LECO vs TKR: Lincoln Electric and Timken 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, about 1.9 times Timken.
- Lincoln Electric grew revenue faster over the last year (+12.0% vs +7.5%).
- Lincoln Electric keeps more of each dollar of revenue as operating profit (17.1% vs 10.6%).
- On earnings, Timken is the cheaper stock (24.7x vs 26.4x).
- Lincoln Electric's price assumes faster free cash flow growth: about 9% a year, against 4% for Timken (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 | TKR |
|---|---|---|
| Market cap | $14.1B | $7.5B |
| Share price | $261.13 | $114.91 |
| Revenue (last fiscal year) | $4.2B | $4.6B |
| Free cash flow (last fiscal year) | $534M | $406M |
| Revenue growth, last year | +12.0% | +7.5% |
| Revenue growth per year, last 5 fiscal years | +7.0% | +2.6% |
| Operating margin | 17.1% | 10.6% |
| Net margin | 12.3% | 5.4% |
| Return on equity | 35.6% | 8.1% |
| P/E (trailing) | 26.4x | 24.7x |
| Price / free cash flow | 26.3x | 18.6x |
| EV / EBITDA | 16.7x | 13.5x |
| FCF growth the price implies | 8.6% | 4.0% |
| Dividend yield | 1.2% | 1.3% |
| Debt / equity | 1.45x | 1.08x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 6 |
| Insider purchases, last 12 months | 0 | 0 |
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% |
Timken
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.1B | $239M | 12.4% |
| 2022 | $4.5B | $285M | 13.5% |
| 2023 | $4.8B | $357M | 13.8% |
| 2024 | $4.6B | $306M | 13.4% |
| 2025 | $4.6B | $406M | 11.8% |
Where the revenue comes from
Lincoln Electric · by segments, 2025
Americas Welding$2.7B64%
International Welding$931M22%
The Harris Products Group$579M14%
Timken · by segments, 2025
Engineered Bearings$3.0B66%
Industrial Motion$1.6B34%
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 Timken?
Lincoln Electric (LECO), at $14.1B against $7.5B.
Is LECO or TKR cheaper?
By trailing P/E, Timken (24.7x) is cheaper than Lincoln Electric (26.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, LECO or TKR?
Lincoln Electric: revenue grew +12.0% over the last year, against +7.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.