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Friday 6 November 2026
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ESAB Corporation
ESAB Industrials Metal Fabrication
ESAB Corporation’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 3.71% from fiscal 2024.
- Revenue
- +13.3%
- EPS
- −28.0%
- Free cash flow
- −22.0%
- Total debt
- +74.3%
Quarter to September 2026, against a year earlier
82.90
3.78
+4.78%
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Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Sep ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | — | — | — | — | 1,950 | 2,428 | 2,593 | 2,775 | 2,741 | 2,843 | 3,099 | +7.8% | 3,056 | 3,336 | 3,523 | +7.4% | |
| Gross margin, % | — | — | — | — | 35.00 | 34.51 | 34.14 | 36.61 | 37.85 | 36.88 | 37.56 | +1.9 pt | ||||||
| EBT | — | — | — | — | 206 | 319 | 300 | 319 | 370 | 328 | 232 | +9.8% | ||||||
| EBT margin, % | — | — | — | — | 10.56 | 13.14 | 11.58 | 11.50 | 13.51 | 11.55 | 7.50 | +1.0 pt | ||||||
| Net income | — | 0 | — | — | 160 | 239 | 228 | 211 | 271 | 233 | 162 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | — | — | — | — | 32.48 | 40.45 | 43.19 | 46.07 | 45.36 | 46.85 | 49.84 | +7.6% | |||||
| Earnings | — | — | — | — | 2.66 | 3.98 | 3.69 | 3.39 | 4.36 | 3.67 | 2.54 | +6.6% | ||||||
| Cash flow | — | — | — | — | 5.15 | 4.18 | 3.57 | 5.49 | 5.88 | 4.29 | 4.02 | (3.6%) | ||||||
| Capex | — | — | — | — | (0.58) | (0.51) | (0.59) | (0.72) | (0.79) | (0.67) | (1.07) | +3.1% | ||||||
| Free cash flow | — | — | — | — | 4.57 | 3.67 | 2.98 | 4.76 | 5.09 | 3.62 | 2.95 | (4.6%) | ||||||
| Book value | — | — | — | — | 0.00 | 41.67 | 23.12 | 27.35 | 29.92 | 36.45 | 41.91 | n/m | ||||||
| Shares, m | — | — | — | — | 60 | 60 | 60 | 60 | 60 | 61 | 61 | +0.2% | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | — | — | — | — | 12.58 | 12.58 | 13.08 | 25.17 | 27.57 | 30.11 | 32.67 | 20.2 | |||||
| P/S | — | — | — | — | 1.24 | 1.24 | 1.12 | 1.85 | 2.64 | 2.38 | 1.66 | 1.7 | ||||||
| P/B | — | — | — | — | 1.20 | 1.20 | 2.10 | 3.11 | 4.01 | 3.07 | 2.12 | 2.4 | ||||||
| EV/Sales | — | — | — | — | 1.22 | 1.22 | 1.57 | 2.18 | 2.95 | 2.75 | 2.35 | 2.0 | ||||||
| EV/FCF | — | — | — | — | 13.44 | 13.44 | 22.79 | 21.12 | 26.26 | 35.61 | 39.80 | 22.1 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | — | — | — | — | 309 | 251 | 214 | 330 | 355 | 261 | 250 | (3.4%) | |||||
| Capex | — | — | — | — | (35) | (30) | (35) | (44) | (48) | (41) | (67) | +3.3% | ||||||
| Free cash flow | — | — | — | — | 275 | 220 | 179 | 287 | 307 | 220 | 183 | (4.4%) | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | — | — | — | — | — | 367 | 387 | 378 | 516 | 597 | 718 | +12.9% | |||||
| Net debt | — | — | — | — | — | 68 | 1,166 | 916 | 826 | 1,049 | 2,140 | +98.3% | ||||||
| Shareholders’ equity | — | — | — | — | — | 2,502 | 1,388 | 1,648 | 1,808 | 2,212 | 2,606 | (3.0%) | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | — | — | — | — | 0.00 | 13.59 | 6.20 | 5.41 | 6.74 | 5.15 | 2.68 | +5.1 pt | |||||
| ROIC | — | — | — | — | 0.00 | 7.45 | 8.05 | 9.85 | 10.61 | 7.90 | 4.58 | +7.9 pt | ||||||
| ROE | — | — | — | — | 0.00 | 0.00 | 11.50 | 13.52 | 15.33 | 11.28 | 6.63 | +11.3 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | — | — | — | — | — | 9,275 | 9,000 | 9,000 | 9,300 | 10,300 | — | +2.7% | |||||
| Revenue/emp, $m | — | — | — | — | 0.00 | 0.26 | 0.29 | 0.31 | 0.29 | 0.28 | — | n/m | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 6 Nov 2026
ESAB Corporation vs peers in Metal Fabrication (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| ATI ATI Inc. | $22.9B | 42.8× | 34.0× | +26.49% (above 0%: growing) | +77.54% (above 0%: growing) | −59.00% (below 0%: shrinking) | 26.71% | 19.10% | Compare |
| CRS Carpenter Technology Corporation | $13.8B | 24.5× | 20.9× | +8.79% (above 0%: growing) | +33.06% (above 0%: growing) | −629.41% (below 0%: shrinking) | 32.11% | 24.61% | Compare |
| MLI Mueller Industries, Inc. | $11.4B | 13.3× | 13.4× | +31.62% (above 0%: growing) | +6.81% (above 0%: growing) | +1.90% (above 0%: growing) | 25.48% | 19.85% | Compare |
| CMC Commercial Metals Company | $6.8B | 10.5× | 9.7× | +25.72% (above 0%: growing) | +41.18% (above 0%: growing) | +38.70% (above 0%: growing) | 18.87% | 10.18% | Compare |
| ESAB ESAB Corporation | $4.9B | 32.7× | 18.2× | +13.28% (above 0%: growing) | −28.02% (below 0%: shrinking) | −22.04% (below 0%: shrinking) | 39.25% | 11.15% | |
| GPGI CompoSecure, Inc. | $4.0B | — (loss-making) | 15.1× | −100.00% (below 0%: shrinking) | n/m | 0.00% | 0.00% | 0.00% | Compare |
| WOR Worthington Enterprises, Inc. | $3.0B | 18.0× | 16.3× | +13.23% (above 0%: growing) | +23.94% (above 0%: growing) | +97.40% (above 0%: growing) | 26.43% | 3.79% | Compare |
| PRLB Proto Labs, Inc. | $1.5B | 45.1× | 47.5× | +14.00% (above 0%: growing) | +63.20% (above 0%: growing) | −34.32% (below 0%: shrinking) | 44.49% | 9.36% | Compare |
| RYZ Ryerson Holding Corporation | $1.4B | — (loss-making) | — (loss-making) | +87.50% (above 0%: growing) | n/m | −378.17% (below 0%: shrinking) | 17.16% | 2.36% | Compare |
| Median of peers | $5.4B | 21.2× | 16.3× | +19.86% | +37.12% | −17.16% | 25.96% | 9.77% |
Pay and ownership Proxy statement filed 27 March 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 9.70m | 4.99m | 252.22 |
| 2024 | 7.98m | 19.52m | 269.89 |
| 2023 | 7.91m | 17.99m | 194.36 |
| 2022 | 9.51m | 9.39m | 104.93 |
Ownership
Directors and executive officers, together
7.20%
T. Rowe Price Investment Management, Inc.
13.20%
T. Rowe Price Associates, Inc.
9.60%
The Vanguard Group
9.10%
BlackRock, Inc.
7.80%
Mitchell P. Rales
5.90%
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more.
Read the proxy statement
ESAB Corporation (ESAB) Latest News
4 Nov
22 Oct
8 Aug
6 Aug
29 May
ESAB metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score