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Side-by-side financial comparison of Alexandria Real Estate Equities (ARE) and ESAB Corp (ESAB). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $671.0M, roughly 1.1× Alexandria Real Estate Equities). Alexandria Real Estate Equities runs the higher net margin — 59.4% vs 7.5%, a 51.8% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs -11.5%). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs -6.4%).
Alexandria Real Estate Equities, Inc. (NYSE:ARE), an S&P 500® urban office real estate investment trust (REIT), is the first, longest-tenured, and pioneering owner, operator, and developer uniquely focused on collaborative life science, technology, and agtech campuses in AAA innovation cluster locations, with a total market capitalization of $31.9 billion as of December 31, 2020, and an asset base in North America of 49.7 million square feet (SF). The asset base in North America includes 31.9...
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
ARE vs ESAB — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $671.0M | $727.8M |
| Net Profit | $398.4M | $54.8M |
| Gross Margin | — | 37.0% |
| Operating Margin | — | 14.6% |
| Net Margin | 59.4% | 7.5% |
| Revenue YoY | -11.5% | 8.5% |
| Net Profit YoY | 740.6% | 2.1% |
| EPS (diluted) | $2.10 | $0.90 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | $671.0M | — | ||
| Q4 25 | $754.4M | $727.8M | ||
| Q3 25 | $751.9M | $715.6M | ||
| Q2 25 | $762.0M | $678.1M | ||
| Q1 25 | $758.2M | — | ||
| Q4 24 | $788.9M | $670.8M | ||
| Q3 24 | $791.6M | $673.3M | ||
| Q2 24 | $766.7M | $707.1M |
| Q1 26 | $398.4M | — | ||
| Q4 25 | $-1.1B | $54.8M | ||
| Q3 25 | $-232.8M | $66.9M | ||
| Q2 25 | $-107.0M | $67.4M | ||
| Q1 25 | $-8.9M | — | ||
| Q4 24 | $-62.2M | $53.7M | ||
| Q3 24 | $167.9M | $68.2M | ||
| Q2 24 | $46.7M | $82.9M |
| Q1 26 | — | — | ||
| Q4 25 | — | 37.0% | ||
| Q3 25 | — | 37.2% | ||
| Q2 25 | — | 37.6% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 38.5% | ||
| Q3 24 | — | 37.7% | ||
| Q2 24 | — | 38.2% |
| Q1 26 | — | — | ||
| Q4 25 | — | 14.6% | ||
| Q3 25 | — | 15.2% | ||
| Q2 25 | — | 16.2% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 16.6% | ||
| Q3 24 | — | 15.7% | ||
| Q2 24 | — | 16.9% |
| Q1 26 | 59.4% | — | ||
| Q4 25 | -143.3% | 7.5% | ||
| Q3 25 | -31.0% | 9.3% | ||
| Q2 25 | -14.0% | 9.9% | ||
| Q1 25 | -1.2% | — | ||
| Q4 24 | -7.9% | 8.0% | ||
| Q3 24 | 21.2% | 10.1% | ||
| Q2 24 | 6.1% | 11.7% |
| Q1 26 | $2.10 | — | ||
| Q4 25 | $-6.35 | $0.90 | ||
| Q3 25 | $-1.38 | $1.09 | ||
| Q2 25 | $-0.64 | $1.10 | ||
| Q1 25 | $-0.07 | — | ||
| Q4 24 | $-0.38 | $0.87 | ||
| Q3 24 | $0.96 | $1.11 | ||
| Q2 24 | $0.25 | $1.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $418.7M | $218.2M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $19.4B | $2.1B |
| Total Assets | $34.2B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $418.7M | — | ||
| Q4 25 | $549.1M | $218.2M | ||
| Q3 25 | $579.5M | $258.2M | ||
| Q2 25 | $520.5M | $291.3M | ||
| Q1 25 | $476.4M | — | ||
| Q4 24 | $552.1M | $249.4M | ||
| Q3 24 | $562.6M | $253.7M | ||
| Q2 24 | $561.0M | $228.5M |
| Q1 26 | — | — | ||
| Q4 25 | $12.4B | $1.3B | ||
| Q3 25 | $13.6B | $1.1B | ||
| Q2 25 | $13.3B | $1.1B | ||
| Q1 25 | $13.1B | — | ||
| Q4 24 | $12.2B | $1.1B | ||
| Q3 24 | $12.7B | $1.1B | ||
| Q2 24 | $12.4B | $1.1B |
| Q1 26 | $19.4B | — | ||
| Q4 25 | $15.5B | $2.1B | ||
| Q3 25 | $16.6B | $2.1B | ||
| Q2 25 | $17.2B | $1.9B | ||
| Q1 25 | $17.5B | — | ||
| Q4 24 | $17.9B | $1.8B | ||
| Q3 24 | $18.2B | $1.8B | ||
| Q2 24 | $18.3B | $1.7B |
| Q1 26 | $34.2B | — | ||
| Q4 25 | $34.1B | $4.9B | ||
| Q3 25 | $37.4B | $4.4B | ||
| Q2 25 | $37.6B | $4.2B | ||
| Q1 25 | $37.6B | — | ||
| Q4 24 | $37.5B | $4.0B | ||
| Q3 24 | $38.5B | $4.1B | ||
| Q2 24 | $37.8B | $4.0B |
| Q1 26 | — | — | ||
| Q4 25 | 0.80× | 0.63× | ||
| Q3 25 | 0.82× | 0.51× | ||
| Q2 25 | 0.77× | 0.55× | ||
| Q1 25 | 0.75× | — | ||
| Q4 24 | 0.68× | 0.60× | ||
| Q3 24 | 0.70× | 0.59× | ||
| Q2 24 | 0.68× | 0.63× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $475.0M | $81.5M |
| Free Cash FlowOCF − Capex | — | $70.3M |
| FCF MarginFCF / Revenue | — | 9.7% |
| Capex IntensityCapex / Revenue | 76.0% | 1.5% |
| Cash ConversionOCF / Net Profit | 1.19× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | — | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $475.0M | — | ||
| Q4 25 | $312.4M | $81.5M | ||
| Q3 25 | $433.5M | $46.6M | ||
| Q2 25 | $460.2M | $35.4M | ||
| Q1 25 | $207.9M | — | ||
| Q4 24 | $274.2M | $126.9M | ||
| Q3 24 | $477.4M | $101.0M | ||
| Q2 24 | $411.8M | $83.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | $70.3M | ||
| Q3 25 | — | $37.4M | ||
| Q2 25 | — | $28.1M | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $102.2M | ||
| Q3 24 | — | $90.4M | ||
| Q2 24 | — | $74.0M |
| Q1 26 | — | — | ||
| Q4 25 | — | 9.7% | ||
| Q3 25 | — | 5.2% | ||
| Q2 25 | — | 4.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 15.2% | ||
| Q3 24 | — | 13.4% | ||
| Q2 24 | — | 10.5% |
| Q1 26 | 76.0% | — | ||
| Q4 25 | — | 1.5% | ||
| Q3 25 | — | 1.3% | ||
| Q2 25 | — | 1.1% | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 3.7% | ||
| Q3 24 | — | 1.6% | ||
| Q2 24 | — | 1.3% |
| Q1 26 | 1.19× | — | ||
| Q4 25 | — | 1.49× | ||
| Q3 25 | — | 0.70× | ||
| Q2 25 | — | 0.53× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 2.36× | ||
| Q3 24 | 2.84× | 1.48× | ||
| Q2 24 | 8.82× | 1.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARE
| Same properties | $431.4M | 64% |
| Tenant recoveries | $178.2M | 27% |
| Non-same properties | $43.3M | 6% |
| Other | $18.0M | 3% |
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
