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Side-by-side financial comparison of ESAB Corp (ESAB) and Incyte (INCY). Click either name above to swap in a different company.
Incyte is the larger business by last-quarter revenue ($1.3B vs $727.8M, roughly 1.7× ESAB Corp). Incyte runs the higher net margin — 23.8% vs 7.5%, a 16.3% gap on every dollar of revenue. On growth, Incyte posted the faster year-over-year revenue change (20.9% vs 8.5%). Over the past eight quarters, Incyte's revenue compounded faster (10.4% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Incyte Corporation is an American multinational pharmaceutical company with headquarters in Wilmington, Delaware. The company currently operates manufacturing and R&D locations in North America, Europe, and Asia.
ESAB vs INCY — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $1.3B |
| Net Profit | $54.8M | $303.3M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 23.7% |
| Net Margin | 7.5% | 23.8% |
| Revenue YoY | 8.5% | 20.9% |
| Net Profit YoY | 2.1% | 91.7% |
| EPS (diluted) | $0.90 | $1.47 |
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 | — | $1.3B | ||
| Q4 25 | $727.8M | $1.5B | ||
| Q3 25 | $715.6M | $1.4B | ||
| Q2 25 | $678.1M | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $670.8M | $1.2B | ||
| Q3 24 | $673.3M | $1.1B | ||
| Q2 24 | $707.1M | $1.0B |
| Q1 26 | — | $303.3M | ||
| Q4 25 | $54.8M | $299.3M | ||
| Q3 25 | $66.9M | $424.2M | ||
| Q2 25 | $67.4M | $405.0M | ||
| Q1 25 | — | $158.2M | ||
| Q4 24 | $53.7M | $201.2M | ||
| Q3 24 | $68.2M | $106.5M | ||
| Q2 24 | $82.9M | $-444.6M |
| Q1 26 | — | — | ||
| Q4 25 | 37.0% | 92.0% | ||
| Q3 25 | 37.2% | 92.8% | ||
| Q2 25 | 37.6% | 93.5% | ||
| Q1 25 | — | 93.0% | ||
| Q4 24 | 38.5% | 92.5% | ||
| Q3 24 | 37.7% | 92.4% | ||
| Q2 24 | 38.2% | 92.7% |
| Q1 26 | — | 23.7% | ||
| Q4 25 | 14.6% | 22.3% | ||
| Q3 25 | 15.2% | 32.5% | ||
| Q2 25 | 16.2% | 43.6% | ||
| Q1 25 | — | 19.5% | ||
| Q4 24 | 16.6% | 25.6% | ||
| Q3 24 | 15.7% | 12.8% | ||
| Q2 24 | 16.9% | -45.8% |
| Q1 26 | — | 23.8% | ||
| Q4 25 | 7.5% | 19.9% | ||
| Q3 25 | 9.3% | 31.1% | ||
| Q2 25 | 9.9% | 33.3% | ||
| Q1 25 | — | 15.0% | ||
| Q4 24 | 8.0% | 17.1% | ||
| Q3 24 | 10.1% | 9.4% | ||
| Q2 24 | 11.7% | -42.6% |
| Q1 26 | — | $1.47 | ||
| Q4 25 | $0.90 | $1.46 | ||
| Q3 25 | $1.09 | $2.11 | ||
| Q2 25 | $1.10 | $2.04 | ||
| Q1 25 | — | $0.80 | ||
| Q4 24 | $0.87 | $0.90 | ||
| Q3 24 | $1.11 | $0.54 | ||
| Q2 24 | $1.35 | $-2.04 |
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 | — |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $5.6B |
| Total Assets | $4.9B | $7.3B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $218.2M | $3.1B | ||
| Q3 25 | $258.2M | $2.5B | ||
| Q2 25 | $291.3M | $2.0B | ||
| Q1 25 | — | $1.9B | ||
| Q4 24 | $249.4M | $1.7B | ||
| Q3 24 | $253.7M | $1.3B | ||
| Q2 24 | $228.5M | $987.3M |
| Q1 26 | — | — | ||
| 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 | — | $5.6B | ||
| Q4 25 | $2.1B | $5.2B | ||
| Q3 25 | $2.1B | $4.7B | ||
| Q2 25 | $1.9B | $4.2B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $1.8B | $3.4B | ||
| Q3 24 | $1.8B | $3.2B | ||
| Q2 24 | $1.7B | $3.0B |
| Q1 26 | — | $7.3B | ||
| Q4 25 | $4.9B | $7.0B | ||
| Q3 25 | $4.4B | $6.3B | ||
| Q2 25 | $4.2B | $5.8B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $4.0B | $5.4B | ||
| Q3 24 | $4.1B | $5.0B | ||
| Q2 24 | $4.0B | $4.7B |
| Q1 26 | — | — | ||
| 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 | $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 | $543.3M | ||
| Q3 25 | $46.6M | $559.4M | ||
| Q2 25 | $35.4M | $44.7M | ||
| Q1 25 | — | $266.1M | ||
| Q4 24 | $126.9M | $381.2M | ||
| Q3 24 | $101.0M | $310.9M | ||
| Q2 24 | $83.0M | $-575.6M |
| 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 | — | — | ||
| 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 | — | — | ||
| Q4 25 | 1.49× | 1.82× | ||
| Q3 25 | 0.70× | 1.32× | ||
| Q2 25 | 0.53× | 0.11× | ||
| Q1 25 | — | 1.68× | ||
| Q4 24 | 2.36× | 1.89× | ||
| Q3 24 | 1.48× | 2.92× | ||
| Q2 24 | 1.00× | — |
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% |
INCY
Segment breakdown not available.
