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Lincoln Electric Holdings Inc (LECO) stock

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NASDAQ: LECO Nasdaq Industrial Machinery & Supplies & Components Next results ~February 11, 2027

B Fundamentals grade

Lincoln Electric Holdings Inc is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$230

Cash-flow model

Base case. Range ~$170–$310 across our lower- and higher-growth cases (2.8%–12.8% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 23% above our base value.

Price used: $285.50, November 2, 2026

Lincoln Electric Holdings Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 4 selling0 purchases and 8 sales by directors and officers, last 12 monthsInsider trades
  • Funds289 adding, 324 cuttingOf 71 active managers that changed their stake, 29 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lincoln Electric files

10-Q filed October 27: Lincoln Electric

Rating: Sell to Hold Model value +5.9%

Revenue for the twelve months to September 2026 was $4.64bn, up 11.1% on a year earlier, faster than the 9.3% growth a quarter earlier. Free-cash-flow margin fell to 11.0% from 13.1% a year earlier. Our model value rises from $217 to $230 a share, against a share price of $285. The rating changes from Sell to Hold. At that price, our model says the market is pricing in about 11.2% a year of cash-flow growth for five years, faster than the 7.5% a year revenue growth it has delivered.

Source: 10-Q filed October 27, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Lincoln Electric

Revenue for the twelve months to June 2026 reached $4.64bn, up 11.1% on a year earlier and ahead of the 9.3% growth recorded a quarter before. Cash generation moved the other way, with the free-cash-flow margin slipping to 11.0% from 13.1%. On the back of this, our fundamentals grade improves from C+ to B. Model value is little changed at $217 a share, while the stock trades at $274. That gap takes the rating from Hold to Sell. At $274, the market is effectively pricing in about 11.2% a year of cash-flow growth over five years, well above the 7.5% a year revenue growth the company has actually delivered.

10-Q on SEC EDGAR

Where Lincoln Electric stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $4.48bn, up 9.3% on a year earlier, faster than 7.9% a quarter earlier. Free-cash-flow margin held at 12.1%. The diluted share count is down 2.1% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades C+. It passes 5 of our 7 financial-health checks. Our cash-flow model value is $197 a share, against a share price of $259. At that price, our model says the market is pricing in about 11.3% a year of cash-flow growth for five years, faster than the 6.7% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~February 11, 2027 (estimated)

Lincoln Electric Holdings Inc's trailing-twelve-month revenue grew 11.1% year on year, with a free-cash-flow margin of 11.0%. Where it stands out: stock pay as % of revenue of 0.5% ranks 9 of 70 industrial machinery & supplies & components companies we cover.

Our discounted-cash-flow model values the business at ~$230 per share in the base case (~$170–$310 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 6.3% while net income grew 9.6%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Shrinking share count. Diluted shares fell 1.8% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 6.4% over 90 days.

Things to watch

  • Insiders selling. 4 insiders sold $12M of stock over the past 365 days and none bought (0% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 27, 2026
Earnings per share
$2.98 against an average estimate of $2.81: beat by 6.2%
Revenue
$1.22bn, up 15.1% on a year earlier
Share reaction
+8.5% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
October 27, 2026; average EPS estimate $3.08

Lincoln Electric's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.1%
  • 1 week+10.4%
  • 1 month+4.1%
  • This year+20.2%
  • 1 year+23.3%
  • 5 years+117.1%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$4.6B
Operating margin
17.3%
Net margin
12.4%
EPS (TTM, diluted)
$10.43

Growth

Revenue growth
+11.1%
Change in growth rate
+1.8 pts
Share count change
−1.8%

Cash

Free cash flow (TTM)
$512M
FCF margin
11.0%
Stock pay % of revenue
0.5%

Earnings

Last results
October 27, 2026
Next results (est.)
February 11, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Results
  3. Our research
  4. Our research
  5. Our research
  6. Announcement
  7. Dividend
  8. Announcement
  9. Leadership
  10. Results
  11. Dividend

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Lincoln Electric Holdings Inc valuation models and calculator

What the price is pricing in

The share price implies about 11.0% a year of cash-flow growth for five years.That is close to the 7.5% a year revenue growth Lincoln Electric has delivered.

  • Priced in11.0%
  • Last 12 months11.1%
  • 3 years a year4.5%
  • 5 years a year7.5%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($286.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$230
Price used
$286.00close November 3, 2026
Implied change
▼ 19%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Lincoln Electric Holdings Inc's free cash flow after stock-based pay with after-tax interest added back ($590M, FY2026 Q3 TTM), growing 7.6% and 7.1% in the next two years (forecasts, guidance and its record), then back to 7.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$170–~$310 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Lincoln Electric Holdings Inc's free cash flow after stock-based pay ( $590M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Lincoln Electric Holdings Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$230 ~$170–$310 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$220 ~$200–$290 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$150 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$200 ~$130–$230 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lincoln Electric Holdings Inc with Industrial Machinery & Supplies & Components in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −26%
  • Revenue growth 5 points higher ▲ +34%
  • Free-cash-flow margin 1 point lower ▼ −9%
  • Last year's free-cash-flow margin change, if it persists ▼ −15%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $141$198$272$370$498$664
8.5% $104$145$199$269$360$478
10% $82$114$155$209$278$367

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$43.10$65.03$78.93$69.26$86.87$106.82$130.20$137.26$209.47$183.18$237.46$285.50
Market value$3.2bn$4.4bn$5.3bn$4.5bn$5.4bn$6.4bn$7.8bn$8.1bn$12.2bn$10.5bn$13.3bn$15.8bn
+ Net debt (− = net cash)$50m$326m$380m$344m$548m$461m$577m$1.0bn$711m$884m$985m$867m
Enterprise value$3.3bn$4.8bn$5.6bn$4.9bn$6.0bn$6.9bn$8.4bn$9.1bn$12.9bn$11.4bn$14.3bn$16.6bn
Multiples
Price / sales 1.3x1.9x2.0x1.5x1.8x2.4x2.4x2.1x2.9x2.6x3.1x3.4x
Price / earnings 25.3x22.3x21.3x15.8x18.6x31.2x28.3x17.1x22.4x22.5x25.5x27.4x
Price / free cash flow 12.3x16.9x19.3x17.6x16.3x22.0x25.8x25.9x21.2x21.7x24.8x30.8x
EV / EBITDA 13.3x13.6x12.7x10.9x13.2x19.0x15.5x13.1x16.0x15.7x17.5x18.3x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

81 /100

Strong moat

How hard Lincoln Electric's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.4% of total assets over 10 years.

  • Pricing power 12 / 20

    Gross margin has been a median 34.0%, moving by 1.3 percentage points (standard deviation) across 10 years.

  • Durability 14 / 20

    Operating margin has been a median 15.8%; its worst year was 10.4%.

  • Cash conversion 15 / 20

    Free cash flow was positive in 10 of 10 years, at a median 10.8% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 8.4% over five years; stock-based pay has been a median 0.6% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $11.49 +16% $4.8bn +13%
Next $12.83 +12% $5.1bn +6%

Next year's EPS estimate has moved +6.4% in 90 days, across 12 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +5.1% on 90 days ago. In the last 30 days, 1 analyst raised Lincoln Electric Holdings Inc's forecast and 0 cut it.

Consensus EPS forecast Lincoln Electric Holdings Inc, last 90 days
$10.50 $11.00 $11.50 $12.00 $12.50 $13.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $10.93 Current fiscal year, 60 days ago: $11.21 Current fiscal year, 30 days ago: $11.21 Current fiscal year, 7 days ago: $11.19 Current fiscal year, Now: $11.49 $11.49 Next fiscal year, 90 days ago: $12.05 Next fiscal year, 60 days ago: $12.52 Next fiscal year, 30 days ago: $12.53 Next fiscal year, 7 days ago: $12.51 Next fiscal year, Now: $12.83 $12.83

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $10.93$12.05
60 days ago $11.21$12.52
30 days ago $11.21$12.53
7 days ago $11.19$12.51
Now $11.49$12.83

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $2.81 $2.98 +6.2%
Jun 2026 $2.81 $2.93 +4.3%
Mar 2026 $2.43 $2.50 +2.9%
Dec 2025 $2.54 $2.65 +4.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 27, 2026

No numeric guidance in Lincoln Electric Holdings Inc's latest earnings release (filed October 27, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Lincoln Electric Holdings Inc's revenue by +7.6% next year and +7.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.6%, weight 68%) and the company's own record (+7.8%, weight 32%) . How the weights are set.

Analyst recommendations

12 analysts, Oct 2026
Buy758%
Hold433%
Sell18%

Monthly trend

  1. Oct 2026164112
  2. Sep 2026164112
  3. Aug 2026164112
  4. Jul 2026154111

Counts of recommendations published by analysts covering Lincoln Electric Holdings Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.0%
of tradable shares
Days to cover
2.63
at average volume
Short interest, 1 month
−9%
to October 15, 2026
Held by institutions
83%
of shares
Held by insiders
1.5%
of shares
Employees
12,000
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +23.3%

$231.56 on October 31, 2025 to $285.50

ThenNowEffect
Revenue (last 12 months) $4.1bn $4.5bn +9.3%
Net margin 12.3% 12.4% +0.7%
P/E multiple 26.0x 28.6x +9.6%
Share count 57m 55m +2.2%

Biggest factor: p/e multiple.

Last 3 years +61.7%

$176.61 on November 3, 2023 to $285.50

ThenNowEffect
Revenue (last 12 months) $4.0bn $4.5bn +13.0%
Net margin 12.0% 12.4% +2.6%
P/E multiple 21.6x 28.6x +32.1%
Share count 58m 55m +5.6%

Biggest factor: p/e multiple.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
LECO+22%+5%+53%−13%+30%+20%
Industry peers (median)+19%−15%+19%+2%+9%+3%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
LECO75%42%67%42%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
LECO−10%−17%−21%−33%−23%−20%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 39% from January 2, 2020 to March 23, 2020. Getting back needed a 64% gain, reached on August 11, 2020, 141 days after the low.

Price behaviour

52-week range
$217.92 – $296.16
From 52-week high
−3.6%
vs 50-day average
+6.7%
vs 200-day average
+7.8%
Volatility (1 year)
31%
Beta vs S&P 500
1.17

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±4.6%
After a week
6 up, 5 down
typical move ±6.4%
After a month
6 up, 5 down
typical move ±7.4%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +8.5% +0.9% — —
July 30, 2026 +1.3% +2.4% +8.1% +10.4%
April 30, 2026 +3.4% +1.3% +5.3% −2.1%
February 12, 2026 +1.1% −1.5% −1.5% −10.8%
October 30, 2025 0.0% −0.8% −3.2% +1.0%
July 31, 2025 +8.0% −2.0% +8.1% +8.6%
April 30, 2025 −3.5% +0.7% −1.4% +5.2%
February 13, 2025 +10.2% +1.1% +6.8% −1.6%
October 31, 2024 +2.3% −1.5% +10.1% +10.3%
July 31, 2024 −6.0% +0.2% −11.6% −8.6%
April 25, 2024 −3.2% +0.6% −6.3% −14.8%
February 15, 2024 +7.9% +0.2% +8.0% +7.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Lincoln Electric Holdings Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Lincoln Electric Holdings Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lincoln Electric Holdings Inc
$4B $4.2B $4.4B $4.6B $4.8B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $4.2B Revenue (TTM), FY24 Q1: $4.1B Revenue (TTM), FY24 Q2: $4.1B Revenue (TTM), FY24 Q3: $4B Revenue (TTM), FY24 Q4: $4B Revenue (TTM), FY25 Q1: $4B Revenue (TTM), FY25 Q2: $4.1B Revenue (TTM), FY25 Q3: $4.2B Revenue (TTM), FY25 Q4: $4.2B Revenue (TTM), FY26 Q1: $4.4B Revenue (TTM), FY26 Q2: $4.5B Revenue (TTM), FY26 Q3: $4.6B $4.6B

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $4.2B
FY24 Q1 $4.1B
FY24 Q2 $4.1B
FY24 Q3 $4B
FY24 Q4 $4B
FY25 Q1 $4B
FY25 Q2 $4.1B
FY25 Q3 $4.2B
FY25 Q4 $4.2B
FY26 Q1 $4.4B
FY26 Q2 $4.5B
FY26 Q3 $4.6B
Revenue growth, TTM YoY Lincoln Electric Holdings Inc
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.4% Revenue growth, TTM YoY, FY24 Q1: 6.7% Revenue growth, TTM YoY, FY24 Q2: 3.2% Revenue growth, TTM YoY, FY24 Q3: -0.5% Revenue growth, TTM YoY, FY24 Q4: -4.4% Revenue growth, TTM YoY, FY25 Q1: -2.5% Revenue growth, TTM YoY, FY25 Q2: 0.1% Revenue growth, TTM YoY, FY25 Q3: 3.2% Revenue growth, TTM YoY, FY25 Q4: 5.6% Revenue growth, TTM YoY, FY26 Q1: 7.9% Revenue growth, TTM YoY, FY26 Q2: 9.3% Revenue growth, TTM YoY, FY26 Q3: 11.1% 11.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.4%
FY24 Q1 6.7%
FY24 Q2 3.2%
FY24 Q3 -0.5%
FY24 Q4 -4.4%
FY25 Q1 -2.5%
FY25 Q2 0.1%
FY25 Q3 3.2%
FY25 Q4 5.6%
FY26 Q1 7.9%
FY26 Q2 9.3%
FY26 Q3 11.1%
Operating margin (TTM) Lincoln Electric Holdings Inc
15.5% 16% 16.5% 17% 17.5% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 17.1% Operating margin (TTM), FY24 Q1: 17.4% Operating margin (TTM), FY24 Q2: 16.8% Operating margin (TTM), FY24 Q3: 16.4% Operating margin (TTM), FY24 Q4: 15.9% Operating margin (TTM), FY25 Q1: 15.8% Operating margin (TTM), FY25 Q2: 16.6% Operating margin (TTM), FY25 Q3: 17.0% Operating margin (TTM), FY25 Q4: 17.0% Operating margin (TTM), FY26 Q1: 17.0% Operating margin (TTM), FY26 Q2: 17.1% Operating margin (TTM), FY26 Q3: 17.3% 17.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 17.1%
FY24 Q1 17.4%
FY24 Q2 16.8%
FY24 Q3 16.4%
FY24 Q4 15.9%
FY25 Q1 15.8%
FY25 Q2 16.6%
FY25 Q3 17.0%
FY25 Q4 17.0%
FY26 Q1 17.0%
FY26 Q2 17.1%
FY26 Q3 17.3%
FCF margin (TTM) Lincoln Electric Holdings Inc
10% 11% 12% 13% 14% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 13.8% FCF margin (TTM), FY24 Q1: 14.0% FCF margin (TTM), FY24 Q2: 13.4% FCF margin (TTM), FY24 Q3: 12.7% FCF margin (TTM), FY24 Q4: 12.0% FCF margin (TTM), FY25 Q1: 13.2% FCF margin (TTM), FY25 Q2: 12.3% FCF margin (TTM), FY25 Q3: 13.1% FCF margin (TTM), FY25 Q4: 12.6% FCF margin (TTM), FY26 Q1: 10.1% FCF margin (TTM), FY26 Q2: 12.1% FCF margin (TTM), FY26 Q3: 11.0% 11.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 13.8%
FY24 Q1 14.0%
FY24 Q2 13.4%
FY24 Q3 12.7%
FY24 Q4 12.0%
FY25 Q1 13.2%
FY25 Q2 12.3%
FY25 Q3 13.1%
FY25 Q4 12.6%
FY26 Q1 10.1%
FY26 Q2 12.1%
FY26 Q3 11.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,729 2,070 2,695 2,853 2,853 2,813 2,536 2,275 2,624 3,029 3,003 2,655 3,234 3,761 4,192 4,009 4,233 4,641
Gross profit 456 564 737 867 943 949 841 787 875 1,029 1,008 871 1,069 1,281 1,465 1,473 1,534 1,647
EBITDA 150 244 359 427 476 443 246 349 445 448 452 363 543 690 805 725 817 906
Operating income 93 186 297 362 407 374 182 284 377 376 371 282 462 612 718 636 718 803
Net income 49 130 217 257 294 255 127 198 248 287 293 206 277 472 545 466 521 575
Diluted EPS $0.57 $1.53 $2.56 $3.06 $3.54 $3.18 $1.70 $2.91 $3.71 $4.37 $4.68 $3.42 $4.60 $8.04 $9.37 $8.15 $9.32 $10.43
Growth (year on year)
Revenue −30.2% +19.7% +30.2% +5.9% −0.0% −1.4% −9.9% −10.3% +15.4% +15.4% −0.8% −11.6% +21.8% +16.3% +11.4% −4.4% +5.6% +11.1%
EBITDA −57.5% +62.7% +47.1% +19.1% +11.3% −6.8% −44.6% +41.9% +27.6% +0.6% +1.0% −19.9% +49.7% +27.2% +16.5% −9.9% +12.7% +12.3%
Operating income −68.5% +100.0% +59.1% +22.0% +12.4% −8.2% −51.4% +56.1% +32.9% −0.4% −1.2% −24.0% +63.7% +32.6% +17.2% −11.3% +12.8% +12.9%
Net income −77.1% +168.1% +66.8% +18.5% +14.1% −13.3% −49.9% +55.6% +24.8% +16.0% +2.1% −29.7% +34.2% +70.7% +15.5% −14.5% +11.7% +9.6%
Diluted EPS −76.9% +168.4% +67.3% +19.5% +15.7% −10.2% −46.5% +71.2% +27.5% +17.8% +7.1% −26.9% +34.5% +74.8% +16.5% −13.0% +14.4% +11.6%
Margins
Gross margin 26.4% 27.2% 27.3% 30.4% 33.0% 33.7% 33.2% 34.6% 33.3% 34.0% 33.5% 32.8% 33.0% 34.1% 35.0% 36.7% 36.2% 35.5%
EBITDA margin 8.7% 11.8% 13.3% 15.0% 16.7% 15.8% 9.7% 15.3% 17.0% 14.8% 15.1% 13.7% 16.8% 18.4% 19.2% 18.1% 19.3% 19.5%
Operating margin 5.4% 9.0% 11.0% 12.7% 14.3% 13.3% 7.2% 12.5% 14.4% 12.4% 12.4% 10.6% 14.3% 16.3% 17.1% 15.9% 17.0% 17.3%
Net margin 2.8% 6.3% 8.1% 9.0% 10.3% 9.1% 5.0% 8.7% 9.4% 9.5% 9.8% 7.8% 8.6% 12.6% 13.0% 11.6% 12.3% 12.4%
Free-cash-flow margin 12.3% 4.7% 4.7% 9.6% 9.2% 11.7% 10.3% 11.5% 10.4% 8.5% 11.1% 11.0% 9.4% 8.3% 13.8% 12.0% 12.6% 11.0%
Cash flow
Cash from operations 250 157 194 327 339 402 313 313 335 329 403 351 365 383 668 599 661 667
Capital spending 38 61 66 53 76 73 51 50 62 71 70 59 63 72 91 117 127 155
Free cash flow 212 96 128 275 263 329 262 263 273 258 334 292 303 312 577 482 534 512
Stock-based pay 5 8 7 9 10 8 8 10 13 19 17 15 24 25 26 24 20 24
Free cash flow after stock pay 207 88 121 266 253 320 254 252 260 239 317 277 279 286 550 458 514 488
Balance sheet
Cash 388 366 361 286 300 278 304 379 327 359 200 257 193 197 394 377 309 283
Total debt 89 98 103 20 19 71 355 706 706 703 747 718 770 1,204 1,105 1,261 1,294 1,150
Net debt (negative = net cash) −299 −268 −258 −266 −281 −208 50 326 380 344 548 461 577 1,007 711 884 985 867
Diluted shares 85m 85m 85m 84m 83m 80m 75m 68m 67m 66m 63m 60m 60m 59m 58m 57m 56m 55m
Returned to shareholders
Dividends 46 47 52 73 49 73 87 87 92 102 118 118 122 131 148 162 168 172
Buybacks 0 40 37 81 168 307 399 342 43 202 293 113 165 181 199 264 338 284
Total returned 46 87 89 154 217 380 486 429 136 304 411 232 286 312 347 426 507 456

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

5 of 7 checks passed · September 30, 2026
What it owns · $3.9bn
Short-term assets $1.8bnLonger-term assets $2.1bn
What it owes, and who funded it · $3.9bn
Short-term liabilities $956mLonger-term liabilities $1.4bnShareholders' equity $1.6bn
  • Short-term assets cover short-term liabilities $1.8bn of assets due within a year against $956m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.8bn short-term assets against $1.4bn of longer-dated liabilities.
  • More cash than debt $283m of cash against $1.1bn of debt.
  • Debt below 40% of shareholders' equity Debt is 74% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 83% to 74% over five years.
  • A year's operating cash flow covers at least 20% of debt $667m of operating cash flow against $1.1bn of debt.
  • Operating profit covers interest at least five times over Operating income of $803m against $56m of interest.

From Lincoln Electric Holdings Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$284M
Dividends (TTM)
$172M
Returned to shareholders
89%
of free cash flow
Buybacks, last 3 fiscal years
$801M
Diluted share count
−1.8%
year over year
Total shareholder yield
3.0%
dividends 1.1% + buybacks 1.8% of market value
Dividend payout ratio
30%
of net income paid out
Sales & admin spending
17.8%
of revenue
Days sales outstanding
47 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in industrial machinery & supplies & components
Last 12 months unless stated LECO FLS ITT TKR FTV MLI Median
Revenue, last 12 months $4.6bn $4.7bn $4.7bn $4.8bn $4.4bn $5.0bn $1.4bn
Revenue growth, last 12 months 11.1% 0.2% 28.1% 5.5% 7.0% 20.8% 8.3%
Revenue growth, 3-year average 4.5% 3.8% 14.5% 0.0% −9.9% 11.9% 4.0%
Revenue growth, latest quarter 15.1% 5.4% 51.5% 7.5% 7.8% 31.6% 9.1%
Gross margin 35.5% 34.2% 35.2% 30.8% 63.5% 27.7% 35.2%
Operating margin 17.3% 10.0% 14.4% 10.5% 19.6% 21.5% 13.1%
Operating margin, 3-year average 16.9% 10.0% 16.6% 12.1% 15.8% 21.7% 13.7%
Net margin 12.4% 5.4% 8.9% 5.4% 14.8% 17.3% 8.9%
Cash from operations / revenue 14.4% 4.9% 13.4% 11.2% 27.3% 15.4% 11.9%
Free-cash-flow margin 11.0% 3.3% 10.8% 8.1% 24.7% 13.8% 8.8%
Free-cash-flow margin, 3-year average 12.3% 8.1% 12.2% 7.3% 36.2% 15.8% 9.8%
Stock pay / revenue 0.5% 0.9% 0.9% 0.6% 2.0% 0.6% 0.8%
Change in share count −1.8% −2.8% 3.4% −0.4% −9.1% −1.5% −0.0%

Median of all 76 companies we cover in industrial machinery & supplies & components. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

76 industrial machinery & supplies & components companies
Measure Company Peer median Rank
Revenue growth Growth 11.1% 8.3% 33 of 75
Change in growth rate Growth +1.8pp +1.2pp 32 of 75
Gross margin Profitability 35.5% 35.4% 34 of 70
Operating margin Profitability 17.3% 13.0% 19 of 75
Net margin Profitability 12.4% 8.9% 24 of 76
Free-cash-flow margin Cash generation 11.0% 9.1% 30 of 76
Stock pay as % of revenue Cash generation 0.5% 0.8% 9 of 70
Long-term debt as % of assets Balance sheet 29.5% 23.4% 43 of 59
Change in share count Balance sheet -1.8% -0.0% 19 of 73
Days sales outstanding Balance sheet 47 days 63 days 10 of 65

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue Share YoY
Reportable Segment Aggregation Before Other Operating $4.2B 100.0% ▲ 5.6%
Americas Welding $2.7B 64.3% ▲ 6.2%
International Welding $931M 22.0% ▼ 0.3%
Harris Products Group $579M 13.7% ▲ 13.4%
Products and services
Line of business Revenue Share YoY
Welding Consumables $2.3B 53.9% ▲ 9.3%
Welding Equipment $1.1B 25.5% ▲ 7.0%
Welding Automation $870M 20.6% ▼ 4.5%
Geography
Region Revenue Share YoY
United States $2.6B 62.2% ▲ 11.8%
Outside the US $1.6B 37.8% ▼ 3.2%

From Lincoln Electric Holdings Inc's 10-K filed February 25, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$11.8B
Institutions reporting
700
Shares held vs prior quarter
▲ 5.6%
Positions opened / closed
68 / 54

Top buyers and sellers, Q2 2026: 289 institutions bought and 324 sold ; the biggest buyer was Pictet Asset Management Holding SA (+541K shares) and the biggest seller Vaughan Nelson Investment Management, L.P (−801K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 5.4M 12.1% ▲ 3.2%
Vanguard Portfolio Management LLC $681M 2.6M 5.8% ▲ 1.0%
Vanguard Capital Management LLC $658M 2.5M 5.6% ▲ 0.7%
State Street Corp $600M 2.3M 5.1% ▲ 1.2%
Norges Bank $459M 1.7M 3.9% —
Geode Capital Management, LLC $384M 1.4M 3.3% ▲ 5.9%
Victory Capital Management Inc $369M 1.4M 3.1% ▼ 6.2%
Invesco Ltd. $348M 1.3M 2.9% ▲ 12.3%
Jpmorgan Chase & Co $276M 1.0M 2.3% ▲ 7.9%
AQR Capital Management LLC $244M 922K 2.1% ▼ 18.8%
Boston Partners $219M 825K 1.9% ▲ 3.2%
Goldman Sachs Group Inc $185M 697K 1.6% ▲ 98.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lincoln Electric Holdings Inc's complete shareholder register. Values are as reported by the filers ; 1 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $12.4M 8 trades by 4 insiders · 0% under pre-set plans
Net ▼ $12.4M net selling
Insider Date Trade Shares Price Value
Hedlund Steven B CHAIRMAN, PRESIDENT & CEO October 30, 2026 Sell 14,371 $281.95 $4.1M
Whitehead Michael J EVP, PRESIDENT, AMERICAS WELD June 16, 2026 Sell 845 $274.81 $232,214
Bruno Gabriel EVP, CFO & TREASURER March 2, 2026 Sell 11,868 $286.23 $3.4M
Bruno Gabriel EVP, CFO & TREASURER March 2, 2026 Sell 2,427 $285.44 $692,763
Bruno Gabriel EVP, CFO & TREASURER March 2, 2026 Sell 3,178 $287.14 $912,531
Ansberry Jennifer I EVP, GENERAL COUNSEL & SECY February 17, 2026 Sell 7,757 $288.65 $2.2M
Ansberry Jennifer I EVP, GENERAL COUNSEL & SECY February 17, 2026 Sell 500 $290.38 $145,190
Ansberry Jennifer I EVP, GENERAL COUNSEL & SECY February 17, 2026 Sell 2,400 $289.18 $694,032

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 3 trades and filings

No trades in Lincoln Electric Holdings Inc disclosed in the last 12 months; 3 earlier trades on record.

  • Jared Moskowitz(D-FL 23):Sale (full), $1,001 - $15,000, traded April 7, 2025, filed May 9, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded April 7, 2025, filed May 8, 2025
  • Van Taylor(R-TX 3):Sale (full), $1,001 - $15,000, traded March 25, 2019, filed April 15, 2019

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around February 11, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 30, 2026
  • April 30, 2026
  • February 12, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Lincoln Electric Holdings Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lincoln Electric Holdings Inc in brief

What does Lincoln Electric Holdings Inc do?
Lincoln Electric Holdings Inc is a US-listed company in the industrial machinery & supplies & components industry. Its financial year ends in December.
What is Lincoln Electric Holdings Inc's stock ticker?
Lincoln Electric Holdings Inc trades under the ticker LECO on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lincoln Electric Holdings Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lincoln Electric Holdings Inc reported revenue of $4.6B, 11.1% higher than a year earlier, according to its SEC filings.
What is Lincoln Electric Holdings Inc's free cash flow?
Lincoln Electric Holdings Inc's free-cash-flow margin is 11.0% of revenue over the trailing twelve months, ranking 30 of the 76 industrial machinery & supplies & components companies we cover.
What is Lincoln Electric Holdings Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Lincoln Electric Holdings Inc's free cash flow after stock-based pay gives ~$230 per share in the base case, and ~$170–$310 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Lincoln Electric Holdings Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lincoln Electric Holdings Inc buying back stock, and does it pay a dividend?
Lincoln Electric Holdings Inc spent $284M on share repurchases over the trailing twelve months, and its diluted share count fell 1.8% over the year.
What is Lincoln Electric Holdings Inc's market cap?
On November 2, 2026, Lincoln Electric Holdings Inc's market capitalisation was about $15.8B, with a price-to-earnings ratio of 27.4 and net debt of $867M. Market figures come from third-party market data and may be delayed.
Does Lincoln Electric Holdings Inc pay a dividend?
Yes: Lincoln Electric Holdings Inc paid $172M in dividends over the trailing twelve months, a dividend yield of 1.12% and a payout ratio of 30.0%.
How much debt does Lincoln Electric Holdings Inc have?
Lincoln Electric Holdings Inc's debt-to-equity ratio is 74.0%, from its latest balance sheet (82.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Lincoln Electric Holdings Inc's competitors?
In our Industrial Machinery & Supplies & Components peer group, the companies closest to Lincoln Electric Holdings Inc are Flowserve Corp, ITT Inc., Timken Co, Fortive and Mueller Industries Inc. The side-by-side comparison below sets their revenue, margins and growth against Lincoln Electric Holdings Inc's.
Are insiders buying or selling Lincoln Electric Holdings Inc stock?
Over the last 12 months, Lincoln Electric Holdings Inc's directors and officers reported 0 open-market purchases and 8 sales on Form 4. The insider trading page charts every trade.
When is Lincoln Electric Holdings Inc's next earnings date?
Around February 11, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lincoln Electric Holdings Inc announces its own schedule.