TNC vs. LIN

Last updated Jun 3, 2026

TNC (Tennant Company) and LIN (Linde plc) are both stocks. TNC operates in Specialty Industrial Machinery (Industrials), while LIN operates in Specialty Chemicals (Basic Materials). Over the past 5 years, TNC returned 2.07%/yr vs 12.14%/yr for LIN. At a 0.41 correlation, their price movements are largely independent.

Performance

TNC vs. LIN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tennant Company (TNC) and Linde plc (LIN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with TNC having a 17.46% return and LIN slightly lower at 16.69%.

TNC

• 1D: 0.18%
• 1M: 4.05%
• YTD: 17.46%
• 6M: 19.57%
• 1Y: 20.40%
• 3Y*: 4.98%
• 5Y*: 2.07%
• 10Y*: 6.06%

LIN

• 1D: -0.30%
• 1M: -2.36%
• YTD: 16.69%
• 6M: 22.17%
• 1Y: 8.19%
• 3Y*: 12.53%
• 5Y*: 12.14%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

TNC vs. LIN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TNC Tennant Company	17.46%	-8.22%	-11.03%	52.62%	-22.84%	16.87%	-8.78%	51.57%	-30.24%
LIN Linde plc	16.69%	3.22%	3.18%	27.66%	-4.39%	33.39%	25.88%	39.04%	-7.11%

Correlation

The correlation between TNC and LIN is 0.21, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.21
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 2, 2018	0.41

Over the past year, the correlation between TNC and LIN has dropped to 0.21 - well below their long-term average of 0.41, suggesting their price drivers have been diverging.

Fundamentals

Market Cap TNC : $1.53B LIN : $231.25B
EPS TNC : $1.69 LIN : $15.16
PE Ratio TNC : 50.85 LIN : 32.71
PS Ratio TNC : 1.30 LIN : 6.73
PB Ratio TNC : 2.88 LIN : 6.00
Total Revenue (TTM) TNC : $1.21B LIN : $34.66B
Gross Profit (TTM) TNC : $477.90M LIN : $15.94B
EBITDA (TTM) TNC : $97.00M LIN : $12.31B

Return for Risk

TNC vs. LIN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TNC

TNC Risk / Return Rank: 56
TNC Sharpe Ratio Rank: 60
TNC Sortino Ratio Rank: 50
TNC Omega Ratio Rank: 58
TNC Calmar Ratio Rank: 55
TNC Martin Ratio Rank: 57

LIN

LIN Risk / Return Rank: 50
LIN Sharpe Ratio Rank: 57
LIN Sortino Ratio Rank: 48
LIN Omega Ratio Rank: 46
LIN Calmar Ratio Rank: 49
LIN Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TNC vs. LIN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tennant Company (TNC) and Linde plc (LIN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	TNC	LIN	Difference
Sharpe ratio Return per unit of total volatility	0.58	0.49	+0.09
Sortino ratio Return per unit of downside risk	0.89	0.80	+0.09
Omega ratio Gain probability vs. loss probability	1.16	1.09	+0.07
Calmar ratio Return relative to maximum drawdown	0.62	0.39	+0.23
Martin ratio Return relative to average drawdown	1.64	1.10	+0.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TNC vs. LIN - Sharpe Ratio Comparison

The current TNC Sharpe Ratio is 0.58, which is comparable to the LIN Sharpe Ratio of 0.49. The chart below compares the historical Sharpe Ratios of TNC and LIN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	TNC	LIN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	0.49	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.59	-0.52
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.70	-0.47

Drawdowns

TNC vs. LIN - Drawdown Comparison

The maximum TNC drawdown since its inception was -83.81%, which is greater than LIN's maximum drawdown of -32.59%. Use the drawdown chart below to compare losses from any high point for TNC and LIN.

Drawdown Indicators

	TNC	LIN	Difference
Max Drawdown Largest peak-to-trough decline	-83.81%	-32.59%	-51.22%
Max Drawdown (1Y) Largest decline over 1 year	-27.71%	-19.18%	-8.53%
Max Drawdown (3Y) Largest decline over 3 years	-48.98%	-19.18%	-29.80%
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	-22.82%	-26.16%
Max Drawdown (10Y) Largest decline over 10 years	-48.98%	—	—
Current Drawdown Current decline from peak	-27.85%	-4.19%	-23.66%
Average Drawdown Average peak-to-trough decline	-16.85%	-5.43%	-11.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.50%	6.80%	+3.70%

Volatility

TNC vs. LIN - Volatility Comparison

Tennant Company (TNC) has a higher volatility of 9.54% compared to Linde plc (LIN) at 5.72%. This indicates that TNC's price experiences larger fluctuations and is considered to be riskier than LIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TNC	LIN	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.54%	5.72%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	32.82%	13.35%	+19.47%
Volatility (1Y) Calculated over the trailing 1-year period	35.34%	16.86%	+18.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.39%	20.75%	+8.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.15%	24.08%	+8.07%

Dividends

TNC vs. LIN - Dividend Comparison

TNC's dividend yield for the trailing twelve months is around 1.43%, more than LIN's 1.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LIN Linde plc	1.23%	1.41%	1.33%	1.24%	1.43%	1.22%	1.46%	1.64%	0.53%	0.00%	0.00%	0.00%
TNC Tennant Company	1.43%	1.62%	1.39%	1.16%	1.65%	1.16%	1.27%	1.13%	1.63%	1.16%	1.14%	1.42%

Financials

TNC vs. LIN - Profitability Comparison

The chart below illustrates the profitability comparison between Tennant Company and Linde plc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TNC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tennant Company reported a gross profit of 113.60M and revenue of 297.90M. Therefore, the gross margin over that period was 38.1%.

LIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Linde plc reported a gross profit of 4.26B and revenue of 8.78B. Therefore, the gross margin over that period was 48.5%.

TNC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tennant Company reported an operating income of 4.90M and revenue of 297.90M, resulting in an operating margin of 1.6%.

LIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Linde plc reported an operating income of 3.26B and revenue of 8.78B, resulting in an operating margin of 37.2%.

TNC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tennant Company reported a net income of 200.00K and revenue of 297.90M, resulting in a net margin of 0.1%.

LIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Linde plc reported a net income of 1.86B and revenue of 8.78B, resulting in a net margin of 21.2%.

Frequently Asked Questions

Can I hold both TNC and LIN in my portfolio?

TNC and LIN have a correlation of 0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TNC or LIN?

TNC has higher volatility (9.54%) compared to LIN (5.72%). In terms of maximum drawdown, TNC dropped -83.81% vs LIN's -32.59%.

Which has better risk-adjusted returns?

TNC currently has the higher Sharpe Ratio (0.58 vs 0.49), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.