Lincoln Electric
LECO · Industrial Machinery & Supplies & Components
$255.96
0.4%Pentair
PNR · Industrial Machinery & Supplies & Components
$55.30
0.3%The short version
- Lincoln Electric is the larger business, with $4.2B of revenue in fiscal 2025 against $4.2B for Pentair.
- Lincoln Electric grew revenue faster (5.6%, against 2.3%).
- Pentair kept more of each dollar of sales as operating profit (20.5% operating margin, against 17.0% operating margin).
- Pentair turned more of its sales into free cash flow (17.9% FCF margin, against 12.6% FCF margin).
- Lincoln Electric earned a higher return on the capital invested in it (24.5%, against 14.0%).
- Investors pay more for each dollar of Lincoln Electric’s earnings: a P/E of 25.5x against 13.5x for Pentair.
| Latest fiscal year | LECO · FY25 | PNR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.1B | $9.1B |
| Revenue | $4.2B | $4.2B |
| Free cash flow | $534M | $746M |
| Net income | $521M | $654M |
| Growth | ||
| Revenue growth | 5.6% | 2.3% |
| 5-year growth | 9.8% | 6.7% |
| Share count change | −2.3% | −1.0% |
| Profitability | ||
| Gross margin | 36.3% | 40.5% |
| Operating margin | 17.0% | 20.5% |
| Net margin | 12.3% | 15.7% |
| FCF margin | 12.6% | 17.9% |
| Return on capital | 24.5% | 14.0% |
| Return on equity | 37.2% | 17.6% |
| Balance sheet | ||
| Net debt | $841M | $1.5B |
| Net debt / EBITDA | 1.0x | 1.6x |
| Dividends and buybacks | $507M | $389M |
| Valuation & quality | ||
| P/E | 25.5x | 13.5x |
| Piotroski F-score | 7 | 9 |
FY16
LECO $2.3B
PNR $2.8B
FY17
LECO $2.6B
PNR $2.8B
FY18
LECO $3.0B
PNR $3.0B
FY19
LECO $3.0B
PNR $3.0B
FY20
LECO $2.7B
PNR $3.0B
FY21
LECO $3.2B
PNR $3.8B
FY22
LECO $3.8B
PNR $4.1B
FY23
LECO $4.2B
PNR $4.1B
FY24
LECO $4.0B
PNR $4.1B
FY25
LECO $4.2B
PNR $4.2B
LECO
PNR
FY16
LECO 12.5%
PNR 12.8%
FY17
LECO 14.4%
PNR 13.3%
FY18
LECO 12.4%
PNR 14.7%
FY19
LECO 12.4%
PNR 14.6%
FY20
LECO 10.6%
PNR 15.3%
FY21
LECO 14.3%
PNR 16.9%
FY22
LECO 16.3%
PNR 14.4%
FY23
LECO 17.1%
PNR 18.0%
FY24
LECO 15.9%
PNR 19.7%
FY25
LECO 17.0%
PNR 20.5%
LECO
PNR
FY16
LECO $263M
PNR $818M
FY17
LECO $273M
PNR $581M
FY18
LECO $258M
PNR $391M
FY19
LECO $334M
PNR $295M
FY20
LECO $292M
PNR $511M
FY21
LECO $303M
PNR $553M
FY22
LECO $312M
PNR $278M
FY23
LECO $577M
PNR $543M
FY24
LECO $482M
PNR $692M
FY25
LECO $534M
PNR $746M
LECO
PNR
FY16
LECO 20.1%
PNR —
FY17
LECO 21.7%
PNR —
FY18
LECO 23.0%
PNR 8.2%
FY19
LECO 23.0%
PNR 13.6%
FY20
LECO 17.1%
PNR 13.0%
FY21
LECO 29.8%
PNR 18.6%
FY22
LECO 29.2%
PNR 12.8%
FY23
LECO 28.7%
PNR 14.9%
FY24
LECO 23.7%
PNR 13.8%
FY25
LECO 24.5%
PNR 14.0%
LECO
PNR
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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.