Financials

Lincoln Electric Holdings Inc. financials

LECO Machinery

Lincoln Electric Holdings Inc., founded in 1895 and based in Cleveland, Ohio, is a global manufacturer specializing in welding equipment, consumables, and automation solutions. It generates revenue through diversified sales to both small fabricators and large industrial customers. Under CEO Christopher A. Brandt’s leadership since 2016, the company holds an estimated 15-20% market share in key regions. Focused on expanding its automation offerings and global footprint, it continues to navigate challenges like supply chain disruptions and raw material cost fluctuations.

Snapshot

Lincoln Electric Holdings Inc. reported $4.23B in revenue in fiscal 2025, up 5.6% year over year, with an operating margin of 17.0%.

Revenue (FY2025)
$4.23B
YoY growth
+5.6%
Operating margin
17.0%
Direction
Expanding

Financial statements

In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Total Revenues4,233,0004,008,6704,191,6403,761,210
Cost of Sales2,698,7502,535,7602,726,1902,480,450
Gross Profit1,534,2501,472,9101,465,4501,280,760
Selling, General & Administrative Expenses797,994780,590758,910656,636
Other Operating Expenses18,19955,860(11,314)11,788
Operating Profit718,059636,462717,849612,336
Interest Expense(51,561)(42,786)(44,371)(29,500)
Total Non-Operating Income(51,561)(42,786)(44,371)(29,500)
Income Before Provision for Income Taxes666,498593,676673,478582,836
Provision for Income Taxes154,917128,041141,618—
Consolidated Net Income511,581465,635531,860582,836
Net Income Attributable to Common Shareholders520,533466,108545,248582,836
Basic EPS9.398.239.508.14
Diluted EPS9.328.159.378.04
Basic Weighted Average Shares Outstanding55,41056,63957,36458,030
Diluted Weighted Average Shares Outstanding55,87557,19458,22158,749
Shares Outstanding54,84656,21156,97657,624
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Cash and Cash Equivalents308,789377,262393,787197,150
Total Cash and Cash Equivalents308,789377,262393,787197,150
Accounts Receivable538,791481,979538,830541,529
Total Trade Receivables538,791481,979538,830541,529
Inventories633,364544,037562,864665,451
Other Current Assets258,568242,003197,630153,660
Total Current Assets1,739,5101,645,2801,693,1101,557,790
Net Property, Plant & Equipment———544,871
Net Intangible Assets250,424221,005186,667202,706
Goodwill886,686804,927694,452665,257
Other Long-Term Assets47,07777,61145,17622,811
Total Assets3,777,5803,520,1403,377,3003,180,550
Accounts Payable364,934296,590325,435352,079
Accrued Expenses116,158104,374112,373109,369
Short-Term Debt143,78010,5202,43582,444
Current Portion of Long-Term Debt—100,004411,039
Other Current Liabilities43,32842,15840,45336,879
Total Current Liabilities956,691878,802754,610852,897
Long-Term Debt1,150,2301,150,5501,102,7701,110,400
Other Long-Term Liabilities52,10410,46413,14617,022
Total Long-Term Liabilities1,202,3301,161,0201,115,9201,127,420
Total Liabilities2,307,7802,192,7102,068,4502,146,510
Common Stock9,8589,8589,8589,858
Treasury Stock(3,277,780)(2,942,050)(2,682,550)(2,488,780)
Additional Paid-in Capital601,566566,740523,357481,857
Accumulated Other Comprehensive Income(205,931)(300,135)(229,847)(275,398)
Retained Earnings4,342,0803,993,0203,688,0403,306,500
Total Common Shareholders' Equity1,469,7901,327,4301,308,8501,034,040
Total Shareholders' Equity1,469,7901,327,4301,308,8501,034,040
Total Liabilities and Shareholders' Equity3,777,5803,520,1403,377,3003,180,550
In thousands, USD
FY 2025FY 2024FY 2023FY 2022
Net Income520,533466,108545,248472,224
Depreciation & Amortization98,54688,23886,67078,059
Share-Based Compensation Expense20,34824,05226,23125,267
Other Adjustments87,259(22,429)(69,798)(28,125)
Changes in Trade Receivables(26,433)52,82914,980(65,010)
Changes in Inventories(47,783)25,355122,094(81,188)
Changes in Accounts Payable56,257(27,189)(32,028)16,852
Changes in Accrued Expenses(26,090)32,70310,056(8,199)
Changes in Other Operating Activities(21,464)(40,690)(35,911)(26,494)
Cash from Operating Activities661,173598,977667,542383,386
Capital Expenditure(126,974)(116,603)(90,987)(71,883)
Proceeds from Sale of Property, Plant & Equipment7,1787,79849,4943,331
Payments for Business Acquisitions(137,530)(252,746)(32,685)(436,298)
Other Investing Activities—320(551)159
Cash from Investing Activities(257,326)(361,231)(74,729)(504,691)
Issuance of Short-Term Debt133,2528,449(79,873)34,351
Net Issuance / (Repayments) of Short-Term Debt133,2528,449(79,873)34,351
Issuance of Long-Term Debt—550,000—405,444
Repayments of Long-Term Debt(100,169)(400,677)(8,109)—
Net Issuance / (Repayments) of Long-Term Debt(100,169)149,323(8,109)405,444
Issuance of Common Shares11,57827,40422,3656,385
Repurchases of Common Shares(338,308)(263,751)(198,765)(181,293)
Net Issuance / (Repurchases) of Common Shares(326,730)(236,347)(176,400)(174,908)
Common Share Dividends Paid(168,240)(162,143)(148,010)(130,724)
Other Financing Activities—(3,922)—(438)
Cash from Financing Activities(461,887)(244,640)(412,392)133,725
Effect of Exchange Rate Changes on Cash and Cash Equivalents(10,433)(9,631)16,216(8,228)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash(68,473)(16,525)196,6374,192

Key metrics

$13.14B
Market Cap
25.71x
P/E
3.10x
P/S
17.30x
EV/EBITDA
36.6%
Return on Equity
19.2%
Return on Invested Capital
1.82x
Current Ratio
1.3%
Dividend Yield
12.6%
Free Cash Flow Margin

Quarterly trend

QuarterRevenueYoY growthOperating marginOperating income
Q1 2026$1.12B+11.7%16.6%$186M
Q4 2025$1.08B+5.5%17.1%$184M
Q3 2025$1.06B+7.9%16.6%$177M
Q2 2025$1.09B+6.6%17.6%$192M
Q1 2025$1.00B—16.4%$165M
Q4 2024$1.02B—17.3%$177M
Q3 2024$984M—14.8%$146M
Q2 2024$1.02B—14.6%$149M

Margins

36.2%
Gross margin
17.0%
Operating margin
12.1%
Net margin
SourceCompany financial filings (income statement, balance sheet, cash flow) Last updated

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