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Lincoln Electric

LECO Nasdaq Industrial Machinery & Supplies & Components Financials FY2016–FY2025

Lincoln Electric's revenue rose 5.6% to $4.2 billion in fiscal 2025. Its operating margin was 17.0%, up from 15.9% a year earlier. Free cash flow was $534 million, up 10.7%. It paid out $507 million in dividends and buybacks, 95% of free cash flow. The diluted share count fell 2.3%.

Last close · Oct 23, 2026

$255.96

0.4%
Value it Compare
Revenue Total sales reported in the income statement.
$4.2B
5.6% vs prior year
Operating margin Operating income as a share of revenue.
17.0%
1.1 pts
Net income Profit after all expenses, interest and tax.
$521M
11.7%
Free cash flow Cash from operations minus capital spending.
$534M
10.7%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
24.5%
0.9 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$14.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
25.5x
On $10.02 EPS (TTM)

What Lincoln Electric does

No business description yet.

Legal name
LINCOLN ELECTRIC HOLDINGS INC
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0000059527-26-000006
0000059527

Revenue and margins

Lincoln Electric had $4.2B of revenue in fiscal 2025, up 5.6% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 13.8% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $534M in fiscal 2025, 12.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Lincoln Electric returned $507M to shareholders in fiscal 2025, 95% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Lincoln Electric yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$841M and divides by 55.9M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 25.5x · peers 16.4x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Lincoln Electric can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $193M$197M$394M$377M$309M
Debt incl. finance leases $718M$1.1B$1.1B$1.3B$1.2B
Net debt / EBITDA 1.0x1.3x0.9x1.2x1.0x
Debt / equity 0.8x1.1x0.8x0.9x0.8x
Interest coverage 19.4x19.7x14.0x12.0x12.3x
Current ratio 1.7x1.8x2.2x1.9x1.8x
Quick ratio 1.0x1.1x1.5x1.3x1.2x
Total assets $2.6B$3.2B$3.4B$3.5B$3.8B
Total liabilities $1.7B$2.1B$2.1B$2.2B$2.3B
Shareholders' equity $864M$1.0B$1.3B$1.3B$1.5B
Net debt (− = net cash) $525M$924M$709M$873M$841M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.3M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jun 16, 2026 Michael J WhiteheadEVP, President, Americas Weld Sold 845 $274.81 $0.2M Form 4
Mar 2, 2026 Gabriel BrunoEVP, CFO & Treasurer Sold 17,473 $286.29 $5.0M Form 4
Feb 17, 2026 Jennifer I AnsberryEVP, General Counsel & Secy Sold 10,657 $288.85 $3.1M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✕ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✓ ✕ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✓
F-score 7 / 95 / 97 / 9
Accruals ratio −3.7%−3.9%−3.9%
Altman Z'' 7.486.987.05

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Lincoln Electric LECO $14.1B 5.6% 17.0% 12.6% 24.5% 25.5x 7
Mueller Industries MLI $11.9B 10.9% 22.9% 16.4% 40.3% 15.8x 6 Compare →
Pentair PNR $9.1B 2.3% 20.5% 17.9% 14.0% 13.5x 9 Compare →
Fortive FTV $18.8B 1.9% 17.3% 23.5% 5.7% 36.1x 5 Compare →
Valmont Industries VMI $8.5B 0.7% 10.1% 7.6% 17.9% 17.0x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.3B $2.6B $3.0B $3.0B $2.7B $3.2B $3.8B $4.2B $4.0B $4.2B
Gross profit $787M $875M $1.0B $1.0B $871M $1.1B $1.3B $1.5B $1.5B $1.5B
Research and development $44.7M $47.9M $54.2M $56.8M $51.4M $56.0M $63.2M $71.2M $81.8M $85.5M
Operating income $284M $377M $376M $371M $282M $462M $612M $718M $637M $718M
Interest expense $19.1M $24.2M $24.5M $25.9M $24.0M $23.8M $31.1M $51.1M $52.9M $58.4M
Pretax income $277M $366M $369M $369M $264M $325M $593M $687M $594M $675M
Income tax $79.0M $119M $81.7M $75.4M $57.9M $48.4M $121M $142M $128M $155M
Net income $198M $248M $287M $293M $206M $277M $472M $545M $466M $521M
Diluted EPS $2.91 $3.71 $4.37 $4.68 $3.42 $4.60 $8.04 $9.37 $8.15 $9.32
Diluted shares 0.07B 0.07B 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $313M $335M $329M $403M $351M $365M $383M $668M $599M $661M
Capital expenditure $49.9M $61.7M $71.2M $69.6M $59.2M $62.5M $71.9M $91.0M $117M $127M
Free cash flow $263M $273M $258M $334M $292M $303M $312M $577M $482M $534M
Depreciation and amortization $65.1M $68.1M $72.3M $81.5M $80.5M $81.1M $78.1M $86.7M $88.2M $98.5M
Stock-based compensation $10.3M $12.7M $18.6M $16.6M $15.4M $23.8M $25.3M $26.2M $24.1M $20.3M
Acquisitions $71.6M $72.5M $102M $135M $0.0M $156M $436M $32.7M $253M $138M
Share buybacks $342M $43.2M $202M $293M $114M $165M $181M $199M $264M $338M
Dividends paid $87.3M $92.5M $102M $118M $118M $122M $131M $148M $162M $168M
Dividends and buybacks $429M $136M $304M $411M $232M $286M $312M $347M $426M $507M
Balance sheet
Cash and short-term investments $379M $327M $359M $200M $257M $193M $197M $394M $377M $309M
Total debt $704M $704M $703M $712M $716M $718M $1.1B $1.1B $1.3B $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $1.0B $1.4B $1.2B $1.1B $1.1B $1.3B $1.6B $1.7B $1.6B $1.7B
Current liabilities $388M $529M $538M $563M $549M $756M $853M $755M $879M $957M
Inventory $255M $349M $362M $394M $381M $540M $666M $563M $544M $633M
Property and equipment, net $372M $477M $479M $529M $522M $512M $545M $575M $619M $703M
Total assets $1.9B $2.4B $2.3B $2.4B $2.3B $2.6B $3.2B $3.4B $3.5B $3.8B
Total liabilities $1.2B $1.5B $1.5B $1.6B $1.5B $1.7B $2.1B $2.1B $2.2B $2.3B
Shareholders' equity $712M $932M $887M $818M $790M $864M $1.0B $1.3B $1.3B $1.5B
Margins
Gross margin 34.6% 33.3% 34.0% 33.6% 32.8% 33.0% 34.1% 35.0% 36.7% 36.3%
Operating margin 12.5% 14.4% 12.4% 12.4% 10.6% 14.3% 16.3% 17.1% 15.9% 17.0%
EBITDA margin 15.3% 17.0% 14.8% 15.1% 13.7% 16.8% 18.4% 19.2% 18.1% 19.3%
Net margin 8.7% 9.4% 9.5% 9.8% 7.8% 8.6% 12.6% 13.0% 11.6% 12.3%
FCF margin 11.6% 10.4% 8.5% 11.1% 11.0% 9.4% 8.3% 13.8% 12.0% 12.6%
Returns
Return on capital 20.1% 21.7% 23.0% 23.0% 17.1% 29.8% 29.2% 28.7% 23.7% 24.5%
Return on capital employed 19.1% 22.0% 20.4% 20.5% 15.8% 25.6% 29.4% 29.0% 24.2% 26.3%
Return on equity 24.2% 30.1% 31.6% 34.4% 25.6% 33.4% 49.8% 46.5% 35.4% 37.2%
Return on assets 10.6% 11.4% 12.1% 12.4% 8.8% 11.3% 16.4% 16.6% 13.5% 14.3%
Growth
Revenue growth −10.3% 15.4% 15.4% −0.8% −11.6% 21.8% 16.3% 11.4% −4.4% 5.6%
Net income growth 55.7% 24.8% 16.0% 2.1% −29.7% 34.2% 70.7% 15.5% −14.5% 11.7%
EPS growth 71.2% 27.5% 17.8% 7.1% −26.9% 34.5% 74.8% 16.5% −13.0% 14.4%
FCF growth 0.1% 4.0% −5.6% 29.3% −12.4% 3.6% 3.0% 85.1% −16.3% 10.7%
Share count change −9.0% −2.2% −1.4% −4.6% −3.9% −0.3% −2.2% −0.9% −1.8% −2.3%
Financial health
Net debt / EBITDA 0.9x 0.9x 0.8x 1.1x 1.3x 1.0x 1.3x 0.9x 1.2x 1.0x
Debt / equity 1.0x 0.8x 0.8x 0.9x 0.9x 0.8x 1.1x 0.8x 0.9x 0.8x
Interest coverage 14.9x 15.6x 15.3x 14.3x 11.8x 19.4x 19.7x 14.0x 12.0x 12.3x
Current ratio 2.7x 2.6x 2.3x 1.9x 2.0x 1.7x 1.8x 2.2x 1.9x 1.8x
Quick ratio 2.0x 1.9x 1.6x 1.2x 1.3x 1.0x 1.1x 1.5x 1.3x 1.2x
Capital allocation
Capex / revenue 2.2% 2.4% 2.4% 2.3% 2.2% 1.9% 1.9% 2.2% 2.9% 3.0%
Stock comp / revenue 0.5% 0.5% 0.6% 0.6% 0.6% 0.7% 0.7% 0.6% 0.6% 0.5%
Payouts / FCF 163.4% 49.6% 117.8% 123.1% 79.3% 94.7% 100.2% 60.2% 88.3% 94.8%
Quality scores
Piotroski F-score 7.0 7.0 6.0 6.0 5.0 8.0 7.0 7.0 5.0 7.0
Altman Z'' 7.6 7.3 7.2 6.8 6.9 6.8 6.6 7.5 7.0 7.1
Accruals ratio −6.1% −4.0% −1.8% −4.7% −6.2% −3.6% 3.1% −3.7% −3.9% −3.9%

Source: SEC EDGAR XBRL filings (CIK 0000059527). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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