Air Products vs Linde
Linde reported revenue of $34.0 billion in fiscal 2025, 2.8 times Air Products' $12.0 billion in fiscal 2025. Air Products' revenue fell 0.5% in its latest year, and Linde's grew 3.0%. Air Products had an operating margin of -7.3%, against 26.2% at Linde. Free cash flow was −$3.8 billion at Air Products and $5.1 billion at Linde. Their fiscal years end in different months (September 30 and December 31), so the periods don't line up exactly.
Side by side
| Air Products | Linde | |
|---|---|---|
| Latest fiscal year | FY2025, Sep 30, 2025 | FY2025, Dec 31, 2025 |
| Revenue | $12.0B | $34.0B |
| Revenue growth | −0.5% | 3.0% |
| Revenue growth a year, last 5 years | 6.3% | 4.5% |
| Gross margin | 31.4% | — |
| Operating margin | −7.3% | 26.2% |
| Net margin | −3.3% | 20.3% |
| Free cash flow | −$3.8B | $5.1B |
| Free cash flow margin | −31.3% | 15.0% |
| Return on capital | −2.2% | 11.7% |
| Net debt to EBITDA | 23.1x | 1.8x |
| Dividends and buybacks | $1.6B | $7.4B |
| Change in diluted share count | −0.0% | −2.0% |
| Last close | $305.72 | $507.56 |
| P/E at the last close | — | 32.8× |
| Insider trades, last 12 months | sold $20.8 million | bought $1.0 million, sold $12.9 million |
| Piotroski F-score | 3 of 9 | 6 of 8 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Air ProductsLinde
Operating margin
Percent of revenue
Air ProductsLinde
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Air ProductsLinde
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Air Products and Linde pages.