# Lincoln Electric Holdings, Inc. (LECO)

> Source: Nexqual · https://nexqual.com/LECO · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Lincoln Electric Holdings, Inc. (LECO), nexqual.com/LECO" · informational, not investment advice.

**Price:** USD 256.98 (-2.34% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 263.13 · day 250.66–259.07 · 52w 216.22–310 · market cap $14.0B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $4.48B, net income $554M (12.4% margin), free cash flow $542M (SEC filings).
- Valuation: P/E 25.3x (avg 24.0x at the last 3 fiscal year-ends), EV/EBITDA 17.1x, net debt $908M.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $232K; 1 not under a Rule 10b5-1 plan ($232K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.50 on a 1–5 scale) (12 analysts), mean target USD 303.36 (range 238–340).
- Total return with dividends: 1Y +7.4% vs S&P 500 +14.9%; 5Y +91.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 2.81, revenue estimate $1.17B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.23B | $3.76B | $4.19B | $4.01B | $4.23B | $4.48B |
| Gross profit | $1.07B | $1.28B | $1.47B | $1.47B | $1.53B | — |
| Operating income | $462M | $612M | $718M | $636M | $718M | $768M |
| Net income | $277M | $472M | $545M | $466M | $521M | $554M |
| EPS (diluted) | $4.60 | $8.04 | $9.37 | $8.15 | $9.32 | — |
| Free cash flow | $303M | $312M | $577M | $482M | $534M | $542M |
| Gross margin | 33.0% | 34.1% | 35.0% | 36.7% | 36.2% | — |
| Operating margin | 14.3% | 16.3% | 17.1% | 15.9% | 17.0% | 17.1% |
| Net margin | 8.6% | 12.6% | 13.0% | 11.6% | 12.3% | 12.4% |
| Revenue growth | +21.8% | +16.3% | +11.4% | -4.4% | +5.6% | — |
| Cash + short-term investments | $193M | $197M | $394M | $377M | $309M | — |
| Total debt | $718M | $1.12B | $1.10B | $1.26B | $1.29B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 25.3x · P/S 3.1x · EV/EBITDA 17.1x · EV/Sales 3.3x · P/FCF 25.8x · P/B 9.0x · FCF yield 3.87% · Earnings yield 3.95% · Dividend yield (paid, TTM) 1.22% · Buyback yield (TTM) 1.69% · Net debt $908M · EV $14.9B
P/E at fiscal year-ends: Dec 2025 25.7x, Dec 2024 23.0x, Dec 2023 23.2x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-06-16 | Whitehead Michael J | EVP, PRESIDENT, AMERICAS WELD | 845 | $232K | 8.3% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.50 on a 1–5 scale), 12 analysts; mean target USD 303.36 (low 238, high 340).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-11 | UBS | Initiated | Buy | $340 |
| 2026-08-10 | Morgan Stanley | Upgrade | Underweight → Equal-Weight | $257 → $283 |
| 2026-07-17 | Morgan Stanley | Target raised | Underweight | $250 → $253 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +7.4% | +91.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +7.5% | +13.8% |
| Volatility (annualized) | 29.4% | 27.0% |
| Max drawdown | -20.1% (Feb 2026→Apr 2026) | -32.1% (Mar 2024→Mar 2025) |

## Peers (Tools & Accessories)
SWK (Stanley Black & Decker, Inc.) USD 98.97 +3.70% · RBC (RBC Bearings Incorporated) USD 478.03 -5.24% · SNA (Snap-On Incorporated) USD 356.46 -3.37% · TTC (Toro Company (The)) USD 105.32 +1.91% · TKR (Timken Company (The)) USD 108.4 -5.71% · KMT (Kennametal Inc.) USD 29.59 -4.89%

## More
Full page: https://nexqual.com/LECO · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Reportable Segment Aggregation Before Other Operating | $1.22B | 100.0% | +12.0% |
| — Americas Welding (part of Reportable Segment Aggregation Before Other Operating) | $774.4M | 63.5% | +11.2% |
| — International Welding (part of Reportable Segment Aggregation Before Other Operating) | $243.3M | 19.9% | +4.5% |
| — Harris Products Group (part of Reportable Segment Aggregation Before Other Operating) | $201.9M | 16.6% | +26.9% |
| Total revenue | $1.22B | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Welding Consumables | $688.0M | 56.4% | +15.7% |
| Welding Equipment | $302.6M | 24.8% | +9.0% |
| Welding Automation | $229.1M | 18.8% | +5.8% |
| Total revenue | $1.22B | 100% | — |

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.63B | 62.2% | +11.8% |
| Non Us | $1.60B | 37.8% | -3.2% |
| Total revenue | $4.23B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $2.81 | $2.77 | +1.3% | $1.17B | 11 |
| Next quarter (ends 2026-12-31) | $2.96 | $2.88 | +3.0% | $1.19B | 11 |
| Current fiscal year (ends 2026-12-31) | $11.19 | $10.93 | +2.4% | $4.71B | 12 |
| Next fiscal year (ends 2027-12-31) | $12.51 | $12.05 | +3.8% | $5.00B | 12 |