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Side-by-side financial comparison of ESAB Corp (ESAB) and Liberty Energy Inc. (LBRT). Click either name above to swap in a different company.
Liberty Energy Inc. is the larger business by last-quarter revenue ($1.0B vs $727.8M, roughly 1.4× ESAB Corp). ESAB Corp runs the higher net margin — 7.5% vs 2.2%, a 5.3% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 4.5%). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs -6.2%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Liberty Energy Inc. is a North American energy services provider specializing in hydraulic fracturing and well completion solutions for oil and gas operators. It serves clients across major U.S. shale basins, offering low-emission equipment and tailored support to optimize well productivity.
ESAB vs LBRT — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $1.0B |
| Net Profit | $54.8M | $22.6M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 2.2% |
| Net Margin | 7.5% | 2.2% |
| Revenue YoY | 8.5% | 4.5% |
| Net Profit YoY | 2.1% | — |
| EPS (diluted) | $0.90 | $0.14 |
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 | — | $1.0B | ||
| Q4 25 | $727.8M | $1.0B | ||
| Q3 25 | $715.6M | $947.4M | ||
| Q2 25 | $678.1M | $1.0B | ||
| Q1 25 | — | $977.5M | ||
| Q4 24 | $670.8M | $943.6M | ||
| Q3 24 | $673.3M | $1.1B | ||
| Q2 24 | $707.1M | $1.2B |
| Q1 26 | — | $22.6M | ||
| Q4 25 | $54.8M | $13.7M | ||
| Q3 25 | $66.9M | $43.1M | ||
| Q2 25 | $67.4M | $71.0M | ||
| Q1 25 | — | $20.1M | ||
| Q4 24 | $53.7M | $51.9M | ||
| Q3 24 | $68.2M | $73.8M | ||
| Q2 24 | $82.9M | $108.4M |
| Q1 26 | — | — | ||
| Q4 25 | 37.0% | 20.6% | ||
| Q3 25 | 37.2% | 18.7% | ||
| Q2 25 | 37.6% | 22.1% | ||
| Q1 25 | — | 22.1% | ||
| Q4 24 | 38.5% | 21.4% | ||
| Q3 24 | 37.7% | 26.2% | ||
| Q2 24 | 38.2% | 27.9% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 14.6% | 1.9% | ||
| Q3 25 | 15.2% | -0.3% | ||
| Q2 25 | 16.2% | 3.6% | ||
| Q1 25 | — | 1.9% | ||
| Q4 24 | 16.6% | 2.6% | ||
| Q3 24 | 15.7% | 9.4% | ||
| Q2 24 | 16.9% | 12.2% |
| Q1 26 | — | 2.2% | ||
| Q4 25 | 7.5% | 1.3% | ||
| Q3 25 | 9.3% | 4.5% | ||
| Q2 25 | 9.9% | 6.8% | ||
| Q1 25 | — | 2.1% | ||
| Q4 24 | 8.0% | 5.5% | ||
| Q3 24 | 10.1% | 6.5% | ||
| Q2 24 | 11.7% | 9.3% |
| Q1 26 | — | $0.14 | ||
| Q4 25 | $0.90 | $0.08 | ||
| Q3 25 | $1.09 | $0.26 | ||
| Q2 25 | $1.10 | $0.43 | ||
| Q1 25 | — | $0.12 | ||
| Q4 24 | $0.87 | $0.31 | ||
| Q3 24 | $1.11 | $0.44 | ||
| Q2 24 | $1.35 | $0.64 |
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 | $699.1M |
| Total DebtLower is stronger | $1.3B | $7.1M |
| Stockholders' EquityBook value | $2.1B | $1.9B |
| Total Assets | $4.9B | $4.4B |
| Debt / EquityLower = less leverage | 0.63× | 0.00× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $699.1M | ||
| Q4 25 | $218.2M | $27.6M | ||
| Q3 25 | $258.2M | $13.5M | ||
| Q2 25 | $291.3M | $19.6M | ||
| Q1 25 | — | $24.1M | ||
| Q4 24 | $249.4M | $20.0M | ||
| Q3 24 | $253.7M | $23.0M | ||
| Q2 24 | $228.5M | $30.0M |
| Q1 26 | — | $7.1M | ||
| Q4 25 | $1.3B | $246.6M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | $190.5M | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | — | $1.9B | ||
| Q4 25 | $2.1B | $2.1B | ||
| Q3 25 | $2.1B | $2.1B | ||
| Q2 25 | $1.9B | $2.0B | ||
| Q1 25 | — | $2.0B | ||
| Q4 24 | $1.8B | $2.0B | ||
| Q3 24 | $1.8B | $2.0B | ||
| Q2 24 | $1.7B | $1.9B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $4.9B | $3.6B | ||
| Q3 25 | $4.4B | $3.5B | ||
| Q2 25 | $4.2B | $3.4B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $4.0B | $3.3B | ||
| Q3 24 | $4.1B | $3.3B | ||
| Q2 24 | $4.0B | $3.2B |
| Q1 26 | — | 0.00× | ||
| Q4 25 | 0.63× | 0.12× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.60× | 0.10× | ||
| 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% | 13.1% |
| 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 | $195.4M | ||
| Q3 25 | $46.6M | $51.5M | ||
| Q2 25 | $35.4M | $170.6M | ||
| Q1 25 | — | $192.1M | ||
| Q4 24 | $126.9M | $177.3M | ||
| Q3 24 | $101.0M | $244.5M | ||
| Q2 24 | $83.0M | $248.2M |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | $-10.0M | ||
| Q3 25 | $37.4M | $-67.2M | ||
| Q2 25 | $28.1M | $33.1M | ||
| Q1 25 | — | $58.2M | ||
| Q4 24 | $102.2M | $-26.2M | ||
| Q3 24 | $90.4M | $77.9M | ||
| Q2 24 | $74.0M | $112.2M |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | -1.0% | ||
| Q3 25 | 5.2% | -7.1% | ||
| Q2 25 | 4.1% | 3.2% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | 15.2% | -2.8% | ||
| Q3 24 | 13.4% | 6.8% | ||
| Q2 24 | 10.5% | 9.7% |
| Q1 26 | — | 13.1% | ||
| Q4 25 | 1.5% | 19.8% | ||
| Q3 25 | 1.3% | 12.5% | ||
| Q2 25 | 1.1% | 13.2% | ||
| Q1 25 | — | 13.7% | ||
| Q4 24 | 3.7% | 21.6% | ||
| Q3 24 | 1.6% | 14.6% | ||
| Q2 24 | 1.3% | 11.7% |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 14.28× | ||
| Q3 25 | 0.70× | 1.20× | ||
| Q2 25 | 0.53× | 2.40× | ||
| Q1 25 | — | 9.55× | ||
| Q4 24 | 2.36× | 3.42× | ||
| Q3 24 | 1.48× | 3.31× | ||
| Q2 24 | 1.00× | 2.29× |
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% |
LBRT
Segment breakdown not available.
