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LECO vs. MAIR: Lincoln Electric vs. Madison Air Stock Comparison

How do Lincoln Electric (LECO) and Madison Air (MAIR) 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 Madison Air (MAIR) both fall under the Capital Goods industry group, but LECO is classified in Machinery while MAIR is classified in Building Products.

Lincoln Electric (LECO) has been public since April 7, 1994, giving it decades of market history across multiple cycles, while Madison Air (MAIR) listed only on April 16, 2026 and lacks comparable through-cycle data.

Company profile comparison for Lincoln Electric (LECO) and Madison Air (MAIR)
Profile ItemLECOMAIR
NameLincoln Electric Holdings, Inc.Madison Air Solutions Corporation Class A Common Stock
Country/RegionUnited StatesUnited States
GICS SectorIndustrialsIndustrials
GICS Industry GroupCapital GoodsCapital Goods
GICS IndustryMachineryBuilding Products
GICS Sub-IndustryIndustrial Machinery & Supplies & ComponentsBuilding Products
Market Capitalization14.91 billion USD11.56 billion USD
CurrencyUSDUSD
ExchangeNasdaqNYSE
Listing DateApril 7, 1994April 16, 2026
Security TypeCommon StockCommon Stock

Price Performance

Cumulative Growth

LECO
MAIR
GSPC
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Lincoln Electric (LECO) vs. Madison Air (MAIR), 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 Madison Air (MAIR). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
Total Return (1Y)27.30%--
Total Return (3Y, Annualized)17.31%--
Total Return (5Y, Annualized)16.33%--

Risk Profile

Drawdown History

LECO
MAIR
GSPC
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Lincoln Electric (LECO) vs. Madison Air (MAIR), 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 Madison Air (MAIR). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
Volatility (1Y, Annualized)31.13%57.10%
Beta (5Y)1.171.60
Max Drawdown (5Y)-34.29%-51.16%
Avg. Volume (3M)409.99K2.60M

Risk-Adjusted Performance

Risk-Return Positioning

Both LECO and MAIR need 1-year volatility and 1-year return to plot risk-return positioning.

Risk-Adjusted Metrics

Risk-adjusted metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
Sharpe Ratio (1Y)0.74--
Sortino Ratio (1Y)1.11--

Profitability

ROE (TTM)

Capital efficiency shows on one side only: Lincoln Electric (LECO) earns 38.75% on shareholders’ equity, ranked against its industry; Madison Air (MAIR) has no ROE this period.

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%

MAIR

Capital Goods industry group

--

Max
40.55%
Q3
19.29%
Median
12.12%
Q1
4.08%
Min
-17.12%
MAIR
--
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Lincoln Electric (LECO) vs. Madison Air (MAIR): MAIR does not report ROE, so it has no value marker; LECO is benchmarked against the Capital Goods industry group.

Net Margin (TTM)

Lincoln Electric (LECO) at 12.40% retains a top-quartile share of revenue as profit, ahead of Madison Air (MAIR) at 3.73%, 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%

MAIR

Capital Goods industry group

3.73%

Max
27.47%
Q3
12.10%
Median
6.30%
MAIR
3.73%
Q1
1.40%
Min
-12.89%
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

Madison Air (MAIR) at 19.76% operates in the top operating margin quartile, ahead of Lincoln Electric (LECO) at 18.29%, which runs around its industry’s norm.

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%

MAIR

Capital Goods industry group

19.76%

Max
36.60%
MAIR
19.76%
Q3
18.33%
Median
11.12%
Q1
5.14%
Min
-12.63%
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
ROE (TTM)38.75%--
ROA (TTM)13.32%--
Net Margin (TTM)12.40%3.73%
Operating Margin (TTM)18.29%19.76%
Gross Margin (TTM)35.54%39.06%

Growth

Revenue Growth

Madison Air (MAIR) at 34.07% 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 MAIR.

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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Lincoln Electric (LECO) at 14.36% and Madison Air (MAIR) at -2.32% land near their industries' usual EPS growth ranges, so bottom-line momentum looks broadly in line with peers on both sides.

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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
Revenue Growth (YoY)5.60%34.07%
Revenue Growth (3Y CAGR)4.02%--
EPS Growth (YoY)14.36%-2.32%
EPS Growth (3Y CAGR)5.05%--

Financial Strength

Current Ratio (MRQ)

Both Lincoln Electric (LECO) at 1.91 and Madison Air (MAIR) at 1.82 carry current ratio within their industries’ typical mid-ranges, suggesting balanced short-term liquidity relative to peers.

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

MAIR

Capital Goods industry group

1.82

Max
5.22
Q3
2.95
Median
2.08
MAIR
1.82
Q1
1.43
Min
0.36
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Both Lincoln Electric (LECO) at 0.78 and Madison Air (MAIR) at 0.87 fund their balance sheets with roughly industry-typical debt-to-equity mixes.

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

MAIR

Capital Goods industry group

0.87

Max
2.33
Q3
1.12
MAIR
0.87
Median
0.60
Q1
0.29
Min
0.00
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Lincoln Electric (LECO) vs. Madison Air (MAIR): 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 Madison Air (MAIR)
MetricLECOMAIR
Current Ratio (MRQ)1.911.82
Debt / Equity (MRQ)0.780.87
Net Debt / EBITDA1.003.37

Dividends

Dividend Yield (TTM)

Madison Air (MAIR) 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.

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%

MAIR

Capital Goods industry group

0.00%

Max
2.66%
Q3
1.14%
Median
0.24%
MAIR
0.00%
Q1
0.00%
Min
0.00%
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their dividend yield against the Capital Goods industry group benchmark.

Dividend Payout Ratio (TTM)

Madison Air (MAIR) 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.

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%

MAIR

Capital Goods industry group

0.00%

Max
67.39%
Q3
28.02%
Median
6.86%
MAIR
0.00%
Q1
0.00%
Min
0.00%
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
Dividend Yield (TTM)1.16%0.00%
Dividend Payout Ratio (TTM)30.30%0.00%

Valuation

P/E Ratio (TTM)

Lincoln Electric (LECO) at 26.40 is near its industry’s usual P/E ratio, while Madison Air (MAIR) at 164.57 sits above its peer range — an unusually expensive price for MAIR’s trailing earnings.

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

MAIR

Capital Goods industry group

164.57

MAIR
164.57
Max
59.38
Q3
35.92
Median
25.41
Q1
19.47
Min
3.03
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Lincoln Electric (LECO) vs. Madison Air (MAIR): 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 Madison Air (MAIR) at 3.09 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

MAIR

Capital Goods industry group

3.09

Max
7.54
Q3
3.76
MAIR
3.09
Median
2.15
Q1
1.03
Min
0.03
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their P/S ratio against the Capital Goods industry group benchmark.

P/B Ratio (MRQ)

Madison Air (MAIR) at 3.17 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.

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

MAIR

Capital Goods industry group

3.17

Max
9.66
Q3
5.00
MAIR
3.17
Median
3.12
Q1
1.81
Min
-1.08
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Lincoln Electric (LECO) vs. Madison Air (MAIR): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Lincoln Electric (LECO) and Madison Air (MAIR)
MetricLECOMAIR
P/E Ratio (TTM)26.40164.57
P/S Ratio (TTM)3.213.09
P/B Ratio (MRQ)9.593.17
Free Cash Flow Yield (TTM)2.68%--