LECONasdaqMetalworkg Machinery & EquipmentFiscal year ends December 31
LINCOLN ELECTRIC HOLDINGS INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Jul 30, 2026
$259.19−2.91 (-1.11%)
Close on Oct 19, 2026
- Market cap
- $14.28B
- P/E (TTM)
- 25.9
- Dividend yield
- 1.17%
Margins
Share of revenue, fiscal years 2011 to 2025
Gross margin
36.2%+3.4 pts over 5 years
Operating margin
17.0%+6.3 pts over 5 years
Net margin
12.3%+4.5 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +5.6% | +4.0% | +9.8% | +5.3% | |
| Gross profit | +4.2% | +6.2% | +12.0% | +6.2% | |
| Operating income | +12.8% | +5.5% | +20.5% | +14.7% | |
| Net income | +11.7% | +3.3% | +20.4% | – | |
| EPS, diluted | +14.4% | +5.0% | +22.2% | +18.5% | |
| Free cash flow | +10.7% | +19.7% | +12.8% | +7.4% | |
| Dividend per share | +5.6% | +9.4% | +9.0% | +9.8% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | 25.6% | 37.2% | |
| Return on assets | – | 8.8% | 14.3% | |
| Current ratio | 2.69 | 2.02 | 1.82 | |
| Debt to equity | 0.99 | 0.91 | 0.88 | |
| Net debt to EBITDA | 0.94× | 1.27× | 1.21× | |
| Interest coverage | 14.9× | 11.8× | 12.3× | |
| Inventory turnover | 5.6× | 4.6× | 4.6× | |
| Capex to revenue | 2.2% | 2.2% | 3.0% | |
| Diluted shares | 68M | 60M | 56M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lincoln Electric generated $2.68B from operations and spent $2.35B on capital expenditure, dividends and share buybacks. 20% of that went back into the business.
Generated
$2.68B
Used
$2.35B
Capital expenditure$468.98M20%Dividends$730.97M31%Share buybacks$1.15B49%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin12.3%
×Asset turnover1.16×
×Equity multiplier2.61×
=Return on equity, FY202537.2%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 12.3% | 1.16× | 2.61× | 37.2% |
| FY2024 | 11.6% | 1.16× | 2.62× | 35.4% |
| FY2023 | 13.0% | 1.28× | 2.80× | 46.5% |
| FY2022 | 12.6% | 1.30× | 3.04× | 49.8% |
| FY2021 | 8.6% | 1.32× | 2.97× | 33.4% |
| FY2020 | 7.8% | 1.13× | 2.91× | 25.6% |
| FY2019 | 9.8% | 1.27× | 2.77× | 34.4% |
| FY2018 | 9.5% | 1.27× | 2.62× | 31.6% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
7of 9 tests passed in fiscal 2025. Scores of 7 to 9 are usually read as strong.
- ProfitableNet income above zero$520.53M
- Cash generatingOperating cash flow above zero$661.17M
- Return on assets improvedROA up on the prior year13.8% → 14.8%
- Earnings backed by cashOperating cash flow above net income$661.17M vs $520.53M
- Less leverageLong-term debt to assets fell32.7% → 30.4%
- Better liquidityCurrent ratio rose1.87 → 1.82
- No dilutionShare count did not rise57M → 56M
- Gross margin improvedGross margin up on the prior year36.74% → 36.25%
- More efficientAsset turnover rose1.19 → 1.20