Stocks ESAB Financial statements
Financial statementsESAB Corp financial statements
Income statement, balance sheet and cash flow statement for the last 6 fiscal years, taken from the XBRL data ESAB Corp files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Revenue | 1,950 | 2,428 | 2,593 | 2,775 | 2,741 | 2,843 |
| Cost of revenue | 1,268 | 1,590 | 1,708 | 1,759 | 1,703 | 1,794 |
| Gross profit | 682 | 838 | 886 | 1,016 | 1,037 | 1,048 |
| Research and development | 34.8 | 39.7 | 36 | 38.8 | 39.2 | 44 |
| Selling, general and administrative | 459 | 513 | 533 | 587 | 580 | 608 |
| Operating expenses | 141 | 169 | 162 | 145 | ||
| Operating income | 202 | 306 | 329 | 404 | 447 | 412 |
| Pre-tax income | 206 | 319 | 300 | 319 | 370 | 328 |
| Income tax | 46 | 80.4 | 69.2 | 95.7 | 77.3 | 69.2 |
| Income from continuing operations | 160 | 235 | 227 | 218 | 287 | 253 |
| Net income to minority interests | 2.45 | 3.57 | 4.27 | 5.74 | 5.91 | 6.47 |
| Net income | 157 | 235 | 224 | 205 | 265 | 227 |
| EBITDA | 279 | 382 | 395 | 479 | 514 | 496 |
| EPS, basic | 2.62 | 3.92 | 3.70 | 3.39 | 4.36 | 3.71 |
| EPS, diluted | 2.62 | 3.92 | 3.69 | 3.36 | 4.31 | 3.67 |
| Shares, basic (weighted) | 60 | 60 | 60.1 | 60.2 | 60.4 | 60.7 |
| Shares, diluted (weighted) | 60 | 60 | 60.2 | 60.7 | 61.1 | 61.3 |
| Dividend per share | 0.15 | 0.23 | 0.30 | 0.38 |
Balance sheet
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Cash and equivalents | 49.2 | 41.2 | 72 | 102 | 249 | 186 |
| Receivables | 383 | 374 | 385 | 370 | 451 | |
| Inventory | 420 | 417 | 393 | 404 | 482 | |
| Other current assets | 67.4 | 68.9 | 55.9 | 69.3 | 76.9 | |
| Total current assets | 964 | 989 | 998 | 1,148 | 1,262 | |
| Property, plant and equipment | 286 | 284 | 294 | 298 | 382 | |
| Lease right-of-use assets | 108 | 92 | 95.6 | 89.9 | 113 | |
| Goodwill | 1,553 | 1,533 | 1,530 | 1,588 | 1,652 | 1,950 |
| Intangible assets | 521 | 517 | 500 | 488 | 673 | |
| Other non-current assets | 48.5 | 342 | 353 | 357 | 386 | |
| Total assets | 3,461 | 3,754 | 3,829 | 4,034 | 4,766 | |
| Accounts payable | 345 | 316 | 307 | 318 | 360 | |
| Accrued liabilities | 251 | 285 | 313 | 299 | 302 | |
| Deferred revenue | 22.3 | 25.9 | 31.2 | 26.4 | 19.7 | |
| Short-term debt | 0 | 15 | 2.41 | |||
| Total current liabilities | 597 | 602 | 620 | 632 | 665 | |
| Long-term debt | 0 | 1,219 | 1,018 | 1,061 | 1,233 | |
| Lease liabilities | 88.8 | 76.2 | 76.6 | 66 | 88.1 | |
| Other non-current liabilities | 363 | 545 | 543 | 533 | 657 | |
| Total liabilities | 960 | 2,366 | 2,181 | 2,226 | 2,555 | |
| Total debt | 0 | 1,219 | 1,018 | 1,061 | 1,233 | |
| Paid-in capital | 0 | 1,866 | 1,881 | 1,901 | 1,905 | |
| Retained earnings | 0 | 159 | 351 | 597 | 801 | |
| Other comprehensive income | -461 | -675 | -624 | -730 | -540 | |
| Shareholders' equity | 2,461 | 1,350 | 1,607 | 1,769 | 2,166 | |
| Minority interests | 41 | 38.3 | 40.3 | 39.2 | 45.5 | |
| Total equity | 2,545 | 2,502 | 1,388 | 1,648 | 1,808 | 2,212 |
| Total liabilities and equity | 3,461 | 3,754 | 3,829 | 4,034 | 4,766 | |
| Shares outstanding | 0 | 60.1 | 60.3 | 60.5 | 60.7 |
Cash flow statement
| FY2020 | FY2022 | FY2022 | FY2023 | FY2024 | FY2025 | |
|---|---|---|---|---|---|---|
| Net income | 160 | 239 | 228 | 211 | 271 | 233 |
| Depreciation and amortization | 76.6 | 75.9 | 66 | 75 | 66.8 | 84.1 |
| Stock-based compensation | 6.44 | 6.27 | 13 | 16.1 | 19.8 | 16.9 |
| Deferred income tax | -14 | -8.64 | -19.9 | -25.1 | 0.24 | -31.5 |
| Change in receivables | 27.7 | -67.9 | -8.14 | -6.01 | -4.85 | -40 |
| Change in inventory | 34.8 | -117 | -10.1 | 18 | -22.5 | -5.57 |
| Change in payables | 7.06 | 115 | -28.8 | -19.8 | 31.9 | 6.69 |
| Cash from operations | 309 | 251 | 214 | 330 | 355 | 261 |
| Capital expenditures | -40.1 | -35.6 | -40.2 | -48.2 | -51.8 | -47.3 |
| Acquisitions | 0 | -4.89 | -149 | -18.7 | -154 | -438 |
| Cash from investing | -34.6 | -35.3 | -184 | -62.2 | -206 | -480 |
| Debt issued | 0 | 1,000 | 0 | 0 | 350 | |
| Dividends paid | 0 | 0 | -6.05 | -13.3 | -17 | -21.9 |
| Cash from financing | -326 | -222 | 7.56 | -220 | 31.7 | 114 |
| Exchange rate effect | -3.81 | -1.9 | -6.68 | -18.6 | -34 | 42.1 |
| Net change in cash | -55.6 | -8 | 30.8 | 30 | 147 | -63.5 |
| Free cash flow | 269 | 215 | 174 | 282 | 304 | 213 |
| Interest paid | 0 | 0 | 34.7 | 79.1 | 62.3 | 66.6 |
| Income taxes paid | 0 | 0 | 85.7 | 133 | 94.5 | 92.7 |
Key metrics
Profitability
| Metric | Value | How it is calculated |
|---|---|---|
| Gross margin | 37.0% | Gross profit / revenue. |
| Operating margin | 12.1% | Operating income / revenue. |
| EBITDA margin | 15.4% | EBITDA (operating income + depreciation and amortization) / revenue. |
| Pre-tax margin | 8.7% | Pre-tax income / revenue. |
| Net margin | 5.7% | Net income / revenue. |
| FCF margin | 6.5% | Free cash flow (cash from operations - capital expenditures) / revenue. |
| Operating cash flow margin | 8.6% | Cash from operations / revenue. |
| Effective tax rate | 21.2% | Income tax / pre-tax income, when pre-tax income is positive. |
| Return on equity (ROE) | 6.8% | Net income / average shareholders' equity (opening and closing). Not shown when equity is negative. |
| Return on assets (ROA) | 2.6% | Net income / average total assets. |
| Return on invested capital (ROIC) | 6.1% | Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%. |
| R&D / revenue | 1.6% | Research and development expense / revenue. |
| SG&A / revenue | 23.2% | Selling, general and administrative expense / revenue. |
| Stock-based pay / revenue | 0.6% | Stock-based compensation (from the cash flow statement) / revenue. |
| Capex / revenue | 2.1% | Capital expenditures / revenue. |
| D&A / revenue | 3.3% | Depreciation and amortization / revenue. |
Growth
| Metric | Value | How it is calculated |
|---|---|---|
| Revenue growth, 1y | 3.7% | Revenue vs the same period a year earlier. Only from a positive base. |
| Revenue CAGR, 3y | 3.1% | Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Revenue CAGR, 5y | 7.8% | Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Gross profit growth, 1y | 1.0% | Gross profit vs the same period a year earlier. Only from a positive base. |
| Gross profit CAGR, 3y | 5.8% | Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Gross profit CAGR, 5y | 9.0% | Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating income growth, 1y | -7.9% | Operating income vs the same period a year earlier. Only from a positive base. |
| Operating income CAGR, 3y | 7.8% | Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating income CAGR, 5y | 15.3% | Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EBITDA growth, 1y | -3.5% | EBITDA vs the same period a year earlier. Only from a positive base. |
| EBITDA CAGR, 3y | 7.9% | Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EBITDA CAGR, 5y | 12.2% | Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Net income growth, 1y | -14.4% | Net income vs the same period a year earlier. Only from a positive base. |
| Net income CAGR, 3y | 0.4% | Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Net income CAGR, 5y | 7.6% | Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| EPS growth, 1y | -14.8% | EPS vs the same period a year earlier. Only from a positive base. |
| EPS CAGR, 3y | -0.2% | Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| EPS CAGR, 5y | 7.0% | Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Operating cash flow growth, 1y | -26.7% | Operating cash flow vs the same period a year earlier. Only from a positive base. |
| Operating cash flow CAGR, 3y | 6.7% | Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Operating cash flow CAGR, 5y | -3.4% | Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Free cash flow growth, 1y | -29.8% | Free cash flow vs the same period a year earlier. Only from a positive base. |
| Free cash flow CAGR, 3y | 7.0% | Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Free cash flow CAGR, 5y | -4.5% | Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive. |
| Dividend per share growth, 1y | 26.7% | Dividend per share vs the same period a year earlier. Only from a positive base. |
| Dividend per share CAGR, 3y | 36.3% | Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Book value growth, 1y | 22.4% | Book value vs the same period a year earlier. Only from a positive base. |
| Book value CAGR, 3y | 17.1% | Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Total assets growth, 1y | 18.1% | Total assets vs the same period a year earlier. Only from a positive base. |
| Total assets CAGR, 3y | 8.3% | Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive. |
| Share count change, 1y | 0.3% | Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 3y | 0.6% | Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution. |
| Share count change per year, 5y | 0.4% | Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution. |
Balance sheet health
| Metric | Value | How it is calculated |
|---|---|---|
| Current ratio | 1.96x | Current assets / current liabilities. |
| Quick ratio | 0.99x | (Cash + short-term investments + receivables) / current liabilities. |
| Cash ratio | 0.28x | (Cash + short-term investments) / current liabilities. |
| Debt / equity | 0.94x | Total debt / shareholders' equity. Not shown when equity is negative. |
| Debt / assets | 36.4% | Total debt / total assets. |
| Liabilities / assets | 60.6% | Total liabilities / total assets. |
| Net debt | $2.17B | Total debt - cash - short-term investments. Negative means more cash than debt. |
| Net debt / EBITDA | 4.71x | Net debt / EBITDA (twelve months), when EBITDA is positive. |
| Working capital | $749.5M | Current assets - current liabilities. |
| Goodwill and intangibles / assets | 62.8% | (Goodwill + intangible assets) / total assets. |
| Tangible book value | -$1.58B | Shareholders' equity - goodwill - intangible assets. |
Efficiency
| Metric | Value | How it is calculated |
|---|---|---|
| Asset turnover | 0.46x | Revenue / average total assets. |
| Fixed asset turnover | 7.70x | Revenue / average property, plant and equipment. |
| Inventory turnover | 3.25x | Cost of revenue / average inventory. |
| Days inventory | 112 days | 365 x average inventory / cost of revenue. |
| Receivables turnover | 5.42x | Revenue / average receivables. |
| Days sales outstanding | 67 days | 365 x average receivables / revenue. |
| Days payables | 79 days | 365 x average accounts payable / cost of revenue. |
| Cash conversion cycle | 101 days | Days inventory + days sales outstanding - days payables. |
| FCF conversion | 114.0% | Free cash flow / net income, when net income is positive. |
| Capex / operating cash flow | 24.1% | Capital expenditures / cash from operations, when that is positive. |
Per share
| Metric | Value | How it is calculated |
|---|---|---|
| EPS, diluted | $2.80 | Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS. |
| Revenue per share | $48.71 | Revenue / diluted weighted shares. |
| FCF per share | $3.19 | Free cash flow / diluted weighted shares. |
| Operating cash flow per share | $4.20 | Cash from operations / diluted weighted shares. |
| Book value per share | $40.84 | Shareholders' equity / shares outstanding (diluted weighted shares when not reported). |
| Tangible book per share | -$25.41 | Tangible book value / shares outstanding. |
| Cash per share | $3.50 | (Cash + short-term investments) / shares outstanding. |
| Payout ratio | 14.1% | Dividends paid / net income, when net income is positive. |
| Dividends / FCF | 12.4% | Dividends paid / free cash flow, when free cash flow is positive. |
Valuation
| Metric | Value | How it is calculated |
|---|---|---|
| Market cap | $4.47B | Share price x shares outstanding. |
| Enterprise value | $6.64B | Market cap + total debt - cash - short-term investments. |
| P/E | 25.9x | Market cap / net income. Only when net income is positive. |
| P/S | 1.49x | Market cap / revenue. |
| P/B | 1.76x | Market cap / shareholders' equity. Only when equity is positive. |
| P/FCF | 22.7x | Market cap / free cash flow. Only when free cash flow is positive. |
| P/OCF | 17.3x | Market cap / cash from operations, when positive. |
| EV/Sales | 2.21x | Enterprise value / revenue. |
| EV/EBIT | 18.3x | Enterprise value / operating income, when both are positive. |
| EV/EBITDA | 14.4x | Enterprise value / EBITDA, when both are positive. |
| EV/FCF | 33.8x | Enterprise value / free cash flow, when both are positive. |
| FCF yield | 4.4% | Free cash flow / market cap. |
| Earnings yield | 3.9% | Net income / market cap (the inverse of P/E). |
| Dividend yield | 0.5% | Dividends paid over the period / market cap. |
| Shareholder yield | 0.5% | (Dividends paid + share buybacks) / market cap. |
What was ESAB Corp's revenue in fiscal 2025?
ESAB Corp reported revenue of $2.84B for fiscal 2025, 3.7% higher than the year before.
Was ESAB Corp profitable in fiscal 2025?
Yes. Net income was $226.8M, a net margin of 8%.
How much free cash flow did ESAB Corp generate in fiscal 2025?
Cash from operations of $260.6M minus capital expenditures of $47.3M left free cash flow of $213.3M.