Lincoln Electric (LECO) Financials

$266.75 +1.49 (+0.56%)

As of 10:00 AM Eastern

Annual Income Statements for Lincoln Electric

This table shows Lincoln Electric's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	127	198	248	287	293	206	277	472	545	466	521
Consolidated Net Income / (Loss)	127	198	247	287	293	206	277	472	545	466	521
Net Income / (Loss) Continuing Operations	127	198	247	287	293	206	277	472	545	466	521
Total Pre-Tax Income	170	277	366	369	368	264	325	593	687	594	675
Total Operating Income	182	284	377	376	371	282	462	612	718	636	718
Total Gross Profit	841	787	875	1,029	1,008	871	1,069	1,281	1,465	1,473	1,534
Total Revenue	2,536	2,275	2,624	3,029	3,003	2,655	3,234	3,761	4,192	4,009	4,233
Operating Revenue	2,536	2,275	2,624	3,029	3,003	2,655	3,234	3,761	4,192	4,009	4,233
Total Cost of Revenue	1,695	1,488	1,749	2,000	1,996	1,784	2,166	2,480	2,726	2,536	2,699
Operating Cost of Revenue	1,695	1,488	1,749	2,000	1,996	1,784	2,166	2,480	2,726	2,536	2,699
Total Operating Expenses	659	503	498	653	637	589	607	668	748	836	816
Selling, General & Admin Expense	497	469	541	628	621	544	597	657	759	781	798
Restructuring Charge	20	0.00	6.59	25	15	45	9.83	12	-11	56	18
Total Other Income / (Expense), net	-12	-6.23	-11	-6.88	-2.42	-18	-137	-20	-31	-42	-43
Interest & Investment Income	5.73	2.09	4.79	-18	-23	-22	-22	-30	-44	-43	-52
Other Income / (Expense), net	4.18	11	8.73	11	21	3.94	-114	9.99	13	0.47	8.95
Income Tax Expense	42	79	119	82	75	58	48	121	142	128	155
Basic Earnings per Share	$1.72	$2.94	$3.76	$4.42	$4.73	$3.46	$4.66	$8.14	$9.50	$8.23	$9.39
Weighted Average Basic Shares Outstanding	74.11M	67.46M	65.74M	64.89M	60.36M	59.66M	58.73M	57.58M	56.82M	56.10M	54.81M
Diluted Earnings per Share	$1.70	$2.91	$3.71	$4.37	$4.68	$3.42	$4.60	$8.04	$9.37	$8.15	$9.32
Weighted Average Diluted Shares Outstanding	74.11M	67.46M	65.74M	64.89M	60.36M	59.66M	58.73M	57.58M	56.82M	56.10M	54.81M
Weighted Average Basic & Diluted Shares Outstanding	74.11M	67.46M	65.74M	64.89M	60.36M	59.66M	58.73M	57.58M	56.82M	56.10M	54.81M
Cash Dividends to Common per Share	$1.19	$1.31	$1.44	$1.64	$1.90	$1.98	$2.09	$2.32	$2.63	$2.88	$3.04

This table shows Lincoln Electric's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	129	157	123	102	101	140	118	143	123	136	136
Consolidated Net Income / (Loss)	129	157	123	102	101	140	118	143	123	136	136
Net Income / (Loss) Continuing Operations	129	157	123	102	101	140	118	143	123	136	136
Total Pre-Tax Income	161	197	159	137	132	167	153	184	166	173	173
Total Operating Income	171	204	165	149	146	177	165	192	177	184	186
Total Gross Profit	366	371	368	384	352	369	365	406	389	374	399
Total Revenue	1,033	1,059	981	1,022	984	1,022	1,004	1,089	1,061	1,079	1,121
Operating Revenue	1,033	1,059	981	1,022	984	1,022	1,004	1,089	1,061	1,079	1,121
Total Cost of Revenue	668	687	613	638	632	653	639	683	672	705	722
Operating Cost of Revenue	668	687	613	638	632	653	639	683	672	705	722
Total Operating Expenses	194	167	203	235	207	192	201	213	213	190	213
Selling, General & Admin Expense	187	189	199	208	186	187	197	211	207	184	211
Restructuring Charge	7.07	-22	4.61	26	20	4.54	3.87	2.54	5.83	5.96	2.16
Total Other Income / (Expense), net	-10	-7.00	-6.52	-12	-14	-9.96	-12	-8.59	-11	-12	-13
Interest & Investment Income	-11	-8.66	-8.78	-11	-12	-11	-12	-13	-14	-13	-13
Other Income / (Expense), net	0.80	1.66	2.26	-1.55	-1.64	1.41	0.44	4.03	2.99	1.49	0.57
Income Tax Expense	32	40	35	35	31	27	35	40	43	37	37
Basic Earnings per Share	$2.26	$2.73	$2.17	$1.79	$1.78	$2.49	$2.11	$2.58	$2.23	$2.47	$2.49
Weighted Average Basic Shares Outstanding	57.20M	56.82M	56.91M	56.68M	56.43M	56.10M	55.83M	55.19M	55.03M	54.81M	54.79M
Diluted Earnings per Share	$2.22	$2.70	$2.14	$1.77	$1.77	$2.47	$2.10	$2.56	$2.21	$2.45	$2.47
Weighted Average Diluted Shares Outstanding	57.20M	56.82M	56.91M	56.68M	56.43M	56.10M	55.83M	55.19M	55.03M	54.81M	54.79M
Weighted Average Basic & Diluted Shares Outstanding	57.20M	56.82M	56.91M	56.68M	56.43M	56.10M	55.83M	55.19M	55.03M	54.81M	54.79M
Cash Dividends to Common per Share	$0.64	$0.71	$0.71	$0.71	$0.71	$0.75	$0.75	$0.75	$0.75	$0.79	$0.79

This table details how cash moves in and out of Lincoln Electric's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	26	81	-72	48	-162	58	-64	4.19	197	-17	-68
Net Cash From Operating Activities	313	313	335	329	403	351	365	383	668	599	661
Net Cash From Continuing Operating Activities	313	313	335	329	403	557	365	383	668	599	661
Net Income / (Loss) Continuing Operations	127	198	247	287	293	412	277	472	545	466	521
Consolidated Net Income / (Loss)	127	198	247	287	293	412	277	472	545	466	521
Depreciation Expense	64	65	68	72	81	80	81	78	87	88	99
Non-Cash Adjustments To Reconcile Net Income	124	32	-3.31	2.01	2.94	27	132	45	-23	42	25
Changes in Operating Assets and Liabilities, net	-2.48	17	23	-32	26	38	-124	-212	58	2.68	17
Net Cash From Investing Activities	-85	-160	-272	21	-193	-49	-205	-505	-75	-361	-257
Net Cash From Continuing Investing Activities	-85	-160	-272	21	-193	-49	-205	-505	-75	-361	-257
Purchase of Property, Plant & Equipment	-51	-50	-62	-71	-70	-59	-63	-72	-91	-117	-127
Acquisitions	-37	-72	-72	-102	-135	0.00	-156	-436	-33	-253	-138
Sale of Property, Plant & Equipment	2.31	1.13	2.30	17	9.51	7.67	6.78	3.33	49	7.80	7.18
Other Investing Activities, net	-0.08	-0.71	0.00	-2.00	2.00	2.32	6.50	0.16	-0.55	0.32	0.00
Net Cash From Financing Activities	-172	-72	-135	-302	-372	-246	-222	134	-412	-245	-462
Net Cash From Continuing Financing Activities	-172	-72	-135	-302	-372	-246	-222	134	-412	-245	-462
Repayment of Debt	-62	-21	-16	-3.11	24	0.00	45	34	-88	-396	33
Repurchase of Common Equity	-399	-342	-43	-202	-293	-113	-165	-181	-199	-264	-338
Payment of Dividends	-87	-87	-92	-102	-118	-118	-122	-131	-148	-162	-168
Issuance of Debt	370	354	0.03	-	-	-32	-	405	0.00	550	0.00
Other Financing Activities, net	6.00	25	17	4.69	14	17	19	6.39	22	27	12
Effect of Exchange Rate Changes	-30	-	-	-	-	1.71	-2.09	-8.23	16	-9.63	-10

This table details how cash moves in and out of Lincoln Electric's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	122	51	-19	-102	132	-27	17	-95	-6.48	16	-9.89
Net Cash From Operating Activities	223	122	133	171	199	96	186	144	237	95	102
Net Cash From Continuing Operating Activities	223	122	133	171	199	96	186	144	237	95	102
Net Income / (Loss) Continuing Operations	129	157	123	102	101	140	118	143	123	136	136
Consolidated Net Income / (Loss)	129	157	123	102	101	140	118	143	123	136	136
Depreciation Expense	21	22	22	21	23	23	24	24	25	26	26
Non-Cash Adjustments To Reconcile Net Income	0.61	-42	19	25	8.56	-11	8.63	3.46	1.90	11	8.06
Changes in Operating Assets and Liabilities, net	72	-15	-31	23	67	-57	35	-27	87	-77	-68
Net Cash From Investing Activities	-25	26	-26	-175	-135	-26	-22	-57	-135	-43	-39
Net Cash From Continuing Investing Activities	-25	26	-26	-175	-135	-26	-22	-57	-135	-43	-39
Purchase of Property, Plant & Equipment	-26	-25	-26	-23	-36	-31	-27	-25	-32	-43	-39
Acquisitions	-0.03	-	0.00	-153	-100	-	0.00	-32	-104	-0.88	0.14
Sale of Property, Plant & Equipment	0.70	45	0.32	0.99	1.20	5.29	4.65	0.59	1.18	0.77	0.31
Net Cash From Financing Activities	-84	-101	-125	-93	66	-92	-144	-173	-108	-36	-73
Net Cash From Continuing Financing Activities	-84	-101	-125	-93	66	-92	-144	-173	-108	-36	-73
Repayment of Debt	-3.61	-5.17	1.85	-403	5.93	-1.16	-1.07	-4.30	-95	133	20
Repurchase of Common Equity	-45	-68	-110	-50	-50	-53	-107	-127	-53	-52	-57
Payment of Dividends	-37	-37	-41	-40	-40	-40	-43	-42	-42	-42	-44
Other Financing Activities, net	1.29	9.07	24	0.54	0.90	1.52	6.25	0.14	3.67	1.52	8.56
Other Net Changes in Cash	-	-	-0.76	-	-	-	-	-	-	-	-0.77

This table presents Lincoln Electric's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	1,784	1,943	2,407	2,350	2,371	2,314	2,592	3,181	3,377	3,520	3,778
Total Current Assets	936	1,044	1,374	1,238	1,076	1,112	1,290	1,558	1,693	1,645	1,740
Cash & Equivalents	304	379	327	359	200	257	193	197	394	377	309
Accounts Receivable	265	274	395	397	375	373	429	542	539	482	539
Inventories, net	276	255	349	362	394	381	540	665	563	544	633
Other Current Assets	91	96	124	120	108	100	128	154	198	242	259
Plant, Property, & Equipment, net	411	372	477	479	529	522	512	545	575	619	703
Total Noncurrent Assets	502	527	556	633	766	680	791	1,078	1,109	1,256	1,335
Goodwill	188	232	235	281	337	336	430	665	694	805	887
Other Noncurrent Operating Assets	120	157	178	184	237	193	193	187	183	152	449
Total Liabilities & Shareholders' Equity	1,784	1,943	2,407	2,350	2,371	2,314	2,592	3,181	3,377	3,520	3,778
Total Liabilities	852	1,231	1,474	1,462	1,552	1,524	1,728	2,147	2,068	2,193	2,308
Total Current Liabilities	370	388	529	538	563	549	756	853	755	879	957
Short-Term Debt	4.28	1.89	2.13	0.11	35	2.73	53	93	2.44	111	144
Accounts Payable	153	177	270	269	273	257	330	352	325	297	365
Current Employee Benefit Liabilities	66	67	92	94	83	98	109	109	112	104	116
Other Current Liabilities	109	98	120	145	142	161	231	261	274	325	332
Total Noncurrent Liabilities	482	843	945	924	989	975	972	1,294	1,314	1,314	1,351
Long-Term Debt	350	704	704	703	712	715	717	1,110	1,103	1,151	1,150
Other Noncurrent Operating Liabilities	85	98	201	176	212	213	199	166	198	153	201
Total Equity & Noncontrolling Interests	932	712	932	888	819	790	864	1,034	1,309	1,327	1,470
Total Preferred & Common Equity	932	711	932	887	818	789	864	1,034	1,309	1,327	1,470
Total Common Equity	932	711	932	887	818	789	864	1,034	1,309	1,327	1,470
Common Stock	283	319	344	370	399	420	461	492	533	577	611
Retained Earnings	2,126	2,236	2,388	2,564	2,736	2,821	2,970	3,307	3,688	3,993	4,342
Treasury Stock	-1,181	-1,515	-1,554	-1,754	-2,042	-2,150	-2,310	-2,489	-2,683	-2,942	-3,278
Accumulated Other Comprehensive Income / (Loss)	-296	-329	-247	-294	-276	-302	-257	-275	-230	-300	-206

This table presents Lincoln Electric's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	2,652	3,253	3,311	3,326	3,380	3,415	3,665	3,625	3,727	3,815	3,900
Total Current Assets	1,395	1,610	1,646	1,672	1,680	1,613	1,757	1,730	1,725	1,780	1,863
Cash & Equivalents	141	199	220	343	375	273	404	395	299	293	299
Accounts Receivable	463	573	570	538	545	549	517	523	554	502	598
Inventories, net	632	665	675	612	567	583	612	574	621	672	694
Other Current Assets	159	174	181	180	193	208	223	238	250	314	272
Plant, Property, & Equipment, net	490	553	563	566	582	584	624	636	661	677	721
Total Noncurrent Assets	767	1,089	1,102	1,088	1,118	1,218	1,283	1,259	1,341	1,358	1,316
Goodwill	425	679	692	687	690	792	819	814	829	888	886
Other Noncurrent Operating Assets	342	410	409	401	428	426	464	446	512	470	430
Total Liabilities & Shareholders' Equity	2,652	3,253	3,311	3,326	3,380	3,415	3,665	3,625	3,727	3,815	3,900
Total Liabilities	1,728	2,128	2,110	2,100	2,072	2,102	2,325	2,285	2,348	2,400	2,389
Total Current Liabilities	820	836	811	808	749	784	951	970	1,025	1,039	1,020
Short-Term Debt	68	49	10	7.70	4.72	6.25	112	110	105	88	164
Accounts Payable	330	361	358	328	328	351	324	365	376	399	448
Current Employee Benefit Liabilities	184	110	159	207	115	159	194	114	167	213	111
Other Current Liabilities	238	316	283	265	302	267	321	381	377	340	298
Total Noncurrent Liabilities	907	1,292	1,299	1,292	1,323	1,319	1,374	1,315	1,323	1,361	1,369
Long-Term Debt	711	1,111	1,104	1,103	1,103	1,098	1,151	1,150	1,150	1,150	1,150
Other Noncurrent Operating Liabilities	196	181	195	189	220	220	223	165	172	211	219
Total Equity & Noncontrolling Interests	924	1,125	1,201	1,226	1,308	1,313	1,339	1,340	1,380	1,415	1,511
Total Preferred & Common Equity	924	1,125	1,201	1,226	1,308	1,313	1,339	1,340	1,380	1,415	1,511
Total Common Equity	924	1,125	1,201	1,226	1,308	1,313	1,339	1,340	1,380	1,415	1,511
Common Stock	481	508	525	529	570	569	571	591	596	606	622
Retained Earnings	3,237	3,388	3,483	3,578	3,766	3,833	3,894	4,067	4,168	4,247	4,436
Treasury Stock	-2,464	-2,519	-2,571	-2,616	-	-	-2,890	-3,047	-3,174	-3,226	-3,333
Accumulated Other Comprehensive Income / (Loss)	-329	-251	-236	-266	-239	-250	-236	-271	-211	-212	-214

This table displays calculated financial ratios and metrics derived from Lincoln Electric's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-9.86%	-10.30%	15.38%	15.40%	-0.84%	-11.58%	21.80%	16.30%	11.44%	-4.37%	5.60%
EBITDA Growth	-44.14%	43.84%	26.24%	1.06%	3.23%	-22.58%	16.88%	63.50%	16.78%	-11.34%	13.84%
EBIT Growth	-50.79%	58.37%	31.01%	0.14%	1.47%	-27.02%	21.40%	79.24%	17.50%	-12.90%	14.14%
NOPAT Growth	-46.00%	48.75%	25.58%	14.78%	0.91%	-25.35%	78.41%	24.15%	16.83%	-12.38%	10.83%
Net Income Growth	-49.81%	55.69%	24.75%	15.97%	2.12%	-29.66%	34.17%	70.74%	15.46%	-14.51%	11.68%
EPS Growth	-46.54%	71.18%	27.49%	17.79%	7.09%	-26.92%	34.50%	74.78%	16.54%	-13.02%	14.36%
Operating Cash Flow Growth	-22.12%	-0.09%	7.13%	-1.70%	22.49%	-12.85%	3.90%	5.02%	74.12%	-10.27%	10.38%
Free Cash Flow Firm Growth	-67.99%	66.53%	-46.89%	59.46%	-15.71%	109.71%	-40.09%	-157.87%	604.99%	-47.74%	0.59%
Invested Capital Growth	0.19%	-2.01%	13.28%	8.87%	10.72%	-8.23%	14.99%	40.98%	-0.81%	9.35%	10.87%
Revenue Q/Q Growth	-4.37%	-0.18%	7.51%	-0.11%	-0.25%	-1.58%	4.88%	2.36%	3.14%	-0.90%	1.36%
EBITDA Q/Q Growth	-9.68%	2.19%	-1.60%	4.89%	-2.07%	-0.28%	-1.95%	10.37%	8.52%	-3.47%	1.20%
EBIT Q/Q Growth	-12.40%	2.52%	-2.14%	5.64%	-3.14%	0.04%	-2.57%	12.13%	9.15%	-4.11%	1.03%
NOPAT Q/Q Growth	-15.24%	-0.16%	-9.98%	27.00%	-6.80%	0.60%	15.80%	-0.31%	9.29%	-2.66%	-0.61%
Net Income Q/Q Growth	-17.29%	2.43%	-10.56%	27.89%	-7.30%	0.66%	3.50%	7.94%	9.54%	-3.40%	-0.80%
EPS Q/Q Growth	-13.71%	4.30%	-10.82%	28.91%	-6.21%	1.79%	3.37%	8.36%	9.85%	-2.74%	-0.21%
Operating Cash Flow Q/Q Growth	-15.24%	-1.58%	5.39%	3.10%	6.09%	3.93%	-6.62%	0.49%	1.50%	-4.14%	-0.13%
Free Cash Flow Firm Q/Q Growth	-61.08%	36.10%	-19.92%	-30.98%	158.49%	2.12%	27.18%	-130.32%	548.62%	-0.72%	-21.76%
Invested Capital Q/Q Growth	4.27%	-1.63%	-1.33%	11.65%	0.87%	0.51%	1.18%	32.97%	3.37%	2.54%	5.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	33.17%	34.58%	33.34%	33.96%	33.55%	32.81%	33.04%	34.05%	34.96%	36.74%	36.25%
EBITDA Margin	9.85%	15.80%	17.29%	15.14%	15.76%	13.80%	13.24%	18.62%	19.51%	18.09%	19.50%
Operating Margin	7.17%	12.47%	14.36%	12.40%	12.35%	10.62%	14.27%	16.28%	17.13%	15.88%	16.96%
EBIT Margin	7.33%	12.94%	14.70%	12.75%	13.05%	10.77%	10.74%	16.55%	17.45%	15.89%	17.17%
Profit (Net Income) Margin	5.02%	8.72%	9.43%	9.48%	9.76%	7.76%	8.55%	12.56%	13.01%	11.63%	12.30%
Tax Burden Percent	75.04%	71.51%	67.57%	77.85%	79.54%	78.07%	85.10%	79.66%	79.38%	78.45%	77.06%
Interest Burden Percent	91.34%	94.23%	94.96%	95.45%	94.03%	92.32%	93.60%	95.26%	93.93%	93.28%	92.91%
Effective Tax Rate	24.96%	28.49%	32.43%	22.15%	20.46%	21.93%	14.90%	20.34%	20.62%	21.55%	22.94%
Return on Invested Capital (ROIC)	13.08%	19.63%	23.36%	24.16%	22.20%	16.45%	28.52%	27.47%	27.54%	23.15%	23.29%
ROIC Less NNEP Spread (ROIC-NNEP)	26.55%	17.52%	20.66%	22.38%	21.80%	13.81%	7.39%	25.59%	24.80%	19.19%	19.93%
Return on Net Nonoperating Assets (RNNOA)	-1.59%	4.49%	6.74%	7.37%	12.15%	9.17%	4.92%	22.29%	19.01%	12.21%	13.93%
Return on Equity (ROE)	11.49%	24.12%	30.09%	31.54%	34.35%	25.62%	33.44%	49.76%	46.54%	35.36%	37.22%
Cash Return on Invested Capital (CROIC)	12.89%	21.67%	10.90%	15.67%	12.03%	25.03%	14.57%	-6.54%	28.36%	14.22%	12.98%
Operating Return on Assets (OROA)	9.98%	15.79%	17.73%	16.24%	16.60%	12.21%	14.15%	21.56%	22.30%	18.47%	19.92%
Return on Assets (ROA)	6.84%	10.64%	11.38%	12.07%	12.42%	8.80%	11.27%	16.36%	16.63%	13.52%	14.27%
Return on Common Equity (ROCE)	11.47%	24.10%	30.07%	31.51%	34.31%	25.59%	33.42%	49.77%	46.54%	35.36%	37.22%
Return on Equity Simple (ROE_SIMPLE)	13.68%	27.88%	26.56%	32.36%	35.82%	26.12%	32.01%	45.67%	41.66%	35.11%	0.00%
Net Operating Profit after Tax (NOPAT)	136	203	255	292	295	220	393	488	570	499	553
NOPAT Margin	5.38%	8.92%	9.71%	9.65%	9.82%	8.29%	12.15%	12.97%	13.59%	12.46%	13.07%
Net Nonoperating Expense Percent (NNEP)	-13.47%	2.11%	2.70%	1.79%	0.40%	2.63%	21.13%	1.88%	2.74%	3.96%	3.36%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	21.80%	23.61%	19.29%	20.02%
Cost of Revenue to Revenue	66.83%	65.42%	66.66%	66.04%	66.45%	67.19%	66.96%	65.95%	65.04%	63.26%	63.76%
SG&A Expenses to Revenue	19.59%	20.60%	20.62%	20.73%	20.69%	20.48%	18.46%	17.46%	18.11%	19.47%	18.85%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	26.01%	22.11%	18.98%	21.56%	21.20%	22.19%	18.77%	17.77%	17.84%	20.87%	19.28%
Earnings before Interest and Taxes (EBIT)	186	294	386	386	392	286	347	622	731	637	727
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	250	359	454	459	473	367	428	700	818	725	826
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.46	6.22	5.75	5.19	6.70	8.30	9.18	7.84	9.37	7.97	8.97
Price to Tangible Book Value (P/TBV)	5.17	12.67	9.40	10.06	18.06	20.52	27.87	48.84	28.67	35.08	39.64
Price to Revenue (P/Rev)	1.27	1.95	2.04	1.52	1.82	2.47	2.45	2.16	2.93	2.64	3.12
Price to Earnings (P/E)	25.26	22.32	21.63	16.04	18.69	31.79	28.67	17.18	22.49	22.69	25.33
Dividend Yield	2.68%	1.95%	1.77%	2.30%	2.12%	1.80%	1.56%	1.65%	1.23%	1.54%	1.27%
Earnings Yield	3.96%	4.48%	4.62%	6.24%	5.35%	3.15%	3.49%	5.82%	4.45%	4.41%	3.95%
Enterprise Value to Invested Capital (EV/IC)	3.11	4.61	4.79	3.92	4.32	5.47	5.77	4.39	6.30	5.09	5.67
Enterprise Value to Revenue (EV/Rev)	1.28	2.07	2.12	1.63	2.01	2.64	2.63	2.42	3.10	2.86	3.35
Enterprise Value to EBITDA (EV/EBITDA)	12.98	13.12	12.24	10.79	12.73	19.14	19.86	13.02	15.86	15.81	17.17
Enterprise Value to EBIT (EV/EBIT)	17.46	16.02	14.40	12.81	15.38	24.52	24.50	14.65	17.74	18.00	19.49
Enterprise Value to NOPAT (EV/NOPAT)	23.80	23.25	21.80	16.92	20.43	31.85	21.65	18.69	22.77	22.96	25.61
Enterprise Value to Operating Cash Flow (EV/OCF)	10.37	15.09	16.59	15.03	14.95	19.96	23.30	23.78	19.44	19.14	21.43
Enterprise Value to Free Cash Flow (EV/FCFF)	24.14	21.07	46.71	26.10	37.71	20.93	42.36	0.00	22.11	37.38	45.95
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.38	0.99	0.76	0.79	0.91	0.91	0.89	1.16	0.84	0.95	0.88
Long-Term Debt to Equity	0.38	0.99	0.76	0.79	0.87	0.91	0.83	1.07	0.84	0.87	0.78
Financial Leverage	-0.06	0.26	0.33	0.33	0.56	0.66	0.67	0.87	0.77	0.64	0.70
Leverage Ratio	1.68	2.27	2.64	2.61	2.77	2.91	2.97	3.04	2.80	2.62	2.61
Compound Leverage Factor	1.53	2.14	2.51	2.49	2.60	2.69	2.78	2.90	2.63	2.44	2.42
Debt to Total Capital	27.55%	49.77%	43.10%	44.19%	47.71%	47.61%	47.12%	53.79%	45.78%	48.72%	46.82%
Short-Term Debt to Total Capital	0.33%	0.13%	0.13%	0.01%	2.23%	0.18%	3.23%	4.18%	0.10%	4.27%	5.20%
Long-Term Debt to Total Capital	27.22%	49.63%	42.97%	44.18%	45.48%	47.43%	43.89%	49.62%	45.68%	44.45%	41.62%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.07%	0.05%	0.05%	0.04%	0.06%	0.06%	-0.01%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	72.38%	50.18%	56.85%	55.77%	52.23%	52.32%	52.89%	46.21%	54.22%	51.28%	53.18%
Debt to EBITDA	1.42	1.96	1.56	1.53	1.58	1.96	1.80	1.72	1.35	1.74	1.57
Net Debt to EBITDA	0.09	0.80	0.44	0.75	1.16	1.26	1.35	1.44	0.87	1.22	1.19
Long-Term Debt to EBITDA	1.40	1.96	1.55	1.53	1.50	1.95	1.67	1.59	1.35	1.59	1.39
Debt to NOPAT	2.60	3.48	2.77	2.40	2.53	3.26	1.96	2.47	1.94	2.53	2.34
Net Debt to NOPAT	0.17	1.42	0.79	1.18	1.86	2.09	1.47	2.06	1.25	1.77	1.78
Long-Term Debt to NOPAT	2.57	3.47	2.76	2.40	2.41	3.25	1.83	2.28	1.94	2.30	2.08
Altman Z-Score	6.08	5.84	5.61	5.61	5.80	6.13	6.29	5.82	7.37	6.48	7.04
Noncontrolling Interest Sharing Ratio	0.18%	0.10%	0.09%	0.08%	0.09%	0.12%	0.05%	-0.01%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.53	2.69	2.60	2.30	1.91	2.02	1.71	1.83	2.24	1.87	1.82
Quick Ratio	1.54	1.78	1.70	1.40	1.02	1.15	0.82	0.87	1.24	0.98	0.89
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	134	224	119	190	160	335	201	-116	587	307	308
Operating Cash Flow to CapEx	649.07%	641.14%	564.14%	604.05%	670.79%	681.81%	654.82%	559.26%	1,608.81%	550.51%	551.92%
Free Cash Flow to Firm to Interest Expense	6.16	11.73	4.91	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	14.33	16.38	13.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	12.13	13.83	11.37	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.36	1.22	1.21	1.27	1.27	1.13	1.32	1.30	1.28	1.16	1.16
Accounts Receivable Turnover	8.42	8.44	7.84	7.65	7.79	7.10	8.06	7.75	7.76	7.85	8.29
Inventory Turnover	5.49	5.60	5.79	5.63	5.28	4.60	4.70	4.12	4.44	4.58	4.58
Fixed Asset Turnover	5.97	5.80	6.18	6.34	5.96	5.05	6.26	7.12	7.48	6.71	6.40
Accounts Payable Turnover	9.35	9.04	7.84	7.43	7.37	6.74	7.38	7.27	8.05	8.15	8.16
Days Sales Outstanding (DSO)	43.35	43.22	46.54	47.73	46.88	51.42	45.29	47.10	47.04	46.47	44.01
Days Inventory Outstanding (DIO)	66.44	65.16	63.02	64.83	69.10	79.28	77.63	88.69	82.23	79.66	79.62
Days Payable Outstanding (DPO)	39.02	40.40	46.58	49.12	49.53	54.17	49.45	50.20	45.36	44.77	44.73
Cash Conversion Cycle (CCC)	70.77	67.99	62.98	63.44	66.45	76.53	73.47	85.58	83.91	81.37	78.89
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,044	1,023	1,159	1,261	1,396	1,282	1,474	2,078	2,061	2,253	2,498
Invested Capital Turnover	2.43	2.20	2.41	2.50	2.26	1.98	2.35	2.12	2.03	1.86	1.78
Increase / (Decrease) in Invested Capital	1.93	-21	136	103	135	-115	192	604	-17	193	245
Enterprise Value (EV)	3,245	4,716	5,554	4,948	6,027	7,013	8,506	9,117	12,974	11,462	14,172
Market Capitalization	3,221	4,428	5,352	4,603	5,478	6,551	7,929	8,111	12,262	10,578	13,186
Book Value per Share	$12.86	$10.78	$14.17	$13.76	$13.38	$13.27	$14.63	$17.91	$22.88	$23.53	$26.71
Tangible Book Value per Share	$8.60	$5.29	$8.66	$7.10	$4.96	$5.37	$4.82	$2.88	$7.48	$5.34	$6.05
Total Capital	1,287	1,418	1,639	1,590	1,566	1,508	1,634	2,238	2,414	2,589	2,764
Total Debt	355	706	706	703	747	718	770	1,204	1,105	1,261	1,294
Total Long-Term Debt	350	704	704	703	712	715	717	1,110	1,103	1,151	1,150
Net Debt	23	287	200	344	548	461	577	1,007	711	884	985
Capital Expenditures (CapEx)	48	49	59	54	60	52	56	69	41	109	120
Debt-free, Cash-free Net Working Capital (DFCFNWC)	266	239	341	341	348	308	393	601	547	500	618
Debt-free Net Working Capital (DFNWC)	570	657	847	700	547	566	586	798	941	877	927
Net Working Capital (NWC)	566	656	845	700	512	563	534	705	939	766	783
Net Nonoperating Expense (NNE)	8.94	4.45	7.23	5.36	1.92	14	116	16	25	33	33
Net Nonoperating Obligations (NNO)	111	310	226	374	577	491	610	1,044	752	926	1,029
Total Depreciation and Amortization (D&A)	64	65	68	72	81	80	81	78	87	88	99
Debt-free, Cash-free Net Working Capital to Revenue	10.49%	10.52%	13.00%	11.26%	11.58%	11.61%	12.17%	15.98%	13.05%	12.47%	14.60%
Debt-free Net Working Capital to Revenue	22.48%	28.91%	32.27%	23.10%	18.23%	21.30%	18.13%	21.23%	22.45%	21.88%	21.89%
Net Working Capital to Revenue	22.32%	28.82%	32.19%	23.10%	17.06%	21.20%	16.50%	18.74%	22.39%	19.12%	18.49%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.72	$2.94	$3.76	$4.42	$4.73	$3.46	$4.66	$8.14	$9.50	$8.23	$9.39
Adjusted Weighted Average Basic Shares Outstanding	70.69M	65.70M	65.64M	63.24M	60.36M	59.66M	58.73M	57.58M	56.82M	56.10M	54.81M
Adjusted Diluted Earnings per Share	$1.70	$2.91	$3.71	$4.37	$4.68	$3.42	$4.60	$8.04	$9.37	$8.15	$9.32
Adjusted Weighted Average Diluted Shares Outstanding	70.69M	65.70M	65.64M	63.24M	60.36M	59.66M	58.73M	57.58M	56.82M	56.10M	54.81M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	70.69M	65.70M	65.64M	63.24M	60.36M	59.66M	58.73M	57.58M	56.82M	56.10M	54.81M
Normalized Net Operating Profit after Tax (NOPAT)	258	203	259	312	307	256	401	497	561	543	567
Normalized NOPAT Margin	10.19%	8.92%	9.88%	10.30%	10.23%	9.63%	12.41%	13.22%	13.38%	13.55%	13.40%
Pre Tax Income Margin	6.70%	12.19%	13.95%	12.17%	12.27%	9.94%	10.05%	15.76%	16.39%	14.82%	15.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	8.52	15.43	15.92	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	6.25	10.63	10.52	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	6.31	12.87	13.47	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	4.04	8.08	8.07	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	68.26%	44.02%	37.36%	35.56%	40.23%	57.30%	44.06%	27.68%	27.15%	34.79%	32.32%
Augmented Payout Ratio	381.80%	216.43%	54.80%	105.82%	140.10%	112.34%	103.54%	66.07%	63.60%	91.37%	97.31%

This table displays calculated financial ratios and metrics derived from Lincoln Electric's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	54,787,110.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	54,787,110.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	2.49
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.48%	13.70%	-5.59%	-3.67%	-4.79%	-3.45%	2.36%	6.56%	7.87%	5.55%	11.65%
EBITDA Growth	17.45%	39.29%	-0.50%	-18.64%	-14.03%	-11.46%	0.13%	31.22%	22.71%	4.87%	12.47%
EBIT Growth	18.22%	42.46%	-0.73%	-20.28%	-16.45%	-13.26%	-1.16%	33.20%	24.82%	4.15%	12.92%
NOPAT Growth	21.67%	42.60%	-0.40%	-21.56%	-19.08%	-8.39%	-0.75%	35.47%	17.41%	-2.27%	14.85%
Net Income Growth	18.42%	43.52%	1.22%	-25.94%	-22.10%	-10.48%	-3.99%	40.99%	21.71%	-3.00%	15.10%
EPS Growth	18.72%	45.16%	2.39%	-25.00%	-20.27%	-8.52%	-1.87%	44.63%	24.86%	-0.81%	17.62%
Operating Cash Flow Growth	71.25%	8.82%	7.56%	-14.16%	-10.71%	-21.26%	39.31%	-15.74%	18.82%	-0.87%	-44.98%
Free Cash Flow Firm Growth	-4,369.49%	136.54%	145.59%	117.20%	68.34%	-124.61%	-121.64%	-166.79%	65.50%	-126.20%	-360.39%
Invested Capital Growth	27.58%	-0.81%	-2.21%	2.37%	10.24%	9.35%	8.10%	8.90%	7.40%	10.87%	14.53%
Revenue Q/Q Growth	-2.58%	2.45%	-7.30%	4.13%	-3.71%	3.89%	-1.73%	8.39%	-2.52%	1.65%	3.96%
EBITDA Q/Q Growth	-6.26%	17.51%	-17.03%	-10.98%	-0.95%	21.02%	-6.16%	16.65%	-7.37%	3.42%	0.64%
EBIT Q/Q Growth	-6.77%	19.42%	-18.66%	-11.97%	-2.29%	23.98%	-7.32%	18.64%	-8.43%	3.44%	0.48%
NOPAT Q/Q Growth	-2.76%	18.09%	-20.79%	-13.77%	0.32%	33.68%	-14.18%	17.71%	-13.06%	11.28%	0.85%
Net Income Q/Q Growth	-5.82%	21.11%	-21.21%	-17.59%	-0.94%	39.18%	-15.50%	21.02%	-14.48%	10.92%	0.26%
EPS Q/Q Growth	-5.93%	21.62%	-20.74%	-17.29%	0.00%	39.55%	-14.98%	21.90%	-13.67%	10.86%	0.82%
Operating Cash Flow Q/Q Growth	12.20%	-45.47%	9.56%	28.05%	16.71%	-51.91%	93.84%	-22.55%	64.56%	-59.88%	7.59%
Free Cash Flow Firm Q/Q Growth	17.41%	161.02%	-20.47%	-65.00%	-252.06%	52.57%	14.27%	-8.04%	21.46%	-210.94%	-74.48%
Invested Capital Q/Q Growth	-4.86%	3.37%	0.99%	5.13%	2.46%	2.54%	-2.12%	5.91%	1.04%	5.86%	1.11%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.39%	35.05%	37.55%	37.57%	35.79%	36.07%	36.39%	37.25%	36.69%	34.67%	35.59%
EBITDA Margin	18.75%	21.51%	19.25%	16.46%	16.93%	19.72%	18.83%	20.27%	19.26%	19.60%	18.97%
Operating Margin	16.59%	19.28%	16.82%	14.57%	14.80%	17.32%	16.42%	17.65%	16.65%	17.09%	16.60%
EBIT Margin	16.67%	19.43%	17.05%	14.42%	14.63%	17.46%	16.46%	18.02%	16.93%	17.23%	16.65%
Profit (Net Income) Margin	12.52%	14.80%	12.58%	9.95%	10.24%	13.72%	11.80%	13.17%	11.56%	12.61%	12.16%
Tax Burden Percent	80.12%	79.50%	77.85%	74.44%	76.36%	83.94%	77.32%	78.12%	73.87%	78.78%	78.67%
Interest Burden Percent	93.72%	95.79%	94.75%	92.76%	91.68%	93.63%	92.67%	93.57%	92.40%	92.91%	92.84%
Effective Tax Rate	19.88%	20.50%	22.15%	25.56%	23.64%	16.06%	22.68%	21.88%	26.13%	21.22%	21.33%
Return on Invested Capital (ROIC)	30.39%	31.04%	26.23%	20.95%	21.81%	27.02%	24.11%	25.23%	22.54%	23.99%	24.01%
ROIC Less NNEP Spread (ROIC-NNEP)	29.25%	30.42%	25.63%	19.89%	20.53%	26.02%	22.98%	24.47%	21.66%	23.04%	22.94%
Return on Net Nonoperating Assets (RNNOA)	19.13%	23.31%	17.84%	13.65%	13.02%	16.56%	13.87%	16.26%	14.19%	16.10%	15.13%
Return on Equity (ROE)	49.52%	54.36%	44.08%	34.60%	34.83%	43.58%	37.98%	41.48%	36.73%	40.09%	39.14%
Cash Return on Invested Capital (CROIC)	5.09%	28.36%	29.83%	23.08%	14.74%	14.22%	15.69%	15.47%	17.30%	12.98%	10.65%
Operating Return on Assets (OROA)	22.67%	24.84%	21.25%	17.55%	16.93%	20.29%	18.95%	20.68%	18.90%	19.98%	19.25%
Return on Assets (ROA)	17.02%	18.92%	15.68%	12.12%	11.85%	15.95%	13.58%	15.12%	12.90%	14.63%	14.06%
Return on Common Equity (ROCE)	49.52%	54.36%	44.08%	34.60%	34.83%	43.58%	37.98%	41.48%	36.73%	40.09%	39.14%
Return on Equity Simple (ROE_SIMPLE)	40.61%	0.00%	41.80%	38.93%	36.03%	0.00%	34.41%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	137	162	128	111	111	149	128	150	131	145	146
NOPAT Margin	13.29%	15.32%	13.10%	10.84%	11.30%	14.54%	12.70%	13.79%	12.30%	13.46%	13.06%
Net Nonoperating Expense Percent (NNEP)	1.14%	0.62%	0.60%	1.05%	1.28%	1.00%	1.13%	0.75%	0.87%	0.94%	1.07%
Return On Investment Capital (ROIC_SIMPLE)	-	6.72%	-	-	-	5.74%	4.90%	5.70%	4.92%	5.25%	5.18%
Cost of Revenue to Revenue	64.61%	64.95%	62.45%	62.43%	64.21%	63.93%	63.61%	62.75%	63.32%	65.33%	64.41%
SG&A Expenses to Revenue	18.11%	17.85%	20.26%	20.41%	18.94%	18.30%	19.58%	19.37%	19.49%	17.02%	18.80%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.79%	15.78%	20.72%	23.00%	20.99%	18.75%	19.97%	19.60%	20.04%	17.58%	18.99%
Earnings before Interest and Taxes (EBIT)	172	206	167	147	144	178	165	196	180	186	187
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	194	228	189	168	167	202	189	221	204	211	213
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	8.40	9.37	11.13	8.18	8.13	7.97	7.92	8.39	9.20	8.97	9.03
Price to Tangible Book Value (P/TBV)	19.11	28.67	23.55	20.61	20.91	35.08	20.15	21.04	24.71	39.64	21.85
Price to Revenue (P/Rev)	2.53	2.93	3.52	2.62	2.69	2.64	2.63	2.82	3.12	3.12	3.14
Price to Earnings (P/E)	20.69	22.49	26.62	21.00	22.55	22.69	23.01	23.02	24.80	25.33	25.35
Dividend Yield	1.43%	1.23%	1.06%	1.47%	1.48%	1.54%	1.54%	1.43%	1.27%	1.27%	1.24%
Earnings Yield	4.83%	4.45%	3.76%	4.76%	4.43%	4.41%	4.35%	4.34%	4.03%	3.95%	3.94%
Enterprise Value to Invested Capital (EV/IC)	5.55	6.30	7.49	5.39	5.34	5.09	5.20	5.36	5.91	5.67	5.81
Enterprise Value to Revenue (EV/Rev)	2.72	3.10	3.70	2.83	2.90	2.86	2.85	3.06	3.34	3.35	3.37
Enterprise Value to EBITDA (EV/EBITDA)	14.68	15.86	18.71	14.86	15.63	15.81	15.82	16.11	17.11	17.17	17.27
Enterprise Value to EBIT (EV/EBIT)	16.52	17.74	20.94	16.70	17.68	18.00	18.07	18.32	19.40	19.49	19.60
Enterprise Value to NOPAT (EV/NOPAT)	21.22	22.77	26.85	21.46	22.89	22.96	23.03	23.31	25.07	25.61	25.63
Enterprise Value to Operating Cash Flow (EV/OCF)	16.82	19.44	22.59	17.83	18.79	19.14	17.62	20.06	21.09	21.43	25.39
Enterprise Value to Free Cash Flow (EV/FCFF)	122.31	22.11	24.84	23.64	38.02	37.38	34.46	36.15	35.41	45.95	58.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.91	0.84	0.85	0.84	0.94	0.95	0.94	0.91	0.88	0.88	0.87
Long-Term Debt to Equity	0.90	0.84	0.84	0.84	0.86	0.87	0.86	0.83	0.81	0.78	0.76
Financial Leverage	0.65	0.77	0.70	0.69	0.63	0.64	0.60	0.66	0.66	0.70	0.66
Leverage Ratio	2.78	2.80	2.73	2.68	2.73	2.62	2.65	2.65	2.72	2.61	2.64
Compound Leverage Factor	2.61	2.68	2.58	2.48	2.50	2.45	2.45	2.48	2.51	2.42	2.45
Debt to Total Capital	47.54%	45.78%	45.85%	45.69%	48.53%	48.72%	48.46%	47.65%	46.68%	46.82%	46.50%
Short-Term Debt to Total Capital	0.33%	0.10%	0.20%	0.26%	4.30%	4.27%	4.22%	4.00%	3.32%	5.20%	5.79%
Long-Term Debt to Total Capital	47.21%	45.68%	45.66%	45.43%	44.22%	44.45%	44.24%	43.65%	43.36%	41.62%	40.71%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	52.46%	54.22%	54.15%	54.31%	51.47%	51.28%	51.54%	52.35%	53.32%	53.18%	53.50%
Debt to EBITDA	1.47	1.35	1.36	1.42	1.68	1.74	1.74	1.61	1.52	1.57	1.55
Net Debt to EBITDA	1.02	0.87	0.90	1.07	1.14	1.22	1.19	1.23	1.16	1.19	1.20
Long-Term Debt to EBITDA	1.46	1.35	1.35	1.41	1.53	1.59	1.59	1.48	1.41	1.39	1.35
Debt to NOPAT	2.13	1.94	1.95	2.05	2.46	2.53	2.53	2.34	2.22	2.34	2.30
Net Debt to NOPAT	1.47	1.25	1.29	1.54	1.67	1.77	1.74	1.78	1.70	1.78	1.77
Long-Term Debt to NOPAT	2.12	1.94	1.94	2.04	2.24	2.30	2.31	2.14	2.07	2.08	2.01
Altman Z-Score	6.15	6.86	7.49	6.27	5.79	6.05	5.87	6.02	6.29	6.57	6.55
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.07	2.24	2.24	2.06	1.85	1.87	1.78	1.68	1.71	1.82	1.83
Quick Ratio	1.09	1.24	1.23	1.05	0.97	0.98	0.95	0.83	0.76	0.89	0.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-294	179	175	61	-93	-44	-38	-41	-32	-100	-174
Operating Cash Flow to CapEx	885.23%	0.00%	513.86%	770.53%	577.08%	365.71%	832.59%	578.60%	777.07%	225.16%	262.95%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.36	1.28	1.25	1.22	1.16	1.16	1.15	1.15	1.12	1.16	1.16
Accounts Receivable Turnover	8.12	7.76	7.39	7.31	7.67	7.85	7.56	7.43	8.20	8.29	7.76
Inventory Turnover	4.28	4.44	4.31	4.14	4.20	4.58	4.49	4.33	4.12	4.58	4.39
Fixed Asset Turnover	7.70	7.48	7.28	7.14	6.80	6.71	6.62	6.59	6.42	6.40	6.41
Accounts Payable Turnover	8.09	8.05	7.71	7.34	7.88	8.15	7.39	7.17	7.33	8.16	6.84
Days Sales Outstanding (DSO)	44.94	47.04	49.36	49.90	47.58	46.47	48.31	49.13	44.51	44.01	47.03
Days Inventory Outstanding (DIO)	85.35	82.23	84.68	88.07	86.98	79.66	81.32	84.29	88.51	79.62	83.20
Days Payable Outstanding (DPO)	45.14	45.36	47.36	49.70	46.31	44.77	49.37	50.91	49.79	44.73	53.36
Cash Conversion Cycle (CCC)	85.14	83.91	86.67	88.27	88.25	81.37	80.26	82.52	83.23	78.89	76.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,993	2,061	2,040	2,145	2,198	2,253	2,206	2,336	2,360	2,498	2,526
Invested Capital Turnover	2.29	2.03	2.00	1.93	1.93	1.86	1.90	1.83	1.83	1.78	1.84
Increase / (Decrease) in Invested Capital	431	-17	-46	50	204	193	165	191	163	245	320
Enterprise Value (EV)	11,065	12,974	15,288	11,567	11,741	11,462	11,476	12,530	13,960	14,172	14,666
Market Capitalization	10,297	12,262	14,556	10,735	10,883	10,578	10,611	11,574	13,015	13,186	13,651
Book Value per Share	$21.35	$22.88	$22.98	$23.07	$23.63	$23.53	$23.89	$24.71	$25.63	$26.71	$27.58
Tangible Book Value per Share	$9.39	$7.48	$10.86	$9.15	$9.18	$5.34	$9.39	$9.85	$9.54	$6.05	$11.40
Total Capital	2,336	2,414	2,415	2,418	2,602	2,589	2,600	2,635	2,653	2,764	2,825
Total Debt	1,111	1,105	1,107	1,105	1,263	1,261	1,260	1,256	1,239	1,294	1,314
Total Long-Term Debt	1,103	1,103	1,103	1,098	1,151	1,151	1,150	1,150	1,150	1,150	1,150
Net Debt	768	711	732	832	858	884	865	956	946	985	1,015
Capital Expenditures (CapEx)	25	-20	26	22	35	26	22	25	30	42	39
Debt-free, Cash-free Net Working Capital (DFCFNWC)	529	547	561	563	514	500	475	506	536	618	708
Debt-free Net Working Capital (DFNWC)	872	941	936	836	918	877	869	805	829	927	1,007
Net Working Capital (NWC)	864	939	931	830	806	766	760	700	741	783	843
Net Nonoperating Expense (NNE)	8.02	5.57	5.07	9.09	10	8.36	9.03	6.71	7.88	9.20	10
Net Nonoperating Obligations (NNO)	768	752	732	832	858	926	865	956	946	1,029	1,015
Total Depreciation and Amortization (D&A)	21	22	22	21	23	23	24	24	25	26	26
Debt-free, Cash-free Net Working Capital to Revenue	13.02%	13.05%	13.56%	13.75%	12.70%	12.47%	11.77%	12.34%	12.83%	14.60%	16.27%
Debt-free Net Working Capital to Revenue	21.45%	22.45%	22.63%	20.41%	22.69%	21.88%	21.56%	19.65%	19.84%	21.89%	23.14%
Net Working Capital to Revenue	21.26%	22.39%	22.52%	20.26%	19.92%	19.12%	18.84%	17.08%	17.73%	18.49%	19.38%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.26	$2.73	$2.17	$1.79	$1.78	$2.49	$2.11	$2.58	$2.23	$2.47	$2.49
Adjusted Weighted Average Basic Shares Outstanding	57.20M	56.82M	56.91M	56.68M	56.43M	56.10M	55.83M	55.19M	55.03M	54.81M	54.79M
Adjusted Diluted Earnings per Share	$2.22	$2.70	$2.14	$1.77	$1.77	$2.47	$2.10	$2.56	$2.21	$2.45	$2.47
Adjusted Weighted Average Diluted Shares Outstanding	57.20M	56.82M	56.91M	56.68M	56.43M	56.10M	55.83M	55.19M	55.03M	54.81M	54.79M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	57.20M	56.82M	56.91M	56.68M	56.43M	56.10M	55.83M	55.19M	55.03M	54.81M	54.79M
Normalized Net Operating Profit after Tax (NOPAT)	143	145	132	131	127	152	131	152	135	150	148
Normalized NOPAT Margin	13.84%	13.68%	13.46%	12.78%	12.87%	14.91%	12.99%	13.97%	12.70%	13.90%	13.21%
Pre Tax Income Margin	15.62%	18.61%	16.16%	13.37%	13.41%	16.35%	15.26%	16.86%	15.64%	16.01%	15.46%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.85%	27.15%	27.75%	30.37%	32.89%	34.79%	35.53%	32.88%	31.76%	32.32%	31.45%
Augmented Payout Ratio	60.13%	63.60%	78.41%	84.05%	90.79%	91.37%	91.91%	99.85%	96.37%	97.31%	84.99%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, trend-focused snapshot of Lincoln Electric Holdings, Inc. (LECO) based on the quarterly statements provided (covering late 2023 through 2025). The goal is to highlight notable year-over-year and quarter-over-quarter trends that a retail investor can use to gauge momentum and financial health.

Q2 2025 revenue reached about $1.089B, the highest quarterly figure in 2025, signaling current demand strength.
Gross margin in 2025 stayed in the mid-30s, roughly ranging from 34.7% to 37.2% across the quarters, indicating solid profitability despite some quarterly variation.
Operating margin in 2025 hovered around 16%–18%, reflecting effective cost control relative to revenue.
Net cash from continuing operating activities remained positive in every 2025 quarter (examples include roughly $236.7M in Q3 2025 and about $185.7M in Q1 2025), underscoring strong underlying cash generation.
Quarterly cash dividends per share stayed consistent around $0.75–$0.79, signaling steady shareholder returns.
Debt levels are moderate and historically stable, with long-term debt around $1.15B and total liabilities near $2.40B as of the 2025 Q3 balance sheet, suggesting manageable leverage.
Cash on hand has been robust but not excessive, with cash and equivalents around $293M at mid-2025, providing solid liquidity headroom without over-leveraging cash.
Total equity sits near $1.4B in the 2025 period, indicating a solid capitalization base supported by retained earnings and equity reserves.
Restructuring charges in 2025 quarters are modest (roughly $5.8M–$6.0M per quarter), signaling ongoing efficiency actions rather than material impairment or one-time write-downs.
Q4 2025 gross margin dipped to about 34.7% (373.9M gross profit on 1.079B revenue), indicating somemargin compression relative to earlier 2025 quarters.

05/14/26 10:00 AM ETAI Generated. May Contain Errors.

Lincoln Electric Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Lincoln Electric's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Lincoln Electric's net income appears to be on an upward trend, with a most recent value of $520.53 million in 2025, rising from $127.41 million in 2015. The previous period was $466.11 million in 2024. See where experts think Lincoln Electric is headed by visiting Lincoln Electric's forecast page.

Lincoln Electric's total operating income in 2025 was $718.06 million, based on the following breakdown:

Total Gross Profit: $1.53 billion
Total Operating Expenses: $816.19 million

Over the last 10 years, Lincoln Electric's total revenue changed from $2.54 billion in 2015 to $4.23 billion in 2025, a change of 66.9%.

Lincoln Electric's total liabilities were at $2.31 billion at the end of 2025, a 5.2% increase from 2024, and a 171.0% increase since 2015.

In the past 10 years, Lincoln Electric's cash and equivalents has ranged from $192.96 million in 2021 to $393.79 million in 2023, and is currently $308.79 million as of their latest financial filing in 2025.

Over the last 10 years, Lincoln Electric's book value per share changed from 12.86 in 2015 to 26.71 in 2025, a change of 107.8%.

Related Companies

Financial statements for NASDAQ:LECO last updated on 5/2/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Lincoln Electric (LECO) Financials

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Lincoln Electric (LECO) Financials

Annual Income Statements for Lincoln Electric

Quarterly Income Statements for Lincoln Electric

Annual Cash Flow Statements for Lincoln Electric

Quarterly Cash Flow Statements for Lincoln Electric

Annual Balance Sheets for Lincoln Electric

Quarterly Balance Sheets for Lincoln Electric

Annual Metrics And Ratios for Lincoln Electric

Quarterly Metrics And Ratios for Lincoln Electric

Financials Breakdown Chart

Key Financial Trends

Lincoln Electric Financials - Frequently Asked Questions

When does Lincoln Electric's financial year end?

How has Lincoln Electric's net income changed over the last 10 years?

What is Lincoln Electric's operating income?

How has Lincoln Electric's revenue changed over the last 10 years?

How much debt does Lincoln Electric have?

How much cash does Lincoln Electric have?

How has Lincoln Electric's book value per share changed over the last 10 years?

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