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ESAB

ESAB NYSE Industrial Machinery & Supplies & Components Financials FY2020–FY2025

ESAB's revenue rose 3.7% to $2.8 billion in fiscal 2025. Its operating margin was 14.5%, down from 16.3% a year earlier. Free cash flow was $213 million, down 29.8%. It paid out $22 million in dividends and buybacks, 10% of free cash flow. The diluted share count rose 0.3%.

Last close · Oct 23, 2026

$66.95

0.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.8B
3.7% vs prior year
Operating margin Operating income as a share of revenue.
14.5%
1.8 pts
Net income Profit after all expenses, interest and tax.
$227M
14.4%
Free cash flow Cash from operations minus capital spending.
$213M
29.8%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
11.0%
2.6 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$4.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
24.1x
On $2.78 EPS (TTM)

What ESAB does

No business description yet.

Legal name
ESAB Corporation
Fiscal year ends
December 31, 2025
Latest annual report
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Accession · CIK
0001877322-26-000007
0001877322

Revenue and margins

ESAB had $2.8B of revenue in fiscal 2025, up 3.7% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2020 to 2025, diluted EPS grew 7.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $213M in fiscal 2025, 7.5% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

ESAB returned $21.9M to shareholders in fiscal 2025, 10% of free cash flow. The diluted share count rose 0.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value ESAB yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$1.0B and divides by 61.3M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 24.1x · peers 32.3x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably ESAB can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $41.2M$72.0M$102M$249M$186M
Debt incl. finance leases $0.0M$1.2B$1.0B$1.1B$1.2B
Net debt / EBITDA −0.1x2.9x1.9x1.6x2.1x
Debt / equity 0.0x0.9x0.6x0.6x0.6x
Interest coverage —9.5x5.1x7.2x6.2x
Current ratio 1.6x1.6x1.6x1.8x1.9x
Quick ratio 0.9x1.0x1.0x1.2x1.2x
Total assets $3.5B$3.8B$3.8B$4.0B$4.8B
Total liabilities $960M$2.4B$2.2B$2.2B$2.6B
Shareholders' equity $2.5B$1.4B$1.6B$1.8B$2.2B
Net debt (− = net cash) −$41.2M$1.1B$916M$826M$1.0B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$8.9M

5 insiders

Of sales under plans

95%

$8.4M

DateInsiderTradeSharesPriceValueFiling
Aug 7, 2026 Rhonda L JordanDirector Sold 1,000 $95.00 $0.1M Form 4
Feb 27, 2026 Michele CampionChief Human Resources Officer Sold plan 5,096 $122.63 $0.6M Form 4
Feb 23, 2026 Shyam KambeyandaPresident and CEO, Director Sold plan 59,404 $123.79 $7.4M Form 4
Feb 6, 2026 Kevin J JohnsonChief Financial Officer Sold plan 3,494 $134.62 $0.5M Form 4
Nov 11, 2025 Rajiv VinnakotaDirector Sold 2,783 $114.50 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✕
Current ratio rose ✕ ✓ ✓
Share count didn't rise ✕ ✕ ✕
Gross margin rose ✓ ✓ ✕
Revenue rose relative to assets ✕ ✕ ✕
F-score 5 / 96 / 94 / 9
Accruals ratio −3.3%−2.3%−0.8%
Altman Z'' 2.452.922.86

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
ESAB ESAB $4.1B 3.7% 14.5% 7.5% 11.0% 24.1x 4
Nordson NDSN $17.9B 3.8% 25.5% 23.7% 11.6% 32.3x 5 Compare →
Carpenter Technology CRS $14.2B 8.6% 22.5% 11.6% 23.7% 25.1x 9 Compare →
Middleby MIDD $5.1B 1.6% 18.0% 17.5% 8.7% — 4 Compare →
IDEX IEX $17.0B 5.8% 20.2% 17.8% 10.2% 33.0x 7 Compare →

6 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY20FY21FY22FY23FY24FY25
Income statement
Revenue $2.0B $2.4B $2.6B $2.8B $2.7B $2.8B
Gross profit $683M $838M $886M $1.0B $1.0B $1.0B
Research and development $34.8M $39.7M $36.0M $38.8M $39.2M $44.0M
Operating income $202M $306M $329M $404M $447M $412M
Interest expense $0.0M $0.0M $34.7M $79.1M $62.3M $66.6M
Pretax income $206M $319M $300M $319M $370M $328M
Income tax $46.0M $80.4M $69.2M $95.7M $77.3M $69.2M
Net income $157M $235M $224M $205M $265M $227M
Diluted EPS $2.62 $3.92 $3.69 $3.36 $4.31 $3.67
Diluted shares 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $309M $251M $214M $331M $355M $261M
Capital expenditure $40.1M $35.6M $40.2M $48.2M $51.8M $47.3M
Free cash flow $269M $215M $174M $282M $304M $213M
Depreciation and amortization $76.6M $75.9M $66.0M $75.0M $66.8M $84.1M
Stock-based compensation $6.4M $6.3M $13.0M $16.1M $19.8M $16.9M
Acquisitions $0.0M $4.9M $149M $18.7M $154M $438M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends paid $0.0M $0.0M $6.1M $13.3M $17.0M $21.9M
Dividends and buybacks $0.0M $0.0M $6.1M $13.3M $17.0M $21.9M
Balance sheet
Cash and short-term investments $49.2M $41.2M $72.0M $102M $249M $186M
Total debt — $0.0M $1.2B $1.0B $1.1B $1.2B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets — $964M $989M $998M $1.1B $1.3B
Current liabilities — $597M $602M $620M $632M $665M
Inventory $0.0M $420M $417M $393M $404M $482M
Property and equipment, net — $286M $284M $294M $298M $382M
Total assets — $3.5B $3.8B $3.8B $4.0B $4.8B
Total liabilities — $960M $2.4B $2.2B $2.2B $2.6B
Shareholders' equity $2.5B $2.5B $1.4B $1.6B $1.8B $2.2B
Margins
Gross margin 35.0% 34.5% 34.1% 36.6% 37.9% 36.9%
Operating margin 10.4% 12.6% 12.7% 14.6% 16.3% 14.5%
EBITDA margin 14.3% 15.7% 15.2% 17.3% 18.8% 17.5%
Net margin 8.1% 9.7% 8.6% 7.4% 9.7% 8.0%
FCF margin 13.8% 8.9% 6.7% 10.2% 11.1% 7.5%
Returns
Return on capital — — 10.1% 11.1% 13.6% 11.0%
Return on capital employed — — 10.9% 12.7% 13.5% 11.0%
Return on equity — — 11.7% 13.9% 15.7% 11.5%
Return on assets — — 6.2% 5.4% 6.7% 5.2%
Growth
Revenue growth — 24.5% 6.8% 7.0% −1.2% 3.7%
Net income growth — 49.4% −4.8% −8.3% 29.0% −14.4%
EPS growth — 49.6% −5.9% −8.9% 28.3% −14.9%
FCF growth — −20.0% −19.1% 62.1% 7.6% −29.8%
Share count change — 0.0% 0.2% 0.8% 0.7% 0.3%
Financial health
Net debt / EBITDA — −0.1x 2.9x 1.9x 1.6x 2.1x
Debt / equity — 0.0x 0.9x 0.6x 0.6x 0.6x
Interest coverage — — 9.5x 5.1x 7.2x 6.2x
Current ratio — 1.6x 1.6x 1.6x 1.8x 1.9x
Quick ratio — 0.9x 1.0x 1.0x 1.2x 1.2x
Capital allocation
Capex / revenue 2.1% 1.5% 1.6% 1.7% 1.9% 1.7%
Stock comp / revenue 0.3% 0.3% 0.5% 0.6% 0.7% 0.6%
Payouts / FCF 0.0% 0.0% 3.5% 4.7% 5.6% 10.3%
Quality scores
Piotroski F-score — — — 5.0 6.0 4.0
Altman Z'' — 4.0 2.0 2.5 2.9 2.9
Accruals ratio — — 0.3% −3.3% −2.3% −0.8%

Source: SEC EDGAR XBRL filings (CIK 0001877322). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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