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Lincoln Electric Holdings, Inc. (LECO)

Valor Justo
IndustrialsTools & AccessoriesUnited States

Fundamental

70

Preço

$267.85

Capitalização de Mercado

$14.52B

Parte 1 · Quanto vale a empresa

Visão Geral

Lincoln Electric makes the equipment and consumable materials used to weld and cut metal: arc welding machines, robotic welding cells, and the wire and electrodes that get used up with every weld. Customers range from individual fabrication shops to large manufacturers building cars, ships and pipelines, and from automotive plants to oxy-fuel and plasma cutting equipment sold through its Harris Products brands.

Como gera receita

Revenue comes from selling welding machines and cutting equipment once, and then from repeat sales of the wire, electrodes and gases those machines consume with every use — a razor-and-blades pattern where the installed base of equipment drives recurring consumable demand. Automation and robotic welding systems add a growing, higher-value equipment line on top of that base.

Receita por segmento

Americas Welding64.3%

Welding equipment, consumables and robotic systems sold across North and South America, the company's largest and most profitable segment.

International Welding22%

The same welding equipment and consumables business run across Europe, the Middle East, Africa and Asia Pacific.

The Harris Products Group13.7%

Gas welding, cutting, brazing and soldering equipment and alloys, a distinct product line from arc welding.

Vantagem competitiva

Marca · Estreita

Lincoln Electric has sold welding equipment under its own name for over a century and trains welders on it in its own educational programs, which builds habit and trust among tradespeople who choose equipment based on reliability in the field. The advantage is real but not unbreachable: welding equipment from established rivals performs comparably, and price competition is common outside premium industrial accounts.

O que impulsiona a procura

Cíclico

Equipment sales follow industrial capital spending — construction, energy, shipbuilding and manufacturing capacity expansion — which slows in recessions and accelerates in upcycles. Consumables demand is steadier because welding continues on equipment already installed, but it too softens when factories run fewer shifts.

Principais riscos

  • Cyclicality of industrial capital spending — Demand for welding equipment tracks broader industrial and construction activity, and a downturn in end markets such as energy, automotive or heavy fabrication reduces both equipment and consumables volumes.
  • Raw material cost volatility — Steel, copper, nickel and other metals used in welding wire and equipment are subject to price swings that the company may not always be able to pass through to customers quickly.
  • International and currency exposure — Roughly a third of revenue is generated outside the Americas, exposing results to foreign currency translation and to economic and political conditions in the countries where the company operates.
  • Competition on price and technology — The company competes against both established global welding equipment makers and lower-cost regional manufacturers, particularly in commodity consumables where differentiation is harder to sustain.

Os argumentos a favor

Buyers argue that the recurring consumables business cushions the cycle, that the brand and its century of training relationships keep tradespeople loyal, and that growth in automation and robotic welding gives the company a higher-value line to sell into the same installed customer base.

Os argumentos contra

Sellers fear that equipment sales remain tied to an industrial capital-spending cycle the company cannot control, that raw material cost swings can compress margins between price increases, and that regional low-cost competitors keep pressure on consumables pricing where brand loyalty matters least.

Dados por segmento do exercício fiscal 2025Fontes: Lincoln Electric Reports Fourth Quarter and Full Year 2025 Results

Written by the editors, published on 18 de agosto de 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 19 de setembro de 2026 with claude-haiku-4-5 — shared with all users

P/E: 23.3Score: 63Market cap: $77.99B

ITW's welding segment (Miller Electric and Hobart) competes head-on with Lincoln Electric on welding machines and consumables, above all in North American general fabrication and heavy industry.

ESAB CorporationESAB

ESAB is the other global broad-line supplier of arc welding equipment, filler metals and cutting systems, selling to the same fabrication, energy and shipbuilding customers worldwide, and it names Lincoln Electric as a competitor in its own annual report.

Fronius International GmbHNot tracked

The Austrian family-owned group builds advanced arc welding power sources and robotic welding cells, competing for the same automotive and automation customers in Europe that Lincoln Electric's International Welding segment targets.

voestalpine Böhler Welding (voestalpine AG)Not tracked

voestalpine's welding division is one of the largest producers of welding consumables and filler metals, competing directly with Lincoln Electric's consumables business in energy, pipeline and heavy-industry applications.

Kemppi OyNot tracked

The privately held Finnish manufacturer sells arc welding equipment and welding-management software to industrial fabricators, the same equipment buyers Lincoln Electric serves in Europe and Asia.

Balanço & Liquidez

Receita

$4.48B

Últimos 12 meses (até 30/06/2026)

Resultado Líquido

$554M

Últimos 12 meses (até 30/06/2026)

Fluxo de Caixa Livre

$534M

Capital Próprio Total

$1.47B

Passivo Total

$2.31B

Rácio de Liquidez

1.98

Cobertura de Juros

13.06

Dívida/EBITDA

1.47

Resultados Por Ação

Receita & Resultado Líquido

Fluxo de Caixa Livre

Decomposição dos Resultados

Demonstração histórica

Margens ao longo do tempo

A dívida ao longo do tempo

Quanto pesa a dívida

Grelha do crescimento

Crescimento — Receitas

Estimativa de Valor Justo

Caso geralJustamente Valorizada

Valor Justo

$290.39

Preço Atual

$267.85

Margem de Segurança

+7.8%

Intervalo de Valor Justo

$201.18 - $379.60

Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.

Métodos de Estimativa

Preço-alvo dos analistas:$304.91
Fluxo de caixa descontado (DCF):$351.02
Multiplicador de lucros (P/E):$216.36
Fórmula de crescimento de Graham:$464.53
Valor da capacidade de gerar lucro (EPV):$98.39
P/B justificado:$123.86
Desconto de dividendos (Gordon):$43.85
P/FFO, fundos de operações:$181.73
Lucros de meio de ciclo:$224.62
Multiplicador sobre as receitas:$231.27
Consenso dos Analistas:Comprar (12B / 7H / 0S)
Última Surpresa de Resultados:+2.26%

Métricas de Avaliação

Rácio P/E

26.43

ROE

35.4%

Rácio P/B

9.28

P/FCF

26.59

Margem Bruta

36.0%

ROIC

20.7%

Radar de Rentabilidade

Criação de Valor (Vantagem Competitiva)

ROIC

20.7%

WACC

10.6%

ROIC − WACC

+10.1 pp

O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.

Critérios de Análise Fundamental

Aprovado (20)

  • EPS shows upward trend
  • Price CAGR 13.22%
  • ROIC 20.7%
  • Gross Margin 36.0%
  • P/FCF 26.59
  • Debt/Equity ratio
  • Operating Margin 17.1%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 37.2%
  • Revenue Growth 5Y 9.8%
  • Analyst Consensus 63% Buy
  • PEG Ratio 1.18
  • Earnings Quality (OCF/NI) 1.24
  • Share Dilution -2.3%
  • Net Margin Trend 12.4% vs 12.3%
  • Piotroski F-Score 6/9

Reprovado (7)

  • EPS CAGR 3.82%
  • P/B Ratio 9.28
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Overvalued)
  • Earnings Surprise avg 1.1%

Indisponível (1)

  • Dividend Payout NaN%

Piotroski F-Score

6/9

Sinais mistos: algumas áreas requerem atenção

score
criteria

Qualidade dos Resultados

1.24

Alta qualidade: resultados respaldados por caixa

Diluição de Ações

-2.3%

A recomprar ações. Favorável ao acionista

Participações institucionais

Governação

Equipa Executiva

NomeCargoIdade
Mr. Steven B. HedlundPresident, CEO & Chairman58
Mr. Gabriel BrunoExecutive VP, CFO & Treasurer57
Ms. Jennifer I. Ansberry J.D.Executive VP, General Counsel & Secretary51
Ms. Susan C. EdwardsExecutive VP & Chief Human Resources Officer62
Ms. Amanda H. ButlerVice President of Investor Relations & Communications-
Mr. Geoffrey P. AllmanSenior Vice President of Acquisition Integration54
Mr. Gregory D. DoriaExecutive VP & President of International48
Ms. Lisa A. DietrichExecutive VP & Chief Digital Information Officer52
Mr. Kevin J. WhaleyExecutive VP & President of Global Automation52
Ms. Lisa ShapiroVice President of Corporate Controller-

Risco de Auditoria

2

Risco do Conselho

3

Risco de Remuneração

3

Risco dos Direitos dos Acionistas

7

Parte 2 · O preço e o momento de entrar

Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.

Documentos

  • Relatório anual (10-K)

    Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.

    Arquivado em 2026-02-25

    Ver documento
  • Relatório trimestral (10-Q)

    Uma atualização sobre o desempenho financeiro dos últimos três meses.

    Arquivado em 2026-07-30

    Ver documento
  • Relatório de fato relevante (8-K)

    Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.

    Arquivado em 2026-08-11

    Ver documento

via SEC EDGAR

Histórico de Resultados

via SEC EDGAR

Latest News

Recent headlines for LECO, sourced from Markets Gazette.

No recent news for LECO.