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Side-by-side financial comparison of LINCOLN ELECTRIC HOLDINGS INC (LECO) and SPX Technologies, Inc. (SPXC). 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 $637.3M, roughly 1.7× SPX Technologies, Inc.). LINCOLN ELECTRIC HOLDINGS INC runs the higher net margin — 12.6% vs 12.2%, a 0.4% gap on every dollar of revenue. On growth, SPX Technologies, Inc. posted the faster year-over-year revenue change (19.4% vs 5.5%). SPX Technologies, Inc. produced more free cash flow last quarter ($126.7M vs $52.0M). Over the past eight quarters, SPX Technologies, Inc.'s revenue compounded faster (17.0% CAGR vs 4.9%).
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...
SPX Technologies, Inc. is an American manufacturing company, headquartered in Charlotte, North Carolina. The company operates within four markets: heating, ventilation, and air conditioning (HVAC), detection and measurement, power transmission and generation, and engineered solutions. Examples of SPX’s products include cooling towers and boilers, underground pipe and cable locators, power transformers, and heat exchangers. Brands include Waukesha, Dielectric, Genfare, Fahrenheat, Radiodetecti...
LECO vs SPXC — Head-to-Head
Income Statement — Q4 2025 vs Q4 2025
| Metric | | |
|---|---|---|
| Revenue | $1.1B | $637.3M |
| Net Profit | $136.0M | $77.9M |
| Gross Margin | 34.7% | 39.8% |
| Operating Margin | 17.1% | 15.7% |
| Net Margin | 12.6% | 12.2% |
| Revenue YoY | 5.5% | 19.4% |
| Net Profit YoY | -3.0% | 36.4% |
| EPS (diluted) | $2.45 | $1.56 |
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 | $1.1B | $637.3M | ||
| Q3 25 | $1.1B | $592.8M | ||
| Q2 25 | $1.1B | $552.4M | ||
| Q1 25 | $1.0B | $482.6M | ||
| Q4 24 | $1.0B | $533.7M | ||
| Q3 24 | $983.8M | $483.7M | ||
| Q2 24 | $1.0B | $501.3M | ||
| Q1 24 | $981.2M | $465.2M |
| Q4 25 | $136.0M | $77.9M | ||
| Q3 25 | $122.6M | $62.7M | ||
| Q2 25 | $143.4M | $52.2M | ||
| Q1 25 | $118.5M | $51.2M | ||
| Q4 24 | $140.2M | $57.1M | ||
| Q3 24 | $100.8M | $50.2M | ||
| Q2 24 | $101.7M | $44.2M | ||
| Q1 24 | $123.4M | $49.0M |
| Q4 25 | 34.7% | 39.8% | ||
| Q3 25 | 36.7% | 40.4% | ||
| Q2 25 | 37.3% | 41.4% | ||
| Q1 25 | 36.4% | 40.6% | ||
| Q4 24 | 36.1% | 40.9% | ||
| Q3 24 | 35.8% | 40.9% | ||
| Q2 24 | 37.6% | 40.1% | ||
| Q1 24 | 37.5% | 39.3% |
| Q4 25 | 17.1% | 15.7% | ||
| Q3 25 | 16.6% | 16.4% | ||
| Q2 25 | 17.6% | 15.7% | ||
| Q1 25 | 16.4% | 13.8% | ||
| Q4 24 | 17.3% | 16.9% | ||
| Q3 24 | 14.8% | 16.3% | ||
| Q2 24 | 14.6% | 14.9% | ||
| Q1 24 | 16.8% | 13.9% |
| Q4 25 | 12.6% | 12.2% | ||
| Q3 25 | 11.6% | 10.6% | ||
| Q2 25 | 13.2% | 9.4% | ||
| Q1 25 | 11.8% | 10.6% | ||
| Q4 24 | 13.7% | 10.7% | ||
| Q3 24 | 10.2% | 10.4% | ||
| Q2 24 | 10.0% | 8.8% | ||
| Q1 24 | 12.6% | 10.5% |
| Q4 25 | $2.45 | $1.56 | ||
| Q3 25 | $2.21 | $1.28 | ||
| Q2 25 | $2.56 | $1.10 | ||
| Q1 25 | $2.10 | $1.09 | ||
| Q4 24 | $2.47 | $1.21 | ||
| Q3 24 | $1.77 | $1.06 | ||
| Q2 24 | $1.77 | $0.94 | ||
| Q1 24 | $2.14 | $1.05 |
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 | $364.0M |
| Total DebtLower is stronger | — | $496.7M |
| Stockholders' EquityBook value | $1.5B | $2.2B |
| Total Assets | $3.8B | $3.6B |
| Debt / EquityLower = less leverage | — | 0.22× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $308.8M | $364.0M | ||
| Q3 25 | $293.0M | $229.4M | ||
| Q2 25 | $299.5M | $132.8M | ||
| Q1 25 | $394.7M | $177.8M | ||
| Q4 24 | $377.3M | $156.9M | ||
| Q3 24 | $404.2M | $124.8M | ||
| Q2 24 | $272.7M | $128.1M | ||
| Q1 24 | $375.0M | $100.5M |
| Q4 25 | — | $496.7M | ||
| Q3 25 | — | $499.8M | ||
| Q2 25 | — | $950.3M | ||
| Q1 25 | — | $872.0M | ||
| Q4 24 | — | $577.0M | ||
| Q3 24 | — | $665.2M | ||
| Q2 24 | — | $509.9M | ||
| Q1 24 | — | $516.6M |
| Q4 25 | $1.5B | $2.2B | ||
| Q3 25 | $1.4B | $2.1B | ||
| Q2 25 | $1.4B | $1.5B | ||
| Q1 25 | $1.3B | $1.4B | ||
| Q4 24 | $1.3B | $1.4B | ||
| Q3 24 | $1.3B | $1.4B | ||
| Q2 24 | $1.3B | $1.3B | ||
| Q1 24 | $1.3B | $1.2B |
| Q4 25 | $3.8B | $3.6B | ||
| Q3 25 | $3.8B | $3.4B | ||
| Q2 25 | $3.7B | $3.3B | ||
| Q1 25 | $3.6B | $3.1B | ||
| Q4 24 | $3.5B | $2.7B | ||
| Q3 24 | $3.7B | $2.8B | ||
| Q2 24 | $3.4B | $2.8B | ||
| Q1 24 | $3.4B | $2.8B |
| Q4 25 | — | 0.22× | ||
| Q3 25 | — | 0.23× | ||
| Q2 25 | — | 0.62× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.42× | ||
| Q3 24 | — | 0.49× | ||
| Q2 24 | — | 0.40× | ||
| Q1 24 | — | 0.42× |
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 | $95.0M | $195.2M |
| Free Cash FlowOCF − Capex | $52.0M | $126.7M |
| FCF MarginFCF / Revenue | 4.8% | 19.9% |
| Capex IntensityCapex / Revenue | 4.0% | 10.7% |
| Cash ConversionOCF / Net Profit | 0.70× | 2.51× |
| TTM Free Cash FlowTrailing 4 quarters | $534.2M | $241.2M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $95.0M | $195.2M | ||
| Q3 25 | $236.7M | $106.5M | ||
| Q2 25 | $143.8M | $42.5M | ||
| Q1 25 | $185.7M | $-10.9M | ||
| Q4 24 | $95.8M | $166.5M | ||
| Q3 24 | $199.2M | $51.4M | ||
| Q2 24 | $170.7M | $57.5M | ||
| Q1 24 | $133.3M | $10.5M |
| Q4 25 | $52.0M | $126.7M | ||
| Q3 25 | $205.1M | $96.1M | ||
| Q2 25 | $118.4M | $34.8M | ||
| Q1 25 | $158.7M | $-16.4M | ||
| Q4 24 | $64.3M | $156.7M | ||
| Q3 24 | $163.5M | $43.5M | ||
| Q2 24 | $147.5M | $47.1M | ||
| Q1 24 | $107.0M | $600.0K |
| Q4 25 | 4.8% | 19.9% | ||
| Q3 25 | 19.3% | 16.2% | ||
| Q2 25 | 10.9% | 6.3% | ||
| Q1 25 | 15.8% | -3.4% | ||
| Q4 24 | 6.3% | 29.4% | ||
| Q3 24 | 16.6% | 9.0% | ||
| Q2 24 | 14.4% | 9.4% | ||
| Q1 24 | 10.9% | 0.1% |
| Q4 25 | 4.0% | 10.7% | ||
| Q3 25 | 3.0% | 1.8% | ||
| Q2 25 | 2.3% | 1.4% | ||
| Q1 25 | 2.7% | 1.1% | ||
| Q4 24 | 3.1% | 1.8% | ||
| Q3 24 | 3.6% | 1.6% | ||
| Q2 24 | 2.3% | 2.1% | ||
| Q1 24 | 2.7% | 2.1% |
| Q4 25 | 0.70× | 2.51× | ||
| Q3 25 | 1.93× | 1.70× | ||
| Q2 25 | 1.00× | 0.81× | ||
| Q1 25 | 1.57× | -0.21× | ||
| Q4 24 | 0.68× | 2.92× | ||
| Q3 24 | 1.98× | 1.02× | ||
| Q2 24 | 1.68× | 1.30× | ||
| Q1 24 | 1.08× | 0.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
LECO
| Americas Welding | $681.9M | 63% |
| International Welding | $259.4M | 24% |
| Harris Products Group | $137.4M | 13% |
SPXC
| Package And Process Cooling Equipment And Services And Engineered Air Movement And Handling Solutions | $258.5M | 41% |
| Detectionand Measurement Reportable Segment | $206.2M | 32% |
| CA | $57.7M | 9% |
| Kranze Technology Solutions Inc | $37.9M | 6% |
| GB | $32.0M | 5% |
| Other Foreign Countries | $28.6M | 4% |
| Other | $16.4M | 3% |
