LECO vs. TT: Lincoln Electric vs. Trane Technologies Stock Comparison

November 11, 2026

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

Company profile comparison for Lincoln Electric (LECO) and Trane Technologies (TT)
Profile Item	LECO	TT
Name	Lincoln Electric Holdings, Inc.	Trane Technologies plc
Country/Region	United States	Ireland
GICS Sector	Industrials	Industrials
GICS Industry Group	Capital Goods	Capital Goods
GICS Industry	Machinery	Building Products
GICS Sub-Industry	Industrial Machinery & Supplies & Components	Building Products
Market Capitalization	14.91 billion USD	87.94 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	April 7, 1994	March 17, 1980
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LECO

GSPC

Lincoln Electric (LECO) vs. Trane Technologies (TT), 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 Trane Technologies (TT). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Lincoln Electric (LECO) and Trane Technologies (TT)
Metric	LECO	TT
Total Return (1Y)	27.30%	-2.56%
Total Return (3Y, Annualized)	17.31%	25.06%
Total Return (5Y, Annualized)	16.33%	18.70%

Risk Profile

Drawdown History

LECO

GSPC

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

Risk Metrics

Risk profile metrics for Lincoln Electric (LECO) and Trane Technologies (TT)
Metric	LECO	TT
Volatility (1Y, Annualized)	31.13%	30.26%
Beta (5Y)	1.17	1.18
Max Drawdown (5Y)	-34.29%	-39.76%
Avg. Volume (3M)	409.99K	1.24M

Risk-Adjusted Performance

Risk-Return Positioning

LECO and TT 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 Trane Technologies (TT)
Metric	LECO	TT
Sharpe Ratio (1Y)	0.74	-0.23
Sortino Ratio (1Y)	1.11	-0.31

Profitability

ROE (TTM)

Both Lincoln Electric (LECO) at 38.75% and Trane Technologies (TT) at 36.94% sit in the top peer quartile for ROE, suggesting each generates more profit from shareholders’ equity than typical industry peers.

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%

TT

Capital Goods industry group

36.94%

Max: 40.55%
TT: 36.94%
Q3: 19.29%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Lincoln Electric (LECO) vs. Trane Technologies (TT): 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 Trane Technologies (TT) at 13.56% 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%

TT

Capital Goods industry group

13.56%

Max: 27.47%
TT: 13.56%
Q3: 12.10%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Trane Technologies (TT) at 19.85% 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%

TT

Capital Goods industry group

19.85%

Max: 36.60%
TT: 19.85%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Lincoln Electric (LECO) and Trane Technologies (TT)
Metric	LECO	TT
ROE (TTM)	38.75%	36.94%
ROA (TTM)	13.32%	11.42%
Net Margin (TTM)	12.40%	13.56%
Operating Margin (TTM)	18.29%	19.85%
Gross Margin (TTM)	35.54%	34.99%

Growth

Revenue Growth

Both Lincoln Electric (LECO) at 5.60% and Trane Technologies (TT) at 7.48% 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. Trane Technologies (TT): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Lincoln Electric (LECO) at 14.36% and Trane Technologies (TT) at 15.48% 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. Trane Technologies (TT): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lincoln Electric (LECO) and Trane Technologies (TT)
Metric	LECO	TT
Revenue Growth (YoY)	5.60%	7.48%
Revenue Growth (3Y CAGR)	4.02%	10.06%
EPS Growth (YoY)	14.36%	15.48%
EPS Growth (3Y CAGR)	5.05%	20.17%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while Trane Technologies (TT) at 1.12 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for TT.

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

TT

Capital Goods industry group

1.12

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
TT: 1.12
Min: 0.36

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

Debt / Equity (MRQ)

Both Lincoln Electric (LECO) at 0.78 and Trane Technologies (TT) at 0.46 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

TT

Capital Goods industry group

0.46

Max: 2.33
Q3: 1.12
Median: 0.60
TT: 0.46
Q1: 0.29
Min: 0.00

Lincoln Electric (LECO) vs. Trane Technologies (TT): 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 Trane Technologies (TT)
Metric	LECO	TT
Current Ratio (MRQ)	1.91	1.12
Debt / Equity (MRQ)	0.78	0.46
Net Debt / EBITDA	1.00	0.66

Dividends

Dividend Yield (TTM)

Lincoln Electric (LECO) at 1.16% delivers top-quartile income for its industry, while Trane Technologies (TT) at 1.04% 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%

TT

Capital Goods industry group

1.04%

Max: 2.66%
Q3: 1.14%
TT: 1.04%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

Lincoln Electric (LECO) vs. Trane Technologies (TT): 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 Trane Technologies (TT) at 28.42% 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%

TT

Capital Goods industry group

28.42%

Max: 67.39%
TT: 28.42%
Q3: 28.02%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Lincoln Electric (LECO) and Trane Technologies (TT)
Metric	LECO	TT
Dividend Yield (TTM)	1.16%	1.04%
Dividend Payout Ratio (TTM)	30.30%	28.42%

Valuation

P/E Ratio (TTM)

Both Lincoln Electric (LECO) at 26.40 and Trane Technologies (TT) at 27.92 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

TT

Capital Goods industry group

27.92

Max: 59.38
Q3: 35.92
TT: 27.92
Median: 25.41
Q1: 19.47
Min: 3.03

Lincoln Electric (LECO) vs. Trane Technologies (TT): 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 Trane Technologies (TT) at 3.79 sits in the pricier quartile — TT 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

TT

Capital Goods industry group

3.79

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

Lincoln Electric (LECO) vs. Trane Technologies (TT): 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 Trane Technologies (TT) at 9.66 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

TT

Capital Goods industry group

9.66

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

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

Valuation Metrics

Valuation metrics for Lincoln Electric (LECO) and Trane Technologies (TT)
Metric	LECO	TT
P/E Ratio (TTM)	26.40	27.92
P/S Ratio (TTM)	3.21	3.79
P/B Ratio (MRQ)	9.59	9.66
Free Cash Flow Yield (TTM)	2.68%	3.94%