Assessing Linde (LIN) Valuation After Record Earnings And Expanding AI And Space Project Backlog

Simply Wall St.11:22

Linde (LIN) is back in focus after its latest quarterly update highlighted record earnings, a US$10b project backlog, and growing exposure to AI, digital infrastructure, and space related propellant ...

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See our latest analysis for Linde. The solid quarterly update seems to be lining up with price momentum, with a 10.32% 1 month share price return and a 22.15% 3 month share price return, while the 5 year total shareholder return of 112.26% points to long running compounding. If Linde’s role in AI and infrastructure has your attention, it could be a good moment to scan other enablers of that trend through our 34 AI infrastructure stocks. With the shares up strongly over 1 month and 3 months, trading around US$498 and sitting close to analyst targets, the key question now is simple: is there still a buying opportunity here, or is the market already pricing in future growth? AdvertisementMost Popular Narrative: 1.1% Undervalued With Linde closing at about $498 against a narrative fair value of $503.52, the most followed view sees the shares priced slightly below its estimate, built on a detailed long term earnings and margin story.  Linde's project backlog has doubled over the last 4 years, anchored by long term, fixed fee contracts supporting U.S. clean energy and electronics infrastructure, and management expects this robust pipeline to remain at record levels, positioning the company for steady multi year revenue and earnings growth.  Strategic investments and customer commitments in rapidly expanding growth markets such as commercial space launches, electronics, and clean hydrogen (with almost $5 billion in new clean energy contracts) provide a runway for high margin revenue streams and new project conversion that will structurally lift blended margins and earnings. Read the complete narrative. Want to see what is behind that backlog story and clean energy push? The narrative ties modest growth, rising margins, and a rich future earnings multiple into one tightly argued fair value case. Result: Fair Value of $503.52 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, there is still real execution risk here, particularly if industrial demand in Europe stays weak or if clean energy projects roll out more slowly than expected. Find out about the key risks to this Linde narrative. Another View: Rich P/E And Fair Ratio Tension While the narrative fair value suggests Linde is 1.1% undervalued at around $503.52, the current P/E of 33.7x tells a different story. It sits above the US Chemicals industry on 28.6x and above its own fair ratio of 28.9x, even though it is below peers at 39.8x. That mix points to valuation risk as much as opportunity, so which signal do you trust more at $498? See what the numbers say about this price — find out in our valuation breakdown. NasdaqGS:LIN P/E Ratio as at Feb 2026Next Steps If this mix of positives and concerns feels finely balanced, it is worth looking at the full picture yourself and deciding where you stand. To help you weigh both sides quickly, take a closer look at the 2 key rewards and 1 important warning sign. Looking for more investment ideas? If you are weighing up Linde, it makes sense to widen your watchlist now and see which other companies might fit the kind of profile you are looking for.  Spot potential mispricings early by scanning companies our screener flags as 56 high quality undervalued stocks before they attract wider attention. Prioritize resilience by reviewing businesses in our 80 resilient stocks with low risk scores that combine quality with lower overall risk scores. Get ahead of the crowd by studying our screener containing 23 high quality undiscovered gems that pair solid fundamentals with limited current coverage.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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