NYSE · industrial/specialty gases · fab on-site
Linde
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.
LIN Updated Jul 12, 2026 5 AI consumers· 2 recurring
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).
Financials & Segments
- Total revenue · FY2025 revenue $34B
- Customer concentration · Electronics is a key growth end-market.
- Segments · Atmospheric gases · Specialty/rare gases · On-site ASUs
Revenue from
- TSMC High confidence
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. - Samsung Electronics High confidence
Supplies ultra-high-purity and specialty gases to Samsung fabs — an on-site, long-contract axis tied to memory/logic expansion. - Intel Medium confidence
Supplies ultra-high-purity and specialty gases to Intel fabs — an axis tied to Intel Foundry's new-fab ramp. - SK hynix Medium confidence
Supplies ultra-high-purity and specialty gases to SK hynix fabs — a demand axis from HBM/DRAM expansion. - electronics, display & solar (gases) Medium confidence
Also supplies gases to display, LED, solar and general industry — an axis diversifying end-markets beyond semiconductors.
Pays to
- power, plant & logistics (undisclosed) Low confidence
ASU power and logistics — the largest variable cost of gas production, where power prices drive margin (undisclosed). - R&D & engineering · plant (undisclosed) Low confidence
Gas-plant engineering and R&D — ASU design/build capability is the barrier to entry for new on-site wins (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +197.7 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +177.8 |
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +160.5 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +148.2 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +124.3 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +98.4 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +84.9 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +79.2 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +73.7 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +66.4 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +59.8 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +47.4 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +46.7 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +40.6 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +35.8 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +34.7 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +16.2 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +16 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +11.7 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | +9.1 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | -2.4 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -6 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -8.5 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -14.8 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +43.6 |
| Linde | node | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +25.1 |
YTD as of 2026-07-10 · source: Yahoo Finance
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 generated from returns as of 2026-07-09Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $567 · Price $529.79 (07-10) · Upside +7%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| Citigroup · Patrick Cunningham | Buy | $600 | Jun 24, 2026 | Report ↗ |
| RBC Capital Markets | Outperform | $570 | May 5, 2026 | Report ↗ |
| JPMorgan | Overweight | $530 | May 4, 2026 | Report ↗ |
Citing strong Q1 results, pricing power and hydrogen/industrial-gas project growth, Citi, RBC and JPMorgan have raised targets in succession, keeping a firm buy consensus.