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Side-by-side financial comparison of ESAB Corp (ESAB) and NORTHERN OIL & GAS, INC. (NOG). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $610.2M, roughly 1.2× NORTHERN OIL & GAS, INC.). ESAB Corp runs the higher net margin — 7.5% vs -11.6%, a 19.1% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs -72.6%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $43.2M). Over the past eight quarters, NORTHERN OIL & GAS, INC.'s revenue compounded faster (4.3% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Marathon Oil Corporation was an American company engaged in hydrocarbon exploration. In November 2024, it was acquired by ConocoPhillips and absorbed into the company.
ESAB vs NOG — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $610.2M |
| Net Profit | $54.8M | $-70.7M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | — |
| Net Margin | 7.5% | -11.6% |
| Revenue YoY | 8.5% | -72.6% |
| Net Profit YoY | 2.1% | -198.7% |
| EPS (diluted) | $0.90 | $-0.73 |
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 | — | $610.2M | ||
| Q4 25 | $727.8M | $610.2M | ||
| Q3 25 | $715.6M | $556.6M | ||
| Q2 25 | $678.1M | $706.8M | ||
| Q1 25 | — | $602.1M | ||
| Q4 24 | $670.8M | $515.0M | ||
| Q3 24 | $673.3M | $753.6M | ||
| Q2 24 | $707.1M | $560.8M |
| Q1 26 | — | $-70.7M | ||
| Q4 25 | $54.8M | $-70.7M | ||
| Q3 25 | $66.9M | $-129.1M | ||
| Q2 25 | $67.4M | $99.6M | ||
| Q1 25 | — | $139.0M | ||
| Q4 24 | $53.7M | $71.7M | ||
| Q3 24 | $68.2M | $298.4M | ||
| Q2 24 | $82.9M | $138.6M |
| Q1 26 | — | — | ||
| Q4 25 | 37.0% | 80.4% | ||
| Q3 25 | 37.2% | 78.7% | ||
| Q2 25 | 37.6% | 82.8% | ||
| Q1 25 | — | 81.1% | ||
| Q4 24 | 38.5% | 77.4% | ||
| Q3 24 | 37.7% | 85.8% | ||
| Q2 24 | 38.2% | 82.0% |
| Q1 26 | — | — | ||
| Q4 25 | 14.6% | -5.5% | ||
| Q3 25 | 15.2% | -22.6% | ||
| Q2 25 | 16.2% | 24.9% | ||
| Q1 25 | — | 38.1% | ||
| Q4 24 | 16.6% | 25.8% | ||
| Q3 24 | 15.7% | 57.6% | ||
| Q2 24 | 16.9% | 39.0% |
| Q1 26 | — | -11.6% | ||
| Q4 25 | 7.5% | -11.6% | ||
| Q3 25 | 9.3% | -23.2% | ||
| Q2 25 | 9.9% | 14.1% | ||
| Q1 25 | — | 23.1% | ||
| Q4 24 | 8.0% | 13.9% | ||
| Q3 24 | 10.1% | 39.6% | ||
| Q2 24 | 11.7% | 24.7% |
| Q1 26 | — | $-0.73 | ||
| Q4 25 | $0.90 | $-0.67 | ||
| Q3 25 | $1.09 | $-1.33 | ||
| Q2 25 | $1.10 | $1.00 | ||
| Q1 25 | — | $1.39 | ||
| Q4 24 | $0.87 | $0.71 | ||
| Q3 24 | $1.11 | $2.96 | ||
| Q2 24 | $1.35 | $1.36 |
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 | $14.3M |
| Total DebtLower is stronger | $1.3B | — |
| Stockholders' EquityBook value | $2.1B | $2.1B |
| Total Assets | $4.9B | $5.4B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $14.3M | ||
| Q4 25 | $218.2M | $14.3M | ||
| Q3 25 | $258.2M | $31.6M | ||
| Q2 25 | $291.3M | $25.9M | ||
| Q1 25 | — | $33.6M | ||
| Q4 24 | $249.4M | $8.9M | ||
| Q3 24 | $253.7M | $34.4M | ||
| Q2 24 | $228.5M | $7.8M |
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $2.4B | ||
| Q3 25 | $1.1B | $2.3B | ||
| Q2 25 | $1.1B | $2.4B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $1.1B | $2.4B | ||
| Q3 24 | $1.1B | $2.0B | ||
| Q2 24 | $1.1B | $1.9B |
| Q1 26 | — | $2.1B | ||
| Q4 25 | $2.1B | $2.1B | ||
| Q3 25 | $2.1B | $2.2B | ||
| Q2 25 | $1.9B | $2.4B | ||
| Q1 25 | — | $2.4B | ||
| Q4 24 | $1.8B | $2.3B | ||
| Q3 24 | $1.8B | $2.3B | ||
| Q2 24 | $1.7B | $2.1B |
| Q1 26 | — | $5.4B | ||
| Q4 25 | $4.9B | $5.4B | ||
| Q3 25 | $4.4B | $5.5B | ||
| Q2 25 | $4.2B | $5.7B | ||
| Q1 25 | — | $5.7B | ||
| Q4 24 | $4.0B | $5.6B | ||
| Q3 24 | $4.1B | $5.1B | ||
| Q2 24 | $4.0B | $4.7B |
| Q1 26 | — | — | ||
| Q4 25 | 0.63× | 1.13× | ||
| Q3 25 | 0.51× | 1.05× | ||
| Q2 25 | 0.55× | 0.98× | ||
| Q1 25 | — | 0.96× | ||
| Q4 24 | 0.60× | 1.02× | ||
| Q3 24 | 0.59× | 0.84× | ||
| Q2 24 | 0.63× | 0.91× |
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 | $312.6M |
| Free Cash FlowOCF − Capex | $70.3M | $43.2M |
| FCF MarginFCF / Revenue | 9.7% | 7.1% |
| Capex IntensityCapex / Revenue | 1.5% | 31.5% |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $312.6M | ||
| Q4 25 | $81.5M | $312.6M | ||
| Q3 25 | $46.6M | $423.1M | ||
| Q2 25 | $35.4M | $362.1M | ||
| Q1 25 | — | $407.4M | ||
| Q4 24 | $126.9M | $290.3M | ||
| Q3 24 | $101.0M | $385.8M | ||
| Q2 24 | $83.0M | $340.5M |
| Q1 26 | — | $43.2M | ||
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | — | ||
| Q2 25 | $28.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $102.2M | — | ||
| Q3 24 | $90.4M | — | ||
| Q2 24 | $74.0M | — |
| Q1 26 | — | 7.1% | ||
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 10.5% | — |
| Q1 26 | — | 31.5% | ||
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.3% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | 3.64× | ||
| Q1 25 | — | 2.93× | ||
| Q4 24 | 2.36× | 4.05× | ||
| Q3 24 | 1.48× | 1.29× | ||
| Q2 24 | 1.00× | 2.46× |
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% |
NOG
| Oil and Gas Sales | $447.7M | 73% |
| Gain on Commodity Derivatives, Net | $159.3M | 26% |
| Other Revenue | $3.1M | 1% |
