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Side-by-side financial comparison of ESAB Corp (ESAB) and Natera, Inc. (NTRA). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $665.5M, roughly 1.1× Natera, Inc.). ESAB Corp runs the higher net margin — 7.5% vs 7.1%, a 0.4% gap on every dollar of revenue. On growth, Natera, Inc. posted the faster year-over-year revenue change (39.8% vs 8.5%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $37.8M). Over the past eight quarters, Natera, Inc.'s revenue compounded faster (34.5% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Natera, Inc. is a clinical genetic testing company based in Austin, Texas that specializes in non-invasive, cell-free DNA (cfDNA) testing technology, with a focus on women’s health, cancer, and organ health. Natera’s proprietary technology combines novel molecular biology techniques with a suite of bioinformatics software that allows detection down to a single molecule in a tube of blood. Natera operates CAP-accredited laboratories certified under the Clinical Laboratory Improvement Amendment...
ESAB vs NTRA — Head-to-Head
Income Statement — Q3 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $665.5M |
| Net Profit | $54.8M | $47.3M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | -3.4% |
| Net Margin | 7.5% | 7.1% |
| Revenue YoY | 8.5% | 39.8% |
| Net Profit YoY | 2.1% | 187.9% |
| EPS (diluted) | $0.90 | $0.36 |
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 | $665.5M | ||
| Q3 25 | $715.6M | $592.2M | ||
| Q2 25 | $678.1M | $546.6M | ||
| Q1 25 | — | $501.8M | ||
| Q4 24 | $670.8M | $476.1M | ||
| Q3 24 | $673.3M | $439.8M | ||
| Q2 24 | $707.1M | $413.4M | ||
| Q1 24 | $689.7M | $367.7M |
| Q4 25 | $54.8M | $47.3M | ||
| Q3 25 | $66.9M | $-87.5M | ||
| Q2 25 | $67.4M | $-100.9M | ||
| Q1 25 | — | $-66.9M | ||
| Q4 24 | $53.7M | $-53.8M | ||
| Q3 24 | $68.2M | $-31.6M | ||
| Q2 24 | $82.9M | $-37.5M | ||
| Q1 24 | $60.0M | $-67.6M |
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | — | ||
| Q2 25 | 37.6% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.7% | — | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 37.0% | — |
| Q4 25 | 14.6% | -3.4% | ||
| Q3 25 | 15.2% | -16.5% | ||
| Q2 25 | 16.2% | -20.2% | ||
| Q1 25 | — | -15.8% | ||
| Q4 24 | 16.6% | -13.6% | ||
| Q3 24 | 15.7% | -8.9% | ||
| Q2 24 | 16.9% | -10.6% | ||
| Q1 24 | 16.0% | -20.2% |
| Q4 25 | 7.5% | 7.1% | ||
| Q3 25 | 9.3% | -14.8% | ||
| Q2 25 | 9.9% | -18.5% | ||
| Q1 25 | — | -13.3% | ||
| Q4 24 | 8.0% | -11.3% | ||
| Q3 24 | 10.1% | -7.2% | ||
| Q2 24 | 11.7% | -9.1% | ||
| Q1 24 | 8.7% | -18.4% |
| Q4 25 | $0.90 | $0.36 | ||
| Q3 25 | $1.09 | $-0.64 | ||
| Q2 25 | $1.10 | $-0.74 | ||
| Q1 25 | — | $-0.50 | ||
| Q4 24 | $0.87 | $-0.41 | ||
| Q3 24 | $1.11 | $-0.26 | ||
| Q2 24 | $1.35 | $-0.30 | ||
| Q1 24 | $0.98 | $-0.56 |
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 | — |
| Stockholders' EquityBook value | $2.1B | $1.7B |
| Total Assets | $4.9B | $2.4B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | $1.0M | ||
| Q2 25 | $291.3M | $16.0M | ||
| Q1 25 | — | $17.8M | ||
| Q4 24 | $249.4M | $22.7M | ||
| Q3 24 | $253.7M | $29.5M | ||
| Q2 24 | $228.5M | $90.3M | ||
| Q1 24 | $76.5M | $69.1M |
| 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 | $1.7B | ||
| Q3 25 | $2.1B | $1.3B | ||
| Q2 25 | $1.9B | $1.2B | ||
| Q1 25 | — | $1.2B | ||
| Q4 24 | $1.8B | $1.2B | ||
| Q3 24 | $1.8B | $878.5M | ||
| Q2 24 | $1.7B | $836.5M | ||
| Q1 24 | $1.6B | $794.1M |
| Q4 25 | $4.9B | $2.4B | ||
| Q3 25 | $4.4B | $1.8B | ||
| Q2 25 | $4.2B | $1.8B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $4.0B | $1.7B | ||
| Q3 24 | $4.1B | $1.6B | ||
| Q2 24 | $4.0B | $1.5B | ||
| Q1 24 | $3.8B | $1.5B |
| 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 | $73.9M |
| Free Cash FlowOCF − Capex | $70.3M | $37.8M |
| FCF MarginFCF / Revenue | 9.7% | 5.7% |
| Capex IntensityCapex / Revenue | 1.5% | 5.4% |
| Cash ConversionOCF / Net Profit | 1.49× | 1.56× |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $109.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $73.9M | ||
| Q3 25 | $46.6M | $59.4M | ||
| Q2 25 | $35.4M | $37.6M | ||
| Q1 25 | — | $44.5M | ||
| Q4 24 | $126.9M | $52.9M | ||
| Q3 24 | $101.0M | $51.8M | ||
| Q2 24 | $83.0M | $4.0M | ||
| Q1 24 | $44.5M | $27.0M |
| Q4 25 | $70.3M | $37.8M | ||
| Q3 25 | $37.4M | $37.0M | ||
| Q2 25 | $28.1M | $11.7M | ||
| Q1 25 | — | $22.6M | ||
| Q4 24 | $102.2M | $34.8M | ||
| Q3 24 | $90.4M | $35.5M | ||
| Q2 24 | $74.0M | $-7.7M | ||
| Q1 24 | $37.1M | $6.7M |
| Q4 25 | 9.7% | 5.7% | ||
| Q3 25 | 5.2% | 6.2% | ||
| Q2 25 | 4.1% | 2.1% | ||
| Q1 25 | — | 4.5% | ||
| Q4 24 | 15.2% | 7.3% | ||
| Q3 24 | 13.4% | 8.1% | ||
| Q2 24 | 10.5% | -1.9% | ||
| Q1 24 | 5.4% | 1.8% |
| Q4 25 | 1.5% | 5.4% | ||
| Q3 25 | 1.3% | 3.8% | ||
| Q2 25 | 1.1% | 4.7% | ||
| Q1 25 | — | 4.3% | ||
| Q4 24 | 3.7% | 3.8% | ||
| Q3 24 | 1.6% | 3.7% | ||
| Q2 24 | 1.3% | 2.8% | ||
| Q1 24 | 1.1% | 5.5% |
| Q4 25 | 1.49× | 1.56× | ||
| 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% |
NTRA
Segment breakdown not available.
