Sunday 11 October 2026
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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. In the quarter to June 2026, revenue grew 12.0%, EPS grew 12.4%, free cash flow grew 87.7% and total debt fell 8.41%, each against the same quarter a year earlier. Dividend growth for twenty-five consecutive years.
261.13
2.35
+0.91%
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| Dec '16 | Dec '17 | Dec '18 | Dec '19 | Dec '20 | Dec '21 | Dec '22 | Dec '23 | Dec '24 | Dec '25 | |
|---|---|---|---|---|---|---|---|---|---|---|
P/E ratio |
26.50 | 24.51 | 17.80 | 20.49 | 33.79 | 29.93 | 17.98 | 22.45 | 22.78 | 25.49 |
Piotroski F-Score |
7 | 6 | 8 | 5 | 5 | 8 | 6 | 8 | 6 | 6 |
P/S ratio |
2.31 | 2.31 | 1.69 | 2.00 | 2.61 | 2.56 | 2.26 | 2.92 | 2.65 | 3.14 |
Altman Z-Score |
6.19 | 5.87 | 5.80 | 5.97 | 6.28 | 6.56 | 5.88 | 7.42 | 6.49 | 7.06 |
Altman Z″-Score (non-manufacturers) |
7.55 | 7.25 | 7.22 | 6.79 | 6.93 | 6.81 | 6.64 | 7.48 | 6.98 | 7.05 |
P/FCF ratio |
19.92 | 21.99 | 18.63 | 17.47 | 23.12 | 26.74 | 26.94 | 19.58 | 21.66 | 24.53 |
Beneish M-Score |
(2.83) | (2.27) | (2.50) | (2.67) | (2.79) | (2.48) | (2.10) | (2.65) | (2.77) | (2.53) |
P/Operating CF |
72.62 | 67.70 | 51.48 | 48.92 | 51.05 | 75.24 | 75.87 | 100.77 | 110.84 | 139.82 |
Dividend Safety Score |
— | — | — | — | — | — | — | — | — | 93 |
P/B ratio |
7.38 | 6.50 | 5.76 | 7.32 | 8.77 | 9.57 | 8.20 | 9.37 | 8.00 | 9.03 |
Price to Tangible BV |
15.01 | 10.62 | 11.16 | 19.70 | 21.65 | 29.09 | 51.08 | 28.66 | 35.22 | 22.77 |
EV/Sales |
2.44 | 2.38 | 1.80 | 2.17 | 2.78 | 2.72 | 2.50 | 3.09 | 2.87 | 3.37 |
EV/EBITDA |
15.89 | 14.06 | 12.19 | 14.38 | 20.38 | 16.21 | 13.63 | 16.12 | 15.86 | 17.47 |
EV/Operating CF |
17.73 | 18.69 | 16.59 | 16.14 | 21.03 | 24.10 | 24.54 | 19.43 | 19.19 | 21.57 |
EV/FCF |
21.01 | 22.71 | 19.88 | 18.96 | 24.65 | 28.44 | 29.88 | 20.72 | 23.44 | 26.35 |
Quick Ratio |
1.78 | 1.70 | 1.40 | 1.02 | 1.15 | 0.82 | 0.87 | 1.24 | 0.98 | 0.89 |
Current Ratio |
2.69 | 2.60 | 2.30 | 1.91 | 2.02 | 1.71 | 1.83 | 2.24 | 1.87 | 1.82 |
Net Debt/EBITDA |
0.82 | 0.45 | 0.77 | 1.13 | 1.26 | 0.97 | 1.34 | 0.88 | 1.21 | 1.21 |
Debt/Assets |
36.22% | 29.26% | 29.90% | 30.04% | 30.92% | 27.69% | 35.26% | 32.65% | 35.53% | 34.25% |
Debt/Equity |
0.99 | 0.76 | 0.79 | 0.87 | 0.91 | 0.83 | 1.08 | 0.84 | 0.94 | 0.88 |
Asset Turnover |
1.22 | 1.21 | 1.27 | 1.27 | 1.13 | 1.32 | 1.30 | 1.28 | 1.16 | 1.16 |
Operating CF/Net income |
1.58 | 1.35 | 1.15 | 1.38 | 1.70 | 1.32 | 0.81 | 1.22 | 1.29 | 1.27 |
Capex/Depreciation |
(0.75) | (0.87) | (0.75) | (0.74) | (0.64) | (0.69) | (0.88) | (0.48) | (1.23) | (1.22) |
Interest Coverage |
16.70 | 19.40 | 21.38 | 15.84 | 12.84 | 20.78 | 20.76 | 16.18 | 14.88 | 13.93 |
| 24.13% | 30.10% | 31.54% | 34.35% | 25.62% | 33.44% | 49.76% | 46.54% | 35.36% | 37.22% | |
| 10.64% | 11.38% | 12.07% | 12.42% | 8.80% | 11.27% | 16.36% | 16.63% | 13.52% | 14.27% | |
ROIC |
17.76% | 20.83% | 19.06% | 17.40% | 14.12% | 20.78% | 19.54% | 22.23% | 18.08% | 18.28% |
Return on Tangible Assets |
19.30% | 18.72% | 24.36% | 28.14% | 19.00% | 26.46% | 37.79% | 36.02% | 33.64% | 35.04% |
Average Days of Receivables |
43.97 | 54.97 | 47.83 | 45.53 | 51.34 | 48.42 | 52.55 | 46.92 | 43.89 | 46.46 |
Research and Development Expense of Revenue |
0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Selling, General and Administrative Expense of Revenue |
20.60% | 20.62% | 20.73% | 20.69% | 20.48% | 18.46% | 17.46% | 18.11% | 19.47% | 18.85% |
Intangible Assets out of Total Assets |
0.19 | 0.15 | 0.18 | 0.22 | 0.20 | 0.22 | 0.27 | 0.26 | 0.29 | 0.30 |
Share Based Compensation of Revenue |
0.45% | 0.48% | 0.61% | 0.55% | 0.58% | 0.74% | 0.67% | 0.63% | 0.60% | 0.48% |
Graham Net Nets |
(0.04) | (0.02) | (0.04) | (0.08) | (0.06) | (0.05) | (0.07) | (0.03) | (0.05) | (0.04) |
Graham Number |
26.43 | 34.64 | 36.93 | 37.47 | 32.03 | 39.08 | 57.09 | 69.91 | 65.88 | 74.90 |
Earnings Yield |
3.77% | 4.08% | 5.62% | 4.88% | 2.96% | 3.34% | 5.56% | 4.45% | 4.39% | 3.92% |
Free Cash Flow Yield |
5.02% | 4.55% | 5.37% | 5.72% | 4.33% | 3.74% | 3.71% | 5.11% | 4.62% | 4.08% |
Revenue per Share |
33.72 | 39.92 | 46.68 | 48.47 | 44.53 | 54.53 | 64.81 | 73.07 | 70.78 | 76.39 |
Operating CF per Share |
4.63 | 5.09 | 5.07 | 6.51 | 5.89 | 6.16 | 6.61 | 11.64 | 10.58 | 11.93 |
Capex per Share |
(0.72) | (0.90) | (0.84) | (0.97) | (0.86) | (0.94) | (1.18) | (0.72) | (1.92) | (2.16) |
Free Cash Flow per Share |
3.91 | 4.19 | 4.23 | 5.54 | 5.03 | 5.22 | 5.43 | 10.91 | 8.65 | 9.77 |
Cash per Share |
6.20 | 7.69 | 5.53 | 3.22 | 4.31 | 3.25 | 3.40 | 6.86 | 6.66 | 5.57 |
Shareholders Equity per Share |
10.56 | 14.18 | 13.68 | 13.22 | 13.25 | 14.57 | 17.82 | 22.82 | 23.44 | 26.53 |
Interest Debt per Share |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Book value per Share |
10.56 | 14.18 | 13.68 | 13.22 | 13.25 | 14.57 | 17.82 | 22.82 | 23.44 | 26.53 |
Free Cash Flow |
263.81 | 275.49 | 274.66 | 343.08 | 299.83 | 309.31 | 314.83 | 626.05 | 490.17 | 541.38 |
Working Capital |
655.61 | 844.87 | 699.62 | 512.45 | 562.89 | 533.69 | 704.89 | 938.50 | 766.48 | 782.82 |
Capital Expenditures |
(48.75) | (59.35) | (54.49) | (60.11) | (51.53) | (55.75) | (68.55) | (41.49) | (108.80) | (119.80) |
Net Current Asset Value |
(187.52) | (100.49) | (224.43) | (476.55) | (411.86) | (438.80) | (588.71) | (375.33) | (547.43) | (568.27) |
EV/EBIT |
19.54 | 16.60 | 14.54 | 17.54 | 26.20 | 19.05 | 15.36 | 18.07 | 18.06 | 19.86 |
Capex to Sales |
0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 | 0.01 | 0.03 | 0.03 |
Price to Operating Income |
18.53 | 16.07 | 13.62 | 16.16 | 24.58 | 17.92 | 13.85 | 17.08 | 16.68 | 18.49 |
| Other line items | ||||||||||
Depreciation/Fixed assets |
0.17 | 0.14 | 0.15 | 0.15 | 0.15 | 0.16 | 0.14 | 0.15 | 0.14 | 0.14 |
Cash ROIC |
14.38% | 12.86% | 14.09% | 19.82% | 17.01% | 17.43% | 13.38% | 22.32% | 16.59% | 17.62% |
Accounts Receivable Turnover |
8.44 | 7.84 | 7.65 | 7.79 | 7.10 | 8.06 | 7.75 | 7.76 | 7.85 | 8.29 |
Accounts Payable Turnover |
9.04 | 7.84 | 7.43 | 7.37 | 6.74 | 7.38 | 7.27 | 8.05 | 8.15 | 8.16 |
Inventory Turnover |
5.60 | 5.79 | 5.63 | 5.28 | 4.60 | 4.70 | 4.12 | 4.44 | 4.58 | 4.58 |
Average Days of Payables |
43.36 | 56.29 | 49.02 | 49.93 | 52.48 | 55.66 | 51.81 | 43.57 | 42.69 | 49.36 |
Days of Inventory on Hand |
62.65 | 72.75 | 66.03 | 72.01 | 78.00 | 91.00 | 97.92 | 75.36 | 78.31 | 85.66 |
Average Receivables |
269.35 | 334.64 | 396.08 | 385.77 | 374.07 | 401.28 | 485.30 | 540.18 | 510.40 | 510.39 |
Average Payables |
164.69 | 223.26 | 269.18 | 270.80 | 264.77 | 293.38 | 341.15 | 338.76 | 311.01 | 330.76 |
Average Inventory |
265.67 | 302.04 | 355.25 | 377.79 | 387.50 | 460.59 | 602.69 | 614.16 | 553.45 | 588.70 |
Average Assets |
1,863.80 | 2,174.99 | 2,378.19 | 2,360.52 | 2,342.83 | 2,453.38 | 2,886.43 | 3,278.92 | 3,448.72 | 3,648.86 |
Average Common Equity |
822.33 | 822.33 | 910.02 | 853.33 | 804.66 | 827.08 | 948.98 | 1,171.45 | 1,318.14 | 1,398.61 |
Columns are period end dates