Linde (LIN) vs Air Products (APD): Stock Comparison
Data as of November 7, 2026. Refreshed weekly from SEC filings and market data.
Linde keeps the higher net margin (19.3% against -0.4%); Linde grew revenue faster over the last year (8.2% against 4.5%); Air Products pays the higher dividend yield (2.3% against 1.2%). Linde clears 3 of this site's 8 value filters and Air Products 3. Figures are as of November 7, 2026; each is on the page below with its source.
How do Linde and Air Products compare on the numbers?
| Measure | Linde (LIN) | Air Products (APD) | Clearer lead |
|---|---|---|---|
| Share price | $515.25 | $304.84 | |
| Market value | $237 billion | $68.9 billion | |
| P/E ratio (trailing) | 33.8 | n/a | n/a |
| PEG ratio | 3.93 | n/a | n/a |
| Free-cash-flow yield | 2.1% | 0.4% | LIN |
| Net profit margin | 19.3% | -0.4% | LIN |
| Revenue growth, last year | 8.2% | 4.5% | LIN |
| Return on equity | 18.1% | -0.3% | LIN |
| Debt to equity | 0.68 | 1.27 | LIN |
| Dividend yield | 1.2% | 2.3% | APD |
| Margin of safety (DCF) | -172.7% | -1204.0% | LIN |
| Value filters passed (of 8) | 3 | 3 | About the same |
| Distance from 52-week high | -5.7% | -4.4% |
How have Linde and Air Products shares done against each other?
Linde 153Air Products 98
Each share price set to 100 on Nov 2021, to Nov 2026. Price only: dividends are not included.
From Nov 2021 to Nov 2026, Linde shares are up 53% and Air Products shares down 2%, so Linde has pulled ahead of Air Products by 55 points of the starting price. The deepest fall from a prior high in that window was 22% for Linde and 29% for Air Products.
| Period | Linde (LIN) | Air Products (APD) |
|---|---|---|
| Last 1 year | +24.1% | +17.8% |
| Last 3 years | +31.1% | +4.6% |
| Last 5 years | +55.2% | -1.4% |
Which has grown faster, Linde or Air Products?
Over 5 years, Linde grew revenue 4.5% a year and earnings per share 25.4% a year; Air Products grew revenue 6.3% and earnings per share n/a. Its net margin averaged 16.8% at Linde and 16.9% at Air Products.
| Measure | Linde (LIN) | Air Products (APD) |
|---|---|---|
| Latest fiscal year ended | Dec 2025 | Sep 2025 |
| Revenue, first year to latest | $27.2 billion to $34 billion | $8.9 billion to $12 billion |
| Revenue growth per year | 4.5% | 6.3% |
| Earnings per share, first year to latest | $4.71 to $14.61 | $8.49 to $-1.77 |
| Earnings per share growth per year | 25.4% | n/a |
| Net margin, latest year | 20.3% | -3.3% |
| Net margin, average of the years | 16.8% | 16.9% |
| Free cash flow margin, latest year | 15.0% | -31.3% |
From each company's 10-K filings (SEC EDGAR), over its latest 5 years. Fiscal years end in different months, so each is shown for its own latest 5 years.
What growth does each share price assume?
| Measure | Linde (LIN) | Air Products (APD) |
|---|---|---|
| Free cash flow growth the price implies | 34.3% a year | n/a |
| Free cash flow per share | $11.07 | $1.37 |
| Margin of safety on this site's DCF | -172.7% | -1204.0% |
At $515.25, Linde's price implies free cash flow growth of 34.3% a year, fading to 2.5% over 10 years. That is more growth than the 8% baseline.
Air Products's price is above what this site's DCF gives even at 40% a year of free cash flow growth, so the price assumes more than any growth rate tested.
The same model and baseline as every stock page. A price that asks for less growth is not a better company, only a lower bar to clear.
Where is each stronger?
Where Linde leads
- Higher free-cash-flow yield: 2.1% against 0.4%
- Higher net margin: 19.3% against -0.4%
- Faster revenue growth last year: 8.2% against 4.5%
- Higher return on equity: 18.1% against -0.3%
- Less debt for its equity: 0.68 against 1.27
- Higher margin of safety on this site's DCF: -172.7% against -1204.0%
- A higher net margin in its latest filed year: 20.3% against -3.3%
- A higher free-cash-flow margin in its latest filed year: 15.0% against -31.3%
Where Air Products leads
- Higher dividend yield: 2.3% against 1.2%
- Faster revenue growth over its filed record: 6.3% against 4.5%
About the same on: value filters passed (of 8), net margin, average of the years. A lead needs a clear gap (10% apart on a ratio, 1 point on a percentage), so a rounding difference never names a winner. A lead on one measure is not a verdict on the company.
How do the businesses differ?
Linde. Linde makes and sells industrial gases (oxygen, nitrogen, hydrogen, argon) and related engineering services under long-term contracts to steel, chemicals, healthcare, food and electronics customers worldwide.
Air Products. Air Products sells industrial gases such as hydrogen, oxygen and nitrogen to refineries, chemical plants and electronics makers, and is building large clean-hydrogen projects.
Both are in the Chemicals industry on this site. Both sell industrial gases such as oxygen, nitrogen and hydrogen under long-term contracts. Linde is the larger of the two.
What stands out about Linde
- Misses 3 of the 8 value filters. It fails Trailing P/E < 25 (33.76), PEG Ratio < 1.5 (3.93) and EPS Growth YoY > -5% (-10.6%); the other 3 pass and 2 were not evaluated.
- The margin of safety is falling. It went from -166% on Oct 7 to -173% on Nov 7 across 8 weekly readings.
- Weakest against peers: free-cash-flow yield. At 2.1% (peer median 4.7%) it ranks 14th of 15 among materials stocks this site tracks.
What stands out about Air Products
- No filter fails. APD passes 3 of the 8 value filters and 5 were not evaluated.
- The margin of safety is falling. It went from -1080% on Oct 7 to -1204% on Nov 7 across 8 weekly readings.
- Weakest against peers: free-cash-flow yield. At 0.4% (peer median 4.7%) it ranks 15th of 15 among materials stocks this site tracks.
Frequently asked questions about Linde and Air Products
Which is cheaper, Linde or Air Products?
One of them has no meaningful trailing P/E (a loss), so earnings cannot be compared. Free-cash-flow yield is 2.1% for Linde and 0.4% for Air Products.
Which pays the higher dividend, Linde or Air Products?
Air Products pays the higher yield: Linde 1.2% and Air Products 2.3% over the last year.
Which has grown faster, Linde or Air Products?
Over their latest filed five years, Linde grew revenue 4.5% a year and Air Products 6.3%; earnings per share grew 25.4% and n/a a year.
Which has more debt, Linde or Air Products?
Air Products has more debt for its equity: debt to equity is 0.68 for Linde and 1.27 for Air Products. A very high figure can also come from buybacks that shrank equity.
Which is more profitable, Linde or Air Products?
Linde keeps more of each sales dollar as profit: 19.3% for Linde and -0.4% for Air Products, with a return on equity of 18.1% and -0.3%.
Which passes more of the 8 value filters?
Both clear 3 of the 8. The filters are this site's own value rules, shown with each stock's page.
Where do these numbers come from?
Prices, ratios and yield are from this site's weekly data as of November 7, 2026; growth and margins by year are from each company's 10-K filings (sources on Linde and Air Products). The DCF is the same model on every stock page. See Editorial Standards. Educational, not investment advice.