DSE : LINDEBD
Linde Bangladesh Limited — Financial statements
Industrial Inorganic Chemicals · Bangladesh
Last price 620.9 BDT (At close: Nov 1, 2026) · Market cap 9.45B
Latest research: Linde Bangladesh financial analysis: gases-only EPS BDT 23, 12% H1 sales growth, energy costs (Oct 2026) · Linde Bangladesh: a debt-free gases business earning BDT 23 a share after the welding exit; energy costs cut Q3 2026 profit 19%
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Financial statements
Linde Bangladesh Limited (LINDEBD) reported revenue of 2.41B BDT (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 2.41B | 2.28B | 2.21B | 2.16B | 4.87B | 5.08B |
| Cost of Revenue | 1.39B | 1.32B | 1.25B | 1.10B | 2.93B | 2.82B |
| Gross Profit | 1.02B | 957.83M | 964.19M | 1.06B | 1.94B | 2.27B |
| Selling, General & Admin | 472.57M | 478.02M | 928.70M | 750.85M | 721.25M | 694.71M |
| Amortization of Goodwill & Intangibles | 149.00K | 314.00K | ||||
| Operating Expenses | 589.79M | 595.24M | 1.03B | 750.85M | 798.29M | 810.58M |
| Operating Income | 433.35M | 362.59M | -68.59M | 309.81M | 1.14B | 1.46B |
| Interest Expense | -12.06M | -12.06M | -1.49M | -1.87M | -1.37M | -1.09M |
| Interest & Investment Income | 39.29M | 27.37M | 17.04M | 40.14M | 19.86M | 24.24M |
| Currency Exchange Gain (Loss) | -53.00K | 11.10M | 118.67M | -7.49M | -33.86M | -4.28M |
| Other Non Operating Income (Expenses) | 4.00M | 43.22M | 36.96M | 8.62M | -5.85M | -4.61M |
| EBT Excluding Unusual Items | 464.53M | 432.22M | 102.58M | 349.21M | 1.12B | 1.47B |
| Gain (Loss) on Sale of Assets | 437.00K | 437.00K | 7.58B | 371.00K | 11.95M | 20.38M |
| Asset Writedown | -54.53M | |||||
| Pretax Income | 464.97M | 432.66M | 7.63B | 349.58M | 1.14B | 1.49B |
| Income Tax Expense | 114.06M | 88.69M | 1.21B | 121.01M | 251.79M | 268.57M |
| Net Income | 350.91M | 343.96M | 6.42B | 228.57M | 883.23M | 1.23B |
| Net Income to Common | 350.91M | 343.96M | 6.42B | 228.57M | 883.23M | 1.23B |
| Shares Outstanding (Basic) | 15.22M | 15.22M | 15.22M | 15.22M | 15.22M | 15.22M |
| Shares Outstanding (Diluted) | 15.22M | 15.22M | 15.22M | 15.22M | 15.22M | 15.22M |
| EPS (Basic) | 23.05 | 22.60 | 421.95 | 15.02 | 58.04 | 80.54 |
| EPS (Diluted) | 23.05 | 22.60 | 421.95 | 15.02 | 58.04 | 80.54 |
| Free Cash Flow | 400.52M | 211.59M | 158.54M | 400.20M | 330.58M | 986.02M |
| Free Cash Flow Per Share | 26.31 | 13.90 | 10.42 | 26.30 | 21.72 | 64.79 |
| Dividend Per Share | 10.00 | 10.00 | 450.00 | 42.00 | 55.00 | |
| Gross Margin | 42.41% | 41.98% | 43.55% | 49.01% | 39.86% | 44.58% |
| Operating Margin | 17.96% | 15.89% | -3.10% | 14.31% | 23.48% | 28.63% |
| Profit Margin | 14.54% | 15.08% | 290.02% | 10.56% | 18.12% | 24.12% |
| Free Cash Flow Margin | 16.60% | 9.27% | 7.16% | 18.49% | 6.78% | 19.40% |
| EBITDA | 715.38M | 644.27M | 195.06M | 569.68M | 1.44B | 1.75B |
| EBITDA Margin | 29.65% | 28.24% | 8.81% | 26.32% | 29.58% | 34.48% |
| D&A For EBITDA | 282.02M | 281.68M | 263.65M | 259.87M | 296.98M | 297.05M |
| EBIT | 433.35M | 362.59M | -68.59M | 309.81M | 1.14B | 1.46B |
| EBIT Margin | 17.96% | 15.89% | -3.10% | 14.31% | 23.48% | 28.63% |
| Effective Tax Rate | 24.53% | 20.50% | 15.82% | 34.62% | 22.18% | 17.97% |
| Advertising Expenses | 4.02M | 4.03M | 19.87M | 10.46M |
Balance sheet
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.02B | 1.12B | 1.56B | 2.20B | 2.52B | 3.00B |
| Cash & Short-Term Investments | 1.02B | 1.12B | 1.56B | 2.20B | 2.52B | 3.00B |
| Accounts Receivable | 886.39M | 688.57M | 798.13M | 853.18M | 996.55M | 780.58M |
| Other Receivables | 83.08M | 57.40M | 1.36B | 49.61M | 40.37M | |
| Receivables | 886.39M | 771.65M | 855.53M | 2.22B | 1.05B | 820.95M |
| Inventory | 365.10M | 339.67M | 387.16M | 482.23M | 1.12B | 912.47M |
| Other Current Assets | 295.90M | 272.53M | 308.74M | 311.16M | 315.10M | 205.64M |
| Total Current Assets | 2.57B | 2.50B | 3.11B | 5.21B | 5.01B | 4.94B |
| Property, Plant & Equipment | 2.37B | 2.47B | 2.60B | 2.79B | 3.30B | 3.38B |
| Long-Term Investments | 20.00K | 1.00M | ||||
| Other Intangible Assets | 32.00K | 181.00K | ||||
| Other Long-Term Assets | 168.97M | 163.63M | 226.68M | 95.10M | 105.32M | 88.50M |
| Total Assets | 5.10B | 5.13B | 5.94B | 8.10B | 8.41B | 8.41B |
| Accounts Payable | 983.45M | 144.31M | 210.64M | 180.95M | 335.81M | 310.37M |
| Accrued Expenses | 119.02M | 121.36M | 557.01M | 143.35M | 338.39M | 340.14M |
| Current Portion of Leases | 3.00M | 3.54M | 5.95M | 2.31M | 4.77M | 10.19M |
| Current Income Taxes Payable | 42.57M | 100.96M | ||||
| Other Current Liabilities | 108.59M | 1.08B | 1.06B | 1.49B | 867.84M | 831.04M |
| Total Current Liabilities | 1.21B | 1.35B | 1.83B | 1.81B | 1.59B | 1.59B |
| Long-Term Leases | 20.99M | 21.90M | 23.23M | 14.40M | 15.77M | 21.45M |
| Pension & Post-Retirement Benefits | 100.02M | 99.66M | 87.62M | 104.09M | 165.49M | 167.50M |
| Long-Term Deferred Tax Liabilities | 180.96M | 199.94M | 253.15M | 277.87M | 354.95M | 356.46M |
| Other Long-Term Liabilities | 268.05M | 260.12M | 255.37M | 246.04M | 236.97M | 248.95M |
| Total Liabilities | 1.78B | 1.93B | 2.45B | 2.46B | 2.36B | 2.39B |
| Common Stock | 152.18M | 152.18M | 152.18M | 152.18M | 152.18M | 152.18M |
| Retained Earnings | 3.24B | 3.12B | 3.39B | 5.55B | 5.96B | 5.91B |
| Comprehensive Income & Other | -76.01M | -76.01M | -51.16M | -53.08M | -65.34M | -47.70M |
| Total Common Equity | 3.32B | 3.20B | 3.49B | 5.65B | 6.05B | 6.02B |
| Minority Interest | -220.00 | -220.00 | -190.00 | -150.00 | -110.00 | |
| Shareholders' Equity | 3.32B | 3.20B | 3.49B | 5.65B | 6.05B | 6.02B |
| Total Liabilities & Equity | 5.10B | 5.13B | 5.94B | 8.10B | 8.41B | 8.41B |
| Total Debt | 23.99M | 25.44M | 29.18M | 16.71M | 20.54M | 31.64M |
| Net Cash (Debt) | 996.76M | 1.09B | 1.53B | 2.19B | 2.50B | 2.97B |
| Net Cash Per Share | 65.52 | 71.63 | 100.57 | 143.76 | 164.28 | 194.98 |
| Filing Date Shares Outstanding | 15.22M | 15.22M | 15.22M | 15.24M | 15.22M | 15.22M |
| Total Common Shares Outstanding | 15.22M | 15.22M | 15.22M | 15.24M | 15.22M | 15.22M |
| Working Capital | 1.35B | 1.15B | 1.28B | 3.40B | 3.42B | 3.35B |
| Book Value Per Share | 218.05 | 210.25 | 229.28 | 370.74 | 397.39 | 395.52 |
| Tangible Book Value | 3.32B | 3.20B | 3.49B | 5.65B | 6.05B | 6.02B |
| Tangible Book Value Per Share | 218.05 | 210.25 | 229.28 | 370.74 | 397.39 | 395.50 |
| Land | 75.08M | 75.08M | 75.08M | 75.08M | 75.08M | |
| Buildings | 635.79M | 635.79M | 622.22M | 871.44M | 864.14M | |
| Machinery | 4.88B | 4.84B | 4.77B | 5.44B | 5.29B | |
| Construction In Progress | 107.00M | 69.45M | 140.94M | 102.41M | 68.36M |
Cash flow statement
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 343.96M | 343.96M | 6.42B | 228.57M | 883.23M | 1.23B |
| Depreciation & Amortization | 283.30M | 283.30M | 266.94M | 267.37M | 305.90M | 303.06M |
| Other Amortization | 32.00K | 149.00K | 314.00K | |||
| Loss (Gain) From Sale of Assets | -437.00K | -437.00K | -7.58B | -371.00K | -11.95M | -20.38M |
| Asset Writedown & Restructuring Costs | 54.53M | |||||
| Provision & Write-off of Bad Debts | 33.68M | 33.68M | 25.50M | -7.47M | ||
| Other Operating Activities | -397.89M | -449.95M | 1.29B | -314.00M | -83.29M | -77.77M |
| Change in Accounts Receivable | 113.94M | 113.94M | 25.73M | 140.17M | -224.29M | -89.03M |
| Change in Inventory | 47.49M | 47.49M | 95.08M | 642.66M | -212.42M | -39.02M |
| Change in Accounts Payable | 28.26M | 28.26M | -167.77M | -1.55M | 36.75M | -21.54M |
| Change in Other Net Operating Assets | -32.61M | -32.61M | -63.00M | -402.53M | -126.17M | -58.73M |
| Operating Cash Flow | 419.70M | 367.63M | 368.24M | 552.87M | 567.90M | 1.22B |
| Capital Expenditures | -209.14M | -156.04M | -209.70M | -152.67M | -237.32M | -236.58M |
| Sale of Property, Plant & Equipment | -47.31M | 770.00K | 1.62M | 13.57M | 21.42M | |
| Divestitures | 7.95B | 704.00K | ||||
| Sale (Purchase) of Intangibles | -10.00K | |||||
| Investment in Securities | 1.51B | |||||
| Other Investing Activities | 26.45M | 27.36M | 17.04M | 41.53M | 16.24M | 24.01M |
| Investing Cash Flow | -230.00M | -127.91M | 7.76B | -110.44M | -207.51M | 1.32B |
| Long-Term Debt Repaid | -2.71M | -3.31M | -475.14M | -6.86M | -6.36M | |
| Lease Payments | -2.71M | -2.71M | -3.31M | -5.99M | -6.86M | -6.36M |
| Net Debt Issued (Repaid) | -2.71M | -2.71M | -3.31M | -475.14M | -6.86M | -6.36M |
| Common Dividends Paid | -166.12M | -681.06M | -8.78B | -287.06M | -834.59M | -682.65M |
| Financing Cash Flow | -168.83M | -683.78M | -8.78B | -762.20M | -841.45M | -689.00M |
| Foreign Exchange Rate Adjustments | 12.55M | 3.65M | 2.71M | 181.00K | ||
| Miscellaneous Cash Flow Adjustments | 1.00K | 1.00K | ||||
| Net Cash Flow | 20.86M | -444.05M | -644.80M | -316.12M | -478.35M | 1.85B |
| Free Cash Flow | 210.55M | 211.59M | 158.54M | 400.20M | 330.58M | 986.02M |
| Free Cash Flow Margin | 8.54% | 9.27% | 7.16% | 18.49% | 6.78% | 19.40% |
| Free Cash Flow Per Share | 13.84 | 13.90 | 10.42 | 26.30 | 21.72 | 64.79 |
| Levered Free Cash Flow | 86.09M | 36.28M | 1.48B | 10.02M | 238.07M | 663.60M |
| Unlevered Free Cash Flow | 93.63M | 43.81M | 1.48B | 11.18M | 238.92M | 664.28M |
| Free Cash Flow After Leases | 207.84M | 208.88M | 155.23M | 394.21M | 323.72M | 979.66M |
| Cash Interest Paid | 11.00K | 11.00K | 14.00K | 59.00K | 76.00K | |
| Cash Income Tax Paid | 122.95M | 122.95M | 132.50M | 125.91M | 308.22M | 323.37M |
| Change in Working Capital | 157.08M | 157.08M | -109.97M | 378.75M | -526.13M | -208.33M |
Ratios
Fiscal year January - December; amounts in BDT.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 9.52B | 11.42B | 15.52B | 21.27B | 21.27B | 24.04B |
| Enterprise Value | 8.52B | 10.45B | 11.64B | 18.66B | 18.68B | 21.46B |
| Last Close Price | 625.40 | 738.54 | 961.08 | 819.33 | 794.71 | 867.01 |
| PE Ratio | 28.98 | 33.19 | 2.42 | 93.06 | 24.08 | 19.61 |
| Forward PE | 14.30 | 14.30 | 14.30 | 14.30 | 18.05 | |
| PS Ratio | 3.86 | 5.00 | 7.01 | 9.83 | 4.37 | 4.73 |
| PB Ratio | 2.87 | 3.57 | 4.45 | 3.77 | 3.52 | 3.99 |
| P/TBV Ratio | 2.87 | 3.57 | 4.45 | 3.77 | 3.52 | 3.99 |
| P/FCF Ratio | 45.20 | 53.95 | 97.86 | 53.15 | 64.34 | 24.38 |
| P/OCF Ratio | 22.68 | 31.05 | 42.13 | 38.47 | 37.45 | 19.66 |
| PEG Ratio | 1.76 | 1.76 | 1.76 | 1.76 | 1.76 | |
| EV/Sales Ratio | 3.45 | 4.58 | 5.26 | 8.62 | 3.83 | 4.22 |
| EV/EBITDA Ratio | 12.08 | 16.21 | 59.67 | 32.76 | 12.96 | 12.25 |
| EV/EBIT Ratio | 20.21 | 28.81 | 60.23 | 16.33 | 14.75 | |
| EV/FCF Ratio | 40.47 | 49.37 | 73.41 | 46.63 | 56.52 | 21.77 |
| Debt / Equity Ratio | 0.01 | 0.01 | 0.01 | 0.00 | 0.00 | 0.01 |
| Debt / EBITDA Ratio | 0.03 | 0.04 | 0.15 | 0.03 | 0.01 | 0.02 |
| Debt / FCF Ratio | 0.11 | 0.12 | 0.18 | 0.04 | 0.06 | 0.03 |
| Net Debt / Equity Ratio | -0.30 | -0.34 | -0.44 | -0.39 | -0.41 | -0.49 |
| Net Debt / EBITDA Ratio | -1.42 | -1.69 | -7.85 | -3.84 | -1.74 | -1.69 |
| Net Debt / FCF Ratio | -4.73 | -5.15 | -9.65 | -5.47 | -7.56 | -3.01 |
| Asset Turnover | 0.48 | 0.41 | 0.32 | 0.26 | 0.58 | 0.62 |
| Inventory Turnover | 3.80 | 3.64 | 2.88 | 1.37 | 2.88 | 3.15 |
| Quick Ratio | 1.57 | 1.40 | 1.32 | 2.44 | 2.24 | 2.40 |
| Current Ratio | 2.12 | 1.85 | 1.70 | 2.88 | 3.15 | 3.10 |
| Return on Equity (ROE) | 10.12% | 10.28% | 140.53% | 3.91% | 14.64% | 21.44% |
| Return on Assets (ROA) | 5.15% | 4.09% | -0.61% | 2.34% | 8.51% | 11.09% |
| Return on Invested Capital (ROIC) | 14.48% | 14.17% | -2.13% | 5.78% | 26.98% | 41.02% |
| Return on Capital Employed (ROCE) | 10.80% | 9.60% | -1.70% | 4.90% | 16.80% | 21.40% |
| Earnings Yield | 3.45% | 3.01% | 41.39% | 1.07% | 4.15% | 5.10% |
| FCF Yield | 2.21% | 1.85% | 1.02% | 1.88% | 1.55% | 4.10% |
| Dividend Yield | 1.60% | 1.33% | 44.14% | 3.00% | 3.48% | |
| Payout Ratio | 50.60% | 198.00% | 136.72% | 125.59% | 94.49% | 55.69% |
| Total Shareholder Return | 1.66% | 1.33% | 44.14% | 3.00% | 3.48% |