Linde plc (LIN)
Linde is the world's largest industrial-gases company, supplying oxygen, nitrogen, and hydrogen to healthcare, manufacturing, and energy customers. Long-term supply contracts give it unusually stable revenue for the sector.
Materials stock comparison
LIN vs NEM: how the two businesses compare
- Bigger business: LIN, with $34.0B of yearly revenue, about 1.5× NEM's $22.7B.
- More profitable: NEM keeps 31 cents of each sales dollar as profit, against 20 cents at LIN.
- More cash from each sale: NEM turns 46 cents of each sales dollar into operating cash flow, against 30 cents at LIN.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Linde (LIN) is the larger business by reported revenue: $34.0B in its fiscal year ended Dec 2025, about 1.5× NEM's $22.7B (fiscal year ended Dec 2025). LIN's net margin was 20.3% and NEM's 31.3%. The SEC classifies them differently (Industrial Inorganic Chemicals; Gold and Silver Ores); what connects them is shared exposure to the International markets research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Sector
- Materials
- SEC industry
- Different
- Separate classifications
- Fiscal year ends
- December 31
- Same calendar
- Reviewed
- Feb 25, 2026
LIN vs NEM: quick comparison
| Company fact | LIN | NEM |
|---|---|---|
| Company | Linde plc | Newmont Corporation |
| Exchange | NASDAQ | NYSE |
| Headquarters | Woking, United Kingdom | Denver, Colorado |
| Founded | 1879 | 1921 |
| SEC industry | Industrial Inorganic Chemicals | Gold and Silver Ores |
| Fiscal year-end | December 31 | December 31 |
| Latest annual filing | 10-K · 2026-02-25 | 10-K · 2026-02-19 |
LIN vs NEM: audited financials
- Scale: LIN's $34.0B of revenue is about 1.5× NEM's $22.7B.
- Net margin: NEM kept 31.3% of revenue as net income versus 20.3% at LIN.
- Cash conversion: operating cash flow equalled LIN 30.5% of revenue, or 1.50× net income; NEM 45.6% of revenue, or 1.46× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: both fiscal years end on 2025-12-31, so these annual figures cover the same months.
| Metric | LIN | NEM |
|---|---|---|
| Revenue | $34.0B2025-01-01 to 2025-12-31 · SEC filing | $22.7B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $6.9B2025-01-01 to 2025-12-31 · SEC filing | $7.1B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $10.3B2025-01-01 to 2025-12-31 · SEC filing | $10.3B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $14.612025-01-01 to 2025-12-31 · SEC filing | $6.392025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 20.3%2025-01-01 to 2025-12-31 · SEC filing | 31.3%2025-01-01 to 2025-12-31 · SEC filing |
LIN: FY ending 2025-12-31 · NEM: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where LIN and NEM overlap, and where they don't
Overlap
- Shared research theme: International markets.
- Same fiscal calendar: both fiscal years end December 31.
Differences
- Different SEC industries: LIN files as Industrial Inorganic Chemicals; NEM as Gold and Silver Ores.
- Only NEM maps to Economic trends.
- Profitability: net margin of 20.3% for LIN versus 31.3% for NEM.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Newmont Corporation (NEM)
Newmont is the world's largest gold-mining company, with operations spread across the Americas, Africa, and Australia. Its earnings move with gold prices, which often rise during periods of economic uncertainty.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves LIN
We have not yet published a company-specific driver list for LIN. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-25.
What moves NEM
We have not yet published a company-specific driver list for NEM. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-19.
The investment question
You now know LIN reports about 1.5× NEM's revenue, and NEM keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, and which evidence in the next filings would prove that assumption wrong.
Members-only research
Members-only research on LIN and NEM
NEM · Sep 9, 2026
Newmont and the gap between a gold rally and shareholder cashA retrospective case study of whether Newmont’s portfolio simplification and cost control could turn stronger gold economics into cash, as the evidence stood on February 23, 2026.
Sep 22, 2026
Meta jumped 11%. What must happen next to justify the price?A member research report on Meta’s AI rally: Muse, subscription economics, the cash-flow burden, legal costs and the earnings assumptions behind the new price.
The thesis, the numbers behind it, and what would break it. Full access is $39 a month.
Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. Both fiscal years end December 31, so annual reports line up, but check segment definitions before comparing growth or margins.
The current verified House and Senate snapshot contains 21 matched transaction rows for LIN and 8 matched transaction rows for NEM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
LIN primary filings
NEM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
More comparisons involving LIN or NEM
LIN vs NEM FAQs
Are LIN and NEM direct competitors?
Not necessarily. Linde files as Industrial Inorganic Chemicals and Newmont as Gold and Silver Ores. The pair is compared because both map to the International markets research theme, not because the filings show head-to-head competition.
Is LIN or NEM the bigger company by revenue?
Linde (LIN) is the larger business by reported revenue: $34.0B in its fiscal year ended Dec 2025, about 1.5× NEM's $22.7B (fiscal year ended Dec 2025). LIN's net margin was 20.3% and NEM's 31.3%. The SEC classifies them differently (Industrial Inorganic Chemicals; Gold and Silver Ores); what connects them is shared exposure to the International markets research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, LIN or NEM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this LIN vs NEM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Linde plc and Newmont Corporation tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-10-03. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-10-03. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
LIN vs NEM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
Members-only research
$39/mo or $249/yr · cancel future renewals anytime · sources included