LINCOLN ELECTRIC HOLDINGS INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LINCOLN ELECTRIC HOLDINGS INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,275	2,624	3,029	3,003	2,655	3,234	3,761	4,192	4,009	4,233
Cost of revenue	1,488	1,749	2,000	1,996	1,784	2,166	2,480	2,726	2,536	2,699
Gross profit	787	875	1,029	1,008	871	1,069	1,281	1,465	1,473	1,534
Research and development	44.7	47.9	54.2	56.8	51.4	56	63.2	71.2	81.8	85.6
Selling, general and administrative	469	541	628	621	544	597	657	759	781	798
Operating income	284	377	376	371	282	462	612	718	636	718
Interest expense	19.1	24.2	24.5	25.9	24	23.8	31.1	51.1	52.9	58.4
Interest income	2.09	4.79	6.94	2.53	1.99	1.57	1.61	6.76	10.1	6.82
Other non-operating income	10.8	8.73	10.7	21	3.94	-114	9.99	13.4	0.47	8.95
Pre-tax income	277	366	369	368	264	325	593	687	594	675
Income tax	79	119	81.7	75.4	57.9	48.4	121	142	128	155
Net income to minority interests	-0.03	-0.03	-0.07	-0.03	0.03	0.11	0
Net income	198	248	287	293	206	277	472	545	466	521
EBITDA	349	445	448	452	363	543	690	805	725	817
EPS, basic	2.94	3.76	4.42	4.73	3.46	4.66	8.14	9.50	8.23	9.39
EPS, diluted	2.91	3.71	4.37	4.68	3.42	4.60	8.04	9.37	8.15	9.32
Shares, basic (weighted)	67.5	65.7	64.9	62	59.6	59.3	58	57.4	56.6	55.4
Shares, diluted (weighted)	68.2	66.6	65.7	62.7	60.2	60.1	58.7	58.2	57.2	55.9
Dividend per share	1.31	1.44	1.64	1.90	1.98	2.09	2.32	2.63	2.88	3.04

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	379	327	359	200	257	193	197	394	377	309
Receivables	274	395	397	375	373	429	542	539	482	539
Inventory	255	349	362	394	381	540	665	563	544	633
Other current assets	96.2	124	120	108	100	128	154	198	242	259
Total current assets	1,044	1,374	1,238	1,076	1,112	1,290	1,558	1,693	1,645	1,740
Property, plant and equipment	372	477	479	529	522	512	545	575	619	703
Lease right-of-use assets				51.5	43.6	48	44.8	53.3	54.3	53
Goodwill	232	235	281	337	336	430	665	694	805	887
Intangible assets	130	127	148	178	134	149	203	187	221	250
Other non-current assets	157	178	184	237	193	193	187	183	152	449
Total assets	1,943	2,407	2,350	2,371	2,314	2,592	3,181	3,377	3,520	3,778
Accounts payable	177	270	269	273	257	330	352	325	297	365
Accrued liabilities	67.4	91.9	94.2	83	98.4	109	109	112	104	116
Deferred revenue				16.3
Short-term debt	1.89	2.13	0.11	35	2.73	52.7	93.5	2.44	111	144
Total current liabilities	388	529	538	563	549	756	853	755	879	957
Long-term debt	704	704	703	712	715	717	1,110	1,103	1,151	1,150
Lease liabilities				39.1	34	39	35.9	41.6	42.1	40.1
Other non-current liabilities	97.8	201	176	212	213	199	166	198	153	201
Total liabilities	1,231	1,474	1,462	1,552	1,524	1,728	2,147	2,068	2,193	2,308
Total debt	706	706	703	712	716	718	1,121	1,103	1,251	1,150
Paid-in capital	309	334	360	389	410	451	482	523	567	602
Retained earnings	2,236	2,388	2,564	2,736	2,821	2,970	3,307	3,688	3,993	4,342
Treasury stock	-1,515	-1,554	-1,754	-2,042	-2,150	-2,310	-2,489	-2,683	-2,942	-3,278
Other comprehensive income	-329	-247	-294	-276	-302	-257	-275	-230	-300	-206
Shareholders' equity	711	932	887	818	790	864	1,034	1,309	1,327	1,470
Minority interests	0.73	0.82	0.65	0.91	0.98	-0.19	-0.1
Total equity	712	932	888	819	790	864	1,034	1,309	1,327	1,470
Total liabilities and equity	1,943	2,407	2,350	2,371	2,314	2,592	3,181	3,377	3,520	3,778
Shares outstanding	65.7	65.7	63.5	60.6	59.6	58.8	57.6	57	56.2	54.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	198	247	287	293	206	277	472	545	466	521
Depreciation and amortization	65.1	68.1	72.3	81.5	80.5	81.1	78.1	86.7	88.2	98.5
Stock-based compensation	10.3	12.7	18.6	16.6	15.4	23.8	25.3	26.2	24.1	20.3
Deferred income tax	-9.81	-3.81	-3.26	14.7	1.02	-30.1	-48.5	-23.9	-41.1	83
Change in receivables	-12.3	-16.8	-4.06	50.4	3.58	-65.8	-65	15	52.8	-26.4
Change in inventory	14.6	19.4	-23.9	-12	22.8	-154	-81.2	122	25.4	-47.8
Cash from operations	313	335	329	403	351	365	383	668	599	661
Capital expenditures	-49.9	-61.7	-71.2	-69.6	-59.2	-62.5	-71.9	-91	-117	-127
Acquisitions	-71.6	-72.5	-102	-135	0	-156	-436	-32.7	-253	-138
Purchases of investments	-38.9	-206	-268	0	0
Sales and maturities of investments	0	65.4	447	0	0
Cash from investing	-160	-272	20.8	-193	-49.2	-205	-505	-74.7	-361	-257
Debt issued	350	0.03	0	0			405	0	550	0
Debt repaid	-0.48	-0.04	-0.11	-0.11	-0.01		0	-8.11	-401	-100
Stock issued	25	16.6	4.69	14.3	17.2	19.2	6.39	22.4	27.4	11.6
Share buybacks	-342	-43.2	-202	-293	-113	-165	-181	-199	-264	-338
Dividends paid	-87.3	-92.5	-102	-118	-118	-122	-131	-148	-162	-168
Cash from financing	-72	-135	-302	-372	-246	-222	134	-412	-245	-462
Exchange rate effect	-5.61	19.7	-15.7	2.3	1.71	-2.09	-8.23
Net change in cash	75	-52.5	32.1	-159	57.7	-64.3	4.19	197	-16.5	-68.5
Free cash flow	263	273	258	334	292	303	312	577	482	534
Interest paid	15.3	23.8	23.8	25	26.3	23.8	30.9	49.4	51.3	58.8
Income taxes paid	73	81.7	85.8	42.9	59.4	87.3	152	181	158	101

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $271.70 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.0%	Gross profit / revenue.
Operating margin	17.1%	Operating income / revenue.
EBITDA margin	19.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	16.1%	Pre-tax income / revenue.
Net margin	12.4%	Net income / revenue.
FCF margin	12.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	15.3%	Cash from operations / revenue.
Effective tax rate	23.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	35.6%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	14.5%	Net income / average total assets.
Return on invested capital (ROIC)	24.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	18.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.2%	Capital expenditures / revenue.
D&A / revenue	2.3%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	5.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	9.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	12.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	12.8%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	5.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	20.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	12.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	5.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	17.6%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	11.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	3.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.4%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	14.4%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	5.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	22.2%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	10.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	19.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	13.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	10.7%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	19.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	5.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	9.4%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	10.7%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	12.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	13.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.98x	Current assets / current liabilities.
Quick ratio	0.93x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.27x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.74x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	30.2%	Total debt / total assets.
Liabilities / assets	59.2%	Total liabilities / total assets.
Net debt	$907.6M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.04x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	13.1x	Operating income / interest expense.
Working capital	$872.5M	Current assets - current liabilities.
Goodwill and intangibles / assets	23.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$668.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.18x	Revenue / average total assets.
Fixed asset turnover	6.12x	Revenue / average property, plant and equipment.
Inventory turnover	4.16x	Cost of revenue / average inventory.
Days inventory	88 days	365 x average inventory / cost of revenue.
Receivables turnover	7.64x	Revenue / average receivables.
Days sales outstanding	48 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	79 days	Days inventory + days sales outstanding - days payables.
FCF conversion	98.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	21.1%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$10.05	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$81.32	Revenue / diluted weighted shares.
FCF per share	$9.84	Free cash flow / diluted weighted shares.
Operating cash flow per share	$12.48	Cash from operations / diluted weighted shares.
Book value per share	$28.51	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$12.27	Tangible book value / shares outstanding.
Cash per share	$4.45	(Cash + short-term investments) / shares outstanding.
Payout ratio	30.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	31.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	43.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$14.81B	Share price x shares outstanding.
Enterprise value	$15.72B	Market cap + total debt - cash - short-term investments.
P/E	26.8x	Market cap / net income. Only when net income is positive.
P/S	3.30x	Market cap / revenue.
P/B	9.53x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	22.1x	Market cap / tangible book value, when positive.
P/FCF	27.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	21.5x	Market cap / cash from operations, when positive.
EV/Sales	3.51x	Enterprise value / revenue.
EV/EBIT	20.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.0x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.7%	Free cash flow / market cap.
Earnings yield	3.7%	Net income / market cap (the inverse of P/E).
Dividend yield	1.2%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.
PEG	5.30x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LINCOLN ELECTRIC HOLDINGS INC's revenue in fiscal 2025?

LINCOLN ELECTRIC HOLDINGS INC reported revenue of $4.23B for fiscal 2025, 5.6% higher than the year before.

Was LINCOLN ELECTRIC HOLDINGS INC profitable in fiscal 2025?

Yes. Net income was $520.5M, a net margin of 12.3%.

How much free cash flow did LINCOLN ELECTRIC HOLDINGS INC generate in fiscal 2025?

Cash from operations of $661.2M minus capital expenditures of $127.0M left free cash flow of $534.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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