Lincoln Electric
LECO · NasdaqMetalworkg Machinery & Equipment · Fiscal year ends Dec 31
Lincoln Electric reported revenue of $4.2B in the fiscal year ended Dec 2025, up 5.6% from the year before. Operating income was $718M, an operating margin of 17.0%, and net income was $521M. Operating cash flow of $661M less capital expenditure of $127M left free cash flow of $534M. Net debt was $841M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $3.2B | $3.8B | $4.2B | $4B | $4.2B |
| Cost of revenue | $2.2B | $2.5B | $2.7B | $2.5B | $2.7B |
| Gross profit | $1.1B | $1.3B | $1.5B | $1.5B | $1.5B |
| Research & development | $56M | $63M | $71M | $82M | $86M |
| Selling, general & admin | $597M | $657M | $759M | $781M | $798M |
| Operating income | $462M | $612M | $718M | $636M | $718M |
| Interest expense | $24M | $31M | $51M | $53M | $58M |
| Pre-tax income | $325M | $593M | $687M | $594M | $675M |
| Income tax | $48M | $121M | $142M | $128M | $155M |
| Net income | $277M | $472M | $545M | $466M | $521M |
| Diluted EPS | 4.60 | 8.04 | 9.37 | 8.15 | 9.32 |
| Diluted shares | 60M | 59M | 58M | 57M | 56M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $193M | $197M | $394M | $377M | $309M |
| Receivables | $429M | $542M | $539M | $482M | $539M |
| Inventory | $540M | $665M | $563M | $544M | $633M |
| Current assets | $1.3B | $1.6B | $1.7B | $1.6B | $1.7B |
| Net PP&E | $512M | $545M | $575M | $619M | $703M |
| Goodwill | $430M | $665M | $694M | $805M | $887M |
| Total assets | $2.6B | $3.2B | $3.4B | $3.5B | $3.8B |
| Payables | $330M | $352M | $325M | $297M | $365M |
| Current liabilities | $756M | $853M | $755M | $879M | $957M |
| Short-term debt | $766,000 | $11M | $4,000 | $100M | $0 |
| Long-term debt | $717M | $1.1B | $1.1B | $1.2B | $1.2B |
| Total liabilities | $1.7B | $2.1B | $2.1B | $2.2B | $2.3B |
| Shareholders' equity | $864M | $1B | $1.3B | $1.3B | $1.5B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $365M | $383M | $668M | $599M | $661M |
| Capital expenditure | $63M | $72M | $91M | $117M | $127M |
| Free cash flow | $303M | $312M | $577M | $482M | $534M |
| Depreciation & amortisation | $81M | $78M | $87M | $88M | $99M |
| Stock-based compensation | $24M | $25M | $26M | $24M | $20M |
| Acquisitions | $156M | $436M | $33M | $253M | $138M |
| Share buybacks | $165M | $181M | $199M | $264M | $338M |
| Dividends paid | $122M | $131M | $148M | $162M | $168M |
| Dividend per share | 2.09 | 2.32 | 2.63 | 2.88 | 3.04 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 16.3% | 11.4% | −4.4% | 5.6% |
| Operating income growth (YoY) | – | 32.6% | 17.2% | −11.3% | 12.8% |
| EPS growth (YoY) | – | 74.8% | 16.5% | −13.0% | 14.4% |
| Gross margin | 33.0% | 34.1% | 35.0% | 36.7% | 36.2% |
| Operating margin | 14.3% | 16.3% | 17.1% | 15.9% | 17.0% |
| Net margin | 8.6% | 12.6% | 13.0% | 11.6% | 12.3% |
| Return on equityBlank when equity is negative | 32.0% | 45.7% | 41.7% | 35.1% | 35.4% |
| ROCEEBIT ÷ (assets − current liabilities) | 25.1% | 26.3% | 27.4% | 24.1% | 25.5% |
| Free cash flow margin | 9.4% | 8.3% | 13.8% | 12.0% | 12.6% |
| Cash conversion (CFO ÷ net income) | 1.32x | 0.81x | 1.22x | 1.29x | 1.27x |
| Receivable days | 48 | 53 | 47 | 44 | 46 |
| Inventory days | 91 | 98 | 75 | 78 | 86 |
| Payable days | 56 | 52 | 44 | 43 | 49 |
| Interest cover | 19.4x | 19.7x | 14.0x | 12.0x | 12.3x |
| Debt ÷ equity | 0.83x | 1.08x | 0.84x | 0.94x | 0.78x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $525M | $924M | $709M | $873M | $841M |
| Current ratio | 1.71x | 1.83x | 2.24x | 1.87x | 1.82x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.