Linde Q3 2025 Earnings Report (December 4, 2025)

【Lock In First, Then Study】 Series First coverage of $LIN. A Nasdaq-100 constituent and the largest weighting in the XLB ETF; industry leader in industrial gases. Key takeaways from earnings report, presentation materials, and earnings call: ・ Consumer demand (Linde classifies the electronics sector as part of the consumer market) remains resilient, primarily driven by semiconductor manufacturing—especially at advanced process nodes. ・ Industrial demand remains cyclically weak; Chemicals & Energy (C&E) saw a sequential decline. ・ Current order backlog stands at $10 billion. ・ U.S. steel and metals industries are expected to expand continuously due to tariff impacts. ・ Demand for industrial gases from commercial spaceflight is growing at double-digit rates. ・ The majority of current potential projects originate from the Americas and Asia. Completely unfamiliar with the chemical industry; the earnings call transcript appears far more interesting than the 10-Q filing. At a share price around $410, the P/E ratio stands at 25—seemingly reasonable for an industry leader delivering +3% revenue growth and +6% EPS growth.

Six Wall Street Strategists: U.S. Equities Have Less Than 5% Upside This Year

The Russell 1000 Growth Index’s P/E ratio has recently reached 31x, while the corresponding value index trades at 19x. For most of the past decade, growth investing has significantly outperformed value investing. This year, amid the market rally, growth stocks have extended their lead. Some strategists believe new market leaders will emerge over the remainder of 2020—and potentially beyond. “If we develop a vaccine this year—or see stronger evidence that we’ve sufficiently contained this crisis—we’ll be able to resume more normal activities,” said Sabramaniam. “That would reignite investor interest in economically sensitive cyclical stocks, whose allocations have been at historically low levels.” In contrast to broad-based profit declines across many sectors (a trend persisting throughout much of this year), paying up for future earnings growth from a handful of tech-related companies has been relatively easy to justify. Yet as the U.S. and other economies recover from pandemic-induced shocks, the ‘old economy’ should rebound. Still, investors seeking bargains in the value space must distinguish between two types of companies: those experiencing cyclical, reversible demand declines—and thus temporarily depressed earnings—and those facing permanent disruption. Semiconductors, construction, and automobile manufacturing, for example, won’t suffer major long-term pandemic impacts. However, trends like the accelerated decline of business travel or brick-and-mortar retail may prove irreversible. For many industrial, materials, and financial firms, a rebound in global economic activity could mean sales and profits recovering to pre-recession levels within a relatively short timeframe. Lower valuations relative to growth sectors may further support strong performance from cyclical and value-oriented stocks. Further progress on COVID-19 vaccines or treatments could accelerate economic reopening. “We recommend preparing for sustained economic recovery,” said Mike Wilson, Chief U.S. Equity Strategist and Chief Investment Officer at Morgan Stanley. “Seek companies poised to gain the greatest operational advantages once the pandemic ends.” Companies whose profits are most sensitive to revenue changes face the steepest downside—but also the largest upside potential. These include apparel manufacturer PVH (PVH) and Citizens Financial Group (CFG), whose dominant positions within their respective industries may place them at a structural advantage versus peers. Other stocks on Morgan Stanley’s ‘Fresh Money Buy List’ include Disney (DIS) and Linde (LIN), the industrial gas leader. Goldman Sachs’ Kostin notes that a sustained rotation from growth to value helps keep the overall index flat. Because tech stocks carry greater weight in the index than laggard sectors, this rotation will be unbalanced. Many investors, after taking profits, won’t immediately redeploy 100% of their cash. Significant risks confront markets—first and foremost, the economic outlook. Since its April bottom, numerous economic indicators have rebounded sharply—but Main Street’s recovery continues to lag behind Wall Street’s.

Linde PLC Shares Newly Acquired by Citizens Financial Group Inc.

3 days ago

Citizens Financial Group Inc. initiated a new position in Linde PLC with 54,477 shares valued at $25.86 million, following strong Q3 earnings and maintained analyst 'Buy' ratings.

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