COMP <GO>

VALE vs LIN // 10Y YIELD & FRED MACRO BETA

VALE S.A. American (NYSE) VS. Linde plc (NASDAQ) • 15-METRIC TALLY: VALE 5 — LIN 9

▲ 10Y YIELD & FRED MACRO BETA LEADER: VALE

LAST: $11.39 (+1.88%) • MKT CAP: $47.73B

macro-sensitivity

1.10

LAST: $514.24 (+2.20%) • MKT CAP: $231.94B

macro-sensitivity

1.01

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (VALE VS. LIN) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	VALE	LIN	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	41.00%	41.00%	0.00	TIE	/gross-margins <GO>
Return on Invested Capital (ROIC)	9.90%	13.10%	-3.20	LIN	/roic <GO>
EV/EBITDA & P/E Valuation	21.0x	18.5x	+2.50	LIN	/valuation <GO>
Free Cash Flow Yield	2.21%	2.19%	+0.02	VALE	/fcf-yield <GO>
Operating Margin	13.90%	26.30%	-12.40	LIN	/operating-margins <GO>
Net Profit Margin	10.90%	20.30%	-9.40	LIN	/net-margins <GO>
Revenue Growth (YoY)	9.90%	3.00%	+6.90	VALE	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	1.21%	-1.21	LIN	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	3.74	3.93	-0.19	LIN	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	7/9	+1.00	VALE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew	7.20%	6.90%	+0.30	LIN	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	25.5	69.3	-43.75	LIN	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta ACTIVE	1.10	1.01	+0.09	VALE	/macro-sensitivity <GO>
Forward P/E Multiple	30.5x	31.2x	-0.70	VALE	/forward-pe <GO>
Enterprise Scale & Market Cap	$47.73B	$231.94B	-$184.21B	LIN	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	VALE REV	LIN REV	VALE GROSS %	LIN GROSS %	VALE FCF	LIN FCF
FY 2025	—	$33.99B	—	44.0%	—	$5.09B
FY 2024	—	$33.01B	—	44.0%	—	$4.93B
FY 2023	—	$32.85B	—	44.0%	—	$7.83B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

VALE // BETA 1.10

LIN // BETA 1.01