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Welding and cutting

The 3 companies in this industry listed on the NYSE and Nasdaq are worth $21 bn combined; the largest are Lincoln Electric (LECO), ESAB Corporation (ESAB) and Kennametal (KMT). For each one: what it does, revenue, margin, free cash flow over the last five years and a score from 0 to 10.

Data as of October 2026

Clear leader
3 companies value 21 bn revenue 9.8 bn margin 10.9% free cash flow 0.7 bn avg. score 4.8
LECO holds 69.0% of the group's value, 3.5x the runner-up
Rank Ticker Company Share Value Revenue Margin FCF 5 years FCF/px Yield What it does · why it is here
1 LECO Lincoln Electric
United States · score 6.3
 69% 14 bn 4.5 bn 12.4% 0.5 bn 3.8% 1.2% Welding equipment and consumables · World's largest maker of welding equipment
2 ESAB ESAB Corporation
United States · score 4.7
 20% 4.0 bn 3.0 bn 5.7% 0.2 bn 4.9% 0.6% Welding and cutting equipment and consumables · One of the world's largest in industrial welding and cutting
3 KMT Kennametal
United States · score 3.3
 11% 2.3 bn 2.4 bn 14.5% -0.1 bn -3.5% 2.6% Cutting tools and wear materials · Cutting tools and wear-resistant materials

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What this is. A catalogue, not a guide. Every industry with stocks listed on the NYSE or NASDAQ, the companies contending for its leadership, what each one does according to its own annual report, and the balance sheet it filed with the SEC.

The score runs from 0 to 10 and compares each company with every other one in the almanac on cash generation, profitability, debt, dividends and consistency over the last five years. The higher it is, the better the company fares in that comparison. Curious how much each part weighs? Ask at the bottom of the page.

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