Is Linde Plc overvalued or undervalued?

As of 20 May 2025, the valuation grade for Linde Plc has moved from attractive to fair. The company is currently fairly valued based on its financial metrics. Key ratios include a P/E ratio of 36, an EV to EBITDA of 21.57, and a ROE of 18.21%.
In comparison to peers, Ecolab, Inc. has a higher P/E ratio of 41.56, while Air Products & Chemicals, Inc. is considered expensive with a P/E of 15.42. Linde's PEG ratio stands at 3.26, indicating that growth expectations may not be fully justified at its current valuation. Notably, Linde's recent stock performance has lagged behind the S&P 500 over the past year, which reinforces the notion that it is fairly valued at this time.