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Side-by-side financial comparison of ESAB Corp (ESAB) and OCEANEERING INTERNATIONAL INC (OII). Click either name above to swap in a different company.
ESAB Corp is the larger business by last-quarter revenue ($727.8M vs $692.4M, roughly 1.1× OCEANEERING INTERNATIONAL INC). ESAB Corp runs the higher net margin — 7.5% vs 5.2%, a 2.3% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 3.6%). ESAB Corp produced more free cash flow last quarter ($70.3M vs $-76.5M). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs 1.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Oceaneering International, Inc. is a subsea engineering and applied technology company based in Houston, Texas, U.S. that provides engineered services and hardware to customers who operate in marine, space, and other environments.
ESAB vs OII — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $692.4M |
| Net Profit | $54.8M | $36.1M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | — |
| Net Margin | 7.5% | 5.2% |
| Revenue YoY | 8.5% | 3.6% |
| Net Profit YoY | 2.1% | -28.3% |
| 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.
| Q1 26 | — | $692.4M | ||
| Q4 25 | $727.8M | $668.6M | ||
| Q3 25 | $715.6M | $742.9M | ||
| Q2 25 | $678.1M | $698.2M | ||
| Q1 25 | — | $674.5M | ||
| Q4 24 | $670.8M | $713.5M | ||
| Q3 24 | $673.3M | $679.8M | ||
| Q2 24 | $707.1M | $668.8M |
| Q1 26 | — | $36.1M | ||
| Q4 25 | $54.8M | $177.7M | ||
| Q3 25 | $66.9M | $71.3M | ||
| Q2 25 | $67.4M | $54.4M | ||
| Q1 25 | — | $50.4M | ||
| Q4 24 | $53.7M | $56.1M | ||
| Q3 24 | $68.2M | $41.2M | ||
| Q2 24 | $82.9M | $35.0M |
| Q1 26 | — | — | ||
| Q4 25 | 37.0% | 19.8% | ||
| Q3 25 | 37.2% | 20.6% | ||
| Q2 25 | 37.6% | 21.3% | ||
| Q1 25 | — | 20.0% | ||
| Q4 24 | 38.5% | 19.9% | ||
| Q3 24 | 37.7% | 19.3% | ||
| Q2 24 | 38.2% | 18.0% |
| Q1 26 | — | — | ||
| Q4 25 | 14.6% | 9.8% | ||
| Q3 25 | 15.2% | 11.6% | ||
| Q2 25 | 16.2% | 11.3% | ||
| Q1 25 | — | 10.9% | ||
| Q4 24 | 16.6% | 10.9% | ||
| Q3 24 | 15.7% | 10.5% | ||
| Q2 24 | 16.9% | 9.0% |
| Q1 26 | — | 5.2% | ||
| Q4 25 | 7.5% | 26.6% | ||
| Q3 25 | 9.3% | 9.6% | ||
| Q2 25 | 9.9% | 7.8% | ||
| Q1 25 | — | 7.5% | ||
| Q4 24 | 8.0% | 7.9% | ||
| Q3 24 | 10.1% | 6.1% | ||
| Q2 24 | 11.7% | 5.2% |
| Q1 26 | — | $0.36 | ||
| Q4 25 | $0.90 | $1.75 | ||
| Q3 25 | $1.09 | $0.71 | ||
| Q2 25 | $1.10 | $0.54 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | $0.87 | $0.55 | ||
| Q3 24 | $1.11 | $0.40 | ||
| Q2 24 | $1.35 | $0.34 |
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 | $488.8M |
| Stockholders' EquityBook value | $2.1B | $1.1B |
| Total Assets | $4.9B | $2.6B |
| Debt / EquityLower = less leverage | 0.63× | 0.44× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $218.2M | $695.9M | ||
| Q3 25 | $258.2M | $7.0M | ||
| Q2 25 | $291.3M | $7.0M | ||
| Q1 25 | — | $7.0M | ||
| Q4 24 | $249.4M | $504.5M | ||
| Q3 24 | $253.7M | — | ||
| Q2 24 | $228.5M | — |
| Q1 26 | — | $488.8M | ||
| Q4 25 | $1.3B | $487.4M | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $1.1B | $482.0M | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — |
| Q1 26 | — | $1.1B | ||
| Q4 25 | $2.1B | $1.1B | ||
| Q3 25 | $2.1B | $907.7M | ||
| Q2 25 | $1.9B | $842.1M | ||
| Q1 25 | — | $773.1M | ||
| Q4 24 | $1.8B | $714.3M | ||
| Q3 24 | $1.8B | $698.0M | ||
| Q2 24 | $1.7B | $651.0M |
| Q1 26 | — | $2.6B | ||
| Q4 25 | $4.9B | $2.7B | ||
| Q3 25 | $4.4B | $2.5B | ||
| Q2 25 | $4.2B | $2.3B | ||
| Q1 25 | — | $2.3B | ||
| Q4 24 | $4.0B | $2.3B | ||
| Q3 24 | $4.1B | $2.4B | ||
| Q2 24 | $4.0B | $2.3B |
| Q1 26 | — | 0.44× | ||
| Q4 25 | 0.63× | 0.46× | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 0.60× | 0.67× | ||
| 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 | $-76.5M |
| FCF MarginFCF / Revenue | 9.7% | -11.1% |
| Capex IntensityCapex / Revenue | 1.5% | 2.5% |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $238.1M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $81.5M | $221.1M | ||
| Q3 25 | $46.6M | $101.3M | ||
| Q2 25 | $35.4M | $77.2M | ||
| Q1 25 | — | $-80.7M | ||
| Q4 24 | $126.9M | $128.4M | ||
| Q3 24 | $101.0M | $91.9M | ||
| Q2 24 | $83.0M | $52.6M |
| Q1 26 | — | $-76.5M | ||
| Q4 25 | $70.3M | $190.7M | ||
| Q3 25 | $37.4M | $77.0M | ||
| Q2 25 | $28.1M | $46.9M | ||
| Q1 25 | — | $-106.8M | ||
| Q4 24 | $102.2M | $94.5M | ||
| Q3 24 | $90.4M | $67.0M | ||
| Q2 24 | $74.0M | $29.8M |
| Q1 26 | — | -11.1% | ||
| Q4 25 | 9.7% | 28.5% | ||
| Q3 25 | 5.2% | 10.4% | ||
| Q2 25 | 4.1% | 6.7% | ||
| Q1 25 | — | -15.8% | ||
| Q4 24 | 15.2% | 13.2% | ||
| Q3 24 | 13.4% | 9.9% | ||
| Q2 24 | 10.5% | 4.5% |
| Q1 26 | — | 2.5% | ||
| Q4 25 | 1.5% | 4.6% | ||
| Q3 25 | 1.3% | 3.3% | ||
| Q2 25 | 1.1% | 4.3% | ||
| Q1 25 | — | 3.9% | ||
| Q4 24 | 3.7% | 4.7% | ||
| Q3 24 | 1.6% | 3.7% | ||
| Q2 24 | 1.3% | 3.4% |
| Q1 26 | — | — | ||
| Q4 25 | 1.49× | 1.24× | ||
| Q3 25 | 0.70× | 1.42× | ||
| Q2 25 | 0.53× | 1.42× | ||
| Q1 25 | — | -1.60× | ||
| Q4 24 | 2.36× | 2.29× | ||
| Q3 24 | 1.48× | 2.23× | ||
| Q2 24 | 1.00× | 1.50× |
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% |
OII
Segment breakdown not available.
