Linde PLC (LIN): Canvas Business Model [Jan-2025 Mise à jour]

Dans le monde dynamique des gaz industriels et des technologies durables, Linde Plc (Lin) apparaît comme une puissance mondiale, transformant des processus industriels complexes à travers des solutions innovantes qui s'étendent sur les secteurs de la fabrication aux soins de santé. En fabriquant méticuleusement un modèle commercial qui équilibre les prouesses technologiques, les partenariats stratégiques et la conscience environnementale, Linde s'est positionné comme un catalyseur critique de l'efficacité industrielle et des transitions d'énergie verte. Cette exploration de la toile du modèle commercial de Linde révèle comment l'entreprise tire parti de son expertise étendue, de ses technologies de pointe et de ses offres de services complètes pour offrir une valeur inégalée sur divers marchés mondiaux.

Linde Plc (Lin) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les consommateurs de gaz industriel

Linde a établi des partenariats stratégiques avec les principaux consommateurs de gaz industriels dans plusieurs secteurs:

Secteur	Partenaires clés	Focus de partenariat
Fabrication	Basf se	Production de gaz industriels sur place
Soins de santé	Johnson & Johnson	Alimentation et distribution de gaz médical
Technologie	Fabricants de semi-conducteurs	Approvisionnement en gaz ultra-pure

Coentreprises avec des sociétés d'ingénierie mondiales

Linde a formé des coentreprises importantes dans l'ingénierie et la technologie:

• Praxair-Linde Merger achevé en 2018 avec une valeur de transaction de 35 milliards de dollars
• Joint-venture stratégique avec SASOL pour la technologie de séparation d'air
• Collaboration avec Technip Energies for Hydrogène Production d'infrastructures

Partenariats d'énergie renouvelable

Les initiatives Green Hydrogène de Linde impliquent des partenariats avec:

Partenaire	Emplacement du projet	Investissement
Énergie nextère	États-Unis	Projet d'hydrogène vert 200 millions de dollars
Bp	Australie	Installation de production d'hydrogène de 250 millions de dollars

Collaborations de recherche et de technologie

Linde s'associe aux institutions de recherche pour l'innovation technologique:

• Institut de technologie du Massachusetts (MIT)
• Université de Stanford
• Université technique de Munich

Des accords de fourniture de sociétés chimiques

Linde maintient des accords de fourniture critiques avec:

Entreprise	Valeur du contrat annuel	Type d'approvisionnement
Exxonmobil	450 millions de dollars	Gaz industriels et procédés
Coquille	380 millions de dollars	Gaz et technologies spécialisées

Linde Plc (Lin) - Modèle d'entreprise: Activités clés

Production et distribution du gaz industriel

Volume annuel de production de gaz industriel: 7 millions de tonnes métriques

Catégorie de gaz	Volume de production annuel	Part de marché
Oxygen	2,5 millions de tonnes métriques	22%
Azote	2,3 millions de tonnes métriques	20%
Hydrogène	1,2 million de tonnes métriques	15%

Ingénierie et construction d'installations de traitement du gaz

Projets totaux d'ingénierie achevés en 2023: 127

• Installations d'ingénierie mondiales: 42
• Valeur moyenne du projet: 87,5 millions de dollars
• Revenus d'ingénierie totaux: 11,1 milliards de dollars

Recherche et développement des technologies de gaz avancé

Investissement annuel de R&D: 624 millions de dollars

Zone technologique	Dépenses de R&D	Demandes de brevet
Technologies d'hydrogène	276 millions de dollars	37 brevets
Capture de carbone	189 millions de dollars	24 brevets
Systèmes cryogéniques	159 millions de dollars	19 brevets

Conception et fabrication d'équipements de séparation de gaz

Capacité de fabrication annuelle: 3 600 unités de traitement du gaz

• Installations de fabrication du monde entier: 28
• Types d'équipement produits: 12 catégories distinctes
• Revenus de fabrication totaux: 4,3 milliards de dollars

Développer des solutions énergétiques durables

Investissement d'infrastructure d'hydrogène: 1,2 milliard de dollars

Type de projet durable	Nombre de projets	Investissement total
Stations de ravitaillement en hydrogène	87	412 millions de dollars
Production d'hydrogène vert	23	536 millions de dollars
Projets neutres en carbone	14	252 millions de dollars

Linde Plc (Lin) - Modèle d'entreprise: Ressources clés

Technologies de production et de séparation de gaz avancé

Linde PLC fonctionne avec des technologies de production de gaz de pointe, notamment:

Type de technologie	Capacité / spécification
Unités de séparation d'air	Plus de 2 000 unités de production de gaz industrielles dans le monde
Distillation cryogénique	Capable de traiter plus de 100 000 nm³ / heure de gaz industriel
Séparation membranaire	Technologies avancées avec 99,5% de niveaux de pureté de gaz

Réseau mondial d'installations de production de gaz industrielles

L'infrastructure de production mondiale de Linde comprend:

• 1 100+ installations de production dans le monde
• Opérations dans plus de 50 pays
• Capacité de production totale de 10 millions de tonnes de gaz industriels par an

Infrastructure de distribution et logistique étendue

Actif de distribution	Quantité / capacité
Camions de pétrolier spécialisés	3 500+ véhicules de transport dédiés
Réseaux de pipeline	Plus de 1 200 kilomètres de pipelines de transmission de gaz dédiées
Installations de stockage	250+ emplacements de stockage de gaz spécialisés

Travail technique et ingénierie qualifié

Composition de la main-d'œuvre:

• Total des employés: 67 000+ en 2023
• Ingénieurs: environ 35% de la main-d'œuvre totale
• PhD et titulaires de diplômes avancés: 12% du personnel technique

Portefeuille de propriété intellectuelle

Catégorie IP	Compter / valeur
Brevets actifs	1 250+ brevets mondiaux
Investissement en brevet	Dépenses annuelles de 350 millions de dollars en R&D
Licences technologiques	85+ licences de technologie du gaz unique

Linde PLC (LIN) - Modèle d'entreprise: propositions de valeur

Approvisionnement en gaz industriel de haute qualité et fiable

Linde Plc fournit des gaz industriels dans plus de 100 pays, desservant 2 millions de clients dans le monde. Capacité de production de gaz industrielle annuelle: 15 millions de tonnes métriques.

Type de gaz	Volume de production annuel	Industries clés servies
Oxygen	5,2 millions de tonnes métriques	Soins de santé, fabrication
Azote	4,8 millions de tonnes métriques	Électronique, transformation des aliments
Hydrogène	2,5 millions de tonnes métriques	Énergie, traitement chimique

Solutions de gaz personnalisées pour divers besoins de l'industrie

Linde propose des solutions de gaz spécialisées dans plusieurs secteurs.

• Santé: systèmes de gaz médical dans plus de 50 pays
• Fabrication: mélanges de gaz de précision pour plus de 10 000 clients industriels
• Électronique: gaz ultra-pure pour la fabrication de semi-conducteurs

Technologies de gaz durables et respectueuses de l'environnement

Investissements de réduction du carbone: 1,2 milliard de dollars en développement de technologies vertes.

Initiative de durabilité	Montant d'investissement	Cible de réduction de CO2
Production d'hydrogène vert	450 millions de dollars	Réduction de 500 000 tonnes de CO2
Technologies de capture de carbone	350 millions de dollars	Capture de CO2 750 000 tonnes métriques

Services complets d'ingénierie et de technologie

Travail d'ingénierie mondiale: 6 800 professionnels spécialisés.

• Systèmes de production de gaz sur place pour plus de 5 000 installations industrielles
• Licence technologique dans 75 pays
• Investissement annuel de R&D: 280 millions de dollars

Solutions de gestion des gaz rentables et efficaces

Économies moyennes des coûts du client: 22-35% grâce à la gestion intégrée du gaz.

Solution d'efficacité	Pourcentage de réduction des coûts	Segment client typique
Optimisation de la chaîne d'approvisionnement	28%	Fabrication
Programme d'efficacité énergétique	35%	Traitement chimique
Rationalisation logistique	22%	Soins de santé

Linde Plc (Lin) - Modèle d'entreprise: relations avec les clients

Relations contractuelles à long terme avec les clients industriels

Linde PLC maintient 85% de ses contrats de gaz industriel avec des accords à long terme allant de 5 à 15 ans. Valeur du contrat moyen: 12,7 millions de dollars par client. Taux de rétention contractuel: 94,3%.

Type de contrat	Durée moyenne	Valeur du contrat annuel
Secteur manufacturier	7-10 ans	15,2 millions de dollars
Secteur de la santé	5-8 ans	8,6 millions de dollars
Secteur de l'énergie	10-15 ans	22,4 millions de dollars

Services de support technique et de consultation

Linde fournit un soutien technique 24/7 dans 42 pays. Investissement annuel dans l'infrastructure de support client: 127 millions de dollars.

• Temps de réponse: moins de 2 heures pour les clients industriels critiques
• Équipe de support technique dédiée: 1 236 ingénieurs spécialisés
• Investissement annuel de formation par ingénieur de soutien: 48 500 $

Équipes de gestion des comptes dédiés

Linde emploie 672 gestionnaires de comptes spécialisés dans le monde. Portefeuille client moyen par gestionnaire: 14 comptes industriels de grande valeur.

Niveau de compte	Nombre de gestionnaires	Valeur moyenne du client
Comptes stratégiques	187 gestionnaires	45,6 millions de dollars
Comptes majeurs	285 gestionnaires	22,3 millions de dollars
Comptes clés	200 gestionnaires	12,7 millions de dollars

Plateformes numériques pour surveiller et gérer les fournitures de gaz

Utilisation de la plate-forme numérique: 76% des clients industriels. Investissement annuel sur les infrastructures numériques: 94 millions de dollars.

• Systèmes de surveillance en temps réel: déployé dans 38 pays
• Utilisateurs d'applications mobiles: 12 400 clients d'entreprise
• Investissement de sécurité des données: 22,6 millions de dollars par an

Innovation continue et support de mise à niveau technologique

Investissement en R&D: 612 millions de dollars en 2023. Fréquence de mise à niveau technologique: tous les 18 à 24 mois pour les principaux clients industriels.

Zone d'innovation	Investissement annuel	Cycle de mise à niveau technologique
Technologies de gaz industriel	287 millions de dollars	18 mois
Intégration numérique	194 millions de dollars	12 mois
Solutions de durabilité	131 millions de dollars	24 mois

Linde Plc (Lin) - Modèle commercial: canaux

Force de vente directe ciblant les clients industriels et commerciaux

Linde Plc maintient une force de vente directe mondiale de 67 400 employés à partir de 2023, avec des équipes de gestion de la relation client industrielle et commerciale dédiées dans plus de 50 pays.

Canal de vente	Nombre de représentants commerciaux	Couverture géographique
Ventes de gaz industriels	3,200	Amérique du Nord, Europe, Asie-Pacifique
Solutions d'ingénierie	1,800	Marchés mondiaux
Ventes de gaz de la santé	1,500	Marchés internationaux de la santé

Plateformes d'approvisionnement et de service en ligne

Linde exploite des plateformes d'approvisionnement numérique avec les spécifications suivantes:

• Volume de transaction de plate-forme numérique: 4,2 milliards de dollars en 2023
• Comptes clients en ligne: 12 500 clients industriels et commerciaux
• Traitement des demandes de service numérique: taux d'interaction numérique 98,6%

Conférences techniques et expositions de l'industrie

Type d'événement	Participation annuelle	Préstance à l'événement moyen
Conférences techniques	42 conférences mondiales	1 200 professionnels de l'industrie par événement
Expositions de l'industrie	28 expositions internationales	3 500 clients potentiels par exposition

Réseaux de partenariat stratégiques

Linde maintient des partenariats stratégiques dans plusieurs secteurs:

• Partenariats stratégiques totaux: 124 partenariats mondiaux
• Contribution des revenus de partenariat: 2,7 milliards de dollars en 2023
• Secteurs de partenariat clés: fabrication, soins de santé, énergie

Infrastructure mondiale de distribution et de logistique

Composant d'infrastructure	Échelle opérationnelle	Performance logistique annuelle
Installations de production	700+ installations mondiales	N / A
Centres de distribution	220 centres de distribution	Taux de livraison de 98,4%
Flotte de transport	3 600 véhicules de transport spécialisés	1,2 million de tonnes métriques Capacité de transport annuelle

Linde PLC (LIN) - Modèle d'entreprise: segments de clientèle

Sociétés de fabrication et de transformation industrielle

Linde dessert des clients manufacturiers dans plusieurs secteurs avec des revenus mondiaux de gaz industriel de 14,4 milliards de dollars en 2022.

Segment de l'industrie	Consommation de gaz annuelle	Applications clés
Traitement des métaux	3,2 millions de tonnes métriques	Soudage, traitement thermique, coupe
Fabrication de produits chimiques	2,7 millions de tonnes métriques	Amélioration du processus, contrôle de la réaction

Soins de santé et centrales médicales

Le segment des soins de santé a généré 3,8 milliards de dollars de revenus pour Linde en 2022.

• Approvisionnement en gaz médical à 38 000 établissements de santé dans le monde entier
• Capacité de production d'oxygène: 1,2 million de mètres cubes par jour
• Pureté du gaz de qualité médicale: 99,5% Norme minimale

Fabricants d'électronique et de semi-conducteurs

Le marché du gaz semi-conducteur a représenté 1,6 milliard de dollars de revenus de Linde en 2022.

Nœud technologique	Exigences de pureté des gaz	Volume de l'offre annuelle
Semi-conducteur 5nm	99,9999% pur	480 000 kg
Semi-conducteur 3NM	99.99999% pur	320 000 kg

Industries énergétiques et pétrochimiques

Le secteur de l'énergie a représenté 2,9 milliards de dollars de revenus de gaz industriel pour Linde en 2022.

• Capacité de production d'hydrogène: 2 millions de tonnes par an
• Technologies de capture de carbone déployées dans 14 pays
• Support de traitement du GNL pour 22 installations mondiales

Institutions de recherche et universitaires

Le marché scientifique du gaz a contribué environ 680 millions de dollars aux revenus de Linde en 2022.

Type d'institution	Consommation de gaz annuelle	Types de gaz typiques
Laboratoires de recherche universitaire	85 000 mètres cubes	Azote, argon, hélium
Centres de recherche nationaux	210 000 mètres cubes	Gaz de recherche spécialisée

Linde Plc (Lin) - Modèle d'entreprise: Structure des coûts

Installations de production de gaz à forte intensité de capital

Total des dépenses en capital pour 2022: 3,6 milliards de dollars

Type d'installation	Investissement annuel
Usines de production de gaz industrielles	2,1 milliards de dollars
Installations de production d'hydrogène	750 millions de dollars
Unités de séparation d'air cryogénique	450 millions de dollars

Investissements de recherche et développement

Dépenses de R&D pour 2022: 367 millions de dollars

• Technologies d'énergie propre: 156 millions de dollars
• Technologies de séparation des gaz avancés: 98 millions de dollars
• Optimisation du processus industriel: 113 millions de dollars

Coût de la main-d'œuvre et de l'expertise technique

Total des dépenses des employés en 2022: 4,8 milliards de dollars

Catégorie des employés	Coût annuel
Personnel technique	2,3 milliards de dollars
Personnel d'ingénierie	1,2 milliard de dollars
Personnel administratif	1,3 milliard de dollars

Aachat d'énergie et de matières premières

Coût total d'énergie et de matières premières en 2022: 5,2 milliards de dollars

• Aachat de gaz naturel: 2,1 milliards de dollars
• Coûts d'électricité: 1,6 milliard de dollars
• Acquisition de matières premières: 1,5 milliard de dollars

Frais de logistique et de distribution

Coûts logistiques totaux en 2022: 1,9 milliard de dollars

Canal de distribution	Dépenses annuelles
Transport et camionnage	1,2 milliard de dollars
Infrastructure de pipeline	450 millions de dollars
Installations de stockage	250 millions de dollars

Linde PLC (LIN) - Modèle d'entreprise: Strots de revenus

Ventes de gaz industrielles et contrats d'approvisionnement à long terme

Linde PLC a généré 32,2 milliards de dollars de revenus totaux pour l'exercice 2022. Le segment des gaz industriels a contribué à environ 28,5 milliards de dollars à des revenus totaux.

Région	Revenus de gaz industriel	Pourcentage du total des revenus
Amériques	12,7 milliards de dollars	39.4%
Emea	9,8 milliards de dollars	30.4%
Apac	6 milliards de dollars	18.6%

Frais de service d'ingénierie et de technologie

Le segment des services d'ingénierie a généré 3,7 milliards de dollars de revenus pour 2022.

• Frais de licence de technologie: 450 millions de dollars
• Services d'ingénierie du projet: 2,1 milliards de dollars
• Conception et construction de l'usine: 1,15 milliard de dollars

Fabrication et ventes d'équipements

Les revenus des ventes d'équipements ont atteint 1,6 milliard de dollars en 2022.

Catégorie d'équipement	Revenu
Équipement de production de gaz	780 millions de dollars
Équipement de distribution	520 millions de dollars
Systèmes de manutention des gaz spécialisés	300 millions de dollars

Solutions d'énergie hydrogène et alternative

L'hydrogène et l'énergie propre ont généré 1,2 milliard de dollars de revenus pour 2022.

• Production d'hydrogène: 650 millions de dollars
• Développement du projet d'énergie propre: 350 millions de dollars
• Technologies de capture de carbone: 200 millions de dollars

Services de conseil et de support technique

Les services de conseil technique ont généré 380 millions de dollars de revenus pour 2022.

Type de service	Revenu
Optimisation du processus industriel	180 millions de dollars
Conseil de sécurité et de conformité	120 millions de dollars
Conseil d'efficacité énergétique	80 millions de dollars

Linde plc (LIN) - Canvas Business Model: Value Propositions

You're looking at the core value Linde plc delivers to its customers, which really boils down to essential supply, efficiency gains, and critical environmental support. Honestly, for the biggest users, it's about rock-solid reliability.

Reliable, on-site supply of industrial gases for large-volume users

For customers needing the absolute largest volumes of product-think oxygen, nitrogen, and hydrogen-Linde plc builds and operates cryogenic and process gas plants right on or next to the customer's site. They pipe the product directly over. These on-site supply contracts are designed for stability, generally running for terms between 10-20 years and always including minimum purchase requirements. This setup locks in supply for the customer and secures long-term revenue for Linde plc.

Still, it's not just the giants. Linde plc also set a record in 2024 for securing new small on-site projects, signing 59 new long-term agreements that will result in the construction, ownership, and operation of 64 new plants at customer sites. These smaller installations, often using proprietary ECOVAR® technology, are a key part of their value delivery.

Supply Method	Typical Products	Contract Term (Typical)
On-Site (Pipeline)	Oxygen, Nitrogen, Hydrogen	10-20 years
Small On-Site Plants (New 2024 Wins)	Nitrogen, Oxygen	Long-term agreements
Merchant (Tanker Truck)	Liquid Oxygen, Nitrogen, Argon, Hydrogen, Helium, CO2	Three to seven years

Decarbonization solutions like carbon capture and clean hydrogen production

Linde plc's value proposition heavily leans into the energy transition, providing technologies for clean hydrogen and carbon capture systems. This isn't just talk; they are actively changing their own footprint too. In 2024, Linde plc reduced its absolute greenhouse gas emissions by 6.2% compared to its 2021 baseline. Plus, they sourced 47% of their total electricity consumption from low-carbon sources that same year.

Ultra-high-purity gases for the high-growth Electronics end market

The Electronics sector is a major growth driver, demanding the highest purity gases for things like semiconductor and battery production. For context, in the third quarter of 2025, this segment represented 9% of sales. Full-year 2024 underlying sales growth was significantly propelled by project start-up volumes, especially within this electronics end market. This focus positions Linde plc well for secular growth trends.

Cost-efficient, customized gas processing plant design and build

Through its Engineering business, Linde plc designs, engineers, and builds large-scale chemical plants. This capability, which accounted for about 11% of 2024 sales, offers customers customized solutions for gas production, natural gas processing, and more. For those 64 new small on-site plants secured in 2024, the expectation is that each installation typically generates annual revenues in the range of $1-5 million per site, showing how they translate engineering into recurring value.

Helping customers avoid 96 million metric tons of CO2e (2024 data)

This is a huge metric showing the impact of their products and technologies on their customer base. In 2024 alone, Linde plc helped its customers avoid more than 96 million metric tons of CO2e. To put that in perspective, that avoided amount was more than double the emissions Linde plc generated from its own operations that year. That's a clear, quantifiable value proposition helping industries meet their own targets.

• Linde plc 2024 Sales: $33 billion
• Linde plc 2024 Operating Profit: $8.635 billion
• Linde plc 2024 Return on Capital (ROC): 25.9%

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Customer Relationships

You're looking at how Linde plc locks in its massive industrial customer base, which is the engine behind their consistent financial performance. It's not about one-off sales; it's about deep, long-term integration. For instance, Linde plc maintains 85% of its industrial gas contracts with long-term agreements ranging from 5-15 years.

The core of this relationship strategy is the embedded, on-site production model. This is where Linde constructs, owns, and operates gas production facilities directly at the customer's site, supplying product via pipeline. This model is key to acquisition and retention because it ensures a dependable supply chain for critical processes. These on-site contracts typically run for 10-20 years and include minimum purchase requirements. This segment, which supplies the largest volume customers, accounts for 45-50% of Linde plc's gas sales.

For these large, strategic relationships, Linde plc employs dedicated account management and solution selling. The goal is deep integration, addressing specific customer needs in sectors like chemicals & energy, manufacturing, and electronics. The average contract value for these long-term deals is cited at $12.7 million per client, with a contractual retention rate of 94.3%. This stability is reflected in the $7.1 billion sale-of-gas project backlog as of Q2 2025, representing future committed revenue from these long-term agreements.

The contractual structure is designed for revenue visibility. While the on-site model secures the longest terms, the merchant business-supplying bulk gases over longer distances-usually involves three to seven-year requirement contracts.

Not all relationships are long-term commitments, though. Linde plc still manages transactional sales for its packaged gases business, which includes products in cylinders. These packaged gases are generally sold under much shorter one to three-year supply contracts or simple purchase orders, and they don't carry minimum purchase requirements. This segment, which often commands higher margins, makes up about 15-20% of total revenue.

Here's a quick look at how the industrial gas sales are typically segmented by contract type and volume:

Distribution Type	Typical Contract Length	Approximate % of Gas Sales	Cost Pass-Throughs?
On-Site (Tonnage)	10-20 years	45-50%	Yes
Merchant (Bulk)	3-7 years	30-35%	Yes
Packaged (Cylinders)	1-3 years	15-20%	No Mentioned

The company's overall financial scale underscores the importance of these relationships. For the second quarter of 2025, Linde plc reported sales of $8,495 million. This revenue stream is supported by a business model that prioritizes long-term, high-commitment arrangements for the bulk of its industrial volume.

Finance: draft the 13-week cash flow view incorporating expected revenue recognition from the $7.1 billion Engineering backlog by Friday.

Linde plc (LIN) - Canvas Business Model: Channels

You're looking at how Linde plc actually gets its product-gases and engineering solutions-into the hands of its massive, diverse customer base. It's not one path; it's a highly integrated network designed to serve everyone from a small local welder to a world-scale semiconductor fab. This multi-channel approach is key to maintaining their 33% global industrial gases market share.

On-site plants and dedicated pipeline delivery systems

This channel is for the biggest users, the ones needing massive, continuous supply, often via dedicated pipelines or build-own-operate (BOO) on-site facilities. These are long-term, high-commitment arrangements that lock in revenue for years. The execution of these deals is visible in the Sale-of-Gas project backlog, which stood at $7.1 billion as of the second quarter of 2025. This backlog ensures attractive growth for years to come, according to management.

While the pipeline network itself is vast and proprietary, we can see the commitment to new on-site capacity through recent project signings. For example, in 2024, Linde signed agreements to build, own, and operate 64 new small on-site plants across 59 long-term agreements, driven by electronics and decarbonization demand. The company's full-year 2025 capital expenditures guidance of $5.0 billion to $5.5 billion is set to fund this backlog execution and maintenance requirements.

Global fleet for bulk liquid (merchant) gas delivery

For customers needing large volumes but not enough to justify a dedicated on-site plant, Linde uses its global fleet of road tankers to deliver bulk liquid gases. This is part of the Merchant & Packaged Gases Business Area. While the exact size of the global fleet isn't a number they publish quarterly, the scale of their operations across more than 80 countries suggests a substantial, geographically dense logistics asset base. This channel bridges the gap between the massive tonnage contracts and the smaller cylinder users, often involving cryogenic road tankers for liquid oxygen, nitrogen, and argon.

Cylinder and packaged gas distribution network for smaller users

This is the most visible channel for many smaller industrial, fabrication, and healthcare users, relying on high-pressure gas cylinders and smaller liquid dewars. This falls under the Merchant & Packaged Gases Business Area, alongside bulk liquid delivery. The distribution relies on a network of third-party distributors and Linde-owned centers to ensure product availability for everything from welding shielding gases to medical oxygen. The company's 2024 sales were $33.005 billion, a testament to the breadth of this high-touch, high-frequency sales network.

Direct sales force for Engineering segment projects and large contracts

The Engineering segment operates on a distinct, project-based channel, relying on a direct sales force to secure large Engineering, Procurement, and Construction (EPC) contracts for process plants. This channel is distinct from the ongoing gas supply contracts, though they often lead to one another. Here are the key metrics from the second quarter of 2025 for this direct sales channel:

Metric	Q2 2025 Value	Context/Comparison
Linde Engineering Sales	$551 million	Up 1% versus prior year.
Linde Engineering Operating Profit	$90 million	16.3% of sales.
Linde Engineering Order Intake	$311 million	Represents new direct sales wins for the quarter.
Third-Party Equipment Backlog	$3.2 billion	Future revenue pipeline for equipment sales.

The direct sales force also secures the massive Sale-of-Gas contracts, which form the $7.1 billion backlog. The successful execution of these large projects is what drives the full-year 2025 adjusted EPS guidance range of $16.30 to $16.50. Honestly, the Engineering backlog is the clearest indicator of the direct sales team's success in landing the next decade of on-site and pipeline business.

Linde plc (LIN) - Canvas Business Model: Customer Segments

You're looking at the core customer base for Linde plc as of late 2025, which is quite diverse, spanning heavy industry to critical life support. Honestly, the mix is what gives them that resilience you see in their margins, even when some industrial areas slow down.

Chemicals & Energy definitely represents a significant portion of sales. For instance, in the Americas segment during the second quarter of 2025, underlying sales growth of 4% was primarily driven by higher pricing and volumes in the chemicals and energy end markets. Still, the EMEA segment saw underlying sales decrease by 1% in Q1 2025, partly due to lower volumes in the chemicals & energy end markets that quarter.

The Healthcare and Food & Beverage markets are the bedrock for stability. These are the resilient, non-cyclical areas. Management noted that Healthcare is expected to remain a stable and steadily growing segment. For Food & Beverage, the expectation is for growth in the low- to mid-single digits.

Electronics, driven by high-end chip production, is the segment getting the most attention for growth. In the third quarter of 2025, the electronics sector contributed 9% to sales and was specifically called out as the fastest-growing end market that quarter. This focus is clear; they are investing capacity here.

Then you have the broad base of Manufacturing, Metals & Mining, and the emerging commercial space industry. In Q3 2025, underlying sales in the Americas were up, driven partly by the electronics and manufacturing end markets. However, in the EMEA segment during Q3 2025, underlying sales decreased 1%, driven by lower volumes primarily in the metals & mining and manufacturing end markets. Linde plc is also making investments in additional capacity specifically for the commercial space sector, signaling a strategic bet on future demand.

Here's a quick look at the top-line numbers to frame the scale of these segments:

Metric	Value (as of late 2025)
Linde plc TTM Revenue (ending Sep 30, 2025)	$33.504 Billion
Linde plc Q3 2025 Sales	$8.615 Billion
Linde plc Q2 2025 Sales	$8.495 Billion
Electronics Segment Share of Sales (Q3 2025)	9%
Americas Segment Sales (Q3 2025)	$3.846 Billion

The industrial end markets, which include many of these heavy sectors, account for about two-thirds of global sales.

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Cost Structure

You're analyzing the cost base of Linde plc, a massive industrial gases and engineering operation, so you know upfront that the structure is dominated by long-term, hard-to-shift expenses. This isn't a software company; it's about steel, power, and global logistics.

Capital-intensive fixed costs for plant construction and maintenance

Linde plc's commitment to growth is visible in its capital spending, which funds the massive air separation units (ASUs) and other production facilities that form the backbone of its on-site business. For the full year 2024, the company invested $4.5 billion in capital expenditures. Looking ahead, Linde plc guided for full-year 2025 capital expenditures to be in the range of $5 billion to $5.5 billion to support operating and growth requirements, including the contractual sale of gas backlog. To give you a sense of the ongoing spend, capital expenditures for the quarter ending September 30, 2025, were $1.087 billion. This high level of investment means depreciation and amortization, tied to these fixed assets, will always be a significant non-cash cost component.

Energy costs are the single largest variable expense for gas production

Honestly, for industrial gas production, energy is the elephant in the room. Energy-primarily electricity, natural gas, and diesel for distribution-is explicitly stated as the single largest cost item in the production and distribution of industrial gases. While Linde plc uses pricing formulas and surcharges in customer contracts to mitigate this variability, the underlying cost exposure remains substantial. For the full year 2024, Linde plc's Cost of Sales was $20,260 million, representing 61.4% of its total revenues for that year. You can bet a huge chunk of that is power.

High distribution and logistics costs for bulk and packaged gases

Moving the product, whether it's bulk cryogenic liquids via truck or packaged cylinders, requires a dedicated and costly logistics network. This cost is intertwined with energy, as diesel fuel for the distribution fleet is a direct energy requirement. While I don't have a standalone logistics line item, you see the scale of the operation reflected in the overall Selling, General, and Administrative plus R&D expenses (SG&A/R&D), which totaled $4,295 million in 2024, or 13.0% of revenues. That figure covers everything from sales teams to the fuel in the delivery vans.

R&D and engineering costs for proprietary technology defintely matter

Linde plc's engineering prowess and proprietary technology are key differentiators, especially in high-growth areas like clean hydrogen and electronics. Research and Development expenses for the full year 2024 were $0.15 billion (or $150 million). For the twelve months ending September 30, 2025, R&D expenses were reported at $151 million. The company's world-class engineering business, which designs and builds large-scale plants, is also a cost center, though it generates its own revenue stream.

Personnel costs for a global workforce across 50+ countries

Managing a global footprint means significant, fixed personnel costs. Linde plc operates in over 100 countries, requiring a large, specialized global workforce. Personnel costs are embedded within the SG&A/R&D line. As noted, SG&A/R&D was $4,295 million in 2024. For the twelve months ending September 30, 2025, the SG&A expense figure was $3.367 billion. Attracting and retaining qualified personnel is listed as a key risk, confirming the ongoing investment required to maintain this global talent pool.

Here's a quick look at how some of these major cost components stack up against 2024 revenue:

Cost Category	2024 Financial Data Point	Value
Total Revenue	Full Year 2024 Sales	$33.005 billion
Capital Investment	2024 Capital Expenditures (CAPEX)	$4.5 billion
Cost of Sales (Total)	Cost of Sales for 2024	$20,260 million
SG&A/R&D (Combined)	SG&A/R&D as % of Revenues	13.0%
R&D (Specific)	Full Year 2024 R&D Expense	$0.15 billion

Finance: draft 13-week cash view by Friday.

Linde plc (LIN) - Canvas Business Model: Revenue Streams

You're looking at how Linde plc actually brings in the money, which is key to understanding its stability. The company's revenue streams are heavily anchored in long-term commitments, which helps smooth out the bumps from industrial cycles. As of late 2025, the Total Trailing Twelve Months revenue, calculated through the third quarter of 2025, stood at $33.504 billion.

The financial outlook remains strong, with the company guiding for a full-year 2025 adjusted EPS in the range of $16.35 to $16.45. This performance is supported by the core business structure, which relies on several distinct revenue channels.

The primary revenue drivers are the industrial gas sales, which include the highly stable, long-term Sale-of-Gas contracts structured with a take-or-pay component for on-site plants, alongside the more transactional Merchant sales of bulk and packaged industrial gases. The Engineering segment also contributes significantly through plant design and construction work. Here's a look at the most recent quarterly figures we have to map these streams:

Revenue Stream Category	Latest Reported Quarter (Q3 2025) Revenue	Notes/Context
Gas Sales (On-site & Merchant)	Approximately $8.096 billion	Implied revenue from Total Sales less Engineering Sales for Q3 2025. This captures the core business of long-term Sale-of-Gas contracts and merchant sales.
Linde Engineering Segment	$519 million	Revenue from plant design and construction activities for the third quarter of 2025.
Total Quarterly Sales (Q3 2025)	$8.615 billion	Reported sales for the third quarter of 2025.

The long-term Sale-of-Gas contracts for on-site plants are the bedrock, often involving multi-decade agreements that guarantee a base level of revenue regardless of immediate customer offtake, thanks to that take-or-pay structure. This contractual revenue visibility is what underpins the company's ability to manage capital expenditure, such as supporting the $7.1 billion contractual sale of gas project backlog mentioned around this period.

For the Engineering segment revenue from plant design and construction, the order intake provides a forward look at future revenue recognition. For Q3 2025, the order intake was $269 million, with the third-party sale of equipment backlog standing at $2.9 billion. That backlog number is definitely something you want to watch as a leading indicator for future Engineering revenue.

Merchant sales of bulk and packaged industrial gases represent the more flexible portion of the gas revenue. This stream benefits directly from price attainment, which was a key driver in Q3 2025, where underlying sales grew 2% driven by price attainment as volumes were flat.

You can see the revenue composition is designed for stability and growth:

• Long-term Sale-of-Gas contracts (take-or-pay structure) for on-site plants provide base load stability.
• Merchant sales of bulk and packaged industrial gases allow for immediate price realization.
• Engineering segment revenue from plant design and construction offers cyclical project upside.
• Total Trailing Twelve Months revenue (Q3 2025) was $33.504 billion.
• Full-year 2025 adjusted EPS is guided to be $16.35 to $16.45.

Finance: draft 13-week cash view by Friday.