ESAB CorporationESAB
NYSE•Industrials•Metal Fabrication
ESAB Corporation engages in the formulation, development, manufacture, and supply of consumable products and equipment for use in cutting, joining, automated welding, and gas control equipment. It offers its products through independent distributors and direct salespeople. It operates in Europe, Asia Pacific, South America, and the Middle East. ESAB Corporation was founded in 1904 and is headquartered in North Bethesda, Maryland.
ESAB Corporation (ESAB) reported trailing twelve months revenue of $2.91B as of April 2026, a 6.6% increase year-over-year. Quarterly revenue reached $745.60M, reflecting continued top-line momentum.
ESAB Corporation generated $231.52M in TTM net income, with quarterly EBITDA of $114.35M. The operating margin contracted from 16.2% to 12.1%, suggesting rising cost pressures or pricing headwinds.
The spread between operating margin (12.1%) and net margin (6.7%) indicates moderate non-operating costs. Net margin has narrowed from 10.3% a year ago, reflecting increased costs or interest expense.
ESAB trades at a P/E of 26.0x (in line with broad market averages) and a P/S of 2.1x. The price-to-book ratio of 2.8x reflects a moderate premium to book value.
The company generated $33.21M in free cash flow over the trailing twelve months, a 18.1% increase year-over-year, indicating cash generation ability. The balance sheet shows $5.62B in total assets with $2.03B in long-term debt against $2.19B in stockholders equity for a debt-to-equity ratio of 0.9. Data based on the most recent quarterly reports.
Competitive analysis based on 17 quarters of fundamental data
Operating margins are positive at ~14.9% on average, but show some variability — pricing power may be sensitive to market conditions.
ROE is positive at ~13.8% on average, adequate but below the threshold typically associated with wide moats.
8 of the last 8 quarters generated positive FCF. The company generally funds itself but has occasional cash consumption quarters.
Revenue shows resilience with 4 of 7 quarters posting growth — demand is generally stable but has seen some soft patches.
Data-driven red flags and warnings across 17 quarters
Operating margins declined 17.4% — watch for continued compression, which may signal competitive or cost pressure.
FCF/Net Income has dropped below 0.7x in 3 quarters — monitor for earnings quality deterioration.
Debt-to-equity has risen 67.7% recently — increasing financial risk even if the current ratio is manageable.
Revenue is stable or growing over recent quarters — demand appears durable.
Free cash flow is consistently positive — the business self-funds without external capital reliance.
Share count is stable — no significant dilution or buyback activity.
Quarterly standardized metrics.
Stock price and market valuation
Revenue and earnings growth across quarters
Assets, cash, debt, and leverage
Price multiples and return ratios
Operating efficiency and return metrics
Free cash flow, earnings quality, and capital allocation