# ESAB Corporation (ESAB)

> Source: Nexqual · https://nexqual.com/ESAB · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ESAB Corporation (ESAB), nexqual.com/ESAB" · informational, not investment advice.

**Price:** USD 66.89 (+0.80% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 66.36 · day 63.81–67.09 · 52w 62.74–137.42 · market cap $4.16B · NYQ

## Key facts
- Last four reported quarters (through Jul 3, 2026): revenue $3.00B, net income $173M (5.7% margin), free cash flow $197M (SEC filings).
- Valuation: P/E 24.1x (avg 27.8x at the last 3 fiscal year-ends), EV/EBITDA 13.7x, net debt $2.18B.
- 1 of 80 tracked superinvestors hold ESAB (13F, Q2 2026): 1 new, 0 added, 0 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $95K; 1 not under a Rule 10b5-1 plan ($95K); 1 by opportunistic insiders (1 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (11 analysts), mean target USD 119.73 (range 95–145).
- Total return with dividends: 1Y -45.5% vs S&P 500 +14.9%; 5Y +36.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 1.33, revenue estimate $787M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.43B | $2.59B | $2.77B | $2.74B | $2.84B | $3.00B |
| Gross profit | $838M | $886M | $1.02B | $1.04B | $1.05B | — |
| Operating income | $306M | $329M | $404M | $447M | $412M | $362M |
| Net income | $235M | $224M | $205M | $265M | $227M | $173M |
| EPS (diluted) | $3.92 | $3.69 | $3.36 | $4.31 | $3.67 | — |
| Free cash flow | $215M | $174M | $282M | $304M | $213M | $197M |
| Gross margin | 34.5% | 34.1% | 36.6% | 37.9% | 36.9% | — |
| Operating margin | 12.6% | 12.7% | 14.6% | 16.3% | 14.5% | 12.1% |
| Net margin | 9.7% | 8.6% | 7.4% | 9.7% | 8.0% | 5.7% |
| Revenue growth | +24.5% | +6.8% | +7.0% | -1.2% | +3.7% | — |
| Cash + short-term investments | $41.2M | $72.0M | $102M | $249M | $186M | — |
| Total debt | $0K | $1.22B | $1.02B | $1.08B | $1.23B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jul 3, 2026)
P/E 24.1x · P/S 1.4x · EV/EBITDA 13.7x · EV/Sales 2.1x · P/FCF 21.1x · P/B 1.6x · FCF yield 4.73% · Earnings yield 4.15% · Dividend yield (paid, TTM) 0.59% · Net debt $2.18B · EV $6.34B
P/E at fiscal year-ends: Dec 2025 30.2x, Dec 2024 27.7x, Dec 2023 25.6x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold ESAB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| First Eagle Investment | First Eagle Investment Management | 0.01% | $5.1M | New position |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-07 | Jordan Rhonda L | Director | 1,000 | $95K | 10.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 11 analysts; mean target USD 119.73 (low 95, high 145).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-21 | Oppenheimer | Target lowered | Outperform | $135 → $110 |
| 2026-10-08 | JP Morgan | Target lowered | Overweight | $125 → $95 |
| 2026-09-15 | Roth Capital | Target lowered | Buy | $151 → $133 |
| 2026-08-11 | Evercore ISI Group | Target lowered | In-Line | $103 → $100 |
| 2026-07-21 | Oppenheimer | Target lowered | Outperform | $140 → $135 |
| 2026-07-20 | Stifel | Target lowered | Buy | $141 → $137 |
| 2026-07-07 | Roth Capital | Target raised | Buy | $142 → $151 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2022-03-28) |
|---|---|---|
| Total return | -45.5% | +36.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -45.6% | +7.0% |
| Volatility (annualized) | 46.1% | 36.5% |
| Max drawdown | -52.0% (Feb 2026→Oct 2026) | -51.7% (Feb 2026→Sep 2026) |

## Peers (Metal Fabrication)
GPGI (GPGI, Inc.) USD 12.55 -2.86% · WOR (Worthington Enterprises, Inc.) USD 64.44 -1.01% · CMC (Commercial Metals Company) USD 63.79 -0.72% · PRLB (Proto Labs, Inc.) USD 84.36 -5.94% · RYZ (Ryerson Holding Corporation) USD 28.05 -0.28% · MLI (Mueller Industries, Inc.) USD 54.53 -5.23%

## More
Full page: https://nexqual.com/ESAB · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| EMEA & APAC | $491.7M | 60.9% | +13.6% |
| Americas | $315.9M | 39.1% | +11.7% |
| Total revenue | $807.6M | 100% | — |

## Revenue by product line (quarter ended 2026-07-03)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Consumables | $494.6M | 61.2% | +2.3% |
| Equipment | $313.0M | 38.8% | +35.0% |
| Total revenue | $807.6M | 100% | — |

## Company outlook (8-K filed 2026-08-06)

- "ESAB has updated its full-year 2026 outlook, which now projects total core sales growth of 11.0% to 14.0%, an increase from the previous guidance of 6.0% to 9.0%."
- "Within this growth, core organic sales remains 2.0% to 4.0%, while the contribution from M&A has been revised upward to approximately 9.0% from 4.0%, and the anticipated FX impact has remained the same with the prior range of 0.0% to 1.0%."
- "Consequently, the company has raised its core adjusted EBITDA forecast to a range of $615 million to $625 million, up from the previous $575 million to $595 million, while the outlook for core adjusted EPS has been adjusted to a range of $5.40 to $5.50."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.33 | $1.47 | -9.6% | $786.7M | 10 |
| Next quarter (ends 2026-12-31) | $1.42 | $1.53 | -7.4% | $782.8M | 10 |
| Current fiscal year (ends 2026-12-31) | $5.39 | $5.70 | -5.5% | $3.06B | 11 |
| Next fiscal year (ends 2027-12-31) | $6.38 | $6.67 | -4.3% | $3.34B | 11 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-04): ±13.5%; last 8 reports averaged ±4%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 62.2% | ±13.5% |
| 2026-12-18 | 56 | 50.0% | ±15.6% |
| 2027-01-15 | 84 | 49.3% | ±18.7% |
| 2027-04-16 | 175 | 48.3% | ±26.2% |