LECO vs SWK: Lincoln Electric and Stanley Black & Decker compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Lincoln Electric is the larger company, worth $14.1B, close to Stanley Black & Decker's $13.4B.
- Lincoln Electric grew revenue faster over the last year (+12.0% vs +0.4%).
- Lincoln Electric keeps more of each dollar of revenue as operating profit (17.1% vs 5.6%).
- On earnings, Lincoln Electric is the cheaper stock (26.4x vs 35.3x).
- Lincoln Electric's price assumes faster free cash flow growth: about 9% a year, against 5% for Stanley Black & Decker (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 | SWK |
|---|---|---|
| Market cap | $14.1B | $13.4B |
| Share price | $261.13 | $88.57 |
| Revenue (last fiscal year) | $4.2B | $15.1B |
| Free cash flow (last fiscal year) | $534M | $688M |
| Revenue growth, last year | +12.0% | +0.4% |
| Revenue growth per year, last 5 fiscal years | +7.0% | -0.2% |
| Operating margin | 17.1% | 5.6% |
| Net margin | 12.3% | 4.1% |
| Return on equity | 35.6% | 6.9% |
| P/E (trailing) | 26.4x | 35.3x |
| Price / free cash flow | 26.3x | 19.4x |
| EV / EBITDA | 16.7x | 12.1x |
| FCF growth the price implies | 8.6% | 4.6% |
| Dividend yield | 1.2% | 3.9% |
| Debt / equity | 1.45x | 1.24x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 2 |
| Insider purchases, last 12 months | 0 | 4 |
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% |
Stanley Black & Decker
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $15.3B | $144M | 10.4% |
| 2022 | $16.9B | -$2.0B | 0.22% |
| 2023 | $15.8B | $853M | -2.4% |
| 2024 | $15.4B | $753M | 1.6% |
| 2025 | $15.1B | $688M | 2.8% |
Where the revenue comes from
Lincoln Electric · by segments, 2025
Americas Welding$2.7B64%
International Welding$931M22%
The Harris Products Group$579M14%
Stanley Black & Decker · by segments, 2025
Tools & Outdoor$13.2B87%
Engineered Fastening$2.0B13%
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 Stanley Black & Decker?
Lincoln Electric (LECO), at $14.1B against $13.4B.
Is LECO or SWK cheaper?
By trailing P/E, Lincoln Electric (26.4x) is cheaper than Stanley Black & Decker (35.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, LECO or SWK?
Lincoln Electric: revenue grew +12.0% over the last year, against +0.4%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.