Carpenter Technology vs ESAB
Add, change or remove companies; up to four.
The short version
- Carpenter Technology is the larger business, with $3.1B of revenue in fiscal 2026 against $2.8B for ESAB.
- Carpenter Technology grew revenue faster (8.6%, against 3.7%).
- Carpenter Technology kept more of each dollar of sales as operating profit (22.5% operating margin, against 14.5%).
- Carpenter Technology turned more of its sales into free cash flow (11.6% FCF margin, against 7.5%).
- Carpenter Technology earned a higher return on the capital invested in it (23.7%, against 11.0%).
- Investors pay more for each dollar of Carpenter Technology’s earnings: a P/E of 25.1x against 24.1x for ESAB.
| Latest fiscal year | CRS · FY26 | ESAB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.2B | $4.1B |
| Revenue | $3.1B | $2.8B |
| Free cash flow | $362M | $213M |
| Net income | $530M | $227M |
| Growth | ||
| Revenue growth | 8.6% | 3.7% |
| 5-year growth | 16.2% | 7.8% |
| Share count change | −0.6% | 0.3% |
| Profitability | ||
| Gross margin | 30.6% | 36.9% |
| Operating margin | 22.5% | 14.5% |
| Net margin | 17.0% | 8.0% |
| FCF margin | 11.6% | 7.5% |
| Return on capital | 23.7% | 11.0% |
| Return on equity | 25.8% | 11.5% |
| Balance sheet | ||
| Net debt | $297M | $1.0B |
| Net debt / EBITDA | 0.4x | 2.1x |
| Dividends and buybacks | $219M | $21.9M |
| Valuation & quality | ||
| P/E | 25.1x | 24.1x |
| Piotroski F-score | 9 | 4 |
Revenue
FY17
CRS $1.8B
ESAB —
FY18
CRS $2.2B
ESAB —
FY19
CRS $2.4B
ESAB —
FY20
CRS $2.2B
ESAB $2.0B
FY21
CRS $1.5B
ESAB $2.4B
FY22
CRS $1.8B
ESAB $2.6B
FY23
CRS $2.6B
ESAB $2.8B
FY24
CRS $2.8B
ESAB $2.7B
FY25
CRS $2.9B
ESAB $2.8B
FY26
CRS $3.1B
ESAB —
CRS
ESAB
Operating margin
FY17
CRS 6.8%
ESAB —
FY18
CRS 8.8%
ESAB —
FY19
CRS 10.1%
ESAB —
FY20
CRS 1.2%
ESAB 10.4%
FY21
CRS −16.9%
ESAB 12.6%
FY22
CRS −1.4%
ESAB 12.7%
FY23
CRS 5.2%
ESAB 14.6%
FY24
CRS 11.7%
ESAB 16.3%
FY25
CRS 18.1%
ESAB 14.5%
FY26
CRS 22.5%
ESAB —
CRS
ESAB
Free cash flow
FY17
CRS $31.8M
ESAB —
FY18
CRS $74.2M
ESAB —
FY19
CRS $52.1M
ESAB —
FY20
CRS $60.4M
ESAB $269M
FY21
CRS $150M
ESAB $215M
FY22
CRS −$85.3M
ESAB $174M
FY23
CRS −$67.6M
ESAB $282M
FY24
CRS $178M
ESAB $304M
FY25
CRS $286M
ESAB $213M
FY26
CRS $362M
ESAB —
CRS
ESAB
Return on capital
FY17
CRS 4.8%
ESAB —
FY18
CRS 10.2%
ESAB —
FY19
CRS 9.2%
ESAB —
FY20
CRS 0.6%
ESAB —
FY21
CRS −10.4%
ESAB —
FY22
CRS −1.1%
ESAB 10.1%
FY23
CRS 5.3%
ESAB 11.1%
FY24
CRS 13.7%
ESAB 13.6%
FY25
CRS 19.1%
ESAB 11.0%
FY26
CRS 23.7%
ESAB —
CRS
ESAB
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.