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Side-by-side financial comparison of ESAB Corp (ESAB) and MASIMO CORP (MASI). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $371.5M, roughly 2.0× MASIMO CORP). ESAB Corp runs the higher net margin — 7.5% vs -27.0%, a 34.6% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs -26.4%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $50.9M). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs -17.7%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Masimo Corporation is an American health technology and consumer electronics company headquartered in Irvine, California. The company develops patient monitoring devices, non-invasive sensors, and related software platforms used in hospital and home settings. Masimo has also operated in the consumer audio and wearable device markets.
ESAB vs MASI — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $371.5M |
| Net Profit | $54.8M | $-100.4M |
| Gross Margin | 37.0% | 62.1% |
| Operating Margin | 14.6% | 22.5% |
| Net Margin | 7.5% | -27.0% |
| Revenue YoY | 8.5% | -26.4% |
| Net Profit YoY | 2.1% | -1124.5% |
| EPS (diluted) | $0.90 | $-1.84 |
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.
| Q4 25 | $727.8M | — | ||
| Q3 25 | $715.6M | $371.5M | ||
| Q2 25 | $678.1M | $370.9M | ||
| Q1 25 | — | $372.0M | ||
| Q4 24 | $670.8M | $600.7M | ||
| Q3 24 | $673.3M | $504.6M | ||
| Q2 24 | $707.1M | $496.3M | ||
| Q1 24 | $689.7M | $492.8M |
| Q4 25 | $54.8M | — | ||
| Q3 25 | $66.9M | $-100.4M | ||
| Q2 25 | $67.4M | $51.3M | ||
| Q1 25 | — | $-170.7M | ||
| Q4 24 | $53.7M | $-349.6M | ||
| Q3 24 | $68.2M | $9.8M | ||
| Q2 24 | $82.9M | $16.0M | ||
| Q1 24 | $60.0M | $18.9M |
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | 62.1% | ||
| Q2 25 | 37.6% | 62.9% | ||
| Q1 25 | — | 62.9% | ||
| Q4 24 | 38.5% | 40.7% | ||
| Q3 24 | 37.7% | 52.2% | ||
| Q2 24 | 38.2% | 51.3% | ||
| Q1 24 | 37.0% | 49.0% |
| Q4 25 | 14.6% | — | ||
| Q3 25 | 15.2% | 22.5% | ||
| Q2 25 | 16.2% | 17.4% | ||
| Q1 25 | — | 21.0% | ||
| Q4 24 | 16.6% | -59.8% | ||
| Q3 24 | 15.7% | 6.0% | ||
| Q2 24 | 16.9% | 5.7% | ||
| Q1 24 | 16.0% | 6.9% |
| Q4 25 | 7.5% | — | ||
| Q3 25 | 9.3% | -27.0% | ||
| Q2 25 | 9.9% | 13.8% | ||
| Q1 25 | — | -45.9% | ||
| Q4 24 | 8.0% | -58.2% | ||
| Q3 24 | 10.1% | 1.9% | ||
| Q2 24 | 11.7% | 3.2% | ||
| Q1 24 | 8.7% | 3.8% |
| Q4 25 | $0.90 | — | ||
| Q3 25 | $1.09 | $-1.84 | ||
| Q2 25 | $1.10 | $0.94 | ||
| Q1 25 | — | $-3.12 | ||
| Q4 24 | $0.87 | $-6.54 | ||
| Q3 24 | $1.11 | $0.18 | ||
| Q2 24 | $1.35 | $0.29 | ||
| Q1 24 | $0.98 | $0.35 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $218.2M | $312.3M |
| Total DebtLower is stronger | $1.3B | $559.1M |
| Stockholders' EquityBook value | $2.1B | $810.0M |
| Total Assets | $4.9B | $1.8B |
| Debt / EquityLower = less leverage | 0.63× | 0.69× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | $312.3M | ||
| Q2 25 | $291.3M | $149.6M | ||
| Q1 25 | — | $130.8M | ||
| Q4 24 | $249.4M | $177.6M | ||
| Q3 24 | $253.7M | $158.5M | ||
| Q2 24 | $228.5M | $129.6M | ||
| Q1 24 | $76.5M | $157.6M |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | $559.1M | ||
| Q2 25 | $1.1B | $613.7M | ||
| Q1 25 | — | $651.0M | ||
| Q4 24 | $1.1B | $765.2M | ||
| Q3 24 | $1.1B | $772.6M | ||
| Q2 24 | $1.1B | $781.6M | ||
| Q1 24 | $992.8M | $876.0M |
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $810.0M | ||
| Q2 25 | $1.9B | $1.0B | ||
| Q1 25 | — | $946.4M | ||
| Q4 24 | $1.8B | $1.1B | ||
| Q3 24 | $1.8B | $1.5B | ||
| Q2 24 | $1.7B | $1.4B | ||
| Q1 24 | $1.6B | $1.4B |
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.4B | $1.8B | ||
| Q2 25 | $4.2B | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $4.0B | $2.6B | ||
| Q3 24 | $4.1B | $3.1B | ||
| Q2 24 | $4.0B | $2.9B | ||
| Q1 24 | $3.8B | $3.0B |
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | 0.69× | ||
| Q2 25 | 0.55× | 0.59× | ||
| Q1 25 | — | 0.69× | ||
| Q4 24 | 0.60× | 0.73× | ||
| Q3 24 | 0.59× | 0.53× | ||
| Q2 24 | 0.63× | 0.57× | ||
| Q1 24 | 0.61× | 0.64× |
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 | $56.8M |
| Free Cash FlowOCF − Capex | $70.3M | $50.9M |
| FCF MarginFCF / Revenue | 9.7% | 13.7% |
| Capex IntensityCapex / Revenue | 1.5% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $191.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | — | ||
| Q3 25 | $46.6M | $56.8M | ||
| Q2 25 | $35.4M | $69.4M | ||
| Q1 25 | — | $31.1M | ||
| Q4 24 | $126.9M | $50.5M | ||
| Q3 24 | $101.0M | $25.6M | ||
| Q2 24 | $83.0M | $74.5M | ||
| Q1 24 | $44.5M | $45.8M |
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | $50.9M | ||
| Q2 25 | $28.1M | $65.6M | ||
| Q1 25 | — | $28.5M | ||
| Q4 24 | $102.2M | $46.0M | ||
| Q3 24 | $90.4M | $16.9M | ||
| Q2 24 | $74.0M | $66.9M | ||
| Q1 24 | $37.1M | $37.6M |
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | 13.7% | ||
| Q2 25 | 4.1% | 17.7% | ||
| Q1 25 | — | 7.7% | ||
| Q4 24 | 15.2% | 7.7% | ||
| Q3 24 | 13.4% | 3.3% | ||
| Q2 24 | 10.5% | 13.5% | ||
| Q1 24 | 5.4% | 7.6% |
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | 1.6% | ||
| Q2 25 | 1.1% | 1.0% | ||
| Q1 25 | — | 0.7% | ||
| Q4 24 | 3.7% | 0.7% | ||
| Q3 24 | 1.6% | 1.7% | ||
| Q2 24 | 1.3% | 1.5% | ||
| Q1 24 | 1.1% | 1.7% |
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | 1.35× | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 1.48× | 2.61× | ||
| Q2 24 | 1.00× | 4.66× | ||
| Q1 24 | 0.74× | 2.42× |
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% |
MASI
Segment breakdown not available.
