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Side-by-side financial comparison of ICU MEDICAL INC (ICUI) and LINCOLN ELECTRIC HOLDINGS INC (LECO). Click either name above to swap in a different company.
LINCOLN ELECTRIC HOLDINGS INC is the larger business by last-quarter revenue ($1.1B vs $540.7M, roughly 2.0× ICU MEDICAL INC). LINCOLN ELECTRIC HOLDINGS INC runs the higher net margin — 12.6% vs -2.9%, a 15.5% gap on every dollar of revenue. On growth, LINCOLN ELECTRIC HOLDINGS INC posted the faster year-over-year revenue change (5.5% vs -14.1%). LINCOLN ELECTRIC HOLDINGS INC produced more free cash flow last quarter ($52.0M vs $36.0M). Over the past eight quarters, LINCOLN ELECTRIC HOLDINGS INC's revenue compounded faster (4.9% CAGR vs -2.3%).
ICU Medical, Inc. is a medical technology company based in San Clemente, California. ICU Medical products are designed to prevent bloodstream infections and protect healthcare workers from exposure to infectious diseases or hazardous drugs. ICU Medical product line includes intravenous therapy (IV) products, pumps, needle-free vascular access devices, custom infusion sets, closed system hazardous drug handling devices and systems, sensor catheters, needle-free closed blood sampling systems, a...
Lincoln Electric Holdings, Inc. is an American multinational and global manufacturer of welding products, arc welding equipment, welding accessories, plasma and oxy-fuel cutting equipment and robotic welding systems headquartered in Euclid, Ohio. It has a network of distributors and sales offices covering more than 160 countries and 42 manufacturing locations in North America, Europe, the Middle East, Asia and Latin America. It also operates manufacturing alliances and joint ventures in 19 co...
ICUI vs LECO — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $540.7M | $1.1B |
| Net Profit | $-15.7M | $136.0M |
| Gross Margin | 37.5% | 34.7% |
| Operating Margin | 1.0% | 17.1% |
| Net Margin | -2.9% | 12.6% |
| Revenue YoY | -14.1% | 5.5% |
| Net Profit YoY | 34.0% | -3.0% |
| EPS (diluted) | $-0.63 | $2.45 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $540.7M | $1.1B | ||
| Q3 25 | $537.0M | $1.1B | ||
| Q2 25 | $548.9M | $1.1B | ||
| Q1 25 | $604.7M | $1.0B | ||
| Q4 24 | $629.8M | $1.0B | ||
| Q3 24 | $589.1M | $983.8M | ||
| Q2 24 | $596.5M | $1.0B | ||
| Q1 24 | $566.7M | $981.2M |
| Q4 25 | $-15.7M | $136.0M | ||
| Q3 25 | $-3.4M | $122.6M | ||
| Q2 25 | $35.3M | $143.4M | ||
| Q1 25 | $-15.5M | $118.5M | ||
| Q4 24 | $-23.8M | $140.2M | ||
| Q3 24 | $-33.0M | $100.8M | ||
| Q2 24 | $-21.4M | $101.7M | ||
| Q1 24 | $-39.5M | $123.4M |
| Q4 25 | 37.5% | 34.7% | ||
| Q3 25 | 37.4% | 36.7% | ||
| Q2 25 | 37.9% | 37.3% | ||
| Q1 25 | 34.7% | 36.4% | ||
| Q4 24 | 36.1% | 36.1% | ||
| Q3 24 | 34.8% | 35.8% | ||
| Q2 24 | 34.8% | 37.6% | ||
| Q1 24 | 32.7% | 37.5% |
| Q4 25 | 1.0% | 17.1% | ||
| Q3 25 | 2.6% | 16.6% | ||
| Q2 25 | 1.9% | 17.6% | ||
| Q1 25 | 2.1% | 16.4% | ||
| Q4 24 | 6.0% | 17.3% | ||
| Q3 24 | 1.4% | 14.8% | ||
| Q2 24 | 1.3% | 14.6% | ||
| Q1 24 | -1.9% | 16.8% |
| Q4 25 | -2.9% | 12.6% | ||
| Q3 25 | -0.6% | 11.6% | ||
| Q2 25 | 6.4% | 13.2% | ||
| Q1 25 | -2.6% | 11.8% | ||
| Q4 24 | -3.8% | 13.7% | ||
| Q3 24 | -5.6% | 10.2% | ||
| Q2 24 | -3.6% | 10.0% | ||
| Q1 24 | -7.0% | 12.6% |
| Q4 25 | $-0.63 | $2.45 | ||
| Q3 25 | $-0.14 | $2.21 | ||
| Q2 25 | $1.43 | $2.56 | ||
| Q1 25 | $-0.63 | $2.10 | ||
| Q4 24 | $-0.97 | $2.47 | ||
| Q3 24 | $-1.35 | $1.77 | ||
| Q2 24 | $-0.88 | $1.77 | ||
| Q1 24 | $-1.63 | $2.14 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | — | $308.8M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $2.1B | $1.5B |
| Total Assets | $4.1B | $3.8B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | — | $308.8M | ||
| Q3 25 | — | $293.0M | ||
| Q2 25 | — | $299.5M | ||
| Q1 25 | — | $394.7M | ||
| Q4 24 | $308.6M | $377.3M | ||
| Q3 24 | $312.5M | $404.2M | ||
| Q2 24 | $302.6M | $272.7M | ||
| Q1 24 | $251.4M | $375.0M |
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.4B | ||
| Q2 25 | $2.1B | $1.4B | ||
| Q1 25 | $2.0B | $1.3B | ||
| Q4 24 | $2.0B | $1.3B | ||
| Q3 24 | $2.0B | $1.3B | ||
| Q2 24 | $2.0B | $1.3B | ||
| Q1 24 | $2.1B | $1.3B |
| Q4 25 | $4.1B | $3.8B | ||
| Q3 25 | $4.1B | $3.8B | ||
| Q2 25 | $4.1B | $3.7B | ||
| Q1 25 | $4.2B | $3.6B | ||
| Q4 24 | $4.2B | $3.5B | ||
| Q3 24 | $4.3B | $3.7B | ||
| Q2 24 | $4.3B | $3.4B | ||
| Q1 24 | $4.3B | $3.4B |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $60.6M | $95.0M |
| Free Cash FlowOCF − Capex | $36.0M | $52.0M |
| FCF MarginFCF / Revenue | 6.6% | 4.8% |
| Capex IntensityCapex / Revenue | 4.6% | 4.0% |
| Cash ConversionOCF / Net Profit | — | 0.70× |
| TTM Free Cash FlowTrailing 4 quarters | $91.8M | $534.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $60.6M | $95.0M | ||
| Q3 25 | $56.7M | $236.7M | ||
| Q2 25 | $11.2M | $143.8M | ||
| Q1 25 | $51.3M | $185.7M | ||
| Q4 24 | $40.2M | $95.8M | ||
| Q3 24 | $36.1M | $199.2M | ||
| Q2 24 | $82.0M | $170.7M | ||
| Q1 24 | $45.8M | $133.3M |
| Q4 25 | $36.0M | $52.0M | ||
| Q3 25 | $27.6M | $205.1M | ||
| Q2 25 | $-8.5M | $118.4M | ||
| Q1 25 | $36.7M | $158.7M | ||
| Q4 24 | $16.1M | $64.3M | ||
| Q3 24 | $16.2M | $163.5M | ||
| Q2 24 | $62.5M | $147.5M | ||
| Q1 24 | $29.9M | $107.0M |
| Q4 25 | 6.6% | 4.8% | ||
| Q3 25 | 5.1% | 19.3% | ||
| Q2 25 | -1.5% | 10.9% | ||
| Q1 25 | 6.1% | 15.8% | ||
| Q4 24 | 2.6% | 6.3% | ||
| Q3 24 | 2.7% | 16.6% | ||
| Q2 24 | 10.5% | 14.4% | ||
| Q1 24 | 5.3% | 10.9% |
| Q4 25 | 4.6% | 4.0% | ||
| Q3 25 | 5.4% | 3.0% | ||
| Q2 25 | 3.6% | 2.3% | ||
| Q1 25 | 2.4% | 2.7% | ||
| Q4 24 | 3.8% | 3.1% | ||
| Q3 24 | 3.4% | 3.6% | ||
| Q2 24 | 3.3% | 2.3% | ||
| Q1 24 | 2.8% | 2.7% |
| Q4 25 | — | 0.70× | ||
| Q3 25 | — | 1.93× | ||
| Q2 25 | 0.32× | 1.00× | ||
| Q1 25 | — | 1.57× | ||
| Q4 24 | — | 0.68× | ||
| Q3 24 | — | 1.98× | ||
| Q2 24 | — | 1.68× | ||
| Q1 24 | — | 1.08× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ICUI
| Infusion Consumables | $284.7M | 53% |
| Infusion Systems | $176.3M | 33% |
| Vital Care | $79.7M | 15% |
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
