Lincoln Electric
Builds welding, cutting, and automation systems for industrial production.
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Profile
Sells welding consumables and equipment, automated joining and assembly systems, cutting products, and brazing alloys through three operating segments. A global manufacturing and integration network pairs long-standing arc-welding specialization with acquisition-led expansion into automation and additive manufacturing.
Sells welding consumables and equipment alongside automated joining, assembly and cutting systems, brazing and soldering alloys, and additive manufacturing services. Operations are reported through Americas Welding, International Welding, and The Harris Products Group.
Manufacturing and automation integration span a global network, while distribution and sales reach more than 160 countries. Technical specialization in arc welding and a pay-for-performance operating culture support execution across this global footprint.
Growth beyond core welding has relied partly on acquisitions in automation, material handling, testing, mobile robotics, software, and large-scale additive manufacturing. Results depend on industrial end-market conditions, acquisition integration, input and labor costs, currency movements, and maintaining a skilled global workforce.
Company facts
Key statistics
Year to date +16.9% · Average volume (30d) 456.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 10, 2026 | UBS | Initiate | Buy | $340 | ||
| Aug 10, 2026 | Morgan Stanley | Upgrade | Underweight | Cautious | $250 | $283 |
| Jun 15, 2026 | D.A. Davidson | Target | $320 | |||
| May 5, 2026 | Barclays | Reiterate | Overweight | $310 | $300 | |
| May 4, 2026 | Morgan Stanley | Target | $240 | $250 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 30, 2026Q2 FY26 | $2.81 | $2.93 | +4.3% | $1.17B | $1.22B | +4.3% | −3.01% |
| Apr 30, 2026Q1 FY26 | $2.42 | $2.50 | +3.3% | $1.07B | $1.12B | +4.5% | +0.47% |
| Feb 12, 2026Q4 FY25 | $2.54 | $2.65 | +4.3% | $1.10B | $1.08B | −2.0% | −0.83% |
| Oct 30, 2025Q3 FY25 | $2.39 | $2.47 | +3.3% | $1.09B | $1.06B | −2.9% | −0.70% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $1.01B | $1.09B | $1.06B | $1.08B | $1.12B | $1.22B | |
| Gross profit | $365.7M | $405.0M | $389.8M | $375.2M | $399.1M | $449.0M | |
| Operating income | $161.5M | $180.9M | $183.5M | $189.3M | $190.5M | $224.1M | |
| Net income | $118.5M | $143.4M | $122.6M | $136.0M | $136.4M | $158.5M | |
| Diluted EPS | $2.10 | $2.56 | $2.21 | $2.45 | $2.47 | $2.88 | |
| Gross margin | 36.4% | 37.2% | 36.8% | 34.8% | 35.6% | 36.8% | |
| Operating margin | 16.1% | 16.6% | 17.3% | 17.6% | 17.0% | 18.4% |
Fiscal years (4-quarter sums)FY21 $3.23B · FY22 $3.76B · FY23 $4.19B · FY24 $4.01B · FY25 $4.23B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $242.4M · Total debt $1.15B · Total assets $3.81B · Shareholders' equity $1.55B
Dividends
Raised for 26 straight years — most recently to $0.79 from $0.75 in Dec 2025. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 30, 2026 | Jun 30 | Jul 15 | $0.79 | |
| Mar 31, 2026 | Mar 31 | Apr 15 | $0.79 | |
| Dec 31, 2025 | Dec 31 | Jan 15 | $0.79 | raised from $0.75 |
| Sep 30, 2025 | Sep 30 | Oct 15 | $0.75 | |
| Jun 30, 2025 | Jun 30 | Jul 15 | $0.75 | |
| Mar 31, 2025 | Mar 31 | Apr 15 | $0.75 | |
| Dec 31, 2024 | Dec 31 | Jan 15 | $0.75 | raised from $0.71 |
| Sep 30, 2024 | Sep 30 | Oct 15 | $0.71 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 54.51M · Float 53.48M · 98.1% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 5.39M | 9.89% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 2.56M | 4.71% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 2.48M | 4.54% | 13F | Aug 13, 2026 |
| State Street Corp | 2.25M | 4.14% | 13F | Aug 7, 2026 |
| Norges Bank | 1.73M | 3.17% | 13F | Aug 12, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Jun 16, 2026 | Michael J. Whitehead | officer: EVP, PRESIDENT, AMERICAS WELD | −845 | $274.81 |
| Mar 2, 2026 | Gabriel Bruno | officer: EVP, CFO & TREASURER | −17,473 | $286.29 |
| Feb 17, 2026 | Jennifer I. Ansberry | officer: EVP, GENERAL COUNSEL & SECY | −10,657 | $288.85 |
| Sep 16, 2025 | Michael J. Whitehead | officer: SVP, PRESIDENT, AMERICAS WELD | −1,000 | $233.23 |
| Sep 11, 2025 | Steven B. Hedlund | director, officer: CHAIR, PRESIDENT & CEO | −12,387 | $243.36 |
Peers
- ESAB
Global welding, cutting, automation and gas-control technology supplier
- Illinois Tool Works
Welding equipment, consumables, automation and safety systems rival
- ATS (ADR)
Turnkey transport and aerospace assembly, handling and testing rival
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Lincoln Electric | $284.90 | −0.01% | $15.53B | 28.5 | 23.8 | 3.5 | +12.0% |
| ESAB | $76.43 | +0.03% | $4.65B | 28.0 | 12.9 | 1.6 | +12.9% |
| Illinois Tool Works | $279.80 | −0.11% | $80.58B | 25.4 | 23.8 | 4.9 | +6.1% |
| ATS (ADR) | $19.21 | −0.03% | $1.88B | 56.0 | 21.7 | 0.9 | −9.7% |
| Median | 28.0 | 21.7 | 1.6 | +6.1% |