LIN vs SHW: Linde and Sherwin-Williams compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Linde is the larger company, worth $220.8B, about 2.8 times Sherwin-Williams.
- Linde grew revenue faster over the last year (+9.3% vs +7.5%).
- On earnings, Sherwin-Williams is the cheaper stock (31.0x vs 31.6x).
- Linde's price assumes faster free cash flow growth: about 15% a year, against 10% for Sherwin-Williams (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LIN | SHW |
|---|---|---|
| Market cap | $220.8B | $79.5B |
| Share price | $483.73 | $319.36 |
| Revenue (last fiscal year) | $34.0B | $23.6B |
| Free cash flow (last fiscal year) | $5.1B | $2.7B |
| Revenue growth, last year | +9.3% | +7.5% |
| Revenue growth per year, last 5 fiscal years | +2.5% | +4.3% |
| Operating margin | 26.4% | — |
| Net margin | 20.4% | 11.0% |
| Return on equity | 18.5% | 69.7% |
| P/E (trailing) | 31.6x | 31.0x |
| Price / free cash flow | 43.4x | 30.0x |
| EV / EBITDA | 18.1x | 19.6x |
| FCF growth the price implies | 15.1% | 10.3% |
| Dividend yield | 1.3% | 0.99% |
| Debt / equity | 1.22x | 5.99x |
| Fundamental grade | C | C |
| Superinvestors holding it | 12 | 8 |
| Insider purchases, last 12 months | 10 | 10 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Linde
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $30.8B | $6.6B | 16.2% |
| 2022 | $33.4B | $5.7B | 16.1% |
| 2023 | $32.9B | $5.5B | 24.4% |
| 2024 | $33.0B | $4.9B | 26.2% |
| 2025 | $34.0B | $5.1B | 26.3% |
Sherwin-Williams
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $19.9B | $1.9B | 15.5% |
| 2022 | $22.1B | $1.3B | 15.3% |
| 2023 | $23.1B | $2.6B | 18.1% |
| 2024 | $23.1B | $2.1B | — |
| 2025 | $23.6B | $2.7B | — |
Where the revenue comes from
Linde · by segments, 2025
Americas$15.2B45%
EMEA$8.5B25%
APAC$6.7B20%
Engineering Segment$2.2B7%
Corporate Segment and Other Operating Segment$1.3B4%
Sherwin-Williams · by segments, 2025
Paint Stores Group$13.6B47%
Consumer Brands Group$8.6B30%
Performance Coatings Group$6.8B24%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LIN in InvestinglyQuestions
Which is bigger, Linde or Sherwin-Williams?
Linde (LIN), at $220.8B against $79.5B.
Is LIN or SHW cheaper?
By trailing P/E, Sherwin-Williams (31.0x) is cheaper than Linde (31.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, LIN or SHW?
Linde: revenue grew +9.3% over the last year, against +7.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.