LECO vs. WAB: Lincoln Electric vs. Wabtec Stock Comparison

November 11, 2026

How do Lincoln Electric (LECO) and Wabtec (WAB) 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 Wabtec (WAB) both belong to the Machinery industry, though LECO is classified under Industrial Machinery & Supplies & Components while WAB falls under Construction Machinery & Heavy Transportation Equipment.

Company profile comparison for Lincoln Electric (LECO) and Wabtec (WAB)
Profile Item	LECO	WAB
Name	Lincoln Electric Holdings, Inc.	Wabtec 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	Construction Machinery & Heavy Transportation Equipment
Market Capitalization	14.91 billion USD	47.59 billion USD
Currency	USD	USD
Exchange	Nasdaq	NYSE
Listing Date	April 7, 1994	June 16, 1995
Security Type	Common Stock	Common Stock

Price Performance

Cumulative Growth

LECO

WAB

GSPC

Lincoln Electric (LECO) vs. Wabtec (WAB), 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 Wabtec (WAB). Returns over one year are annualized.

Calendar-Year Returns

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

Performance Metrics

Price performance metrics for Lincoln Electric (LECO) and Wabtec (WAB)
Metric	LECO	WAB
Total Return (1Y)	27.30%	44.64%
Total Return (3Y, Annualized)	17.31%	39.37%
Total Return (5Y, Annualized)	16.33%	25.90%

Risk Profile

Drawdown History

LECO

WAB

GSPC

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

Risk Metrics

Risk profile metrics for Lincoln Electric (LECO) and Wabtec (WAB)
Metric	LECO	WAB
Volatility (1Y, Annualized)	31.13%	27.53%
Beta (5Y)	1.17	0.91
Max Drawdown (5Y)	-34.29%	-23.55%
Avg. Volume (3M)	409.99K	890.96K

Risk-Adjusted Performance

Risk-Return Positioning

LECO and WAB 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 Wabtec (WAB)
Metric	LECO	WAB
Sharpe Ratio (1Y)	0.74	1.47
Sortino Ratio (1Y)	1.11	2.34

Profitability

ROE (TTM)

Lincoln Electric (LECO) at 38.75% sits in the top ROE quartile, while Wabtec (WAB) at 12.24% 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%

WAB

Capital Goods industry group

12.24%

Max: 40.55%
Q3: 19.29%
WAB: 12.24%
Median: 12.12%
Q1: 4.08%
Min: -17.12%

Lincoln Electric (LECO) vs. Wabtec (WAB): 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 Wabtec (WAB) at 11.20%, 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%

WAB

Capital Goods industry group

11.20%

Max: 27.47%
Q3: 12.10%
WAB: 11.20%
Median: 6.30%
Q1: 1.40%
Min: -12.89%

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

Operating Margin (TTM)

Wabtec (WAB) at 20.22% 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%

WAB

Capital Goods industry group

20.22%

Max: 36.60%
WAB: 20.22%
Q3: 18.33%
Median: 11.12%
Q1: 5.14%
Min: -12.63%

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

Profitability Metrics

Profitability metrics for Lincoln Electric (LECO) and Wabtec (WAB)
Metric	LECO	WAB
ROE (TTM)	38.75%	12.24%
ROA (TTM)	13.32%	6.28%
Net Margin (TTM)	12.40%	11.20%
Operating Margin (TTM)	18.29%	20.22%
Gross Margin (TTM)	35.54%	36.17%

Growth

Revenue Growth

Both Lincoln Electric (LECO) at 5.60% and Wabtec (WAB) at 7.51% 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. Wabtec (WAB): A comparison of their Revenue Growth across different time periods.

EPS Growth

Both Lincoln Electric (LECO) at 14.36% and Wabtec (WAB) at 13.08% 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. Wabtec (WAB): A comparison of their EPS Growth across different time periods.

Growth Metrics

Growth metrics for Lincoln Electric (LECO) and Wabtec (WAB)
Metric	LECO	WAB
Revenue Growth (YoY)	5.60%	7.51%
Revenue Growth (3Y CAGR)	4.02%	10.12%
EPS Growth (YoY)	14.36%	13.08%
EPS Growth (3Y CAGR)	5.05%	25.44%

Financial Strength

Current Ratio (MRQ)

Lincoln Electric (LECO) at 1.91 keeps current ratio within its industry’s typical mid-range, while Wabtec (WAB) at 1.10 runs in the tighter-liquidity quartile — a thinner cushion against current liabilities for WAB.

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

WAB

Capital Goods industry group

1.10

Max: 5.22
Q3: 2.95
Median: 2.08
Q1: 1.43
WAB: 1.10
Min: 0.36

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

Debt / Equity (MRQ)

Both Lincoln Electric (LECO) at 0.78 and Wabtec (WAB) at 0.60 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

WAB

Capital Goods industry group

0.60

Max: 2.33
Q3: 1.12
WAB: 0.60
Median: 0.60
Q1: 0.29
Min: 0.00

Lincoln Electric (LECO) vs. Wabtec (WAB): 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 Wabtec (WAB)
Metric	LECO	WAB
Current Ratio (MRQ)	1.91	1.10
Debt / Equity (MRQ)	0.78	0.60
Net Debt / EBITDA	1.00	2.28

Dividends

Dividend Yield (TTM)

Lincoln Electric (LECO) at 1.16% delivers top-quartile income for its industry, while Wabtec (WAB) at 0.42% 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%

WAB

Capital Goods industry group

0.42%

Max: 2.66%
Q3: 1.14%
WAB: 0.42%
Median: 0.24%
Q1: 0.00%
Min: 0.00%

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

Dividend Payout Ratio (TTM)

Wabtec (WAB) at 14.66% pays out a band-typical share of earnings, while Lincoln Electric (LECO) at 30.30% distributes more than its industry norm — less retained, thinner cover.

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%

WAB

Capital Goods industry group

14.66%

Max: 67.39%
Q3: 28.02%
WAB: 14.66%
Median: 6.86%
Q1: 0.00%
Min: 0.00%

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

Dividend Metrics

Dividend metrics for Lincoln Electric (LECO) and Wabtec (WAB)
Metric	LECO	WAB
Dividend Yield (TTM)	1.16%	0.42%
Dividend Payout Ratio (TTM)	30.30%	14.66%

Valuation

P/E Ratio (TTM)

Both Lincoln Electric (LECO) at 26.40 and Wabtec (WAB) at 35.23 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

WAB

Capital Goods industry group

35.23

Max: 59.38
Q3: 35.92
WAB: 35.23
Median: 25.41
Q1: 19.47
Min: 3.03

Lincoln Electric (LECO) vs. Wabtec (WAB): 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 Wabtec (WAB) at 3.90 sits in the pricier quartile — WAB 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

WAB

Capital Goods industry group

3.90

Max: 7.54
WAB: 3.90
Q3: 3.76
Median: 2.15
Q1: 1.03
Min: 0.03

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

P/B Ratio (MRQ)

Wabtec (WAB) at 4.20 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

WAB

Capital Goods industry group

4.20

Max: 9.66
Q3: 5.00
WAB: 4.20
Median: 3.12
Q1: 1.81
Min: -1.08

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

Valuation Metrics

Valuation metrics for Lincoln Electric (LECO) and Wabtec (WAB)
Metric	LECO	WAB
P/E Ratio (TTM)	26.40	35.23
P/S Ratio (TTM)	3.21	3.90
P/B Ratio (MRQ)	9.59	4.20
Free Cash Flow Yield (TTM)	2.68%	2.60%