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. In the quarter to June 2026, revenue grew 12.9%, EPS fell 54.6%, free cash flow fell 58.1% and total debt rose 121.9%, each against the same quarter a year earlier. Dividend growth for five consecutive years.
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ESAB Corporation (ESAB) Piotroski F-score
ESAB Corporation's Piotroski F-score for fiscal 2025 is 4 out of 9: 4 of nine tests of profitability, leverage and efficiency passed, down from 6 in fiscal 2024.
Piotroski F-score, annual
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Annual newest first
| Period | Piotroski F-score | Change (points) |
|---|---|---|
| FY2025 | 4 | (2.00) |
| FY2024 | 6 | 0.00 |
| FY2023 | 6 | — |
How fiscal 2025’s score is made up
| Test | This year | Year before | Result | Points |
|---|---|---|---|---|
| Positive return on assets | 5.15% | 6.74% | Pass | 1 |
| Positive operating cash flow | 260.57m | 355.40m | Pass | 1 |
| Rising return on assets | 5.15% | 6.74% | Fail | 0 |
| Cash flow above net income | 33.80m | 90.56m | Pass | 1 |
| Falling long-term leverage | 0.28 | 0.27 | Fail | 0 |
| Rising current ratio | 1.90 | 1.82 | Pass | 1 |
| No new shares issued | 60,680,000 | 60,428,000 | Fail | 0 |
| Rising gross margin | 36.88% | 37.85% | Fail | 0 |
| Rising asset turnover | 0.65 | 0.70 | Fail | 0 |
| Piotroski F-score | Mixed | 4 | ||
How the Piotroski F-score works
One point for each of nine tests, this fiscal year against the one before: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, a rising current ratio, no new shares issued, a rising gross margin and rising asset turnover. The ratios are the ones on this site, so each can be checked.
Joseph Piotroski (2000) called 8–9 high and 0–1 low; reading it in three bands is the common convention:
| 7–9 | Strong — most fundamentals improved |
|---|---|
| 4–6 | Mixed |
| 0–3 | Weak — most fundamentals deteriorated |
Where this differs from the paper: return on assets is on average rather than beginning-of-year assets, and weighted basic shares stand in for shares issued. The score is shown only when all nine tests can be worked out, which takes three fiscal years; banks and insurers, which report no current assets or gross profit, have none.
Piotroski F-score against peers
| Company | Piotroski F-score |
|---|---|
| CRS Carpenter Technology Corporation compare | 9 |
| ATI ATI Inc. compare | 8 |
| MLI Mueller Industries, Inc. compare | 7 |
| PRLB Proto Labs, Inc. compare | 7 |
| WOR Worthington Enterprises, Inc. compare | 7 |
| CMC Commercial Metals Company compare | 6 |
| ESAB ESAB Corporation | 4 |
| RYZ Ryerson Holding Corporation compare | 4 |
| GPGI CompoSecure, Inc. compare | 3 |
What Piotroski F-score is
The Piotroski F-Score tells an investor how many signs of improving profitability, funding and efficiency a company shows against a year earlier.
One point for each of nine tests against a year earlier: positive return on assets, positive operating cash flow, rising return on assets, cash flow above net income, falling long-term leverage, rising current ratio, no new shares issued, rising gross margin, and rising asset turnover