LECO
Lincoln Electric Holdings, Inc.
LECO's fundamentals are strong: revenue grew 11% and it turned 11% of its revenue into free cash flow. At 27x earnings, it's trading in line with its usual 25x. Analysts expect earnings growth.
LECO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Healthy | |
| Healthy |
LECO's revenue, profitability, cash flow and balance sheet are all currently healthy.
LECO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 21x | $214 | -25% |
| Forward | 23x | $285 | — |
| Fair | 25x | $263 | -7.7% |
| Current | 27x | $285 | — |
| Expensive | 29x | $300 | +5.5% |
Historical ranges are pointers, not guarantees.
LECO's PE is in its expensive range at 27x. If earnings grow as analysts expect, today's price would be 23x next year's earnings, in its cheap range.
LECO Forward outlook
| Metric | Outlook |
|---|---|
| Improving | |
| Growth | |
| Growth | |
| Improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for LECO, with profitability improving.
LECO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $12.52 | +20% |
| Q3 2026 | $10.43 | +12% |
| Q2 2026 | $10.01 | +12% |
| Q1 2026 | $9.69 | +19% |
| Q4 2025 | $9.32 | +14% |
| Q3 2025 | $9.34 | +11% |
| Q2 2025 | $8.90 | +0.8% |
| Q1 2025 | $8.11 | -14% |
| Q4 2024 | $8.15 | -13% |
LECO earned $10.43 per share over the past year, up 12% from the year before.
LECO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $1.2B | +15% |
| Q2 2026 | $1.2B | +12% |
| Q1 2026 | $1.1B | +12% |
| Q4 2025 | $1.1B | +5.5% |
| Q3 2025 | $1.1B | +7.9% |
| Q2 2025 | $1.1B | +6.6% |
| Q1 2025 | $1B | +2.4% |
| Q4 2024 | $1B | -3.4% |
LECO's revenue has grown year over year for seven quarters in a row: $1.2B last quarter, up 15% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 17% | +0.7 points |
| Q2 2026 | 18% | +0.4 points |
| Q1 2026 | 17% | +0.2 points |
| Q4 2025 | 17% | -0.2 points |
| Q3 2025 | 17% | +1.8 points |
| Q2 2025 | 18% | +3.1 points |
| Q1 2025 | 16% | -0.4 points |
| Q4 2024 | 17% | -2 points |
LECO's operating margin was 17% last quarter, up 0.7 points from the same quarter a year ago.
LECO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $174.5M | -15% |
| Q2 2026 | $222.3M | +88% |
| Q1 2026 | $63M | -60% |
| Q4 2025 | $52M | -19% |
| Q3 2025 | $205.1M | +25% |
| Q2 2025 | $118.4M | -20% |
| Q1 2025 | $158.7M | +48% |
| Q4 2024 | $64.3M | -34% |
LECO's free cash flow has been positive every quarter for seven years: $512M over the past year, down 6.3% from the year before.
LECO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -229K shares |
| 1 year | -1.3% | -701K shares |
| 3 years | -5.6% | -3.3M shares |
| 5 years | -8.6% | -5.2M shares |
| Available history | -12% | -7.8M shares |
LECO has 55M diluted shares, down 1.3% from a year ago, with $284M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $99.4M |
| Q2 2026 | $76.1M |
| Q1 2026 | $56.7M |
| Q4 2025 | $51.8M |
| Q3 2025 | $52.7M |
| Q2 2025 | $127.1M |
| Q1 2025 | $106.7M |
| Q4 2024 | $52.5M |
LECO spent $284M buying back its own shares over the past year, down 16% from the year before.
LECO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.0x | Very low |
| Q2 2026 | 1.0x | Healthy |
| Q1 2026 | 1.2x | Healthy |
| Q4 2025 | 1.2x | Healthy |
| Q3 2025 | 1.2x | Healthy |
| Q2 2025 | 1.2x | Healthy |
| Q1 2025 | 1.2x | Healthy |
| Q4 2024 | 1.2x | Healthy |
LECO's net debt is about a year of its operating earnings (EBITDA), down from 1.2 years a year ago.
LECO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 58.1 | Neutral |
| Stochastic | 72.2 | Neutral |
LECO's weekly RSI is 58 (neutral) and its Stochastic is 72 (neutral).
LECO PE vs Industrials Sector
| Metric | LECO | Sector median | Relative |
|---|---|---|---|
| PE | 27x | 24x | 14% above |
| PE % | 71 | 58 | 13 pts above |
LECO is trading at 27x earnings, a 14% premium to the Industrials sector's median of 24x.
LECO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $270.3 | 5.3% above |
| 20 week MA | $268.0 | 6.2% above |
| 50 week MA | $264.2 | 7.7% above |
| 100 week MA | $237.8 | 20% above |
| 200 week MA | $217.7 | 31% above |
LECO is in an uptrend: it's above all five of its weekly moving averages, and 31% above its 200-week average.
LECO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $97.5 | $118.8 | +22% |
| 2021 | $118.8 | $137.6 | +16% |
| 2022 | $137.6 | $145.1 | +5.4% |
| 2023 | $145.1 | $217.5 | +50% |
| 2024 | $217.5 | $189.9 | -13% |
| 2025 | $189.9 | $246.5 | +30% |
| 2026 YTD | $246.5 | $284.6 | +15% |
LECO has finished higher in five of the last six years. It's up 15% so far in 2026.