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Side-by-side financial comparison of Axos Financial, Inc. (AX) 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 $385.1M, roughly 1.9× Axos Financial, Inc.). Axos Financial, Inc. runs the higher net margin — 33.3% vs 7.5%, a 25.8% gap on every dollar of revenue. On growth, Axos Financial, Inc. posted the faster year-over-year revenue change (25.1% vs 8.5%). Axos Financial, Inc. produced more free cash flow last quarter ($85.4M vs $70.3M). Over the past eight quarters, Axos Financial, Inc.'s revenue compounded faster (14.3% CAGR vs 2.8%).
Axos Financial is an American bank holding company based in Las Vegas, Nevada and is the parent of Axos Bank, a direct bank. It also offers registered investment adviser services and an electronic trading platform.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
AX vs ESAB — Head-to-Head
Income Statement — Q2 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $385.1M | $727.8M |
| Net Profit | $128.4M | $54.8M |
| Gross Margin | — | 37.0% |
| Operating Margin | 45.6% | 14.6% |
| Net Margin | 33.3% | 7.5% |
| Revenue YoY | 25.1% | 8.5% |
| Net Profit YoY | 22.6% | 2.1% |
| EPS (diluted) | $2.22 | $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.
| Q4 25 | $385.1M | $727.8M | ||
| Q3 25 | $323.4M | $715.6M | ||
| Q2 25 | $321.4M | $678.1M | ||
| Q1 25 | $308.8M | — | ||
| Q4 24 | $307.9M | $670.8M | ||
| Q3 24 | $320.7M | $673.3M | ||
| Q2 24 | $290.9M | $707.1M | ||
| Q1 24 | $294.8M | $689.7M |
| Q4 25 | $128.4M | $54.8M | ||
| Q3 25 | $112.4M | $66.9M | ||
| Q2 25 | $110.7M | $67.4M | ||
| Q1 25 | $105.2M | — | ||
| Q4 24 | $104.7M | $53.7M | ||
| Q3 24 | $112.3M | $68.2M | ||
| Q2 24 | $104.9M | $82.9M | ||
| Q1 24 | $110.7M | $60.0M |
| 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 24 | — | 37.0% |
| Q4 25 | 45.6% | 14.6% | ||
| Q3 25 | 46.3% | 15.2% | ||
| Q2 25 | 48.5% | 16.2% | ||
| Q1 25 | 47.9% | — | ||
| Q4 24 | 48.8% | 16.6% | ||
| Q3 24 | 49.6% | 15.7% | ||
| Q2 24 | 49.6% | 16.9% | ||
| Q1 24 | 52.8% | 16.0% |
| Q4 25 | 33.3% | 7.5% | ||
| Q3 25 | 34.7% | 9.3% | ||
| Q2 25 | 34.4% | 9.9% | ||
| Q1 25 | 34.1% | — | ||
| Q4 24 | 34.0% | 8.0% | ||
| Q3 24 | 35.0% | 10.1% | ||
| Q2 24 | 36.0% | 11.7% | ||
| Q1 24 | 37.6% | 8.7% |
| Q4 25 | $2.22 | $0.90 | ||
| Q3 25 | $1.94 | $1.09 | ||
| Q2 25 | $1.89 | $1.10 | ||
| Q1 25 | $1.81 | — | ||
| Q4 24 | $1.80 | $0.87 | ||
| Q3 24 | $1.93 | $1.11 | ||
| Q2 24 | $1.75 | $1.35 | ||
| Q1 24 | $1.91 | $0.98 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $218.2M |
| Total DebtLower is stronger | — | $1.3B |
| Stockholders' EquityBook value | $2.9B | $2.1B |
| Total Assets | $28.2B | $4.9B |
| Debt / EquityLower = less leverage | — | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.0B | $218.2M | ||
| Q3 25 | $2.6B | $258.2M | ||
| Q2 25 | $1.9B | $291.3M | ||
| Q1 25 | $2.0B | — | ||
| Q4 24 | $2.4B | $249.4M | ||
| Q3 24 | $2.6B | $253.7M | ||
| Q2 24 | $2.0B | $228.5M | ||
| Q1 24 | $2.1B | $76.5M |
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | $312.7M | $1.1B | ||
| Q1 25 | $377.4M | — | ||
| Q4 24 | $358.7M | $1.1B | ||
| Q3 24 | $313.5M | $1.1B | ||
| Q2 24 | $325.7M | $1.1B | ||
| Q1 24 | $330.4M | $992.8M |
| Q4 25 | $2.9B | $2.1B | ||
| Q3 25 | $2.8B | $2.1B | ||
| Q2 25 | $2.7B | $1.9B | ||
| Q1 25 | $2.6B | — | ||
| Q4 24 | $2.5B | $1.8B | ||
| Q3 24 | $2.4B | $1.8B | ||
| Q2 24 | $2.3B | $1.7B | ||
| Q1 24 | $2.2B | $1.6B |
| Q4 25 | $28.2B | $4.9B | ||
| Q3 25 | $27.4B | $4.4B | ||
| Q2 25 | $24.8B | $4.2B | ||
| Q1 25 | $24.0B | — | ||
| Q4 24 | $23.7B | $4.0B | ||
| Q3 24 | $23.6B | $4.1B | ||
| Q2 24 | $22.9B | $4.0B | ||
| Q1 24 | $22.6B | $3.8B |
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | 0.12× | 0.55× | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 0.14× | 0.60× | ||
| Q3 24 | 0.13× | 0.59× | ||
| Q2 24 | 0.14× | 0.63× | ||
| Q1 24 | 0.15× | 0.61× |
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 | $104.1M | $81.5M |
| Free Cash FlowOCF − Capex | $85.4M | $70.3M |
| FCF MarginFCF / Revenue | 22.2% | 9.7% |
| Capex IntensityCapex / Revenue | 4.9% | 1.5% |
| Cash ConversionOCF / Net Profit | 0.81× | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | $695.9M | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $104.1M | $81.5M | ||
| Q3 25 | $118.4M | $46.6M | ||
| Q2 25 | $490.3M | $35.4M | ||
| Q1 25 | $73.7M | — | ||
| Q4 24 | $162.5M | $126.9M | ||
| Q3 24 | $70.8M | $101.0M | ||
| Q2 24 | $305.5M | $83.0M | ||
| Q1 24 | $115.8M | $44.5M |
| Q4 25 | $85.4M | $70.3M | ||
| Q3 25 | $109.3M | $37.4M | ||
| Q2 25 | $436.1M | $28.1M | ||
| Q1 25 | $65.1M | — | ||
| Q4 24 | $156.4M | $102.2M | ||
| Q3 24 | $53.0M | $90.4M | ||
| Q2 24 | $269.5M | $74.0M | ||
| Q1 24 | $107.3M | $37.1M |
| Q4 25 | 22.2% | 9.7% | ||
| Q3 25 | 33.8% | 5.2% | ||
| Q2 25 | 135.7% | 4.1% | ||
| Q1 25 | 21.1% | — | ||
| Q4 24 | 50.8% | 15.2% | ||
| Q3 24 | 16.5% | 13.4% | ||
| Q2 24 | 92.6% | 10.5% | ||
| Q1 24 | 36.4% | 5.4% |
| Q4 25 | 4.9% | 1.5% | ||
| Q3 25 | 2.8% | 1.3% | ||
| Q2 25 | 16.9% | 1.1% | ||
| Q1 25 | 2.8% | — | ||
| Q4 24 | 2.0% | 3.7% | ||
| Q3 24 | 5.5% | 1.6% | ||
| Q2 24 | 12.4% | 1.3% | ||
| Q1 24 | 2.9% | 1.1% |
| Q4 25 | 0.81× | 1.49× | ||
| Q3 25 | 1.05× | 0.70× | ||
| Q2 25 | 4.43× | 0.53× | ||
| Q1 25 | 0.70× | — | ||
| Q4 24 | 1.55× | 2.36× | ||
| Q3 24 | 0.63× | 1.48× | ||
| Q2 24 | 2.91× | 1.00× | ||
| Q1 24 | 1.05× | 0.74× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AX
Segment breakdown not available.
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
