Lincoln Electric Holdings Inc

Metalworkg Machinery & Equipment

LECOMixed10 of 11 basics passed

$261.13

+0.91%

Market cap $14.2B

$261.13

+0.91%

Market cap $14.2B

Lincoln Electric is a leading manufacturer of welding, cutting, and brazing products. Its portfolio includes arc-welding solutions, plasma and oxy-fuel cutting systems, brazing and soldering alloys, and automation solutions.

It is a $14.2B industrial company. Revenue grew 9.3% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~1.6 years of free cash flow. It trades at 25.7× earnings — around the middle of its own history.

Website: lincolnelectric.com
Location: Cleveland, OH
Employees: 12 000
Sector: Industrials
Founded: 1895

Share price · 3 years

$185.47 → $261.13+40.8%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $4.48B
Profit: keeps 12¢ of every $1 sold; $554M
Free cash flow: cash left after running the business; $542M
Net debt: debt minus cash on hand; $841M
P/E: years of profit in the price; 25.7
EPS: earnings per share, TTM; $9.91
Dividend: pays out 31% of profit · 31% of FCF; 1.20%
Shares: down 22% since 2018 — buybacks; 55.9M
Volatility: beta vs the market — under 1 swings less; 1.21

Revenue, last 10 years

52-week range

Low $220.64$261.13High $298.88

Today's price is 52% of the way from the year's low to its high.

P/E vs its history5y

25.7×median 24.3×

Higher than 67% of past days — around the middle of its own history.

Valuation vs own history

P/E

25.7×

33%

P/S

3.2×

25%

EV/EBITDA

19.6×

40%

P/B

9.2×

52%

FCF yield

3.8%

34%

Share of the last ~5 years that was pricier than today (pricier than usual). Based on the daily valuation record.

Standing in Industrials

Size$14.2Btop 64%
Revenue growth+4%top 48%
Net margin12%top 34%
Return on equity37%top 16%
P/E25.7×top 48%
Dividend yield1.20%top 43%

Ranked against 130 Industrials companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth, profitability, quality and moat; Valuation lags behind.

Valuation49

P/E vs own history67th pct · 5/25
FCF yield3.8% · 12/25
P/S3.2x · 20/25
EV/EBITDA17.4x · 12/25

Growth77

Revenue CAGR7.0% · 12/25
Net income CAGR17.1% · 20/25
EPS CAGR ~5Y22.2% · 25/25
Fwd implied growth18.7% · 20/25

Profitability85

ROIC22.5% · 20/25
ROE37.2% · 25/25
Net margin12.4% · 20/25
Operating margin17.1% · 20/25

Health55

Altman Zn/a · 0/25
Current ratio1.98 · 18/25
Interest coverage10.6x · 25/25
Net cash / debtD/A 22% · 12/25

Quality94

Piotroski F7/9 · 22/25
Beneish M-2.56 · 25/25
FCF conversion98% · 22/25
Margin stabilityσ 2.7% · 25/25

Moat81

ROIC >12% years10/10 yrs · 25/25
Median gross margin34.0% · 13/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 7.8% · 18/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

2024Product
A display unit was shown at CES 2024 and featured NACS and CCS1 charging plugs, along with a touchscreen user…
FY2023Financial
Best year on record
$545M net income
2023Product
Lincoln Electric unveiled the Velion DC fast electric vehicle charging station
2019Acquisition
Lincoln announced the acquisition a portion of Worthington Industries, Inc
2017Acquisition
Lincoln Electric acquired the welding business of Air Liquide
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Revenue already above $1B
$2.27B in first reported year
FY2016Financial
Positive free cash flow every year since
10-year streak
2005Acquisition
Lincoln's Electric acquired the Harris Products Group
1994IPO
The company returned to profitability, and in 1995 it went public on the NYSE
1927Product
The company introduced the E6010 Fleetweld electrode with which it made its fortune
1895Founded
The company was founded in 1895 by John C

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$19 612 today — price return only

$4.2B revenue in FY2025

Revenue up 9.3% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

12 000 employees

ROIC of 22.5%

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

Interest covered 10.6× by operating earnings
High returns on invested capital (ROIC 22.5%)
Piotroski F-Score 7/9 — fundamentally strong checklist

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

10 of 11 checks passed

Revenue growing — the company sells more than a year ago+9.3% YoY
Profitable — makes more than it spends$554M TTM
Profit growing — earnings are higher than last year+5.0% YoY
Generates cash — cash left after running and investing$542M TTM
Debt under control — could handle its obligations~1.6y of cash flow to repay
Established company — not a micro-cap — lower blow-up risk$14.2B market cap
Not printing shares — share count not ballooning — you keep your slice-7.3% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distresshealth score 43/100
Pays a dividend — returns cash to shareholdersyield 1.20%
Valuation not extreme — price not wildly above earningsP/E 25.7

Peer comparisonLincoln Electric Holdings Inc vs 6 largest industrials peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
LECO this company	$14.2B	25.7	+9.3%	12.4%	Mixed
LRCX Lam Research Corp	$399.2B	54.9	+26.0%	31.3%	Strong
CAT Caterpillar Inc.	$368.0B	33.9	+18.4%	14.5%	Solid
RTX RTX Corporation	$251.3B	32.4	+11.8%	8.3%	Strained
DE Deere & Company	$167.7B	34.4	+8.3%	10.2%	Solid
ETN Eaton Corporation, plc	$167.2B	43.6	+15.5%	12.8%	Mixed
UNP Union Pacific Corp.	$166.8B	22.6	+4.2%	28.8%	Strained

Head-to-head: LECO vs LRCX · LECO vs CAT · LECO vs RTX

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 3Buy 9Hold 7

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $4.48B · net income $554M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$4.48B

YoY 9.3%

Net income (TTM)

$554M

Margin 12.4%

Gross margin

36.0%

Operating margin

17.1%

P/E ratio

25.7

Dividend yield

1.20%

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	2.7	3.2	3.8	4.2	4.0	4.2
Gross profit	0.9	1.1	1.3	1.5	1.5	1.5
Operating income (EBIT)	0.3	0.5	0.6	0.7	0.6	0.7
Net income	0.2	0.3	0.5	0.5	0.5	0.5
EPS (diluted)	3.42	4.60	8.04	9.37	8.15	9.32

Cash flowFree cash flow $542M · operating cash flow $688M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$542M

Margin 12.1%

Operating cash flow (TTM)

$688M

FCF margin

12.1%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.4	0.4	0.4	0.7	0.6	0.7
Capital expenditure	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
Free cash flow	0.3	0.3	0.3	0.6	0.5	0.5
FCF margin	11.0%	9.4%	8.3%	13.8%	12.0%	12.6%

Balance sheetAssets $3.78B · net debt $841M (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $3.78B of assets is financed

61%

39%

Liabilities $2.31B — borrowed moneyEquity $1.47B — owners' stake

Cash vs debt

Total debt $1.15B − cash $309M = net debt $841M

Cash on hand covers 27% of debt.

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

10.6x

EBIT ÷ interest expense

ROE

37.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.3	0.2	0.2	0.4	0.4	0.3
Total assets	2.3	2.6	3.2	3.4	3.5	3.8
Total liabilities	1.5	1.7	2.1	2.1	2.2	2.3
Total debt	0.7	0.7	1.1	1.1	1.2	1.2
Equity	0.8	0.9	1.0	1.3	1.3	1.5
Net debt	0.5	0.5	0.9	0.7	0.8	0.8

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of LECO on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $261.13 · market cap $14.2B.