LECO vs. LMT: Lincoln Electric vs. Lockheed Martin Stock Comparison

November 11, 2026

How do Lincoln Electric (LECO) and Lockheed Martin (LMT) 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

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

Company profile comparison for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Profile Item	LECO	LMT
Name	Lincoln Electric Holdings, Inc.	Lockheed Martin Corporation
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Machinery	Aerospace & Defense
GICS Sub-Industry	Industrial Machinery & Supplies & Components	Aerospace & Defense
Market Capitalization	14.91 billion USD	131.00 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	April 7, 1994	January 2, 1962
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LECO

LMT

GSPC

Lincoln Electric (LECO) vs. Lockheed Martin (LMT), 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 Lincoln Electric (LECO) and Lockheed Martin (LMT). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
Total Return (1Y)	27.30%	31.17%
Total Return (3Y, Annualized)	17.31%	12.79%
Total Return (5Y, Annualized)	16.33%	14.65%

Risk Profile

Drawdown History

LECO

LMT

GSPC

Lincoln Electric (LECO) vs. Lockheed Martin (LMT), 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 Lincoln Electric (LECO) and Lockheed Martin (LMT). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
Volatility (1Y, Annualized)	31.13%	31.09%
Beta (5Y)	1.17	0.10
Max Drawdown (5Y)	-34.29%	-31.79%
Avg. Volume (3M)	409.99K	1.29M

Risk-Adjusted Performance

Risk-Return Positioning

LECO and LMT 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 Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
Sharpe Ratio (1Y)	0.74	0.86
Sortino Ratio (1Y)	1.11	1.38

Profitability

ROE (TTM)

Both companies show strong equity returns, but Lockheed Martin (LMT) at 80.19% is the standout with ROE above its industry range; Lincoln Electric (LECO) at 38.75% also sits in the top quartile.

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%

LMT

Capital Goods industry group

80.19%

LMT: 80.19%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Lincoln Electric (LECO) vs. Lockheed Martin (LMT): 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 Lockheed Martin (LMT) at 8.23%, which keeps about the industry-typical share.

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%

LMT

Capital Goods industry group

8.23%

Max: 27.47%
Q3: 12.10%
LMT: 8.23%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Both Lincoln Electric (LECO) at 18.29% and Lockheed Martin (LMT) at 11.41% run core operations about as efficiently as their industries’ norm — neither stands out on operating profitability.

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%

LMT

Capital Goods industry group

11.41%

Max: 36.60%
Q3: 18.33%
LMT: 11.41%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
ROE (TTM)	38.75%	80.19%
ROA (TTM)	13.32%	8.58%
Net Margin (TTM)	12.40%	8.23%
Operating Margin (TTM)	18.29%	11.41%
Gross Margin (TTM)	35.54%	11.73%

Growth

Revenue Growth

Both Lincoln Electric (LECO) at 5.60% and Lockheed Martin (LMT) at 5.64% land near their industries' usual revenue growth ranges, so top-line momentum looks broadly in line with peers on both sides.

Lincoln Electric (LECO) vs. Lockheed Martin (LMT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Lincoln Electric (LECO) at 14.36% and Lockheed Martin (LMT) at -3.68% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

Lincoln Electric (LECO) vs. Lockheed Martin (LMT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
Revenue Growth (YoY)	5.60%	5.64%
Revenue Growth (3Y CAGR)	4.02%	4.38%
EPS Growth (YoY)	14.36%	-3.68%
EPS Growth (3Y CAGR)	5.05%	-0.26%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while Lockheed Martin (LMT) at 1.26 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for LMT.

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

LMT

Capital Goods industry group

1.26

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
LMT: 1.26
Min: 0.36

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

Debt / Equity (MRQ)

Lincoln Electric (LECO) at 0.78 carries an industry-typical debt-to-equity mix, while Lockheed Martin (LMT) at 2.04 uses more debt funding than most peers.

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

LMT

Capital Goods industry group

2.04

Max: 2.33
LMT: 2.04
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

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

Financial Strength Metrics

Financial strength metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
Current Ratio (MRQ)	1.91	1.26
Debt / Equity (MRQ)	0.78	2.04
Net Debt / EBITDA	1.00	1.47

Dividends

Dividend Yield (TTM)

Both Lincoln Electric (LECO) at 1.16% and Lockheed Martin (LMT) at 2.40% offer top-quartile dividend income relative to share price within their industries.

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%

LMT

Capital Goods industry group

2.40%

Max: 2.66%
LMT: 2.40%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Both Lincoln Electric (LECO) at 30.30% and Lockheed Martin (LMT) at 49.01% pay out an above-typical share of earnings for their industries, leaving thinner cover if profits dip.

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%

LMT

Capital Goods industry group

49.01%

Max: 67.39%
LMT: 49.01%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
Dividend Yield (TTM)	1.16%	2.40%
Dividend Payout Ratio (TTM)	30.30%	49.01%

Valuation

P/E Ratio (TTM)

Both Lincoln Electric (LECO) at 26.40 and Lockheed Martin (LMT) at 20.14 land around their industries’ usual P/E ratio levels — neither is getting a clear earnings-multiple discount or premium versus peers.

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

LMT

Capital Goods industry group

20.14

Max: 59.38
Q3: 35.92
Median: 25.41
LMT: 20.14
Q1: 19.47
Min: 3.03

Lincoln Electric (LECO) vs. Lockheed Martin (LMT): A comparison of their P/E ratio against the Capital Goods industry group benchmark.

P/S Ratio (TTM)

On P/S ratio, both Lincoln Electric (LECO) at 3.21 and Lockheed Martin (LMT) at 1.66 are priced roughly in line with their industries — neither looks cheap nor rich on a sales basis.

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

LMT

Capital Goods industry group

1.66

Max: 7.54
Q3: 3.76
Median: 2.15
LMT: 1.66
Q1: 1.03
Min: 0.03

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

P/B Ratio (MRQ)

Both look rich against book: Lincoln Electric (LECO) at 9.59 sits in the upper P/B ratio quartile, and Lockheed Martin (LMT) at 12.96 prices even higher, above its industry range.

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

LMT

Capital Goods industry group

12.96

LMT: 12.96
Max: 9.66
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Lincoln Electric (LECO) and Lockheed Martin (LMT)
Metric	LECO	LMT
P/E Ratio (TTM)	26.40	20.14
P/S Ratio (TTM)	3.21	1.66
P/B Ratio (MRQ)	9.59	12.96
Free Cash Flow Yield (TTM)	2.68%	4.31%