Lincoln Electric (LECO)
Market Price (4/22/2026): $260.28 | Market Cap: $14.3 BilSector: Industrials | Industry: Industrial Machinery & Supplies & Components
Lincoln Electric (LECO)
Market Price (4/22/2026): $260.28Market Cap: $14.3 BilSector: IndustrialsIndustry: Industrial Machinery & Supplies & Components
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/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% Low stock price volatilityVol 12M is 28% Megatrend and thematic driversMegatrends include Automation & Robotics, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Industrial Robotics, Show more. | Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -0.1% | Key risksLECO key risks include [1] its reliance on cyclical industrial demand, Show more. |
| Attractive cash flow generationCFO/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% |
| Low stock price volatilityVol 12M is 28% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, Renewable Energy Transition, and Electric Vehicles & Autonomous Driving. Themes include Industrial Robotics, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -28%, 3Y Excs Rtn is -0.1% |
| Key risksLECO key risks include [1] its reliance on cyclical industrial demand, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Lincoln Electric (LECO) stock has gained about 10% since 12/31/2025 because of the following key factors:
1. Exceeding Q4 2025 Earnings Expectations and Strong Full-Year 2025 Performance.
Lincoln Electric reported adjusted earnings per share (EPS) of $2.65 for the fourth quarter of 2025, surpassing analysts' consensus estimate of $2.53 by $0.12. For the full year 2025, the company achieved a record adjusted EPS of $9.87 and record net sales of $4.233 billion, reflecting a 2.5% increase in organic sales and a 2.7% benefit from acquisitions. This strong financial performance for both the quarter and the full year likely boosted investor confidence.
2. Positive Strategic Outlook and Shareholder Returns.
The company introduced its new "RISE strategy" with ambitious 2030 targets, including projected sales above $6 billion and an expansion in operating income margin by 300 basis points compared to the last cycle's average. This strategic vision for future growth and profitability, alongside a commitment to shareholder value, was supported by returning $507 million to shareholders through dividends and share repurchases in 2025, and the declaration of a $0.79 quarterly dividend in February 2026.
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1. Exceeding Q4 2025 Earnings Expectations and Strong Full-Year 2025 Performance.
Lincoln Electric reported adjusted earnings per share (EPS) of $2.65 for the fourth quarter of 2025, surpassing analysts' consensus estimate of $2.53 by $0.12. For the full year 2025, the company achieved a record adjusted EPS of $9.87 and record net sales of $4.233 billion, reflecting a 2.5% increase in organic sales and a 2.7% benefit from acquisitions. This strong financial performance for both the quarter and the full year likely boosted investor confidence.
2. Positive Strategic Outlook and Shareholder Returns.
The company introduced its new "RISE strategy" with ambitious 2030 targets, including projected sales above $6 billion and an expansion in operating income margin by 300 basis points compared to the last cycle's average. This strategic vision for future growth and profitability, alongside a commitment to shareholder value, was supported by returning $507 million to shareholders through dividends and share repurchases in 2025, and the declaration of a $0.79 quarterly dividend in February 2026.
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Stock Movement Drivers
Fundamental Drivers
The 8.9% change in LECO stock from 12/31/2025 to 4/21/2026 was primarily driven by a 9.5% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 238.87 | 260.24 | 8.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,176 | 4,233 | 1.4% |
| Net Income Margin (%) | 12.6% | 12.3% | -2.1% |
| P/E Multiple | 25.1 | 27.5 | 9.5% |
| Shares Outstanding (Mil) | 55 | 55 | 0.3% |
| Cumulative Contribution | 8.9% |
Market Drivers
12/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| LECO | 8.9% | |
| Market (SPY) | -5.4% | 54.5% |
| Sector (XLI) | 10.5% | 70.6% |
Fundamental Drivers
The 11.1% change in LECO stock from 9/30/2025 to 4/21/2026 was primarily driven by a 6.1% change in the company's P/E Multiple.| (LTM values as of) | 9302025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 234.30 | 260.24 | 11.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,099 | 4,233 | 3.3% |
| Net Income Margin (%) | 12.3% | 12.3% | 0.2% |
| P/E Multiple | 25.9 | 27.5 | 6.1% |
| Shares Outstanding (Mil) | 56 | 55 | 1.1% |
| Cumulative Contribution | 11.1% |
Market Drivers
9/30/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| LECO | 11.1% | |
| Market (SPY) | -2.9% | 54.0% |
| Sector (XLI) | 11.5% | 70.3% |
Fundamental Drivers
The 39.4% change in LECO stock from 3/31/2025 to 4/21/2026 was primarily driven by a 21.8% change in the company's P/E Multiple.| (LTM values as of) | 3312025 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 186.66 | 260.24 | 39.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4,009 | 4,233 | 5.6% |
| Net Income Margin (%) | 11.6% | 12.3% | 5.8% |
| P/E Multiple | 22.6 | 27.5 | 21.8% |
| Shares Outstanding (Mil) | 56 | 55 | 2.5% |
| Cumulative Contribution | 39.4% |
Market Drivers
3/31/2025 to 4/21/2026| Return | Correlation | |
|---|---|---|
| LECO | 39.4% | |
| Market (SPY) | 16.3% | 66.5% |
| Sector (XLI) | 32.2% | 74.2% |
Fundamental Drivers
The 60.4% change in LECO stock from 3/31/2023 to 4/21/2026 was primarily driven by a 38.6% change in the company's P/E Multiple.| (LTM values as of) | 3312023 | 4212026 | Change |
|---|---|---|---|
| Stock Price ($) | 162.21 | 260.24 | 60.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,761 | 4,233 | 12.5% |
| Net Income Margin (%) | 12.6% | 12.3% | -2.1% |
| P/E Multiple | 19.8 | 27.5 | 38.6% |
| Shares Outstanding (Mil) | 58 | 55 | 5.0% |
| Cumulative Contribution | 60.4% |
Market Drivers
3/31/2023 to 4/21/2026| Return | Correlation | |
|---|---|---|
| LECO | 60.4% | |
| Market (SPY) | 63.3% | 58.1% |
| Sector (XLI) | 76.7% | 70.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| LECO Return | 22% | 5% | 53% | -13% | 30% | 9% | 141% |
| Peers Return | 17% | -5% | 7% | 5% | -10% | -28% | -19% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 4% | 89% |
Monthly Win Rates [3] | |||||||
| LECO Win Rate | 75% | 42% | 67% | 42% | 58% | 75% | |
| Peers Win Rate | 62% | 38% | 42% | 50% | 46% | 42% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| LECO Max Drawdown | -3% | -14% | 0% | -20% | -10% | -0% | |
| Peers Max Drawdown | -5% | -25% | -6% | -6% | -17% | -37% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ITW, KMB, GCDT, OLOX, RYZ. 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] 2026 data is for the year up to 4/21/2026 (YTD)
How Low Can It Go
| Event | LECO | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -21.7% | -25.4% |
| % Gain to Breakeven | 27.7% | 34.1% |
| Time to Breakeven | 50 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -38.9% | -33.9% |
| % Gain to Breakeven | 63.6% | 51.3% |
| Time to Breakeven | 158 days | 148 days |
| 2018 Correction | ||
| % Loss | -27.2% | -19.8% |
| % Gain to Breakeven | 37.4% | 24.7% |
| Time to Breakeven | 661 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -69.3% | -56.8% |
| % Gain to Breakeven | 225.5% | 131.3% |
| Time to Breakeven | 1,059 days | 1,480 days |
Compare to ITW, KMB, GCDT, OLOX, RYZ
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)
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.
AI Analysis | Feedback
Here are 1-3 brief analogies for Lincoln Electric:- Lincoln Electric is like the Keurig of industrial welding, selling both the specialized machines and the recurring consumable products needed to operate them.
- Lincoln Electric is akin to 3M for welding and industrial fabrication, providing a broad range of essential equipment, consumables, and solutions for a critical industrial process.
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- Welding Equipment: Products such as arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, and integrated automation systems for welding processes.
- Welding Consumables: Includes consumable electrodes, fluxes, and specialty welding consumables vital for the welding process.
- Cutting Systems: Offers computer numeric controlled plasma and oxy-fuel cutting systems, along with regulators and torches for various cutting applications.
- Brazing and Soldering Products: Provides consumables used in the brazing and soldering alloys market for joining metals.
- Fume Extraction Equipment: Systems designed to remove harmful fumes generated during welding operations.
- HVAC Components: Manufactures copper and aluminum headers, distributor assemblies, and manifolds primarily for the heating, ventilation, and air conditioning sector.
AI Analysis | Feedback
Lincoln Electric (LECO) primarily sells its products to other companies. The provided background information does not list the names of specific major customer companies. Instead, it describes the industries and distribution channels that constitute its customer base. Therefore, Lincoln Electric's major customers can be identified by the following categories of businesses:- Industrial Distributors, Retailers, and Agents: These companies serve as intermediaries, purchasing Lincoln Electric's products for resale to a broad range of end-users.
- Companies in Diverse Industrial Sectors: This encompasses direct users of welding products across industries such as general fabrication, heavy fabrication, energy and process, automotive and transportation, construction and infrastructure, ship building, and maintenance and repair markets.
- Heating, Ventilation, and Air Conditioning (HVAC) Manufacturers: These companies purchase specific copper and aluminum headers, distributor assemblies, and manifolds manufactured by Lincoln Electric.
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Steven B. Hedlund, President and Chief Executive Officer
Steven B. Hedlund was appointed President and Chief Executive Officer of Lincoln Electric in January 2024, and is set to become Chair of the Board in January 2025. He joined Lincoln Electric in 2008 as Vice President, Strategy and Business Development. Prior to his tenure at Lincoln Electric, he held various executive leadership roles at Fortune Brands, Inc., including Vice President of Growth and Innovation for Master Lock Company and Vice President of Strategic Planning and New Business Development for the Home and Hardware Group. He also served as a principal with the management consulting firm Booz Allen & Hamilton. Mr. Hedlund holds both a Bachelor of Arts and an MBA from Dartmouth College.
Gabriel Bruno, Executive Vice President, Chief Financial Officer and Treasurer
Gabriel Bruno was promoted to Chief Financial Officer in April 2020, and also serves as Executive Vice President, Treasurer, and Principal Accounting Officer. He began his career at Lincoln Electric in 1995 and has held numerous positions of increasing responsibility within Finance and Information Technology. These roles include Corporate Controller, Director of Information Technology, Chief Information Officer (since 2012), and Chief Human Resources Officer (from 2016 to 2018). Before joining Lincoln Electric, Mr. Bruno was a manager in the audit practice of Price Waterhouse. He earned his accounting degree from John Carroll University.
Michele R. Kuhrt, Executive Vice President, Chief Transformation Officer
Michele R. Kuhrt was appointed Executive Vice President, Chief Transformation Officer, effective April 8, 2024. She has over 26 years of experience with Lincoln Electric, having joined the company in 1997 as Director of Taxes. Her previous roles at the company include Executive Vice President, Chief Human Resources Officer, Executive Vice President, Chief Information Officer (since 2016), and Senior Vice President, Tax. Prior to joining Lincoln Electric, Ms. Kuhrt held leadership positions in Tax at Elsag Bailey Process Automation (a unit of ABB) and served as an international tax manager at PricewaterhouseCoopers. She is a Certified Public Accountant (CPA) and holds a bachelor's and master's degree in accountancy from Case Western Reserve University.
Jennifer I. Ansberry, Executive Vice President, General Counsel and Secretary
Jennifer I. Ansberry was elected Executive Vice President, General Counsel and Secretary in 2017. She joined Lincoln Electric in 2004 and has held positions including Vice President, Deputy General Counsel, where she managed global mergers and acquisitions, securities law compliance, corporate governance, and led the environmental, health, and safety organization. Before joining Lincoln Electric, Ms. Ansberry was an associate at Thompson Hine LLP and Keating, Muething & Klekamp LLP. She holds a J.D. from the University of Cincinnati - College of Law and a B.B.A. in accounting from the University of Cincinnati.
Michael J. Whitehead, Senior Vice President and President, Americas Welding
Michael J. Whitehead currently serves as Senior Vice President and President, Americas Welding, with full profit and loss responsibility for the welding segment across North and South America. He also previously held the position of President, Automation/Cutting/Additive Services, under which the global automation business expanded significantly. Mr. Whitehead joined Lincoln Electric in 2005 as chief counsel, intellectual property, and has held various other roles including director of new product development in research and development, president of Lincoln Electric Canada (from 2015 to 2016), and Senior Vice President, Strategy & Business Development. He earned his undergraduate degree in electrical engineering from The Ohio State University and a Juris Doctor degree from the University of New Hampshire School of Law.
AI Analysis | Feedback
The key risks to Lincoln Electric's business operations include its vulnerability to economic cyclicality, intense competition coupled with rapid technological advancements in the welding industry, and challenges in generating organic revenue growth.
- Vulnerability to Economic Cyclicality and Industrial Downturns: Lincoln Electric's financial performance is highly sensitive to the broader economic climate and capital investment cycles within the industrial sectors it serves, such as construction, automotive, and energy. Economic downturns or a slowdown in industrial activity and capital expenditures by its large customers can directly lead to decreased demand for its welding equipment, consumables, and automation solutions, thereby negatively impacting revenue and profitability. The company has experienced past revenue drops during economic downturns, reflecting its sensitivity to these cycles.
- Intense Competition and Rapid Technological Advancements: The global welding and cutting industry is characterized by robust and intense competition from major global players and specialized innovators. Competitors differentiate themselves through product innovation, pricing strategies, brand loyalty, and extensive distribution networks. Furthermore, the industry is undergoing significant technological evolution, with increasing integration of automation, robotics, AI-driven welding systems, and digitalization. While Lincoln Electric invests in research and development and focuses on automation solutions, a failure to keep pace with these rapid technological advancements or to effectively compete with rivals offering advanced solutions could erode its market share and competitive advantage.
- Challenges in Organic Revenue Growth: Lincoln Electric has faced underwhelming organic revenue performance, with reported year-on-year declines over recent periods. This suggests potential underlying challenges in the core business's ability to generate natural growth through its existing products, pricing, or go-to-market strategies. A reliance on acquisitions to drive growth, as implied by this trend, can introduce additional risks such as high costs and integration challenges. This indicates a need for sustained innovation and strategic adjustments to stimulate growth from within its existing operations.
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Lincoln Electric (LECO) operates in several significant addressable markets globally:
- Welding Equipment Market: The global welding equipment market was valued at approximately USD 19.72 billion in 2023 and is projected to reach about USD 27.77 billion by 2030, growing at a CAGR of 5% from 2024 to 2030. Other estimates place the global market value at USD 28.4 billion in 2026, projected to reach USD 44.2 billion by 2033. Asia Pacific was the largest revenue-generating market for welding equipment in 2023.
- Welding Consumables Market: The global welding consumables market size was valued at USD 13.92 billion in 2025 and is projected to grow to USD 22.80 billion by 2034, with a CAGR of 5.3%. Another report estimates the global market at USD 20.82 billion in 2025, expected to reach USD 36.90 billion by 2035. Asia Pacific dominated this market in 2025.
- Robotic Welding and Welding Automation Market: The global robotic welding market was valued at USD 8.10 billion in 2025 and is projected to grow to USD 27.90 billion by 2034. Another estimate for the global welding robotics market indicates a value of USD 10.84 billion in 2024, expected to grow to USD 31.14 billion by 2034. The global welding automation robots market size was recorded at $8.17 billion in 2025 and is projected to reach $17.34 billion by 2033. Asia Pacific dominated the global robotic welding market in 2025.
- Plasma Cutting Equipment Market: The global plasma cutting equipment market was valued at US$ 730.6 million in 2026 and is projected to reach US$ 974.5 million by 2033. Other estimates value the global plasma cutting machine market at USD 717.3 million in 2024, expected to reach USD 935.6 million by 2033. Asia-Pacific held the largest share of this market in 2023.
- Oxy-fuel Welding and Cutting Market (including regulators and torches): The global oxy-fuel welding and cutting market is anticipated to expand from USD 1.86 billion in 2024 to USD 2.84 billion by 2034. The global oxy-fuel torches market size was valued at USD 2.3 billion in 2024 and is projected to reach USD 3.9 billion by 2032. Asia-Pacific is a dominant region in this market.
- Brazing and Soldering Alloys Market: The global braze alloys market size was valued at approximately USD 2.28 billion in 2023 and is projected to grow to USD 3.46 billion by 2031. Another source indicates a market size of USD 3.81 billion in 2024, poised to grow to USD 8.21 billion by 2033. Asia Pacific accounted for approximately 38.23% of the global market share in 2023.
- HVAC Components Market (including copper and aluminum headers, distributors, and manifolds): The global HVAC components market size was recorded at $47.34 billion in 2021 and is projected to reach $86.18 billion by 2033. More broadly, the global HVAC system market size is estimated at USD 233.33 billion in 2025 and is anticipated to reach around USD 403.06 billion by 2034. Asia Pacific is the largest market for HVAC components, with China commanding approximately 14.5% of the global market in 2025.
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For Lincoln Electric Holdings, Inc. (LECO), several key drivers are expected to contribute to future revenue growth over the next 2-3 years:
- Strategic Acquisitions: Lincoln Electric has demonstrated an active strategy of acquiring companies to enhance its market position and expand capabilities. Recent acquisitions, such as Vanair, Inrotech, and RedViking in 2024, and the anticipated positive impact from the Alloy Steel acquisition in 2025, are expected to bolster future earnings and profit margins.
- Growth in Automation: Despite facing challenges in 2025 with lower capital spending and project deferrals, Lincoln Electric anticipates a rebound in its automation business. The company has reported strong order rates and a solid backlog in automation, which is expected to drive significant growth in 2026 and beyond. Automation sales are projected to grow at twice the rate of the core business, aiming for over $1 billion in automation revenue by 2025 (as a target set previously).
- Pricing Power and Organic Growth: Price increases have been a consistent contributor to revenue growth, helping to offset weaker volumes in various segments. Lincoln Electric has successfully utilized its pricing power and expects organic sales growth in 2026 to be approximately equally driven by both volume increases and price adjustments.
- "RISE" Strategic Framework: Lincoln Electric has launched its new "RISE" strategy for the 2026-2030 period, designed to accelerate growth through enhanced alignment, agility, and competitiveness. This strategic framework targets high-single to low-double-digit sales growth, aiming to exceed $6 billion by 2030, primarily through organic expansion and improved customer service.
- Expansion in Key End Markets and Geographies: The company foresees broadening growth opportunities in regions such as the Americas and Asia Pacific. Additionally, continued strong project activity in the energy sector and optimistic momentum in the Middle East are expected to contribute to revenue growth.
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Share Repurchases
- Lincoln Electric completed an $862.22 million share buyback program, initiated in 2020, by the third quarter of 2025.
- In the full year 2025, the company attributed $338.3 million to share repurchases as part of the $507 million returned to shareholders through dividends and buybacks.
- A $100 million share repurchase was highlighted in the company's latest Form 10-K in February 2026.
Share Issuance
- The share count for Lincoln Electric shrank by 8.1% over the last five years, indicating share repurchases rather than issuances.
Outbound Investments
- Lincoln Electric acquired the remaining 65% interest in Alloy Steel Australia in August 2025, expanding its presence in the maintenance and repair sector, particularly for mining.
- The company made several acquisitions in 2024, including Vanair (July), Inrotech (June), and RedViking (April).
- In October 2022, Lincoln Electric acquired Fori Automation for $427 million.
Capital Expenditures
- Capital expenditures for the full year 2025 amounted to $127.0 million.
- In the last 12 months leading up to early 2026, capital expenditures were approximately $126.97 million.
- Capital expenditures are focused on growth investments, including automation and technology, to support the company's strategic objectives.
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Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 61.04 |
| Mkt Cap | 32.1 |
| Rev LTM | 4,571 |
| Op Inc LTM | 736 |
| FCF LTM | 534 |
| FCF 3Y Avg | 531 |
| CFO LTM | 661 |
| CFO 3Y Avg | 643 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -0.6% |
| Rev Chg 3Y Avg | -4.8% |
| Rev Chg Q | 4.1% |
| QoQ Delta Rev Chg LTM | 1.0% |
| Op Inc Chg LTM | -1.1% |
| Op Inc Chg 3Y Avg | -1.7% |
| Op Mgn LTM | 14.4% |
| Op Mgn 3Y Avg | 15.4% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 15.6% |
| CFO/Rev 3Y Avg | 15.5% |
| FCF/Rev LTM | 9.5% |
| FCF/Rev 3Y Avg | 12.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 32.1 |
| P/S | 3.4 |
| P/Op Inc | 18.6 |
| P/EBIT | 18.4 |
| P/E | 25.6 |
| P/CFO | 21.6 |
| Total Yield | 6.2% |
| Dividend Yield | 2.3% |
| FCF Yield 3Y Avg | 4.4% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 5.2% |
| 3M Rtn | -4.7% |
| 6M Rtn | -11.6% |
| 12M Rtn | -16.8% |
| 3Y Rtn | -14.5% |
| 1M Excs Rtn | -3.4% |
| 3M Excs Rtn | -8.6% |
| 6M Excs Rtn | -18.1% |
| 12M Excs Rtn | -51.3% |
| 3Y Excs Rtn | -84.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Americas Welding | 2,701 | 2,783 | 2,411 | 1,824 | 1,510 |
| International Welding | 970 | 1,072 | 986 | 948 | 787 |
| The Harris Products Group | 522 | 507 | 529 | 462 | 359 |
| Elimination of inter-segment sales | -184 | -170 | -165 | ||
| Total | 4,009 | 4,192 | 3,761 | 3,234 | 2,655 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Americas Welding | 2,416 | 2,366 | 2,123 | 1,521 | 1,423 |
| International Welding | 1,050 | 1,046 | 995 | 938 | 807 |
| The Harris Products Group | 347 | 340 | 362 | 331 | 226 |
| Corporate assets | 21 | ||||
| Last-in, first-out (LIFO) reserve not allocated to segments | -121 | ||||
| Eliminations | -193 | ||||
| Elimination of inter-segment sales | -375 | -299 | -198 | -142 | |
| Total | 3,520 | 3,377 | 3,181 | 2,592 | 2,314 |
Price Behavior
Price Behavior
| Market Price | $260.24 | |
| Market Cap ($ Bil) | 14.3 | |
| First Trading Date | 06/13/1995 | |
| Distance from 52W High | -12.6% | |
| 50 Days | 200 Days | |
| DMA Price | $266.39 | $245.45 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -2.3% | 6.0% |
| 3M | 1YR | |
| Volatility | 31.1% | 27.5% |
| Downside Capture | 0.20 | 0.36 |
| Upside Capture | 87.18 | 105.99 |
| Correlation (SPY) | 47.0% | 51.7% |
LECO Betas & Captures as of 3/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 1.50 | 1.15 | 1.30 | 1.17 | 1.07 | 1.09 |
| Up Beta | 0.89 | 2.74 | 2.32 | 1.46 | 1.12 | 1.14 |
| Down Beta | 1.64 | 1.12 | 1.58 | 1.38 | 1.13 | 1.04 |
| Up Capture | 123% | 95% | 128% | 120% | 108% | 125% |
| Bmk +ve Days | 7 | 16 | 27 | 65 | 139 | 424 |
| Stock +ve Days | 10 | 19 | 31 | 65 | 131 | 387 |
| Down Capture | 166% | 90% | 76% | 90% | 92% | 103% |
| Bmk -ve Days | 12 | 23 | 33 | 58 | 110 | 323 |
| Stock -ve Days | 12 | 23 | 32 | 61 | 121 | 362 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LECO | |
|---|---|---|---|---|
| LECO | 48.9% | 27.6% | 1.42 | - |
| Sector ETF (XLI) | 38.5% | 15.4% | 1.91 | 66.8% |
| Equity (SPY) | 23.7% | 12.7% | 1.52 | 54.2% |
| Gold (GLD) | 41.4% | 27.5% | 1.25 | 7.2% |
| Commodities (DBC) | 22.4% | 16.2% | 1.25 | 2.4% |
| Real Estate (VNQ) | 14.2% | 13.8% | 0.72 | 39.9% |
| Bitcoin (BTCUSD) | -10.4% | 42.7% | -0.14 | 22.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LECO | |
|---|---|---|---|---|
| LECO | 18.0% | 26.5% | 0.62 | - |
| Sector ETF (XLI) | 12.9% | 17.3% | 0.59 | 73.0% |
| Equity (SPY) | 10.8% | 17.1% | 0.49 | 60.6% |
| Gold (GLD) | 21.6% | 17.8% | 0.99 | 11.0% |
| Commodities (DBC) | 10.9% | 18.8% | 0.47 | 18.1% |
| Real Estate (VNQ) | 4.1% | 18.8% | 0.12 | 50.5% |
| Bitcoin (BTCUSD) | 3.8% | 56.4% | 0.29 | 19.6% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with LECO | |
|---|---|---|---|---|
| LECO | 18.0% | 27.3% | 0.64 | - |
| Sector ETF (XLI) | 14.0% | 19.9% | 0.62 | 77.0% |
| Equity (SPY) | 13.9% | 17.9% | 0.67 | 66.7% |
| Gold (GLD) | 13.7% | 15.9% | 0.71 | 2.8% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 25.7% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.23 | 53.0% |
| Bitcoin (BTCUSD) | 68.0% | 66.9% | 1.07 | 13.2% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/12/2026 | 1.9% | -0.8% | -11.0% |
| 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% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 12 | 15 |
| # Negative | 11 | 11 | 8 |
| Median Positive | 2.6% | 5.9% | 7.7% |
| Median Negative | -2.5% | -1.9% | -6.7% |
| Max Positive | 10.2% | 10.7% | 17.2% |
| Max Negative | -7.3% | -9.8% | -13.5% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/25/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 07/31/2025 | 10-Q |
| 03/31/2025 | 04/30/2025 | 10-Q |
| 12/31/2024 | 02/26/2025 | 10-K |
| 09/30/2024 | 10/31/2024 | 10-Q |
| 06/30/2024 | 07/31/2024 | 10-Q |
| 03/31/2024 | 04/25/2024 | 10-Q |
| 12/31/2023 | 02/27/2024 | 10-K |
| 09/30/2023 | 10/27/2023 | 10-Q |
| 06/30/2023 | 07/27/2023 | 10-Q |
| 03/31/2023 | 04/27/2023 | 10-Q |
| 12/31/2022 | 02/21/2023 | 10-K |
| 09/30/2022 | 10/27/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
Insider Activity
Expand for More| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Whitehead, Michael J | SVP, PRESIDENT, AMERICAS WELD | Direct | Sell | 9162025 | 233.23 | 1,000 | 233,229 | 2,140,342 | Form |
| 2 | Hedlund, Steven B | CHAIR, PRESIDENT & CEO | Direct | Sell | 9122025 | 243.36 | 12,387 | 3,014,514 | 13,595,609 | Form |
| 3 | Ansberry, Jennifer I | EVP, GENERAL COUNSEL & SECY | Direct | Sell | 8142025 | 242.18 | 3,000 | 726,548 | 4,643,369 | Form |
| 4 | Bruno, Gabriel | EVP, CFO & TREASURER | Direct | Sell | 8082025 | 242.42 | 7,305 | 1,770,877 | 7,254,897 | Form |
| 5 | Benny, Purushotam Patel | Direct | Sell | 8052025 | 244.00 | 1,113 | 271,572 | 1,859,768 | Form |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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