Lincoln Electric Holdings, Inc. (LECO)
NEUTRALFundamental
69
Kurs
$279.25
Marktkapitalisierung
$15.36B
Teil 1 · Was das Unternehmen wert ist
Übersicht
Lincoln Electric makes the equipment and consumable materials used to weld and cut metal: arc welding machines, robotic welding cells, and the wire and electrodes that get used up with every weld. Customers range from individual fabrication shops to large manufacturers building cars, ships and pipelines, and from automotive plants to oxy-fuel and plasma cutting equipment sold through its Harris Products brands.
Wie das Geld verdient wird
Revenue comes from selling welding machines and cutting equipment once, and then from repeat sales of the wire, electrodes and gases those machines consume with every use — a razor-and-blades pattern where the installed base of equipment drives recurring consumable demand. Automation and robotic welding systems add a growing, higher-value equipment line on top of that base.
Umsatz nach Segment
Welding equipment, consumables and robotic systems sold across North and South America, the company's largest and most profitable segment.
The same welding equipment and consumables business run across Europe, the Middle East, Africa and Asia Pacific.
Gas welding, cutting, brazing and soldering equipment and alloys, a distinct product line from arc welding.
Wettbewerbsvorteil
Marke · SchmalLincoln Electric has sold welding equipment under its own name for over a century and trains welders on it in its own educational programs, which builds habit and trust among tradespeople who choose equipment based on reliability in the field. The advantage is real but not unbreachable: welding equipment from established rivals performs comparably, and price competition is common outside premium industrial accounts.
Was die Nachfrage antreibt
ZyklischEquipment sales follow industrial capital spending — construction, energy, shipbuilding and manufacturing capacity expansion — which slows in recessions and accelerates in upcycles. Consumables demand is steadier because welding continues on equipment already installed, but it too softens when factories run fewer shifts.
Wichtigste Risiken
- Cyclicality of industrial capital spending — Demand for welding equipment tracks broader industrial and construction activity, and a downturn in end markets such as energy, automotive or heavy fabrication reduces both equipment and consumables volumes.
- Raw material cost volatility — Steel, copper, nickel and other metals used in welding wire and equipment are subject to price swings that the company may not always be able to pass through to customers quickly.
- International and currency exposure — Roughly a third of revenue is generated outside the Americas, exposing results to foreign currency translation and to economic and political conditions in the countries where the company operates.
- Competition on price and technology — The company competes against both established global welding equipment makers and lower-cost regional manufacturers, particularly in commodity consumables where differentiation is harder to sustain.
Die Argumente dafür
Buyers argue that the recurring consumables business cushions the cycle, that the brand and its century of training relationships keep tradespeople loyal, and that growth in automation and robotic welding gives the company a higher-value line to sell into the same installed customer base.
Die Argumente dagegen
Sellers fear that equipment sales remain tied to an industrial capital-spending cycle the company cannot control, that raw material cost swings can compress margins between price increases, and that regional low-cost competitors keep pressure on consumables pricing where brand loyalty matters least.
Written by the editors, published on 18. August 2026
Direct competitors
Who this company fights with for the same customers
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Bilanz & Liquidität
Umsatz
$4.48B
Letzte 12 Monate (bis 30.6.2026)
Nettogewinn
$554M
Letzte 12 Monate (bis 30.6.2026)
Freier Cashflow
$534M
Gesamtes Eigenkapital
$1.47B
Gesamtverbindlichkeiten
$2.31B
Current Ratio
1.98
Zinsdeckungsgrad
13.06
Schulden/EBITDA
1.47
Gewinn je Aktie
Umsatz & Nettogewinn
Freier Cashflow
Ertragsaufschlüsselung
Historische Aufstellung
Margen im Zeitverlauf
Verschuldung im Zeitverlauf
Wie schwer die Schulden wiegen
Wachstumsraster
Wachstum — Umsatz
Innerer-Wert-Schätzung
Innerer Wert
$288.73
Aktueller Kurs
$279.25
Sicherheitsmarge
+3.3%
Innerer-Wert-Spanne
$198.35 - $379.11
Bewertungsmethoden
Bewertungskennzahlen
P/E-Verhältnis
28.20
ROE
35.4%
P/B-Verhältnis
9.90
P/FCF
28.36
Bruttomarge
36.0%
ROIC
20.7%
Rentabilitäts-Radar
Value Creation (Economic Moat)
ROIC
20.7%
WACC
10.7%
ROIC − WACC
+10.1 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamentalanalyse-Kriterien
Bestanden (20)
- EPS shows upward trend
- Price CAGR 13.90%
- ROIC 20.7%
- Gross Margin 36.0%
- P/FCF 28.36
- Debt/Equity ratio
- Operating Margin 17.1%
- Positive Free Cash Flow
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- ROE 37.2%
- Revenue Growth 5Y 9.8%
- Analyst Consensus 61% Buy
- PEG Ratio 1.25
- Earnings Quality (OCF/NI) 1.24
- Share Dilution -2.3%
- Net Margin Trend 12.4% vs 12.3%
- Piotroski F-Score 6/9
Nicht bestanden (7)
- EPS CAGR 3.82%
- P/B Ratio 9.90
- CapEx intensity
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Earnings Surprise avg 1.1%
Nicht verfügbar (1)
- Dividend Payout NaN%
Piotroski F-Score
Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit
Gewinnqualität
Hohe Qualität: Gewinne durch Cashflow gedeckt
Aktienverwässerung
Aktienrückkäufe. Aktionärsfreundlich
Unternehmensführung
Führungsteam
| Name | Position | Alter |
|---|---|---|
| Mr. Steven B. Hedlund | President, CEO & Chairman | 58 |
| Mr. Gabriel Bruno | Executive VP, CFO & Treasurer | 57 |
| Ms. Jennifer I. Ansberry J.D. | Executive VP, General Counsel & Secretary | 51 |
| Ms. Susan C. Edwards | Executive VP & Chief Human Resources Officer | 62 |
| Mr. Michael J. Whitehead | Executive VP & President of Americans Welding | 51 |
| Ms. Amanda H. Butler | Vice President of Investor Relations & Communications | - |
| Mr. Geoffrey P. Allman | Senior Vice President of Acquisition Integration | 54 |
| Mr. Gregory D. Doria | Executive VP & President of International | 48 |
| Ms. Lisa A. Dietrich | Executive VP & Chief Digital Information Officer | 52 |
| Mr. Kevin J. Whaley | Executive VP & President of Global Automation | 52 |
Prüfungsrisiko
3
Vorstandsrisiko
3
Vergütungsrisiko
3
Aktionärsrechterisiko
7
Teil 2 · Der Preis und der Einstiegszeitpunkt
Dieser Teil sagt nicht, ob das Unternehmen etwas taugt: Er hilft bei der Wahl des Kaufzeitpunkts, nachdem die Fundamentaldaten überzeugt haben. Enthalten: technische Analyse, Potenzial, historische Drawdowns, Gamma-Exposure.
Latest News
Recent headlines for LECO, sourced from Markets Gazette.