ESAB
ESAB Corporation
ESAB's outlook is improving, though it still trails on the overall score.
VRT
Vertiv Holdings Co
VRT has the edge over ESAB overall, supported by stronger valuation and stronger modeled upside.
ESAB Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Stable | |
| Stable | |
| Weak |
ESAB's revenue is currently healthy, and its profitability and cash flow are stable, but its balance sheet is weak.
VRT Fundamentals
| Metric | Status |
|---|---|
| Strong | |
| Strong | |
| Strong | |
| Strong |
VRT's revenue, profitability, cash flow and balance sheet are all currently strong.
ESAB PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 14x | $82.55 | — |
| Cheap | 18x | $43.61 | -47% |
| Fair | 26x | $63.73 | -23% |
| Expensive | 29x | $71.57 | -13% |
| Current | 34x | $82.55 | — |
Historical ranges are pointers, not guarantees.
ESAB's PE is in its expensive range at 34x. If earnings grow as analysts expect, today's price would be 14x next year's earnings, in its cheap range.
VRT PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 23x | $210 | — |
| Current | 39x | $210 | — |
| Cheap | 58x | $308 | +47% |
| Fair | 72x | $383 | +83% |
| Expensive | 88x | $472 | +125% |
Historical ranges are pointers, not guarantees.
VRT has the edge over ESAB in the historical PE scenario, which offers more potential upside but is not a forecast.
ESAB Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for ESAB, with profitability holding steady.
VRT Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Strong growth | |
| Strong growth | |
| Strongly improving | |
| Moderate | |
| Moderate |
VRT has the edge over ESAB on the outlook, with more favorable profitability expectations.
ESAB Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $5.91 | +142% |
| Q3 2026 | $2.44 | -38% |
| Q2 2026 | $2.76 | -34% |
| Q1 2026 | $3.35 | -24% |
| Q4 2025 | $3.67 | -15% |
| Q3 2025 | $3.96 | -7.3% |
| Q2 2025 | $4.17 | +1.7% |
| Q1 2025 | $4.43 | +16% |
| Q4 2024 | $4.31 | +28% |
ESAB's earnings per share have fallen from their peak: $2.44 over the past year, against $4.43 in early 2025.
VRT Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $9.14 | +71% |
| Q3 2026 | $5.35 | +102% |
| Q2 2026 | $4.42 | +111% |
| Q1 2026 | $3.98 | +131% |
| Q4 2025 | $3.41 | +166% |
| Q3 2025 | $2.65 | +75% |
| Q2 2025 | $2.09 | +62% |
| Q1 2025 | $1.72 | +64% |
| Q4 2024 | $1.28 | +7.6% |
VRT has the edge over ESAB on earnings, with more consistent year-over-year improvement.
ESAB Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $824.5M | +13% |
| Q2 2026 | $807.6M | +13% |
| Q1 2026 | $745.6M | +9.9% |
| Q4 2025 | $721M | +7.5% |
| Q3 2025 | $727.8M | +8.1% |
| Q2 2025 | $715.6M | +1.2% |
| Q1 2025 | $678.1M | -1.7% |
| Q4 2024 | $670.8M | -2.7% |
ESAB's revenue has grown year over year for six quarters in a row: $825M last quarter, up 13% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 11% | -3.5 points |
| Q2 2026 | 9.8% | -5.5 points |
| Q1 2026 | 12% | -4.1 points |
| Q4 2025 | 12% | -4.6 points |
| Q3 2025 | 15% | -1.1 points |
| Q2 2025 | 15% | -1.6 points |
| Q1 2025 | 16% | +0.2 points |
| Q4 2024 | 17% | +1.6 points |
ESAB's operating margin was 11% last quarter, down 3.5 points from the same quarter a year ago, near the bottom of its range since 2021.
VRT Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $4.3B | +61% |
| Q2 2026 | $3.3B | +24% |
| Q1 2026 | $2.6B | +30% |
| Q4 2025 | $2.9B | +23% |
| Q3 2025 | $2.7B | +29% |
| Q2 2025 | $2.6B | +35% |
| Q1 2025 | $2B | +24% |
| Q4 2024 | $2.3B | +26% |
VRT has the edge over ESAB on sales, with more consistent year-over-year improvement.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 23% | +3.5 points |
| Q2 2026 | 19% | +2.7 points |
| Q1 2026 | 17% | +2.3 points |
| Q4 2025 | 20% | +0.7 points |
| Q3 2025 | 19% | +1.4 points |
| Q2 2025 | 17% | -0.4 points |
| Q1 2025 | 14% | +1.9 points |
| Q4 2024 | 19% | +4.2 points |
VRT has the edge over ESAB on profitability, with a higher operating margin.
ESAB Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $54.4M | -23% |
| Q2 2026 | $15.7M | -58% |
| Q1 2026 | $33.2M | +18% |
| Q4 2025 | $77.4M | -24% |
| Q3 2025 | $70.3M | -22% |
| Q2 2025 | $37.4M | -49% |
| Q1 2025 | $28.1M | -24% |
| Q4 2024 | $102.2M | -0.9% |
ESAB's free cash flow has been positive every quarter since early 2021: $181M over the past year, down 24% from the year before.
VRT Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $654.9M | +41% |
| Q2 2026 | $926.5M | +233% |
| Q1 2026 | $654.2M | +145% |
| Q4 2025 | $885.6M | +143% |
| Q3 2025 | $463.5M | +36% |
| Q2 2025 | $277.9M | -19% |
| Q1 2025 | $266.8M | +162% |
| Q4 2024 | $364.5M | +18% |
VRT has the edge over ESAB on cash flow, with more consistent year-over-year improvement.
ESAB Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +1.2% | +763K shares |
| 1 year | +1.9% | +1.2M shares |
| 3 years | +2.7% | +1.7M shares |
| 5 years | +4% | +2.4M shares |
ESAB has 62M diluted shares, up 1.9% from a year ago.
| Quarter | Spent |
|---|---|
| Q4 2021 | — |
| Q3 2021 | — |
| Q2 2021 | — |
| Q1 2021 | — |
VRT Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | 0% | -64.9K shares |
| 1 year | +0.4% | +1.8M shares |
| 3 years | +1.1% | +4.4M shares |
| 5 years | +10% | +36M shares |
| Available history | +63% | +152M shares |
VRT has the edge over ESAB on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | — |
| Q4 2024 | — |
| Q3 2024 | — |
| Q2 2024 | — |
| Q1 2024 | $599.9M |
ESAB Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 4.6x | High |
| Q2 2026 | 4.7x | High |
| Q1 2026 | 2.1x | Moderate |
| Q4 2025 | 2.1x | Moderate |
| Q3 2025 | 2.2x | Moderate |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.5x | Healthy |
| Q4 2024 | 1.6x | Healthy |
ESAB's net debt is about 4.6 years of its operating earnings (EBITDA), up from 2.2 years a year ago.
VRT Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.2x | Net Cash |
| Q2 2026 | 0.1x | Very low |
| Q1 2026 | 0.3x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.8x | Very low |
| Q2 2025 | 0.7x | Very low |
| Q1 2025 | 0.8x | Very low |
| Q4 2024 | 1.0x | Healthy |
VRT has the edge over ESAB on leverage, with a lower net debt burden relative to earnings.
ESAB Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 50.3 | Neutral |
| Stochastic | 47.4 | Neutral |
ESAB's weekly RSI is 50 (neutral) and its Stochastic is 47 (neutral).
VRT Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 26.4 | Neutral |
VRT's weekly RSI is 43 (neutral) and its Stochastic is 26 (neutral).
ESAB PE vs Industrials Sector
| Metric | ESAB | Sector median | Relative |
|---|---|---|---|
| PE | 34x | 24x | 41% above |
| PE % | 97 | 68 | 29 pts above |
ESAB has the edge over VRT on valuation relative to its sector.
VRT PE vs Industrials Sector
| Metric | VRT | Sector median | Relative |
|---|---|---|---|
| PE | 39x | 24x | 63% above |
| PE % | 3 | 58 | 55 pts below |
VRT is trading at 39x earnings, a 63% premium to the Industrials sector's median of 24x.
ESAB Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $72.0 | 15% above |
| 20 week MA | $78.2 | 5.6% above |
| 50 week MA | $96.0 | 14% below |
| 100 week MA | $107.8 | 23% below |
| 200 week MA | $96.5 | 14% below |
ESAB has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 14% below its 200-week average.
VRT Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $221.8 | 5.5% below |
| 20 week MA | $254.4 | 18% below |
| 50 week MA | $253.9 | 17% below |
| 100 week MA | $189.1 | 11% above |
| 200 week MA | $123.5 | 70% above |
VRT has pulled back, but its long-term trend is still up: it's below its 8-, 20- and 50-week averages, but 70% above its 200-week average.
ESAB Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2022 | $50.0 | $49.1 | -1.8% |
| 2023 | $49.1 | $86.6 | +76% |
| 2024 | $86.6 | $121.4 | +40% |
| 2025 | $121.4 | $114.2 | -5.9% |
| 2026 YTD | $114.2 | $82.6 | -28% |
ESAB has finished lower in two of the last four years. It's down 28% so far in 2026.
VRT Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $10.9 | $18.9 | +73% |
| 2021 | $18.9 | $24.9 | +31% |
| 2022 | $24.9 | $12.8 | -48% |
| 2023 | $12.8 | $48.0 | +275% |
| 2024 | $48.0 | $115.1 | +140% |
| 2025 | $115.1 | $167.6 | +46% |
| 2026 YTD | $167.6 | $209.6 | +25% |
VRT has the edge over ESAB on returns for 2026, with the stronger performance.