Lincoln Electric Holdings, Inc. (LECO) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 27	$2.81	$2.93	+4.3%	—	—	—
Q4 26	$2.43	$2.5	+2.9%	—	—	—
Q3 26	$2.54	$2.65	+4.3%	—	—	—
Q2 26	$2.42	$2.47	+2.1%	—	—	—
Q1 26	$2.31	$2.6	+12.6%	—	—	—
Q4 25	$2.23	$2.16	-3.1%	—	—	—
Q3 25	$1.99	$2.57	+29.1%	—	—	—
Q2 25	$2.05	$2.14	+4.4%	—	—	—
Q1 25	$2.29	$2.34	+2.2%	—	—	—
Q4 24	$2.17	$2.23	+2.8%	—	—	—
Q3 24	$2.18	$2.45	+12.4%	—	—	—
Q2 24	$2.25	$2.4	+6.7%	—	—	—
Q1 24	$2.32	$2.44	+5.2%	—	—	—
Q4 23	$2.05	$2.13	+3.9%	—	—	—
Q3 23	$1.9	$1.94	+2.1%	—	—	—
Q2 23	$1.95	$2.04	+4.6%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$9.39	—	—	$4.2B	—
FY24	—	$8.23	—	—	$4B	—
FY23	—	$9.5	—	—	$4.2B	—
FY22	—	$8.14	—	—	$3.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$2.3B	$2.6B	$3B	$3B	$2.7B	$3.2B	$3.8B	$4.2B	$4B	$4.2B
YoY change	-10.3%	+15.4%	+15.4%	-0.84%	-11.6%	+21.8%	+16.3%	+11.4%	-4.37%	+5.6%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	2.3B	2.6B	3B	3B	2.7B	3.2B	3.8B	4.2B	4B	4.2B
Cost of revenue	1.5B	1.7B	2B	2B	1.8B	2.2B	2.5B	2.7B	2.5B	2.7B
Gross profit	786.6M	875.1M	1B	1B	871.3M	1.1B	1.3B	1.5B	1.5B	1.5B
Gross margin	34.6%	33.3%	34%	33.5%	32.8%	33%	34.1%	35%	36.7%	36.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	468.6M	541.2M	627.7M	621.5M	543.8M	597.1M	656.6M	758.9M	780.6M	798M
Operating expenses	468.6M	541.2M	627.7M	621.5M	543.8M	597.1M	656.6M	758.9M	780.6M	798M
Operating income	318M	333.9M	400.8M	386.1M	327.5M	471.5M	624.1M	706.5M	692.3M	736.3M
Operating margin	14%	12.7%	13.2%	12.9%	12.3%	14.6%	16.6%	16.9%	17.3%	17.4%
Non-operating income, net	-23.6M	51.8M	-14.6M	5.8M	-41.5M	-124.3M	-1.8M	24.7M	-55.4M	-9.2M
Pretax income	277.4M	366.2M	368.7M	368.5M	264M	325M	592.8M	686.9M	594.1M	675.5M
Income tax	79M	118.8M	81.7M	75.4M	57.9M	48.4M	120.6M	141.6M	128M	154.9M
Net income	198.4M	247.5M	287M	293.1M	206.1M	276.6M	472.2M	545.2M	466.1M	520.5M
Net margin	8.72%	9.43%	9.48%	9.76%	7.76%	8.55%	12.6%	13%	11.6%	12.3%
EBITDA	393.8M	410.7M	483.9M	488.6M	412M	438.2M	712.2M	806.6M	781M	843.8M
EPS	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.5	8.23	9.39
Diluted EPS	2.91	3.71	4.37	4.68	3.42	4.6	8.04	9.37	8.15	9.32

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	1B	1.1B	981.2M	1B	983.8M	1B	1B	1.1B	1.1B	1.1B	1.1B	1.2B
Cost of revenue	667.6M	687.5M	612.8M	637.9M	631.7M	653.4M	638.9M	683.1M	671.9M	704.8M	722.3M	770.7M
Gross profit	365.6M	371M	368.4M	383.8M	352.1M	368.6M	365.4M	405.5M	389.3M	373.9M	399.1M	449M
Gross margin	35.4%	35.1%	37.5%	37.6%	35.8%	36.1%	36.4%	37.3%	36.7%	34.7%	35.6%	36.8%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	187.1M	188.9M	198.7M	208.5M	186.3M	187.1M	196.7M	210.9M	206.8M	183.6M	210.8M	224.9M
Operating expenses	187.1M	188.9M	198.7M	208.5M	186.3M	187.1M	196.7M	210.9M	206.8M	183.6M	210.8M	224.9M
Operating income	178.5M	182.1M	169.7M	175.3M	165.8M	181.6M	168.8M	194.7M	182.5M	190.3M	188.3M	224.1M
Operating margin	17.3%	17.2%	17.3%	17.2%	16.9%	17.8%	16.8%	17.9%	17.2%	17.6%	16.8%	18.4%
Non-operating income, net	-6.3M	23.6M	-2.3M	-28M	-21.9M	-3.1M	-3.4M	1.5M	-2.8M	-4.5M	-1.6M	-3.7M
Pretax income	161.4M	197M	158.5M	136.6M	131.9M	167.1M	153.2M	183.6M	166M	172.7M	173.4M	207.9M
Income tax	32.1M	40.4M	35.1M	34.9M	31.2M	26.8M	34.7M	40.2M	43.4M	36.6M	37M	49.4M
Net income	129.3M	156.6M	123.4M	101.7M	100.8M	140.2M	118.5M	143.4M	122.6M	136M	136.4M	158.5M
Net margin	12.5%	14.8%	12.6%	9.95%	10.2%	13.7%	11.8%	13.2%	11.6%	12.6%	12.2%	13%
EBITDA	200.8M	205.7M	193.5M	194.6M	186.8M	206.1M	193M	223.2M	210.2M	217.3M	214.9M	249.9M
EPS	2.26	2.75	2.17	1.79	1.78	2.49	2.11	2.58	2.23	2.48	2.49	2.9
Diluted EPS	2.22	2.7	2.14	1.77	1.77	2.47	2.1	2.56	2.21	2.45	2.47	2.88

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	5.2B	6B	5.1B	6B	6.9B	8.3B	8.4B	12.5B	10.6B	13.3B	14.8B
Enterprise value	5.5B	6.2B	5.5B	6.5B	7.4B	8.8B	9.4B	13.2B	11.5B	14.3B	15.8B
Shares outstanding	67.5M	65.7M	64.9M	62M	59.6M	59.3M	58M	57.4M	56.6M	55.4M	55.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	26.1	24.3	17.8	20.4	33.6	29.9	17.8	22.9	22.8	25.5	27.2
P/S	2.27	2.29	1.69	2	2.61	2.56	2.23	2.98	2.65	3.14	3.3
P/B	7.26	6.46	5.76	7.32	8.77	9.57	8.11	9.53	8	9.03	9.53
EV/EBITDA	13.9	15.1	11.3	13.4	17.9	20.2	13.2	16.3	14.7	16.9	17.8
EV/Sales	2.4	2.37	1.8	2.18	2.78	2.74	2.5	3.15	2.87	3.37	3.52
Earnings yield	3.84%	4.11%	5.61%	4.89%	2.97%	3.34%	5.63%	4.37%	4.39%	3.92%	3.68%
FCF yield	5.08%	4.54%	5.04%	5.57%	4.21%	3.66%	3.72%	4.62%	4.54%	4.02%	2.08%
PEG	—	—	—	—	—	—	—	—	—	—	2.19

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	34.6%	33.3%	34%	33.5%	32.8%	33%	34.1%	35%	36.7%	36.2%	36.8%
Operating margin	14%	12.7%	13.2%	12.9%	12.3%	14.6%	16.6%	16.9%	17.3%	17.4%	18.2%
Net margin	8.72%	9.43%	9.48%	9.76%	7.76%	8.55%	12.6%	13%	11.6%	12.3%	12.4%
ROE	27.9%	26.5%	32.3%	35.8%	26.1%	32%	45.7%	41.7%	35.1%	35.4%	37.7%
ROA	10.2%	10.3%	12.2%	12.4%	8.91%	10.7%	14.8%	16.1%	13.2%	13.8%	13%
ROIC	22.7%	19.9%	25.3%	22.5%	20.4%	27.8%	24.4%	27.8%	24.6%	23.1%	24.6%
Return on tangible assets	16.3%	14.7%	19.2%	21.8%	15%	19.3%	32.7%	33.8%	31.7%	34.6%	27.1%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.69	2.6	2.3	1.91	2.02	1.71	1.83	2.24	1.87	1.82	1.98
Quick ratio	2.03	1.94	1.63	1.21	1.33	0.99	1.05	1.5	1.25	1.16	1.2
Debt / equity	0.99	0.76	0.79	0.91	0.91	0.89	1.16	0.84	0.95	0.88	0.77
Debt / assets	0.36	0.29	0.3	0.32	0.31	0.3	0.38	0.33	0.36	0.34	0.3
Net debt / EBITDA	0.73	0.49	0.71	1.12	1.12	1.32	1.41	0.88	1.13	1.16	1.01
Interest coverage	17.3	19.8	22	16.7	13	15.6	21.1	16.5	14.9	14.1	14.7
Effective tax rate	28.5%	32.4%	22.2%	20.5%	21.9%	14.9%	20.3%	20.6%	21.6%	22.9%	23.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	33.7	39.9	46.7	48.5	44.5	54.5	64.8	73.1	70.8	76.4	81.7
EPS (basic)	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.5	8.23	9.39	9.39
EPS (diluted)	2.91	3.71	4.37	4.68	3.42	4.6	8.04	9.37	8.15	9.32	10
Book value per share	10.6	14.2	13.7	13.2	13.3	14.6	17.8	22.8	23.4	26.5	28.5
FCF per share	3.89	4.16	3.97	5.38	4.9	5.1	5.37	10.1	8.52	9.64	9.84
Cash per share	6.2	7.69	5.53	3.22	4.31	3.25	3.4	6.86	6.66	5.57	4.45
Capex per share	0.02	0.04	0.26	0.15	0.13	0.11	0.06	0.86	0.14	2.29	2.63

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.05%	0.09%	0.55%	0.32%	0.29%	0.21%	0.09%	1.18%	0.19%	3%	3.24%
Capex / operating cash flow	0.43%	0.6%	5.04%	2.35%	2.23%	2.84%	0.87%	7.03%	1.31%	19.2%	21.1%
Payout ratio	44%	37.4%	35.6%	40.2%	57.3%	44.1%	27.7%	27.1%	34.8%	32.3%	31.2%
Dividend yield	1.69%	1.54%	1.99%	1.97%	1.7%	1.47%	1.56%	1.19%	1.53%	1.27%	1.17%

Yield

1.17%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.79

ex-dividend Sep 30, 2026

Payout ratio

31%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Sep 30, 2026upcoming	$0.79
Jun 30, 2026	$0.79
Mar 31, 2026	$0.79

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$1B	$1.1B	$981.2M	$1B	$983.8M	$1B	$1B	$1.1B	$1.1B	$1.1B	$1.1B	$1.2B
YoY change	+10.5%	+13.7%	-5.59%	-3.67%	-4.79%	-3.45%	+2.36%	+6.56%	+7.87%	+5.55%	+11.7%	+12%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	418.1M	505.8M	358.8M	199.6M	257.3M	193M	197.2M	393.8M	377.3M	308.8M
Receivables	274M	395.3M	396.9M	374.6M	373.5M	429.1M	541.5M	538.8M	482M	538.8M
Inventory	255.4M	348.7M	361.8M	393.7M	381.3M	539.9M	665.5M	562.9M	544M	633.4M
Total current assets	1B	1.4B	1.2B	1.1B	1.1B	1.3B	1.6B	1.7B	1.6B	1.7B
Property, plant & equipment	36.5M	55.3M	64.1M	102.2M	88.3M	85.6M	97.8M	130.3M	173.9M	203.3M
Goodwill & intangibles	724M	724.1M	858.5M	1B	940.1M	1.2B	1.7B	1.8B	2.1B	2.3B
Total assets	1.9B	2.4B	2.3B	2.4B	2.3B	2.6B	3.2B	3.4B	3.5B	3.8B
Accounts payable	176.8M	269.8M	268.6M	273M	256.5M	330.2M	352.1M	325.4M	296.6M	364.9M
Short-term debt	1.9M	2.1M	111K	35M	2.7M	52.7M	93.5M	2.4M	110.5M	143.8M
Total current liabilities	388.1M	528.7M	538.2M	563.1M	549.4M	755.9M	852.9M	754.6M	878.8M	956.7M
Long-term debt	703.7M	704.1M	702.5M	712.3M	715.5M	717.1M	1.1B	1.1B	1.2B	1.1B
Total liabilities	1.2B	1.5B	1.5B	1.6B	1.5B	1.7B	2.1B	2.1B	2.2B	2.3B
Shareholders' equity	712.2M	932.5M	887.6M	819.1M	790.3M	863.9M	1B	1.3B	1.3B	1.5B
Total debt	705.6M	706.3M	702.7M	747.3M	718.2M	769.8M	1.2B	1.1B	1.3B	1.3B
Net debt	326.4M	379.6M	343.8M	547.7M	460.9M	576.9M	1B	711.4M	883.8M	982.5M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	342.7M	393.8M	375M	272.7M	404.2M	377.3M	394.7M	299.5M	293M	308.8M	298.9M	242.4M
Receivables	537.6M	538.8M	544.5M	549.2M	517M	482M	522.7M	554.3M	501.5M	538.8M	598.3M	586.3M
Inventory	612.3M	562.9M	567.3M	582.7M	612.4M	544M	574.3M	621.4M	671.5M	633.4M	693.9M	690.5M
Total current assets	1.7B	1.7B	1.7B	1.6B	1.8B	1.6B	1.7B	1.7B	1.8B	1.7B	1.9B	1.8B
Property, plant & equipment	-920M	130.3M	-885.4M	-879.2M	-882.3M	173.9M	-884.9M	-918M	-928M	203.3M	-954.2M	-965.9M
Goodwill & intangibles	1.4B	1.8B	1.4B	1.6B	1.6B	2.1B	1.6B	1.7B	1.8B	2.3B	1.8B	1.8B
Total assets	3.3B	3.4B	3.4B	3.4B	3.7B	3.5B	3.6B	3.7B	3.8B	3.8B	3.9B	3.8B
Accounts payable	328.5M	325.4M	327.8M	351.4M	323.6M	296.6M	365.3M	375.8M	398.7M	364.9M	448.1M	447.4M
Short-term debt	7.7M	2.4M	4.7M	6.3M	112M	110.5M	109.6M	105.3M	88.2M	143.8M	163.5M	—
Total current liabilities	808.1M	754.6M	748.9M	783.6M	951.3M	878.8M	969.9M	1B	1B	956.7M	1B	888.1M
Long-term debt	1.1B	1.1B	1.1B	1.1B	1.2B	1.2B	1.2B	1.2B	1.2B	1.1B	1.1B	1.1B
Total liabilities	2.1B	2.1B	2.1B	2.1B	2.3B	2.2B	2.3B	2.3B	2.4B	2.3B	2.4B	2.3B
Shareholders' equity	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.3B	1.4B	1.4B	1.5B	1.5B	1.6B
Total debt	1.1B	1.1B	1.1B	1.1B	1.3B	1.3B	1.3B	1.3B	1.2B	1.3B	1.3B	1.1B
Net debt	767.9M	711.4M	732.4M	832M	858.4M	883.8M	865.4M	956.2M	945.5M	982.5M	1B	905.3M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	198.4M	247.5M	287.1M	293.1M	206.1M	276.6M	472.2M	545.2M	466.1M	520.5M
Depreciation & amortization	65.1M	68.1M	72.3M	81.5M	80.5M	81.1M	78.1M	86.7M	88.2M	98.5M
Stock-based compensation	10.3M	12.7M	18.6M	16.6M	15.4M	23.8M	25.3M	26.2M	24.1M	20.3M
Change in working capital	27.1M	18.5M	-33.7M	12.7M	40.9M	-95.9M	-164M	79.2M	43M	-65.5M
Operating cash flow	264.5M	382.3M	332.2M	404.6M	343.7M	238.6M	383.4M	703.7M	595.2M	661.2M
Capital expenditure	1.1M	2.3M	16.8M	9.5M	7.7M	6.8M	3.3M	49.5M	7.8M	-127M
Investing cash flow	-110.1M	-210.4M	92.1M	-123.2M	10M	-142.8M	-432.8M	16.3M	-244.6M	-264.5M
Dividends paid	-87.3M	-92.5M	-102.1M	-117.9M	-118.1M	-121.9M	-130.7M	-148M	-162.1M	-168.2M
Share repurchases	-342M	-43.2M	-201.7M	-292.7M	-113.5M	-164.5M	-181.3M	-198.8M	-263.8M	-338.3M
Financing cash flow	-98.9M	-151.7M	-306.8M	-386.3M	-263.3M	-240.7M	-278.1M	-426.6M	-272M	-473.5M
Net change in cash	55.5M	20.3M	117.5M	-104.9M	90.3M	-144.9M	-327.5M	293.3M	78.5M	-76.8M
Free cash flow	262.7M	273.2M	257.9M	333.6M	292.2M	302.5M	311.5M	576.6M	482.4M	534.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	129.3M	156.6M	123.4M	101.7M	100.8M	140.2M	118.5M	143.4M	122.6M	136M	136.4M	158.5M
Depreciation & amortization	21.5M	22M	21.6M	20.9M	22.6M	23.1M	23.8M	24.5M	24.7M	25.6M	26M	26M
Stock-based compensation	5.5M	4.1M	14.2M	4.2M	1.1M	4.5M	8.4M	3.9M	3.6M	4.4M	9.6M	4.9M
Change in working capital	72.2M	9.2M	-23.7M	19.8M	76.7M	-29.8M	40.6M	-7M	-10.3M	-88.8M	-90.8M	68.7M
Operating cash flow	223.1M	157.4M	133.3M	170.7M	195.2M	96M	185.7M	143.8M	236.7M	95M	102.2M	253.8M
Capital expenditure	704K	44.9M	316K	987K	1.2M	5.3M	4.6M	585K	-31.6M	-42.9M	-39.2M	-31.4M
Investing cash flow	1.1M	44.9M	316K	987K	-98.9M	5.3M	4.6M	-31.7M	-136M	-43.8M	-39M	-31.4M
Dividends paid	-36.8M	-36.7M	-41.3M	-40.4M	-40.3M	-40.2M	-43M	-41.9M	-41.6M	-41.8M	-44.1M	-43.4M
Share repurchases	-45.4M	-68.2M	-110.4M	-50.4M	-50.4M	-52.5M	-106.7M	-127.1M	-52.7M	-51.8M	-56.7M	-76.1M
Financing cash flow	-13.5M	-110M	-149.8M	-494.2M	65.8M	-89.9M	-150.7M	-178.6M	-106.1M	-38M	-81.1M	-426.9M
Net change in cash	210.7M	92.3M	-16.2M	-322.5M	162.2M	11.3M	39.6M	-66.5M	-5.4M	13.1M	-18M	-204.6M
Free cash flow	197.2M	97.1M	107M	147.5M	163.5M	64.3M	158.7M	118.4M	205.1M	52M	63M	222.3M

Date	Ratio
Jun 1, 2011	2:1
Jun 16, 1998	2:1

Lincoln Electric Holdings, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history