Linde (LIN)

The company produces and distributes atmospheric gases such as oxygen, nitrogen, and argon, as well as process and specialty gases including hydrogen, carbon dioxide, helium, and electronic gases. These products support a wide range of uses: oxygen is used in healthcare and steelmaking, nitrogen is used for inerting and preservation, hydrogen is used in refining and clean-energy applications, and high-purity gases are critical to semiconductor manufacturing. Linde also designs and builds equipment for gas production and processing, giving it both operating and engineering capabilities.

Linde’s scale is a defining feature of its investment profile. Industrial gas markets often rely on long-term contracts, local production assets, and distribution networks that create high barriers to entry. The company serves on-site customers through dedicated plants, merchant customers through bulk liquid deliveries, and smaller users through packaged cylinders and specialty gas systems.

The business is geographically diversified and exposed to both cyclical industrial demand and more resilient end markets such as healthcare. Linde generated approximately $34 billion in revenue in 2025, reflecting its position as a core supplier to global industry. Its strategy typically centres on operational efficiency, disciplined capital allocation, pricing, and investment in growth areas such as electronics, hydrogen, and decarbonisation-related projects.