Lincoln Electric Holdings, Inc. (LECO) Stock

Lincoln Electric Holdings, Inc. (LECO) is a Industrials stock trading at $276.94 (as of 2026-08-20), with a market capitalization of $15.10B and a trailing P/E of 27.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Lincoln Electric Holdings, Inc., through subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products. It operates through the Americas Welding, International Welding, and The Harris Products Group segments, serving industrial fabrication and other customer markets with welding power sources, cutting systems, automation equipment, consumables, and related accessories.

Understand Lincoln Electric Holdings, Inc.: how it makes money

Lincoln Electric designs, develops, manufactures, and sells welding, cutting, and brazing products worldwide, and it makes money by selling welding equipment, consumables, and related automation and fabrication systems.

Profitability depends on the mix and momentum of its welding-related offerings, especially automation portfolio sales, while capital discipline is reflected in return on invested capital and operating working capital as a percentage of sales.

Business quality (Solid): The company has clear operating KPIs tied to automation growth and capital efficiency, which can help investors understand how product demand and working capital translate into operating performance.

Valuation: At 28× earnings, LECO trades 16% below the Machinery average (34×). Note: one-time items can distort reported P/E.

Bull case

Automation is a tracked growth driver: Management tracks Automation portfolio sales (USD_B), signaling that automation-related offerings are an explicit part of the business mix.
Capital efficiency is strong: Return on invested capital is 21.5 percent, and operating working capital averages 18.6 percent of net sales, both of which relate to how effectively the business converts sales into value.

Bear case

Automation mix matters to results: If Automation portfolio sales underperform, it could weaken the business mix that the company highlights as an important operating driver.
Working capital can impact operating returns: Average operating working capital is 18.6 percent of net sales, so changes in working capital intensity can affect return on invested capital and operating performance.

Valuation — source: SEC EDGAR (first-party)
Price	$276.94
Market Cap	$15.10B
P/E Ratio	27.3
EV / EBITDA	18.3
Price / Book	9.71
Price / Sales	3.34
FCF Yield	5.9%
DCF Value (model)	$136.56
DCF Upside vs Price	-50.7%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$4.23B
Net Margin	12.3%
Revenue Growth (YoY)	5.6%
EPS Growth (YoY)	14.1%
FCF Growth (YoY)	10.7%

Financial Health — source: SEC EDGAR
Altman Z-Score	7.55 (safe)
Piotroski F-Score	6/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	27.3
Sector P/E (Industrials)	25.9
Industry P/E (Machinery)	32.3
vs Sector	5.3%
vs Industry	-15.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	BlackRock, Inc. ($1.30B)
Institutional Holders Tracked	10
Congressional Trades (recent)	2

Company
Sector	Industrials
Industry	Machinery
CEO	Steven Hedlund
Employees	12,000
Country	US
IPO Date	1994-04-07

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Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.