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Lincoln Electric Holdings, Inc. LECO

Industrials — Tools & Accessories
Dividend Aristocrat
Growth Flags show if company had growth for consecutive years

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Insider Decisions

Total sells
8.31
in millions of $
Nov 25 Feb 26 May 26 Aug 26
Buy — — — — — — — — — — — —
Sell — — — — 1 1 — — 1 — — —
Insider Ownership
1.92%

Capital & Financial Ratios

Market Cap
14,000.00
Revenue
4,481.04
Net Income
553.55
Free Cash Flow
545.61
Net Debt
907.61
Current Ratio
1.98
Debt/Equity
0.74
P/E ratio
25.47
P/S ratio
3.14
P/B ratio
9.05
Past 5Y EPS Growth
11.74%
This Y EPS Growth
13.70%
Next Y EPS Growth
11.79%
Next 5Y EPS Growth
11.81%
in millions of $

Dividends

Payout Ratio
0.30
Annual Dividend Rate
2.56
Annual Dividend Yield
1.12%
total individual payouts
2028 ‡‡‡‡‡
2027 ‡‡‡‡‡
2026 3.18
—
—
—
2025 3.04
—
—
—
—
2024 2.88
—
—
—
—
2023 2.63
—
—
—
—
2022 2.32
—
—
—
—
2021 2.09
—
—
—
—
2020 1.98
—
—
—
—
2019 1.90
—
—
—
—
2018 1.64
—
—
—
—
2017 1.44
—
—
—
—
2016 1.31
—
—
—
—
predictions in italic, special payouts not included in total or ratios

Assets vs Liabilities

2023 2024 2025 Q'26
Cash 393.79 377.26 308.79 242.44
Receivables 538.83 481.98 538.79 586.35
Inventory 562.86 544.04 633.36 690.54
Other 197.63 242.00 258.57 241.22
1,693.11 1,645.28 1,739.51 1,760.55
2023 2024 2025 Q'26
Payables 325.44 296.59 364.93 447.44
ST’ Debt 0.00 100.00 143.78 —
Other 273.91 325.16 288.49 284.17
754.61 878.80 956.69 888.08
in millions of $

Compound Annual Growth

10y 5y 3y
Sales ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Cash Flow ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Earnings ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Book Value ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡

Revenue

Mar Jun Sep Dec Year
’26 1,121.43 1,219.66 — —
—
’25 1,004.39 1,088.67 1,061.23 1,078.72
4,233.00
’24 981.20 1,021.68 983.76 1,022.03
4,008.67
’23 1,039.34 1,060.57 1,033.21 1,058.51
4,191.64
’22 925.45 969.59 935.24 930.93
3,761.21
’21 757.02 826.45 806.45 844.25
3,234.18
’20 701.99 590.73 668.89 693.79
2,655.40
in millions of $

Operating Cash Flow

Mar Jun Sep Dec Year
’26 102.17 253.76 — —
—
’25 185.69 143.83 236.69 94.97
661.17
’24 133.29 170.69 199.20 95.80
598.98
’23 123.93 198.85 223.10 121.66
667.54
’22 43.09 98.21 130.28 111.80
383.39
’21 45.26 99.97 109.89 109.94
365.06
’20 21.97 104.04 89.55 135.80
351.36
in millions of $

Free Cash Flow

Mar Jun Sep Dec Year
’26 63.32 223.28 — —
—
’25 163.39 118.97 206.23 52.79
541.38
’24 107.35 148.54 164.68 69.60
490.17
’23 108.46 177.66 197.90 142.03
626.05
’22 24.99 83.40 113.23 93.21
314.83
’21 35.91 84.11 92.51 96.78
309.31
’20 16.24 90.98 78.18 114.43
299.83
in millions of $

EPS

Mar Jun Sep Dec Year
’26 2.47 2.88 — —
—
’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

Target Price Range

High
‡‡‡‡‡
‡‡‡‡‡
Average
‡‡‡‡‡
‡‡‡‡‡
Low
‡‡‡‡‡
‡‡‡‡‡

Recommendation Rating

2.2
1
Buy
2
3
Hold
4
5
Sell
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡ 118.17 143.76 169.51 161.11 — — —
Low Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 150.68 221.14 261.13 252.00 — — —
High Price
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 12,000 12,000 12,000 12,000 — — —
Employees
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 0.31 0.35 0.33 0.35 — — —
Revenue/Emp
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 3,761.21 4,191.64 4,008.67 4,233.00 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 34.05% 34.96% 36.74% 36.25% — — —
Gross Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 592.83 686.87 594.15 675.45 — — —
EBT
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 15.76% 16.39% 14.82% 15.96% ‡‡‡ ‡‡‡ ‡‡‡
EBT Margin
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 472.22 545.25 466.11 520.53 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Net Income
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 78.06 86.67 88.24 98.55 — — —
Depreciation
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 64.81 73.07 70.78 76.39 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Revenue/Sh
‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ ‡‡‡‡ 8.14 9.50 8.23 9.39 ‡‡‡‡‡ ‡‡‡‡ ‡‡‡‡‡
Earnings/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 6.61 11.64 10.58 11.93 — — —
Cash Flow/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (1.18) (0.72) (1.92) (2.16) ‡‡‡ ‡‡‡ ‡‡‡
Capex/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 5.43 10.91 8.65 9.77 — — —
Free CF/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.82 22.82 23.44 26.53 — — —
Book Value/Sh
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 58.03 57.36 56.64 55.41 ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡
Shares
‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 17.98 22.45 22.78 25.49 ‡‡‡‡ ‡‡‡‡ ‡‡‡‡
PE Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.26 2.92 2.65 3.14 ‡‡‡ ‡‡‡ ‡‡‡
PS Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 8.20 9.37 8.00 9.03 ‡‡‡ ‡‡‡ ‡‡‡
PB Ratio
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 2.50 3.09 2.87 3.37 ‡‡‡ ‡‡‡‡ ‡‡‡‡
EV/Sales
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 29.88 20.72 23.44 26.35 — — —
EV/FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 383.39 667.54 598.98 661.17 ‡‡‡ ‡‡‡ ‡‡‡
Op' Cash Flow
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ (68.55) (41.49) (108.80) (119.80) ‡‡‡‡‡ — —
Capex
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 314.83 626.05 490.17 541.38 — — —
FCF
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 704.89 938.50 766.48 782.82 — — —
Working Cap'
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,121.44 1,102.78 1,250.56 1,294.01 — — —
Total Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 924.29 708.99 873.29 985.22 — — —
Net Debt
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 1,034.04 1,308.85 1,327.43 1,469.79 — — —
Sh' Equity
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 16.36% 16.63% 13.52% 14.27% — — —
ROA
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 19.54% 22.23% 18.08% 18.28% — — —
ROIC
‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ ‡‡‡‡‡ 49.76% 46.54% 35.36% 37.22% — — —
ROE
predictions in italic, sparklines do not include predictions

Analyst Commentary (Summary)

Lincoln Electric Holdings (LECO), the dominant force in arc welding equipment, delivered explosive revenue growth from $2.27 billion in 2016 to a 2023 peak of $4.19 billion—an 84% surge driven by acquisitions like Air Liquide’s welding ops and post-pandemic infrastructure demand. Productivity soared with revenue per employee hitting $349,000 in 2023, gross margins climbing to 36.7%, and EBT margins reaching 16.4%, fueling EPS from $2.94 to $9.50 and elite ROE above 46%. Yet, 2024 exposed vulnerabilities: revenue dipped 4.5% to $4.01 billion, capex spiked 162% to $109 million, net income fell 14.5%, and FCF per share eased to $8.65 amid manufacturing slowdowns.

Insider activity raises red flags—a $9.66 million selling spree over 12 months with zero buys, including CEO and CFO dumps—while debt climbed to $1.25 billion and valuations stretch with P/E at 23x trailing and EV/FCF at 23-26x. Projections bet on a rebound to $4.76 billion revenue and $12+ EPS by 2027, banking on U.S. infrastructure and automation tailwinds, but contrarians spotlight cyclical risks from autos, steel volatility, trade wars, and potential recessions that crushed sales 20% in 2020.

LECO’s 500%+ stock gain from 2016 lows commands respect as a compounding machine with 70% U.S. market share, but premium multiples embed perpetual growth without pricing slowdowns or overcapacity from capex binges. Is it a high-yield momentum play or a trap? Dive deeper for the full risk-reward dissection.

Read full commentary →

Lincoln Electric Holdings, Inc. (LECO) Latest News

News by impact score

Fine-tune

10 Sep

3 , 10:25 PM
Lincoln Electric shares plunged after the company delivered disappointing earnings and lowered its full-year outlook amid weaker demand in key end markets. Lowered guidance and softer demand point to short-term pressure on results without fundamentally changing the company's competitive position.

5 Aug

3 , 11:33 AM
Lincoln Electric Holdings beat Q2 earnings expectations on organic sales growth, driving an 8% stock increase. Q2 earnings beat signals positive short-term financial results without shifting long-term trajectory.

30 Jul

4 , 5:06 PM
Lincoln Electric Holdings Inc reported record margins in its Q2 2026 earnings call. Record margins point to improved profitability and operational strength that can lift future performance.

3 transcript www.marketbeat.com, 2:04 PM
Lincoln Electric Holdings reported Q2 earnings call highlights covering financial results, operational performance and outlook. Q2 earnings call provides financial metrics and guidance that may moderately affect near-term stock performance.

3 , 10:00 AM
Lincoln Electric Holdings reported Q2 earnings along with analysis of key metrics. Q2 earnings release and metrics review typically produce moderate short-term effects on stock trajectory and sentiment.

3 , 9:30 AM
Lincoln Electric Holdings beat revenue expectations in Q2 CY2026. Quarterly revenue beat signals positive near-term financial results without altering long-term strategy.

3 , 7:30 AM
Lincoln Electric Holdings reported second quarter 2026 financial results. Quarterly earnings releases typically influence short-term stock sentiment without altering long-term company trajectory.

29 Jul

3 , 3:17 PM
Lincoln Electric Holdings prepares to release Q2 earnings with key financial and operational details provided in advance for investors. Q2 earnings preview sets expectations that can moderately shift near-term stock sentiment and valuation for Lincoln Electric.

23 Jul

3 , 3:10 PM
Lincoln Electric beat earnings expectations and announced a 2026 dividend plan, raising questions on whether these developments alter the investment case for LECO. Earnings beat and 2026 dividend plan may moderately influence LECO investor sentiment and near-term stock performance.

5 Jul

3 , 10:26 PM
Lincoln Electric Holdings, Inc. (LECO) welding systems integrate automation to deliver labor efficiencies and higher production throughput. Automation features in core welding products may modestly strengthen operational performance and competitive positioning.

11 Jun

3 , 10:01 AM
Lincoln Electric Holdings reported Q1 earnings, triggering analysis of whether investors should buy, sell or hold the stock based on financial results and market conditions. Q1 earnings release and buy/sell/hold recommendation may moderately influence near-term investor sentiment and stock movement.

8 May

4 Simply Wall St., 12:20 PM
Investors react to Lincoln Electric (LECO) RISE Strategy and upgraded 2026 sales outlook, signaling positive strategic shifts and enhanced long-term growth expectations. RISE Strategy and upgraded 2026 sales outlook constitute major strategic moves poised to significantly enhance LECO's trajectory and investor sentiment.

6 May

4 www.marketbeat.com, 6:59 PM
Lincoln Electric Holdings, Inc. (LECO) unveiled its RISE strategy at an investor conference, targeting higher growth and margins by 2030 through innovations in automation, sustainability, and market expansion. RISE strategy sets ambitious long-term growth and margin targets via automation and sustainability, signaling major strategic shift to enhance competitive position and investor sentiment.

2 May

4 StockStory, 6:28 AM
Lincoln Electric Holdings (LECO) Q1 results emphasize pricing actions driving gains, strong Americas performance, and cautious optimism shaping the outlook. Pricing actions and Americas strength signal significant financial uplift with outlook influencing investor sentiment and trajectory.

30 Apr

4 app.moby.co, 8:46 PM
Lincoln Electric Holdings, Inc. released Q1 2026 earnings call summary detailing financial performance, outlook, and strategic updates. Q1 earnings call summary reveals financial results and guidance that significantly shape investor expectations and stock trajectory.

4 www.marketbeat.com, 4:03 PM
Lincoln Electric Holdings, Inc. (LECO) released Q1 earnings call highlights covering financial performance, strategic updates, and market outlook. Q1 earnings call highlights disclose financial results, guidance, and strategic initiatives that significantly influence future performance and investor sentiment.

4 Zacks, 9:25 AM
Lincoln Electric Holdings, Inc. (LECO) beat Q1 earnings and revenue estimates. Beating Q1 earnings and revenue estimates signals robust financial performance, likely enhancing investor sentiment and stock trajectory.

4 , 9:08 AM
Lincoln Electric (NASDAQ:LECO) exceeded Q1 CY2026 expectations. Exceeding quarterly expectations signals robust financial performance and enhances investor sentiment for future growth.

3 Zacks, 9:30 AM
Lincoln Electric Holdings (LECO) Q1 earnings compared to analyst estimates, highlighting key metrics performance. Q1 earnings metrics versus estimates moderately affect financial performance and short-term market sentiment.

3 Business Wire, 7:30 AM
Lincoln Electric Holdings, Inc. (LECO) reported first quarter 2026 results. Quarterly earnings reports provide critical financial data affecting performance and investor sentiment.

29 Apr

4 StockStory, 12:36 PM
Lincoln Electric (LECO) released Q1 results, highlighting key metrics and expectations ahead of the earnings call. Q1 earnings reports drive significant shifts in stock performance and strategic outlook.

24 Apr

3 Simply Wall St., 5:08 PM
Lincoln Electric Holdings, Inc. (LECO) secures Prime ESG rating and unveils RISE Sustainability Strategy, triggering valuation reassessment amid positive sustainability developments. Prime ESG rating and RISE Sustainability Strategy boost investor sentiment in ESG space but face limited broader market transformation.

23 Apr

3 Zacks, 10:00 AM
Lincoln Electric Holdings (LECO) will report earnings next week, with Wall Street expecting growth. Upcoming earnings report with expected growth may noticeably affect financial performance and investor sentiment.

22 Apr

3 Zacks, 12:10 PM
Lincoln Electric (LECO) is positioned to surpass earnings estimates again, driven by strong operational performance, favorable market conditions, and robust demand in welding and automation sectors. Expected earnings beat highlights solid financial momentum with moderate effects on stock performance and investor confidence.

7 Apr

3 StockStory, 3:33 AM
Wall Street names Lincoln Electric Holdings (LECO) as a favorite stock with exciting potential while brushing off two others. Wall Street endorsement of LECO as a top pick with exciting potential moderately influences investor sentiment and market performance.

3 Apr

3 Simply Wall St., 5:11 AM
Lincoln Electric Holdings (LECO) reports mixed growth amid cautious analyst tones, raising questions about its overall investment case. Mixed growth and cautious analysts moderately influence LECO's investor sentiment and financial trajectory.

31 Mar

3 247wallst.com, 10:20 AM
Wall Street analysts cut ratings and price targets on Lincoln Electric Holdings (LECO), viewing industrial recovery gains as already priced into the stock. Analyst downgrades on LECO indicate moderated growth expectations as industrial recovery is deemed fully priced in, likely affecting market sentiment and short-term performance.

23 Feb

4 www.marketbeat.com, 10:07 PM
Lincoln Electric unveils “RISE” strategy, discusses M&A opportunities, and hints at second-half volume rebound at Barclays conference. New “RISE” strategy, M&A talks, and volume rebound hints indicate major strategic initiatives poised to influence Lincoln Electric's trajectory and investor sentiment.

19 Feb

3 StockStory, 12:35 AM
Lincoln Electric Holdings' Q4 earnings call featured top five analyst questions probing sales trends, margin pressures, automation demand, supply chain issues, and 2024 guidance. Analyst questions highlight moderate influences on financial performance and market outlook from Q4 results and forward guidance.

14 Feb

4 Simply Wall St., 6:15 AM
Lincoln Electric Holdings, Inc. reported record results for 2025, driven by its RISE strategy, which focuses on innovation, sustainability, and operational excellence. The company aims to enhance its competitive position and drive long-term growth through strategic investments and product development. This approach is expected to significantly impact its market performance and investor sentiment. The RISE strategy and record results indicate a significant strategic shift that could alter the company's trajectory and market positioning.
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