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Lincoln Electric Holdings, Inc. (LECO)

NEUTRAL
IndustrialsTools & AccessoriesUnited States

Fundamental

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

Americas Welding64.3%

Welding equipment, consumables and robotic systems sold across North and South America, the company's largest and most profitable segment.

International Welding22%

The same welding equipment and consumables business run across Europe, the Middle East, Africa and Asia Pacific.

The Harris Products Group13.7%

Gas welding, cutting, brazing and soldering equipment and alloys, a distinct product line from arc welding.

Wettbewerbsvorteil

Marke · Schmal

Lincoln 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

Zyklisch

Equipment 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.

Segmentzahlen aus dem Geschäftsjahr 2025Quellen: Lincoln Electric Reports Fourth Quarter and Full Year 2025 Results

Written by the editors, published on 18. August 2026

Direct competitors

Who this company fights with for the same customers

No editorial profile for this company yet

No competitor list for this company yet.

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

Fair bewertet

Innerer Wert

$288.73

Aktueller Kurs

$279.25

Sicherheitsmarge

+3.3%

Innerer-Wert-Spanne

$198.35 - $379.11

Bewertungsmethoden

Analyst Target:$304.91
DCF:$349.77
PE-based:$210.73
Graham Growth:$465.46
EPV:$98.16
Analystenkonsens:Kaufen (11B / 5H / 2S)
Letzte Gewinnüberraschung:+2.26%

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

6/9

Gemischte Signale: Einige Bereiche bedürfen Aufmerksamkeit

score
criteria

Gewinnqualität

1.24

Hohe Qualität: Gewinne durch Cashflow gedeckt

Aktienverwässerung

-2.3%

Aktienrückkäufe. Aktionärsfreundlich

Unternehmensführung

Führungsteam

NamePositionAlter
Mr. Steven B. HedlundPresident, CEO & Chairman58
Mr. Gabriel BrunoExecutive VP, CFO & Treasurer57
Ms. Jennifer I. Ansberry J.D.Executive VP, General Counsel & Secretary51
Ms. Susan C. EdwardsExecutive VP & Chief Human Resources Officer62
Mr. Michael J. WhiteheadExecutive VP & President of Americans Welding51
Ms. Amanda H. ButlerVice President of Investor Relations & Communications-
Mr. Geoffrey P. AllmanSenior Vice President of Acquisition Integration54
Mr. Gregory D. DoriaExecutive VP & President of International48
Ms. Lisa A. DietrichExecutive VP & Chief Digital Information Officer52
Mr. Kevin J. WhaleyExecutive VP & President of Global Automation52

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.

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