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Side-by-side financial comparison of ESAB Corp (ESAB) and NATIONAL FUEL GAS CO (NFG). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $425.9M, roughly 1.7× NATIONAL FUEL GAS CO). NATIONAL FUEL GAS CO runs the higher net margin — 35.7% vs 7.5%, a 28.2% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 1.7%). Over the past eight quarters, NATIONAL FUEL GAS CO's revenue compounded faster (12.1% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
National Fuel Gas Company is a diversified energy company with $6.2 billion in assets distributed among the following five operating segments: Exploration and Production, Pipeline and Storage, Gathering, Utility, and Energy Marketing. National Fuel Gas was incorporated in 1902 and is based in Williamsville, New York.
ESAB vs NFG — Head-to-Head
Income Statement — Q3 FY2025 vs Q2 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $425.9M |
| Net Profit | $54.8M | $152.0M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 81.5% |
| Net Margin | 7.5% | 35.7% |
| Revenue YoY | 8.5% | 1.7% |
| Net Profit YoY | 2.1% | — |
| EPS (diluted) | $0.90 | $1.59 |
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 | — | $425.9M | ||
| Q4 25 | $727.8M | $637.9M | ||
| Q3 25 | $715.6M | $443.1M | ||
| Q2 25 | $678.1M | $527.4M | ||
| Q1 25 | — | $734.8M | ||
| Q4 24 | $670.8M | $513.8M | ||
| Q3 24 | $673.3M | $310.0M | ||
| Q2 24 | $707.1M | $338.6M |
| Q1 26 | — | $152.0M | ||
| Q4 25 | $54.8M | $181.6M | ||
| Q3 25 | $66.9M | $107.3M | ||
| Q2 25 | $67.4M | $149.8M | ||
| Q1 25 | — | $216.4M | ||
| Q4 24 | $53.7M | $45.0M | ||
| Q3 24 | $68.2M | $-167.6M | ||
| Q2 24 | $82.9M | $-54.2M |
| Q1 26 | — | — | ||
| Q4 25 | 37.0% | 86.6% | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 37.6% | 94.7% | ||
| Q1 25 | — | 81.6% | ||
| Q4 24 | 38.5% | 87.3% | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 38.2% | 98.5% |
| Q1 26 | — | 81.5% | ||
| Q4 25 | 14.6% | 43.3% | ||
| Q3 25 | 15.2% | 40.6% | ||
| Q2 25 | 16.2% | 43.7% | ||
| Q1 25 | — | 43.2% | ||
| Q4 24 | 16.6% | 16.8% | ||
| Q3 24 | 15.7% | -63.4% | ||
| Q2 24 | 16.9% | -15.2% |
| Q1 26 | — | 35.7% | ||
| Q4 25 | 7.5% | 28.5% | ||
| Q3 25 | 9.3% | 24.2% | ||
| Q2 25 | 9.9% | 28.4% | ||
| Q1 25 | — | 29.4% | ||
| Q4 24 | 8.0% | 8.8% | ||
| Q3 24 | 10.1% | -54.1% | ||
| Q2 24 | 11.7% | -16.0% |
| Q1 26 | — | $1.59 | ||
| Q4 25 | $0.90 | $1.98 | ||
| Q3 25 | $1.09 | $1.18 | ||
| Q2 25 | $1.10 | $1.64 | ||
| Q1 25 | — | $2.37 | ||
| Q4 24 | $0.87 | $0.49 | ||
| Q3 24 | $1.11 | $-1.81 | ||
| Q2 24 | $1.35 | $-0.59 |
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 | $300.0M |
| Stockholders' EquityBook value | $2.1B | — |
| Total Assets | $4.9B | $9.1B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $218.2M | $271.4M | ||
| Q3 25 | $258.2M | $43.2M | ||
| Q2 25 | $291.3M | $39.3M | ||
| Q1 25 | — | $40.0M | ||
| Q4 24 | $249.4M | $48.7M | ||
| Q3 24 | $253.7M | $38.2M | ||
| Q2 24 | $228.5M | $81.4M |
| Q1 26 | — | $300.0M | ||
| Q4 25 | $1.3B | $2.7B | ||
| Q3 25 | $1.1B | $2.7B | ||
| Q2 25 | $1.1B | $2.7B | ||
| Q1 25 | — | $2.7B | ||
| Q4 24 | $1.1B | $2.7B | ||
| Q3 24 | $1.1B | $2.7B | ||
| Q2 24 | $1.1B | $2.7B |
| Q1 26 | — | — | ||
| Q4 25 | $2.1B | $3.6B | ||
| Q3 25 | $2.1B | $3.1B | ||
| Q2 25 | $1.9B | $3.0B | ||
| Q1 25 | — | $2.8B | ||
| Q4 24 | $1.8B | $-76.2M | ||
| Q3 24 | $1.8B | $-15.5M | ||
| Q2 24 | $1.7B | $5.0M |
| Q1 26 | — | $9.1B | ||
| Q4 25 | $4.9B | $9.2B | ||
| Q3 25 | $4.4B | $8.7B | ||
| Q2 25 | $4.2B | $8.4B | ||
| Q1 25 | — | $8.5B | ||
| Q4 24 | $4.0B | $8.3B | ||
| Q3 24 | $4.1B | $8.3B | ||
| Q2 24 | $4.0B | $8.5B |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 0.75× | ||
| Q3 25 | 0.51× | 0.87× | ||
| Q2 25 | 0.55× | 0.90× | ||
| Q1 25 | — | 0.99× | ||
| Q4 24 | 0.60× | — | ||
| Q3 24 | 0.59× | — | ||
| Q2 24 | 0.63× | 532.10× |
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 | $657.3M |
| Free Cash FlowOCF − Capex | $70.3M | — |
| FCF MarginFCF / Revenue | 9.7% | — |
| Capex IntensityCapex / Revenue | 1.5% | 117.0% |
| Cash ConversionOCF / Net Profit | 1.49× | 4.32× |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $657.3M | ||
| Q4 25 | $81.5M | $274.9M | ||
| Q3 25 | $46.6M | $237.8M | ||
| Q2 25 | $35.4M | $388.4M | ||
| Q1 25 | — | $253.8M | ||
| Q4 24 | $126.9M | $220.1M | ||
| Q3 24 | $101.0M | $197.9M | ||
| Q2 24 | $83.0M | $281.8M |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | $-2.7M | ||
| Q3 25 | $37.4M | $-47.8M | ||
| Q2 25 | $28.1M | $195.3M | ||
| Q1 25 | — | $59.9M | ||
| Q4 24 | $102.2M | $-20.3M | ||
| Q3 24 | $90.4M | $-49.1M | ||
| Q2 24 | $74.0M | $79.5M |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | -0.4% | ||
| Q3 25 | 5.2% | -10.8% | ||
| Q2 25 | 4.1% | 37.0% | ||
| Q1 25 | — | 8.2% | ||
| Q4 24 | 15.2% | -4.0% | ||
| Q3 24 | 13.4% | -15.8% | ||
| Q2 24 | 10.5% | 23.5% |
| Q1 26 | — | 117.0% | ||
| Q4 25 | 1.5% | 43.5% | ||
| Q3 25 | 1.3% | 64.4% | ||
| Q2 25 | 1.1% | 36.6% | ||
| Q1 25 | — | 26.4% | ||
| Q4 24 | 3.7% | 46.8% | ||
| Q3 24 | 1.6% | 79.7% | ||
| Q2 24 | 1.3% | 59.7% |
| Q1 26 | — | 4.32× | ||
| Q4 25 | 1.49× | 1.51× | ||
| Q3 25 | 0.70× | 2.21× | ||
| Q2 25 | 0.53× | 2.59× | ||
| Q1 25 | — | 1.17× | ||
| Q4 24 | 2.36× | 4.89× | ||
| Q3 24 | 1.48× | — | ||
| 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% |
NFG
| Revenues from External Customers | $425.8M | 100% |
| Intersegment Revenues | $126.0K | 0% |
