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Side-by-side financial comparison of ESAB Corp (ESAB) and GRAY MEDIA, INC (GTN). Click either name above to swap in a different company.
GRAY MEDIA, INC is the larger business by last-quarter revenue ($792.0M vs $745.6M, roughly 1.1× ESAB Corp). ESAB Corp runs the higher net margin — 6.6% vs -1.3%, a 7.9% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (9.9% vs -24.2%). Over the past eight quarters, ESAB Corp's revenue compounded faster (4.0% CAGR vs -1.9%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Gray Media, Inc. is an American publicly traded television broadcasting company based in Atlanta. Founded in 1946 by James Harrison Gray as Gray Communications Systems, the company is the third-largest television station operator in the United States by number of stations, owning or operating 180 stations across the United States in 113 markets. Its station base consists of media markets ranging from as large as Atlanta to one of the smallest markets, North Platte, Nebraska.
ESAB vs GTN — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $745.6M | $792.0M |
| Net Profit | $49.2M | $-10.0M |
| Gross Margin | 36.9% | — |
| Operating Margin | 12.1% | 14.6% |
| Net Margin | 6.6% | -1.3% |
| Revenue YoY | 9.9% | -24.2% |
| Net Profit YoY | -29.3% | -105.9% |
| EPS (diluted) | $0.78 | $-0.23 |
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 | $745.6M | — | ||
| Q4 25 | $727.8M | $792.0M | ||
| Q3 25 | $715.6M | $749.0M | ||
| Q2 25 | $678.1M | $772.0M | ||
| Q1 25 | — | $782.0M | ||
| Q4 24 | $670.8M | $1.0B | ||
| Q3 24 | $673.3M | $950.0M | ||
| Q2 24 | $707.1M | $826.0M |
| Q1 26 | $49.2M | — | ||
| Q4 25 | $54.8M | $-10.0M | ||
| Q3 25 | $66.9M | $-10.0M | ||
| Q2 25 | $67.4M | $-56.0M | ||
| Q1 25 | — | $-9.0M | ||
| Q4 24 | $53.7M | $169.0M | ||
| Q3 24 | $68.2M | $96.0M | ||
| Q2 24 | $82.9M | $22.0M |
| Q1 26 | 36.9% | — | ||
| 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 | 12.1% | — | ||
| Q4 25 | 14.6% | 14.6% | ||
| Q3 25 | 15.2% | 13.6% | ||
| Q2 25 | 16.2% | 10.6% | ||
| Q1 25 | — | 11.8% | ||
| Q4 24 | 16.6% | 31.1% | ||
| Q3 24 | 15.7% | 26.3% | ||
| Q2 24 | 16.9% | 18.4% |
| Q1 26 | 6.6% | — | ||
| Q4 25 | 7.5% | -1.3% | ||
| Q3 25 | 9.3% | -1.3% | ||
| Q2 25 | 9.9% | -7.3% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | 8.0% | 16.2% | ||
| Q3 24 | 10.1% | 10.1% | ||
| Q2 24 | 11.7% | 2.7% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.90 | $-0.23 | ||
| Q3 25 | $1.09 | $-0.24 | ||
| Q2 25 | $1.10 | $-0.71 | ||
| Q1 25 | — | $-0.23 | ||
| Q4 24 | $0.87 | $1.62 | ||
| Q3 24 | $1.11 | $0.86 | ||
| Q2 24 | $1.35 | $0.09 |
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 | $368.0M |
| Total DebtLower is stronger | $2.0B | $5.7B |
| Stockholders' EquityBook value | $2.2B | $2.2B |
| Total Assets | $5.6B | $10.4B |
| Debt / EquityLower = less leverage | 0.91× | 2.65× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $218.2M | $368.0M | ||
| Q3 25 | $258.2M | $182.0M | ||
| Q2 25 | $291.3M | $199.0M | ||
| Q1 25 | — | $210.0M | ||
| Q4 24 | $249.4M | $135.0M | ||
| Q3 24 | $253.7M | $69.0M | ||
| Q2 24 | $228.5M | $75.0M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $5.7B | ||
| Q3 25 | $1.1B | $5.6B | ||
| Q2 25 | $1.1B | $5.6B | ||
| Q1 25 | — | $5.6B | ||
| Q4 24 | $1.1B | $5.5B | ||
| Q3 24 | $1.1B | $5.9B | ||
| Q2 24 | $1.1B | $6.1B |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.1B | $2.2B | ||
| Q3 25 | $2.1B | $2.2B | ||
| Q2 25 | $1.9B | $2.2B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.8B | $2.1B | ||
| Q2 24 | $1.7B | $2.1B |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $4.9B | $10.4B | ||
| Q3 25 | $4.4B | $10.3B | ||
| Q2 25 | $4.2B | $10.4B | ||
| Q1 25 | — | $10.4B | ||
| Q4 24 | $4.0B | $10.5B | ||
| Q3 24 | $4.1B | $10.6B | ||
| Q2 24 | $4.0B | $10.6B |
| Q1 26 | 0.91× | — | ||
| Q4 25 | 0.63× | 2.65× | ||
| Q3 25 | 0.51× | 2.59× | ||
| Q2 25 | 0.55× | 2.57× | ||
| Q1 25 | — | 2.48× | ||
| Q4 24 | 0.60× | 2.41× | ||
| Q3 24 | 0.59× | 2.77× | ||
| Q2 24 | 0.63× | 2.97× |
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 | $46.9M | $112.0M |
| Free Cash FlowOCF − Capex | — | $69.0M |
| FCF MarginFCF / Revenue | — | 8.7% |
| Capex IntensityCapex / Revenue | — | 5.4% |
| Cash ConversionOCF / Net Profit | 0.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $181.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $46.9M | — | ||
| Q4 25 | $81.5M | $112.0M | ||
| Q3 25 | $46.6M | $14.0M | ||
| Q2 25 | $35.4M | $31.0M | ||
| Q1 25 | — | $132.0M | ||
| Q4 24 | $126.9M | $368.0M | ||
| Q3 24 | $101.0M | $297.0M | ||
| Q2 24 | $83.0M | $18.0M |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | $69.0M | ||
| Q3 25 | $37.4M | $-11.0M | ||
| Q2 25 | $28.1M | $6.0M | ||
| Q1 25 | — | $117.0M | ||
| Q4 24 | $102.2M | $328.0M | ||
| Q3 24 | $90.4M | $257.0M | ||
| Q2 24 | $74.0M | $-11.0M |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | 8.7% | ||
| Q3 25 | 5.2% | -1.5% | ||
| Q2 25 | 4.1% | 0.8% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | 15.2% | 31.4% | ||
| Q3 24 | 13.4% | 27.1% | ||
| Q2 24 | 10.5% | -1.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 5.4% | ||
| Q3 25 | 1.3% | 3.3% | ||
| Q2 25 | 1.1% | 3.2% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 3.7% | 3.8% | ||
| Q3 24 | 1.6% | 4.2% | ||
| Q2 24 | 1.3% | 3.5% |
| Q1 26 | 0.95× | — | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | 2.18× | ||
| Q3 24 | 1.48× | 3.09× | ||
| Q2 24 | 1.00× | 0.82× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ESAB
Segment breakdown not available.
GTN
| Core Advertising | $392.0M | 49% |
| Retransmission Consent | $335.0M | 42% |
| Production Companies Segment | $37.0M | 5% |
| Service Other | $16.0M | 2% |
| Political Advertising | $12.0M | 2% |
