NASDAQ : LECO
Lincoln Electric Holdings, Inc. — Financial statements
Industrials · Tools & Accessories · United States
Last price 276.92 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 15.00B
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Financial statements
Lincoln Electric Holdings, Inc. (LECO) reported revenue of 4.64B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 4.64B | 4.23B | 4.01B | 4.19B | 3.76B | 3.23B |
| Cost of Revenue | 2.99B | 2.69B | 2.53B | 2.73B | 2.48B | 2.17B |
| Gross Profit | 1.65B | 1.54B | 1.48B | 1.47B | 1.28B | 1.07B |
| Selling, General & Admin | 742.40M | 742.15M | 683.84M | 688.50M | 587.50M | 418.55M |
| Research & Development | 85.55M | 85.55M | 81.82M | 71.23M | 63.21M | 55.97M |
| Operating Expenses | 827.95M | 827.70M | 765.66M | 759.74M | 650.71M | 474.52M |
| Operating Income | 821.63M | 710.51M | 712.28M | 705.71M | 630.05M | 594.08M |
| Interest Expense | -56.28M | -58.38M | -52.92M | -51.13M | -31.11M | -23.78M |
| Interest & Investment Income | 5.88M | 6.82M | 10.13M | 6.76M | 1.61M | 1.57M |
| Earnings From Equity Investments | 1.95M | 1.95M | 235.00K | 556.00K | -153.00K | 499.00K |
| Currency Exchange Gain (Loss) | 2.92M | 30.05M | -9.79M | -1.74M | 3.63M | 1.33M |
| Other Non Operating Income (Expenses) | 2.98M | 10.12M | 10.88M | 15.40M | 6.59M | -112.37M |
| EBT Excluding Unusual Items | 779.08M | 701.07M | 670.82M | 675.55M | 610.62M | 461.33M |
| Merger & Restructuring Charges | -21.18M | -23.76M | -47.04M | 11.31M | -6.00M | -9.83M |
| Gain (Loss) on Sale of Assets | -4.95M | |||||
| Asset Writedown | -2.72M | -1.14M | -20.89M | -11.79M | ||
| Other Unusual Items | -1.24M | -719.00K | -3.79M | -126.50M | ||
| Pretax Income | 753.93M | 675.45M | 594.15M | 686.87M | 592.83M | 325.00M |
| Income Tax Expense | 178.66M | 154.92M | 128.04M | 141.62M | 120.60M | 48.42M |
| Earnings From Continuing Operations | 575.27M | 520.53M | 466.11M | 545.25M | 472.22M | 276.58M |
| Net Income | 575.27M | 520.53M | 466.11M | 545.25M | 472.22M | 276.58M |
| Net Income to Common | 575.27M | 520.53M | 466.11M | 545.25M | 472.22M | 276.58M |
| Shares Outstanding (Basic) | 54.71M | 55.41M | 56.64M | 57.36M | 58.03M | 59.31M |
| Shares Outstanding (Diluted) | 55.18M | 55.88M | 57.19M | 58.22M | 58.75M | 60.06M |
| EPS (Basic) | 10.52 | 9.39 | 8.23 | 9.51 | 8.14 | 4.66 |
| EPS (Diluted) | 10.43 | 9.32 | 8.15 | 9.37 | 8.04 | 4.60 |
| Free Cash Flow | 511.89M | 534.20M | 482.37M | 576.55M | 311.50M | 302.53M |
| Free Cash Flow Per Share | 9.28 | 9.56 | 8.43 | 9.90 | 5.30 | 5.04 |
| Dividend Per Share | 3.16 | 3.04 | 2.88 | 2.63 | 2.32 | 2.09 |
| Gross Margin | 35.54% | 36.34% | 36.87% | 34.96% | 34.05% | 33.04% |
| Operating Margin | 17.70% | 16.79% | 17.77% | 16.84% | 16.75% | 18.37% |
| Profit Margin | 12.39% | 12.30% | 11.63% | 13.01% | 12.55% | 8.55% |
| Free Cash Flow Margin | 11.03% | 12.62% | 12.03% | 13.76% | 8.28% | 9.35% |
| EBITDA | 925.60M | 809.06M | 800.52M | 792.38M | 708.11M | 675.23M |
| EBITDA Margin | 19.94% | 19.11% | 19.97% | 18.90% | 18.83% | 20.88% |
| D&A For EBITDA | 103.97M | 98.55M | 88.24M | 86.67M | 78.06M | 81.15M |
| EBIT | 821.63M | 710.51M | 712.28M | 705.71M | 630.05M | 594.08M |
| EBIT Margin | 17.70% | 16.79% | 17.77% | 16.84% | 16.75% | 18.37% |
| Effective Tax Rate | 23.70% | 22.93% | 21.55% | 20.62% | 20.34% | 14.90% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 283.24M | 308.79M | 377.26M | 393.79M | 197.15M | 192.96M |
| Cash & Short-Term Investments | 283.24M | 308.79M | 377.26M | 393.79M | 197.15M | 192.96M |
| Receivables | 682.29M | 617.00M | 563.76M | 580.65M | 576.78M | 454.37M |
| Inventory | 699.38M | 633.36M | 544.04M | 562.86M | 665.45M | 539.92M |
| Prepaid Expenses | 20.61M | |||||
| Other Current Assets | 161.28M | 180.36M | 160.22M | 155.81M | 118.41M | 81.73M |
| Total Current Assets | 1.83B | 1.74B | 1.65B | 1.69B | 1.56B | 1.29B |
| Property, Plant & Equipment | 805.28M | 755.75M | 673.46M | 628.60M | 589.68M | 559.71M |
| Long-Term Investments | 1.46M | |||||
| Goodwill | 885.97M | 886.69M | 804.93M | 694.45M | 665.26M | 430.16M |
| Other Intangible Assets | 250.42M | 221.00M | 186.67M | 202.71M | 149.39M | |
| Long-Term Deferred Tax Assets | 47.08M | 77.61M | 45.18M | 22.81M | 18.32M | |
| Other Long-Term Assets | 376.19M | 98.13M | 97.86M | 127.83M | 142.30M | 145.13M |
| Total Assets | 3.89B | 3.78B | 3.52B | 3.38B | 3.18B | 2.59B |
| Accounts Payable | 463.74M | 364.93M | 296.59M | 325.44M | 352.08M | 330.23M |
| Accrued Expenses | 184.91M | 120.68M | 107.93M | 113.20M | 112.30M | 111.80M |
| Short-Term Debt | 143.78M | 10.52M | 2.44M | 82.44M | 51.96M | |
| Current Portion of Long-Term Debt | 100.00M | 4.00K | 11.04M | 766.00K | ||
| Current Portion of Leases | 14.48M | 13.46M | 13.11M | 13.10M | 10.38M | 10.22M |
| Current Unearned Revenue | 106.10M | 112.23M | 121.43M | 92.48M | 113.53M | 112.50M |
| Other Current Liabilities | 186.48M | 201.61M | 229.21M | 207.95M | 171.13M | 138.43M |
| Total Current Liabilities | 955.71M | 956.69M | 878.80M | 754.61M | 852.90M | 755.90M |
| Long-Term Debt | 1.15B | 1.15B | 1.15B | 1.10B | 1.11B | 717.09M |
| Long-Term Leases | 43.50M | 40.06M | 42.12M | 41.58M | 35.95M | 38.96M |
| Pension & Post-Retirement Benefits | 35.82M | 35.98M | 45.24M | 40.00M | 59.57M | |
| Long-Term Deferred Tax Liabilities | 52.10M | 10.46M | 13.15M | 17.02M | 56.72M | |
| Other Long-Term Liabilities | 189.72M | 72.88M | 74.79M | 111.10M | 90.25M | 100.16M |
| Total Liabilities | 2.34B | 2.31B | 2.19B | 2.07B | 2.15B | 1.73B |
| Common Stock | 9.86M | 9.86M | 9.86M | 9.86M | 9.86M | 9.86M |
| Additional Paid-In Capital | 625.27M | 601.57M | 566.74M | 523.36M | 481.86M | 451.27M |
| Retained Earnings | 4.65B | 4.34B | 3.99B | 3.69B | 3.31B | 2.97B |
| Treasury Stock | -3.51B | -3.28B | -2.94B | -2.68B | -2.49B | -2.31B |
| Comprehensive Income & Other | -222.44M | -205.93M | -300.13M | -229.85M | -275.40M | -257.39M |
| Total Common Equity | 1.55B | 1.47B | 1.33B | 1.31B | 1.03B | 864.10M |
| Minority Interest | -193.00K | |||||
| Shareholders' Equity | 1.55B | 1.47B | 1.33B | 1.31B | 1.03B | 863.91M |
| Total Liabilities & Equity | 3.89B | 3.78B | 3.52B | 3.38B | 3.18B | 2.59B |
| Total Debt | 1.21B | 1.35B | 1.32B | 1.16B | 1.25B | 819.00M |
| Net Cash (Debt) | -924.71M | -1.04B | -939.05M | -766.10M | -1.05B | -626.04M |
| Net Cash Per Share | -16.76 | -18.59 | -16.42 | -13.16 | -17.92 | -10.42 |
| Filing Date Shares Outstanding | 54.16M | 54.81M | 56.10M | 56.82M | 57.58M | 58.73M |
| Total Common Shares Outstanding | 54.16M | 54.85M | 56.21M | 56.98M | 57.62M | 58.79M |
| Working Capital | 870.47M | 782.82M | 766.48M | 938.50M | 704.89M | 533.69M |
| Book Value Per Share | 28.71 | 26.80 | 23.62 | 22.97 | 17.94 | 14.70 |
| Tangible Book Value | 668.75M | 332.68M | 301.50M | 427.73M | 166.08M | 284.55M |
| Tangible Book Value Per Share | 12.35 | 6.07 | 5.36 | 7.51 | 2.88 | 4.84 |
| Land | 66.04M | 64.02M | 67.95M | 71.45M | 67.90M | |
| Buildings | 499.51M | 445.32M | 445.04M | 447.10M | 426.17M | |
| Machinery | 1.08B | 975.48M | 939.32M | 916.87M | 885.72M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 575.27M | 520.53M | 466.11M | 545.25M | 472.22M | 276.58M |
| Depreciation & Amortization | 103.97M | 98.55M | 88.24M | 86.67M | 78.06M | 81.15M |
| Loss (Gain) From Sale of Assets | -36.19M | |||||
| Asset Writedown & Restructuring Costs | 1.14M | 1.14M | 20.89M | 4.78M | 8.10M | -1.05M |
| Stock-Based Compensation | 24.16M | 20.35M | 24.05M | 26.23M | 25.27M | 23.79M |
| Other Operating Activities | 45.15M | 86.12M | -43.32M | -38.39M | -36.23M | 80.47M |
| Change in Accounts Receivable | -102.48M | -26.43M | 52.83M | 14.98M | -65.01M | -65.84M |
| Change in Inventory | -31.57M | -47.78M | 25.36M | 122.09M | -81.19M | -154.35M |
| Change in Accounts Payable | 65.81M | 56.26M | -27.19M | -32.03M | 16.85M | 82.39M |
| Change in Other Net Operating Assets | -14.79M | -47.55M | -7.99M | -25.86M | -34.69M | 41.93M |
| Operating Cash Flow | 666.66M | 661.17M | 598.98M | 667.54M | 383.39M | 365.06M |
| Capital Expenditures | -154.76M | -126.97M | -116.60M | -90.99M | -71.88M | -62.53M |
| Sale of Property, Plant & Equipment | 6.62M | 7.18M | 7.80M | 49.49M | 3.33M | 6.78M |
| Cash Acquisitions | -735.00K | -137.53M | -252.75M | -32.69M | -436.30M | -156.11M |
| Other Investing Activities | 320.00K | -551.00K | 159.00K | 6.50M | ||
| Investing Cash Flow | -148.88M | -257.33M | -361.23M | -74.73M | -504.69M | -205.36M |
| Short-Term Debt Issued | 133.25M | 8.45M | 34.35M | 46.48M | ||
| Long-Term Debt Issued | 550.00M | 405.44M | ||||
| Total Debt Issued | 55.57M | 133.25M | 558.45M | 439.80M | 46.48M | |
| Short-Term Debt Repaid | -79.87M | |||||
| Long-Term Debt Repaid | -100.17M | -400.68M | -8.11M | -508.00K | ||
| Total Debt Repaid | -143.89M | -100.17M | -400.68M | -87.98M | -508.00K | |
| Net Debt Issued (Repaid) | -88.31M | 33.08M | 157.77M | -87.98M | 439.80M | 45.97M |
| Issuance of Common Stock | 12.38M | 11.58M | 27.40M | 22.36M | 6.38M | 19.23M |
| Repurchase of Common Stock | -284.01M | -338.31M | -263.75M | -198.76M | -181.29M | -164.53M |
| Common Dividends Paid | -172.45M | -168.24M | -162.14M | -148.01M | -130.72M | -121.85M |
| Other Financing Activities | -3.92M | -438.00K | -763.00K | |||
| Financing Cash Flow | -532.40M | -461.89M | -244.64M | -412.39M | 133.72M | -221.94M |
| Foreign Exchange Rate Adjustments | 4.86M | -10.43M | -9.63M | 16.22M | -8.23M | -2.09M |
| Net Cash Flow | -9.76M | -68.47M | -16.52M | 196.64M | 4.19M | -64.32M |
| Free Cash Flow | 511.89M | 534.20M | 482.37M | 576.55M | 311.50M | 302.53M |
| Free Cash Flow Margin | 11.03% | 12.62% | 12.03% | 13.76% | 8.28% | 9.35% |
| Free Cash Flow Per Share | 9.28 | 9.56 | 8.43 | 9.90 | 5.30 | 5.04 |
| Levered Free Cash Flow | 399.57M | 281.08M | 455.20M | 482.37M | 197.86M | 315.01M |
| Unlevered Free Cash Flow | 434.75M | 317.57M | 488.27M | 514.33M | 217.30M | 329.88M |
| Cash Interest Paid | 58.83M | 58.83M | 51.26M | 49.37M | 30.87M | 23.75M |
| Cash Income Tax Paid | 100.72M | 100.72M | 157.54M | 180.51M | 151.82M | 87.29M |
| Change in Working Capital | -83.03M | -65.51M | 43.01M | 79.19M | -164.04M | -95.87M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 15.00B | 13.19B | 10.58B | 12.44B | 8.34B | 8.24B |
| Enterprise Value | 15.92B | 14.19B | 11.50B | 13.26B | 9.03B | 8.88B |
| Last Close Price | 276.92 | 237.46 | 183.18 | 209.47 | 137.26 | 130.20 |
| PE Ratio | 26.55 | 25.33 | 22.70 | 22.81 | 17.67 | 29.78 |
| Forward PE | 22.11 | 22.80 | 20.91 | 22.91 | 16.75 | 20.45 |
| PS Ratio | 3.23 | 3.12 | 2.64 | 2.97 | 2.22 | 2.55 |
| PB Ratio | 9.65 | 8.97 | 7.97 | 9.50 | 8.07 | 9.53 |
| P/TBV Ratio | 22.43 | 39.64 | 35.09 | 29.08 | 50.23 | 28.94 |
| P/FCF Ratio | 29.30 | 24.68 | 21.93 | 21.57 | 26.78 | 27.22 |
| P/OCF Ratio | 22.50 | 19.94 | 17.66 | 18.63 | 21.76 | 22.56 |
| PEG Ratio | 1.47 | 1.52 | 1.39 | 1.53 | 1.12 | 1.57 |
| EV/Sales Ratio | 3.43 | 3.35 | 2.87 | 3.16 | 2.40 | 2.75 |
| EV/EBITDA Ratio | 17.20 | 17.54 | 14.36 | 16.73 | 12.75 | 13.16 |
| EV/EBIT Ratio | 19.38 | 19.97 | 16.14 | 18.79 | 14.33 | 14.96 |
| EV/FCF Ratio | 31.10 | 26.56 | 23.83 | 23.00 | 28.98 | 29.37 |
| Debt / Equity Ratio | 0.78 | 0.92 | 0.99 | 0.89 | 1.21 | 0.95 |
| Debt / EBITDA Ratio | 1.27 | 1.61 | 1.59 | 1.42 | 1.72 | 1.18 |
| Debt / FCF Ratio | 2.36 | 2.52 | 2.73 | 2.01 | 4.01 | 2.71 |
| Net Debt / Equity Ratio | 0.59 | 0.71 | 0.71 | 0.58 | 1.02 | 0.72 |
| Net Debt / EBITDA Ratio | 1.00 | 1.28 | 1.17 | 0.97 | 1.49 | 0.93 |
| Net Debt / FCF Ratio | 1.81 | 1.94 | 1.95 | 1.33 | 3.38 | 2.07 |
| Asset Turnover | 1.20 | 1.16 | 1.16 | 1.28 | 1.30 | 1.32 |
| Inventory Turnover | 4.36 | 4.58 | 4.57 | 4.44 | 4.12 | 4.70 |
| Quick Ratio | 1.01 | 0.97 | 1.07 | 1.29 | 0.91 | 0.86 |
| Current Ratio | 1.91 | 1.82 | 1.87 | 2.24 | 1.83 | 1.71 |
| Return on Equity (ROE) | 38.75% | 37.22% | 35.36% | 46.54% | 49.76% | 33.44% |
| Return on Assets (ROA) | 13.32% | 12.17% | 12.91% | 13.45% | 13.64% | 15.13% |
| Return on Invested Capital (ROIC) | 25.11% | 22.93% | 25.74% | 26.92% | 28.06% | 36.29% |
| Return on Capital Employed (ROCE) | 28.00% | 25.20% | 27.00% | 26.90% | 27.10% | 32.40% |
| Earnings Yield | 3.77% | 3.95% | 4.41% | 4.38% | 5.66% | 3.36% |
| FCF Yield | 3.41% | 4.05% | 4.56% | 4.63% | 3.73% | 3.67% |
| Dividend Yield | 1.26% | 1.26% | 1.53% | 1.21% | 1.60% | 1.49% |
| Payout Ratio | 33.36% | 32.32% | 34.79% | 27.15% | 27.68% | 44.06% |
| Buyback Yield / Dilution | 1.80% | 2.31% | 1.76% | 0.90% | 2.19% | 0.31% |
| Total Shareholder Return | 3.06% | 3.57% | 3.29% | 2.10% | 3.79% | 1.80% |