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The Gases — Industrial Gases · The Rocks & Powders — Critical Materials

LIN

Linde plc
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Largest industrial gas company globally — utility-like compounder

What they do

Largest industrial gas company in the world after the 2018 Praxair-Linde merger. ~30% global market share. Supplies oxygen, nitrogen, hydrogen, argon, plus electronics specialty gases (the latter to TSMC, Samsung, Intel — directly chokepoint-relevant to AI). 80%+ of revenue is take-or-pay. Best-in-class capital allocation: routinely 15%+ ROIC. Operating margins 25%+.