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Side-by-side financial comparison of BELDEN INC. (BDC) 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 $696.4M, roughly 1.0× BELDEN INC.). ESAB Corp runs the higher net margin — 7.5% vs 7.3%, a 0.2% gap on every dollar of revenue. On growth, BELDEN INC. posted the faster year-over-year revenue change (11.4% vs 8.5%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $-63.1M). Over the past eight quarters, BELDEN INC.'s revenue compounded faster (7.3% CAGR vs 2.8%).
Belden Inc. is an American, multinational, publicly traded company specializing in the design, manufacture, and distribution of end-to-end networking, security and connectivity products. The company serves the Industrial Automation Solutions, Smart Buildings and Broadband & 5G markets.
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
BDC vs ESAB — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $696.4M | $727.8M |
| Net Profit | $51.0M | $54.8M |
| Gross Margin | 37.1% | 37.0% |
| Operating Margin | 11.2% | 14.6% |
| Net Margin | 7.3% | 7.5% |
| Revenue YoY | 11.4% | 8.5% |
| Net Profit YoY | -1.8% | 2.1% |
| EPS (diluted) | $1.30 | $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 | $696.4M | — | ||
| Q4 25 | $720.1M | $727.8M | ||
| Q3 25 | $698.2M | $715.6M | ||
| Q2 25 | $672.0M | $678.1M | ||
| Q1 25 | $624.9M | — | ||
| Q4 24 | $666.0M | $670.8M | ||
| Q3 24 | $654.9M | $673.3M | ||
| Q2 24 | $604.3M | $707.1M |
| Q1 26 | $51.0M | — | ||
| Q4 25 | $67.9M | $54.8M | ||
| Q3 25 | $56.7M | $66.9M | ||
| Q2 25 | $61.0M | $67.4M | ||
| Q1 25 | $51.9M | — | ||
| Q4 24 | $58.4M | $53.7M | ||
| Q3 24 | $53.7M | $68.2M | ||
| Q2 24 | $49.0M | $82.9M |
| Q1 26 | 37.1% | — | ||
| Q4 25 | 36.6% | 37.0% | ||
| Q3 25 | 37.7% | 37.2% | ||
| Q2 25 | 38.5% | 37.6% | ||
| Q1 25 | 39.3% | — | ||
| Q4 24 | 37.5% | 38.5% | ||
| Q3 24 | 37.3% | 37.7% | ||
| Q2 24 | 37.5% | 38.2% |
| Q1 26 | 11.2% | — | ||
| Q4 25 | 12.2% | 14.6% | ||
| Q3 25 | 10.9% | 15.2% | ||
| Q2 25 | 11.8% | 16.2% | ||
| Q1 25 | 11.6% | — | ||
| Q4 24 | 10.4% | 16.6% | ||
| Q3 24 | 11.5% | 15.7% | ||
| Q2 24 | 11.4% | 16.9% |
| Q1 26 | 7.3% | — | ||
| Q4 25 | 9.4% | 7.5% | ||
| Q3 25 | 8.1% | 9.3% | ||
| Q2 25 | 9.1% | 9.9% | ||
| Q1 25 | 8.3% | — | ||
| Q4 24 | 8.8% | 8.0% | ||
| Q3 24 | 8.2% | 10.1% | ||
| Q2 24 | 8.1% | 11.7% |
| Q1 26 | $1.30 | — | ||
| Q4 25 | $1.70 | $0.90 | ||
| Q3 25 | $1.41 | $1.09 | ||
| Q2 25 | $1.53 | $1.10 | ||
| Q1 25 | $1.27 | — | ||
| Q4 24 | $1.41 | $0.87 | ||
| Q3 24 | $1.30 | $1.11 | ||
| Q2 24 | $1.19 | $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 | $272.2M | $218.2M |
| Total DebtLower is stronger | $1.3B | $1.3B |
| Stockholders' EquityBook value | $1.3B | $2.1B |
| Total Assets | — | $4.9B |
| Debt / EquityLower = less leverage | 0.98× | 0.63× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $272.2M | — | ||
| Q4 25 | $389.9M | $218.2M | ||
| Q3 25 | $314.3M | $258.2M | ||
| Q2 25 | $301.5M | $291.3M | ||
| Q1 25 | $259.0M | — | ||
| Q4 24 | $370.3M | $249.4M | ||
| Q3 24 | $323.0M | $253.7M | ||
| Q2 24 | $564.8M | $228.5M |
| Q1 26 | $1.3B | — | ||
| Q4 25 | — | $1.3B | ||
| Q3 25 | — | $1.1B | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | — | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B |
| Q1 26 | $1.3B | — | ||
| Q4 25 | $1.3B | $2.1B | ||
| Q3 25 | $1.2B | $2.1B | ||
| Q2 25 | $1.2B | $1.9B | ||
| Q1 25 | $1.2B | — | ||
| Q4 24 | $1.3B | $1.8B | ||
| Q3 24 | $1.2B | $1.8B | ||
| Q2 24 | $1.2B | $1.7B |
| Q1 26 | — | — | ||
| Q4 25 | $3.5B | $4.9B | ||
| Q3 25 | $3.4B | $4.4B | ||
| Q2 25 | $3.4B | $4.2B | ||
| Q1 25 | $3.3B | — | ||
| Q4 24 | $3.3B | $4.0B | ||
| Q3 24 | $3.3B | $4.1B | ||
| Q2 24 | $3.5B | $4.0B |
| Q1 26 | 0.98× | — | ||
| Q4 25 | — | 0.63× | ||
| Q3 25 | — | 0.51× | ||
| Q2 25 | — | 0.55× | ||
| Q1 25 | — | — | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.59× | ||
| Q2 24 | — | 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 | — | $81.5M |
| Free Cash FlowOCF − Capex | $-63.1M | $70.3M |
| FCF MarginFCF / Revenue | -9.1% | 9.7% |
| Capex IntensityCapex / Revenue | 6.4% | 1.5% |
| Cash ConversionOCF / Net Profit | — | 1.49× |
| TTM Free Cash FlowTrailing 4 quarters | $180.4M | $238.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $160.4M | $81.5M | ||
| Q3 25 | $105.0M | $46.6M | ||
| Q2 25 | $82.0M | $35.4M | ||
| Q1 25 | $7.4M | — | ||
| Q4 24 | $174.7M | $126.9M | ||
| Q3 24 | $91.7M | $101.0M | ||
| Q2 24 | $83.0M | $83.0M |
| Q1 26 | $-63.1M | — | ||
| Q4 25 | $121.3M | $70.3M | ||
| Q3 25 | $65.3M | $37.4M | ||
| Q2 25 | $56.9M | $28.1M | ||
| Q1 25 | $-24.8M | — | ||
| Q4 24 | $116.4M | $102.2M | ||
| Q3 24 | $67.2M | $90.4M | ||
| Q2 24 | $61.0M | $74.0M |
| Q1 26 | -9.1% | — | ||
| Q4 25 | 16.8% | 9.7% | ||
| Q3 25 | 9.4% | 5.2% | ||
| Q2 25 | 8.5% | 4.1% | ||
| Q1 25 | -4.0% | — | ||
| Q4 24 | 17.5% | 15.2% | ||
| Q3 24 | 10.3% | 13.4% | ||
| Q2 24 | 10.1% | 10.5% |
| Q1 26 | 6.4% | — | ||
| Q4 25 | 5.4% | 1.5% | ||
| Q3 25 | 5.7% | 1.3% | ||
| Q2 25 | 3.7% | 1.1% | ||
| Q1 25 | 5.2% | — | ||
| Q4 24 | 8.8% | 3.7% | ||
| Q3 24 | 3.7% | 1.6% | ||
| Q2 24 | 3.6% | 1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 2.36× | 1.49× | ||
| Q3 25 | 1.85× | 0.70× | ||
| Q2 25 | 1.34× | 0.53× | ||
| Q1 25 | 0.14× | — | ||
| Q4 24 | 2.99× | 2.36× | ||
| Q3 24 | 1.71× | 1.48× | ||
| Q2 24 | 1.69× | 1.00× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BDC
Segment breakdown not available.
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
