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Side-by-side financial comparison of ESAB Corp (ESAB) and Surgery Partners, Inc. (SGRY). Click either name above to swap in a different company.
Surgery Partners, Inc. is the larger business by last-quarter revenue ($885.0M vs $745.6M, roughly 1.2× ESAB Corp). ESAB Corp runs the higher net margin — 6.6% vs -1.7%, a 8.3% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (9.9% vs 2.4%). Over the past eight quarters, Surgery Partners, Inc.'s revenue compounded faster (11.1% CAGR vs 4.0%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
United Surgical Partners International, Inc. (USPI) is an American ambulatory care company based in Dallas, Texas. It was founded by Don Steen in 1998.
ESAB vs SGRY — Head-to-Head
Income Statement — Q1 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $745.6M | $885.0M |
| Net Profit | $49.2M | $-15.0M |
| Gross Margin | 36.9% | — |
| Operating Margin | 12.1% | 12.5% |
| Net Margin | 6.6% | -1.7% |
| Revenue YoY | 9.9% | 2.4% |
| Net Profit YoY | -29.3% | 86.2% |
| EPS (diluted) | $0.78 | $-0.11 |
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 | $885.0M | ||
| Q3 25 | $715.6M | $821.5M | ||
| Q2 25 | $678.1M | $826.2M | ||
| Q1 25 | — | $776.0M | ||
| Q4 24 | $670.8M | $864.4M | ||
| Q3 24 | $673.3M | $770.4M | ||
| Q2 24 | $707.1M | $762.1M |
| Q1 26 | $49.2M | — | ||
| Q4 25 | $54.8M | $-15.0M | ||
| Q3 25 | $66.9M | $-22.7M | ||
| Q2 25 | $67.4M | $-2.5M | ||
| Q1 25 | — | $-37.7M | ||
| Q4 24 | $53.7M | $-108.5M | ||
| Q3 24 | $68.2M | $-31.7M | ||
| Q2 24 | $82.9M | $-15.5M |
| Q1 26 | 36.9% | — | ||
| 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 26 | 12.1% | — | ||
| Q4 25 | 14.6% | 12.5% | ||
| Q3 25 | 15.2% | 12.9% | ||
| Q2 25 | 16.2% | 13.5% | ||
| Q1 25 | — | 8.0% | ||
| Q4 24 | 16.6% | 14.7% | ||
| Q3 24 | 15.7% | 7.9% | ||
| Q2 24 | 16.9% | 11.1% |
| Q1 26 | 6.6% | — | ||
| Q4 25 | 7.5% | -1.7% | ||
| Q3 25 | 9.3% | -2.8% | ||
| Q2 25 | 9.9% | -0.3% | ||
| Q1 25 | — | -4.9% | ||
| Q4 24 | 8.0% | -12.6% | ||
| Q3 24 | 10.1% | -4.1% | ||
| Q2 24 | 11.7% | -2.0% |
| Q1 26 | $0.78 | — | ||
| Q4 25 | $0.90 | $-0.11 | ||
| Q3 25 | $1.09 | $-0.18 | ||
| Q2 25 | $1.10 | $-0.02 | ||
| Q1 25 | — | $-0.30 | ||
| Q4 24 | $0.87 | $-0.86 | ||
| Q3 24 | $1.11 | $-0.25 | ||
| Q2 24 | $1.35 | $-0.12 |
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 | $239.9M |
| Total DebtLower is stronger | $2.0B | $3.6B |
| Stockholders' EquityBook value | $2.2B | $1.7B |
| Total Assets | $5.6B | $8.1B |
| Debt / EquityLower = less leverage | 0.91× | 2.10× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.0B | — | ||
| Q4 25 | $218.2M | $239.9M | ||
| Q3 25 | $258.2M | $203.4M | ||
| Q2 25 | $291.3M | $250.1M | ||
| Q1 25 | — | $229.3M | ||
| Q4 24 | $249.4M | $269.5M | ||
| Q3 24 | $253.7M | $221.8M | ||
| Q2 24 | $228.5M | $213.5M |
| Q1 26 | $2.0B | — | ||
| Q4 25 | $1.3B | $3.6B | ||
| Q3 25 | $1.1B | $3.5B | ||
| Q2 25 | $1.1B | $3.5B | ||
| Q1 25 | — | $3.4B | ||
| Q4 24 | $1.1B | $3.3B | ||
| Q3 24 | $1.1B | $3.1B | ||
| Q2 24 | $1.1B | $3.0B |
| Q1 26 | $2.2B | — | ||
| Q4 25 | $2.1B | $1.7B | ||
| Q3 25 | $2.1B | $1.7B | ||
| Q2 25 | $1.9B | $1.7B | ||
| Q1 25 | — | $1.7B | ||
| Q4 24 | $1.8B | $1.8B | ||
| Q3 24 | $1.8B | $1.9B | ||
| Q2 24 | $1.7B | $2.0B |
| Q1 26 | $5.6B | — | ||
| Q4 25 | $4.9B | $8.1B | ||
| Q3 25 | $4.4B | $7.9B | ||
| Q2 25 | $4.2B | $8.0B | ||
| Q1 25 | — | $7.9B | ||
| Q4 24 | $4.0B | $7.9B | ||
| Q3 24 | $4.1B | $7.5B | ||
| Q2 24 | $4.0B | $7.5B |
| Q1 26 | 0.91× | — | ||
| Q4 25 | 0.63× | 2.10× | ||
| Q3 25 | 0.51× | 2.00× | ||
| Q2 25 | 0.55× | 1.98× | ||
| Q1 25 | — | 1.98× | ||
| Q4 24 | 0.60× | 1.83× | ||
| Q3 24 | 0.59× | 1.63× | ||
| Q2 24 | 0.63× | 1.56× |
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 | $103.4M |
| Free Cash FlowOCF − Capex | — | $90.6M |
| FCF MarginFCF / Revenue | — | 10.2% |
| Capex IntensityCapex / Revenue | — | 1.4% |
| Cash ConversionOCF / Net Profit | 0.95× | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $195.6M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $46.9M | — | ||
| Q4 25 | $81.5M | $103.4M | ||
| Q3 25 | $46.6M | $83.6M | ||
| Q2 25 | $35.4M | $81.3M | ||
| Q1 25 | — | $6.0M | ||
| Q4 24 | $126.9M | $111.4M | ||
| Q3 24 | $101.0M | $65.2M | ||
| Q2 24 | $83.0M | $82.8M |
| Q1 26 | — | — | ||
| Q4 25 | $70.3M | $90.6M | ||
| Q3 25 | $37.4M | $63.8M | ||
| Q2 25 | $28.1M | $57.9M | ||
| Q1 25 | — | $-16.7M | ||
| Q4 24 | $102.2M | $89.1M | ||
| Q3 24 | $90.4M | $45.0M | ||
| Q2 24 | $74.0M | $55.9M |
| Q1 26 | — | — | ||
| Q4 25 | 9.7% | 10.2% | ||
| Q3 25 | 5.2% | 7.8% | ||
| Q2 25 | 4.1% | 7.0% | ||
| Q1 25 | — | -2.2% | ||
| Q4 24 | 15.2% | 10.3% | ||
| Q3 24 | 13.4% | 5.8% | ||
| Q2 24 | 10.5% | 7.3% |
| Q1 26 | — | — | ||
| Q4 25 | 1.5% | 1.4% | ||
| Q3 25 | 1.3% | 2.4% | ||
| Q2 25 | 1.1% | 2.8% | ||
| Q1 25 | — | 2.9% | ||
| Q4 24 | 3.7% | 2.6% | ||
| Q3 24 | 1.6% | 2.6% | ||
| Q2 24 | 1.3% | 3.5% |
| Q1 26 | 0.95× | — | ||
| Q4 25 | 1.49× | — | ||
| Q3 25 | 0.70× | — | ||
| Q2 25 | 0.53× | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 2.36× | — | ||
| 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
Segment breakdown not available.
SGRY
| Private Insurance | $460.5M | 52% |
| Government Revenue | $368.6M | 42% |
| Other | $19.8M | 2% |
| Self Pay Revenue | $19.6M | 2% |
| Other Patient Service Revenue Sources | $16.5M | 2% |
