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 based on its P/E ratio of 36, which is lower than the peer average of 42.93 for Ecolab, Inc., and its EV to EBITDA ratio of 21.57, which is also competitive against Ecolab's 28.89. Additionally, Linde's PEG ratio stands at 3.26, suggesting that while growth expectations are high, the valuation may still be justified relative to its peers.
In comparison to its peers, Linde Plc shows a more favorable valuation profile, particularly when contrasted with Air Products & Chemicals, Inc., which has a significantly lower P/E ratio of 15.89. 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 over 5 years at 93.45% indicates strong growth potential. Overall, Linde Plc appears to be undervalued in the current market context.