Lincoln Electric vs Mueller Industries
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Lincoln Electric and Mueller Industries side by side, using each one’s latest annual report. Here is what stands out:
- Lincoln Electric is the larger business, with $4.2B of revenue in fiscal 2025 against $4.2B for Mueller Industries.
- Mueller Industries grew revenue faster (10.9%, against 5.6%).
- Mueller Industries kept more of each dollar of sales as operating profit (22.9% operating margin, against 17.0%).
- Mueller Industries turned more of its sales into free cash flow (16.4% FCF margin, against 12.6%).
- Mueller Industries earned a higher return on the capital invested in it (40.3%, against 24.5%).
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Lincoln Electric
LECO
3/10
Return on equityPiotroski F-scoreShare count change
Mueller Industries
MLI
7/10
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | LECO FY25 | MLI FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.3B | $12.0B |
| Revenue | $4.2B | $4.2B |
| Free cash flow | $534M | $687M |
| Net income | $521M | $765M |
| Growth | ||
| Revenue growth | 5.6% | 10.9% |
| 5-year growth | 9.8% | 11.8% |
| Share count change | −2.3% | −2.2% |
| Profitability | ||
| Gross margin | 36.3% | — |
| Operating margin | 17.0% | 22.9% |
| Net margin | 12.3% | 18.3% |
| FCF margin | 12.6% | 16.4% |
| Return on capital | 24.5% | 40.3% |
| Return on equity | 37.2% | 25.6% |
| Balance sheet | ||
| Net debt | $841M | −$1.4B |
| Net debt / EBITDA | 1.0x | −1.4x |
| Dividends and buybacks | $507M | $353M |
| Valuation & quality | ||
| P/E | 25.8x | — |
| Piotroski F-score | 7 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.