LINCOLN ELECTRIC HOLDINGS INC
LECOdata completeness 100%18 fiscal years on fileLINCOLN ELECTRIC HOLDINGS INC earns about 18% on invested capital, far above its ~9% cost of capital, and has bought back 7% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $87.58 and $552.58 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|
| Revenue | $3.23B1 | $3.76B2 | $4.19B3 | $4.01B3 | $4.23B3 |
| Net income | $276.6M4 | $472.2M5 | $545.2M6 | $466.1M6 | $520.5M6 |
| Operating cash flow | $365.1M7 | $383.4M8 | $667.5M9 | $599M9 | $661.2M9 |
| Capital expenditure | $62.5M10 | $71.9M11 | $91M12 | $116.6M12 | $127M12 |
| Free cash flow (derived) | $302.5M7 | $311.5M8 | $576.6M9 | $482.4M9 | $534.2M9 |
| Total debt | $1.49B13 | $2.34B14 | $2.21B15 | $1.36B16 | $1.29B16 |
| Cash & equivalents | $193M17 | $197.2M18 | $393.8M19 | $377.3M20 | $308.8M20 |
| Diluted shares | 60.1M | 58.7M | 58.2M | 57.2M | 55.9M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $263.05 of net worth that earned you $93.16 and generated $95.61 of cash last year, against $231.59 of debt.
It earned about 18% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is down 7% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 13% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $87.58 and $552.58 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth20.0%
- fcfBase$534.2M
assumptions (10)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth20.0%
- fcfBase$534.2M
assumptions (8)
- riskFreeRate4.7%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$472.2M
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $118.97 |
| Base | 20.0% | $294.08 |
| Bull | 20.0% | $294.08 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2021-12-31 · accession 0000059527-24-000008 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-12-31 · accession 0000059527-25-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-12-31 · accession 0000059527-26-000006 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2021-12-31 · accession 0000059527-24-000008 (NetIncomeLoss)
- 10-K · period ending 2022-12-31 · accession 0000059527-25-000006 (NetIncomeLoss)
- 10-K · period ending 2023-12-31 · accession 0000059527-26-000006 (NetIncomeLoss)
- 10-K · period ending 2021-12-31 · accession 0000059527-24-000008 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-12-31 · accession 0000059527-25-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-12-31 · accession 0000059527-26-000006 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2021-12-31 · accession 0000059527-24-000008 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2022-12-31 · accession 0000059527-25-000006 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2023-12-31 · accession 0000059527-26-000006 (PaymentsToAcquireProductiveAssets)
- 10-K · period ending 2021-12-31 · accession 0000059527-23-000004 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-12-31 · accession 0000059527-24-000008 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-12-31 · accession 0000059527-25-000006 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-12-31 · accession 0000059527-26-000006 (LongTermDebtNoncurrent)
- 10-K · period ending 2021-12-31 · accession 0000059527-23-000004 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2022-12-31 · accession 0000059527-24-000008 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-12-31 · accession 0000059527-25-000006 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-12-31 · accession 0000059527-26-000006 (CashAndCashEquivalentsAtCarryingValue)