GD vs. LECO: General Dynamics vs. Lincoln Electric Stock Comparison

November 11, 2026

How do General Dynamics (GD) 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

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

Company profile comparison for General Dynamics (GD) and Lincoln Electric (LECO)
Profile Item	GD	LECO
Name	General Dynamics Corp.	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	95.68 billion USD	14.91 billion USD
Currency	USD	USD
Exchange	NYSE	Nasdaq
Listing Date	January 2, 1962	April 7, 1994
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LECO

GSPC

General Dynamics (GD) 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 General Dynamics (GD) and Lincoln Electric (LECO). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
Total Return (1Y)	6.52%	27.30%
Total Return (3Y, Annualized)	16.95%	17.31%
Total Return (5Y, Annualized)	14.65%	16.33%

Risk Profile

Drawdown History

LECO

GSPC

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

Risk Metrics

Risk profile metrics for General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
Volatility (1Y, Annualized)	23.03%	31.13%
Beta (5Y)	0.30	1.17
Max Drawdown (5Y)	-22.55%	-34.29%
Avg. Volume (3M)	1.19M	409.99K

Risk-Adjusted Performance

Risk-Return Positioning

GD 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 General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
Sharpe Ratio (1Y)	0.10	0.74
Sortino Ratio (1Y)	0.15	1.11

Profitability

ROE (TTM)

Lincoln Electric (LECO) at 38.75% sits in the top ROE quartile, while General Dynamics (GD) at 18.01% is closer to the peer norm — stronger capital efficiency for LECO.

GD

Capital Goods industry group

18.01%

Max: 40.55%
Q3: 19.29%
GD: 18.01%
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%

General Dynamics (GD) 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 General Dynamics (GD) at 8.24%, which keeps about the industry-typical share.

GD

Capital Goods industry group

8.24%

Max: 27.47%
Q3: 12.10%
GD: 8.24%
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%

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

Operating Margin (TTM)

Both General Dynamics (GD) at 10.49% and Lincoln Electric (LECO) at 18.29% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

GD

Capital Goods industry group

10.49%

Max: 36.60%
Q3: 18.33%
Median: 11.12%
GD: 10.49%
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%

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

Profitability Metrics

Profitability metrics for General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
ROE (TTM)	18.01%	38.75%
ROA (TTM)	6.23%	13.32%
Net Margin (TTM)	8.24%	12.40%
Operating Margin (TTM)	10.49%	18.29%
Gross Margin (TTM)	15.42%	35.54%

Growth

Revenue Growth

Both General Dynamics (GD) at 10.13% 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.

General Dynamics (GD) vs. Lincoln Electric (LECO): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both General Dynamics (GD) at 13.35% 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.

General Dynamics (GD) vs. Lincoln Electric (LECO): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
Revenue Growth (YoY)	10.13%	5.60%
Revenue Growth (3Y CAGR)	10.07%	4.02%
EPS Growth (YoY)	13.35%	14.36%
EPS Growth (3Y CAGR)	8.22%	5.05%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while General Dynamics (GD) at 1.43 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for GD.

GD

Capital Goods industry group

1.43

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
GD: 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

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

Debt / Equity (MRQ)

Both General Dynamics (GD) at 0.33 and Lincoln Electric (LECO) at 0.78 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

GD

Capital Goods industry group

0.33

Max: 2.33
Q3: 1.12
Median: 0.60
GD: 0.33
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

General Dynamics (GD) 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 General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
Current Ratio (MRQ)	1.43	1.91
Debt / Equity (MRQ)	0.33	0.78
Net Debt / EBITDA	0.68	1.00

Dividends

Dividend Yield (TTM)

Both General Dynamics (GD) at 1.76% and Lincoln Electric (LECO) at 1.16% offer top-quartile dividend income relative to share price within their industries.

GD

Capital Goods industry group

1.76%

Max: 2.66%
GD: 1.76%
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%

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

Dividend Payout Ratio (TTM)

Both General Dynamics (GD) at 36.90% and Lincoln Electric (LECO) at 30.30% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

GD

Capital Goods industry group

36.90%

Max: 67.39%
GD: 36.90%
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%

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

Dividend Metrics

Dividend metrics for General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
Dividend Yield (TTM)	1.76%	1.16%
Dividend Payout Ratio (TTM)	36.90%	30.30%

Valuation

P/E Ratio (TTM)

Both General Dynamics (GD) at 20.84 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.

GD

Capital Goods industry group

20.84

Max: 59.38
Q3: 35.92
Median: 25.41
GD: 20.84
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

General Dynamics (GD) 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 General Dynamics (GD) at 1.69 and Lincoln Electric (LECO) at 3.21 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

GD

Capital Goods industry group

1.69

Max: 7.54
Q3: 3.76
Median: 2.15
GD: 1.69
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

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

P/B Ratio (MRQ)

General Dynamics (GD) at 3.50 is valued about in line with its industry on P/B ratio, while Lincoln Electric (LECO) at 9.59 carries an above-peer premium to book — LECO is pricier on assets.

GD

Capital Goods industry group

3.50

Max: 9.66
Q3: 5.00
GD: 3.50
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

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

Valuation Metrics

Valuation metrics for General Dynamics (GD) and Lincoln Electric (LECO)
Metric	GD	LECO
P/E Ratio (TTM)	20.84	26.40
P/S Ratio (TTM)	1.69	3.21
P/B Ratio (MRQ)	3.50	9.59
Free Cash Flow Yield (TTM)	4.76%	2.68%