LECO vs RBC: Lincoln Electric and RBC Bearings compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- RBC Bearings is the larger company, worth $14.7B, close to Lincoln Electric's $14.1B.
- RBC Bearings grew revenue faster over the last year (+19.1% vs +12.0%).
- RBC Bearings keeps more of each dollar of revenue as operating profit (23.6% vs 17.1%).
- On earnings, Lincoln Electric is the cheaper stock (26.4x vs 50.6x).
- RBC Bearings's price assumes faster free cash flow growth: about 15% a year, against 9% for Lincoln Electric (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | LECO | RBC |
|---|---|---|
| Market cap | $14.1B | $14.7B |
| Share price | $261.13 | $503.68 |
| Revenue (last fiscal year) | $4.2B | $1.9B |
| Free cash flow (last fiscal year) | $534M | $343M |
| Revenue growth, last year | +12.0% | +19.1% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +18.7% |
| Operating margin | 17.1% | 23.6% |
| Net margin | 12.3% | 16.4% |
| Return on equity | 35.6% | 9.3% |
| P/E (trailing) | 26.4x | 50.6x |
| Price / free cash flow | 26.3x | 42.9x |
| EV / EBITDA | 16.7x | 26.1x |
| FCF growth the price implies | 8.6% | 15.0% |
| Dividend yield | 1.2% | — |
| Debt / equity | 1.45x | 0.50x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 4 |
| Insider purchases, last 12 months | 0 | 3 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Lincoln Electric
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.2B | $303M | 14.3% |
| 2022 | $3.8B | $312M | 16.3% |
| 2023 | $4.2B | $577M | 17.1% |
| 2024 | $4.0B | $482M | 15.9% |
| 2025 | $4.2B | $534M | 17.0% |
RBC Bearings
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $943M | — | — |
| 2023 | $1.5B | $179M | 19.9% |
| 2024 | $1.6B | $242M | 21.9% |
| 2025 | $1.6B | $244M | 22.6% |
| 2026 | $1.9B | $343M | 22.5% |
Where the revenue comes from
Lincoln Electric · by segments, 2025
Americas Welding$2.7B64%
International Welding$931M22%
The Harris Products Group$579M14%
RBC Bearings · by segments, 2026
Industrial$1.1B58%
Aerospace & Defense$788M42%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open LECO in InvestinglyQuestions
Which is bigger, Lincoln Electric or RBC Bearings?
RBC Bearings (RBC), at $14.7B against $14.1B.
Is LECO or RBC cheaper?
By trailing P/E, Lincoln Electric (26.4x) is cheaper than RBC Bearings (50.6x). A lower multiple can also mean the market expects less growth.
Which grows faster, LECO or RBC?
RBC Bearings: revenue grew +19.1% over the last year, against +12.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.