Is Linde Plc overvalued or undervalued?

As of 17 October 2025, the valuation grade for Linde Plc has moved from expensive to attractive, indicating a shift towards a more favorable assessment. Based on the current metrics, Linde Plc appears to be undervalued relative to its peers, with a P/E ratio of 36, a Price to Book Value of 6.61, and an EV to EBITDA of 21.57. In comparison, Ecolab, Inc. has a higher P/E of 42.93, while Air Products & Chemicals, Inc. shows a significantly lower P/E of 15.89, highlighting Linde's competitive positioning within the specialty chemicals industry.
Despite recent underperformance against the S&P 500, with a 1-year return of -7.24% compared to the index's 14.08%, Linde's long-term performance remains strong, evidenced by a 3-year return of 60.50% and a 5-year return of 93.45%. This suggests that while short-term fluctuations may be concerning, the overall valuation and growth potential of Linde Plc indicate it is currently undervalued.