# Lincoln Electric Holdings Inc (LECO) — Stock CV

Lincoln Electric Holdings Inc is a $14.2B industrial company. Revenue grew 9.3% over the last year, it keeps 12¢ of every dollar of sales as profit, and its net debt equals ~1.6 years of free cash flow. It trades at 25.7× earnings — around the middle of its own history.

> Lincoln Electric is a leading manufacturer of welding, cutting, and brazing products. Its portfolio includes arc-welding solutions, plasma and oxy-fuel cutting systems, brazing and soldering alloys, and automation solutions.

## Identity

- **Ticker**: LECO
- **Sector**: Industrials
- **Industry**: Metalworkg Machinery & Equipment
- **Headquarters**: CLEVELAND, OH
- **Employees**: 12 000
- **Website**: https://www.lincolnelectric.com
- **Market cap**: $14.2B
- **Last price**: $261.13
- **Financial profile**: Mixed

## Vitals (TTM)

- **Revenue**: $4.48B
- **Net income**: $554M
- **Free cash flow**: $542M
- **Net debt**: $841M
- **P/E**: 25.7
- **Revenue growth (YoY)**: 9.3%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 49 |
| Growth | 77 |
| Profitability | 85 |
| Health | 55 |
| Quality | 94 |
| Moat | 81 |

## Qualifications (beginner checklist) — 10 of 11 passed

- [x] Revenue growing — +9.3% YoY
- [x] Profitable — $554M TTM
- [x] Profit growing — +5.0% YoY
- [x] Generates cash — $542M TTM
- [x] Debt under control — ~1.6y of cash flow to repay
- [x] Established company — $14.2B market cap
- [x] Not printing shares — -7.3% shares over ~5y
- [x] Proven track record — 10/10 profitable years
- [ ] Financially stable — health score 43/100
- [x] Pays a dividend — yield 1.20%
- [x] Valuation not extreme — P/E 25.7

## Experience (career milestones)

- **2024** — A display unit was shown at CES 2024 and featured NACS and CCS1 charging plugs, along with a touchscreen user…
- **FY2023** — Best year on record: $545M net income
- **2023** — Lincoln Electric unveiled the Velion DC fast electric vehicle charging station
- **2019** — Lincoln announced the acquisition a portion of Worthington Industries, Inc
- **2017** — Lincoln Electric acquired the welding business of Air Liquide
- **FY2016** — Profitable every year on record: 10 consecutive profitable years in our data
- **FY2016** — Revenue already above $1B: $2.27B in first reported year
- **FY2016** — Positive free cash flow every year since: 10-year streak
- **2005** — Lincoln's Electric acquired the Harris Products Group
- **1994** — The company returned to profitability, and in 1995 it went public on the NYSE
- **1927** — The company introduced the E6010 Fleetweld electrode with which it made its fortune
- **1895** — The company was founded in 1895 by John C

## Strengths

- Interest covered 10.6× by operating earnings
- High returns on invested capital (ROIC 22.5%)
- Piotroski F-Score 7/9 — fundamentally strong checklist

## Watch-outs

- None stand out in the data.

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $3.23B | $276M | $303M |
| FY2022 | $3.76B | $472M | $312M |
| FY2023 | $4.19B | $545M | $577M |
| FY2024 | $4.01B | $466M | $482M |
| FY2025 | $4.23B | $521M | $534M |

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Source: https://stockcv.com/LECO — derived from company filings; may be delayed or incomplete. Information, not investment advice.