LINCOLN ELECTRIC HOLDINGS INC

LECO · Industrials · $13.9B mkt cap · FY2025 filings · Narrow moat

On the watchlist

Narrow moat

The four filters

Pricing power59

Median gross margin 34.0% over 10y, very stable.

Returns on capital100

Median ROIC 25.6%, above the 9% hurdle in 100% of years.

Balance-sheet safety64

Net debt/EBITDA 1.2x, interest coverage 12x.

Capital discipline94

Owner earnings +10.4%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

61% above value

Owner earnings (normalized): $478.4M
Est. intrinsic value / share: $157.01
Recent price: $253.05
Discount to value: 61% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell LECO. See the disclaimer.