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Lincoln Electric HoldingsMEX:LECO 97 Piotroski F-Score is 8 as of Aug. 17, 2026, which is 14% above its 10-year median of 7.00. GuruFocus rates MEX:LECO with a GF Score™ of 97/100 and a GF Value™ of MXN3,493.91. The stock has 5 warning signs investors should review. Among 2,948 Industrial Products companies, Lincoln Electric Holdings ranks better than 97.76% on this metric.
Good Sign:
Piotroski F-Score is 8, indicates a very healthy situation.
The zones of discrimination were as such:
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Lincoln Electric Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
The historical rank and industry rank for Lincoln Electric Holdings's Piotroski F-Score or its related term are showing as below:
MEX:LECO'
s Piotroski F-Score Range Over the Past 10 Years
Min: 4 Med: 7 Max: 8
Current: 8
During the past 13 years, the highest Piotroski F-Score of Lincoln Electric Holdings was 8. The lowest was 4. And the median was 7.
Lincoln Electric Holdings (MEX:LECO) Piotroski F-Score Explanation
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Lincoln Electric Holdings Piotroski F-Score Related Terms
Lincoln Electric Holdings Piotroski F-Score Historical Data
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:LECO vs SWK, TKR, TTC: Piotroski F-Score Comparison
For the Tools & Accessories subindustry, Lincoln Electric Holdings's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Lincoln Electric Holdings Piotroski F-Score vs Industrial Products Industry
For the Industrial Products industry and Industrials sector, Lincoln Electric Holdings's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Lincoln Electric Holdings's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 2249.513 + 2449.171 + 2459.336 + 2765.998 = MXN9,924 Mil. Cash Flow from Operations was 4341.834 + 1709.911 + 1842.401 + 4427.928 = MXN12,322 Mil. Revenue was 19467.36 + 19423.019 + 20222.483 + 21281.9 = MXN80,395 Mil. Gross Profit was 7141.599 + 6733.159 + 7197.428 + 7834.531 = MXN28,907 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(70183.376 + 69985.049 + 68017.918 + 70334.653 + 66538.446) / 5 = MXN69011.8884 Mil. Total Assets at the begining of this year (Jun25) was MXN70,183 Mil. Long-Term Debt & Capital Lease Obligation was MXN20,026 Mil. Total Current Assets was MXN30,720 Mil. Total Current Liabilities was MXN15,496 Mil.
Net Income was 1983.916 + 2924.574 + 2424.031 + 2700.032 = MXN10,033 Mil.
Revenue was 19370.51 + 21315.172 + 20547.971 + 20498.842 = MXN81,732 Mil. Gross Profit was 6932.521 + 7687.87 + 7476.408 + 7636.126 = MXN29,733 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(62567.714 + 72155.99 + 73415.025 + 74162.489 + 70183.376) / 5 = MXN70496.9188 Mil. Total Assets at the begining of last year (Jun24) was MXN62,568 Mil. Long-Term Debt & Capital Lease Obligation was MXN21,661 Mil. Total Current Assets was MXN32,485 Mil. Total Current Liabilities was MXN19,304 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Lincoln Electric Holdings's current Net Income (TTM) was 9,924.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Lincoln Electric Holdings's current Cash Flow from Operations (TTM) was 12,322.
==> Positive ==> Score 1.
Question 3. Change in Return on Assets
Compare this year's return on assets (1) to last year's return on assets.
Lincoln Electric Holdings's return on assets of this year was 0.14140126. Lincoln Electric Holdings's return on assets of last year was 0.16034712.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Lincoln Electric Holdings's gearing of this year was 0.29018883. Lincoln Electric Holdings's gearing of last year was 0.30726191.
==> This year is lower or equal to last year. ==> Score 1.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Lincoln Electric Holdings's current ratio of this year was 1.9824161. Lincoln Electric Holdings's current ratio of last year was 1.68275494.
==> This year's current ratio is higher. ==> Score 1.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Lincoln Electric Holdings's number of shares in issue this year was 55.102. Lincoln Electric Holdings's number of shares in issue last year was 55.968.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Lincoln Electric Holdings's gross margin of this year was 0.35955971. Lincoln Electric Holdings's gross margin of last year was 0.3637834.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Lincoln Electric Holdings's asset turnover of this year was 1.14549579. Lincoln Electric Holdings's asset turnover of last year was 1.30630464.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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Que. 1
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6
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Lincoln Electric Holdings has an F-score of 6 indicating the company's financial situation is typical for a stable company.
Lincoln Electric Holdings (MEX:LECO) has a Piotroski F-Score of 8 as of Aug. 17, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Lincoln Electric Holdings and its competitors. This is 14% above median its historical median of 7.00. Over the past decade, Lincoln Electric Holdings' Piotroski F-Score has ranged from 4.00 to 8.00. According to the industry distribution chart, Lincoln Electric Holdings ranks #66 out of 2948 companies in the Industrial Products industry, placing it in the top 2.2%.
Is Lincoln Electric Holdings' Piotroski F-Score too high?
Lincoln Electric Holdings' current Piotroski F-Score of 8 is 14% above median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 8.00. The Industrial Products industry median Piotroski F-Score is 5.00. Lincoln Electric Holdings' value of 8 is 60% above this industry median. Based on the distribution chart, Lincoln Electric Holdings ranks #66 out of 2948 companies in the Industrial Products industry, which is in the top quartile — a strong position relative to peers. Overall, Lincoln Electric Holdings has a GF Score™ of 97/100, reflecting its overall financial health beyond just this single metric.
How does Lincoln Electric Holdings' Piotroski F-Score compare to SWK and TKR?
According to the Industrial Products industry distribution chart, Lincoln Electric Holdings ranks #66 out of 2948 companies for Piotroski F-Score. This places Lincoln Electric Holdings in the top 2% of its industry — outperforming the majority of peers. The industry median Piotroski F-Score is 5.00. Lincoln Electric Holdings' value of 8 is 60% above this benchmark. Historically, Lincoln Electric Holdings' own Piotroski F-Score has ranged from 4.00 to 8.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Lincoln Electric Holdings has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for an Industrial Products company?
The median Piotroski F-Score among Industrial Products companies is 5.00, based on 2,948 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Lincoln Electric Holdings's current Piotroski F-Score of 8 is 60% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Lincoln Electric Holdings and its competitors. For the Industrial Products industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Lincoln Electric Holdings's current Piotroski F-Score is 8, which is 14% above median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lincoln Electric Holdings stock overvalued right now?
Lincoln Electric Holdings (MEX:LECO) has a current Piotroski F-Score of 8. The stock's GF Value™ is MXN3,493.91, compared to a current price of MXN3,965.33 — trading 13.5% above its estimated fair value. The current Piotroski F-Score is 8, which is 14% above median its 10-year median of 7.00 and 60% above the Industrial Products industry median of 5.00. Lincoln Electric Holdings' overall GF Score™ is 97/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Lincoln Electric Holdings (MEX:LECO), the current Piotroski F-Score is 8 as of Aug. 17, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Lincoln Electric Holdings (MEX:LECO) Overvalued in 2026?
Based on GuruFocus' analysis, Lincoln Electric Holdings stock appears to be overvalued.
The current stock price of MXN3,965.33 is trading 13.5% above its estimated GF Value™ of MXN3,493.91.
Key valuation signals for MEX:LECO:
Piotroski F-Score: 8 (14% above median its 10-year median of 7.00)
GF Value™: MXN3,493.91 vs. price of MXN3,965.33 (13.5% above fair value)
Industry Position: 60% above the Industrial Products median (#66 of 2948)
No single metric tells the full story. See the MEX:LECO stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Lincoln Electric is a leading manufacturer of welding, cutting, and brazing products. Its portfolio includes arc-welding solutions, plasma and oxy-fuel cutting systems, brazing and soldering alloys, and automation solutions. Lincoln Electric serves clients across general fabrication, heavy industries, automotive, construction, shipbuilding, energy, and process industries, among others. The company generated roughly $4.2 billion in sales in 2025.
97GF Score
Get the complete analysis for MEX:LECO
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