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Specialty industrial machinery · Industrials · Fiscal year ends Dec 31
ESAB reported revenue of $2.8B in the fiscal year ended Dec 2025, up 3.7% from the year before. Operating income was $412M, an operating margin of 14.5%, and net income was $227M. Operating cash flow of $261M less capital expenditure of $47M left free cash flow of $213M. Net debt was $1B.
Ranks among the 34 specialty industrial machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,428 | 2,593 | 2,775 | 2,741 | 2,843 |
| Cost of revenue | 1,590 | 1,708 | 1,759 | 1,703 | 1,794 |
| Gross profit | 838 | 886 | 1,016 | 1,037 | 1,048 |
| Research & development | 39.7 | 36.0 | 38.8 | 39.2 | 44.0 |
| Selling, general & admin | 513 | 533 | 587 | 580 | 608 |
| Operating income | 306 | 329 | 404 | 447 | 412 |
| Pre-tax income | 319 | 300 | 319 | 370 | 328 |
| Income tax | 80.4 | 69.2 | 95.7 | 77.3 | 69.2 |
| Net income | 235 | 224 | 205 | 265 | 227 |
| Diluted EPS | 3.92 | 3.69 | 3.36 | 4.31 | 3.67 |
| Diluted shares | 60.0 | 60.2 | 60.7 | 61.1 | 61.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 41.2 | 72.0 | 102 | 249 | 186 |
| Receivables | 383 | 374 | 385 | 370 | 451 |
| Inventory | 420 | 417 | 393 | 404 | 482 |
| Current assets | 964 | 989 | 998 | 1,148 | 1,262 |
| Net PP&E | 286 | 284 | 294 | 298 | 382 |
| Goodwill | 1,533 | 1,530 | 1,588 | 1,652 | 1,950 |
| Total assets | 3,461 | 3,754 | 3,829 | 4,034 | 4,766 |
| Payables | 345 | 316 | 307 | 318 | 360 |
| Deferred revenue | 22.3 | 25.9 | 31.2 | 26.4 | 19.7 |
| Current liabilities | 597 | 602 | 620 | 632 | 665 |
| Short-term debt | – | – | 0.0 | 15.0 | 2.4 |
| Long-term debt | 0.0 | 1,219 | 1,018 | 1,061 | 1,233 |
| Total liabilities | 960 | 2,366 | 2,181 | 2,226 | 2,555 |
| Shareholders' equity | 2,461 | 1,350 | 1,607 | 1,769 | 2,166 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 251 | 214 | 330 | 355 | 261 |
| Capital expenditure | 35.6 | 40.2 | 48.2 | 51.8 | 47.3 |
| Free cash flow | 215 | 174 | 282 | 304 | 213 |
| Depreciation & amortisation | 75.9 | 66.0 | 75.0 | 66.8 | 84.1 |
| Stock-based compensation | 6.3 | 13.0 | 16.1 | 19.8 | 16.9 |
| Acquisitions | 4.9 | 149 | 18.7 | 154 | 438 |
| Dividends paid | 0.0 | 6.1 | 13.3 | 17.0 | 21.9 |
| Dividend per share | – | 0.15 | 0.23 | 0.30 | 0.38 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.8% | 7.0% | −1.2% | 3.7% |
| Operating income growth (YoY) | – | 7.5% | 22.8% | 10.7% | −7.9% |
| EPS growth (YoY) | – | −5.9% | −8.9% | 28.3% | −14.8% |
| Gross margin | 34.5% | 34.1% | 36.6% | 37.9% | 36.9% |
| Operating margin | 12.6% | 12.7% | 14.6% | 16.3% | 14.5% |
| Net margin | 9.7% | 8.6% | 7.4% | 9.7% | 8.0% |
| Return on equityBlank when equity is negative | 9.6% | 16.6% | 12.8% | 15.0% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 10.7% | 10.4% | 12.6% | 13.2% | 10.0% |
| Free cash flow margin | 8.9% | 6.7% | 10.2% | 11.1% | 7.5% |
| Cash conversion (CFO ÷ net income) | 1.07x | 0.96x | 1.61x | 1.34x | 1.15x |
| Receivable days | 58 | 53 | 51 | 49 | 58 |
| Inventory days | 96 | 89 | 82 | 87 | 98 |
| Payable days | 79 | 68 | 64 | 68 | 73 |
| Debt ÷ equity | 0.00x | 0.90x | 0.63x | 0.61x | 0.57x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −41.2 | 1,147 | 916 | 826 | 1,049 |
| Current ratio | 1.62x | 1.64x | 1.61x | 1.82x | 1.90x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.