BMO Raises Linde Price Target to $507 Citing Strong Backlog, Pricing Strength
BMO Capital increased Linde’s price target to $507 from $501, retaining an Outperform rating and citing a stronger project backlog and pricing strength. In Q4 2025, Linde delivered record annual EPS, operating cash flow, operating margins, a 24.2% return on capital and built a $10 billion project backlog.
1. Price Target Increase
On February 10, BMO Capital analyst John McNulty raised Linde’s price target to $507 from $501 and maintained an Outperform rating. He highlighted a stronger project backlog and continued pricing strength as key drivers for the revision ahead of Linde’s 2026 outlook.
2. Record Q4 2025 Results
During Q4 2025, Linde reported record annual EPS alongside its highest operating cash flow and operating margins to date. The company achieved a 24.2% return on capital and returned more than $7 billion to shareholders over the year.
3. Project Backlog and Space Investments
Linde’s project backlog reached a record $10 billion, excluding over $0.5 billion in rocket propellant projects for contracted space launch customers. Management expects further investments as demand in the space industry rises and the company expands its support network.