Tearsheet

Lincoln Electric (LECO)

Market Price (12/27/2025): $245.72 | Market Cap: $13.5 Bil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

Lincoln Electric (LECO)

Market Price (12/27/2025): $245.72
Market Cap: $13.5 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%	Trading close to highs Dist 52W High is -1.8%, Dist 3Y High is -2.5%	Key risks LECO key risks include [1] its reliance on cyclical industrial demand, Show more.
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%	Weak multi-year price returns 2Y Excs Rtn is -29%
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Automation & Robotics, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Industrial Robotics, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 5.1%
1	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 16%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 13%
2	Low stock price volatility Vol 12M is 31%
3	Megatrend and thematic drivers Megatrends include Automation & Robotics, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Industrial Robotics, Show more.
4	Trading close to highs Dist 52W High is -1.8%, Dist 3Y High is -2.5%
5	Weak multi-year price returns 2Y Excs Rtn is -29%
6	Key risks LECO key risks include [1] its reliance on cyclical industrial demand, Show more.

Valuation, Metrics & Events

	12/27/25	2024	2023	2022	2021
Share Price CYE	$245.72	$185.47	$212.09	$138.97	$131.83
Market Cap CYE ($ Bil)	13.5	10.4	12.1	8.0	7.8
Total Debt ($ Bil)	1.2	1.3	1.1	1.2	0.8
Total Cash ($ Bil)	0.3	0.4	0.4	0.2	0.2
Enterprise Value ($ Bil)	14.5	11.7	13.2	9.2	8.6
Valuation Ratios
P/S TTM	3.2	2.6	3.0	2.2	2.6
P/EBIT TTM	18.8	16.7	17.1	13.5	23.8
P/E TTM	25.8	22.8	22.9	17.8	29.9
P/FCF TTM	24.8	22.0	21.6	26.9	27.3
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4	1.1	1.6
P/EBIT TTM (Sector)	13.0	11.8	11.2	9.1	12.2
P/E TTM (Sector)	17.2	16.5	15.4	12.1	16.0
P/FCF TTM (Sector)	13.6	13.2	12.1	8.4	13.8

	12/27/25	2024	2023
Share Price CYE	$245.72	$185.47	$212.09
Market Cap CYE ($ Bil)	13.5	10.4	12.1
Total Debt ($ Bil)	1.2	1.3	1.1
Total Cash ($ Bil)	0.3	0.4	0.4
Enterprise Value ($ Bil)	14.5	11.7	13.2
Valuation Ratios
P/S TTM	3.2	2.6	3.0
P/EBIT TTM	18.8	16.7	17.1
P/E TTM	25.8	22.8	22.9
P/FCF TTM	24.8	22.0	21.6
Sector Ratios
P/S TTM (Sector)	1.6	1.5	1.4
P/EBIT TTM (Sector)	13.0	11.8	11.2
P/E TTM (Sector)	17.2	16.5	15.4
P/FCF TTM (Sector)	13.6	13.2	12.1

	LECO	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	4.2
Rev Chg Q	7.9%	7.3%
Rev Chg LTM	3.2%	6.1%
Rev Chg 3Y Avg	4.5%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	0.7
CFO LTM ($ Bil)	0.7
Net Inc LTM ($ Bil)	0.5
Op Mgn LTM	17.4%	18.8%
CFO/Rev LTM	15.9%	20.4%
Net Inc Mgn	12.6%	13.1%
VALUATION	MODERATE
P/S	3.2	3.3
P/CFO	20.5	15.8
P/FCF	24.8	20.7
P/E	25.8	23.5
STABILITY	GOOD
Debt/Equity	0.09	0.21
Cash/Assets	0.08	0.07

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Metric	Value	Date	Source
Automation Sales	$941 million	12312023	Link
Number of Employees	12,000	12312024	Link
Manufacturing Locations	71	2132025	Link
Countries with Operations	20	2132025	Link
Vitality Index (% of sales from new products)	42%	12312023	Link
Total Recordable Case Rate (TRCR) Reduction	38%	12312024	Link
Scope 1 and 2 GHG Emissions Reduction	18%	12312024	Link
Energy Intensity Reduction	10%	12312024	Link
Recycling Rate	78.4%	12312024	Link
Landfill Avoidance Rate	95.6%	12312024	Link
Water Usage Reduction	29%	12312023	Link

Upcoming
12/31/2025	Dividend	Amount: $0.79 Payment On: 1/15/2026
2/12/2026	Earnings Release	Rev: $1.0 Bil (E) EPS: $2.52 (E)

LECO Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

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Here are the key points explaining the 1.9% stock movement for Lincoln Electric (LECO) during the approximate time period from August 31, 2025, to December 27, 2025:

1. Strong Third Quarter 2025 Financial Performance and Increased Dividend. Lincoln Electric reported robust third-quarter 2025 earnings of $2.47 per share, surpassing consensus estimates of $2.39 per share, with revenues reaching $1.06 billion, exceeding the $1.05 billion estimate. Concurrently, the company increased its quarterly dividend to $0.79 per share from $0.75, signifying strong financial health and a commitment to shareholder returns.

2. Positive Analyst Ratings and Raised Price Targets. Several financial analysts maintained or upgraded their ratings for LECO, with some increasing their price targets. Notably, Roth Capital set a $285 price objective in October, and Barclays raised its price target to $260, indicating a positive outlook on the company's stock performance. This sustained positive sentiment from the analyst community contributed to investor confidence.

3. Significant Institutional Investor Acquisition. Congress Asset Management Co. substantially increased its stake in Lincoln Electric during the third quarter, acquiring an additional 9,897 shares to hold a total of 86,305 shares valued at approximately $20.35 million. This significant institutional investment demonstrates strong market confidence in LECO's future prospects.

4. Optimistic Outlook for 2026 Growth. Analysts project continued market strength for Lincoln Electric into 2026, anticipating over 6% revenue growth and incremental margin expansion. Broad improvements are expected across general industrial, construction, infrastructure, and automation end-markets, fostering positive investor sentiment for future performance.

5. Product Innovation and Strategic Collaborations. Lincoln Electric's Ranger Air 330MPX was recognized as one of the "Top 100 Products of 2025" in December, highlighting the company's innovation. Furthermore, a strategic collaboration with the U.S. Navy and General Dynamics Electric Boat in September to advance additive manufacturing for submarine production underscored the company's role in critical industries. These developments showcase the company's commitment to technological advancement and market leadership.

Stock Movement Drivers

Fundamental Drivers

The 4.5% change in LECO stock from 9/26/2025 to 12/26/2025 was primarily driven by a 2.4% change in the company's Net Income Margin (%).

	9262025	12262025	Change
Stock Price ($)	235.96	246.47	4.45%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4098.85	4176.32	1.89%
Net Income Margin (%)	12.27%	12.56%	2.41%
P/E Multiple	26.06	25.88	-0.71%
Shares Outstanding (Mil)	55.55	55.10	0.81%
Cumulative Contribution			4.45%

LTM = Last Twelve Months as of date shown

Market Drivers

9/26/2025 to 12/26/2025

	Return	Correlation
LECO	4.5%
Market (SPY)	4.3%	54.1%
Sector (XLI)	3.0%	69.1%

Fundamental Drivers

The 18.6% change in LECO stock from 6/27/2025 to 12/26/2025 was primarily driven by a 9.8% change in the company's Net Income Margin (%).

	6272025	12262025	Change
Stock Price ($)	207.85	246.47	18.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4031.86	4176.32	3.58%
Net Income Margin (%)	11.44%	12.56%	9.85%
P/E Multiple	25.27	25.88	2.43%
Shares Outstanding (Mil)	56.06	55.10	1.71%
Cumulative Contribution			18.54%

LTM = Last Twelve Months as of date shown

Market Drivers

6/27/2025 to 12/26/2025

	Return	Correlation
LECO	18.6%
Market (SPY)	12.6%	38.8%
Sector (XLI)	7.5%	57.6%

Fundamental Drivers

The 31.0% change in LECO stock from 12/26/2024 to 12/26/2025 was primarily driven by a 17.4% change in the company's P/E Multiple.

	12262024	12262025	Change
Stock Price ($)	188.10	246.47	31.03%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	4045.15	4176.32	3.24%
Net Income Margin (%)	11.93%	12.56%	5.33%
P/E Multiple	22.05	25.88	17.36%
Shares Outstanding (Mil)	56.56	55.10	2.60%
Cumulative Contribution			30.94%

LTM = Last Twelve Months as of date shown

Market Drivers

12/26/2024 to 12/26/2025

	Return	Correlation
LECO	31.0%
Market (SPY)	15.8%	66.4%
Sector (XLI)	18.3%	72.2%

Fundamental Drivers

The 75.6% change in LECO stock from 12/27/2022 to 12/26/2025 was primarily driven by a 39.6% change in the company's P/E Multiple.

	12272022	12262025	Change
Stock Price ($)	140.32	246.47	75.65%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	3674.53	4176.32	13.66%
Net Income Margin (%)	11.91%	12.56%	5.50%
P/E Multiple	18.54	25.88	39.58%
Shares Outstanding (Mil)	57.82	55.10	4.71%
Cumulative Contribution			75.26%

LTM = Last Twelve Months as of date shown

Market Drivers

12/27/2023 to 12/26/2025

	Return	Correlation
LECO	15.0%
Market (SPY)	48.0%	58.9%
Sector (XLI)	41.3%	69.3%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
LECO Return	23%	22%	5%	53%	-13%	32%	179%
Peers Return	16%	38%	-12%	21%	26%	16%	150%
S&P 500 Return	16%	27%	-19%	24%	23%	18%	114%
Monthly Win Rates [3]
LECO Win Rate	67%	75%	42%	67%	42%	58%
Peers Win Rate	52%	65%	42%	68%	57%	52%
S&P 500 Win Rate	58%	75%	42%	67%	75%	73%
Max Drawdowns [4]
LECO Max Drawdown	-38%	-3%	-14%	0%	-20%	-10%
Peers Max Drawdown	-34%	-5%	-26%	-7%	-9%	-23%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: HPQ, HPE, IBM, CSCO, AAPL. See LECO Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/26/2025 (YTD)

How Low Can It Go

Unique Key	Event	LECO	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-21.7%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	27.7%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	50 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-38.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	63.6%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	158 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-27.2%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	37.4%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	661 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-69.3%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	225.5%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	1,059 days	1,480 days

Compare to HPQ, HPE, IBM, CSCO, AAPL

In The Past

Lincoln Electric's stock fell -21.7% during the 2022 Inflation Shock from a high on 7/20/2023. A -21.7% loss requires a 27.7% gain to breakeven.

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About Lincoln Electric (LECO)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Lincoln Electric Holdings, Inc., through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products worldwide. The company operates through three segments: Americas Welding, International Welding, and The Harris Products Group. It offers welding products, including arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding accessories, and specialty welding consumables and fabrication products. The company's product offering also includes computer numeric controlled plasma and oxy-fuel cutting systems, and regulators and torches used in oxy-fuel welding, cutting, and brazing; and consumables used in the brazing and soldering alloys market. In addition, it is involved in the retail business in the United States. Further, the company manufactures copper and aluminum headers, distributor assemblies, and manifolds for the heating, ventilation, and air conditioning sector in the United States and Mexico. The company serves general fabrication, energy and process, automotive and transportation, and construction and infrastructure industries, as well as heavy fabrication, ship building, and maintenance and repair markets. It sells its products directly to users of welding products, as well as through industrial distributors, retailers, and agents. The company was founded in 1895 and is headquartered in Cleveland, Ohio.

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The DeWalt for welding equipment.
The Caterpillar of welding technology.
The 3M for comprehensive welding solutions.

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Arc Welding Equipment: Manufactures a comprehensive range of welding machines, power sources, and wire feeders for various welding processes.
Welding Consumables: Produces electrodes, welding wires, and fluxes essential for melting and joining metals across different applications.
Welding Automation Systems: Provides robotic welding cells, cutting automation systems, and other solutions for enhanced manufacturing productivity and precision.
Plasma Cutting Equipment: Offers machines designed for efficient and precise cutting of conductive materials using high-temperature plasma.
Welding Fume Control & PPE: Develops fume extraction systems and personal protective equipment, including helmets and apparel, to ensure welder safety and a clean working environment.

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Lincoln Electric (symbol: LECO) primarily operates on a **business-to-business (B2B)** model, supplying welding and cutting products to a diverse range of industrial customers and through extensive global distribution networks.

While Lincoln Electric generally does not disclose specific end-user company names as "major customers" due to the breadth and fragmentation of its industrial client base, its products are essential inputs for companies across several key sectors. The major categories of customers include:

Industrial & Heavy Fabrication Companies:

This broad category includes manufacturers in industries such as:
- Construction and Infrastructure: Companies involved in structural steel fabrication, bridge building, and general construction projects.
- Heavy Equipment Manufacturing: Producers of agricultural, mining, earthmoving, and other heavy machinery.
- Shipbuilding and Marine Fabrication: Shipyards and companies involved in marine structure manufacturing.
- General Metal Fabrication: Small to large manufacturing shops that process and join metals for various applications.
- Pressure Vessel and Pipeline Construction: Companies building and maintaining critical infrastructure for oil, gas, and chemical industries.
These customers represent a wide array of industrial enterprises, both public and private, that rely on advanced welding and cutting technologies for their production processes.
Automotive & Transportation Sector:

Manufacturers of automobiles, trucks, buses, railcars, and their respective tiered suppliers are significant users of welding equipment and consumables for assembly, manufacturing, maintenance, and repair operations.
Energy Sector Companies:

This includes businesses involved in oil and gas exploration, production, and pipeline construction, as well as companies in power generation (e.g., traditional, nuclear, and renewable energy infrastructure like wind turbine manufacturing).
Global Distribution Networks:

A substantial portion of Lincoln Electric's sales flows through a vast network of distributors who then supply the ultimate end-users (smaller businesses, individual contractors, and even larger industrial clients). These distributors are direct, major customers of Lincoln Electric. While many are specialized welding distributors (often private), some large publicly traded industrial distributors also carry Lincoln Electric's products. Examples of large public industrial distributors that carry a wide range of industrial supplies and potentially Lincoln Electric products include:
- W.W. Grainger, Inc. (NYSE: GWW)
- Fastenal Company (NASDAQ: FAST)
It's important to note that Lincoln Electric sells directly to these distributors, who in turn serve a multitude of diverse end-users.

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Steven B. Hedlund, President and Chief Executive Officer

Mr. Hedlund was appointed President and Chief Executive Officer of Lincoln Electric in January 2024, after serving as Chief Operating Officer since 2022. He joined Lincoln Electric in 2008 as Vice President, Strategy and Business Development. Prior to Lincoln Electric, Mr. Hedlund held various executive leadership roles at Fortune Brands, Inc., including Vice President of Growth and Innovation for its Master Lock subsidiary and Vice President, Strategic Planning and New Business Development for Fortune's Home and Hardware Group. He also served as a principal with the management consulting firm Booz Allen & Hamilton.

Gabriel Bruno, Executive Vice President, Chief Financial Officer

Mr. Bruno was promoted to Chief Financial Officer in April 2020. He joined Lincoln Electric in 1995 and has held numerous positions of increasing responsibility in Finance and Information Technology, including Corporate Controller and Director of Information Technology, and Chief Information Officer. Before joining Lincoln Electric, Mr. Bruno was a manager in the audit practice of Price Waterhouse.

Michele R. Kuhrt, Executive Vice President, Chief Transformation Officer

Ms. Kuhrt was appointed Executive Vice President, Chief Transformation Officer in April 2024. She joined Lincoln Electric in 1997 and has held various executive leadership positions, including Director of Taxes, Senior Vice President, Tax, Chief Information Officer, and Chief Human Resources Officer. Prior to joining Lincoln Electric, Ms. Kuhrt was Group Director of Tax for Elsag Bailey Process Automation (a unit of ABB) and an international tax manager with PricewaterhouseCoopers. Ms. Kuhrt is retiring effective August 31, 2025.

Lisa A. Dietrich, Executive Vice President, Chief Digital Information Officer

Ms. Dietrich joined Lincoln Electric in 2022 as Executive Vice President, Chief Digital Information Officer. In this role, she oversees the company's enterprise information technology (IT) systems, cybersecurity, and global IT initiatives. She previously served as CIO and Vice President of Business Transformation during her 11-year tenure at American Greetings Corporation. Ms. Dietrich also served as Portfolio CIO at Key Community Bank.

Jennifer Ansberry, Executive Vice President, General Counsel and Secretary

Ms. Ansberry joined Lincoln Electric in 2004 and was elected Executive Vice President, General Counsel and Secretary in 2017. She previously served as Vice President, Deputy General Counsel, overseeing the company's legal function in global mergers and acquisitions, securities law compliance, corporate governance, and environmental, health, and safety organization. Prior to joining Lincoln Electric, Ms. Ansberry served as an associate at Thompson Hine LLP and Keating, Muething & Klekamp LLP.

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The key risks to Lincoln Electric (LECO) include its reliance on the cyclical nature of manufacturing and industrial sectors, vulnerability to supply chain disruptions and raw material price volatility, and the impact of international trade tensions and tariffs.

Economic Cycles and Industrial Demand: Lincoln Electric's business is highly susceptible to economic downturns and fluctuations in demand from the manufacturing and industrial sectors it serves. This vulnerability becomes evident during recessions when the demand for industrial goods and services typically declines.
Supply Chain and Raw Material Price Volatility: The company faces significant risks from disruptions in its supply chain and the volatility of raw material prices, such as steel, copper, and aluminum. Price hikes in these commodities can directly impact operational costs and overall profitability. While Lincoln Electric employs pricing initiatives and operational efficiencies to buffer these impacts, the underlying risk remains.
International Trade Tensions and Tariffs: Given Lincoln Electric's global presence, international trade tensions and the imposition of tariffs pose a risk to its international sales and profitability. The company has faced average tariff rates on welding equipment, with tariffs from certain regions ranging significantly, which can affect its global operations.

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The continued advancement and adoption of additive manufacturing (3D printing) technologies, particularly for metals, which can produce complex parts traditionally made through multiple welding and fabrication steps, thereby reducing the overall demand for arc welding equipment and consumables in specific applications.
The increasing use of advanced structural adhesives and other non-welding joining technologies for materials assembly, especially in industries focused on lightweighting and multi-material designs (e.g., automotive, aerospace), offering alternative methods that can circumvent or reduce the need for traditional welding processes.

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Lincoln Electric (LECO) operates in several key addressable markets related to welding, cutting, and automation. Below are the estimated market sizes for their main products and services:

Welding Equipment

Global Welding Equipment Market: The global welding equipment market was valued at approximately USD 19.72 billion in 2023 and is projected to reach USD 27.77 billion by 2030, growing at a CAGR of 5% from 2024 to 2030. Other estimates include a valuation of USD 14 billion in 2023, with a projected 7% CAGR from 2023 to 2033. Another source states the market was valued at USD 31.01 billion in 2021 and is expected to reach USD 45.12 billion by 2029. The Asia Pacific region was the largest revenue-generating market in 2023.
Global Arc Welding Equipment Market: This segment was valued at USD 5.73 billion in 2024 and is projected to reach USD 11.55 billion by 2033, demonstrating a CAGR of 8.1% from 2025 to 2033. Another report indicates a valuation of US$5.4 billion in 2024, projected to reach US$7.2 billion by 2030. North America held the largest share of the global arc welding equipment market in 2023, accounting for over 38%. The U.S. arc welding equipment market size was estimated at USD 3,255.8 million in 2024 and is projected to reach USD 4,610.8 million by 2033.
Global Orbital Welding Equipment Market: The global orbital welding equipment market was valued at approximately USD 876.5 million in 2024 and is projected to reach USD 1.12 billion by 2030, with a CAGR of 4.2%. Another source reported a valuation of USD 924.08 million in 2021, expecting it to reach USD 1.31 billion by 2025 and USD 2.63 billion by 2033. North America held a significant share of the global market, at 41.77% in 2025. The U.S. orbital welding machine market size was valued at US$ 234.5 million in 2024 and is projected to reach US$ 289.6 million by 2030.
Global Laser Welding Machine Market: This market was valued at USD 2.7 billion in 2024 and is expected to grow to USD 4.5 billion by 2034, at a CAGR of 5.2%. Other estimates include a market size of USD 3.55 billion in 2025, projected to reach USD 4.79 billion by 2030. The Asia-Pacific region accounted for 49.87% of the market value in 2024 and is the fastest-growing region.

Welding Consumables

Global Welding Consumables Market: The global market for welding consumables was valued at USD 17.7 billion in 2024 and is expected to reach USD 26.3 billion by 2033, with a CAGR of 4.49% from 2025 to 2033. Other reports indicate a market size of USD 13.40 billion in 2024, projected to grow to USD 19.95 billion by 2032. Asia Pacific dominated this market in 2024 with a share of 37.99%. North America represents the largest regional market for welding consumables.

Cutting Equipment

Global Cutting Equipment Market: The global cutting equipment market was valued at USD 5.91 billion in 2024 and is projected to grow to USD 16.04 billion by 2035, at a CAGR of approximately 9.50% from 2025 to 2034. Another estimate values the global cutting equipment market at US$ 5.3 billion in 2025, expected to reach US$ 7.6 billion by 2032. Asia Pacific holds a significant market share, accounting for over 30% of market revenue in 2025.

Automation Solutions (including Robotic Welding Systems)

Global Automation Solutions Market: The automation solutions market was valued at USD 230.92 billion in 2024, is forecast to reach USD 255.80 billion in 2025, and is projected to grow at a CAGR of 10.53% to attain USD 514.78 billion by 2032. North America held the largest share of the automation as a service market in 2024, at 36%. Asia-Pacific encompassed roughly 70% of industrial robot installations globally in 2023.
Global Arc Welding Robots Market: This market was valued at USD 5.73 billion in 2024 and is projected to reach USD 11.55 billion by 2033, growing at a CAGR of 8.1% during the forecast period.

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Here are 3-5 expected drivers of future revenue growth for Lincoln Electric (LECO) over the next 2-3 years:

Product Innovation and Advanced Solutions, particularly in Automation and Robotics: Lincoln Electric is focused on developing and leveraging advanced arc welding solutions, including expertise in automation, power electronics, and software. The company has demonstrated strong operational execution in its automation portfolio, and the broader robotics market is poised for significant growth, fueled by technological breakthroughs and increased demand for automation.
Strategic Acquisitions: Lincoln Electric's growth strategy includes strategic acquisitions to expand its capabilities and geographic reach. Recent acquisitions, such as RedViking and Vanair, have contributed to sales growth.
Market and Channel Expansion: The company is expanding into emerging markets and strengthening its presence in existing ones. Within its Harris Products Group, volume growth is being driven by expansion in the Heating, Ventilation, and Air Conditioning (HVAC) sector and retail channels.
Strategic Pricing Initiatives: Lincoln Electric has demonstrated its ability to implement price increases, which have positively contributed to sales. The company anticipates being "price positive" in upcoming quarters.
Organic Volume Growth in Key Segments: While subject to market conditions, Lincoln Electric expects low single-digit organic sales growth in 2025. Specific segments like the Harris Products Group are experiencing volume growth, notably driven by ongoing strength in the HVAC industry.

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Share Repurchases

A multi-year share repurchase program totaling US$862.22 million was completed, having bought back 4,692,047 shares since February 2020.
In February 2020, Lincoln Electric's Board of Directors authorized a new share repurchase program for up to 10 million shares, in addition to 2.8 million shares remaining from a previous program.
In 2024, Lincoln Electric returned $426 million to shareholders through its dividend program and share repurchases.

Share Issuance

Lincoln Electric has shown a net reduction in shares outstanding over the last few years, with 0.057 billion shares outstanding in 2024 (a 1.76% decline from 2023) and 0.056 billion shares outstanding in the third quarter of 2025 (a 2.61% decline year-over-year).

Outbound Investments

In December 2022, Lincoln Electric acquired Fori Automation, LLC, which was partially funded by a $400 million senior secured term loan, increasing annualized automation portfolio revenue to over $850 million.
In 2024, Lincoln Electric acquired three businesses to enhance its core welding and automation portfolios. The company also acquired Inrotech and Vanair, expected to add approximately $175 million in annualized sales.
In July 2025, the company entered an agreement to acquire the remaining 65% of Alloy Steel Australia (Int) Pty Ltd. for approximately $90 million, aiming to fully own Alloy Steel, which has annual revenues of around $50 million.

Capital Expenditures

Capital expenditures were $31.636 million in the third quarter of 2025 and $35.722 million in the third quarter of 2024.
Expected capital expenditures for 2025 are projected at $93 million, representing 2% of revenue.
Anticipated investments for 2025 are focused on capital maintenance, efficiency, cost reduction, business growth, and improvements in safety and environmental conditions.

Better Bets than Lincoln Electric (LECO)

INDUSTRY: Industrial Machinery & Supplies & Components

Higher Rev Chg 3Y Avg | Lower P/S (Values for LECO: 4.5% | 3.3x)

GWW (6.3% | 2.8x)

W.W. Grainger

FTV (9.4% | 2.5x)

Fortive

FLS (10.5% | 2.0x)

Flowserve

GTLS (43.7% | 2.2x)

Chart Industries

JBTM (41.0% | 2.5x)

JBT Marel

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LECO: 4.5% | 18.7x)

FTV (9.4% | 14.7x)

Fortive

GTLS (43.7% | 13.5x)

Chart Industries

MWA (4.7% | 14.4x)

Mueller Water Products

HI (6.2% | 14.3x)

Hillenbrand

PSIX (15.9% | 13.6x)

Power Solutions International

Higher Rev Chg LTM (Value for LECO: 3.2%)

FTV (27.9%)

Fortive

RBC (8.3%)

RBC Bearings

XYL (5.6%)

Xylem

GWW (4.8%)

W.W. Grainger

IR (4.2%)

Ingersoll Rand

Higher Rev Chg 3Y Avg (Value for LECO: 4.5%)

XYL (18.9%)

Xylem

IR (9.4%)

Ingersoll Rand

PH (7.4%)

Parker Hannifin

GWW (6.3%)

W.W. Grainger

HUBB (5.7%)

Hubbell

Higher Op Mgn LTM (Value for LECO: 17.4%)

ITW (26.2%)

Illinois Tool Works

SNA (25.8%)

Snap-on

PH (20.7%)

Parker Hannifin

HUBB (20.5%)

Hubbell

IR (19.8%)

Ingersoll Rand

Higher CFO/Rev LTM (Value for LECO: 15.9%)

SNA (21.6%)

Snap-on

ITW (20.6%)

Illinois Tool Works

PH (19.0%)

Parker Hannifin

IR (18.5%)

Ingersoll Rand

HUBB (17.8%)

Hubbell

Higher FCF/Rev LTM (Value for LECO: 13.1%)

SNA (20.1%)

Snap-on

ITW (17.9%)

Illinois Tool Works

PH (16.9%)

Parker Hannifin

IR (16.8%)

Ingersoll Rand

HUBB (15.0%)

Hubbell

Higher Total Yield (Value for LECO: 5.1%)

DOV (9.2%)

Dover

SNA (6.7%)

Snap-on

ITW (6.5%)

Illinois Tool Works

OTIS (5.8%)

Otis Worldwide

IEX (5.1%)

IDEX

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for LECO: 4.5% | 3.3x)

RTX (9.4% | 2.9x)

RTX

BA (10.1% | 2.0x)

Boeing

HON (5.2% | 3.1x)

Honeywell International

GD (9.9% | 1.8x)

General Dynamics

NOC (5.2% | 2.0x)

Northrop Grumman

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LECO: 4.5% | 18.7x)

HON (5.2% | 16.3x)

Honeywell International

GD (9.9% | 17.3x)

General Dynamics

TDG (17.7% | 18.2x)

TransDigm

CP (22.2% | 12.2x)

Canadian Pacific Kansas City

URI (13.2% | 13.3x)

United Rentals

Higher Rev Chg LTM (Value for LECO: 3.2%)

UBER (18.2%)

Uber Technologies

GE (17.7%)

GE Aerospace

BA (10.2%)

Boeing

GEV (9.4%)

GE Vernova

RTX (8.8%)

RTX

Higher Rev Chg 3Y Avg (Value for LECO: 4.5%)

UBER (19.6%)

Uber Technologies

GE (15.7%)

GE Aerospace

BA (10.1%)

Boeing

RTX (9.4%)

RTX

CAT (4.9%)

Caterpillar

Higher Op Mgn LTM (Value for LECO: 17.4%)

UNP (40.6%)

Union Pacific

GE (20.5%)

GE Aerospace

HON (18.9%)

Honeywell International

DE (18.8%)

Deere

CAT (17.7%)

Caterpillar

Higher CFO/Rev LTM (Value for LECO: 15.9%)

UNP (39.6%)

Union Pacific

UBER (18.1%)

Uber Technologies

CAT (17.8%)

Caterpillar

GE (17.2%)

GE Aerospace

DE (16.7%)

Deere

Higher FCF/Rev LTM (Value for LECO: 13.1%)

UNP (24.5%)

Union Pacific

UBER (17.5%)

Uber Technologies

PH (16.9%)

Parker Hannifin

HON (15.2%)

Honeywell International

GE (14.7%)

GE Aerospace

Higher Total Yield (Value for LECO: 5.1%)

UBER (9.8%)

Uber Technologies

UNP (7.4%)

Union Pacific

HON (7.2%)

Honeywell International

LMT (5.8%)

Lockheed Martin

DE (5.3%)

Deere

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LECO: 4.5% | 3.3x)

BRK-B (19.8% | 2.7x)

Berkshire Hathaway

WMT (5.4% | 1.3x)

Walmart

COST (6.7% | 1.4x)

Costco Wholesale

UNH (11.4% | 0.7x)

UnitedHealth

C (5.0% | 2.6x)

Citigroup

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LECO: 4.5% | 18.7x)

V (10.9% | 17.3x)

Visa

UNH (11.4% | 11.4x)

UnitedHealth

PM (8.0% | 16.9x)

Philip Morris International

DIS (4.5% | 14.8x)

Walt Disney

ADBE (10.5% | 17.8x)

Adobe

Higher Rev Chg LTM (Value for LECO: 3.2%)

NVDA (65.2%)

NVIDIA

MSFT (15.6%)

Microsoft

GOOGL (13.4%)

Alphabet

AMZN (10.9%)

Amazon.com

AAPL (6.0%)

Apple

Higher Rev Chg 3Y Avg (Value for LECO: 4.5%)

NVDA (91.6%)

NVIDIA

META (17.3%)

Meta Platforms

MSFT (13.2%)

Microsoft

AMZN (11.3%)

Amazon.com

GOOGL (11.0%)

Alphabet

Higher Op Mgn LTM (Value for LECO: 17.4%)

NVDA (58.8%)

NVIDIA

MSFT (46.3%)

Microsoft

META (43.2%)

Meta Platforms

GOOGL (32.2%)

Alphabet

AAPL (31.9%)

Apple

Higher CFO/Rev LTM (Value for LECO: 15.9%)

MSFT (50.0%)

Microsoft

NVDA (44.4%)

NVIDIA

GOOGL (39.3%)

Alphabet

AAPL (26.6%)

Apple

AMZN (18.1%)

Amazon.com

Higher FCF/Rev LTM (Value for LECO: 13.1%)

NVDA (41.3%)

NVIDIA

MSFT (26.6%)

Microsoft

META (23.7%)

Meta Platforms

AAPL (23.5%)

Apple

GOOGL (19.1%)

Alphabet

Higher Total Yield (Value for LECO: 5.1%)

XOM (9.2%)

Exxon Mobil

JNJ (7.5%)

Johnson & Johnson

JPM (6.4%)

JPMorgan Chase

BRK-B (6.3%)

Berkshire Hathaway

V (5.1%)

Visa

		Best Bets In Industrials Sector
	LECO	GATX	VRSK	PAYX	ADT	AGX	PCTY	TDG	FTV	VRRM	CSW
What You Pay
P/E	25.9	19.9	33.4	25.7	10.4	37.5	37.9	36.7	30.6	70.3	35.9
P/EBIT	18.9	9.6	22.8	17.7	5.2	37.6	27.2	18.1	14.9	20.8	27.7
What You Get
Rev Chg Q	7.9%	8.4%	5.9%	18.3%	4.4%	-2.3%	12.5%	11.5%	2.3%	16.1%	21.5%
Rev Chg LTM	3.2%	10.7%	7.3%	12.4%	6.3%	13.5%	13.3%	11.2%	27.9%	8.5%	14.9%
Rev Chg 3Y Avg	4.5%	10.3%	13.4%	7.9%	3.4%	26.9%	21.4%	17.7%	9.4%	9.1%	11.3%
FCF/Rev 3Y Avg	13.3%	39.2%	33.2%	32.6%	24.7%	24.5%	21.5%	21.0%	20.1%	19.0%	18.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 16%, alpha of 4.2%, and sharpe of 0.76

Latest Trefis Analyses

	Title	Topic
0	DASHBOARDS
1	Lincoln Electric Earnings Notes
2	Lincoln Electric Earnings Notes
3	Can Lincoln Electric Stock Hold Up When Markets Turn?	Return
4	Lincoln Electric vs Johnson & Johnson: Which Is A Better Investment?	Counter-Intuitive Comparisons
5	Lincoln Electric vs United Rentals: Which Is A Better Investment?	Counter-Intuitive Comparisons
6	Lincoln Electric vs Mueller Industries: Which Is A Better Investment?	Counter-Intuitive Comparisons
7	How Does Lincoln Electric Stock Stack Up Against Its Peers?	Peer Comparison
8	Better Bet Than LECO Stock: Pay Less Than Lincoln Electric To Get More From UNH, DIS
9	Better Bet Than LECO Stock: Pay Less Than Lincoln Electric To Get More From GWW, WAB
10	Better Bet Than LECO Stock: Pay Less Than Lincoln Electric To Get More From GWW, GTLS

	Title
0	ARTICLES

Trade Ideas

Select ideas related to LECO. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
CNM_11212025_Dip_Buyer_FCFYield	11212025	CNM	Core & Main	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	18.3%	18.3%	-1.6%
VRRM_11212025_Dip_Buyer_FCFYield	11212025	VRRM	Verra Mobility	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	5.5%	5.5%	-1.2%
LII_11212025_Dip_Buyer_ValueBuy	11212025	LII	Lennox International	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	7.1%	7.1%	0.0%
ADP_11212025_Monopoly_xInd_xCD_Getting_Cheaper	11212025	ADP	Automatic Data Processing	Monopoly	MY \| Getting CheaperMonopoly-Like with P/S Decline Large cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple	2.9%	2.9%	-1.2%
CW_11212025_Quality_Momentum_RoomToRun_10%	11212025	CW	Curtiss-Wright	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	5.7%	5.7%	-0.4%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ZETA	Zeta Global	4.6	8.3%	15.1%
SGML	Sigma Lithium	1.6	7.3%	29.2%
USAS	Americas Gold And Silver	1.6	6.6%	557.6%
CPNG	Coupang	44.2	6.4%	10.4%
LION	Lionsgate Studios	2.7	4.6%	-69.9%
BBW	Build-A-Bear Workshop	0.8	4.4%	37.8%
XRAY	Dentsply Sirona	2.3	4.2%	-36.3%
BLMN	Bloomin Brands	0.6	3.8%	-41.2%
FUN	Six Flags Entertainment	1.5	3.8%	-69.1%
SVM	Silvercorp Metals	1.9	3.6%	198.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
FLY	Firefly Aerospace	3.3	-13.7%	-61.3%
TMC	TMC The Metals	2.5	-10.5%	508.9%
ORGO	Organogenesis	0.7	-10.1%	64.8%
AAOI	Applied Optoelectronics	2.4	-9.3%	0.8%
BKSY	BlackSky Technology	0.7	-9.0%	79.0%
LUNR	Intuitive Machines	1.8	-8.7%	-16.0%
RCAT	Red Cat	0.8	-8.7%	-35.4%
RGTI	Rigetti Computing	6.7	-8.7%	46.7%
RDW	Redwire	1.0	-8.6%	-56.6%
RKLB	Rocket Lab	36.4	-8.5%	177.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
OMER	Omeros	0.9	71.5%	59.0%
RZLT	Rezolute	0.3	44.3%	-45.5%
DVAX	Dynavax Technologies	1.8	41.5%	20.4%
LUNR	Intuitive Machines	1.8	40.6%	-16.0%
UAMY	United States Antimony	0.7	39.0%	252.5%
FOLD	Amicus Therapeutics	4.4	30.9%	51.3%
ADEA	Adeia	1.9	30.3%	23.0%
HUT	Hut 8	5.2	28.6%	142.3%
AAOI	Applied Optoelectronics	2.4	27.1%	0.8%
SGML	Sigma Lithium	1.6	24.9%	29.2%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TPL	Texas Pacific Land	6.6	-67.9%	-21.5%
LW	Lamb Weston	5.9	-29.0%	-35.3%
TLRY	Tilray Brands	10.2	-22.2%	-27.8%
TDUP	ThredUp	0.8	-18.2%	348.2%
LAB	Standard BioTools	0.5	-16.9%	-21.1%
OLMA	Olema Pharmaceuticals	2.2	-14.9%	349.9%
EVEX	Eve	1.4	-12.0%	-21.9%
IRON	Disc Medicine	2.8	-11.2%	26.7%
AVO	Mission Produce	0.8	-11.1%	-18.8%
CABO	Cable One	0.7	-10.6%	-67.4%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
TLRY	Tilray Brands	10.2	876.4%	-27.8%
HPP	Hudson Pacific Properties	4.7	452.7%	-51.0%
WVE	WAVE Life Sciences	2.9	139.2%	43.7%
TE	T1 Energy	1.1	106.7%	400.0%
VERA	Vera Therapeutics	3.4	82.1%	26.7%
OMER	Omeros	0.9	66.2%	59.0%
RKLB	Rocket Lab	36.4	65.8%	177.4%
PL	Planet Labs PBC	5.9	65.0%	379.2%
AAOI	Applied Optoelectronics	2.4	63.5%	0.8%
LUNR	Intuitive Machines	1.8	62.4%	-16.0%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
RZLT	Rezolute	0.3	-72.0%	-45.5%
JANX	Janux Therapeutics	0.9	-59.0%	-73.4%
FRMI	Fermi	5.3	-46.0%	-76.6%
LENZ	LENZ Therapeutics	0.5	-43.5%	-41.6%
GOGO	Gogo	0.6	-35.3%	-43.0%
HPK	HighPeak Energy	0.5	-33.9%	-70.4%
PACB	Pacific Biosciences of California	0.5	-32.7%	-3.3%
LDI	loanDepot	0.4	-29.6%	3.9%
ORIC	ORIC Pharmaceuticals	0.6	-29.0%	2.2%
LW	Lamb Weston	5.9	-28.6%	-35.3%

Peer Comparisons for Lincoln Electric

Peers to compare with:

Financials

	LECO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lincoln .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Price	246.47	23.26	24.49	305.09	78.16	273.40	162.31
Mkt Cap	13.6	21.9	32.6	284.9	309.2	4,074.4	158.8
Rev LTM	4,176	55,295	34,296	65,402	57,696	408,625	56,496
Op Inc LTM	728	3,624	1,644	11,544	12,991	130,214	7,584
FCF LTM	546	2,800	627	11,854	12,733	96,184	7,327
FCF 3Y Avg	544	2,978	1,400	11,753	13,879	100,503	7,366
CFO LTM	662	3,697	2,919	13,483	13,744	108,565	8,590
CFO 3Y Avg	648	3,672	3,896	13,498	14,736	111,559	8,697

Growth & Margins

	LECO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lincoln .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Rev Chg LTM	3.2%	3.2%	13.8%	4.5%	8.9%	6.0%	5.2%
Rev Chg 3Y Avg	4.5%	-3.9%	6.5%	2.6%	3.7%	1.8%	3.2%
Rev Chg Q	7.9%	4.2%	14.4%	9.1%	7.5%	9.6%	8.5%
QoQ Delta Rev Chg LTM	1.9%	1.1%	3.7%	2.1%	1.8%	2.1%	2.0%
Op Mgn LTM	17.4%	6.6%	4.8%	17.7%	22.5%	31.9%	17.5%
Op Mgn 3Y Avg	17.0%	7.4%	7.2%	16.4%	24.2%	30.8%	16.7%
QoQ Delta Op Mgn LTM	0.1%	-0.2%	-1.4%	0.6%	0.4%	0.1%	0.1%
CFO/Rev LTM	15.9%	6.7%	8.5%	20.6%	23.8%	26.6%	18.2%
CFO/Rev 3Y Avg	15.8%	6.8%	12.7%	21.4%	26.1%	28.4%	18.6%
FCF/Rev LTM	13.1%	5.1%	1.8%	18.1%	22.1%	23.5%	15.6%
FCF/Rev 3Y Avg	13.3%	5.5%	4.6%	18.6%	24.6%	25.6%	16.0%

Valuation

	LECO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lincoln .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
Mkt Cap	13.6	21.9	32.6	284.9	309.2	4,074.4	158.8
P/S	3.3	0.4	1.0	4.4	5.4	10.0	3.8
P/EBIT	18.9	6.8	19.9	25.1	22.5	31.3	21.2
P/E	25.9	8.6	572.7	36.0	29.9	41.0	33.0
P/CFO	20.5	5.9	11.2	21.1	22.5	37.5	20.8
Total Yield	5.1%	14.1%	2.3%	5.0%	5.4%	2.8%	5.0%
Dividend Yield	1.2%	2.5%	2.1%	2.2%	2.1%	0.4%	2.1%
FCF Yield 3Y Avg	4.8%	10.6%	5.5%	6.4%	6.0%	3.1%	5.7%
D/E	0.1	0.5	0.7	0.2	0.1	0.0	0.2
Net D/E	0.1	0.3	0.6	0.2	0.0	0.0	0.1

Returns

	LECO	HPQ	HPE	IBM	CSCO	AAPL	Median
Name	Lincoln .	HP	Hewlett .	Internat.	Cisco Sy.	Apple
1M Rtn	3.2%	-1.8%	14.4%	0.6%	2.7%	-1.5%	1.7%
3M Rtn	4.5%	-11.9%	2.7%	7.9%	17.0%	7.1%	5.8%
6M Rtn	18.6%	-4.0%	34.5%	6.6%	15.2%	36.3%	16.9%
12M Rtn	31.0%	-27.3%	14.2%	39.2%	33.7%	6.0%	22.6%
3Y Rtn	75.6%	-3.8%	67.7%	139.0%	79.5%	113.4%	77.6%
1M Excs Rtn	1.2%	-5.6%	12.9%	-2.2%	-0.0%	-3.7%	-1.1%
3M Excs Rtn	0.1%	-16.2%	-1.7%	3.6%	12.7%	2.8%	1.5%
6M Excs Rtn	6.3%	-16.3%	22.3%	-5.7%	3.0%	24.0%	4.6%
12M Excs Rtn	16.0%	-42.9%	-0.7%	25.0%	19.9%	-8.4%	7.6%
3Y Excs Rtn	1.9%	-83.5%	-11.2%	59.6%	-1.2%	28.4%	0.3%

Comparison Analyses

	Title
0	How Does Lincoln Electric Stock Stack Up Against Its Peers?
1	Lincoln Electric vs. Illinois Tool Works: Neither Seems Like A Good Bet
2	LECO or KMB - With 12% Return Forecast, KMB Probably Deserves Your Money
3	LECO Looks Stronger Than DCI With 10% Return Potential
4	Lincoln Electric vs. Cadence Design Systems: With Return Forecast Of 9.9%, Lincoln Electric Is A Better Bet
5	Lincoln Electric vs. Fortinet: With Return Forecast Of 20%, Fortinet Is A Better Bet
6	Lincoln Electric vs. Arista Networks: Both Seem Similar Bets
7	Lincoln Electric vs ARAMARK Holdings: Similar Market Cap; Which Stock Is A Better Bet?
8	Lincoln Electric vs Penumbra: Similar Market Cap; Which Stock Is A Better Bet?
9	Lincoln Electric vs Marvell Technology Group: Similar Revenue; Which Stock Is A Better Bet?

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	10/30/2025	2/26/2025	2/27/2024	2/21/2023	2/18/2022	2/19/2021	2/27/2020
Key Financials
Total Revenue	4,176	4,009	4,192	3,761	3,234	2,655	3,003
EBITDA	816	725	818	700	428	367	473
Operating Income	728	692	707	624	471	328	386
Net Income	525	466	545	472	277	206	293
EPS	9.41	8.23	9.50	8.14	4.66	3.46	4.73
Growth Rates
Total Revenue Growth	3.2%	-4.4%	11.4%	16.3%	21.8%	-11.6%	-0.8%
EBITDA Growth	8.6%	-11.3%	16.8%	63.5%	16.9%	-22.6%	3.2%
Operating Income Growth	5.0%	-2.0%	13.2%	32.4%	44.0%	-15.2%	-3.7%
Net Income Growth	8.7%	-14.5%	15.5%	70.7%	34.2%	-29.7%	2.1%
Margins
EBITDA Margin	19.5%	18.1%	19.5%	18.6%	13.2%	13.8%	15.8%
Operating Income Margin	17.4%	17.3%	16.9%	16.6%	14.6%	12.3%	12.9%
Net Income Margin	12.6%	11.6%	13.0%	12.6%	8.6%	7.8%	9.8%
Cash & Debt
Total Cash	293	377	394	197	193	257	200
Total Debt	1,239	1,261	1,105	1,204	770	718	747
Net Debt / (Cash)	946	884	711	1,007	577	461	548
Cash Flows
Net Cash from Operations	662	599	668	383	365	351	403
Free Cash from Operations	546	482	577	312	303	292	334
Returns to Shareholders
Dividends	167	162	148	131	122	118	118
Share Repurchases	339	264	199	181	165	113	293

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	10/30/2025	7/31/2025	4/30/2025	2/26/2025	10/31/2024	7/31/2024	4/25/2024	2/27/2024	10/27/2023	7/27/2023	4/27/2023	2/21/2023
Key Financials Quarterly
Total Revenue	1,061	1,089	1,004	1,022	984	1,022	981	1,059	1,033	1,061	1,039	931
Ebitda	204	221	189	202	167	168	189	228	194	207	190	163
Operating Income	182	195	169	182	166	175	170	182	179	181	165	144
Net Income	123	143	118	140	101	102	123	157	129	137	122	109
EPS	2.23	2.58	2.11	2.49	1.78	1.79	2.17	2.75	2.26	2.39	2.12	1.89
Key Financials TTM
Total Revenue TTM	4,176	4,099	4,032	4,009	4,045	4,095	4,133	4,192	4,064	3,966	3,875	3,761
Ebitda TTM	816	778	725	725	751	778	817	818	754	725	704	700
Operating Income TTM	728	711	691	692	693	706	711	707	668	640	626	624
Net Income TTM	525	503	461	466	483	511	547	545	498	478	468	472
Growth Rates Quarterly
Total Revenue Growth	7.9%	6.6%	2.4%	-3.4%	-4.8%	-3.7%	-5.6%	13.7%	10.5%	9.4%	12.3%	10.3%
EBITDA Growth	22.7%	31.2%	0.1%	-11.5%	-14.0%	-18.6%	-0.5%	39.3%	17.5%	11.0%	2.2%	67.4%
Operating Income Growth	10.1%	11.0%	-0.5%	-0.3%	-7.1%	-3.0%	2.7%	26.6%	18.6%	8.4%	1.3%	18.0%
Net Income Growth	21.7%	41.0%	-4.0%	-10.5%	-22.1%	-25.9%	1.2%	43.5%	18.4%	7.4%	-3.3%	46.4%
Margins Quarterly
EBITDA Margin	19.3%	20.3%	18.8%	19.7%	16.9%	16.5%	19.3%	21.5%	18.8%	19.5%	18.3%	17.6%
Operating Income Margin	17.2%	17.9%	16.8%	17.8%	16.9%	17.2%	17.3%	17.2%	17.3%	17.0%	15.9%	15.5%
Net Income Margin	11.6%	13.2%	11.8%	13.7%	10.2%	10.0%	12.6%	14.8%	12.5%	12.9%	11.7%	11.7%
Cash & Debt
Total Cash	293	299	395	377	404	273	375	394	343	220	199	197
Total Debt	1,239	1,256	1,260	1,261	1,263	1,105	1,107	1,105	1,111	1,114	1,160	1,204
Net Debt / (Cash)	946	956	865	884	858	832	732	711	768	894	961	1,007
Cash Flows Quarterly
FCF from Operations	237	144	186	96	199	171	133	122	223	199	124	112
Cash Flows TTM
FCF from Operations TTM	662	625	651	599	625	649	677	668	658	565	464	383
Returns to Shareholders Quarterly
Dividends	42	42	43	40	40	40	41	37	37	37	38	32
Share Repurchases	53	127	107	53	50	50	110	68	45	53	32	25
Return on Invested Capital (ROIC) Quarterly
ROIC	57.0%	63.6%	60.3%	69.0%	59.0%	62.7%	72.1%	81.4%	74.5%	64.2%	54.0%	46.0%
Return on Invested Capital (ROIC) TTM
ROIC TTM	60.3%	58.8%	62.6%	61.5%	62.4%	66.3%	76.9%	78.8%	69.2%	56.9%	51.8%	49.4%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Americas Welding	2,783	2,411	1,824	1,510	1,816
International Welding	1,072	986	948	787	854
The Harris Products Group	507	529	462	359	333
Corporate/Eliminations	-170	-165
Total	4,192	3,761	3,234	2,655	3,003

Assets by Segment

$ Mil	2024	2023	2022	2021	2020
Americas Welding	2,366	2,123	1,521	1,423	1,490
International Welding	1,046	995	938	807	832
The Harris Products Group	340	362	331	226	204
Corporate/Eliminations	-375	-299	-198	-142	-155
Total	3,377	3,181	2,592	2,314	2,371

Price Behavior

Price Behavior

Market Price	$246.47
Market Cap ($ Bil)	13.6
First Trading Date	06/13/1995
Distance from 52W High	-1.8%
	50 Days	200 Days
DMA Price	$236.88	$218.12
DMA Trend	up	indeterminate
Distance from DMA	4.0%	13.0%
	3M	1YR
Volatility	24.6%	31.1%
Downside Capture	105.02	96.89
Upside Capture	104.71	109.59
Correlation (SPY)	54.1%	66.5%

LECO Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.99	0.96	0.92	0.86	1.05	1.08
Up Beta	0.35	1.13	1.25	1.22	1.12	1.12
Down Beta	0.67	1.31	1.09	1.10	1.04	1.03
Up Capture	128%	74%	57%	79%	96%	119%
Bmk +ve Days	13	26	39	74	142	427
Stock +ve Days	11	22	32	68	122	394
Down Capture	116%	80%	89%	49%	100%	102%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	9	20	31	58	126	353

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

		Comparison of LECO With Other Asset Classes (Last 1Y)
	LECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	31.8%	19.3%	17.8%	72.1%	8.6%	4.4%	-8.3%
Annualized Volatility	30.9%	18.8%	19.4%	19.3%	15.2%	17.0%	35.0%
Sharpe Ratio	0.91	0.80	0.72	2.70	0.34	0.09	-0.08
Correlation With Other Assets		72.1%	66.3%	3.9%	22.2%	53.0%	22.8%

ETFs used for asset classes: Sector ETF = XLI, Equity = SPY, Gold = GLD, Commodities = DBC, Real Estate = VNQ, and Bitcoin = BTCUSD
Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

		Comparison of LECO With Other Asset Classes (Last 5Y)
	LECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	17.4%	13.8%	14.7%	18.7%	11.5%	4.6%	30.8%
Annualized Volatility	26.0%	17.2%	17.1%	15.5%	18.7%	18.9%	48.7%
Sharpe Ratio	0.62	0.65	0.70	0.97	0.50	0.16	0.57
Correlation With Other Assets		73.3%	60.3%	9.2%	17.9%	50.2%	19.9%

Based On 10-Year Data

		Comparison of LECO With Other Asset Classes (Last 10Y)
	LECO	Sector ETF	Equity	Gold	Commodities	Real Estate	Bitcoin
Annualized Return	19.3%	13.5%	14.8%	15.3%	7.0%	5.3%	69.2%
Annualized Volatility	27.2%	19.9%	18.0%	14.7%	17.6%	20.8%	55.8%
Sharpe Ratio	0.69	0.60	0.71	0.86	0.32	0.22	0.90
Correlation With Other Assets		77.0%	66.9%	0.8%	26.7%	52.9%	13.2%

Short Interest

Short Interest: As Of Date	12152025
Short Interest: Shares Quantity	737,685
Short Interest: % Change Since 11302025	-24.1%
Average Daily Volume	294,082
Days-to-Cover Short Interest	2.51
Basic Shares Quantity	55,097,000
Short % of Basic Shares	1.3%

Returns Analyses

	Title
0	Can Lincoln Electric Stock Hold Up When Markets Turn?
1	Lincoln Electric Stock Return Comparison
2	[10/6/2021] Lincoln Electric (LECO) Stock Price Forecast: AI Forecasts LECO Stock Price To Be Around $136 In A Month (Up 1.2%)
3	Lincoln Electric (LECO) Stock Return: AI Predicts LECO Average and Excess Return After a Fall or Rise

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
10/30/2025	0.7%	-2.6%	1.0%
7/31/2025	9.0%	8.3%	9.9%
4/30/2025	-4.2%	-1.9%	6.2%
2/13/2025	10.2%	9.1%	-1.8%
10/31/2024	-2.4%	10.7%	10.8%
7/31/2024	-2.9%	-9.8%	-8.1%
4/25/2024	-4.1%	-7.7%	-13.5%
2/15/2024	7.9%	7.3%	7.3%
...
SUMMARY STATS
# Positive	11	12	15
# Negative	12	11	8
Median Positive	2.7%	5.9%	7.7%
Median Negative	-2.5%	-2.6%	-6.7%
Max Positive	10.2%	10.7%	17.2%
Max Negative	-7.3%	-9.8%	-19.6%

	Forward Returns
10/30/2025	0.7%	-2.6%	1.0%
7/31/2025	9.0%	8.3%	9.9%
4/30/2025	-4.2%	-1.9%	6.2%
2/13/2025	10.2%	9.1%	-1.8%
10/31/2024	-2.4%	10.7%	10.8%
7/31/2024	-2.9%	-9.8%	-8.1%
4/25/2024	-4.1%	-7.7%	-13.5%
2/15/2024	7.9%	7.3%	7.3%
10/27/2023	2.7%	7.4%	17.2%
7/27/2023	-3.0%	-3.1%	-9.0%
2/21/2023	-7.3%	-4.7%	-5.2%
10/27/2022	1.1%	0.3%	7.7%
7/28/2022	2.1%	4.4%	8.8%
4/28/2022	5.8%	8.6%	4.0%
2/10/2022	-2.5%	-1.7%	-3.5%
10/28/2021	-2.5%	-1.7%	-2.6%
7/27/2021	-1.0%	0.1%	0.8%
4/27/2021	2.2%	2.1%	0.3%
2/12/2021	-0.5%	-0.8%	8.8%
10/27/2020	-1.1%	2.2%	12.6%
7/27/2020	2.4%	-1.2%	6.2%
4/27/2020	6.2%	1.1%	10.2%
2/13/2020	-1.7%	-5.2%	-19.6%
SUMMARY STATS
# Positive	11	12	15
# Negative	12	11	8
Median Positive	2.7%	5.9%	7.7%
Median Negative	-2.5%	-2.6%	-6.7%
Max Positive	10.2%	10.7%	17.2%
Max Negative	-7.3%	-9.8%	-19.6%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
9302025	10302025	10-Q 9/30/2025
6302025	7312025	10-Q 6/30/2025
3312025	4302025	10-Q 3/31/2025
12312024	2262025	10-K 12/31/2024
9302024	10312024	10-Q 9/30/2024
6302024	7312024	10-Q 6/30/2024
3312024	4252024	10-Q 3/31/2024
12312023	2272024	10-K 12/31/2023
9302023	10272023	10-Q 9/30/2023
6302023	7272023	10-Q 6/30/2023
3312023	4272023	10-Q 3/31/2023
12312022	2212023	10-K 12/31/2022
9302022	10272022	10-Q 9/30/2022
6302022	7282022	10-Q 6/30/2022
3312022	4282022	10-Q 3/31/2022
12312021	2182022	10-K 12/31/2021

Insider Activity

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External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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Lincoln Electric (LECO)

Market Price (12/27/2025): $245.72 | Market Cap: $13.5 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components

Lincoln Electric (LECO)

Market Price (12/27/2025): $245.72Market Cap: $13.5 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

LECO Stock

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Lincoln Electric (LECO)

Industrial & Heavy Fabrication Companies:

Automotive & Transportation Sector:

Energy Sector Companies:

Global Distribution Networks:

Welding Equipment

Welding Consumables

Cutting Equipment

Automation Solutions (including Robotic Welding Systems)

Interactive Breakdown

Better Bets than Lincoln Electric (LECO)

INDUSTRY: Industrial Machinery & Supplies & Components

Higher Rev Chg 3Y Avg | Lower P/S (Values for LECO: 4.5% | 3.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LECO: 4.5% | 18.7x)

Higher Rev Chg LTM (Value for LECO: 3.2%)

Higher Rev Chg 3Y Avg (Value for LECO: 4.5%)

Higher Op Mgn LTM (Value for LECO: 17.4%)

Higher CFO/Rev LTM (Value for LECO: 15.9%)

Higher FCF/Rev LTM (Value for LECO: 13.1%)

Higher Total Yield (Value for LECO: 5.1%)

SECTOR: Industrials

Higher Rev Chg 3Y Avg | Lower P/S (Values for LECO: 4.5% | 3.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LECO: 4.5% | 18.7x)

Higher Rev Chg LTM (Value for LECO: 3.2%)

Higher Rev Chg 3Y Avg (Value for LECO: 4.5%)

Higher Op Mgn LTM (Value for LECO: 17.4%)

Higher CFO/Rev LTM (Value for LECO: 15.9%)

Higher FCF/Rev LTM (Value for LECO: 13.1%)

Higher Total Yield (Value for LECO: 5.1%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for LECO: 4.5% | 3.3x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for LECO: 4.5% | 18.7x)

Higher Rev Chg LTM (Value for LECO: 3.2%)

Higher Rev Chg 3Y Avg (Value for LECO: 4.5%)

Higher Op Mgn LTM (Value for LECO: 17.4%)

Higher CFO/Rev LTM (Value for LECO: 15.9%)

Higher FCF/Rev LTM (Value for LECO: 13.1%)

Higher Total Yield (Value for LECO: 5.1%)

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Market Price (12/27/2025): $245.72 | Market Cap: $13.5 Bil
Sector: Industrials | Industry: Industrial Machinery & Supplies & Components

Market Price (12/27/2025): $245.72
Market Cap: $13.5 Bil
Sector: Industrials
Industry: Industrial Machinery & Supplies & Components