Lincoln Electric Holdings, Inc. (LECO)
合理估值基本面
70
价格
$267.85
市值
$14.52B
第一部分 · 这家公司值多少
概览
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.
盈利方式
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.
分部营收
Welding equipment, consumables and robotic systems sold across North and South America, the company's largest and most profitable segment.
The same welding equipment and consumables business run across Europe, the Middle East, Africa and Asia Pacific.
Gas welding, cutting, brazing and soldering equipment and alloys, a distinct product line from arc welding.
护城河
品牌 · 狭窄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.
需求驱动因素
周期性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.
主要风险
- 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.
看多理由
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.
看空理由
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.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 with claude-haiku-4-5 — shared with all users
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 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.
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'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.
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.
资产负债表与流动性
营收
$4.48B
最近12个月(截至2026/6/30)
净利润
$554M
最近12个月(截至2026/6/30)
自由现金流
$534M
股东权益合计
$1.47B
负债合计
$2.31B
流动比率
1.98
利息覆盖率
13.06
债务/EBITDA
1.47
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$290.39
当前价格
$267.85
安全边际
+7.8%
公允价值区间
$201.18 - $379.60
所用估值方法之间的离散区间,并非经过统计校准的置信区间。
估算方法
估值指标
市盈率(P/E)
26.43
ROE
35.4%
市净率(P/B)
9.28
P/FCF
26.59
毛利率
36.0%
ROIC
20.7%
盈利能力雷达图
价值创造(经济护城河)
ROIC
20.7%
WACC
10.6%
ROIC − WACC
+10.1 pp
ROIC 超过资本成本:公司正在为股东创造价值。
基本面分析标准
通过(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
未通过(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%
不可用(1)
- Dividend Payout NaN%
Piotroski F-评分
信号混杂:部分领域需关注
盈利质量
高质量:盈利有现金流支撑
股权稀释
正在回购股份,对股东友好
机构持股
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Steven B. Hedlund | President, CEO & Chairman | 58 |
| Mr. Gabriel Bruno | Executive VP, CFO & Treasurer | 57 |
| Ms. Jennifer I. Ansberry J.D. | Executive VP, General Counsel & Secretary | 51 |
| Ms. Susan C. Edwards | Executive VP & Chief Human Resources Officer | 62 |
| Ms. Amanda H. Butler | Vice President of Investor Relations & Communications | - |
| Mr. Geoffrey P. Allman | Senior Vice President of Acquisition Integration | 54 |
| Mr. Gregory D. Doria | Executive VP & President of International | 48 |
| Ms. Lisa A. Dietrich | Executive VP & Chief Digital Information Officer | 52 |
| Mr. Kevin J. Whaley | Executive VP & President of Global Automation | 52 |
| Ms. Lisa Shapiro | Vice President of Corporate Controller | - |
审计风险
2
董事会风险
3
薪酬风险
3
股东权利风险
7
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。
损益历史
via SEC EDGAR
Latest News
Recent headlines for LECO, sourced from Markets Gazette.