Linde plc management check
LIN · Materials · Industrial Gases · CEO Sanjiv Lamba
Filings as of
4 good · 1 to watch · 1 flagged, across the seven questions below.
- Good
Have owners done well?
Beat its chosen peers$100 invested at the start of fiscal 2021 grew to $173, against $139 for the peer group the company picked itself.
- Flag
Does pay follow performance?
Pay moved against returnsOver 5 years, the CEO's pay actually paid (equity valued at the share price) had a correlation of -0.48 with shareholder return. 1 means pay moved in step; below 0, the opposite way.
- Good
What does the CEO cost owners?
0.3% of net income$21.8m of reported pay in fiscal 2025, against $6.9bn of net income.
- n/a
Do they own the stock?
No recent CEO filingLight activity: $48k bought, $2.6m sold in six months.
- Good
Are owners being diluted?
Share count shrinkingDiluted shares changed -2.1% a year over the last three fiscal years. Stock-based pay was 0.5% of revenue in the latest year.
- Watch
Is leadership stable?
2 CEOs in the pay tableCEOs in the pay table: Stephen F. Angel, Sanjiv Lamba. 6 filings under 8-K item 5.02 (officers or directors leaving or joining, or new pay arrangements) in the last 3 years.
- Good
Are the books clean?
No red flags on fileNo restatements, auditor changes or late filings since 2021.
Against the S&P 500
Each check's score (0–100) and how it compares: the share of ranked S&P 500 companies it matches or beats, and the median in Materials.
| Check | Score | At or above | Sector median |
|---|---|---|---|
| Owner returns | 81 | 40 | |
| Pay for performance | 26 | 77 | |
| CEO cost | 92 | 40 | |
| Skin in the game | — | — | 38 |
| Dilution | 76 | 71 | |
| Stable leadership | 55 | 70 | |
| Clean books | 100 | 100 |
Closest peers
Others in Industrial Gases, by management score. Linde plc is 8th of 24 in its sector.
- 121SHWSherwin-Williams74
- 148PKGPackaging Corporation of America72
- 161LINLinde plc72
- 172SWSmurfit Westrock71
- 189AVYAvery Dennison69
- 409APDAir Products52
Pay versus performance
From the proxy statement filed April 29, 2026. "Actually paid" values stock awards at the share price, so it rises and falls with the stock.
| Fiscal year | CEO | CEO pay | Actually paid | Other executives (avg) | $100 became | Peers | Net income |
|---|---|---|---|---|---|---|---|
| 2025 | Sanjiv Lamba | $21.8m | $15.9m | $6.3m | $173 | $139 | $6.9bn |
| 2024 | Sanjiv Lamba | $20.7m | $29.1m | $6.3m | $168 | $126 | $6.6bn |
| 2023 | Sanjiv Lamba | $19.2m | $37.8m | $6.9m | $163 | $126 | $6.2bn |
| 2022 | Stephen F. Angel, Sanjiv Lamba | $14.6m | $24.6m | $5.0m | $128 | $112 | $4.1bn |
| 2021 | — | $31.4m | $60.0m | $8.5m | $133 | $127 | $3.8bn |
The board says pay is tied most to Adjusted after-tax return on capital. Its other key measures: After-Tax Return on Capital, Net Income, Relative TSR, Sales, Operating Cash Flow, Greenhouse Gas Emissions, Core Values (Safety, Health & Environment; Sustainability; Compliance & Integrity; and Human Capital).
Insiders and the CEO's stake
Light activity: $48k bought, $2.6m sold in six months.
- BoughtPaula Rosput ReynoldsDirector$48kAug 18, 2026
- SoldRobert L WoodDirector$2.6mMay 15, 2026
Leadership and governance on file
- Sep 29, 2025Leadership change8-K 5.02
- Aug 7, 2025Leadership change8-K 5.02
- Dec 2, 2024Leadership change8-K 5.02
- Nov 4, 2024Leadership change8-K 5.02
- Apr 30, 2024Leadership change8-K 5.02
- Feb 28, 2024Leadership change8-K 5.02
- Apr 28, 2023Leadership change8-K 5.02
- Jan 24, 2023Leadership change8-K 5.02
- Nov 18, 2021Leadership change8-K 5.02
- Oct 25, 2021Leadership change8-K 5.02
Latest shareholder vote results: Jul 30, 2026, including the say-on-pay vote.
Where the money went
Over 2021–2025: $35.3bn returned to owners in buybacks and dividends, 128% of net income, and $700.0m of pay in stock.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $30.8bn | $33.4bn | $32.9bn | $33.0bn | $34.0bn |
| Net income | $3.8bn | $4.1bn | $6.2bn | $6.6bn | $6.9bn |
| Stock-based pay | $128.0m | $107.0m | $141.0m | $160.0m | $164.0m |
| Buybacks | $4.6bn | $5.2bn | $4.0bn | $4.5bn | $4.6bn |
| Dividends | $2.2bn | $2.3bn | $2.5bn | $2.7bn | $2.8bn |
| Diluted shares | 522m | 504m | 492m | 482m | 472m |
Educational only, not investment advice. Figures are as filed with the SEC: pay from the proxy's pay-versus-performance table, capital allocation from 10-K XBRL data, insider trades from Form 4s over the last six months, events from the last 5 years of filings. The peer group is the one the company chose. See the method.