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Linde vs Valhi: revenue, profit, margins and growth compared

Linde brought in $34B of revenue in fiscal 2025, Valhi $2.1B in fiscal 2025. Revenue changed by +3.0% at Linde and -1.3% at Valhi on the year before, so Linde grew faster. Linde kept 20.3% of its revenue as net profit, Valhi -2.8%. Free cash flow was $5.1B at Linde and -$82.1M at Valhi.

Side by side, latest fiscal year

LINVHI
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$34B$2.1B
Revenue growth+3.0%-1.3%
Net income$6.9B-$57.6M
Net margin20.3%-2.8%
Free cash flow$5.1B-$82.1M
Free cash flow margin15.0%-4.0%
Earnings per share (diluted)$14.61-$2.02
Cash$5.1B$214M
Debt$22.5B$591.7M
Price to earnings32.2n/a
Market value$216.6B$452.9M
Dividend yield1.28%2.00%
Rank by revenue in sector#2 of 71 · Basic materials#22 of 71 · Basic materials

Over the years

Revenue
LIN FY2018: $14.8BLIN FY2019: $28.2BLIN FY2020: $27.2BLIN FY2021: $30.8BLIN FY2022: $33.4BLIN FY2023: $32.9BLIN FY2024: $33BLIN FY2025: $34BVHI FY2018: $1.8BVHI FY2019: $1.9BVHI FY2020: $1.8BVHI FY2021: $2.3BVHI FY2022: $2.2BVHI FY2023: $1.9BVHI FY2024: $2.1BVHI FY2025: $2.1BFY18FY19FY20FY21FY22FY23FY24FY25
LIN $34BVHI $2.1B
Net income
LIN FY2018: $4.4BLIN FY2019: $2.3BLIN FY2020: $2.5BLIN FY2021: $3.8BLIN FY2022: $4.1BLIN FY2023: $6.2BLIN FY2024: $6.6BLIN FY2025: $6.9BVHI FY2018: $262.2MVHI FY2019: $49.2MVHI FY2020: $55.2MVHI FY2021: $127.2MVHI FY2022: $87.2MVHI FY2023: -$9.9MVHI FY2024: $108MVHI FY2025: -$57.6MFY18FY19FY20FY21FY22FY23FY24FY25
LIN $6.9BVHI -$57.6M
Net margin
LIN FY2018: 29.5%LIN FY2019: 8.1%LIN FY2020: 9.2%LIN FY2021: 12.4%LIN FY2022: 12.4%LIN FY2023: 18.9%LIN FY2024: 19.9%LIN FY2025: 20.3%VHI FY2018: 14.4%VHI FY2019: 2.6%VHI FY2020: 3.0%VHI FY2021: 5.5%VHI FY2022: 3.9%VHI FY2023: -0.5%VHI FY2024: 5.1%VHI FY2025: -2.8%FY18FY19FY20FY21FY22FY23FY24FY25
LIN 20.3%VHI -2.8%
Revenue growth
LIN FY2019: +90.3%LIN FY2020: -3.5%LIN FY2021: +13.0%LIN FY2022: +8.3%LIN FY2023: -1.5%LIN FY2024: +0.5%LIN FY2025: +3.0%VHI FY2019: +4.3%VHI FY2020: -2.5%VHI FY2021: +24.1%VHI FY2022: -3.2%VHI FY2023: -13.5%VHI FY2024: +9.5%VHI FY2025: -1.3%FY19FY20FY21FY22FY23FY24FY25
LIN +3.0%VHI -1.3%
Free cash flow
LIN FY2018: $1.8BLIN FY2019: $2.4BLIN FY2020: $4BLIN FY2021: $6.6BLIN FY2022: $5.7BLIN FY2023: $5.5BLIN FY2024: $4.9BLIN FY2025: $5.1BVHI FY2018: $104.1MVHI FY2019: $117.3MVHI FY2020: $86.7MVHI FY2021: $395.6MVHI FY2022: -$32.7MVHI FY2023: -$44.6MVHI FY2024: $13.1MVHI FY2025: -$82.1MFY18FY19FY20FY21FY22FY23FY24FY25
LIN $5.1BVHI -$82.1M

Fiscal years as each company reports them; the two may end in different months.

Questions about Linde and Valhi

Which is bigger by revenue, Linde or Valhi?

Linde is bigger by revenue: $34B in fiscal 2025, against $2.1B for Valhi in fiscal 2025.

Which keeps more of its revenue as profit, Linde or Valhi?

Linde had a net margin of 20.3% in fiscal 2025; Valhi had -2.8% in fiscal 2025.

Which grew revenue faster, Linde or Valhi?

In their latest fiscal years revenue changed by +3.0% at Linde and -1.3% at Valhi.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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