Analysis of Long-term (Investment) Activity Ratios
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
Long-term Activity Ratios (Summary)
Linde plc, long-term (investment) activity ratios
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Linde plc net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Linde plc net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Linde plc total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Linde plc equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Fixed Asset Turnover
Linde plc, net fixed asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 32,854) | 33,364) | 30,793) | 27,243) | 28,228) | |
| Property, plant and equipment, net, including finance lease right-of-use assets | 24,731) | 23,694) | 26,166) | 28,866) | 29,064) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover1 | 1.33 | 1.41 | 1.18 | 0.94 | 0.97 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover, Competitors2 | ||||||
| Sherwin-Williams Co. | 8.13 | 10.04 | 10.68 | 10.01 | 9.75 | |
| Net Fixed Asset Turnover, Sector | ||||||
| Chemicals | 2.03 | 2.14 | 1.81 | 1.49 | — | |
| Net Fixed Asset Turnover, Industry | ||||||
| Materials | 1.26 | 1.35 | 1.27 | 0.99 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Net fixed asset turnover = Sales ÷ Property, plant and equipment, net, including finance lease right-of-use assets
= 32,854 ÷ 24,731 = 1.33
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover | An activity ratio calculated as total revenue divided by net fixed assets. | Linde plc net fixed asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Linde plc, net fixed asset turnover (including operating lease, right-of-use asset) calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 32,854) | 33,364) | 30,793) | 27,243) | 28,228) | |
| Property, plant and equipment, net, including finance lease right-of-use assets | 24,731) | 23,694) | 26,166) | 28,866) | 29,064) | |
| Operating lease right-of-use assets | 759) | 726) | 853) | 935) | 1,025) | |
| Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset) | 25,490) | 24,420) | 27,019) | 29,801) | 30,089) | |
| Long-term Activity Ratio | ||||||
| Net fixed asset turnover (including operating lease, right-of-use asset)1 | 1.29 | 1.37 | 1.14 | 0.91 | 0.94 | |
| Benchmarks | ||||||
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Competitors2 | ||||||
| Sherwin-Williams Co. | 4.88 | 5.44 | 5.41 | 5.11 | 5.08 | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Sector | ||||||
| Chemicals | 1.85 | 1.95 | 1.65 | 1.37 | — | |
| Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry | ||||||
| Materials | 1.20 | 1.28 | 1.21 | 0.95 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = Sales ÷ Property, plant and equipment, net, including finance lease right-of-use assets (including operating lease, right-of-use asset)
= 32,854 ÷ 25,490 = 1.29
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Net fixed asset turnover (including operating lease, right-of-use asset) | An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset). | Linde plc net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Total Asset Turnover
Linde plc, total asset turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 32,854) | 33,364) | 30,793) | 27,243) | 28,228) | |
| Total assets | 80,811) | 79,658) | 81,605) | 88,229) | 86,612) | |
| Long-term Activity Ratio | ||||||
| Total asset turnover1 | 0.41 | 0.42 | 0.38 | 0.31 | 0.33 | |
| Benchmarks | ||||||
| Total Asset Turnover, Competitors2 | ||||||
| Sherwin-Williams Co. | 1.00 | 0.98 | 0.97 | 0.90 | 0.87 | |
| Total Asset Turnover, Sector | ||||||
| Chemicals | 0.54 | 0.54 | 0.50 | 0.42 | — | |
| Total Asset Turnover, Industry | ||||||
| Materials | 0.50 | 0.51 | 0.49 | 0.40 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Total asset turnover = Sales ÷ Total assets
= 32,854 ÷ 80,811 = 0.41
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Total asset turnover | An activity ratio calculated as total revenue divided by total assets. | Linde plc total asset turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |
Equity Turnover
Linde plc, equity turnover calculation, comparison to benchmarks
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | ||||||
| Sales | 32,854) | 33,364) | 30,793) | 27,243) | 28,228) | |
| Total Linde plc shareholders’ equity | 39,720) | 40,028) | 44,035) | 47,317) | 49,074) | |
| Long-term Activity Ratio | ||||||
| Equity turnover1 | 0.83 | 0.83 | 0.70 | 0.58 | 0.58 | |
| Benchmarks | ||||||
| Equity Turnover, Competitors2 | ||||||
| Sherwin-Williams Co. | 6.20 | 7.14 | 8.18 | 5.09 | 4.34 | |
| Equity Turnover, Sector | ||||||
| Chemicals | 1.29 | 1.29 | 1.09 | 0.90 | — | |
| Equity Turnover, Industry | ||||||
| Materials | 1.31 | 1.33 | 1.22 | 0.98 | — | |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Equity turnover = Sales ÷ Total Linde plc shareholders’ equity
= 32,854 ÷ 39,720 = 0.83
2 Click competitor name to see calculations.
| Long-term activity ratio | Description | The company |
|---|---|---|
| Equity turnover | An activity ratio calculated as total revenue divided by shareholders’ equity. | Linde plc equity turnover ratio improved from 2021 to 2022 but then slightly deteriorated from 2022 to 2023. |