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Side-by-side financial comparison of ESAB Corp (ESAB) and Monolithic Power Systems (MPWR). Click either name above to swap in a different company.
Monolithic Power Systems is the larger business by last-quarter revenue ($804.2M vs $727.8M, roughly 1.1× ESAB Corp). Monolithic Power Systems runs the higher net margin — 24.0% vs 7.5%, a 16.5% gap on every dollar of revenue. On growth, Monolithic Power Systems posted the faster year-over-year revenue change (26.1% vs 8.5%). Over the past eight quarters, Monolithic Power Systems's revenue compounded faster (25.9% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Monolithic Power Systems, Inc. is an American, publicly traded company headquartered in Kirkland, Washington. It operates in more than 15 locations worldwide.
ESAB vs MPWR — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $804.2M |
| Net Profit | $54.8M | $193.2M |
| Gross Margin | 37.0% | 55.3% |
| Operating Margin | 14.6% | 30.0% |
| Net Margin | 7.5% | 24.0% |
| Revenue YoY | 8.5% | 26.1% |
| Net Profit YoY | 2.1% | 43.1% |
| EPS (diluted) | $0.90 | $3.92 |
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 | — | $804.2M | ||
| Q4 25 | $727.8M | $751.2M | ||
| Q3 25 | $715.6M | $737.2M | ||
| Q2 25 | $678.1M | $664.6M | ||
| Q1 25 | — | $637.6M | ||
| Q4 24 | $670.8M | $621.7M | ||
| Q3 24 | $673.3M | $620.1M | ||
| Q2 24 | $707.1M | $507.4M |
| Q1 26 | — | $193.2M | ||
| Q4 25 | $54.8M | $171.7M | ||
| Q3 25 | $66.9M | $179.8M | ||
| Q2 25 | $67.4M | $135.0M | ||
| Q1 25 | — | $135.1M | ||
| Q4 24 | $53.7M | $1.3B | ||
| Q3 24 | $68.2M | $144.4M | ||
| Q2 24 | $82.9M | $100.4M |
| Q1 26 | — | 55.3% | ||
| Q4 25 | 37.0% | 55.2% | ||
| Q3 25 | 37.2% | 55.1% | ||
| Q2 25 | 37.6% | 55.1% | ||
| Q1 25 | — | 55.4% | ||
| Q4 24 | 38.5% | 55.4% | ||
| Q3 24 | 37.7% | 55.4% | ||
| Q2 24 | 38.2% | 55.3% |
| Q1 26 | — | 30.0% | ||
| Q4 25 | 14.6% | 26.6% | ||
| Q3 25 | 15.2% | 26.5% | ||
| Q2 25 | 16.2% | 24.8% | ||
| Q1 25 | — | 26.5% | ||
| Q4 24 | 16.6% | 26.3% | ||
| Q3 24 | 15.7% | 26.5% | ||
| Q2 24 | 16.9% | 23.0% |
| Q1 26 | — | 24.0% | ||
| Q4 25 | 7.5% | 22.9% | ||
| Q3 25 | 9.3% | 24.4% | ||
| Q2 25 | 9.9% | 20.3% | ||
| Q1 25 | — | 21.2% | ||
| Q4 24 | 8.0% | 201.8% | ||
| Q3 24 | 10.1% | 23.3% | ||
| Q2 24 | 11.7% | 19.8% |
| Q1 26 | — | $3.92 | ||
| Q4 25 | $0.90 | $3.50 | ||
| Q3 25 | $1.09 | $3.74 | ||
| Q2 25 | $1.10 | $2.81 | ||
| Q1 25 | — | $2.81 | ||
| Q4 24 | $0.87 | $25.71 | ||
| Q3 24 | $1.11 | $2.95 | ||
| Q2 24 | $1.35 | $2.05 |
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 | $1.4B |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $3.7B |
| Total Assets | $4.9B | $4.4B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $1.4B | ||
| Q4 25 | $218.2M | $1.3B | ||
| Q3 25 | $258.2M | $1.3B | ||
| Q2 25 | $291.3M | $1.1B | ||
| Q1 25 | — | $1.0B | ||
| Q4 24 | $249.4M | $862.9M | ||
| Q3 24 | $253.7M | $1.5B | ||
| Q2 24 | $228.5M | $1.3B |
| 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 | — | $3.7B | ||
| Q4 25 | $2.1B | $3.5B | ||
| Q3 25 | $2.1B | $3.4B | ||
| Q2 25 | $1.9B | $3.2B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | $1.8B | $3.0B | ||
| Q3 24 | $1.8B | $2.4B | ||
| Q2 24 | $1.7B | $2.2B |
| Q1 26 | — | $4.4B | ||
| Q4 25 | $4.9B | $4.2B | ||
| Q3 25 | $4.4B | $4.1B | ||
| Q2 25 | $4.2B | $3.9B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $4.0B | $3.5B | ||
| Q3 24 | $4.1B | $2.9B | ||
| Q2 24 | $4.0B | $2.6B |
| 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 | $104.9M | ||
| Q3 25 | $46.6M | $239.3M | ||
| Q2 25 | $35.4M | $237.6M | ||
| Q1 25 | — | $256.4M | ||
| Q4 24 | $126.9M | $167.7M | ||
| Q3 24 | $101.0M | $231.7M | ||
| Q2 24 | $83.0M | $141.0M |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | $63.9M | ||
| Q3 25 | $37.4M | $196.8M | ||
| Q2 25 | $28.1M | $189.5M | ||
| Q1 25 | — | $216.0M | ||
| Q4 24 | $102.2M | $102.9M | ||
| Q3 24 | $90.4M | $197.9M | ||
| Q2 24 | $74.0M | $109.5M |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | 8.5% | ||
| Q3 25 | 5.2% | 26.7% | ||
| Q2 25 | 4.1% | 28.5% | ||
| Q1 25 | — | 33.9% | ||
| Q4 24 | 15.2% | 16.5% | ||
| Q3 24 | 13.4% | 31.9% | ||
| Q2 24 | 10.5% | 21.6% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 5.5% | ||
| Q3 25 | 1.3% | 5.8% | ||
| Q2 25 | 1.1% | 7.2% | ||
| Q1 25 | — | 6.3% | ||
| Q4 24 | 3.7% | 10.4% | ||
| Q3 24 | 1.6% | 5.5% | ||
| Q2 24 | 1.3% | 6.2% |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 0.61× | ||
| Q3 25 | 0.70× | 1.33× | ||
| Q2 25 | 0.53× | 1.76× | ||
| Q1 25 | — | 1.90× | ||
| Q4 24 | 2.36× | 0.13× | ||
| Q3 24 | 1.48× | 1.60× | ||
| Q2 24 | 1.00× | 1.40× |
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% |
MPWR
Segment breakdown not available.
