AXON vs. LECO: Axon Enterprise vs. Lincoln Electric Stock Comparison

November 11, 2026

How do Axon Enterprise (AXON) 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

Axon Enterprise (AXON) and Lincoln Electric (LECO) both fall under the Capital Goods industry group, but AXON is classified in Aerospace & Defense while LECO is classified in Machinery.

Company profile comparison for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Profile Item	AXON	LECO
Name	Axon Enterprise, Inc.	Lincoln Electric Holdings, Inc.
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Aerospace & Defense	Machinery
GICS Sub-Industry	Aerospace & Defense	Industrial Machinery & Supplies & Components
Market Capitalization	25.49 billion USD	14.91 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	June 19, 2001	April 7, 1994
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

AXON

LECO

GSPC

Axon Enterprise (AXON) 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

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Trailing total returns for Axon Enterprise (AXON) and Lincoln Electric (LECO). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
Total Return (1Y)	-48.97%	27.30%
Total Return (3Y, Annualized)	12.54%	17.31%
Total Return (5Y, Annualized)	11.75%	16.33%

Risk Profile

Drawdown History

AXON

LECO

GSPC

Axon Enterprise (AXON) 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

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

Risk Metrics

Risk profile metrics for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
Volatility (1Y, Annualized)	64.30%	31.13%
Beta (5Y)	1.55	1.17
Max Drawdown (5Y)	-64.70%	-34.29%
Avg. Volume (3M)	1.06M	409.99K

Risk-Adjusted Performance

Risk-Return Positioning

AXON 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 Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
Sharpe Ratio (1Y)	-0.83	0.74
Sortino Ratio (1Y)	-1.14	1.11

Profitability

ROE (TTM)

Lincoln Electric (LECO) at 38.75% sits in the top ROE quartile, while Axon Enterprise (AXON) at 7.61% is closer to the peer norm — stronger capital efficiency for LECO.

AXON

Capital Goods industry group

7.61%

Max: 40.55%
Q3: 19.29%
Median: 12.12%
AXON: 7.61%
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%

Axon Enterprise (AXON) 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 Axon Enterprise (AXON) at 7.57%, which keeps about the industry-typical share.

AXON

Capital Goods industry group

7.57%

Max: 27.47%
Q3: 12.10%
AXON: 7.57%
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%

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Lincoln Electric (LECO) at 18.29% runs core operations around its industry’s norm, while Axon Enterprise (AXON) at 4.63% operates in the bottom quartile.

AXON

Capital Goods industry group

4.63%

Max: 36.60%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
AXON: 4.63%
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%

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
ROE (TTM)	7.61%	38.75%
ROA (TTM)	0.81%	13.32%
Net Margin (TTM)	7.57%	12.40%
Operating Margin (TTM)	4.63%	18.29%
Gross Margin (TTM)	58.64%	35.54%

Growth

Revenue Growth

Axon Enterprise (AXON) at 33.47% sits in the top revenue growth quartile, while Lincoln Electric (LECO) at 5.60% is closer to the peer norm — faster top-line expansion for AXON.

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Lincoln Electric (LECO) at 14.36% is around its peer norm for EPS growth, while Axon Enterprise (AXON) at -68.54% drops into the bottom quartile, signaling weaker earnings momentum.

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
Revenue Growth (YoY)	33.47%	5.60%
Revenue Growth (3Y CAGR)	32.79%	4.02%
EPS Growth (YoY)	-68.54%	14.36%
EPS Growth (3Y CAGR)	-9.39%	5.05%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while Axon Enterprise (AXON) at 3.00 sits above its industry’s typical mid-range — comfortable liquidity, though possibly with more idle current assets relative to peers.

AXON

Capital Goods industry group

3.00

Max: 5.22
AXON: 3.00
Q3: 2.95
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

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Both Axon Enterprise (AXON) at 0.79 and Lincoln Electric (LECO) at 0.78 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

AXON

Capital Goods industry group

0.79

Max: 2.33
Q3: 1.12
AXON: 0.79
Median: 0.60
Q1: 0.29
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

Axon Enterprise (AXON) 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 Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
Current Ratio (MRQ)	3.00	1.91
Debt / Equity (MRQ)	0.79	0.78
Net Debt / EBITDA	5.98	1.00

Dividends

Dividend Yield (TTM)

Axon Enterprise (AXON) pays no dividend (yield 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Lincoln Electric (LECO) reports a yield of 1.16%, ranking against industry peers normally.

AXON

Capital Goods industry group

0.00%

Max: 2.66%
Q3: 1.14%
Median: 0.24%
AXON: 0.00%
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%

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Axon Enterprise (AXON) pays no dividend (payout 0.00%) — it may be reinvesting, using buybacks, or simply not returning cash through dividends. Meanwhile Lincoln Electric (LECO) reports a payout of 30.30%, ranking against industry peers normally.

AXON

Capital Goods industry group

0.00%

Max: 67.39%
Q3: 28.02%
Median: 6.86%
AXON: 0.00%
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%

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
Dividend Yield (TTM)	0.00%	1.16%
Dividend Payout Ratio (TTM)	0.00%	30.30%

Valuation

P/E Ratio (TTM)

Lincoln Electric (LECO) at 26.40 is near its industry’s usual P/E ratio, while Axon Enterprise (AXON) at 100.64 sits above its peer range — an unusually expensive price for AXON’s trailing earnings.

AXON

Capital Goods industry group

100.64

AXON: 100.64
Max: 59.38
Q3: 35.92
Median: 25.41
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

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

Lincoln Electric (LECO) at 3.21 is priced about in line with its industry on P/S ratio, while Axon Enterprise (AXON) at 7.46 sits in the pricier quartile — AXON costs more per dollar of sales.

AXON

Capital Goods industry group

7.46

Max: 7.54
AXON: 7.46
Q3: 3.76
Median: 2.15
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

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

Both Axon Enterprise (AXON) at 6.74 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.

AXON

Capital Goods industry group

6.74

Max: 9.66
AXON: 6.74
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

Axon Enterprise (AXON) vs. Lincoln Electric (LECO): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Axon Enterprise (AXON) and Lincoln Electric (LECO)
Metric	AXON	LECO
P/E Ratio (TTM)	100.64	26.40
P/S Ratio (TTM)	7.46	3.21
P/B Ratio (MRQ)	6.74	9.59
Free Cash Flow Yield (TTM)	0.38%	2.68%