Lincoln Electric (LECO) vs Watsco (WSO)
Head-to-head comparison of performance, valuation, growth, profitability and dividends. Prices delayed 15 minutes; data as of Oct 9, 2026.
Summary
Lincoln Electric (LECO) has outperformed Watsco (WSO) over the past year, gaining 7.0% versus a loss of 28.8%. Over five years, LECO leads with a +86.4% price change compared with -1.1% for WSO. Lincoln Electric is the larger company by market cap ($14.10 billion vs $11.64 billion), about 1.2 times the size.
On valuation, Lincoln Electric trades at a lower forward P/E (20.7x vs 21.2x for Watsco). Watsco offers the higher dividend yield (4.36% vs 1.21%). Lincoln Electric converts more of its revenue into profit, with a net margin of 12.3% versus 6.9%.
Summary generated from market data by MetaCap's automated system. Methodology
Relative performance
Percent change in share price from the first common trading day shown; excludes dividends.
Head-to-head
| Metric | LECO | WSO |
|---|---|---|
| Share price | $258.78 | $282.23 |
| Market cap | $14.10B | $11.64B |
| 1-day change | -1.67% | -0.15% |
| YTD return | +7.99% | -16.24% |
| 1-year return | +6.96% | -28.81% |
| 5-year return | +86.43% | -1.07% |
| P/E ratio (TTM) | 26.30 | 24.18 |
| Forward P/E | 20.66 | 21.15 |
| EPS (TTM) | $9.84 | $11.67 |
| Dividend yield | 1.21% | 4.36% |
| Annual dividend | $3.12 | $12.30 |
| Revenue (latest FY) | $4.23B | $7.24B |
| Revenue growth (YoY) | +5.60% | -4.98% |
| Net income (latest FY) | $520.53M | $496.99M |
| Gross margin | 36.25% | 28.05% |
| Operating margin | 16.96% | 9.95% |
| Net margin | 12.30% | 6.87% |
| 52-week high | $310.00 | $459.00 |
| 52-week low | $216.22 | $279.04 |
| Distance from 52-week high | -16.52% | -38.51% |
| Analyst consensus | buy | hold |
| Avg. price target upside | +17.83% | +33.19% |
| Average volume | 420.42K | 503.70K |
| Shares outstanding | 54.51M | 35.59M |
| Employees | 12,000 | 6,950 |
| Sector | Industrials | Consumer Discretionary |
| Industry | Industrial Machinery/Components | Industrial Machinery/Components |
Highlighted cells mark the higher value for growth, returns, margins and yield, and the lower value for P/E ratios. Highlighting is a mechanical comparison, not a recommendation.
Key differences
- LECO has outperformed WSO by 35.8 percentage points over the past year.
- Watsco offers a meaningfully higher dividend yield (4.36% vs 1.21%).
- Lincoln Electric is more profitable, keeping 12.3 cents of every revenue dollar as net income versus 6.9 cents for Watsco.
- Lincoln Electric grew revenue faster in its latest fiscal year (+5.60% vs -4.98%).
- The two companies sit in different sectors: Lincoln Electric in Industrials and Watsco in Consumer Discretionary.
About Lincoln Electric
LECO stock →Lincoln Electric Holdings, Inc., through its subsidiaries, designs, develops, manufactures, and sells welding, cutting, and brazing products in the United States and internationally. It operates in three segments: Americas Welding, International Welding, and The Harris Products Group.
Industrials · Industrial Machinery/Components · 12,000 employees
About Watsco
WSO stock →Watsco, Inc., together with its subsidiaries, engages in the distribution of air conditioning, heating, and refrigeration equipment, and related parts and supplies in the United States, Canada, Latin America, and the Caribbean. It distributes equipment, including residential ducted and ductless air conditioners, such as gas, electric, and oil furnaces; commercial air conditioning and heating equipment systems; and other specialized equipment.
Consumer Discretionary · Industrial Machinery/Components · 6,950 employees
LECO vs WSO FAQ
Which is bigger, Lincoln Electric or Watsco?
Lincoln Electric (LECO) is larger, with a market capitalization of $14.10B compared with $11.64B for Watsco (WSO).
Which stock has performed better over the past year, LECO or WSO?
LECO returned +6.96% over the past 12 months, compared with -28.81% for WSO (price return, excluding dividends). Past performance does not predict future results.
Which has the lower P/E ratio, LECO or WSO?
WSO has the lower trailing P/E at 24.2, versus 26.3 for LECO. A lower P/E is not by itself a sign of a better investment; it can reflect slower expected growth or higher risk.
Which pays a higher dividend, Lincoln Electric or Watsco?
Watsco has the higher yield at 4.36%, compared with 1.21% for Lincoln Electric.
Are Lincoln Electric and Watsco in the same industry?
Yes. Both are classified in the Industrial Machinery/Components industry within the Industrials sector.