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 being undervalued. The company is currently considered attractive with a P/E ratio of 36, a Price to Book Value of 6.61, and an EV to EBITDA ratio 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 relative positioning in the specialty chemicals industry.
Despite recent underperformance against the S&P 500, particularly over the past year with a return of -7.24% compared to the S&P's 14.08%, Linde's long-term performance remains strong with a 5-year return of 93.45%, slightly above the S&P's 91.29%. Overall, Linde Plc appears to be undervalued based on its attractive valuation metrics and peer comparisons.