LECO vs. MMM: Lincoln Electric vs. 3M Stock Comparison

November 11, 2026

How do Lincoln Electric (LECO) and 3M (MMM) 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 3M (MMM) both fall under the Capital Goods industry group, but LECO is classified in Machinery while MMM is classified in Industrial Conglomerates.

Company profile comparison for Lincoln Electric (LECO) and 3M (MMM)
Profile Item	LECO	MMM
Name	Lincoln Electric Holdings, Inc.	3M Company
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Machinery	Industrial Conglomerates
GICS Sub-Industry	Industrial Machinery & Supplies & Components	Industrial Conglomerates
Market Capitalization	14.91 billion USD	95.67 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

MMM

GSPC

Lincoln Electric (LECO) vs. 3M (MMM), 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

Loading price history…

Trailing total returns for Lincoln Electric (LECO) and 3M (MMM). Returns over one year are annualized.

Calendar-Year Returns

Loading price history…

Calendar-year total returns for Lincoln Electric (LECO) and 3M (MMM). Each bar is that year's total return, measured year-end to year-end.

Performance Metrics

Price performance metrics for Lincoln Electric (LECO) and 3M (MMM)
Metric	LECO	MMM
Total Return (1Y)	27.30%	16.26%
Total Return (3Y, Annualized)	17.31%	38.64%
Total Return (5Y, Annualized)	16.33%	8.14%

Risk Profile

Drawdown History

LECO

MMM

GSPC

Lincoln Electric (LECO) vs. 3M (MMM), 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

Loading price history…

Distribution of monthly total returns for Lincoln Electric (LECO) and 3M (MMM). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Lincoln Electric (LECO) and 3M (MMM)
Metric	LECO	MMM
Volatility (1Y, Annualized)	31.13%	27.61%
Beta (5Y)	1.17	0.97
Max Drawdown (5Y)	-34.29%	-48.86%
Avg. Volume (3M)	409.99K	3.14M

Risk-Adjusted Performance

Risk-Return Positioning

LECO and MMM 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 3M (MMM)
Metric	LECO	MMM
Sharpe Ratio (1Y)	0.74	0.43
Sortino Ratio (1Y)	1.11	0.70

Profitability

ROE (TTM)

Both companies show strong equity returns, but 3M (MMM) at 72.97% 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%

MMM

Capital Goods industry group

72.97%

MMM: 72.97%
Max: 40.55%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their ROE against the Capital Goods industry group benchmark.

Net Margin (TTM)

For every dollar of sales, both Lincoln Electric (LECO) at 12.40% and 3M (MMM) at 14.01% retain more as net profit than most peers, landing in the top net margin quartile of their industries.

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%

MMM

Capital Goods industry group

14.01%

Max: 27.47%
MMM: 14.01%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their net margin against the Capital Goods industry group benchmark.

Operating Margin (TTM)

3M (MMM) at 23.69% 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%

MMM

Capital Goods industry group

23.69%

Max: 36.60%
MMM: 23.69%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their operating margin against the Capital Goods industry group benchmark.

Profitability Metrics

Profitability metrics for Lincoln Electric (LECO) and 3M (MMM)
Metric	LECO	MMM
ROE (TTM)	38.75%	72.97%
ROA (TTM)	13.32%	8.22%
Net Margin (TTM)	12.40%	14.01%
Operating Margin (TTM)	18.29%	23.69%
Gross Margin (TTM)	35.54%	39.53%

Growth

Revenue Growth

Lincoln Electric (LECO) at 5.60% is around its peer norm for revenue growth, while 3M (MMM) at 1.52% drops into the bottom quartile, signaling weaker demand or pricing momentum.

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Lincoln Electric (LECO) at 14.36% and 3M (MMM) at -20.53% 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. 3M (MMM): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lincoln Electric (LECO) and 3M (MMM)
Metric	LECO	MMM
Revenue Growth (YoY)	5.60%	1.52%
Revenue Growth (3Y CAGR)	4.02%	-1.57%
EPS Growth (YoY)	14.36%	-20.53%
EPS Growth (3Y CAGR)	5.05%	-16.16%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while 3M (MMM) at 1.41 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for MMM.

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

MMM

Capital Goods industry group

1.41

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
MMM: 1.41
Min: 0.36

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their current ratio against the Capital Goods industry group benchmark.

Debt / Equity (MRQ)

Lincoln Electric (LECO) at 0.78 is near its industry mid-range for debt-to-equity ratio, while 3M (MMM) at 3.04 sits above its benchmark range, pointing to a heavier debt load relative to equity.

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

MMM

Capital Goods industry group

3.04

MMM: 3.04
Max: 2.33
Q3: 1.12
Median: 0.60
Q1: 0.29
Min: 0.00

Lincoln Electric (LECO) vs. 3M (MMM): 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 3M (MMM)
Metric	LECO	MMM
Current Ratio (MRQ)	1.91	1.41
Debt / Equity (MRQ)	0.78	3.04
Net Debt / EBITDA	1.00	1.26

Dividends

Dividend Yield (TTM)

Both Lincoln Electric (LECO) at 1.16% and 3M (MMM) at 1.64% 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%

MMM

Capital Goods industry group

1.64%

Max: 2.66%
MMM: 1.64%
Q3: 1.14%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Lincoln Electric (LECO) vs. 3M (MMM): 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 3M (MMM) at 45.82% 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%

MMM

Capital Goods industry group

45.82%

Max: 67.39%
MMM: 45.82%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their payout ratio against the Capital Goods industry group benchmark.

Dividend Metrics

Dividend metrics for Lincoln Electric (LECO) and 3M (MMM)
Metric	LECO	MMM
Dividend Yield (TTM)	1.16%	1.64%
Dividend Payout Ratio (TTM)	30.30%	45.82%

Valuation

P/E Ratio (TTM)

Both Lincoln Electric (LECO) at 26.40 and 3M (MMM) at 27.63 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

MMM

Capital Goods industry group

27.63

Max: 59.38
Q3: 35.92
MMM: 27.63
Median: 25.41
Q1: 19.47
Min: 3.03

Lincoln Electric (LECO) vs. 3M (MMM): 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 3M (MMM) at 3.79 sits in the pricier quartile — MMM costs more per dollar of sales.

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

MMM

Capital Goods industry group

3.79

Max: 7.54
MMM: 3.79
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

Lincoln Electric (LECO) vs. 3M (MMM): 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 3M (MMM) at 23.18 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

MMM

Capital Goods industry group

23.18

MMM: 23.18
Max: 9.66
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

Lincoln Electric (LECO) vs. 3M (MMM): A comparison of their P/B ratio against the Capital Goods industry group benchmark.

Valuation Metrics

Valuation metrics for Lincoln Electric (LECO) and 3M (MMM)
Metric	LECO	MMM
P/E Ratio (TTM)	26.40	27.63
P/S Ratio (TTM)	3.21	3.79
P/B Ratio (MRQ)	9.59	23.18
Free Cash Flow Yield (TTM)	2.68%	6.66%