TacticScaleWhat Lincoln Electric Does & How It Makes Money (LECO)
Updated October 2026 · reflects Lincoln Electric's latest reported financials
Maker of welding, cutting, and brazing equipment and consumables. It sells welding and cutting equipment, filler metals and consumables, automation systems, and repair services.
How Lincoln Electric makes money
It sells welding and cutting equipment, filler metals and consumables, automation systems, and repair services. Sales go directly to OEMs, manufacturers, and integrators, and also through industrial distributors, retailers, and agents.
What Lincoln Electric does
Lincoln Electric Holdings, founded in 1895 and headquartered in Cleveland, Ohio, designs, makes, and sells welding, cutting, and brazing products in the U.S. and internationally. It reports three segments: Americas Welding, International Welding, and The Harris Products Group. Its products include arc welding equipment, wire feeders, plasma and oxyfuel cutting systems, fume control equipment, filler metals, specialty gas regulators, and welding education solutions. The company has also moved further into automation. It offers robotic and automated welding systems, autonomous guided vehicles, custom assembly and test systems, and manufacturing execution system software, along with mobile power equipment and wear-resistant repair services. It serves general and heavy fabrication, automotive, energy, shipbuilding, construction, and maintenance markets. It sells directly and through distributors, retailers, and agents.
Products & services
- Arc welding equipment and wire feeding systems
- Brazing and soldering filler metals and alloys (Harris Products Group)
- Plasma and oxyfuel cutting systems
- Automated welding and robotic system integration
- Mobile power solutions (vehicle-mounted compressors, generators, welders)
- Specialty welding consumables and wear plates
What is Lincoln Electric worth?
On an owner-earnings DCF, Lincoln Electric's most-likely value is about $187 versus a recent price near $261 (28% above fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$94) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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