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Side-by-side financial comparison of ESAB Corp (ESAB) and Gaming & Leisure Properties, Inc. (GLPI). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $420.0M, roughly 1.7× Gaming & Leisure Properties, Inc.). Gaming & Leisure Properties, Inc. runs the higher net margin — 57.0% vs 7.5%, a 49.5% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 6.3%). Over the past eight quarters, Gaming & Leisure Properties, Inc.'s revenue compounded faster (5.0% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Gaming and Leisure Properties, Inc. is a real estate investment trust (REIT) specializing in casino properties, based in Wyomissing, Pennsylvania. It was formed in November 2013 as a corporate spin-off from Penn National Gaming. The company owns 62 casino properties, all of which are leased to other companies.
ESAB vs GLPI — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $420.0M |
| Net Profit | $54.8M | $239.4M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 79.4% |
| Net Margin | 7.5% | 57.0% |
| Revenue YoY | 8.5% | 6.3% |
| Net Profit YoY | 2.1% | 40.5% |
| EPS (diluted) | $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 | — | $420.0M | ||
| Q4 25 | $727.8M | $407.0M | ||
| Q3 25 | $715.6M | $397.6M | ||
| Q2 25 | $678.1M | $394.9M | ||
| Q1 25 | — | $395.2M | ||
| Q4 24 | $670.8M | $389.6M | ||
| Q3 24 | $673.3M | $385.3M | ||
| Q2 24 | $707.1M | $380.6M |
| Q1 26 | — | $239.4M | ||
| Q4 25 | $54.8M | $275.4M | ||
| Q3 25 | $66.9M | $241.2M | ||
| Q2 25 | $67.4M | $151.4M | ||
| Q1 25 | — | $165.2M | ||
| Q4 24 | $53.7M | $223.6M | ||
| Q3 24 | $68.2M | $184.7M | ||
| Q2 24 | $82.9M | $208.3M |
| 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 | — | 79.4% | ||
| Q4 25 | 14.6% | 89.3% | ||
| Q3 25 | 15.2% | 84.8% | ||
| Q2 25 | 16.2% | 61.3% | ||
| Q1 25 | — | 65.5% | ||
| Q4 24 | 16.6% | 79.1% | ||
| Q3 24 | 15.7% | 70.4% | ||
| Q2 24 | 16.9% | 77.1% |
| Q1 26 | — | 57.0% | ||
| Q4 25 | 7.5% | 67.6% | ||
| Q3 25 | 9.3% | 60.7% | ||
| Q2 25 | 9.9% | 38.4% | ||
| Q1 25 | — | 41.8% | ||
| Q4 24 | 8.0% | 57.4% | ||
| Q3 24 | 10.1% | 47.9% | ||
| Q2 24 | 11.7% | 54.7% |
| Q1 26 | — | — | ||
| Q4 25 | $0.90 | $0.96 | ||
| Q3 25 | $1.09 | $0.85 | ||
| Q2 25 | $1.10 | $0.54 | ||
| Q1 25 | — | $0.60 | ||
| Q4 24 | $0.87 | $0.79 | ||
| Q3 24 | $1.11 | $0.67 | ||
| Q2 24 | $1.35 | $0.77 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $218.2M | $274.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $5.0B |
| Total Assets | $4.9B | $13.8B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $274.5M | ||
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | — | ||
| Q2 25 | $291.3M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $249.4M | $560.8M | ||
| Q3 24 | $253.7M | $560.8M | ||
| Q2 24 | $228.5M | $560.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $7.2B | ||
| Q3 25 | $1.1B | $7.2B | ||
| Q2 25 | $1.1B | $6.9B | ||
| Q1 25 | — | $6.9B | ||
| Q4 24 | $1.1B | $7.7B | ||
| Q3 24 | $1.1B | $7.4B | ||
| Q2 24 | $1.1B | $6.6B |
| Q1 26 | — | $5.0B | ||
| Q4 25 | $2.1B | $4.6B | ||
| Q3 25 | $2.1B | $4.6B | ||
| Q2 25 | $1.9B | $4.6B | ||
| Q1 25 | — | $4.2B | ||
| Q4 24 | $1.8B | $4.3B | ||
| Q3 24 | $1.8B | $4.3B | ||
| Q2 24 | $1.7B | $4.1B |
| Q1 26 | — | $13.8B | ||
| Q4 25 | $4.9B | $12.9B | ||
| Q3 25 | $4.4B | $12.8B | ||
| Q2 25 | $4.2B | $12.5B | ||
| Q1 25 | — | $12.1B | ||
| Q4 24 | $4.0B | $13.1B | ||
| Q3 24 | $4.1B | $12.7B | ||
| Q2 24 | $4.0B | $11.8B |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 1.56× | ||
| Q3 25 | 0.51× | 1.57× | ||
| Q2 25 | 0.55× | 1.51× | ||
| Q1 25 | — | 1.63× | ||
| Q4 24 | 0.60× | 1.81× | ||
| Q3 24 | 0.59× | 1.74× | ||
| Q2 24 | 0.63× | 1.60× |
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 | $70.3M | — |
| FCF MarginFCF / Revenue | 9.7% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $81.5M | $1.1B | ||
| Q3 25 | $46.6M | $240.3M | ||
| Q2 25 | $35.4M | $293.4M | ||
| Q1 25 | — | $252.5M | ||
| Q4 24 | $126.9M | $1.1B | ||
| Q3 24 | $101.0M | $270.4M | ||
| Q2 24 | $83.0M | $252.1M |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | $183.0M | ||
| Q2 25 | $28.1M | $272.3M | ||
| Q1 25 | — | $239.6M | ||
| Q4 24 | $102.2M | $1.1B | ||
| Q3 24 | $90.4M | $261.5M | ||
| Q2 24 | $74.0M | $245.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | 46.0% | ||
| Q2 25 | 4.1% | 69.0% | ||
| Q1 25 | — | 60.6% | ||
| Q4 24 | 15.2% | 275.3% | ||
| Q3 24 | 13.4% | 67.9% | ||
| Q2 24 | 10.5% | 64.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | 14.4% | ||
| Q2 25 | 1.1% | 5.3% | ||
| Q1 25 | — | 3.3% | ||
| Q4 24 | 3.7% | 0.0% | ||
| Q3 24 | 1.6% | 2.3% | ||
| Q2 24 | 1.3% | 1.9% |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 4.10× | ||
| Q3 25 | 0.70× | 1.00× | ||
| Q2 25 | 0.53× | 1.94× | ||
| Q1 25 | — | 1.53× | ||
| Q4 24 | 2.36× | 4.80× | ||
| Q3 24 | 1.48× | 1.46× | ||
| Q2 24 | 1.00× | 1.21× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESAB
| Consumable Products | $477.9M | 66% |
| Equipment Products | $249.9M | 34% |
GLPI
Segment breakdown not available.
