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LINCOLN ELECTRIC HOLDINGS INC

LECO Clue Score63
United States Fiscal year ends December CIK 0000059527
$261.13 +0.91% Close, 9 Oct 2026
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Price $261.13 +95.90% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue2,274.6Operating income283.6Net income198.4EPS, diluted2.91Fiscal year 2017Revenue2,624.4 +15.4%Operating income376.9Net income247.5 +24.8%EPS, diluted3.71 +27.5%Fiscal year 2018Revenue3,028.7 +15.4%Operating income375.5Net income287.1 +16.0%EPS, diluted4.37 +17.8%Fiscal year 2019Revenue3,003.3 −0.8%Operating income370.9Net income293.1 +2.1%EPS, diluted4.68 +7.1%Fiscal year 2020Revenue2,655.4 −11.6%Operating income282.1Net income206.1 −29.7%EPS, diluted3.42 −26.9%Fiscal year 2021Revenue3,234.2 +21.8%Operating income461.7Net income276.6 +34.2%EPS, diluted4.60 +34.5%Fiscal year 2022Revenue3,761.2 +16.3%Operating income612.3Net income472.2 +70.7%EPS, diluted8.04 +74.8%Fiscal year 2023Revenue4,191.6 +11.4%Operating income717.8Net income545.2 +15.5%EPS, diluted9.37 +16.5%Fiscal year 2024Revenue4,008.7 −4.4%Operating income636.5Net income466.1 −14.5%EPS, diluted8.15 −13.0%Fiscal year 2025Revenue4,233.0 +5.6%Operating income718.1Net income520.5 +11.7%EPS, diluted9.32 +14.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 2,274.6 2,624.4 3,028.7 3,003.3 2,655.4 3,234.2 3,761.2 4,191.6 4,008.7 4,233.0
Growth +15.4% +15.4% −0.8% −11.6% +21.8% +16.3% +11.4% −4.4% +5.6%
Operating income 283.6 376.9 375.5 370.9 282.1 461.7 612.3 717.8 636.5 718.1
Net income 198.4 247.5 287.1 293.1 206.1 276.6 472.2 545.2 466.1 520.5
Growth +24.8% +16.0% +2.1% −29.7% +34.2% +70.7% +15.5% −14.5% +11.7%
EPS, diluted 2.91 3.71 4.37 4.68 3.42 4.60 8.04 9.37 8.15 9.32
Growth +27.5% +17.8% +7.1% −26.9% +34.5% +74.8% +16.5% −13.0% +14.4%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin34.6%Operating margin12.5%Net margin8.7%Free cash flow margin11.5%Fiscal year 2017Gross margin33.3%Operating margin14.4%Net margin9.4%Free cash flow margin10.4%Fiscal year 2018Gross margin34.0%Operating margin12.4%Net margin9.5%Free cash flow margin8.5%Fiscal year 2019Gross margin33.5%Operating margin12.4%Net margin9.8%Free cash flow margin11.1%Fiscal year 2020Gross margin32.8%Operating margin10.6%Net margin7.8%Free cash flow margin11.0%Fiscal year 2021Gross margin33.0%Operating margin14.3%Net margin8.6%Free cash flow margin9.4%Fiscal year 2022Gross margin34.1%Operating margin16.3%Net margin12.6%Free cash flow margin8.3%Fiscal year 2023Gross margin35.0%Operating margin17.1%Net margin13.0%Free cash flow margin13.8%Fiscal year 2024Gross margin36.7%Operating margin15.9%Net margin11.6%Free cash flow margin12.0%Fiscal year 2025Gross margin36.2%Operating margin17.0%Net margin12.3%Free cash flow margin12.6%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 34.6% 33.3% 34.0% 33.5% 32.8% 33.0% 34.1% 35.0% 36.7% 36.2%
Operating margin 12.5% 14.4% 12.4% 12.4% 10.6% 14.3% 16.3% 17.1% 15.9% 17.0%
Net margin 8.7% 9.4% 9.5% 9.8% 7.8% 8.6% 12.6% 13.0% 11.6% 12.3%
Free cash flow margin 11.5% 10.4% 8.5% 11.1% 11.0% 9.4% 8.3% 13.8% 12.0% 12.6%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow312.6Capital expenditure−49.9Free cash flow262.7Buybacks−342.0Dividends paid−87.3Fiscal year 2017Operating cash flow334.8Capital expenditure−61.7Free cash flow273.2 +4.0%Buybacks−43.2Dividends paid−92.5Fiscal year 2018Operating cash flow329.2Capital expenditure−71.2Free cash flow257.9 −5.6%Buybacks−201.7Dividends paid−102.1Fiscal year 2019Operating cash flow403.2Capital expenditure−69.6Free cash flow333.6 +29.3%Buybacks−292.7Dividends paid−117.9Fiscal year 2020Operating cash flow351.4Capital expenditure−59.2Free cash flow292.2 −12.4%Buybacks−113.5Dividends paid−118.1Fiscal year 2021Operating cash flow365.1Capital expenditure−62.5Free cash flow302.5 +3.5%Buybacks−164.5Dividends paid−121.9Fiscal year 2022Operating cash flow383.4Capital expenditure−71.9Free cash flow311.5 +3.0%Buybacks−181.3Dividends paid−130.7Fiscal year 2023Operating cash flow667.5Capital expenditure−91.0Free cash flow576.6 +85.1%Buybacks−198.8Dividends paid−148.0Fiscal year 2024Operating cash flow599.0Capital expenditure−116.6Free cash flow482.4 −16.3%Buybacks−263.8Dividends paid−162.1Fiscal year 2025Operating cash flow661.2Capital expenditure−127.0Free cash flow534.2 +10.7%Buybacks−338.3Dividends paid−168.2
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 312.6 334.8 329.2 403.2 351.4 365.1 383.4 667.5 599.0 661.2
Capital expenditure −49.9 −61.7 −71.2 −69.6 −59.2 −62.5 −71.9 −91.0 −116.6 −127.0
Free cash flow 262.7 273.2 257.9 333.6 292.2 302.5 311.5 576.6 482.4 534.2
Growth +4.0% −5.6% +29.3% −12.4% +3.5% +3.0% +85.1% −16.3% +10.7%
Buybacks −342.0 −43.2 −201.7 −292.7 −113.5 −164.5 −181.3 −198.8 −263.8 −338.3
Dividends paid −87.3 −92.5 −102.1 −117.9 −118.1 −121.9 −130.7 −148.0 −162.1 −168.2

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash379.2Shareholders’ equity711.5Fiscal year 2017Cash326.7Shareholders’ equity931.6Fiscal year 2018Cash358.8Shareholders’ equity886.9Fiscal year 2019Cash199.6Total debt712.4Net cash (debt)−512.9Shareholders’ equity818.2Debt to equity0.87Fiscal year 2020Cash257.3Total debt715.6Net cash (debt)−458.3Shareholders’ equity790.3Debt to equity0.91Fiscal year 2021Cash193.0Total debt717.9Net cash (debt)−524.9Shareholders’ equity863.9Debt to equity0.83Fiscal year 2022Cash197.2Total debt1,121.4Net cash (debt)−924.3Shareholders’ equity1,034.0Debt to equity1.08Fiscal year 2023Cash393.8Total debt1,102.8Net cash (debt)−709.0Shareholders’ equity1,308.9Debt to equity0.84Fiscal year 2024Cash377.3Total debt1,250.6Net cash (debt)−873.3Shareholders’ equity1,327.4Debt to equity0.94Fiscal year 2025Cash308.8Total debt1,150.2Net cash (debt)−841.4Shareholders’ equity1,469.8Debt to equity0.78
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 379.2 326.7 358.8 199.6 257.3 193.0 197.2 393.8 377.3 308.8
Total debt n/a n/a n/a 712.4 715.6 717.9 1,121.4 1,102.8 1,250.6 1,150.2
Net cash (debt) n/a n/a n/a −512.9 −458.3 −524.9 −924.3 −709.0 −873.3 −841.4
Shareholders’ equity 711.5 931.6 886.9 818.2 790.3 863.9 1,034.0 1,308.9 1,327.4 1,469.8
Debt to equity n/a n/a n/a 0.87 0.91 0.83 1.08 0.84 0.94 0.78

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Margins
34.6% 33.3% 34.0% 33.5% 32.8% 33.0% 34.1% 35.0% 36.7% 36.2%
12.5% 14.4% 12.4% 12.4% 10.6% 14.3% 16.3% 17.1% 15.9% 17.0%
12.2% 14.0% 12.2% 12.3% 9.9% 10.0% 15.8% 16.4% 14.8% 16.0%
8.7% 9.4% 9.5% 9.8% 7.8% 8.6% 12.6% 13.0% 11.6% 12.3%
11.5% 10.4% 8.5% 11.1% 11.0% 9.4% 8.3% 13.8% 12.0% 12.6%
Spending
2.0% 1.8% 1.8% 1.9% 1.9% 1.7% 1.7% 1.7% 2.0% 2.0%
20.6% 20.6% 20.7% 20.7% 20.5% 18.5% 17.5% 18.1% 19.5% 18.9%
2.2% 2.3% 2.4% 2.3% 2.2% 1.9% 1.9% 2.2% 2.9% 3.0%
28.5% 32.4% 22.2% 20.5% 21.9% 14.9% 20.3% 20.6% 21.6% 22.9%
Returns
27.9% 26.6% 32.4% 35.8% 26.1% 32.0% 45.7% 41.7% 35.1% 35.4%
10.2% 10.3% 12.2% 12.4% 8.9% 10.7% 14.8% 16.1% 13.2% 13.8%
Balance and payout
n/a n/a n/a 0.87 0.91 0.83 1.08 0.84 0.94 0.78
63.4% 61.3% 62.2% 65.5% 65.9% 66.7% 67.5% 61.2% 62.3% 61.1%
44.0% 37.4% 35.6% 40.2% 57.3% 44.1% 27.7% 27.1% 34.8% 32.3%
163.4% 49.6% 117.8% 123.1% 79.3% 94.7% 100.2% 60.1% 88.3% 94.8%