A Business at a Glance
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Founded in 1904, ESAB Corporation (“ESAB,” “we” or the “Company”), is a focused premier industrial compounder. ESAB provides its partners with fabrication technology advanced equipment, consumables, gas control equipment, robotics and digital solutions. The Company’s rich history of innovative products and workflow solutions and our business management system, ESAB Business Excellence (“EBXai”), enables the Company’s purpose of Shaping the world we imagineTM. We formulate, develop, manufacture and supply consumable products and equipment, including cutting, joining and welding robotics, as well as gas control equipment. Our products are marketed under several brand names, most notably ESAB, providing a wide range of products with innovative technologies to solve challenges in virtually any industry. Our sales channels include both independent distributors and direct salespeople that, depending on geography and end market, sell our products to our end users.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 2.8B | 2.8B | 2.7B | 2.8B | 2.6B | 2.4B |
| Net Income | 251M | 251M | 286M | 216M | 225M | 235M |
| EPS | $3.67 | $3.67 | $4.31 | $3.36 | $3.69 | $3.92 |
| Free Cash Flow | 213M | 213M | 304M | 282M | 174M | 215M |
| ROIC | 9.7% | 11.0% | 13.6% | 11.1% | 10.1% | 9.1% |
| Gross Margin | 36.9% | 36.9% | 37.9% | 36.6% | 34.1% | 34.5% |
| Debt/Equity | 0.62 | 0.62 | 0.66 | 0.70 | 0.97 | 0.04 |
| Dividends/Share | $0.32 | $0.38 | $0.30 | $0.23 | $0.15 | $0.00 |
| Operating Income | 412M | 412M | 447M | 404M | 329M | 306M |
| Operating Margin | 14.5% | 14.5% | 16.3% | 14.6% | 12.7% | 12.6% |
| ROE | 11.6% | 12.8% | 16.9% | 14.6% | 11.8% | 9.4% |
| Shares Outstanding | 69M | 69M | 66M | 64M | 61M | 0M |
| Metric | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 2.0B | 2.4B | 2.6B | 2.8B | 2.7B | 2.8B | 2.8B |
| Gross Margin | 35.0% | 34.5% | 34.1% | 36.6% | 37.9% | 36.9% | 36.9% |
| R&D | 35M | 40M | 36M | 39M | 39M | 44M | 44M |
| SG&A | 459M | 513M | 533M | 587M | 580M | 608M | 608M |
| EBIT | 202M | 306M | 329M | 404M | 447M | 412M | 412M |
| Op. Margin | 10.4% | 12.6% | 12.7% | 14.6% | 16.3% | 14.5% | 14.5% |
| Net Income | 157M | 235M | 225M | 216M | 286M | 251M | 251M |
| Net Margin | 8.1% | 9.7% | 8.7% | 7.8% | 10.4% | 8.8% | 8.8% |
| Non-Recurring | 25M | 19M | 23M | 26M | 11M | 33M | 33M |
| Returns on Capital | |||||||
| ROIC | N/A | 9.1% | 10.1% | 11.1% | 13.6% | 11.0% | 9.7% |
| ROE | N/A | 9.4% | 11.8% | 14.6% | 16.9% | 12.8% | 11.6% |
| ROA | N/A | 13.4% | 6.2% | 5.7% | 7.3% | 5.7% | 5.3% |
| Cash Flow | |||||||
| Op. Cash Flow | 309M | 251M | 214M | 330M | 355M | 261M | 261M |
| Free Cash Flow | 269M | 215M | 174M | 282M | 304M | 213M | 213M |
| Owner Earnings | 226M | 169M | 135M | 239M | 269M | 160M | 160M |
| CapEx | 40M | 36M | 40M | 48M | 52M | 47M | 47M |
| Maint. CapEx | 77M | 76M | 66M | 75M | 67M | 84M | 84M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| D&A | 77M | 76M | 66M | 75M | 67M | 84M | 84M |
| CapEx/OCF | N/A | N/A | 18.8% | 14.6% | 14.6% | 18.1% | 18.1% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 6.1M | 13M | 17M | 22M | 22M |
| Dividend Yield | N/A | N/A | 0.2% | 0.3% | 0.2% | 0.3% | 0.3% |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | 0.0% | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 6.4M | 6.3M | 13M | 16M | 20M | 17M | 17M |
| Debt Repayment | 0 | 0 | 585M | 763M | 237M | 217M | 217M |
| Balance Sheet | |||||||
| Net Debt | -49M | 68M | 1.2B | 1.0B | 914M | 1.2B | 1.2B |
| Cash & Equiv. | 49M | 41M | 72M | 102M | 249M | 186M | 186M |
| Long-Term Debt | 0 | 0 | 1.2B | 1.0B | 1.1B | 1.2B | 1.2B |
| Debt/Equity | N/A | 0.04 | 0.97 | 0.70 | 0.66 | 0.62 | 0.62 |
| Interest Coverage | 288.8 | 340.2 | 470.1 | 51.2 | 72.2 | 2060.8 | 2060.8 |
| Equity | N/A | 2.5B | 1.4B | 1.6B | 1.8B | 2.2B | 2.2B |
| Total Assets | N/A | 3.5B | 3.8B | 3.8B | 4.0B | 4.8B | 4.8B |
| Total Liabilities | N/A | 960M | 2.4B | 2.2B | 2.2B | 2.6B | 2.6B |
| Intangibles | N/A | 521M | 517M | 500M | 488M | 673M | 673M |
| Retained Earnings | N/A | 0 | 159M | 351M | 597M | 801M | 801M |
| Working Capital | N/A | 367M | 387M | 378M | 516M | 597M | 597M |
| Current Assets | N/A | 964M | 989M | 998M | 1.1B | 1.3B | 1.3B |
| Current Liabilities | N/A | 597M | 602M | 620M | 632M | 665M | 665M |
| Per Share Data | |||||||
| EPS | 2.62 | 3.92 | 3.69 | 3.36 | 4.31 | 3.67 | 3.67 |
| Owner EPS | 3.76 | 1,685,710.00 | 2.22 | 3.72 | 4.05 | 2.33 | 2.33 |
| Book Value | N/A | 24,607,350.00 | 22.12 | 25.00 | 26.68 | 31.62 | 31.62 |
| Cash Flow/Share | 5.15 | 2,507,370.00 | 3.51 | 5.14 | 5.36 | 3.80 | 4.90 |
| Dividends/Share | 0.00 | 0.00 | 0.15 | 0.23 | 0.30 | 0.38 | 0.32 |
| Shares Out. | 60.1M | 0.0M | 61.0M | 64.3M | 66.3M | 68.5M | 68.5M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | 12.8 | 25.9 | 28.1 | 31.1 | 27.9 |
| P/FCF | N/A | N/A | 16.6 | 19.8 | 26.4 | 36.7 | 32.9 |
| EV/EBIT | N/A | N/A | 12.0 | 15.2 | 17.9 | 19.2 | 19.8 |
| Price/Book | N/A | N/A | 2.1 | 3.3 | 4.2 | 3.3 | 3.2 |
| Price/Sales | N/A | N/A | 1.0 | 1.4 | 2.3 | 2.6 | 2.5 |
| FCF Yield | N/A | N/A | 6.1% | 5.3% | 4.1% | 3.0% | 3.0% |
| Market Cap | 0 | N/A | 2.9B | 5.3B | 7.4B | 7.1B | 7.0B |
| Avg. Price | 0.00 | N/A | 43.21 | 65.06 | 103.65 | 118.78 | 102.39 |
| Year-End Price | 0.00 | N/A | 47.35 | 86.96 | 120.93 | 114.11 | 102.39 |
ESAB Corp passes 4 of 9 quality checks, suggesting mixed fundamentals.
ESAB Corp trades at 22.6x trailing earnings, compared to its 15-year median P/E of 27.0x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 19.7x vs a median of 23.1x. The company's 5-year average ROIC is 11.0% with a gross margin of 36.0%. Total shareholder yield (dividends) is 0.3%. At current prices, the estimated annualized return to fair value is +11.4%.
ESAB Corp (ESAB) has a current P/E ratio of 22.6, compared to its historical median P/E of 27.0. The stock is currently considered Fair based on its historical valuation range.
ESAB Corp (ESAB) has a 5-year average return on invested capital (ROIC) of 11.0%. This indicates solid capital allocation.
ESAB Corp (ESAB) has a market capitalization of $7.0B. It is classified as a mid-cap stock.
Yes, ESAB Corp (ESAB) pays a dividend with a trailing twelve-month yield of 0.31%.
Based on historical P/E analysis, ESAB Corp (ESAB) appears fair. The current P/E of 22.6 is 16% below its historical median of 27.0. The estimated fair value CAGR (P/E method) is 1.6%.
ESAB Corp (ESAB) operates in the General Industrial Machinery & Equipment, Nec industry, within the Industrials sector.
ESAB Corp (ESAB) reported annual revenue of $2.8 billion in its most recent fiscal year, based on SEC EDGAR filings.
ESAB Corp (ESAB) has a net profit margin of 8.8%. This is a modest margin.
ESAB Corp (ESAB) generated $213 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
ESAB Corp (ESAB) has a debt-to-equity ratio of 0.62. This indicates moderate leverage.
ESAB Corp (ESAB) reported earnings per share (EPS) of $3.67 in its most recent fiscal year.
ESAB Corp (ESAB) has a return on equity (ROE) of 12.8%. This indicates moderate shareholder returns.
ESAB Corp (ESAB) has a 5-year average gross margin of 36.0%. This indicates decent pricing power.
The Ledger Terminal provides 6 years of financial data for ESAB Corp (ESAB), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
ESAB Corp (ESAB) has a book value per share of $31.62, based on its most recent annual SEC filing.
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