Lincoln Electric Holdings, Inc.
- Open
- 269.00
- Day high
- 275.23
- Day low
- 266.71
- Prev close
- 268.68
- Volume
- 566K
- Mkt cap
- $14.9B
- P/E (TTM)
- 27.0
- EPS (TTM)
- $10.10
- P/B
- 9.6
- P/S
- 3.3
- Yield
- 1.14%
- Per share
- $3.12
- ▼Insiders net selling -$232K over the last 3 months (0 open-market buys, 1 sale)
- 🏛Institutions mixed (13F)
Lincoln Electric Holdings, Inc. (LECO) is a Industrials company listed on NASDAQ. The stock is up 13% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 1 sale (SEC Form 4). Drillr has 1 published research article covering LECO.
Lincoln Electric Holdings, Inc. (LECO) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LECO earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $2.81 | $2.93 | +4.2% | $1.2B | +4.3% |
| Apr 30, 2026 | $2.42 | $2.50 | +3.4% | $1.1B | +4.5% |
| Feb 12, 2026 | $2.53 | $2.65 | +4.6% | $1.1B | -0.5% |
| Oct 30, 2025 | $2.38 | $2.47 | +3.6% | $1.1B | -2.4% |
| Jul 31, 2025 | $2.31 | $2.60 | +12.6% | $1.1B | +4.7% |
| Apr 30, 2025 | $2.23 | $2.16 | -3.1% | $1.0B | +2.7% |
| Feb 13, 2025 | $2.04 | $2.57 | +26.0% | $1.0B | +2.3% |
| Oct 31, 2024 | $2.09 | $2.14 | +2.3% | $984M | -2.3% |
| Jul 31, 2024 | $2.31 | $2.34 | +1.3% | $1.0B | -0.3% |
| Apr 25, 2024 | $2.17 | $2.23 | +2.5% | $980M | -6.3% |
| Feb 15, 2024 | $2.18 | $2.45 | +12.4% | $1.1B | +2.3% |
| Oct 27, 2023 | $2.25 | $2.40 | +6.6% | $1.0B | -0.7% |
LECO insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Aug 24, 2026 | Hedlund Steven Bdirector, officer: CHAIRMAN, PRESIDENT & CEO | Tax | 409 | $281.82 |
| Jul 27, 2026 | Whaley Kevin J.officer: EVP, Pres, Global Automation | Tax | 216 | $250.38 |
| Jun 18, 2026 | Whitehead Michael Jofficer: EVP, PRESIDENT, AMERICAS WELD | Sell | 845 | $274.81 |
| May 5, 2026 | Doria Gregoryofficer: EVP, PRES INTERNATIONAL | Tax | 44 | $266.25 |
| Apr 20, 2026 | Benny Purushotam Pateldirector | Grant | 688 | — |
| Apr 20, 2026 | Hilton Michael Fdirector | Grant | 688 | — |
| Apr 20, 2026 | Howze Marc Adirector | Grant | 688 | — |
| Apr 20, 2026 | Goris Patrick P.director | Grant | 688 | — |
| Apr 20, 2026 | Chambers Briandirector | Grant | 688 | — |
| Apr 20, 2026 | Fetch Bonnie Jdirector | Grant | 688 | — |
| Apr 20, 2026 | ESPELAND CURTIS Edirector | Grant | 688 | — |
| Apr 20, 2026 | Falotico Nancy Joydirector | Grant | 688 | — |
| Apr 20, 2026 | Lincoln Kathryn Jodirector | Grant | 688 | — |
| Mar 4, 2026 | Doria Gregoryofficer: EVP, PRES INTERNATIONAL | Grant | 486 | — |
| Mar 4, 2026 | Hedlund Steven Bdirector, officer: CHAIRMAN, PRESIDENT & CEO | Grant | 3,182 | — |
Source: LECO SEC Form 4 filings, latest Aug 24, 2026. For informational purposes only — not investment advice.
See the full LECO insider & 13F page →Lincoln Electric Holdings, Inc. company profile
Overview
Lincoln Electric Holdings, Inc. (NASDAQ:LECO) is a Cleveland, Ohio-based industrial manufacturing company founded in 1895 that has evolved into a global leader in welding and cutting technology. The company has built its reputation over more than a century by developing innovative arc welding solutions and has expanded through strategic acquisitions to become a comprehensive provider of welding equipment, consumables, and automation systems. Today, Lincoln Electric operates worldwide through three main business segments, serving industries ranging from automotive manufacturing to energy infrastructure, and has positioned itself as a key player in the industrial automation trend while maintaining its core welding expertise.
Business
Lincoln Electric operates in the industrial welding and cutting equipment industry, which provides essential tools and systems for joining and shaping metals across virtually every manufacturing sector. The company's core business revolves around arc welding - a process that uses electrical current to create an electric arc between an electrode and base materials, generating intense heat that melts and fuses metals together. This technology is fundamental to manufacturing everything from automobiles and ships to buildings and energy infrastructure. The company operates through three distinct business segments: 1. Americas Welding (approximately 70% of revenue): This segment manufactures and distributes welding equipment including power sources (the machines that generate welding current), wire feeding systems, plasma cutters for metal cutting, robotic welding packages, and consumable products like welding electrodes and fluxes. The segment also includes Lincoln Electric's growing automation portfolio, which provides robotic welding systems and integrated manufacturing solutions that help companies address labor shortages and improve production efficiency. 2. International Welding (approximately 20% of revenue): This segment operates manufacturing facilities and distribution networks outside the Americas, serving similar markets with welding equipment and consumables tailored to regional needs and standards. 3. The Harris Products Group (approximately 10% of revenue): This segment focuses on oxy-fuel welding and cutting (using oxygen and fuel gases rather than electricity), brazing and soldering products, and serves the HVAC (heating, ventilation, and air conditioning) industry with specialized copper and aluminum components used in refrigeration systems. The company has been particularly focused on expanding its automation capabilities, with this portfolio reaching nearly $1 billion in annual sales and representing one of the fastest-growing segments of the business.
Revenue model
Lincoln Electric generates revenue primarily through product sales of both equipment and consumables, operating on a traditional manufacturing business model. The company sells welding power sources, automation systems, and cutting equipment as capital goods, while also providing a steady stream of recurring revenue through consumable products like welding electrodes, wires, and fluxes that must be regularly replaced during welding operations. The company's customers include industrial manufacturers across automotive, energy, construction, shipbuilding, and general fabrication industries, as well as distributors and retailers who resell products to smaller fabrication shops and individual welders. Revenue is generated through direct sales to large industrial customers and through a extensive distribution network that includes industrial distributors, specialty welding supply stores, and retail channels. Several factors significantly impact Lincoln Electric's margins and profitability. Commodity price fluctuations affect both input costs (steel, copper, aluminum used in manufacturing) and customer demand, as higher metal prices can reduce construction and manufacturing activity. Industrial capital spending cycles drive demand for welding equipment, with economic uncertainty causing customers to delay equipment purchases and automation projects. Labor market conditions create both challenges and opportunities - while skilled welder shortages drive demand for automation solutions, tight labor markets increase the company's own manufacturing costs. Trade policies and tariffs present both risks and opportunities, as approximately 20% of Lincoln Electric's cost of goods sold is exposed to potential tariffs on imported components, though trade restrictions can also benefit domestic manufacturing by encouraging reshoring of production. Currency fluctuations impact international operations, while competitive pricing pressure from lower-cost manufacturers requires ongoing innovation and operational efficiency improvements to maintain margins.
Competitive moat
Lincoln Electric possesses a moderately strong competitive moat built on several complementary advantages, though it faces increasing competitive pressures in some segments. The company's primary moat stems from its brand reputation and technical expertise accumulated over 125+ years in the welding industry. Professional welders often develop strong preferences for specific equipment brands based on performance reliability, and Lincoln Electric's reputation for quality creates customer loyalty that's difficult for competitors to overcome. The company benefits from switching costs in its automation business, where customers make significant investments in training, integration, and customization that create reluctance to change suppliers. Additionally, Lincoln Electric's consumables business model creates recurring revenue streams, as customers who purchase Lincoln welding equipment typically continue buying Lincoln electrodes and consumables throughout the equipment's lifecycle. However, the company's moat faces several challenges. In basic welding equipment, commoditization pressures from lower-cost Asian manufacturers continue to intensify, particularly in price-sensitive market segments. The automation segment, while growing rapidly, faces competition from both traditional industrial automation companies and newer technology-focused entrants who may have superior software capabilities or artificial intelligence integration. Technological disruption represents a longer-term threat, as additive manufacturing (3D printing) could potentially replace some traditional welding applications, though this transition appears to be years away and may create new opportunities for Lincoln Electric's expertise. The company's geographic concentration in mature industrial markets also limits its moat, as faster-growing developing markets may favor local or lower-cost competitors. Overall, Lincoln Electric maintains a solid but not impregnable competitive position that requires continuous innovation and operational excellence to defend.
Risks & safety
Lincoln Electric demonstrates solid financial stability with adequate liquidity and manageable debt levels, though valuation appears elevated relative to current earnings power. • Liquidity and Solvency: Strong cash position of $395 million with positive free cash flow of $159 million in Q1 2025. Current ratio of 1.78x indicates adequate short-term liquidity. Debt-to-equity ratio of 0.94x represents moderate leverage but manageable given cash generation. • Valuation Metrics: Trading at 22.5x P/E ratio and 17.5x EV/EBITDA, which appears expensive given current growth challenges and cyclical headwinds. Price-to-book ratio of 7.9x suggests limited asset-based downside protection. • Other Considerations: Strong cash conversion ratios (130%+ in recent quarters) and consistent dividend payments provide some downside protection. However, exposure to cyclical industrial markets and current volume declines across key segments create earnings volatility risk.
Recent development
Over the past few years, Lincoln Electric has executed a significant strategic transformation focused on automation and technology advancement. The company has systematically built its automation portfolio through strategic acquisitions, including the purchase of Fori Automation, Inrotech (an AI-based welding robot programming company), and Vanair (mobile power solutions), bringing the automation business to nearly $1 billion in annual sales and positioning it to exceed this milestone by 2025. The company has also ventured into adjacent technologies, launching an EV DC fast charger initiative targeting the electric vehicle charging infrastructure market, though this program has experienced delays with revenue ramp pushed to late 2025. Additionally, Lincoln Electric has been developing additive manufacturing capabilities, which have reached commercial adoption with approximately $10 million in current run rate and are transitioning toward profitability. In response to recent market softness, Lincoln Electric has implemented comprehensive cost management programs, including $40-50 million in annual cost savings actions, temporary suspension of merit increases, and organizational streamlining. The company has also been actively managing supply chain challenges and trade policy impacts, seeking alternative sourcing arrangements and implementing pricing strategies to offset approximately 20% of cost of goods sold exposure to potential tariffs. Recent product development efforts have accelerated, with the launch of over 35 new products at industry trade shows, demonstrating continued investment in innovation despite cyclical headwinds. The company has also concluded labor negotiations at international facilities and maintained its focus on margin improvement while navigating the current industrial downturn.
LECO company profile · for informational purposes only — not investment advice.
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