Lincoln Electric Holdings, Inc.LECO
NasdaqGS•Industrials•Tools & Accessories
Lincoln Electric Holdings, Inc., through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products in the United States and internationally. It operates in three segments: Americas Welding, International Welding, and The Harris Products Group. The company offers brazing and soldering filler metals, arc welding equipment, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, and education solutions; and a portfolio of automated solutions and system integration services for joining, cutting, material handling, module assembly, and end of line testing, as well as involved in brazing and soldering alloys, and in the retail business. It also provides mobile power solutions, including vehicle-mounted compressors, generators, welders, hydraulics, charger/boosters, and electrified power equipment; automated welding system and solutions; and specialty welding consumables, wear plates, and maintenance and repair services for alloy and wear-resistant products, as well as develops and integrates autonomous guided vehicles and mobile robots, custom assembly and test systems, and proprietary manufacturing execution system software. The company serves general fabrication, oil and gas, power generation, process, automotive and transportation, and construction and infrastructure industries, as well as heavy fabrication, ship building, and maintenance and repair markets. It sells its products directly to users of welding products, including OEMs, manufacturers, and integrators, as well as through industrial distributors, retailers, and agents. Lincoln Electric Holdings, Inc. was founded in 1895 and is headquartered in Cleveland, Ohio.
Lincoln Electric Holdings, Inc. (LECO) reported trailing twelve months revenue of $4.35B as of March 2026, a 7.9% increase year-over-year. Quarterly revenue reached $1.12B, reflecting continued top-line momentum.
Lincoln Electric Holdings, Inc. generated $538.43M in TTM net income, with quarterly EBITDA of $212.17M. The operating margin expanded from 16.4% to 16.6%, suggesting improving cost efficiency and pricing discipline.
The spread between operating margin (16.6%) and net margin (12.2%) indicates tight cost control with minimal non-operating drag. Net margin has improved from 11.8% a year ago, signaling stronger bottom-line efficiency.
LECO trades at a P/E of 24.9x (in line with broad market averages) and a P/S of 3.1x. The price-to-book ratio of 8.9x indicates a significant premium over book value.
The company generated $63.01M in free cash flow over the trailing twelve months, a 60.3% decrease year-over-year, indicating cash generation ability. The balance sheet shows $3.90B in total assets with $1.15B in long-term debt against $1.51B in stockholders equity for a debt-to-equity ratio of 0.8. Data based on the most recent quarterly reports.
Competitive analysis based on 21 quarters of fundamental data
Operating margins are expanding at ~16.4%, suggesting durable pricing power and cost discipline.
Consistently high ROE averaging 36.1% suggests a durable competitive advantage and efficient capital allocation.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 5 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 21 quarters
Margins are stable or improving at ~17.0% — no sign of cost or pricing stress.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
D/E ratio is 0.8 — conservative capital structure with low financial risk.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Shares decreased 3.5% — net buybacks are reducing shares outstanding and boosting per-share value.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation