Fortive
FTV · Industrial Machinery & Supplies & Components
$60.25
0.3%Lincoln Electric
LECO · Industrial Machinery & Supplies & Components
$255.96
0.4%The short version
- Lincoln Electric is the larger business, with $4.2B of revenue in fiscal 2025 against $4.2B for Fortive.
- Lincoln Electric grew revenue faster (5.6%, against 1.9%).
- Fortive turned more of its sales into free cash flow (23.5% FCF margin, against 12.6% FCF margin).
- Lincoln Electric earned a higher return on the capital invested in it (24.5%, against 5.7%).
- Investors pay more for each dollar of Fortive’s earnings: a P/E of 36.1x against 25.5x for Lincoln Electric.
| Latest fiscal year | FTV · FY25 | LECO · FY25 |
|---|---|---|
| Size | ||
| Market cap | $18.8B | $14.1B |
| Revenue | $4.2B | $4.2B |
| Free cash flow | $978M | $534M |
| Net income | $579M | $521M |
| Growth | ||
| Revenue growth | 1.9% | 5.6% |
| 5-year growth | −2.1% | 9.8% |
| Share count change | −5.2% | −2.3% |
| Profitability | ||
| Gross margin | 63.5% | 36.3% |
| Operating margin | 17.3% | 17.0% |
| Net margin | 13.9% | 12.3% |
| FCF margin | 23.5% | 12.6% |
| Return on capital | 5.7% | 24.5% |
| Return on equity | 7.0% | 37.2% |
| Balance sheet | ||
| Net debt | $2.8B | $841M |
| Net debt / EBITDA | 2.4x | 1.0x |
| Dividends and buybacks | $1.7B | $507M |
| Valuation & quality | ||
| P/E | 36.1x | 25.5x |
| Piotroski F-score | 5 | 7 |
FY16
FTV $5.4B
LECO $2.3B
FY17
FTV $5.8B
LECO $2.6B
FY18
FTV $6.5B
LECO $3.0B
FY19
FTV $4.6B
LECO $3.0B
FY20
FTV $4.6B
LECO $2.7B
FY21
FTV $5.3B
LECO $3.2B
FY22
FTV $5.8B
LECO $3.8B
FY23
FTV $3.9B
LECO $4.2B
FY24
FTV $4.1B
LECO $4.0B
FY25
FTV $4.2B
LECO $4.2B
FTV
LECO
FY16
FTV 19.7%
LECO 12.5%
FY17
FTV 19.9%
LECO 14.4%
FY18
FTV 10.0%
LECO 12.4%
FY19
FTV 9.7%
LECO 12.4%
FY20
FTV 11.6%
LECO 10.6%
FY21
FTV 15.5%
LECO 14.3%
FY22
FTV 17.0%
LECO 16.3%
FY23
FTV 14.7%
LECO 17.1%
FY24
FTV 17.6%
LECO 15.9%
FY25
FTV 17.3%
LECO 17.0%
FTV
LECO
FY16
FTV $1.0B
LECO $263M
FY17
FTV $1.1B
LECO $273M
FY18
FTV $1.3B
LECO $258M
FY19
FTV $1.2B
LECO $334M
FY20
FTV $1.4B
LECO $292M
FY21
FTV $911M
LECO $303M
FY22
FTV $1.2B
LECO $312M
FY23
FTV $1.3B
LECO $577M
FY24
FTV $1.4B
LECO $482M
FY25
FTV $978M
LECO $534M
FTV
LECO
FY16
FTV 14.9%
LECO 20.1%
FY17
FTV 15.5%
LECO 21.7%
FY18
FTV 7.1%
LECO 23.0%
FY19
FTV 3.3%
LECO 23.0%
FY20
FTV 4.4%
LECO 17.1%
FY21
FTV 6.1%
LECO 29.8%
FY22
FTV 6.9%
LECO 29.2%
FY23
FTV 4.5%
LECO 28.7%
FY24
FTV 5.4%
LECO 23.7%
FY25
FTV 5.7%
LECO 24.5%
FTV
LECO
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.