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Materials·LIN

Linde plc

NASDAQ · US

Industrial gas supplier with electronics-grade nitrogen, argon, hydrogen, helium, and specialty gases for fabs.

AI relevance

Process gas and bulk gas supply scales with leading-edge wafer starts and advanced packaging capacity.

Materials Chemicals

Price

$487.70

Change

+6.41 (+1.33%)

Market cap

$225.6B

52w range

$388–$548

Exchange

NASDAQ

Country

Jason's Chips

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Price chart

LIN market performance

Daily close for Linde plc

Latest close: $487.1
Range move: +$6.40 (+1.3%)
Range high: $546.6
Range low: $389.4
Latest volume: 1.2M
Source: FMP EOD

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Exports

Download statements, ratios, chart data, and transcript indexes.

CSV

Income statement

12 annual rows

Revenue, gross profit, R&D, operating income, EBITDA, net income, and EPS.

Annual

Balance sheet

12 annual rows

Cash, receivables, inventory, PP&E, assets, debt, liabilities, and equity.

Annual

Cash flow

12 annual rows

Operating cash flow, capital expenditures, and free cash flow.

Annual

Key metrics

12 annual rows

Enterprise value, valuation multiples, returns, yields, and cash conversion.

Annual

Ratios

12 annual rows

Margins, liquidity ratios, valuation ratios, leverage, and per-share metrics.

Annual

Chart data

1255 rows

Five years of daily close and volume data powering the company chart.

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Transcript list

30 rows

Available earnings-call transcript dates by fiscal year and quarter.

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StreetBuy

Analyst expectations

Consensus target

$566.25

+16.1%

Target range

$525.00 - $612.00

Rating mix

Buy

28 ratings

Next FY revenue

$36.30B

2026-12-31

Next FY EPS

$17.88

$17.82 - $17.97

Rating consensus28 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$36.30B	$35.70B - $36.82B	$17.88	$17.82 - $17.97	$17.22B	$14.51B	$8.39B	$3.62B	18 rev / 15 EPS
2027-12-31	$38.05B	$36.86B - $38.86B	$19.59	$19.42 - $19.72	$18.05B	$15.22B	$9.17B	$3.80B	19 rev / 10 EPS
2028-12-31	$40.14B	$38.73B - $41.42B	$21.54	$20.04 - $23.60	$19.04B	$16.05B	$9.66B	$4.01B	20 rev / 9 EPS
2029-12-31	$43.68B	$42.58B - $44.53B	$25.42	$24.58 - $26.06	$20.72B	$17.46B	$11.91B	$4.36B	10 rev / 3 EPS
2030-12-31	$44.14B	$43.03B - $45.00B	$25.05	$24.23 - $25.68	$20.94B	$17.65B	$11.74B	$4.41B	10 rev / 3 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-09-30	$9.14B	$8.96B - $9.38B	$4.52	$4.50 - $4.55	$4.34B	$3.66B	$2.10B	$912.5M	10 rev / 12 EPS
2026-12-30	$9.16B	$9.09B - $9.38B	$4.53	$4.49 - $4.59	$4.35B	$3.66B	$2.10B	$914.6M	10 rev / 4 EPS
2027-03-30	$9.24B	$9.04B - $9.47B	$4.70	$4.57 - $4.85	$4.38B	$3.70B	$2.18B	$922.6M	9 rev / 1 EPS
2027-06-30	$9.70B	$9.49B - $9.94B	$4.95	$4.81 - $5.11	$4.60B	$3.88B	$2.30B	$968.5M	9 rev / 1 EPS
2027-09-30	$9.64B	$9.43B - $9.87B	$5.00	$4.86 - $5.16	$4.57B	$3.85B	$2.32B	$961.9M	9 rev / 1 EPS
2027-12-30	$9.71B	$9.50B - $9.95B	$5.01	$4.87 - $5.17	$4.60B	$3.88B	$2.33B	$969.1M	9 rev / 1 EPS
2028-03-30	$9.81B	$9.60B - $10.06B	$5.16	$5.01 - $5.32	$4.66B	$3.92B	$2.40B	$979.7M	8 rev / 2 EPS
2028-06-30	$10.34B	$10.11B - $10.59B	$5.46	$5.31 - $5.64	$4.90B	$4.13B	$2.54B	$1.03B	8 rev / 2 EPS

Price target history

Window	Targets	Average target
Last month	5	$571.00
Last quarter	8	$567.38
Last year	24	$544.33
All time	57	$473.50

Sources: TheFly, StreetInsider, Benzinga, TipRanks Contributor, Investing

Latest grade actions

Date	Firm	Action	Previous	New
2026-08-10	BMO Capital	Maintain	Outperform	Outperform
2026-08-03	Bernstein	Maintain	Outperform	Outperform
2026-08-03	Citigroup	Maintain	Buy	Buy
2026-08-03	RBC Capital	Maintain	Outperform	Outperform
2026-07-17	Bernstein	Maintain	Outperform	Outperform
2026-07-10	Evercore ISI Group	Maintain	Outperform	Outperform
2026-06-24	Citigroup	Maintain	Buy	Buy
2026-05-05	RBC Capital	Maintain	Outperform	Outperform

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-08-01	5	16	6	1	0
2026-07-01	5	17	6	1	0
2026-06-01	5	17	5	1	0
2026-05-01	4	17	5	1	1
2026-04-01	4	17	4	1	1
2026-03-01	4	18	5	1	1
2026-02-01	5	18	6	1	1
2026-01-01	5	18	3	1	0

FinancialsFY 2025

Financials

Revenue

$33.99B

Gross margin

43.3%

Operating income

$8.94B

Free cash flow

$5.09B

Cash + ST investments

$5.06B

Net debt

$21.93B

ROE

18.0%

ROIC

9.0%

EV / sales

6.5x

EV / EBITDA

17.1x

R&D / revenue

0.4%

Current ratio

0.9x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$33.99B	$14.73B	43.3%	$147.0M	$8.94B	$12.95B	$6.90B	$14.67
FY 2024	$33.01B	$12.08B	36.6%	$150.0M	$8.60B	$12.92B	$6.57B	$13.71
FY 2023	$32.85B	$11.55B	35.1%	$146.0M	$8.11B	$12.29B	$6.20B	$12.70
FY 2022	$33.36B	$9.71B	29.1%	$143.0M	$6.46B	$9.94B	$4.15B	$8.30
FY 2021	$30.79B	$8.62B	28.0%	$143.0M	$5.28B	$9.89B	$3.83B	$7.40
FY 2020	$27.24B	$7.23B	26.6%	$152.0M	$3.89B	$8.12B	$2.50B	$4.75
FY 2019	$28.23B	$6.91B	24.5%	$184.0M	$3.27B	$8.10B	$2.29B	$4.22
FY 2018	$14.84B	$3.99B	26.9%	$113.0M	$2.24B	$7.12B	$4.38B	$13.26
FY 2017	$11.44B	$3.79B	33.2%	$93.0M	$2.49B	$3.75B	$1.25B	$4.36
FY 2016	$10.53B	$3.55B	33.7%	$92.0M	$2.31B	$3.38B	$1.50B	$5.25
FY 2015	$10.78B	$3.71B	34.4%	$93.0M	$2.47B	$3.27B	$1.55B	$5.39
FY 2014	$12.27B	$4.14B	33.7%	$96.0M	$2.72B	$3.71B	$1.69B	$5.79

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$10.35B	$5.26B	$5.09B
FY 2024	$9.42B	$4.50B	$4.93B
FY 2023	$9.30B	$3.79B	$5.52B
FY 2022	$8.86B	$3.17B	$5.69B
FY 2021	$9.72B	$3.09B	$6.64B
FY 2020	$7.43B	$3.40B	$4.03B
FY 2019	$6.19B	$3.68B	$2.51B
FY 2018	$3.70B	$1.88B	$1.82B
FY 2017	$3.04B	$1.31B	$1.73B
FY 2016	$2.77B	$1.47B	$1.31B
FY 2015	$2.68B	$1.54B	$1.14B
FY 2014	$2.87B	$1.69B	$1.18B

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$5.06B	$5.24B	$2.06B	$29.34B	$86.82B	$26.99B	$21.93B	$47.08B	$38.24B
FY 2024	$4.85B	$5.06B	$1.95B	$25.76B	$80.15B	$22.61B	$17.76B	$40.66B	$38.09B
FY 2023	$4.66B	$5.09B	$2.12B	$25.49B	$80.81B	$20.32B	$15.65B	$39.72B	$39.72B
FY 2022	$5.44B	$4.91B	$1.98B	$23.55B	$79.66B	$18.79B	$13.36B	$38.27B	$40.03B
FY 2021	$2.82B	$4.83B	$1.73B	$26.00B	$81.61B	$15.22B	$12.39B	$36.16B	$44.03B
FY 2020	$3.75B	$4.59B	$1.73B	$28.71B	$88.23B	$17.22B	$13.47B	$38.65B	$47.32B
FY 2019	$2.70B	$4.96B	$1.70B	$29.06B	$86.61B	$14.93B	$12.23B	$34.98B	$49.07B
FY 2018	$4.47B	$4.83B	$1.65B	$29.72B	$93.39B	$15.30B	$10.83B	$36.29B	$51.60B
FY 2017	$617.0M	$1.80B	$614.0M	$12.06B	$20.44B	$9.00B	$8.38B	$13.91B	$6.02B
FY 2016	$524.0M	$1.64B	$550.0M	$11.48B	$19.33B	$9.52B	$8.99B	$13.88B	$5.02B
FY 2015	$147.0M	$1.60B	$531.0M	$11.00B	$18.32B	$9.23B	$9.08B	$13.41B	$4.39B
FY 2014	$126.0M	$1.64B	$551.0M	$12.00B	$19.80B	$9.26B	$9.13B	$13.62B	$5.62B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	43.3%	26.3%	20.3%	0.9x	0.7x	18.0%	9.0%	6.5x	17.1x	2.6%	0.4%	42d
FY 2024	36.6%	26.0%	19.9%	0.9x	0.8x	17.2%	9.2%	6.6x	16.9x	2.5%	0.5%	46d
FY 2023	35.1%	24.7%	18.9%	0.8x	0.7x	15.6%	8.8%	6.6x	17.6x	2.8%	0.4%	41d
FY 2022	29.1%	19.4%	12.4%	0.8x	0.7x	10.4%	7.0%	5.3x	17.7x	3.5%	0.4%	38d
FY 2021	28.0%	17.2%	12.4%	0.7x	0.6x	8.7%	5.6%	6.2x	19.4x	3.7%	0.5%	28d
FY 2020	26.6%	14.3%	9.2%	0.8x	0.7x	5.3%	3.7%	5.6x	18.7x	2.9%	0.6%	37d
FY 2019	24.5%	11.6%	8.1%	0.9x	0.7x	4.7%	3.1%	4.5x	15.7x	2.2%	0.7%	37d
FY 2018	26.9%	15.1%	29.5%	1.3x	1.2x	8.5%	2.3%	4.2x	8.8x	3.5%	0.8%	66d
FY 2017	33.2%	21.8%	10.9%	1.0x	0.8x	20.7%	7.6%	4.6x	14.0x	3.9%	0.8%	43d
FY 2016	33.7%	22.0%	14.2%	1.2x	0.9x	29.9%	9.8%	4.0x	12.6x	3.9%	0.9%	38d
FY 2015	34.4%	22.9%	14.4%	1.4x	1.1x	35.2%	10.7%	3.6x	11.8x	3.9%	0.9%	41d
FY 2014	33.7%	22.1%	13.8%	1.1x	0.9x	30.1%	10.9%	3.8x	12.7x	3.1%	0.8%	35d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+3.0%	+21.9%	-2.0%	+4.0%	+5.1%	+7.0%	+3.3%	-17.0%	+4.2%	+5.6%	+8.3%	+19.4%
FY 2024	+0.5%	+4.6%	+2.7%	+6.0%	+5.9%	+8.0%	-10.7%	-18.7%	+4.0%	-8.0%	-0.8%	+11.3%
FY 2023	-1.5%	+18.9%	+2.1%	+25.5%	+49.5%	+53.0%	-3.0%	-19.4%	-14.2%	+6.9%	+1.4%	+8.1%
FY 2022	+8.3%	+12.7%	0.0%	+22.3%	+8.4%	+12.2%	-14.3%	-2.8%	+92.6%	+14.1%	-2.4%	+23.5%
FY 2021	+13.0%	+19.1%	-5.9%	+35.8%	+53.0%	+55.8%	+64.8%	+9.2%	-24.8%	+0.2%	-7.5%	-11.7%
FY 2020	-3.5%	+4.7%	-17.4%	+19.0%	+9.5%	+12.6%	+60.8%	+7.7%	+39.0%	+1.9%	+1.9%	+15.3%
FY 2019	+90.3%	+73.3%	+62.8%	+45.6%	-47.8%	-68.2%	+37.8%	-95.5%	-39.5%	+2.8%	-7.3%	-2.4%
FY 2018	+29.7%	+5.1%	+21.5%	-10.0%	+251.3%	+204.1%	+5.1%	-43.6%	+623.8%	+168.9%	+357.0%	+70.0%
FY 2017	+8.6%	+6.8%	+1.1%	+7.6%	-16.9%	-17.0%	+32.3%	+10.5%	+17.7%	+11.6%	+5.7%	-5.4%
FY 2016	-2.2%	-4.3%	-1.1%	-6.3%	-3.0%	-2.6%	+14.6%	+4.9%	+256.5%	+3.6%	+5.5%	+3.1%
FY 2015	-12.2%	-10.4%	-3.1%	-9.1%	-8.7%	-6.9%	-3.2%	+8.8%	+16.7%	-3.6%	-7.5%	-0.3%
FY 2014	+2.9%	+1.7%	-2.0%	+2.0%	-3.5%	-2.5%	+31.4%	+16.4%	-8.7%	+8.9%	-2.2%	+5.1%

SegmentsFY 2025

Revenue Mix

Period	Total	Americas Segment	EMEA Segment	APAC Segment	Engineering Segment	Atmospheric gases and related	Process gases and other	Linde Aktiengesellschaft	Surface Technologies Segment
FY 2025	$33.12B	$15.21B	$8.55B	$6.66B	$2.70B	--	--	--	--
FY 2024	$31.75B	$14.44B	$8.35B	$6.63B	$2.32B	--	--	--	--
FY 2023	$31.57B	$14.30B	$8.54B	$6.56B	$2.16B	--	--	--	--
FY 2022	$31.56B	$13.87B	$8.44B	$6.48B	$2.76B	--	--	--	--
FY 2021	$28.75B	$12.10B	$7.64B	$6.13B	$2.87B	--	--	--	--
FY 2020	$25.45B	$10.46B	$6.45B	$5.69B	$2.85B	--	--	--	--
FY 2019	$26.27B	$10.99B	$6.64B	$5.84B	$2.80B	--	--	--	--
FY 2018	$14.90B	--	--	--	--	$8.38B	$2.97B	$2.87B	$682.0M

Period	Total	Other International	UNITED STATES	GERMANY	CHINA	UNITED KINGDOM	BRAZIL	AUSTRALIA	MEXICO
FY 2025	$33.99B	$11.26B	$12.18B	$2.43B	$2.60B	$1.51B	$1.32B	$1.29B	$1.39B
FY 2024	$33.01B	$10.85B	$11.50B	$2.51B	$2.65B	$1.54B	$1.26B	$1.35B	$1.35B
FY 2023	$32.85B	$12.76B	$10.57B	$2.83B	$2.58B	$1.51B	$1.30B	$1.30B	--
FY 2022	$33.36B	$12.02B	$10.55B	$3.66B	$2.64B	$1.95B	$1.16B	$1.37B	--
FY 2021	$30.79B	$11.07B	$9.12B	$3.60B	$2.56B	$2.06B	$1.06B	$1.31B	--
FY 2020	$27.24B	$9.48B	$8.47B	$3.74B	$2.06B	$1.59B	$822.0M	$1.07B	--
FY 2019	$28.23B	$10.21B	$8.60B	$3.63B	$2.00B	$1.65B	$994.0M	$1.13B	--
FY 2018	$12.46B	$3.56B	$5.94B	$868.0M	$1.03B	--	$1.07B	--	--

Transcripts

Events

Next earnings

2026-10-30EPS est $4.52

Recent filings

42026-08-19
10-Q2026-07-31
8-K2026-07-31

Latest news

LIN DCF Analysis: Intrinsic Value $335 vs Price $483
GuruFocus · 2026-08-17
Annex Advisory Services LLC Cuts Stock Position in Linde PLC $LIN
Defense World · 2026-08-13

Analyst expectations

Consensus target

$566.25

+16.1%

Target range

$525.00 - $612.00

Rating mix

Buy

28 ratings

Next FY revenue

$36.30B

2026-12-31

Next FY EPS

$17.88

$17.82 - $17.97

Rating consensus28 ratings

Strong buy

Buy

Hold

Sell

Strong sell

Annual estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-12-31	$36.30B	$35.70B - $36.82B	$17.88	$17.82 - $17.97	$17.22B	$14.51B	$8.39B	$3.62B	18 rev / 15 EPS
2027-12-31	$38.05B	$36.86B - $38.86B	$19.59	$19.42 - $19.72	$18.05B	$15.22B	$9.17B	$3.80B	19 rev / 10 EPS
2028-12-31	$40.14B	$38.73B - $41.42B	$21.54	$20.04 - $23.60	$19.04B	$16.05B	$9.66B	$4.01B	20 rev / 9 EPS
2029-12-31	$43.68B	$42.58B - $44.53B	$25.42	$24.58 - $26.06	$20.72B	$17.46B	$11.91B	$4.36B	10 rev / 3 EPS
2030-12-31	$44.14B	$43.03B - $45.00B	$25.05	$24.23 - $25.68	$20.94B	$17.65B	$11.74B	$4.41B	10 rev / 3 EPS

Quarterly estimates

Period	Revenue avg	Revenue range	EPS avg	EPS range	EBITDA avg	EBIT avg	Net income avg	SG&A avg	Analysts
2026-09-30	$9.14B	$8.96B - $9.38B	$4.52	$4.50 - $4.55	$4.34B	$3.66B	$2.10B	$912.5M	10 rev / 12 EPS
2026-12-30	$9.16B	$9.09B - $9.38B	$4.53	$4.49 - $4.59	$4.35B	$3.66B	$2.10B	$914.6M	10 rev / 4 EPS
2027-03-30	$9.24B	$9.04B - $9.47B	$4.70	$4.57 - $4.85	$4.38B	$3.70B	$2.18B	$922.6M	9 rev / 1 EPS
2027-06-30	$9.70B	$9.49B - $9.94B	$4.95	$4.81 - $5.11	$4.60B	$3.88B	$2.30B	$968.5M	9 rev / 1 EPS
2027-09-30	$9.64B	$9.43B - $9.87B	$5.00	$4.86 - $5.16	$4.57B	$3.85B	$2.32B	$961.9M	9 rev / 1 EPS
2027-12-30	$9.71B	$9.50B - $9.95B	$5.01	$4.87 - $5.17	$4.60B	$3.88B	$2.33B	$969.1M	9 rev / 1 EPS
2028-03-30	$9.81B	$9.60B - $10.06B	$5.16	$5.01 - $5.32	$4.66B	$3.92B	$2.40B	$979.7M	8 rev / 2 EPS
2028-06-30	$10.34B	$10.11B - $10.59B	$5.46	$5.31 - $5.64	$4.90B	$4.13B	$2.54B	$1.03B	8 rev / 2 EPS

Price target history

Window	Targets	Average target
Last month	5	$571.00
Last quarter	8	$567.38
Last year	24	$544.33
All time	57	$473.50

Sources: TheFly, StreetInsider, Benzinga, TipRanks Contributor, Investing

Latest grade actions

Date	Firm	Action	Previous	New
2026-08-10	BMO Capital	Maintain	Outperform	Outperform
2026-08-03	Bernstein	Maintain	Outperform	Outperform
2026-08-03	Citigroup	Maintain	Buy	Buy
2026-08-03	RBC Capital	Maintain	Outperform	Outperform
2026-07-17	Bernstein	Maintain	Outperform	Outperform
2026-07-10	Evercore ISI Group	Maintain	Outperform	Outperform
2026-06-24	Citigroup	Maintain	Buy	Buy
2026-05-05	RBC Capital	Maintain	Outperform	Outperform

Historical rating snapshots

Date	Strong buy	Buy	Hold	Sell	Strong sell
2026-08-01	5	16	6	1	0
2026-07-01	5	17	6	1	0
2026-06-01	5	17	5	1	0
2026-05-01	4	17	5	1	1
2026-04-01	4	17	4	1	1
2026-03-01	4	18	5	1	1
2026-02-01	5	18	6	1	1
2026-01-01	5	18	3	1	0

Financials

Revenue

$33.99B

Gross margin

43.3%

Operating income

$8.94B

Free cash flow

$5.09B

Cash + ST investments

$5.06B

Net debt

$21.93B

ROE

18.0%

ROIC

9.0%

EV / sales

6.5x

EV / EBITDA

17.1x

R&D / revenue

0.4%

Current ratio

0.9x

Income statement annual

Period	Revenue	Gross profit	Gross margin	R&D	Operating income	EBITDA	Net income	EPS
FY 2025	$33.99B	$14.73B	43.3%	$147.0M	$8.94B	$12.95B	$6.90B	$14.67
FY 2024	$33.01B	$12.08B	36.6%	$150.0M	$8.60B	$12.92B	$6.57B	$13.71
FY 2023	$32.85B	$11.55B	35.1%	$146.0M	$8.11B	$12.29B	$6.20B	$12.70
FY 2022	$33.36B	$9.71B	29.1%	$143.0M	$6.46B	$9.94B	$4.15B	$8.30
FY 2021	$30.79B	$8.62B	28.0%	$143.0M	$5.28B	$9.89B	$3.83B	$7.40
FY 2020	$27.24B	$7.23B	26.6%	$152.0M	$3.89B	$8.12B	$2.50B	$4.75
FY 2019	$28.23B	$6.91B	24.5%	$184.0M	$3.27B	$8.10B	$2.29B	$4.22
FY 2018	$14.84B	$3.99B	26.9%	$113.0M	$2.24B	$7.12B	$4.38B	$13.26
FY 2017	$11.44B	$3.79B	33.2%	$93.0M	$2.49B	$3.75B	$1.25B	$4.36
FY 2016	$10.53B	$3.55B	33.7%	$92.0M	$2.31B	$3.38B	$1.50B	$5.25
FY 2015	$10.78B	$3.71B	34.4%	$93.0M	$2.47B	$3.27B	$1.55B	$5.39
FY 2014	$12.27B	$4.14B	33.7%	$96.0M	$2.72B	$3.71B	$1.69B	$5.79

Cash flow annual

Period	Operating cash flow	Capex	Free cash flow
FY 2025	$10.35B	$5.26B	$5.09B
FY 2024	$9.42B	$4.50B	$4.93B
FY 2023	$9.30B	$3.79B	$5.52B
FY 2022	$8.86B	$3.17B	$5.69B
FY 2021	$9.72B	$3.09B	$6.64B
FY 2020	$7.43B	$3.40B	$4.03B
FY 2019	$6.19B	$3.68B	$2.51B
FY 2018	$3.70B	$1.88B	$1.82B
FY 2017	$3.04B	$1.31B	$1.73B
FY 2016	$2.77B	$1.47B	$1.31B
FY 2015	$2.68B	$1.54B	$1.14B
FY 2014	$2.87B	$1.69B	$1.18B

Balance sheet annual

Period	Cash + ST inv.	Receivables	Inventory	PP&E	Assets	Debt	Net debt	Liabilities	Equity
FY 2025	$5.06B	$5.24B	$2.06B	$29.34B	$86.82B	$26.99B	$21.93B	$47.08B	$38.24B
FY 2024	$4.85B	$5.06B	$1.95B	$25.76B	$80.15B	$22.61B	$17.76B	$40.66B	$38.09B
FY 2023	$4.66B	$5.09B	$2.12B	$25.49B	$80.81B	$20.32B	$15.65B	$39.72B	$39.72B
FY 2022	$5.44B	$4.91B	$1.98B	$23.55B	$79.66B	$18.79B	$13.36B	$38.27B	$40.03B
FY 2021	$2.82B	$4.83B	$1.73B	$26.00B	$81.61B	$15.22B	$12.39B	$36.16B	$44.03B
FY 2020	$3.75B	$4.59B	$1.73B	$28.71B	$88.23B	$17.22B	$13.47B	$38.65B	$47.32B
FY 2019	$2.70B	$4.96B	$1.70B	$29.06B	$86.61B	$14.93B	$12.23B	$34.98B	$49.07B
FY 2018	$4.47B	$4.83B	$1.65B	$29.72B	$93.39B	$15.30B	$10.83B	$36.29B	$51.60B
FY 2017	$617.0M	$1.80B	$614.0M	$12.06B	$20.44B	$9.00B	$8.38B	$13.91B	$6.02B
FY 2016	$524.0M	$1.64B	$550.0M	$11.48B	$19.33B	$9.52B	$8.99B	$13.88B	$5.02B
FY 2015	$147.0M	$1.60B	$531.0M	$11.00B	$18.32B	$9.23B	$9.08B	$13.41B	$4.39B
FY 2014	$126.0M	$1.64B	$551.0M	$12.00B	$19.80B	$9.26B	$9.13B	$13.62B	$5.62B

Annual ratios and key metrics

Period	Gross margin	Op margin	Net margin	Current	Quick	ROE	ROIC	EV / sales	EV / EBITDA	FCF yield	R&D / rev.	Cash cycle
FY 2025	43.3%	26.3%	20.3%	0.9x	0.7x	18.0%	9.0%	6.5x	17.1x	2.6%	0.4%	42d
FY 2024	36.6%	26.0%	19.9%	0.9x	0.8x	17.2%	9.2%	6.6x	16.9x	2.5%	0.5%	46d
FY 2023	35.1%	24.7%	18.9%	0.8x	0.7x	15.6%	8.8%	6.6x	17.6x	2.8%	0.4%	41d
FY 2022	29.1%	19.4%	12.4%	0.8x	0.7x	10.4%	7.0%	5.3x	17.7x	3.5%	0.4%	38d
FY 2021	28.0%	17.2%	12.4%	0.7x	0.6x	8.7%	5.6%	6.2x	19.4x	3.7%	0.5%	28d
FY 2020	26.6%	14.3%	9.2%	0.8x	0.7x	5.3%	3.7%	5.6x	18.7x	2.9%	0.6%	37d
FY 2019	24.5%	11.6%	8.1%	0.9x	0.7x	4.7%	3.1%	4.5x	15.7x	2.2%	0.7%	37d
FY 2018	26.9%	15.1%	29.5%	1.3x	1.2x	8.5%	2.3%	4.2x	8.8x	3.5%	0.8%	66d
FY 2017	33.2%	21.8%	10.9%	1.0x	0.8x	20.7%	7.6%	4.6x	14.0x	3.9%	0.8%	43d
FY 2016	33.7%	22.0%	14.2%	1.2x	0.9x	29.9%	9.8%	4.0x	12.6x	3.9%	0.9%	38d
FY 2015	34.4%	22.9%	14.4%	1.4x	1.1x	35.2%	10.7%	3.6x	11.8x	3.9%	0.9%	41d
FY 2014	33.7%	22.1%	13.8%	1.1x	0.9x	30.1%	10.9%	3.8x	12.7x	3.1%	0.8%	35d

Annual growth

Period	Revenue	Gross profit	R&D	Op income	Net income	EPS	FCF	Capex	Cash + ST inv.	Inventory	Assets	Debt
FY 2025	+3.0%	+21.9%	-2.0%	+4.0%	+5.1%	+7.0%	+3.3%	-17.0%	+4.2%	+5.6%	+8.3%	+19.4%
FY 2024	+0.5%	+4.6%	+2.7%	+6.0%	+5.9%	+8.0%	-10.7%	-18.7%	+4.0%	-8.0%	-0.8%	+11.3%
FY 2023	-1.5%	+18.9%	+2.1%	+25.5%	+49.5%	+53.0%	-3.0%	-19.4%	-14.2%	+6.9%	+1.4%	+8.1%
FY 2022	+8.3%	+12.7%	0.0%	+22.3%	+8.4%	+12.2%	-14.3%	-2.8%	+92.6%	+14.1%	-2.4%	+23.5%
FY 2021	+13.0%	+19.1%	-5.9%	+35.8%	+53.0%	+55.8%	+64.8%	+9.2%	-24.8%	+0.2%	-7.5%	-11.7%
FY 2020	-3.5%	+4.7%	-17.4%	+19.0%	+9.5%	+12.6%	+60.8%	+7.7%	+39.0%	+1.9%	+1.9%	+15.3%
FY 2019	+90.3%	+73.3%	+62.8%	+45.6%	-47.8%	-68.2%	+37.8%	-95.5%	-39.5%	+2.8%	-7.3%	-2.4%
FY 2018	+29.7%	+5.1%	+21.5%	-10.0%	+251.3%	+204.1%	+5.1%	-43.6%	+623.8%	+168.9%	+357.0%	+70.0%
FY 2017	+8.6%	+6.8%	+1.1%	+7.6%	-16.9%	-17.0%	+32.3%	+10.5%	+17.7%	+11.6%	+5.7%	-5.4%
FY 2016	-2.2%	-4.3%	-1.1%	-6.3%	-3.0%	-2.6%	+14.6%	+4.9%	+256.5%	+3.6%	+5.5%	+3.1%
FY 2015	-12.2%	-10.4%	-3.1%	-9.1%	-8.7%	-6.9%	-3.2%	+8.8%	+16.7%	-3.6%	-7.5%	-0.3%
FY 2014	+2.9%	+1.7%	-2.0%	+2.0%	-3.5%	-2.5%	+31.4%	+16.4%	-8.7%	+8.9%	-2.2%	+5.1%

Revenue Mix