special Gases Co Ltd SSE:688146	Select
CN	S	Sichuan Qiaoyuan Gas Co Ltd SZSE:301286	Select
CN	S	Suzhou Jinhong Gas Co Ltd SSE:688106	Select

FR		L'Air Liquide Societe Anonyme pour l'Etude et l'Exploitation des Procedes Georges Claude SA PAR:AI	Add
US		Air Products and Chemicals Inc NYSE:APD	Add
JP		Nippon Sanso Holdings Corp TSE:4091	Add
IN		Linde India Ltd NSE:LINDEINDIA	Add
IT		SOL SpA MIL:SOL	Add
JP		Air Water Inc TSE:4088	Add
CN		Hangzhou Oxygen Plant Group Co Ltd SZSE:002430	Add
CN	P	Peric Special Gases Co Ltd SSE:688146	Add
CN	S	Sichuan Qiaoyuan Gas Co Ltd SZSE:301286	Add
CN	S	Suzhou Jinhong Gas Co Ltd SSE:688106	Add

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LIN

vs

S&P 500

Stocks Performance
LIN vs S&P 500

Performance Gap
LIN vs S&P 500

Performance By Year
LIN vs S&P 500

Competitors Performance
Linde PLC vs Peers

Linde PLC
Glance View

Company

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LIN vs S&P 500

Stocks Performance LIN vs S&P 500

Performance Gap LIN vs S&P 500

Performance By Year LIN vs S&P 500

Competitors Performance Linde PLC vs Peers

Linde PLC Glance View

Company

Help

Tools

Stocks

LIN

vs

S&P 500

Stocks Performance
LIN vs S&P 500

Performance Gap
LIN vs S&P 500

Performance By Year
LIN vs S&P 500

Competitors Performance
Linde PLC vs Peers

Linde PLC
Glance View