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.
Business categories Industrial & Specialty Gases · Industrial Materials & Chemicals · primary Semiconductor Process Materials & Gases · Semiconductor Supply Chain
LIN Updated Sep 24, 2026 6 AI consumers· 5 recurring
Per the valuechain.wiki graph, Linde is directly linked to 8 companies (1 supply, 7 revenue relationships) and reaches 47 companies within two hops; the links are backed by 9 dated sources, 3 of them primary filings (as of 2026-09-24).
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. - Halliburton Company High confidence
Linde, through Linde North America, provided LNG supply and a gas-distribution system for Halliburton's dual-fuel hydraulic-fracturing project, with public evidence confirming a 2013 project while the scale and continuity of the current supply relationship are not disclosed.Confirms EN Halliburton Investor Relations Published Jan 11, 2013: Halliburton Uses Clean-Burning U.S. Natural Gas to Power a Complete Hydraulic Fracturing Fleet - CF Industries Holdings, Inc. High confidence
Linde will build, own, and operate the Blue Point air-separation unit through a subsidiary and supply oxygen and nitrogen under a long-term agreement, while CF does not disclose the contract value. - 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. - Dow Inc. Medium confidence
Linde will provide clean hydrogen, nitrogen, and related services under a long-term agreement for Dow's Fort Saskatchewan Path2Zero project in Canada, while Dow's contracted purchase amount is not disclosed.Confirms EN Linde Published Aug 27, 2024: Linde Signs Long-Term Agreement to Supply Clean Hydrogen to Dow's Path2Zero Project in Canada
Pays to
- ExxonMobil Medium confidence
Linde has a long-term commercial agreement under which ExxonMobil transports and permanently stores the carbon dioxide from Linde's clean hydrogen facility in Beaumont. The value of the agreement is not disclosed. - 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 |
|---|---|---|---|---|---|---|---|
| AMD | lead2 | +56.9 | -55 | +127.6 | -18.1 | +77.3 | +183.9 |
| MediaTek | lead2 | +27.8 | -26.6 | +52.9 | +58.3 | +24.9 | +168.1 |
| Marvell | lead2 | +84.6 | -57.5 | +63.7 | +83.8 | -22.8 | +163.4 |
| Intel | lead2 | +6.1 | -46.6 | +94.6 | -59.6 | +84 | +159.6 |
| Fortinet | lead2 | +142 | -32 | +19.7 | +61.4 | -16 | +145.2 |
| Global Unichip | lead2 | +21.4 | +67.6 | +99.4 | -13.7 | +101.4 | +122.8 |
| Astera Labs | lead2 | · | · | · | · | +25.6 | +105.7 |
| Cisco | lead2 | +45.8 | -22.5 | +9.3 | +21 | +33.5 | +56.5 |
| Analog Devices | lead2 | +21 | -4.9 | +23.4 | +8.8 | +29.8 | +51.1 |
| Realtek | lead2 | +19.6 | -33.8 | +56.2 | +19.1 | -6.4 | +47.5 |
| ConocoPhillips | lead2 | +86.6 | +71.7 | +2 | -12.2 | -2.3 | +46.4 |
| Chevron Corporation | lead2 | +46.2 | +58.5 | -13.6 | +1.3 | +10.1 | +40.7 |
| Alchip Technologies | lead2 | +14.3 | -8.7 | +365.1 | -18.9 | +0.8 | +40.1 |
| Renesas Electronics | lead2 | +8.2 | +2.4 | +88 | -13.6 | +23.8 | +39.8 |
| Devon Energy Corporation | lead2 | +195.9 | +50.9 | -21.8 | -25.2 | +15 | +34.2 |
| Diamondback Energy, Inc. | lead2 | +127.5 | +35.3 | +19.7 | +10.3 | -5.6 | +30 |
| Credo Technology | lead2 | · | · | +46.3 | +245.2 | +114.1 | +18.5 |
| Microchip Technology | lead2 | +27.5 | -18 | +30.9 | -35 | +14.6 | +18.4 |
| Apple | lead2 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Sony Semiconductor Solutions | lead2 | +27.2 | -8.4 | +27.8 | +17.9 | +1 | +11.4 |
| Ecolab Inc. | lead2 | +9.4 | -37.1 | +37.9 | +19.3 | +13.2 | +7 |
| NXP Semiconductors | lead2 | +44.8 | -29.2 | +48.4 | -8 | +6.4 | +5.9 |
| Broadcom | lead2 | +56.5 | -13.3 | +104.2 | +110.5 | +50.6 | +5 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Montage Technology | lead2 | -18.2 | -21.8 | -18 | +51.4 | +169 | +3.4 |
| Qualcomm | lead2 | +22.3 | -38.6 | +35.1 | +8.3 | +13.8 | +0.2 |
| Mitsui & Co. | lead2 | +52.6 | +39.2 | +63.5 | +5.2 | +68.3 | -2.9 |
| Ambarella | lead2 | +121 | -59.5 | -25.5 | +18.7 | -2.6 | -4.8 |
| Phison Electronics | lead2 | +26.8 | -10.7 | +45.1 | -6.7 | +418.3 | -12.8 |
| Mobileye | lead2 | · | · | +23.6 | -54 | -47.6 | -18 |
| Will Semiconductor | lead2 | -12.1 | -49.7 | -8.3 | +22.8 | +15.5 | -34.6 |
| CF Industries Holdings, Inc. | lead1 | +87.2 | +22.3 | -4.7 | +10.1 | -7.2 | +74.9 |
| TSMC | lead1 | +12.1 | -36.7 | +42.3 | +92.6 | +55.9 | +50.3 |
| Dow Inc. | lead1 | +6.8 | -6.6 | +14.7 | -22.8 | -37.4 | +25.7 |
| Halliburton Company | lead1 | +22 | +74.5 | -6.5 | -23.2 | +7 | +16.8 |
| Linde | node | +33.4 | -4.4 | +27.7 | +3.2 | +3.2 | +14.6 |
| ExxonMobil | benef1 | +57.6 | +87.4 | -6.3 | +11.3 | +16 | +35.2 |
| Targa Resources Corp. | benef2 | +100.1 | +43.7 | +21 | +110.1 | +5.7 | +59.5 |
| Schlumberger | benef2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| Texas Pacific Land Corporation | benef2 | +73.3 | +91.3 | -32.4 | +115.3 | -21.6 | +26.2 |
| Baker Hughes Company | benef2 | +19 | +26 | +18.6 | +23.1 | +13.4 | +25.9 |
| Air Liquide | benef2 | +14.3 | +8.1 | +21.1 | +8.7 | -4.6 | +20.7 |
| Kinder Morgan, Inc. | benef2 | +23.8 | +21.2 | +4.1 | +64.4 | +4.8 | +17.5 |
| Honeywell Technologies | benef2 | -0.3 | +4.9 | +0 | +10 | -6.4 | +3.8 |
| Yokogawa Electric | benef2 | -15.9 | +23.6 | +30.6 | +18.8 | +52.3 | -8.2 |
YTD as of 2026-10-09 · source: Yahoo Finance
Linde operates across NYSE, industrial/specialty gases, fab on-site. It stayed steadily positive in recent years and is +13.1% in 2026. The demand side (avg +85.7%) leads the stock (+13.1%), so customer moves come first here. Among connected nodes the furthest ahead is Intel (+159.6%) and the furthest behind is TSMC (+41.9%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. With 15-20 year take-or-pay contracts per fab, results track semiconductor capacity build-outs while the annuity-like revenue dampens cycle swings.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 3 · Hold 0 · Sell 0 · Avg. target $567 · Price $483.73 (10-09) · Upside +17%
| 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.
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