{"slug":"linde","name":"Linde","name_en":"Linde","ticker":"LIN","updated_at":"2026-07-12T03:42:39.658303+00:00","canonical":"https://valuechain.wiki/linde","same_as":["https://finance.yahoo.com/quote/LIN","https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=1707925"],"citable":"밸류체인 그래프 기준 Linde의 직접 연결 기업은 4곳(관계 기준 공급 0·매출 4)이고, 사슬을 2차까지 넓히면 28곳에 닿는다. 링크의 근거 출처는 3건이며 그중 1차공시가 1건이다 (valuechain.wiki, 2026-07-12 기준).","citable_en":"Per the valuechain.wiki graph, Linde is directly linked to 4 companies (0 supply, 4 revenue relationships) and reaches 28 companies within two hops; the links are backed by 3 dated sources, 1 of them primary filings (as of 2026-07-12).","kicker":"뉴욕증시 · 산업·특수가스 · 반도체 팹 온사이트","kicker_en":"NYSE · industrial/specialty gases · fab on-site","lead":"세계 최대 산업용 가스 기업(FY2025 매출 $340억)으로, 반도체 팹에 초고순도 질소·산소·아르곤·수소와 실란·NF3 등 특수가스, 그리고 식각용 크립톤·제논·노광용 네온 같은 희귀가스를 온사이트·벌크·실린더로 공급한다. TSMC·삼성·인텔·SK·마이크론이 고객이고, TSMC 애리조나 팹처럼 신규 팹 옆에 전용 공기분리장치(ASU)를 두는 온사이트·장기계약 구조가 해자다 — 팹당 15~20년 take-or-pay 계약이라 실적은 반도체 캐파 증설에 연동되면서도 사이클 변동을 눌러주는 연금형 매출이다.","lead_en":"The world's largest industrial-gas company (FY2025 revenue $34B), supplying fabs with ultra-high-purity N2/O2/Ar/H2, specialty gases (silane, NF3) and rare gases (krypton/xenon for etch, neon for litho) via on-site, bulk and cylinder. Its customers are TSMC, Samsung, Intel, SK hynix and Micron, and its moat is the on-site, long-contract structure of placing dedicated air-separation units (ASUs) next to new fabs — as at TSMC's Arizona fabs. With 15-20 year take-or-pay contracts per fab, results track semiconductor capacity build-outs while the annuity-like revenue dampens cycle swings.","segments":{"fy":2025,"parts":[{"desc":"공기분리로 만든 초고순도 질소·산소·아르곤 — 팹 옆 온사이트 ASU로 공급하는 기반 물량, 장기 take-or-pay의 몸통.","name":"대기가스(N2·O2·Ar)"},{"desc":"실란·NF3와 식각 크립톤·제논, 노광 네온 등 고부가 특수가스 — 선단 공정 노출도가 높아 반도체 성장의 직접 수혜 축.","name":"특수가스(실란·NF3·희귀가스)"},{"desc":"신규 팹 옆 전용 공기분리장치 — 15~20년 계약으로 고객을 락인하는 해자 구조. 신규 팹 착공이 곧 신규 ASU 수주.","name":"온사이트 ASU"}],"total":"FY2025 매출 $34B","concentration":"전자/반도체가 핵심 성장. TSMC·삼성·인텔 고객."},"segments_en":{"fy":2025,"parts":[{"desc":"Ultra-high-purity N2/O2/Ar from air separation — base volume supplied via on-site ASUs next to fabs, the body of long-term take-or-pay contracts.","name":"Atmospheric gases"},{"desc":"High-value specialty gases — silane, NF3, plus krypton/xenon for etch and neon for litho — with high leading-edge exposure, the axis directly benefiting from semiconductor growth.","name":"Specialty/rare gases"},{"desc":"Dedicated air-separation units beside new fabs — the moat structure locking customers into 15-20 year contracts. Each new fab groundbreaking is a new ASU win.","name":"On-site ASUs"}],"total":"FY2025 revenue $34B","concentration":"Electronics is a key growth end-market."},"returns_yearly":{"2021":33.4,"2022":-4.4,"2023":27.7,"2024":3.2,"2025":3.2,"2026":25.1},"return_asof":"2026-07-10","value_chain":{"leading":[{"slug":"dell","name":"Dell","name_en":"Dell Technologies","tier":3,"returns_yearly":{"2021":51.2,"2022":-26.6,"2023":95.9,"2024":53,"2025":11.2,"2026":248.1}},{"slug":"seagate","name":"Seagate","name_en":"Seagate Technology","tier":3,"returns_yearly":{"2021":87.5,"2022":-51.4,"2023":69.1,"2024":4.1,"2025":225.3,"2026":231.4}},{"slug":"lenovo","name":"Lenovo","name_en":"Lenovo","tier":3,"returns_yearly":{"2021":-4.6,"2022":-20.9,"2023":36.2,"2024":18.2,"2025":-0.6,"2026":175.7}},{"slug":"sk-hynix","name":"SK하이닉스","name_en":"SK hynix","tier":3,"returns_yearly":{"2021":-0.4,"2022":-25.6,"2023":53.9,"2024":48.6,"2025":361.1,"2026":140.3}},{"slug":"hpe","name":"HPE","name_en":"Hewlett Packard 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Electronics","tier":2,"returns_yearly":{"2021":26.8,"2022":-10.7,"2023":45.1,"2024":-6.7,"2025":418.3,"2026":-6}},{"slug":"mobileye","name":"Mobileye","name_en":"Mobileye","tier":2,"returns_yearly":{"2023":23.6,"2024":-54,"2025":-47.6,"2026":-8.5}},{"slug":"will-semiconductor","name":"웨이얼반도체(윌세미)","name_en":"Will Semiconductor","tier":2,"returns_yearly":{"2021":-12.1,"2022":-49.7,"2023":-8.3,"2024":22.8,"2025":15.5,"2026":-14.8}},{"slug":"cerebras","name":"Cerebras","name_en":"Cerebras Systems","tier":2,"returns_yearly":null},{"slug":"tsmc","name":"TSMC","name_en":"TSMC","tier":1,"returns_yearly":{"2021":12.1,"2022":-36.7,"2023":42.3,"2024":92.6,"2025":55.9,"2026":43.6}}],"benefiting":[],"analysis":"린데의 논지는 '반도체 캐파 증설에 연동되는 연금형 매출'이다. 세계 최대 산업가스 기업으로 FY2025 매출 $340억을 올리며, 팹 옆에 전용 공기분리장치(ASU)를 두고 15~20년 take-or-pay 계약으로 초고순도·특수가스를 공급한다 — 이 온사이트 구조가 전환비용과 물류 밀도로 만든 해자다. 성장 동력은 전자/반도체 전방시장으로, TSMC·삼성·인텔·SK·마이크론의 신규 팹 착공이 곧 신규 ASU 수주이며, 선단화로 EUV·식각 공정이 늘수록 실란·NF3·희귀가스(네온·크립톤·제논) 소모가 커진다. 안정성의 대가로 성장률은 폭발적이지 않지만, 계약 구조가 사이클 하강을 눌러준다. 재평가 트리거는 팹 캐파 사이클, 온사이트 신규 계약, 그리고 네온 등 희귀가스 가격(지정학 노출)이다.","analysis_en":"Linde's thesis is annuity-like revenue tied to semiconductor capacity build-outs. As the world's largest industrial-gas company with FY2025 revenue of $34B, it places dedicated air-separation units (ASUs) next to fabs and supplies ultra-high-purity and specialty gases under 15-20 year take-or-pay contracts — the on-site structure is a moat built on switching costs and logistics density. The growth driver is the electronics/semiconductor end-market: new fab groundbreakings at TSMC, Samsung, Intel, SK hynix and Micron are new ASU wins, and as leading-edge nodes add EUV and etch steps, consumption of silane, NF3 and rare gases (neon, krypton, xenon) rises. The price of stability is unexplosive growth, but the contract structure cushions cyclical downturns. Re-rating triggers are the fab-capacity cycle, new on-site contract wins, and rare-gas pricing such as neon (geopolitical exposure).","analysis_asof":"2026-07-09"},"edges":[{"direction":"revenue","counterparty":"TSMC","counterparty_slug":"tsmc","confidence":"high","metric":null,"note":"TSMC 팹에 초고순도·특수가스를 온사이트·벌크로 공급 — 애리조나 등 신규 팹에 전용 ASU를 두는 15~20년 계약. 팹 가동률이 곧 물량.","note_en":"Supplies ultra-high-purity and specialty gases to TSMC fabs on-site and bulk — dedicated ASUs at new fabs like Arizona under 15-20 year contracts. Fab utilization is volume.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"TSMC에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to tsmc."},{"stance":"confirms","publisher":"KPINews","publisher_en":"KPINews","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kpinews.kr/newsView/1065561434327351","title":"린데, 삼성전자에 산업용 가스 공급 확대","title_en":"Linde expands industrial-gas supply to Samsung","excerpt":"TSMC에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to tsmc."},{"stance":"confirms","publisher":"프레시안","publisher_en":"Pressian","kind":"news","lang":"ko","published_at":"2023-01-03","url":"https://www.pressian.com/pages/articles/2023010315545594954","title":"세계 1위 가스업체 린데, 평택에 반도체 희귀가스 생산","title_en":"Linde to produce semiconductor rare gases in Pyeongtaek","excerpt":"TSMC에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to tsmc."}]},{"direction":"revenue","counterparty":"삼성전자","counterparty_slug":"samsung-electronics","confidence":"high","metric":null,"note":"삼성전자 팹에 초고순도·특수가스 공급 — 메모리·로직 증설에 연동되는 온사이트 장기계약 축.","note_en":"Supplies ultra-high-purity and specialty gases to Samsung fabs — an on-site, long-contract axis tied to memory/logic expansion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"삼성전자에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to samsung-electronics."},{"stance":"confirms","publisher":"KPINews","publisher_en":"KPINews","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kpinews.kr/newsView/1065561434327351","title":"린데, 삼성전자에 산업용 가스 공급 확대","title_en":"Linde expands industrial-gas supply to Samsung","excerpt":"삼성전자에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to samsung-electronics."},{"stance":"confirms","publisher":"프레시안","publisher_en":"Pressian","kind":"news","lang":"ko","published_at":"2023-01-03","url":"https://www.pressian.com/pages/articles/2023010315545594954","title":"세계 1위 가스업체 린데, 평택에 반도체 희귀가스 생산","title_en":"Linde to produce semiconductor rare gases in Pyeongtaek","excerpt":"삼성전자에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to samsung-electronics."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":null,"note":"인텔 팹에 초고순도·특수가스 공급 — 인텔 파운드리 신규 팹 램프에 연동되는 축.","note_en":"Supplies ultra-high-purity and specialty gases to Intel fabs — an axis tied to Intel Foundry's new-fab ramp.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"Intel에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to intel."},{"stance":"confirms","publisher":"KPINews","publisher_en":"KPINews","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kpinews.kr/newsView/1065561434327351","title":"린데, 삼성전자에 산업용 가스 공급 확대","title_en":"Linde expands industrial-gas supply to Samsung","excerpt":"Intel에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to intel."},{"stance":"confirms","publisher":"프레시안","publisher_en":"Pressian","kind":"news","lang":"ko","published_at":"2023-01-03","url":"https://www.pressian.com/pages/articles/2023010315545594954","title":"세계 1위 가스업체 린데, 평택에 반도체 희귀가스 생산","title_en":"Linde to produce semiconductor rare gases in Pyeongtaek","excerpt":"Intel에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to intel."}]},{"direction":"revenue","counterparty":"SK하이닉스","counterparty_slug":"sk-hynix","confidence":"mid","metric":null,"note":"SK하이닉스 팹에 초고순도·특수가스 공급 — HBM·DRAM 증설 수요 축.","note_en":"Supplies ultra-high-purity and specialty gases to SK hynix fabs — a demand axis from HBM/DRAM expansion.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"SK하이닉스에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to sk-hynix."},{"stance":"confirms","publisher":"KPINews","publisher_en":"KPINews","kind":"news","lang":"ko","published_at":"2025-01-01","url":"https://www.kpinews.kr/newsView/1065561434327351","title":"린데, 삼성전자에 산업용 가스 공급 확대","title_en":"Linde expands industrial-gas supply to Samsung","excerpt":"SK하이닉스에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to sk-hynix."},{"stance":"confirms","publisher":"프레시안","publisher_en":"Pressian","kind":"news","lang":"ko","published_at":"2023-01-03","url":"https://www.pressian.com/pages/articles/2023010315545594954","title":"세계 1위 가스업체 린데, 평택에 반도체 희귀가스 생산","title_en":"Linde to produce semiconductor rare gases in Pyeongtaek","excerpt":"SK하이닉스에 초고순도 가스·특수가스 공급.","excerpt_en":"Supplies UHP and specialty gases to sk-hynix."}]},{"direction":"revenue","counterparty":"전자·디스플레이·태양광 (가스)","counterparty_slug":null,"confidence":"mid","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"디스플레이·LED·태양광·일반산업에도 가스 공급 — 반도체 밖 전방시장 다변화 축.","note_en":"Also supplies gases to display, LED, solar and general industry — an axis diversifying end-markets beyond semiconductors.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"전자 외 일반산업·의료 가스도 공급.","excerpt_en":"Also general-industry and healthcare gases."}]},{"direction":"cost","counterparty":"전력·플랜트·물류 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"공기분리플랜트 전력·물류 — 가스 생산의 최대 변동비로 전력비가 마진을 좌우(비공개).","note_en":"ASU power and logistics — the largest variable cost of gas production, where power prices drive margin (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"공기분리·가스생산 전력·플랜트 투자.","excerpt_en":"ASU power and plant capex."}]},{"direction":"cost","counterparty":"R&D·엔지니어링·플랜트 (비공개)","counterparty_slug":null,"confidence":"low","metric":{"type":"qualifier","value":null,"qualifier":"confirmed_no_disclosed_value"},"note":"가스 플랜트 엔지니어링·R&D — 온사이트 ASU 설계·건설 역량이 신규 수주의 진입장벽(비공개).","note_en":"Gas-plant engineering and R&D — ASU design/build capability is the barrier to entry for new on-site wins (undisclosed).","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2025-10-30","url":"https://www.sec.gov/Archives/edgar/data/1707925/000162828025047710/lin-20250930.htm","title":"Linde 분기보고서(10-Q)","title_en":"Linde quarterly report (10-Q)","excerpt":"공기분리·온사이트 플랜트 엔지니어링.","excerpt_en":"Air-separation/on-site plant engineering."}]}]}