AIT vs. LECO: Applied Industrial vs. Lincoln Electric Stock Comparison

November 11, 2026

How do Applied Industrial (AIT) and Lincoln Electric (LECO) stack up? This page sets them side by side across company profile, performance and risk, profitability, growth, financial strength, dividends, and valuation, with selected fundamentals also measured against each stock's industry-group peers.

Company Profile

Applied Industrial (AIT) and Lincoln Electric (LECO) both fall under the Capital Goods industry group, but AIT is classified in Trading Companies & Distributors while LECO is classified in Machinery.

Company profile comparison for Applied Industrial (AIT) and Lincoln Electric (LECO)
Profile Item	AIT	LECO
Name	Applied Industrial Technologies Inc.	Lincoln Electric Holdings, Inc.
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Trading Companies & Distributors	Machinery
GICS Sub-Industry	Trading Companies & Distributors	Industrial Machinery & Supplies & Components
Market Capitalization	10.35 billion USD	14.91 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	March 17, 1980	April 7, 1994
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

AIT

LECO

GSPC

Applied Industrial (AIT) vs. Lincoln Electric (LECO), with S&P 500 (GSPC) for reference: Growth of a $10,000 investment over the past five years. Adjusted for dividends and splits.

Trailing Returns

Loading price history…

Trailing total returns for Applied Industrial (AIT) and Lincoln Electric (LECO). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

Calendar-year total returns for Applied Industrial (AIT) and Lincoln Electric (LECO). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
Total Return (1Y)	15.62%	27.30%
Total Return (3Y, Annualized)	24.49%	17.31%
Total Return (5Y, Annualized)	24.56%	16.33%

Risk Profile

Drawdown History

AIT

LECO

GSPC

Applied Industrial (AIT) vs. Lincoln Electric (LECO), with S&P 500 (GSPC) for reference: Drawdown from the running peak over the past five years. Each line shows the decline from its prior peak; 0% marks a new high.

Return Distribution

Loading price history…

Distribution of monthly total returns for Applied Industrial (AIT) and Lincoln Electric (LECO). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
Volatility (1Y, Annualized)	28.72%	31.13%
Beta (5Y)	0.86	1.17
Max Drawdown (5Y)	-26.42%	-34.29%
Avg. Volume (3M)	295.41K	409.99K

Risk-Adjusted Performance

Risk-Return Positioning

AIT and LECO are plotted by 1-year volatility (risk) and 1-year return. The dashed Capital Allocation Line runs from the risk-free rate through the shared industry median.

Risk-Adjusted Metrics

Risk-adjusted metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
Sharpe Ratio (1Y)	0.39	0.74
Sortino Ratio (1Y)	0.53	1.11

Profitability

ROE (TTM)

Both Applied Industrial (AIT) at 22.51% and Lincoln Electric (LECO) at 38.75% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

AIT

Capital Goods industry group

22.51%

Max: 40.55%
AIT: 22.51%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

LECO

Capital Goods industry group

38.75%

Max: 40.55%
LECO: 38.75%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

Lincoln Electric (LECO) at 12.40% retains a top-quartile share of revenue as profit, ahead of Applied Industrial (AIT) at 8.39%, which keeps about the industry-typical share.

AIT

Capital Goods industry group

8.39%

Max: 27.47%
Q3: 12.10%
AIT: 8.39%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

LECO

Capital Goods industry group

12.40%

Max: 27.47%
LECO: 12.40%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Both Applied Industrial (AIT) at 11.12% and Lincoln Electric (LECO) at 18.29% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

AIT

Capital Goods industry group

11.12%

Max: 36.60%
Q3: 18.33%
AIT: 11.12%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

LECO

Capital Goods industry group

18.29%

Max: 36.60%
Q3: 18.33%
LECO: 18.29%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
ROE (TTM)	22.51%	38.75%
ROA (TTM)	11.43%	13.32%
Net Margin (TTM)	8.39%	12.40%
Operating Margin (TTM)	11.12%	18.29%
Gross Margin (TTM)	30.40%	35.54%

Growth

Revenue Growth

Both Applied Industrial (AIT) at 8.84% and Lincoln Electric (LECO) at 5.60% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Only one side can be read here: Lincoln Electric (LECO) reports EPS growth of 14.36%, ranked against its industry; Applied Industrial (AIT) has no EPS growth figure this period.

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
Revenue Growth (YoY)	8.84%	5.60%
Revenue Growth (3Y CAGR)	4.02%	4.02%
EPS Growth (YoY)	--	14.36%
EPS Growth (3Y CAGR)	7.40%	5.05%

Financial Strength

Current Ratio (MRQ)

Both Applied Industrial (AIT) at 2.89 and Lincoln Electric (LECO) at 1.91 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

AIT

Capital Goods industry group

2.89

Max: 5.22
Q3: 2.95
AIT: 2.89
Median: 2.08
Q1: 1.43
Min: 0.36

LECO

Capital Goods industry group

1.91

Max: 5.22
Q3: 2.95
Median: 2.08
LECO: 1.91
Q1: 1.43
Min: 0.36

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Applied Industrial (AIT) at 0.15 keeps leverage in the lower industry quartile, while Lincoln Electric (LECO) at 0.78 runs a more typical debt-to-equity mix.

AIT

Capital Goods industry group

0.15

Max: 2.33
Q3: 1.12
Median: 0.60
Q1: 0.29
AIT: 0.15
Min: 0.00

LECO

Capital Goods industry group

0.78

Max: 2.33
Q3: 1.12
LECO: 0.78
Median: 0.60
Q1: 0.29
Min: 0.00

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their debt-to-equity ratio against the Capital Goods industry group benchmark.

Financial Strength Metrics

Financial strength metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
Current Ratio (MRQ)	2.89	1.91
Debt / Equity (MRQ)	0.15	0.78
Net Debt / EBITDA	0.27	1.00

Dividends

Dividend Yield (TTM)

Lincoln Electric (LECO) at 1.16% delivers top-quartile income for its industry, while Applied Industrial (AIT) at 0.71% pays a more typical yield — both are credible income propositions, LECO the richer one.

AIT

Capital Goods industry group

0.71%

Max: 2.66%
Q3: 1.14%
AIT: 0.71%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

LECO

Capital Goods industry group

1.16%

Max: 2.66%
LECO: 1.16%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Applied Industrial (AIT) at 17.63% pays out a band-typical share of earnings, while Lincoln Electric (LECO) at 30.30% distributes more than its industry norm — less retained, thinner cover.

AIT

Capital Goods industry group

17.63%

Max: 67.39%
Q3: 28.02%
AIT: 17.63%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

LECO

Capital Goods industry group

30.30%

Max: 67.39%
LECO: 30.30%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
Dividend Yield (TTM)	0.71%	1.16%
Dividend Payout Ratio (TTM)	17.63%	30.30%

Valuation

P/E Ratio (TTM)

Both Applied Industrial (AIT) at 25.10 and Lincoln Electric (LECO) at 26.40 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

AIT

Capital Goods industry group

25.10

Max: 59.38
Q3: 35.92
Median: 25.41
AIT: 25.10
Q1: 19.47
Min: 3.03

LECO

Capital Goods industry group

26.40

Max: 59.38
Q3: 35.92
LECO: 26.40
Median: 25.41
Q1: 19.47
Min: 3.03

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Applied Industrial (AIT) at 2.05 and Lincoln Electric (LECO) at 3.21 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

AIT

Capital Goods industry group

2.05

Max: 7.54
Q3: 3.76
Median: 2.15
AIT: 2.05
Q1: 1.03
Min: 0.03

LECO

Capital Goods industry group

3.21

Max: 7.54
Q3: 3.76
LECO: 3.21
Median: 2.15
Q1: 1.03
Min: 0.03

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

Both Applied Industrial (AIT) at 5.50 and Lincoln Electric (LECO) at 9.59 carry a premium to book value versus peers, sitting in the upper P/B ratio quartile of their industries.

AIT

Capital Goods industry group

5.50

Max: 9.66
AIT: 5.50
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

LECO

Capital Goods industry group

9.59

Max: 9.66
LECO: 9.59
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

Applied Industrial (AIT) vs. Lincoln Electric (LECO): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Applied Industrial (AIT) and Lincoln Electric (LECO)
Metric	AIT	LECO
P/E Ratio (TTM)	25.10	26.40
P/S Ratio (TTM)	2.05	3.21
P/B Ratio (MRQ)	5.50	9.59
Free Cash Flow Yield (TTM)	3.24%	2.68%