Lincoln Electric Holdings

LECO

Manufacturing - Tools & Accessories · Industrials

Price

$252.74

-6.58 (-2.54%)

Market Cap

$13.85B

Exchange

NASDAQ

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−7.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 60.1M (2021) → 55.9M (2025)

Lincoln Electric Holdings, Inc., through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products worldwide. The company operates through three segments: Americas Welding, International Welding, and The Harris Products Group. It offers welding products, including arc welding power sources, plasma cutters, wire feeding systems, robotic welding packages, integrated automation systems, fume extraction equipment, consumable electrodes, fluxes and welding ac

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.6% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+18.0% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

$86M/ year

→ Flat (+5% vs prior year)

2.0% of revenue

Below sector average (4%)

Steady R&D investment year-over-year

Insider Activity

1.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$299M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Lincoln Electric Holdings is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

35.6%

Modest — 35.6% gross margin

Operating Margin

17.0%

Healthy — 17.0% operating margin

ROCE

6.4%

Weak — 6.4% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Growth

Sales YoY

+7.8%

Steady sales growth (7.8% YoY)

EPS YoY

+19.7%

Earnings growing fast (19.7% YoY)

Healthy double-digit earnings growth — what compounders look like.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Cash Flow

Cash Conversion

107%

Turns 107% of profit into real cash

FCF Margin

10.1%

Modest free cash flow (10.1%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Stability

Debt / Equity

0.98

Moderate — manageable debt (0.98)

Interest Cover

12.38x

Comfortably covers interest (12.4x)

Interest coverage above 8. Profits cover interest many times over.

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Valuation

P/E Ratio (TTM)

25.8x

Growth-priced — P/E 25.8

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+4.8

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (25.8 → 21.1)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

Dividends

Dividend Yield

1.12%

Small dividend — 1.12% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend Growth

+5.4%

Dividend growing modestly (5.4% YoY)

Full breakdown available with your free trial

See every metric, trend, and what it means for this stock.

Try free

🔒 See full fundamentals and if they are improving or declining — click here for your free trial now.

Start free trial