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Side-by-side financial comparison of ESAB Corp (ESAB) and Cloudflare, Inc. (NET). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $614.5M, roughly 1.2× Cloudflare, Inc.). ESAB Corp runs the higher net margin — 7.5% vs -2.0%, a 9.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 8.5%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $70.3M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
ESAB vs NET — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $614.5M |
| Net Profit | $54.8M | $-12.1M |
| Gross Margin | 37.0% | 73.6% |
| Operating Margin | 14.6% | -8.0% |
| Net Margin | 7.5% | -2.0% |
| Revenue YoY | 8.5% | 33.6% |
| Net Profit YoY | 2.1% | 6.0% |
| EPS (diluted) | $0.90 | $-0.03 |
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 | $614.5M | ||
| Q3 25 | $715.6M | $562.0M | ||
| Q2 25 | $678.1M | $512.3M | ||
| Q1 25 | — | $479.1M | ||
| Q4 24 | $670.8M | $459.9M | ||
| Q3 24 | $673.3M | $430.1M | ||
| Q2 24 | $707.1M | $401.0M | ||
| Q1 24 | $689.7M | $378.6M |
| Q4 25 | $54.8M | $-12.1M | ||
| Q3 25 | $66.9M | $-1.3M | ||
| Q2 25 | $67.4M | $-50.4M | ||
| Q1 25 | — | $-38.5M | ||
| Q4 24 | $53.7M | $-12.8M | ||
| Q3 24 | $68.2M | $-15.3M | ||
| Q2 24 | $82.9M | $-15.1M | ||
| Q1 24 | $60.0M | $-35.5M |
| Q4 25 | 37.0% | 73.6% | ||
| Q3 25 | 37.2% | 74.0% | ||
| Q2 25 | 37.6% | 74.9% | ||
| Q1 25 | — | 75.9% | ||
| Q4 24 | 38.5% | 76.4% | ||
| Q3 24 | 37.7% | 77.7% | ||
| Q2 24 | 38.2% | 77.8% | ||
| Q1 24 | 37.0% | 77.5% |
| Q4 25 | 14.6% | -8.0% | ||
| Q3 25 | 15.2% | -6.7% | ||
| Q2 25 | 16.2% | -13.1% | ||
| Q1 25 | — | -11.1% | ||
| Q4 24 | 16.6% | -7.5% | ||
| Q3 24 | 15.7% | -7.2% | ||
| Q2 24 | 16.9% | -8.7% | ||
| Q1 24 | 16.0% | -14.4% |
| Q4 25 | 7.5% | -2.0% | ||
| Q3 25 | 9.3% | -0.2% | ||
| Q2 25 | 9.9% | -9.8% | ||
| Q1 25 | — | -8.0% | ||
| Q4 24 | 8.0% | -2.8% | ||
| Q3 24 | 10.1% | -3.6% | ||
| Q2 24 | 11.7% | -3.8% | ||
| Q1 24 | 8.7% | -9.4% |
| Q4 25 | $0.90 | $-0.03 | ||
| Q3 25 | $1.09 | $0.00 | ||
| Q2 25 | $1.10 | $-0.15 | ||
| Q1 25 | — | $-0.11 | ||
| Q4 24 | $0.87 | $-0.05 | ||
| Q3 24 | $1.11 | $-0.04 | ||
| Q2 24 | $1.35 | $-0.04 | ||
| Q1 24 | $0.98 | $-0.10 |
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 | $943.5M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $1.5B |
| Total Assets | $4.9B | $6.0B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | $943.5M | ||
| Q3 25 | $258.2M | $1.1B | ||
| Q2 25 | $291.3M | $1.5B | ||
| Q1 25 | — | $204.5M | ||
| Q4 24 | $249.4M | $147.7M | ||
| Q3 24 | $253.7M | $182.9M | ||
| Q2 24 | $228.5M | $157.0M | ||
| Q1 24 | $76.5M | $254.4M |
| 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 24 | $992.8M | — |
| Q4 25 | $2.1B | $1.5B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | — | $1.4B | ||
| Q4 24 | $1.8B | $1.0B | ||
| Q3 24 | $1.8B | $973.1M | ||
| Q2 24 | $1.7B | $881.5M | ||
| Q1 24 | $1.6B | $797.2M |
| Q4 25 | $4.9B | $6.0B | ||
| Q3 25 | $4.4B | $5.8B | ||
| Q2 25 | $4.2B | $5.6B | ||
| Q1 25 | — | $3.7B | ||
| Q4 24 | $4.0B | $3.3B | ||
| Q3 24 | $4.1B | $3.1B | ||
| Q2 24 | $4.0B | $2.9B | ||
| Q1 24 | $3.8B | $2.8B |
| 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× | — | ||
| Q1 24 | 0.61× | — |
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 | $190.4M |
| Free Cash FlowOCF − Capex | $70.3M | $105.2M |
| FCF MarginFCF / Revenue | 9.7% | 17.1% |
| Capex IntensityCapex / Revenue | 1.5% | 13.9% |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $287.5M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $190.4M | ||
| Q3 25 | $46.6M | $167.1M | ||
| Q2 25 | $35.4M | $99.8M | ||
| Q1 25 | — | $145.8M | ||
| Q4 24 | $126.9M | $127.3M | ||
| Q3 24 | $101.0M | $104.7M | ||
| Q2 24 | $83.0M | $74.8M | ||
| Q1 24 | $44.5M | $73.6M |
| Q4 25 | $70.3M | $105.2M | ||
| Q3 25 | $37.4M | $82.5M | ||
| Q2 25 | $28.1M | $39.9M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $102.2M | $54.2M | ||
| Q3 24 | $90.4M | $54.5M | ||
| Q2 24 | $74.0M | $45.2M | ||
| Q1 24 | $37.1M | $41.5M |
| Q4 25 | 9.7% | 17.1% | ||
| Q3 25 | 5.2% | 14.7% | ||
| Q2 25 | 4.1% | 7.8% | ||
| Q1 25 | — | 12.5% | ||
| Q4 24 | 15.2% | 11.8% | ||
| Q3 24 | 13.4% | 12.7% | ||
| Q2 24 | 10.5% | 11.3% | ||
| Q1 24 | 5.4% | 11.0% |
| Q4 25 | 1.5% | 13.9% | ||
| Q3 25 | 1.3% | 15.1% | ||
| Q2 25 | 1.1% | 11.7% | ||
| Q1 25 | — | 17.9% | ||
| Q4 24 | 3.7% | 15.9% | ||
| Q3 24 | 1.6% | 11.7% | ||
| Q2 24 | 1.3% | 7.4% | ||
| Q1 24 | 1.1% | 8.5% |
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | — | ||
| Q3 24 | 1.48× | — | ||
| Q2 24 | 1.00× | — | ||
| Q1 24 | 0.74× | — |
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% |
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
