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LECO

Lincoln Electric Holdings, Inc.

LECO

Lincoln Electric Holdings, Inc. • NASDAQ
$239.43 ▲ 0.25% (+0.59)
Market Cap $13.17 B
52w High $249.19
52w Low $161.11
Dividend Yield 3.16%
P/E 25.63
Volume 98.58K
Outstanding Shares 55.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.061B ▼ $212.654M ▼ $122.628M ▼ 11.555% ▼ $2.23 ▼ $204.387M ▼
Q2-2025 $1.089B ▲ $213.403M ▲ $143.396M ▲ 13.172% ▲ $2.58 ▲ $205.952M ▲
Q1-2025 $1.004B ▼ $200.39M ▲ $118.487M ▼ 11.797% ▼ $2.11 ▼ $184.896M ▼
Q4-2024 $1.022B ▲ $193.157M ▼ $140.229M ▲ 13.721% ▲ $2.49 ▲ $212.97M ▲
Q3-2024 $983.759M $209.877M $100.756M 10.242% $1.78 $189.292M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $292.997M ▼ $3.815B ▲ $2.4B ▲ $1.415B ▲
Q2-2025 $299.481M ▼ $3.727B ▲ $2.348B ▲ $1.38B ▲
Q1-2025 $394.705M ▲ $3.625B ▲ $2.285B ▲ $1.34B ▲
Q4-2024 $377.262M ▼ $3.52B ▼ $2.193B ▼ $1.327B ▼
Q3-2024 $404.218M $3.665B $2.325B $1.339B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $122.628M ▼ $236.687M ▲ $-134.805M ▼ $-107.685M ▲ $-6.484M ▲ $205.051M ▲
Q2-2025 $143.396M ▲ $143.828M ▼ $-57.167M ▼ $-173.221M ▼ $-95.224M ▼ $118.385M ▼
Q1-2025 $118.487M ▼ $185.693M ▲ $-22.303M ▲ $-144.488M ▼ $17.443M ▲ $158.744M ▲
Q4-2024 $140.229M ▲ $95.795M ▼ $-25.874M ▲ $-92.342M ▼ $-26.956M ▼ $64.309M ▼
Q3-2024 $100.756M $199.201M $-134.611M $66.154M $131.546M $163.479M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Americas Welding
Americas Welding
 $690.00M ▲$680.00M ▼$740.00M ▲$720.00M ▼
International Welding
International Welding
 $250.00M ▲$230.00M ▼$240.00M ▲$230.00M ▼
Reportable Segment Aggregation before Other Operating Segment
Reportable Segment Aggregation before Other Operating Segment
 $0 ▲$0 ▲$0 ▲$-40.00M ▼
The Harris Products Group
The Harris Products Group
 $130.00M ▲$140.00M ▲$160.00M ▲$150.00M ▼
Intersegment Eliminations
Intersegment Eliminations
 $-50.00M ▲$-40.00M ▲$-60.00M ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Lincoln Electric’s sales have grown solidly over the past several years, reflecting healthy demand for its welding and automation products, though the most recent year shows a slight cooling from the prior peak. Profitability has improved meaningfully versus earlier years, with operating and net profits much higher than they were before the recent upswing in industry activity. Margins appear resilient, suggesting good pricing power and cost control, even as growth moderates. Earnings per share have climbed sharply over the five-year period, helped by both better profits and disciplined capital management, but the latest year indicates the company is not immune to normal industrial cycles.

Balance Sheet

Balance Sheet The balance sheet has expanded steadily, with total assets and shareholders’ equity both rising, which points to a larger and financially stronger company than it was a few years ago. Cash levels have improved from earlier years and remain solid, giving the company a useful liquidity cushion. Debt has increased over time, so leverage is higher than it was, but it appears supported by a stronger earnings base and a larger equity position. Overall, the financial foundation looks sound, but the company is clearly using the balance sheet more actively to fund growth and investments.

Cash Flow

Cash Flow Lincoln Electric generates robust cash flow from its operations, and this has improved notably in the most recent years compared with the earlier part of the period. After funding capital spending, the company still produces healthy free cash flow, which can support dividends, debt reduction, or strategic investments. Capital expenditures have been gradually rising, signaling continued investment in plants, equipment, and technology rather than a focus on short-term cash maximization. The combination of strong operating cash generation and manageable investment needs provides financial flexibility, even if cash flow may move with the industrial cycle.

Competitive Edge

Competitive Edge The company holds a leading position in welding and cutting, supported by a long-standing, trusted brand and a wide global distribution network. Its reputation for reliability and performance helps it win and retain customers, often at premium pricing. Lincoln Electric also benefits from a distinctive employee culture and incentive system that aims to align worker performance with company results, which can be a subtle but durable edge. A deep installed base, strong service capabilities, and a steady flow of patented technologies create meaningful barriers for smaller or less specialized competitors to match its scale and breadth.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Lincoln Electric’s strategy. The company has pushed hard into automation and robotics, proprietary welding processes, and digital monitoring software, creating integrated systems rather than just selling standalone machines. Its move into large-scale metal 3D printing and additive manufacturing services leverages core welding and materials expertise in a newer, faster-growing niche. The expansion into EV fast-charging and continued work on energy-efficient, data-rich equipment show a willingness to invest ahead of demand in adjacent markets. Overall, the R&D and product roadmap suggest a focus on higher-value, technology-driven solutions that can support growth beyond traditional welding.

Summary

Lincoln Electric today looks like a larger, more profitable, and more cash-generative industrial company than it was five years ago, though its latest results hint at normal cyclical softness after a strong run. The balance sheet shows a deliberate use of debt to support expansion, but also a solid equity base and good liquidity. Its competitive advantages come from brand strength, global reach, a unique workforce model, and sustained technology leadership. Meanwhile, the company is leaning into advanced automation, digital tools, additive manufacturing, and EV charging, which could broaden its opportunity set over time. Key things to watch are how well it manages higher leverage, how resilient margins remain in weaker cycles, and whether newer growth initiatives scale as planned.

NEWS

October 30, 2025 · 7:30 AM UTC

Lincoln Electric Reports Third Quarter 2025 Results

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October 15, 2025 · 4:30 PM UTC

Lincoln Electric Announces 5.3% Dividend Increase

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October 6, 2025 · 7:30 AM UTC

Lincoln Electric Schedules Webcast for Third Quarter 2025 Results

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