ETN vs. LECO: Eaton vs. Lincoln Electric Stock Comparison

November 11, 2026

How do Eaton (ETN) 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

Eaton (ETN) and Lincoln Electric (LECO) both fall under the Capital Goods industry group, but ETN is classified in Electrical Equipment while LECO is classified in Machinery.

Company profile comparison for Eaton (ETN) and Lincoln Electric (LECO)
Profile Item	ETN	LECO
Name	Eaton Corporation plc	Lincoln Electric Holdings, Inc.
Country/Region	Ireland	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Electrical Equipment	Machinery
GICS Sub-Industry	Electrical Components & Equipment	Industrial Machinery & Supplies & Components
Market Capitalization	132.76 billion USD	14.91 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	June 1, 1972	April 7, 1994
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

ETN

LECO

GSPC

Eaton (ETN) 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 Eaton (ETN) and Lincoln Electric (LECO). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
Total Return (1Y)	-2.33%	27.30%
Total Return (3Y, Annualized)	19.68%	17.31%
Total Return (5Y, Annualized)	17.50%	16.33%

Risk Profile

Drawdown History

ETN

LECO

GSPC

Eaton (ETN) 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 Eaton (ETN) and Lincoln Electric (LECO). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
Volatility (1Y, Annualized)	43.57%	31.13%
Beta (5Y)	1.14	1.17
Max Drawdown (5Y)	-34.46%	-34.29%
Avg. Volume (3M)	2.32M	409.99K

Risk-Adjusted Performance

Risk-Return Positioning

ETN 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 Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
Sharpe Ratio (1Y)	-0.15	0.74
Sortino Ratio (1Y)	-0.21	1.11

Profitability

ROE (TTM)

Both Eaton (ETN) at 19.55% 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.

ETN

Capital Goods industry group

19.55%

Max: 40.55%
ETN: 19.55%
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%

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

Net Margin (TTM)

For every dollar of sales, both Eaton (ETN) at 12.18% and Lincoln Electric (LECO) at 12.40% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

ETN

Capital Goods industry group

12.18%

Max: 27.47%
ETN: 12.18%
Q3: 12.10%
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%

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

Operating Margin (TTM)

Both Eaton (ETN) at 17.85% and Lincoln Electric (LECO) at 18.29% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

ETN

Capital Goods industry group

17.85%

Max: 36.60%
Q3: 18.33%
ETN: 17.85%
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%

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

Profitability Metrics

Profitability metrics for Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
ROE (TTM)	19.55%	38.75%
ROA (TTM)	7.22%	13.32%
Net Margin (TTM)	12.18%	12.40%
Operating Margin (TTM)	17.85%	18.29%
Gross Margin (TTM)	35.16%	35.54%

Growth

Revenue Growth

Both Eaton (ETN) at 10.33% 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.

Eaton (ETN) vs. Lincoln Electric (LECO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Eaton (ETN) at 10.00% and Lincoln Electric (LECO) at 14.36% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Eaton (ETN) vs. Lincoln Electric (LECO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
Revenue Growth (YoY)	10.33%	5.60%
Revenue Growth (3Y CAGR)	9.77%	4.02%
EPS Growth (YoY)	10.00%	14.36%
EPS Growth (3Y CAGR)	19.39%	5.05%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while Eaton (ETN) at 1.23 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for ETN.

ETN

Capital Goods industry group

1.23

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
ETN: 1.23
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

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

Debt / Equity (MRQ)

Both Eaton (ETN) at 1.00 and Lincoln Electric (LECO) at 0.78 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

ETN

Capital Goods industry group

1.00

Max: 2.33
Q3: 1.12
ETN: 1.00
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

Eaton (ETN) 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 Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
Current Ratio (MRQ)	1.23	1.91
Debt / Equity (MRQ)	1.00	0.78
Net Debt / EBITDA	2.85	1.00

Dividends

Dividend Yield (TTM)

Both Eaton (ETN) at 1.33% and Lincoln Electric (LECO) at 1.16% offer top-quartile dividend income relative to share price within their industries.

ETN

Capital Goods industry group

1.33%

Max: 2.66%
ETN: 1.33%
Q3: 1.14%
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%

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

Dividend Payout Ratio (TTM)

Both Eaton (ETN) at 43.36% and Lincoln Electric (LECO) at 30.30% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

ETN

Capital Goods industry group

43.36%

Max: 67.39%
ETN: 43.36%
Q3: 28.02%
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%

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

Dividend Metrics

Dividend metrics for Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
Dividend Yield (TTM)	1.33%	1.16%
Dividend Payout Ratio (TTM)	43.36%	30.30%

Valuation

P/E Ratio (TTM)

Both Eaton (ETN) at 34.14 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.

ETN

Capital Goods industry group

34.14

Max: 59.38
Q3: 35.92
ETN: 34.14
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

Eaton (ETN) 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 Eaton (ETN) at 4.15 sits in the pricier quartile — ETN costs more per dollar of sales.

ETN

Capital Goods industry group

4.15

Max: 7.54
ETN: 4.15
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

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

P/B Ratio (MRQ)

Both Eaton (ETN) at 6.33 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.

ETN

Capital Goods industry group

6.33

Max: 9.66
ETN: 6.33
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

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

Valuation Metrics

Valuation metrics for Eaton (ETN) and Lincoln Electric (LECO)
Metric	ETN	LECO
P/E Ratio (TTM)	34.14	26.40
P/S Ratio (TTM)	4.15	3.21
P/B Ratio (MRQ)	6.33	9.59
Free Cash Flow Yield (TTM)	2.29%	2.68%