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ESAB

ESAB Corporation

ESAB

ESAB Corporation • NYSE
$112.24 ▲ 0.22% (+0.25)
Market Cap $6.81 B
52w High $135.84
52w Low $100.17
Dividend Yield 0.40%
P/E 25.11
Volume 103.33K
Outstanding Shares 60.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $727.845M ▲ $162.682M ▲ $54.847M ▼ 7.536% ▼ $0.9 ▼ $128.503M ▼
Q2-2025 $715.586M ▲ $156.953M ▲ $66.883M ▼ 9.347% ▼ $1.1 $129.839M ▼
Q1-2025 $678.138M ▲ $145.357M ▼ $67.363M ▲ 9.934% ▲ $1.1 ▲ $131.835M ▼
Q4-2024 $670.756M ▼ $146.896M ▼ $53.744M ▼ 8.012% ▼ $0.89 ▼ $136.79M ▲
Q3-2024 $673.25M $147.775M $68.24M 10.136% $1.13 $124.988M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $218.219M ▼ $4.869B ▲ $2.707B ▲ $2.116B ▲
Q2-2025 $258.223M ▼ $4.432B ▲ $2.321B ▲ $2.07B ▲
Q1-2025 $291.348M ▲ $4.218B ▲ $2.267B ▲ $1.91B ▲
Q4-2024 $249.358M ▼ $4.034B ▼ $2.226B ▲ $1.769B ▼
Q3-2024 $253.67M $4.085B $2.207B $1.837B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $56.521M ▼ $81.477M ▲ $-363.559M ▼ $246.91M ▲ $-40.004M ▼ $70.297M ▲
Q2-2025 $68.104M ▼ $46.627M ▲ $-95.805M ▼ $-6.528M ▲ $-33.125M ▼ $37.447M ▲
Q1-2025 $69.832M ▲ $35.41M ▼ $-2.689M ▲ $-13.119M ▼ $41.99M ▲ $28.116M ▼
Q4-2024 $54.952M ▼ $126.876M ▲ $-91.482M ▼ $-8.907M ▼ $-4.312M ▼ $102.168M ▲
Q3-2024 $69.454M $101.04M $-77.276M $-5.705M $25.2M $90.406M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Consumable Products
Consumable Products
 $450.00M ▲$0 ▼$450.00M ▲$480.00M ▲
Equipment Products
Equipment Products
 $220.00M ▲$1.18Bn ▲$230.00M ▼$230.00M ▲

Five-Year Company Overview

Income Statement

Income Statement ESAB’s income statement shows a business that has grown steadily and become more profitable over the last several years. Sales have moved up from pre‑pandemic levels and then flattened recently, suggesting the company has reached a higher base but is now facing a more normal, slower growth environment. More importantly, profitability has improved: gross profit, operating profit, and EBITDA have all climbed faster than sales, which points to better pricing, product mix, and cost control. Net income and earnings per share have trended upward as well, despite some year‑to‑year noise. Overall, this looks like a mature industrial business that has successfully lifted its margins and earnings over time, even as revenue growth has moderated more recently.

Balance Sheet

Balance Sheet The balance sheet reflects a global industrial company that is leveraging up but still improving its financial footing. Total assets have grown gradually, helped by acquisitions and ongoing investment. Cash balances, which used to be quite thin, have risen, giving the company a bit more flexibility. Debt stepped up significantly around the time of its separation/IPO and remains a meaningful part of the capital structure, though it has been trimmed modestly since its peak. Equity was reduced after the spin and has been rebuilt gradually, which means the company operates with higher leverage than in the past but appears to be moving in a more balanced direction. The key watchpoint is how comfortably ESAB can service its debt through cycles, given its industrial end markets.

Cash Flow

Cash Flow Cash flow is a relative strength. ESAB has generated positive operating cash flow every year shown, and that cash generation has improved alongside earnings. Free cash flow is consistently positive, even after funding capital expenditures, which themselves are modest and quite stable as a share of the business. This pattern indicates that the company converts a good portion of its accounting profits into cash and doesn’t need heavy spending just to stand still. That gives ESAB room to fund acquisitions, pay down debt, and return capital, as long as its end markets remain reasonably healthy. The main risk would be an industrial downturn that pressures both earnings and working capital, but the recent record shows solid cash discipline.

Competitive Edge

Competitive Edge ESAB holds a strong competitive position in welding, cutting, and gas control, backed by a century‑long brand, a broad product range, and a global footprint. It acts as a one‑stop supplier, covering equipment, consumables, automation, and safety gear, which deepens customer relationships and makes its offerings stickier. The proprietary ESAB Business Excellence system underpins continuous improvement and margin expansion, giving it an operational edge. Strategic acquisitions, such as the high‑end German welding specialist EWM, have strengthened its technology base and access to premium segments. At the same time, ESAB operates in cyclical, competitive industrial markets, where large global peers and regional players constantly push on price and innovation. Its moat relies on staying ahead in technology, service, and workflow integration rather than on any single product.

Innovation and R&D

Innovation and R&D Innovation is a central pillar of ESAB’s strategy. The company is pushing beyond traditional welding equipment into digital, software‑enabled, and automated solutions. Its InduSuite platform is especially notable: it is brand‑agnostic, meaning customers can connect and manage mixed fleets of equipment, which is unusual in the industry and creates a powerful ecosystem effect. ESAB is also advancing in robotics, offline programming, and automated cutting, positioning itself to benefit from the long‑term shift toward smarter, more automated factories. Product design is a focus as well, with user‑friendly, portable, and award‑winning equipment such as battery‑powered welding units. The EWM acquisition brings more high‑end technology and should enrich the R&D pipeline. The key execution risks are integrating acquired technologies, keeping InduSuite ahead of rival platforms, and turning innovation into recurring, high‑margin revenue rather than one‑off equipment sales.

Summary

ESAB looks like a well‑established industrial platform that has used its separation from its former parent to sharpen its focus, lift margins, and build out a more technology‑driven growth story. Financially, it shows steady revenue, improving profitability, and consistently strong free cash flow, offset by a more leveraged balance sheet that warrants monitoring through downturns. Competitively, it combines a long‑trusted brand, global reach, and a broad, integrated product portfolio with a distinctive push into software, connectivity, and automation. The company’s future trajectory will hinge on three things: sustaining margin improvements, safely managing its higher debt load, and successfully scaling its digital and automation offerings—while navigating the normal cyclicality of industrial demand and ongoing competitive pressure.

NEWS

October 29, 2025 · 6:30 AM UTC

ESAB Corporation Announces Third Quarter 2025 Results

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October 9, 2025 · 7:00 AM UTC

ESAB Corporation Schedules Third Quarter 2025 Earnings Release and Conference Call

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September 11, 2025 · 4:30 PM UTC

ESAB Corporation Board Declares Dividend

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