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Lincoln Electric Holdings, Inc.

LECO Industrials Tools & Accessories

Lincoln Electric Holdings, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $4.2 billion, up 5.60% from fiscal 2024.

Revenue
+15.1%
EPS
+19.0%
Free cash flow
+87.7%
Total debt
−7.15%

Quarter to September 2026, against a year earlier

286.58 9.66 +3.49%
Market cap
$15.0B
P/E
27.2×
Fwd P/E
24.8×
Dividend yield
1.10%
F-score
6/9
Altman Z
7.06
Beneish M
−2.53
Dividend safety
93/100
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Filings

Revenue by segment Fiscal 2025

  • Americas Welding
  • International Welding
  • The Harris Products Group

Every year since 2011 →

Insider Decisions last twelve months

Sold, $m 8.31
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 1 — — 1 — — — — —
Insider Ownership 2.05%

Capital & Financial Ratios $m

Size
Market Cap 15,000.00
Revenue ttm 4,641.09
Net income ttm 575.27
Free cash flow ttm 518.51
Net debt Q 866.73
Valuation
P/E 27.23
Forward P/E 24.80
Price / sales 3.36
Forward P/S Powerpack
Price / FCF 30.07
Price / book 10.03 (above 6: high)
Financial health
Current ratio Q 1.91 (at or above 1.5: strong)
Debt / equity Q 0.74
Interest coverage Q 18.63
Growth
Revenue growth Q +15.08% (above 0%: growing)
Operating income growth Q +19.65% (above 0%: growing)
EPS, this year +16.59% (at or above 15%: strong)
EPS, next year A +11.51%
Revenue, next year A +13.06% (at or above 10%: strong)
EPS, past 5 yrs +22.20% (at or above 15%: strong)
EPS, next 5 yrs A +12.94%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 3.6×, against a ten-year median of 2.6×; over the ten years it ranged from 1.6× in 2016 to 4.0× in 2026.
P/E against its own 10 years 71.88%
10-year low 10-year high
P/S against its own 10 years 95.78%
10-year low 10-year high
P/B against its own 10 years 95.85%
10-year low 10-year high
EV/Sales against its own 10 years 95.93%
10-year low 10-year high
EV/FCF against its own 10 years 95.89%
10-year low 10-year high

Dividends raised every year since 2016

Yield
1.10%
Annual rate
3.16
Payout ratio
30.3%
Growth, 2016–25
+9.81%/yr
  1. 1.31 ’16
  2. 1.44 ’17 +10%
  3. 1.64 ’18 +14%
  4. 1.90 ’19 +16%
  5. 1.98 ’20 +4%
  6. 2.09 ’21 +6%
  7. 2.32 ’22 +11%
  8. 2.63 ’23 +13%
  9. 2.88 ’24 +10%
  10. 3.04 ’25 +6%
  11. 3.22 ’26e +6%
paid forecast Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 394 377 309 283
Receivables 539 482 539 603
Inventory 563 544 633 699
Other 198 242 259 240
1,693 1,645 1,740 1,826
2023 2024 2025 Q'26
Payables 325 297 365 464
ST’ Debt 0 100 144 —
Other 274 325 288 307
755 879 957 956

Compound Annual Growth %

10y 5y 3y
Sales 5.26% 9.78% 4.02%
Cash Flow 7.77% 13.48% 19.92%
Earnings 15.11% 20.36% 3.30%
Book Value 4.66% 13.21% 12.44%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 2.81 Actual 2.98

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 2.53 2.65 Beat by 0.12
Q1 FY26 2.42 2.50 Beat by 0.08
Q2 FY26 2.81 2.93 Beat by 0.12
Q3 FY26 2.81 2.98 Beat by 0.17
Q4 FY26 3.03 — Reports 11 February 2027

EPS $

Mar Jun Sep Dec Year
’26 2.47 2.88 2.63 — —
’25 2.10 2.56 2.21 2.45 9.32
’24 2.14 1.77 1.77 2.47 8.15
’23 2.09 2.36 2.22 2.70 9.37
’22 2.13 2.18 1.87 1.87 8.04
’21 1.23 1.60 0.53 1.25 4.60
’20 0.91 0.45 0.97 1.08 3.42
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 1,121 1,220 1,221 — —
’25 1,004 1,089 1,061 1,079 4,233
’24 981 1,022 984 1,022 4,009
’23 1,039 1,061 1,033 1,059 4,192
’22 925 970 935 931 3,761
’21 757 826 806 844 3,234
’20 702 591 669 694 2,655
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 102 254 216 — —
’25 186 144 237 95 661
’24 133 171 199 96 599
’23 124 199 223 122 668
’22 43 98 130 112 383
’21 45 100 110 110 365
’20 22 104 90 136 351
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 63 223 179 — —
’25 163 119 206 53 541
’24 107 149 165 70 490
’23 108 178 198 142 626
’22 25 83 113 93 315
’21 36 84 93 97 309
’20 16 91 78 114 300
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.3
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,275 2,624 3,029 3,003 2,655 3,234 3,761 4,192 4,009 4,233 4,641 +7.1% 4,786 5,069 5,387 +8.4%
Gross margin, % 34.58 33.34 33.96 33.55 32.81 33.04 34.05 34.96 36.74 36.25 35.49 +1.7 pt
EBT 277 366 369 368 264 325 593 687 594 675 754 +10.4%
EBT margin, % 12.19 13.95 12.17 12.27 9.94 10.05 15.76 16.39 14.82 15.96 16.24 +3.8 pt
Net income 198 248 287 293 206 277 472 545 466 521 575 +11.3%
Per share, $
Per share, $ Revenue 33.72 39.92 46.68 48.47 44.53 54.53 64.81 73.07 70.78 76.39 85.30 +9.5%
Earnings 2.94 3.76 4.42 4.73 3.46 4.66 8.14 9.50 8.23 9.39 10.52 +13.8%
Cash flow 4.63 5.09 5.07 6.51 5.89 6.16 6.61 11.64 10.58 11.93 12.25 +11.1%
Capex (0.72) (0.90) (0.84) (0.97) (0.86) (0.94) (1.18) (0.72) (1.92) (2.16) (2.72) +12.9%
Free cash flow 3.91 4.19 4.23 5.54 5.03 5.22 5.43 10.91 8.65 9.77 9.53 +10.7%
Book value 10.56 14.18 13.68 13.22 13.25 14.57 17.82 22.82 23.44 26.53 28.58 +10.8%
Shares, m 67 66 65 62 60 59 58 57 57 55 55 (2.2%)
Valuation, ×
Valuation, × P/E 26.50 24.51 17.80 20.49 33.79 29.93 17.98 22.45 22.78 25.49 27.23 24.2
P/S 2.31 2.31 1.69 2.00 2.61 2.56 2.26 2.92 2.65 3.14 3.36 2.4
P/B 7.38 6.50 5.76 7.32 8.77 9.57 8.20 9.37 8.00 9.03 10.03 8.0
EV/Sales 2.44 2.38 1.80 2.17 2.78 2.72 2.50 3.09 2.87 3.37 3.58 2.6
EV/FCF 21.01 22.71 19.88 18.96 24.65 28.44 29.88 20.72 23.44 26.35 32.06 23.6
Cash, $m
Cash, $m Operating cash flow 313 335 329 403 351 365 383 668 599 661 667 +8.7%
Capex (49) (59) (54) (60) (52) (56) (69) (41) (109) (120) (148) +10.5%
Free cash flow 264 275 275 343 300 309 315 626 490 541 519 +8.3%
Balance, $m
Balance, $m Working capital 656 845 700 512 563 534 705 939 766 783 870 +2.0%
Net debt 286 198 344 513 458 525 924 709 873 985 867 +14.7%
Shareholders’ equity 712 932 888 819 790 864 1,034 1,309 1,327 1,470 1,555 +8.4%
Returns, %
Returns, % ROA 10.64 11.38 12.07 12.42 8.80 11.27 16.36 16.63 13.52 14.27 14.93 +3.6 pt
ROIC 17.76 20.83 19.06 17.40 14.12 20.78 19.54 22.23 18.08 18.28 20.71 +0.5 pt
ROE 24.13 30.10 31.54 34.35 25.62 33.44 49.76 46.54 35.36 37.22 38.75 +13.1 pt
People
People Employees 9,000 11,000 11,000 11,000 11,000 11,000 12,000 12,000 12,000 12,000 — +3.2%
Revenue/emp, $m 0.25 0.24 0.28 0.27 0.24 0.29 0.31 0.35 0.33 0.35 — +3.8%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Americas Welding 2,724 64.34%
International Welding 931 21.99%
The Harris Products Group 579 13.67%
Gross margin 36.25%
Operating margin 16.96%
Pre-tax margin 15.96%

Revenue by segment since 2011

Lincoln Electric Holdings, Inc. vs peers in Tools & Accessories (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SNA Snap-On Incorporated $18.4B 17.9× 18.6× +4.72% (above 0%: growing) +5.00% (above 0%: growing) +14.13% (above 0%: growing) 51.43% 27.24% Compare
SWK Stanley Black & Decker, Inc. $15.6B 25.2× 18.1× +0.39% (above 0%: growing) +249.25% (above 0%: growing) +418.34% (above 0%: growing) 32.97% 14.10% Compare
LECO Lincoln Electric Holdings, Inc. $15.0B 27.4× 24.8× +12.03% (above 0%: growing) +12.40% (above 0%: growing) +87.67% (above 0%: growing) 36.81% 18.09%
RBC RBC Bearings Incorporated $14.6B 45.4× 37.7× +19.15% (above 0%: growing) +47.71% (above 0%: growing) +40.84% (above 0%: growing) 47.70% 27.10% Compare
TTC Toro Company (The) $10.2B 28.8× 27.3× +8.35% (above 0%: growing) +50.00% (above 0%: growing) −22.43% (below 0%: shrinking) 34.11% 9.40% Compare
TKR Timken Company (The) $7.7B 29.8× 26.7× +7.46% (above 0%: growing) −62.83% (below 0%: shrinking) +3.19% (above 0%: growing) 31.67% 6.73% Compare
KMT Kennametal Inc. $2.2B 6.5× 5.9× +42.63% (above 0%: growing) +964.29% (above 0%: growing) −265.44% (below 0%: shrinking) 58.86% 41.12% Compare
HLMN Hillman Solutions Corp. $1.5B 35.5× 29.8× +9.79% (above 0%: growing) +37.50% (above 0%: growing) +125.12% (above 0%: growing) 47.05% 9.26% Compare
EML Eastern Company (The) $168.3M 20.9× 12.9× −11.89% (below 0%: shrinking) +67.86% (above 0%: growing) +164.03% (above 0%: growing) 20.63% 2.68% Compare
Median of peers $9.0B 27.0× 22.7× +7.91% +48.86% +27.49% 40.58% 11.75%

All 11 Tools & Accessories stocks →

Pay and ownership Proxy statement filed 19 March 2026

Ownership

Directors and executive officers, together 1.68%
The Vanguard Group 10.44%
BlackRock, Inc. 9.73%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lincoln Electric Holdings, Inc. (LECO) Latest News

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stockrow.com/LECO · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com