ESAB
ESAB · Industrial Machinery & Supplies & Components
$66.95
0.1%Middleby
MIDD · Industrial Machinery & Supplies & Components
$113.05
0.3%The short version
- Middleby is the larger business, with $3.2B of revenue in fiscal 2025 against $2.8B for ESAB.
- ESAB grew revenue faster (3.7%, against 1.6%).
- Middleby kept more of each dollar of sales as operating profit (18.0% operating margin, against 14.5% operating margin).
- Middleby turned more of its sales into free cash flow (17.5% FCF margin, against 7.5% FCF margin).
- ESAB earned a higher return on the capital invested in it (11.0%, against 8.7%).
| Latest fiscal year | ESAB · FY25 | MIDD · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.1B | $5.1B |
| Revenue | $2.8B | $3.2B |
| Free cash flow | $213M | $559M |
| Net income | $227M | −$278M |
| Growth | ||
| Revenue growth | 3.7% | 1.6% |
| 5-year growth | 7.8% | 5.0% |
| Share count change | 0.3% | −3.7% |
| Profitability | ||
| Gross margin | 36.9% | 39.1% |
| Operating margin | 14.5% | 18.0% |
| Net margin | 8.0% | −8.7% |
| FCF margin | 7.5% | 17.5% |
| Return on capital | 11.0% | 8.7% |
| Return on equity | 11.5% | −8.7% |
| Balance sheet | ||
| Net debt | $1.0B | $2.0B |
| Net debt / EBITDA | 2.1x | 2.9x |
| Dividends and buybacks | $21.9M | $724M |
| Valuation & quality | ||
| P/E | 24.1x | — |
| Piotroski F-score | 4 | 4 |
FY16
ESAB —
MIDD $2.3B
FY17
ESAB —
MIDD $2.3B
FY18
ESAB —
MIDD $2.7B
FY19
ESAB —
MIDD $3.0B
FY20
ESAB $2.0B
MIDD $2.5B
FY21
ESAB $2.4B
MIDD $3.3B
FY22
ESAB $2.6B
MIDD $4.0B
FY23
ESAB $2.8B
MIDD $3.2B
FY24
ESAB $2.7B
MIDD $3.2B
FY25
ESAB $2.8B
MIDD $3.2B
ESAB
MIDD
FY16
ESAB —
MIDD 18.5%
FY17
ESAB —
MIDD 16.2%
FY18
ESAB —
MIDD 16.4%
FY19
ESAB —
MIDD 17.4%
FY20
ESAB 10.4%
MIDD 12.9%
FY21
ESAB 12.6%
MIDD 19.4%
FY22
ESAB 12.7%
MIDD 15.9%
FY23
ESAB 14.6%
MIDD 20.1%
FY24
ESAB 16.3%
MIDD 20.5%
FY25
ESAB 14.5%
MIDD 18.0%
ESAB
MIDD
FY16
ESAB —
MIDD $269M
FY17
ESAB —
MIDD $250M
FY18
ESAB —
MIDD $333M
FY19
ESAB —
MIDD $331M
FY20
ESAB $269M
MIDD $490M
FY21
ESAB $215M
MIDD $377M
FY22
ESAB $174M
MIDD $265M
FY23
ESAB $282M
MIDD $570M
FY24
ESAB $304M
MIDD $650M
FY25
ESAB $213M
MIDD $559M
ESAB
MIDD
FY16
ESAB —
MIDD 14.9%
FY17
ESAB —
MIDD 13.9%
FY18
ESAB —
MIDD 11.5%
FY19
ESAB —
MIDD 10.9%
FY20
ESAB —
MIDD 9.8%
FY21
ESAB —
MIDD 16.3%
FY22
ESAB 10.1%
MIDD 9.8%
FY23
ESAB 11.1%
MIDD 9.3%
FY24
ESAB 13.6%
MIDD 8.9%
FY25
ESAB 11.0%
MIDD 8.7%
ESAB
MIDD
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.