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Side-by-side financial comparison of ESAB Corp (ESAB) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $745.6M, roughly 1.7× ESAB Corp). Qnity Electronics, Inc. runs the higher net margin — 16.5% vs 6.6%, a 9.9% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (11.1% vs 9.9%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
ESAB vs Q — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $745.6M | $1.3B |
| Net Profit | $49.2M | $211.0M |
| Gross Margin | 36.9% | 45.1% |
| Operating Margin | 12.1% | 21.3% |
| Net Margin | 6.6% | 16.5% |
| Revenue YoY | 9.9% | 11.1% |
| Net Profit YoY | -29.3% | 6.0% |
| EPS (diluted) | $0.78 | $1.01 |
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 | $745.6M | — | ||
| Q4 25 | $727.8M | — | ||
| Q3 25 | $715.6M | $1.3B | ||
| Q2 25 | $678.1M | — | ||
| Q4 24 | $670.8M | — | ||
| Q3 24 | $673.3M | $1.1B | ||
| Q2 24 | $707.1M | — | ||
| Q1 24 | $689.7M | — |
| Q1 26 | $49.2M | — | ||
| Q4 25 | $54.8M | — | ||
| Q3 25 | $66.9M | $211.0M | ||
| Q2 25 | $67.4M | — | ||
| Q4 24 | $53.7M | — | ||
| Q3 24 | $68.2M | $199.0M | ||
| Q2 24 | $82.9M | — | ||
| Q1 24 | $60.0M | — |
| Q1 26 | 36.9% | — | ||
| Q4 25 | 37.0% | — | ||
| Q3 25 | 37.2% | 45.1% | ||
| Q2 25 | 37.6% | — | ||
| Q4 24 | 38.5% | — | ||
| Q3 24 | 37.7% | 47.0% | ||
| Q2 24 | 38.2% | — | ||
| Q1 24 | 37.0% | — |
| Q1 26 | 12.1% | — | ||
| Q4 25 | 14.6% | — | ||
| Q3 25 | 15.2% | 21.3% | ||
| Q2 25 | 16.2% | — | ||
| Q4 24 | 16.6% | — | ||
| Q3 24 | 15.7% | 21.8% | ||
| Q2 24 | 16.9% | — | ||
| Q1 24 | 16.0% | — |
| Q1 26 | 6.6% | — | ||
| Q4 25 | 7.5% | — | ||
| Q3 25 | 9.3% | 16.5% | ||
| Q2 25 | 9.9% | — | ||
| Q4 24 | 8.0% | — | ||
| Q3 24 | 10.1% | 17.3% | ||
| Q2 24 | 11.7% | — | ||
| Q1 24 | 8.7% | — |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.90 | — | ||
| Q3 25 | $1.09 | $1.01 | ||
| Q2 25 | $1.10 | — | ||
| Q4 24 | $0.87 | — | ||
| Q3 24 | $1.11 | $0.95 | ||
| Q2 24 | $1.35 | — | ||
| Q1 24 | $0.98 | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.0B | $128.0M |
| Total DebtLower is stronger | $2.0B | $1.7B |
| Stockholders' EquityBook value | $2.2B | $9.1B |
| Total Assets | $5.6B | $12.5B |
| Debt / EquityLower = less leverage | 0.91× | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $218.2M | — | ||
| Q3 25 | $258.2M | $128.0M | ||
| Q2 25 | $291.3M | — | ||
| Q4 24 | $249.4M | — | ||
| Q3 24 | $253.7M | — | ||
| Q2 24 | $228.5M | — | ||
| Q1 24 | $76.5M | — |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | $1.7B | ||
| Q2 25 | $1.1B | — | ||
| Q4 24 | $1.1B | — | ||
| Q3 24 | $1.1B | — | ||
| Q2 24 | $1.1B | — | ||
| Q1 24 | $992.8M | — |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.1B | — | ||
| Q3 25 | $2.1B | $9.1B | ||
| Q2 25 | $1.9B | — | ||
| Q4 24 | $1.8B | — | ||
| Q3 24 | $1.8B | $11.1B | ||
| Q2 24 | $1.7B | — | ||
| Q1 24 | $1.6B | — |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $4.9B | — | ||
| Q3 25 | $4.4B | $12.5B | ||
| Q2 25 | $4.2B | — | ||
| Q4 24 | $4.0B | — | ||
| Q3 24 | $4.1B | — | ||
| Q2 24 | $4.0B | — | ||
| Q1 24 | $3.8B | — |
| Q1 26 | 0.91× | — | ||
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | 0.19× | ||
| Q2 25 | 0.55× | — | ||
| 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 | $46.9M | $782.0M |
| Free Cash FlowOCF − Capex | — | $568.0M |
| FCF MarginFCF / Revenue | — | 44.5% |
| Capex IntensityCapex / Revenue | — | 16.8% |
| Cash ConversionOCF / Net Profit | 0.95× | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $46.9M | — | ||
| Q4 25 | $81.5M | — | ||
| Q3 25 | $46.6M | $782.0M | ||
| Q2 25 | $35.4M | — | ||
| Q4 24 | $126.9M | — | ||
| Q3 24 | $101.0M | — | ||
| Q2 24 | $83.0M | — | ||
| Q1 24 | $44.5M | — |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | $568.0M | ||
| Q2 25 | $28.1M | — | ||
| Q4 24 | $102.2M | — | ||
| Q3 24 | $90.4M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $37.1M | — |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | 44.5% | ||
| Q2 25 | 4.1% | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 5.4% | — |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | 16.8% | ||
| Q2 25 | 1.1% | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.1% | — |
| Q1 26 | 0.95× | — | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | 3.71× | ||
| Q2 25 | 0.53× | — | ||
| 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
Segment breakdown not available.
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
