LECO vs. NDSN: Lincoln Electric vs. Nordson Stock Comparison

November 11, 2026

How do Lincoln Electric (LECO) and Nordson (NDSN) 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 Nordson (NDSN) are both classified in the Industrial Machinery & Supplies & Components sub-industry within the broader Machinery industry, placing them in the closest GICS peer bucket.

Company profile comparison for Lincoln Electric (LECO) and Nordson (NDSN)
Profile Item	LECO	NDSN
Name	Lincoln Electric Holdings, Inc.	Nordson Corporation
Country/Region	United States	United States
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Machinery	Machinery
GICS Sub-Industry	Industrial Machinery & Supplies & Components	Industrial Machinery & Supplies & Components
Market Capitalization	14.91 billion USD	17.26 billion USD
Currency	USD	USD
Exchange	Nasdaq	Nasdaq
Listing Date	April 7, 1994	March 18, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LECO

NDSN

GSPC

Lincoln Electric (LECO) vs. Nordson (NDSN), 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 Nordson (NDSN). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Lincoln Electric (LECO) and Nordson (NDSN)
Metric	LECO	NDSN
Total Return (1Y)	27.30%	40.90%
Total Return (3Y, Annualized)	17.31%	14.93%
Total Return (5Y, Annualized)	16.33%	5.48%

Risk Profile

Drawdown History

LECO

NDSN

GSPC

Lincoln Electric (LECO) vs. Nordson (NDSN), 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 Nordson (NDSN). Each bar is the share of months whose return fell in that 5% bucket.

Risk Metrics

Risk profile metrics for Lincoln Electric (LECO) and Nordson (NDSN)
Metric	LECO	NDSN
Volatility (1Y, Annualized)	31.13%	23.53%
Beta (5Y)	1.17	0.98
Max Drawdown (5Y)	-34.29%	-39.15%
Avg. Volume (3M)	409.99K	381.48K

Risk-Adjusted Performance

Risk-Return Positioning

LECO and NDSN 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 Nordson (NDSN)
Metric	LECO	NDSN
Sharpe Ratio (1Y)	0.74	1.56
Sortino Ratio (1Y)	1.11	2.43

Profitability

ROE (TTM)

Lincoln Electric (LECO) at 38.75% sits in the top ROE quartile, while Nordson (NDSN) at 17.76% is closer to the peer norm — stronger capital efficiency for LECO.

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%

NDSN

Capital Goods industry group

17.76%

Max: 40.55%
Q3: 19.29%
NDSN: 17.76%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Lincoln Electric (LECO) vs. Nordson (NDSN): 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 Nordson (NDSN) at 18.63% 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%

NDSN

Capital Goods industry group

18.63%

Max: 27.47%
NDSN: 18.63%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Nordson (NDSN) at 27.40% 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%

NDSN

Capital Goods industry group

27.40%

Max: 36.60%
NDSN: 27.40%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Lincoln Electric (LECO) and Nordson (NDSN)
Metric	LECO	NDSN
ROE (TTM)	38.75%	17.76%
ROA (TTM)	13.32%	8.47%
Net Margin (TTM)	12.40%	18.63%
Operating Margin (TTM)	18.29%	27.40%
Gross Margin (TTM)	35.54%	55.39%

Growth

Revenue Growth

Both Lincoln Electric (LECO) at 5.60% and Nordson (NDSN) at 3.78% 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. Nordson (NDSN): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Lincoln Electric (LECO) at 14.36% and Nordson (NDSN) at 4.93% 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. Nordson (NDSN): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lincoln Electric (LECO) and Nordson (NDSN)
Metric	LECO	NDSN
Revenue Growth (YoY)	5.60%	3.78%
Revenue Growth (3Y CAGR)	4.02%	2.53%
EPS Growth (YoY)	14.36%	4.93%
EPS Growth (3Y CAGR)	5.05%	-1.15%

Financial Strength

Current Ratio (MRQ)

Both Lincoln Electric (LECO) at 1.91 and Nordson (NDSN) 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

NDSN

Capital Goods industry group

1.82

Max: 5.22
Q3: 2.95
Median: 2.08
NDSN: 1.82
Q1: 1.43
Min: 0.36

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

Debt / Equity (MRQ)

Both Lincoln Electric (LECO) at 0.78 and Nordson (NDSN) at 0.56 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

NDSN

Capital Goods industry group

0.56

Max: 2.33
Q3: 1.12
Median: 0.60
NDSN: 0.56
Q1: 0.29
Min: 0.00

Lincoln Electric (LECO) vs. Nordson (NDSN): 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 Nordson (NDSN)
Metric	LECO	NDSN
Current Ratio (MRQ)	1.91	1.82
Debt / Equity (MRQ)	0.78	0.56
Net Debt / EBITDA	1.00	1.78

Dividends

Dividend Yield (TTM)

Lincoln Electric (LECO) at 1.16% delivers top-quartile income for its industry, while Nordson (NDSN) at 1.06% pays a more typical yield — both are credible income propositions, LECO the richer one.

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%

NDSN

Capital Goods industry group

1.06%

Max: 2.66%
Q3: 1.14%
NDSN: 1.06%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Lincoln Electric (LECO) vs. Nordson (NDSN): 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 Nordson (NDSN) at 33.20% 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%

NDSN

Capital Goods industry group

33.20%

Max: 67.39%
NDSN: 33.20%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Lincoln Electric (LECO) and Nordson (NDSN)
Metric	LECO	NDSN
Dividend Yield (TTM)	1.16%	1.06%
Dividend Payout Ratio (TTM)	30.30%	33.20%

Valuation

P/E Ratio (TTM)

Both Lincoln Electric (LECO) at 26.40 and Nordson (NDSN) at 31.36 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

NDSN

Capital Goods industry group

31.36

Max: 59.38
Q3: 35.92
NDSN: 31.36
Median: 25.41
Q1: 19.47
Min: 3.03

Lincoln Electric (LECO) vs. Nordson (NDSN): 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 Nordson (NDSN) at 5.79 sits in the pricier quartile — NDSN 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

NDSN

Capital Goods industry group

5.79

Max: 7.54
NDSN: 5.79
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

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

P/B Ratio (MRQ)

Both Lincoln Electric (LECO) at 9.59 and Nordson (NDSN) at 5.28 carry a premium to book value versus peers, sitting in the upper P/B ratio quartile of their industries.

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

NDSN

Capital Goods industry group

5.28

Max: 9.66
NDSN: 5.28
Q3: 5.00
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Lincoln Electric (LECO) and Nordson (NDSN)
Metric	LECO	NDSN
P/E Ratio (TTM)	26.40	31.36
P/S Ratio (TTM)	3.21	5.79
P/B Ratio (MRQ)	9.59	5.28
Free Cash Flow Yield (TTM)	2.68%	3.56%