Question 1

What is Lincoln Electric Holdings's P/FCF ratio?

Accepted Answer

Lincoln Electric Holdings (LECO) P/FCF ratio is 31.4× as of July 22, 2026. The ratio is calculated by dividing market capitalisation by trailing twelve-month free cash flow, using USD-normalised financials (IAS 21 exchange-rate translation for non-USD reporters).

Question 2

How is the P/FCF ratio calculated?

Accepted Answer

P/FCF = Market Capitalisation ÷ Trailing Twelve-Month (TTM) Free Cash Flow, where Free Cash Flow = Operating Cash Flow − Capital Expenditures. All inputs are sourced from audited GAAP/IFRS filings and translated to USD using period-end exchange rates so the multiple is comparable across companies and currencies.

Question 3

What is the P/FCF ratio?

Accepted Answer

The price-to-free-cash-flow (P/FCF) ratio compares a company's market capitalisation to its trailing twelve-month (TTM) free cash flow. It is calculated as market cap ÷ TTM free cash flow, where free cash flow = operating cash flow − capital expenditures. Because FCF cannot be inflated by non-cash accounting items, P/FCF is often considered a cleaner measure of "earnings-power valuation" than P/E — especially for capital-intensive businesses where depreciation diverges from real cash outflows.

Question 4

What is a good P/FCF ratio for Lincoln Electric Holdings?

Accepted Answer

Mature companies that consistently convert profit into cash often trade at 15–25× P/FCF; capital-intensive businesses with lumpy capex typically trade lower. Compare against sector peers and against the company's own multi-year average — single-year P/FCF can be distorted by working-capital swings. For Lincoln Electric Holdings specifically, the relevant sector benchmark is the current sector median of 24.3×.

Question 5

Is Lincoln Electric Holdings's P/FCF ratio high or low?

Accepted Answer

Lincoln Electric Holdings's P/FCF ratio of 31.4× is above its own 5-year average of 23.8× and above the sector median of 24.3×. That places the current reading at the 94th percentile of its 10-year history. A higher multiple usually reflects stronger expected growth, lower perceived risk, or higher returns on capital; a lower multiple reflects the opposite.

Question 6

What is Lincoln Electric Holdings's historical P/FCF ratio range?

Accepted Answer

In the available daily series, Lincoln Electric Holdings (LECO) P/FCF ratio has ranged from a low of 7.1× in 2009 to a high of 115.5× in 2005. The 5-year average is 23.8× and the 5-year median is 23.7×.

Question 7

What was Lincoln Electric Holdings's P/FCF ratio in 2025?

Accepted Answer

Lincoln Electric Holdings (LECO) P/FCF ratio at the end of 2025 was 24.6×. Annual values reflect the multiple on the last trading day of each calendar year, using the trailing twelve-month free cash flow figure available at that date.

Question 8

Why does Lincoln Electric Holdings's P/FCF ratio change over time?

Accepted Answer

Valuation multiples move with two inputs: the numerator (market capitalisation, which tracks the share price) and the denominator (free cash flow). Share-price changes — driven by interest rates, earnings expectations, risk appetite, and broader market sentiment — typically dominate short-term moves, while changes in the underlying fundamental drive the longer-term trend. As a result, the ratio can rise during stock-price rallies even if the business itself has not become more valuable, and fall during sell-offs even when fundamentals are improving.


2025	$13.2B	$534M	24.6×	+2.8×	Dec 31, 2025
2024	$10.6B	$482M	21.9×	+0.4×	Dec 31, 2024
2023	$12.4B	$577M	21.5×	-5.2×	Dec 31, 2023
2022	$8.33B	$312M	26.8×	-0.4×	Dec 31, 2022
2021	$8.21B	$303M	27.1×	+3.4×	Dec 31, 2021
2020	$6.92B	$292M	23.7×	+6.0×	Dec 31, 2020
2019	$5.9B	$334M	17.7×	+3.3×	Dec 31, 2019
2018	$5.03B	$350M	14.4×	-7.6×	Dec 31, 2018
2017	$6.01B	$273M	22.0×	+2.2×	Dec 31, 2017
2016	$5.03B	$254M	19.8×	+5.6×	Dec 31, 2016
2015	$3.71B	$260M	14.2×	-2.0×	Dec 31, 2015
2014	$5.35B	$329M	16.3×	-5.7×	Dec 31, 2014
2013	$5.79B	$263M	22.0×	+7.4×	Dec 31, 2013
2012	$4.02B	$275M	14.6×	-10.9×	Dec 31, 2012
2011	$3.26B	$128M	25.5×	-2.8×	Dec 31, 2011
2010	$2.73B	$96.4M	28.4×	+17.7×	Dec 31, 2010
2009	$2.27B	$212M	10.7×	-1.0×	Dec 31, 2009
2008	$2.16B	$185M	11.7×	-4.5×	Dec 31, 2008
2007	$3.05B	$188M	16.2×	-44.5×	Dec 31, 2007
2006	$2.59B	$42.7M	60.7×	+35.7×	Dec 31, 2006
2005	$1.66B	$66.6M	25.0×	—	Dec 31, 2005
2004	$1.43B	-$5.18M	—	—	Dec 31, 2004
2003	$993M	$60.8M	16.3×	+3.5×	Dec 31, 2003
2002	$971M	$75.7M	12.8×	—	Dec 31, 2002


Thomson Reuters (TRI)	18.8×
PACCAR (PCAR)	18.6×
United Parcel Service (UPS)	18.5×
Gorman-Rupp (GRC)	18.5×
Alamo Group (ALG)	18.0×
Allegion (ALLE)	17.8×
Snap-on (SNA)	17.6×
United Airlines Holdings (UAL)	17.5×
Honeywell International (HON)	17.4×
Equifax (EFX)	17.0×
Norfolk Southern (NSC)	16.9×
FedEx (FDX)	15.9×
AGCO (AGCO)	15.4×
General Dynamics (GD)	15.3×
Carlisle Companies (CSL)	14.7×
Amentum Holdings (AMTM)	14.7×
Stanley Black & Decker (SWK)	14.4×
A. O. Smith (AOS)	14.2×
Huntington Ingalls Industries (HII)	14.1×
McGrath RentCorp (MGRC)	13.9×
Masco (MAS)	13.0×
Pool (POOL)	12.2×
Delta Air Lines (DAL)	10.1×
ABM Industries (ABM)	7.2×
Upwork (UPWK)	6.3×

P/FCF Ratio for Lincoln Electric Holdings (LECO) 2002-2026

P/FCF Ratio daily chart for Lincoln Electric Holdings (LECO)

Historical P/FCF Ratio for Lincoln Electric Holdings (LECO) from 2002 to 2025

About P/FCF Ratio at Lincoln Electric Holdings (LECO)

Lincoln Electric Holdings P/FCF Ratio by Year

Lincoln Electric Holdings P/FCF Ratio 2025: 24.6×

Lincoln Electric Holdings P/FCF Ratio 2024: 21.9×

Lincoln Electric Holdings P/FCF Ratio 2023: 21.5×

Lincoln Electric Holdings P/FCF Ratio 2022: 26.8×

Lincoln Electric Holdings P/FCF Ratio 2021: 27.1×

Sector peers by P/FCF Ratio — chart

Sector peers by P/FCF Ratio — table

Frequently asked questions

Lincoln Electric Holdings (LECO) Key Financials