Ecolab Inc (ECL) is overvalued and Linde Plc (LIN) is overvalued.
Both trade above our estimate of their intrinsic value. LIN is the closer of the two: -106%, against -131% for ECL.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 9.2% (average of 3 methods) values the shares at $119.68; the price of $276.22 is 131% above that value, and 75% of that value comes from beyond year five.
Leak Score 52/100 on 10 of 12 signals
Discounting its cash flows at 8.5% (average of 3 methods) values the shares at $225.91; the price of $464.91 is 106% above that value, and 77% of that value comes from beyond year five.
Leak Score 59/100 on 3 of 12 signals
| Metric | ECL | LIN |
|---|---|---|
| Verdict | Overvalued | Overvalued |
| Price | $276.22 | $464.91 |
| Intrinsic value | $119.68 | $225.91 |
| Margin of safety | -131% | -106% |
| Leak Score | 52/100 (10/12) | 59/100 (3/12) |
| Market cap | $77.4B | $214.3B |
| Revenue growth, 5 years | 6.4% | 4.5% |
| Operating margin | 18.2% | 27.1% |
| Net margin | 12.6% | 20.4% |
| Return on equity | 21.9% | 18.7% |
| Debt to equity | 1.38 | 0.72 |
| P/E | 37.1x | 30.0x |
| Forward P/E | 29.4x | 23.7x |
| P/B | 7.7x | 5.5x |
| Dividend yield | 1.1% | 1.4% |