Linde plc

On-site plant contracts run 15-20 years with take-or-pay minimums and energy pass-through, and the project backlog stood at roughly $10.4 billion at year-end 2024. Consolidated revenue grew every year from FY2021 to FY2025, including through the FY2020 volume shock and the FY2022-FY2023 inflation period.

Revenue is split across atmospheric gases, hydrogen, CO2, specialty gases, and engineering services, sold into electronics, healthcare, metals, manufacturing, chemicals, and energy. Roughly 90% of FY2025 sales come from the three regional gas segments and about 10% from Engineering, so the portfolio is all gas-adjacent rather than multi-industry.

The Americas, EMEA, and APAC regional segments each contribute material revenue, with combined operations across more than 100 countries. No single country accounts for anywhere near 40% of sales, and currency diversification across the euro, sterling, Korean won, and Australian dollar was visible in FY2025 segment disclosures.

Operating margin reached approximately 29.8% for FY2025, industry-leading versus Air Liquide and Air Products, and was defended through the FY2022-FY2023 inflation period. Growth still requires heavy on-site plant capex ($4.5B in FY2024, guided to $5.0-5.5B in FY2025), which caps asset-light leverage.

A large portion of revenue comes from contractual on-site supply to mission-critical industrial processes with 15-20 year terms, supplemented by recurring merchant liquid and packaged cylinder deliveries. The mix is not pure subscription, but the core of sales is contract-anchored rather than spot-market.