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Lincoln Electric Holdings, Inc. (LECO)

NEUTRAL
IndustrialsTools & AccessoriesUnited States

Fundamental

69

Precio

$279.26

Capitalización Bursátil

$15.36B

Parte 1 · Cuánto vale la empresa

Resumen

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.

Cómo genera ingresos

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.

Ingresos por segmento

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.

Ventaja competitiva

Marca · Estrecha

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.

Qué impulsa la demanda

Cíclico

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.

Riesgos clave

  • 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.

Los argumentos a favor

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.

Los argumentos en contra

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.

Datos por segmento del ejercicio fiscal 2025Fuentes: Lincoln Electric Reports Fourth Quarter and Full Year 2025 Results

Written by the editors, published on 18 de agosto de 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.

Balance y Liquidez

Ingresos

$4.48B

Últimos 12 meses (hasta 30/6/2026)

Beneficio Neto

$554M

Últimos 12 meses (hasta 30/6/2026)

Flujo de Caja Libre

$534M

Patrimonio Neto Total

$1.47B

Pasivo Total

$2.31B

Ratio de Liquidez

1.98

Cobertura de Intereses

13.06

Deuda/EBITDA

1.47

Beneficio Por Acción

Ingresos y Beneficio Neto

Flujo de Caja Libre

Desglose de Ingresos

Estado histórico

Márgenes en el tiempo

La deuda en el tiempo

Cuánto pesa la deuda

Cuadro de crecimiento

Crecimiento — Ingresos

Estimación de Valor Justo

Valoración Justa

Valor Justo

$288.73

Precio Actual

$279.26

Margen de Seguridad

+3.3%

Rango de Valor Justo

$198.35 - $379.11

Métodos de Estimación

Analyst Target:$304.91
DCF:$349.77
PE-based:$210.73
Graham Growth:$465.46
EPV:$98.16
Consenso de Analistas:Comprar (11B / 5H / 2S)
Última Sorpresa de Resultados:+2.26%

Métricas de Valoración

Ratio P/E

28.20

ROE

35.4%

Ratio P/B

9.90

P/FCF

28.36

Margen Bruto

36.0%

ROIC

20.7%

Radar de Rentabilidad

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.

Criterios de Análisis Fundamental

Superado (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

Fallido (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%

No disponible (1)

  • Dividend Payout NaN%

Piotroski F-Score

6/9

Señales mixtas: algunas áreas requieren atención

score
criteria

Calidad de los Beneficios

1.24

Alta calidad: beneficios respaldados por efectivo

Dilución de Acciones

-2.3%

Recomprando acciones. Favorable para el accionista

Gobernanza

Equipo Directivo

NombreCargoEdad
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

Riesgo de Auditoría

3

Riesgo del Consejo

3

Riesgo de Compensación

3

Riesgo de Derechos del Accionista

7

Parte 2 · El precio y el momento de entrar

Esta parte no sirve para saber si la empresa vale: sirve para elegir cuándo comprarla, una vez que los fundamentales te han convencido. Dentro: análisis técnico, potencial, caídas históricas, exposición gamma.

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