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Renewed attention on Linde after SpaceX IPO and sector interest
Linde (NasdaqGS:LIN) is back in focus after the SpaceX IPO drew attention to suppliers in the launch supply chain, and Citi’s research flags the stock as both crowded and heavily debated.
See our latest analysis for Linde.
Linde’s share price has shifted from short term softness, with a 1 day share price return that declined 1.25%, to stronger momentum reflected in an 18.65% year to date share price return and a 5 year total shareholder return of 88.17%. Investors are weighing its role in the launch supply chain, its positioning in chemicals, and ongoing demand for industrial and specialty gases.
If the renewed focus on space and infrastructure has your attention, this is also a good moment to scan other opportunities in power and grid suppliers via our 34 power grid technology and infrastructure stocks
With Linde stock up 18.65% year to date and trading around US$509.16, you have to ask whether the recent excitement, from commercial space to specialty gases, leaves upside on the table or if the market is already pricing in future growth.
Most Popular Narrative: 6.6% Undervalued
Linde’s most followed narrative puts fair value at $545.04, a touch above the last close of $509.16, framing the current debate around modest undervaluation and execution on a growing project backlog.
Linde’s project backlog has doubled over the last 4 years, anchored by long-term, fixed-fee contracts supporting U.S. clean energy and electronics infrastructure, and management expects this robust pipeline to remain at record levels, positioning the company for steady multi-year revenue and earnings growth.
The key question is what is reflected in that backlog story. Revenue growth that compounds quietly, margins that edge higher, and a future earnings base that may support a premium multiple. The full narrative links these moving parts into a single valuation case.
Result: Fair Value of $545.04 (UNDERVALUED)
Have a read of the narrative in full and understand what’s behind the forecasts.
However, investors still need to factor in risks, such as weaker industrial demand in Europe and oversupply-driven price pressure in gases like helium.
Wall Street’s queuing for one rocket. While SpaceX counts down to its IPO, other companies tied to the new space race are already in orbit. → 20 Compelling Space Companies watchlist · Global Space Race Investing Ideas screener · Scan the sector by valuation on Rocket Lab’s valuation page.
Another Angle: Multiples Point To A Full Price
Linde’s fair value narrative suggests around 6.6% upside to US$545.04, yet the current P/E of 33.2x sits slightly above peers at 33x and well above an estimated fair ratio of 26.1x. That gap points to valuation risk, which raises the question of how comfortable investors are with paying a premium for this quality.
See what the numbers say about this price — find out in our valuation breakdown.
NasdaqGS:LIN P/E Ratio as at Jun 2026 Next Steps
With sentiment split between a rich P/E and a solid project backlog, it makes sense to move quickly and test the numbers yourself using the 2 key rewards and 2 important warning signs.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
Companies discussed in this article include LIN.
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