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Lincoln Electric Holdings, Inc. (LECO)

NEUTRAL
IndustrialsTools & AccessoriesUnited States

Fondamental

69

Prix

$279.26

Capitalisation boursière

$15.36B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

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.

Comment l'entreprise gagne de l'argent

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.

Chiffre d'affaires par 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.

Avantage concurrentiel

Marque · Étroit

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.

Ce qui stimule la demande

Cyclique

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.

Principaux risques

  • 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.

Les arguments en faveur

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.

Les arguments contre

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.

Données par segment de l'exercice 2025Sources: Lincoln Electric Reports Fourth Quarter and Full Year 2025 Results

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

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No competitor list for this company yet.

Bilan & Liquidités

Chiffre d'affaires

$4.48B

12 derniers mois (au 30/06/2026)

Résultat net

$554M

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$534M

Capitaux propres totaux

$1.47B

Passif total

$2.31B

Ratio de liquidité général

1.98

Couverture des intérêts

13.06

Dette/EBITDA

1.47

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Justement valorisé

Juste valeur

$288.73

Prix actuel

$279.26

Marge de sécurité

+3.3%

Fourchette de juste valeur

$198.35 - $379.11

Méthodes d'estimation

Analyst Target:$304.91
DCF:$349.77
PE-based:$210.73
Graham Growth:$465.46
EPV:$98.16
Consensus des analystes:Acheter (11B / 5H / 2S)
Dernière surprise sur les résultats:+2.26%

Indicateurs de valorisation

Ratio P/E

28.20

ROE

35.4%

Ratio P/B

9.90

P/FCF

28.36

Marge brute

36.0%

ROIC

20.7%

Radar de rentabilité

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.

Critères d'analyse fondamentale

Réussi (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

Échoué (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%

Indisponible (1)

  • Dividend Payout NaN%

Score F de Piotroski

6/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

1.24

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-2.3%

Rachat d'actions. Favorable aux actionnaires

Gouvernance

Équipe dirigeante

NomTitreÂge
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

Risque d'audit

3

Risque du conseil

3

Risque de rémunération

3

Risque droits des actionnaires

7

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Latest News

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