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Lincoln Electric Holdings Inc. (LECO)

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Lincoln Electric Holdings Inc. (LECO) reported revenue of $1.2 billion for Q2 FY2026, the quarter ended 30 June 2026, up 12.0% on the same quarter a year earlier. Net income was $159 million, up 10.5% on the year, and diluted earnings per share $2.88. The figures are the company's own, from the 10-Q it filed with the SEC on 30 July 2026.

Revenue$1.2 billionup 12.0%
Net income$159 millionup 10.5%
Diluted EPS$2.88
QuarterQ2 FY2026ended 30 June 2026

Lincoln Electric Holdings (LECO) in brief

Lincoln Electric Holdings (LECO) reported revenue of $4.2 billion for fiscal 2025, the year ended 31 December 2025, up 5.6% on the year before.
Read moreNet income was $521 million and diluted earnings per share $9.32. Revenue was $4.0 billion in fiscal 2024, $4.2 billion in fiscal 2023, $3.8 billion in fiscal 2022 and $3.2 billion in fiscal 2021. Net income in the same years was $466 million, $545 million, $472 million and $276 million. Over the twelve months to 30 June 2026, Lincoln Electric Holdings reported revenue of $4.5 billion and net income of $554 million. Revenue grew 9.8% a year, compounded, over the five years to fiscal 2025. Lincoln Electric Holdings declared $3.04 a share in dividends over the last four quarters and had 55 million shares outstanding at the latest filed count. At 30 June 2026 it carried $1.2 billion of debt and $242 million of cash. At the close of 8 October 2026 the market cap of Lincoln Electric Holdings was $14.1 billion, 25.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE35.6%
ROCE28.4%
Operating margin17.1%
Net margin12.4%
FCF margin12.1%
Interest cover13.06
Debt to equity0.74
Cash conversion1.24
Share count, 1 year-1.2%
Sales CAGR, 3 years4.0%
Profit CAGR, 3 years3.3%
EPS, TTM$10.01

At the close of 8 October 2026

Price$258.78
Market cap$14.1 billion
Stock P/E25.85
Price to book9.08
EV / EBITDA17.25
Dividend yield1.2%
Market cap / sales3.15
52-week high$298.88
52-week low$220.64
Price, 1 year7.0%
Price CAGR, 3 years11.9%
Price CAGR, 5 years13.8%
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest daily close from SimFin. Debt to equity here stands on the total debt Lincoln Electric Holdings Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
LECOgreeksoup.ai
Daily closes to 8 October 2026, adjusted for splits; prices from SimFin.
Read moreDay by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on LECO

Filings15 in twelve months: 7 current reports (8-K), about 4 results of operations; 2 officer or director change; 1 shareholder vote
Planned insider sales4 Form 144 notices in twelve months, $11.8 million; latest 11 September 2026
Options tapeput/call 0.28 by open interest at the 8 October 2026 close; the straddle prices a 3.8% move to 16 October 2026
13F holders11 of the followed funds hold it; largest Norges Bank; 2 Schedule 13D or 13G filings in twelve months
Insider trading7 sales and 0 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest1.1 million shares short, 2.59 days to cover at 15 September 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue1,0331,0599811,0229841,0221,0041,0891,0611,0791,1211,220
Cost of revenue668687613638632653639683672705722771
Gross profit366371368384352369365406389374399449
Gross margin35%35%38%38%36%36%36%37%37%35%36%37%
SG&A187189199208186187197211207184211225
Operating income171204165149146177165192177184186221
Operating margin17%19%17%15%15%17%16%18%17%17%17%18%
Interest expense12.711.912.012.614.114.214.414.315.114.614.814.3
Pre-tax income161197159137132167153184166173173208
Tax rate20%21%22%26%24%16%23%22%26%21%21%24%
Net income129157123102101140118143123136136159
Net margin13%15%13%10%10%14%12%13%12%13%12%13%
Diluted EPS$2.22$2.70$2.14$1.77$1.77$2.47$2.10$2.56$2.21$2.45$2.47$2.88
Operating cash flow22312213317119995.818614423795.0102254
Capital expenditure25.924.526.323.135.731.526.925.431.642.939.231.4
Free cash flow19797.110714816364.315911820552.063.0222
Buybacks45.468.211050.450.452.510712752.751.856.776.1
Dividends paid36.836.741.340.440.340.243.041.941.641.844.143.4
Shares outstanding57m57m57m57m56m56m56m55m55m55m55m55m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss), 12 fiscal years and the trailing twelve months

FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue2,8132,5362,2752,6243,0293,0032,6553,2343,7614,1924,0094,2334,481
Cost of revenue1,8641,6951,4851,7492,0001,9961,7842,1662,4802,7262,5362,6992,870
Gross profit9498417878751,0291,0088711,0691,2811,4651,4731,5341,611
Gross margin33.7%33.2%34.6%33.3%34.0%33.5%32.8%33.0%34.1%35.0%36.7%36.2%36.0%
Research and development43.347.244.747.954.256.851.456.063.271.281.885.5n/a
Selling, general and administrative545497469541628621544597657759781798826
Operating income374182284377376371282462612718636718768
Operating margin13.3%7.2%12.5%14.4%12.4%12.4%10.6%14.3%16.3%17.1%15.9%17.0%17.1%
Interest expense10.421.819.124.224.525.924.023.831.151.152.958.458.8
Pre-tax income376170277366369368264325593687594675720
Income tax12242.479.011981.775.457.948.4121142128155166
Effective tax rate32.4%25.0%28.5%32.4%22.2%20.5%21.9%14.9%20.3%20.6%21.6%22.9%23.1%
Net income255127198248287293206276472545466521554
Net margin9.1%5.0%8.7%9.4%9.5%9.8%7.8%8.5%12.6%13.0%11.6%12.3%12.4%
Diluted EPS$3.18$1.70$2.91$3.71$4.37$4.68$3.42$4.60$8.04$9.37$8.15$9.32$10.01
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by product or service

FY2023FY2024FY2025Share
latest year
Consumables2,2122,0892,28353.9%
Equipment1,0381,0091,08025.5%
Automation94191187020.6%
ConsumablesEquipmentAutomation
4,192FY20234,009FY20244,233FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Revenue by region

FY2023FY2024FY2025Share
latest year
United States2,3992,3552,63262.2%
Foreign countries1,7931,6531,60137.8%
United StatesForeign countries
4,192FY20234,009FY20244,233FY2025

$ million; hover a block for its figure and share

From the latest 10-K, in the company's own words.
Read moreA year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow and capital returned

FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flow402313n/a335329403351365383668599661688
Capital expenditure73.050.549.961.771.269.659.262.571.991.0117127145
Free cash flow329262n/a273258334292303312577482534542
Free cash flow margin11.7%10.3%n/a10.4%8.5%11.1%11.0%9.4%8.3%13.8%12.0%12.6%12.1%
Cash from investingn/an/an/a-27220.8-193-49.2-205-505-74.7-361-257-247
Cash from financingn/an/an/a-135-302-372-246-222134-412-245-462-500
Depreciation and amortisation69.664.065.168.172.381.580.581.178.186.788.298.5102
Share-based compensation8.47.910.312.718.616.615.423.825.326.224.120.322.5
Buybacks30739934243.2202293113165181199264338237
Dividends paid73.387.087.392.5102118118122131148162168171
Dividend per share$0.98$1.19$1.31$1.44$1.64$1.90$1.98$2.09$2.32$2.63$2.88$3.04n/a
Diluted shares, weighted80m75m68m67m66m63m60m60m59m58m57m56m55m
Shares outstanding at period end77m71m66m66m64m61m60m59m58m57m56m55m55m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 †FY2015FY2016 †FY2017 †FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Funded by
Shareholders' equity1,2839327119328878187898641,0341,3091,3271,4701,554
Non-controlling interest3.20.90.70.80.70.91.0-0.2-0.1n/an/an/an/a
Debt2.53507047047037477187701,2041,1051,2611,2941,150
Operating lease liabilitiesn/an/an/an/an/a39.134.039.035.941.642.140.137.9
Other liabilities6515015287707607667729209079228909741,071
Total liabilities and equity1,9391,7841,9432,4072,3502,3712,3142,5923,1813,3773,5203,7783,813
Owned
Fixed assets439411372477479529522512545575619703732
Goodwill180188232235281337336430665694805887885
Intangible assets133121130127148178134149203187221250n/a
Cash and equivalents278304379327359200257193197394377309242
Receivables338265274395397375373429542539482539586
Inventory341276255349362394381540665563544633691
Other assets231220300497324359310339364425472457677
Total assets1,9391,7841,9432,4072,3502,3712,3142,5923,1813,3773,5203,7783,813
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded5.3%9.8%4.0%9.3%
Profit growth, compounded15.1%20.4%3.3%10.1%
Return on equity, average33.9%38.0%37.4%35.4%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: Machinery

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Nordson Corp. NDSN$18.2 billion33.0517.0%26.9%7.0%0.531.0%
Zebra Technologies Corp. ZBRA$18.1 billion34.9615.7%14.7%12.7%0.81n/a
ITT Inc. ITT$17.8 billion38.968.8%14.4%28.1%0.620.7%
Idex Corp. IEX$17.1 billion33.3513.0%20.7%7.3%0.471.2%
RBC Bearings Inc. RBC$16.4 billion49.489.3%23.6%17.3%0.230.0%
CNH Industrial N.V. CNH$15.4 billion49.844.0%n/a0.6%3.332.0%
Lincoln Electric Holdings Inc. LECO$14.1 billion25.8535.6%17.1%9.3%0.741.2%
BWX Technologies, Inc. BWXT$13.0 billion36.8426.6%12.1%22.7%1.510.7%
Graco Inc. GGG$12.7 billion24.6421.1%28.1%4.6%0.011.4%
Lennox International Inc. LII$12.6 billion16.3460.8%19.7%-2.1%0.891.4%
Moog Inc. MOG.A$11.6 billion30.6517.0%13.3%15.6%0.410.3%
SPX Technologies, Inc. SPXC$8.4 billion30.3211.9%16.2%20.6%0.260.4%
All 41 in Machinery
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
ASML Holding N.V. ASML *$695.7 billion64.8849.0%34.6%15.6%0.22n/a
Lam Research Corp. LRCX$401.1 billion55.6658.3%35.3%26.0%0.300.3%
Caterpillar Inc. CAT$366.0 billion34.2755.9%17.5%18.4%1.440.7%
Deere & Co. DE$176.0 billion36.2517.4%13.4%8.0%2.281.0%
Eaton Corp. plc ETN$164.9 billion43.1918.9%n/a15.5%0.911.0%
Johnson Controls International plc JCI$94.0 billion26.7826.5%n/a6.8%0.621.0%
Illinois Tool Works Inc. ITW$75.4 billion24.00110.3%26.5%4.3%3.352.3%
Cummins Inc. CMI$71.6 billion26.5921.1%11.2%2.9%0.521.5%
Baker Hughes Co. BKR$55.9 billion18.1615.6%n/a0.4%0.82n/a
Carrier Global Corp. CARR$46.4 billion38.509.1%7.8%-1.6%0.771.2%
Ingersoll Rand Inc. IR$30.3 billion32.109.4%18.1%7.8%0.40n/a
TechnipFMC plc FTI$27.4 billion24.1835.9%16.0%9.9%0.120.3%
nVent Electric plc NVT$26.6 billion44.8615.0%17.1%46.2%0.370.5%
Dover Corp. DOV$25.4 billion22.7714.7%16.9%7.6%0.421.1%
Xylem Inc. XYL$23.8 billion24.289.8%14.5%4.5%0.281.6%
Curtiss Wright Corp. CW$18.7 billion34.9119.5%18.8%10.5%0.350.2%
Nordson Corp. NDSN$18.2 billion33.0517.0%26.9%7.0%0.531.0%
Zebra Technologies Corp. ZBRA$18.1 billion34.9615.7%14.7%12.7%0.81n/a
ITT Inc. ITT$17.8 billion38.968.8%14.4%28.1%0.620.7%
Idex Corp. IEX$17.1 billion33.3513.0%20.7%7.3%0.471.2%
RBC Bearings Inc. RBC$16.4 billion49.489.3%23.6%17.3%0.230.0%
CNH Industrial N.V. CNH$15.4 billion49.844.0%n/a0.6%3.332.0%
Lincoln Electric Holdings Inc. LECO$14.1 billion25.8535.6%17.1%9.3%0.741.2%
BWX Technologies, Inc. BWXT$13.0 billion36.8426.6%12.1%22.7%1.510.7%
Graco Inc. GGG$12.7 billion24.6421.1%28.1%4.6%0.011.4%
Lennox International Inc. LII$12.6 billion16.3460.8%19.7%-2.1%0.891.4%
Moog Inc. MOG.A$11.6 billion30.6517.0%13.3%15.6%0.410.3%
Regal Rexnord Corp. RRX$10.7 billion32.994.7%11.7%3.5%0.660.9%
Donaldson Co. Inc. DCI$10.1 billion22.6425.7%15.4%5.3%0.731.4%
Toro Co. TTC$9.2 billion25.8927.2%10.3%5.2%0.721.6%
Flowserve Corp. FLS$8.9 billion24.4416.4%8.5%-0.3%0.941.2%
Pentair plc PNR$8.5 billion13.1417.4%20.3%-2.1%0.431.9%
SPX Technologies, Inc. SPXC$8.4 billion30.3211.9%16.2%20.6%0.260.4%
Timken Co. TKR$7.9 billion30.998.1%10.5%5.5%0.641.2%
Agco Corp. AGCO$7.6 billion14.9613.1%5.8%1.7%0.651.1%
Aaon, Inc. AAON$7.1 billion44.7715.8%11.0%53.5%0.430.5%
NOV Inc. NOV$6.8 billion73.041.5%5.1%-1.7%0.272.7%
Weatherford International plc WFRD$5.5 billion15.1720.5%12.7%-7.2%0.811.3%
Middleby Corp. MIDD$4.8 billionn/a-21.3%16.5%8.4%0.88n/a
Brunswick Corp. BC$4.0 billionn/a-5.1%-0.4%10.5%1.252.8%
Esab Corp. ESAB$4.0 billion23.256.8%12.1%9.7%0.940.6%
1 company shares its SEC industry code (Metalworkg Machinery & Equipment); the rest are the names nearest in size in its wider industry, Machinery, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Filings

FilingPeriodFiledWhere
10-Q30 June 202630 July 2026EDGAR
10-Q31 March 202630 April 2026EDGAR
10-K31 December 202525 February 2026EDGAR
10-Q30 September 202530 October 2025EDGAR
10-Q30 June 202531 July 2025EDGAR
10-Q31 March 202530 April 2025EDGAR
10-K31 December 202426 February 2025EDGAR
10-Q30 September 202431 October 2024EDGAR
10-Q30 June 202431 July 2024EDGAR
10-Q31 March 202425 April 2024EDGAR

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