LECO · Lincoln Electric Holdings Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $4.23B | $4.01B | $4.19B | $3.76B | $3.23B | $2.66B |
| Cost of Revenue | $2.70B | $2.54B | $2.73B | $2.48B | $2.17B | $1.78B |
| Gross Profit | $1.53B | $1.47B | $1.47B | $1.28B | $1.07B | $871.34M |
| R&D | $85.55M | $81.82M | $71.23M | $63.21M | $55.97M | $51.41M |
| SG&A | $797.99M | $780.59M | $758.91M | $656.64M | $597.11M | $543.80M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $98.55M | $88.24M | $86.67M | $78.06M | $81.15M | $80.49M |
| Operating Income | $718.06M | $636.46M | $717.85M | $612.34M | $461.67M | $282.07M |
| Interest Expense | $52.92M | $52.92M | $51.13M | $31.11M | $23.78M | $23.96M |
| Income Tax | $154.92M | $128.04M | $141.62M | $120.60M | $48.42M | $57.90M |
| Net Income | $520.53M | $466.11M | $545.25M | $472.22M | $276.47M | $206.12M |
| EPS - Basic | $9.39 | $8.23 | $9.50 | $8.14 | $4.66 | $3.46 |
| EPS - Diluted | $9.32 | $8.15 | $9.37 | $8.04 | $4.60 | $3.42 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $308.79M | $377.26M | $393.79M | $197.15M | $192.96M | $257.28M |
| Accounts Receivable | $538.79M | $481.98M | $538.83M | $541.53M | $429.07M | $373.49M |
| Inventory | $633.36M | $544.04M | $562.86M | $665.45M | $539.92M | $381.26M |
| Accounts Payable | $364.93M | $296.59M | $325.44M | $352.08M | $330.23M | $256.53M |
| Current Assets | $1.74B | $1.65B | $1.69B | $1.56B | $1.29B | $1.11B |
| Total Assets | $3.78B | $3.52B | $3.38B | $3.18B | $2.59B | $2.31B |
| Current Liabilities | $956.69M | $878.80M | $754.61M | $852.90M | $755.90M | $549.45M |
| Long-term Debt | $1.15B | $1.15B | $1.10B | $1.11B | $717.09M | $712.30M |
| Total Liabilities | $2.31B | $2.19B | $2.07B | $2.15B | $1.73B | $1.52B |
| Stockholders' Equity | $1.47B | $1.33B | $1.31B | $1.03B | $864.10M | $789.27M |
| Retained Earnings | $4.34B | $3.99B | $3.69B | $3.31B | $2.97B | $2.82B |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $661.17M | $598.98M | $667.54M | $383.39M | $365.06M | $351.36M |
| Investing Cash Flow | ($257.33M) | ($361.23M) | ($74.73M) | ($504.69M) | ($205.36M) | ($49.21M) |
| Financing Cash Flow | ($461.89M) | ($244.64M) | ($412.39M) | $133.72M | ($221.94M) | ($246.14M) |
| CapEx | $126.97M | $116.60M | $90.99M | $71.88M | $62.53M | $59.20M |
| Free Cash Flow | $534.20M | $482.37M | $576.55M | $311.50M | $302.53M | $292.16M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 36.2% | 36.7% | 35.0% | 34.1% | 33.0% | 32.8% |
| Operating margin | 17.0% | 15.9% | 17.1% | 16.3% | 14.3% | 10.6% |
| EBITDA margin | 19.3% | 18.1% | 19.2% | 18.4% | 16.8% | 13.7% |
| Net margin | 12.3% | 11.6% | 13.0% | 12.6% | 8.5% | 7.8% |
| Free cash flow margin | 12.6% | 12.0% | 13.8% | 8.3% | 9.4% | 11.0% |
| FCF / Net income | 1.03 | 1.03 | 1.06 | 0.66 | 1.09 | 1.42 |
| R&D / Revenue | 2.0% | 2.0% | 1.7% | 1.7% | 1.7% | 1.9% |
| SG&A / Revenue | 18.9% | 19.5% | 18.1% | 17.5% | 18.5% | 20.5% |
| Effective tax rate | 22.9% | 21.6% | 20.6% | 20.3% | 14.9% | 21.9% |
| Return on assets | 13.8% | 13.2% | 16.1% | 14.8% | 10.7% | 8.9% |
| Return on equity | 35.4% | 35.1% | 41.7% | 45.7% | 32.0% | 26.1% |
| Return on invested capital | 21.1% | 20.1% | 23.6% | 22.7% | 24.8% | 14.7% |
| Liquidity | ||||||
| Current ratio | 1.82 | 1.87 | 2.24 | 1.83 | 1.71 | 2.02 |
| Quick ratio | 1.16 | 1.25 | 1.50 | 1.05 | 0.99 | 1.33 |
| Cash ratio | 0.32 | 0.43 | 0.52 | 0.23 | 0.26 | 0.47 |
| Leverage | ||||||
| Debt / Equity | 0.78 | 0.87 | 0.84 | 1.07 | 0.83 | 0.90 |
| Debt / Assets | 0.30 | 0.33 | 0.33 | 0.35 | 0.28 | 0.31 |
| Debt / EBITDA | 1.41 | 1.59 | 1.37 | 1.61 | 1.32 | 1.96 |
| Interest coverage | 13.6x | 12.0x | 14.0x | 19.7x | 19.4x | 11.8x |
| Equity multiplier | 2.57 | 2.65 | 2.58 | 3.08 | 3.00 | 2.93 |
| Liabilities / Assets | 0.61 | 0.62 | 0.61 | 0.67 | 0.67 | 0.66 |
| Efficiency | ||||||
| Asset turnover | 1.12 | 1.14 | 1.24 | 1.18 | 1.25 | 1.15 |
| Inventory turnover | 4.26 | 4.66 | 4.84 | 3.73 | 4.01 | 4.68 |
| Days sales outstanding | 46d | 44d | 47d | 53d | 48d | 51d |
| Days inventory outstanding | 86d | 78d | 75d | 98d | 91d | 78d |
| Days payable outstanding | 49d | 43d | 44d | 52d | 56d | 52d |
| Cash conversion cycle | 83d | 80d | 79d | 99d | 84d | 77d |
| Valuation | ||||||
| P / E | 25.7x | 23.0x | 23.2x | 18.0x | 30.3x | 34.0x |
| P / B | 9.1x | 8.1x | 9.7x | 8.2x | 9.7x | 8.9x |
| P / S | 3.2x | 2.7x | 3.0x | 2.3x | 2.6x | 2.6x |
| EV / EBITDA | 17.4x | 15.9x | 16.6x | 13.6x | 16.4x | 20.6x |
| Growth | ||||||
| Revenue growth (YoY) | 5.6% | -4.4% | 11.4% | 16.3% | 21.8% | -11.6% |
| Revenue CAGR (3y) | 4.0% | 7.4% | 16.4% | 7.8% | 2.2% | 0.4% |
| Revenue CAGR (5y) | 9.8% | 5.9% | 6.7% | 7.5% | 7.3% | 0.9% |
| Gross profit growth (YoY) | 4.2% | 0.5% | 14.4% | 19.9% | 22.6% | -13.5% |
| Operating income growth (YoY) | 12.8% | -11.3% | 17.2% | 32.6% | 63.7% | -24.0% |
| Net income growth (YoY) | 11.7% | -14.5% | 15.5% | 70.8% | 34.1% | -29.7% |
| EPS growth (YoY) | 14.4% | -13.0% | 16.5% | 74.8% | 34.5% | -26.9% |
| EPS CAGR (3y) | 5.0% | 21.0% | 39.9% | 19.8% | 1.7% | -2.7% |
| EPS CAGR (5y) | 22.2% | 11.7% | 16.5% | 16.7% | 9.6% | 15.0% |
| FCF growth (YoY) | 10.7% | -16.3% | 85.1% | 3.0% | 3.5% | 10.2% |
| FCF CAGR (5y) | 12.8% | 12.7% | 17.5% | 2.7% | 3.6% | 2.3% |
| Book value growth (YoY) | 10.7% | 1.4% | 26.6% | 19.7% | 9.5% | -3.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$8.47B totalReportable Segment Aggregation Before Other Operating Segment$4.23B · 50.0%
Americas Welding$2.72B · 32.2%
International Welding$930.87M · 11.0%
Harris Products Group$578.58M · 6.8%
Product / service
$4.23B totalWelding Consumables$2.28B · 53.9%
Welding Equipment$1.08B · 25.5%
Welding Automation$870.30M · 20.6%
Geographic
$4.23B totalUS$2.63B · 62.2%
Non Us$1.60B · 37.8%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
3.10
Safe
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✓No share dilution
- ✗Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Metalworkg Machinery & Equipment
Comparing LINCOLN ELECTRIC HOLDINGS INC against the 5 most active filers in the same SIC group.
Dividends
$3.08/share trailing 12 months · +5.5% YoY
| Ex-date | Per share |
|---|---|
| Mar 31, 2026 | $0.7900 |
| Dec 31, 2025 | $0.7900 |
| Sep 30, 2025 | $0.7500 |
| Jun 30, 2025 | $0.7500 |
| Mar 31, 2025 | $0.7500 |
| Dec 31, 2024 | $0.7500 |
| Sep 30, 2024 | $0.7100 |
| Jun 28, 2024 | $0.7100 |
| Mar 27, 2024 | $0.7100 |
| Dec 28, 2023 | $0.7100 |
| Sep 28, 2023 | $0.6400 |
| Jun 29, 2023 | $0.6400 |
| Mar 30, 2023 | $0.6400 |
| Dec 29, 2022 | $0.6400 |
| Sep 29, 2022 | $0.5600 |
| Jun 29, 2022 | $0.5600 |
| Mar 30, 2022 | $0.5600 |
| Dec 30, 2021 | $0.5600 |
| Sep 29, 2021 | $0.5100 |
| Jun 29, 2021 | $0.5100 |
| Mar 30, 2021 | $0.5100 |
| Dec 30, 2020 | $0.5100 |
| Sep 29, 2020 | $0.4900 |
| Jun 29, 2020 | $0.4900 |