Linde is the largest industrial gas producer in the world and benefits from operating in an industry with a very favorable structure. Despite selling products that are essentially commodities, industrial gas companies have consistently delivered lucrative returns thanks to their economic moats. Industrial gases typically account for a relative fraction of customers’ costs but are a vital input to ensure uninterrupted production. As such, customers are often willing to pay a premium and sign long-term contracts to ensure that their businesses are running smoothly. Long-term contracts and high switching costs contribute to industrial gas producers’ moats, helping them generate a relatively predictable cash flow stream and lucrative returns.