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Side-by-side financial comparison of ESAB Corp (ESAB) and UL Solutions Inc. (ULS). Click either name above to swap in a different company.
UL Solutions Inc. is the larger business by last-quarter revenue ($758.0M vs $745.6M, roughly 1.0× ESAB Corp). UL Solutions Inc. runs the higher net margin — 12.8% vs 6.6%, a 6.2% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (9.9% vs 7.5%). Over the past eight quarters, ESAB Corp's revenue compounded faster (4.0% CAGR vs 1.9%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
The UL enterprise is a global private safety company headquartered in Northbrook, Illinois, composed of three organizations, UL Research Institutes, UL Standards & Engagement and UL Solutions.
ESAB vs ULS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $745.6M | $758.0M |
| Net Profit | $49.2M | $97.0M |
| Gross Margin | 36.9% | 50.3% |
| Operating Margin | 12.1% | 18.2% |
| Net Margin | 6.6% | 12.8% |
| Revenue YoY | 9.9% | 7.5% |
| Net Profit YoY | -29.3% | 37.3% |
| EPS (diluted) | $0.78 | $0.45 |
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 | $758.0M | ||
| Q4 25 | $727.8M | $789.0M | ||
| Q3 25 | $715.6M | $783.0M | ||
| Q2 25 | $678.1M | $776.0M | ||
| Q1 25 | — | $705.0M | ||
| Q4 24 | $670.8M | $739.0M | ||
| Q3 24 | $673.3M | $731.0M | ||
| Q2 24 | $707.1M | $730.0M |
| Q1 26 | $49.2M | $97.0M | ||
| Q4 25 | $54.8M | $67.0M | ||
| Q3 25 | $66.9M | $100.0M | ||
| Q2 25 | $67.4M | $91.0M | ||
| Q1 25 | — | $67.0M | ||
| Q4 24 | $53.7M | $81.0M | ||
| Q3 24 | $68.2M | $88.0M | ||
| Q2 24 | $82.9M | $101.0M |
| Q1 26 | 36.9% | 50.3% | ||
| Q4 25 | 37.0% | 49.7% | ||
| Q3 25 | 37.2% | 50.3% | ||
| Q2 25 | 37.6% | 49.4% | ||
| Q1 25 | — | 48.4% | ||
| Q4 24 | 38.5% | 47.4% | ||
| Q3 24 | 37.7% | 49.0% | ||
| Q2 24 | 38.2% | 50.1% |
| Q1 26 | 12.1% | 18.2% | ||
| Q4 25 | 14.6% | 15.0% | ||
| Q3 25 | 15.2% | 19.9% | ||
| Q2 25 | 16.2% | 17.9% | ||
| Q1 25 | — | 15.5% | ||
| Q4 24 | 16.6% | 15.6% | ||
| Q3 24 | 15.7% | 17.8% | ||
| Q2 24 | 16.9% | 17.3% |
| Q1 26 | 6.6% | 12.8% | ||
| Q4 25 | 7.5% | 8.5% | ||
| Q3 25 | 9.3% | 12.8% | ||
| Q2 25 | 9.9% | 11.7% | ||
| Q1 25 | — | 9.5% | ||
| Q4 24 | 8.0% | 11.0% | ||
| Q3 24 | 10.1% | 12.0% | ||
| Q2 24 | 11.7% | 13.8% |
| Q1 26 | $0.78 | $0.45 | ||
| Q4 25 | $0.90 | $0.33 | ||
| Q3 25 | $1.09 | $0.49 | ||
| Q2 25 | $1.10 | $0.45 | ||
| Q1 25 | — | $0.33 | ||
| Q4 24 | $0.87 | $0.40 | ||
| Q3 24 | $1.11 | $0.44 | ||
| Q2 24 | $1.35 | $0.50 |
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 | $258.0M |
| Total DebtLower is stronger | $2.0B | $357.0M |
| Stockholders' EquityBook value | $2.2B | $1.3B |
| Total Assets | $5.6B | $3.0B |
| Debt / EquityLower = less leverage | 0.91× | 0.27× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.0B | $258.0M | ||
| Q4 25 | $218.2M | $295.0M | ||
| Q3 25 | $258.2M | $255.0M | ||
| Q2 25 | $291.3M | $272.0M | ||
| Q1 25 | — | $267.0M | ||
| Q4 24 | $249.4M | $298.0M | ||
| Q3 24 | $253.7M | $327.0M | ||
| Q2 24 | $228.5M | $295.0M |
| Q1 26 | $2.0B | $357.0M | ||
| Q4 25 | $1.3B | $491.0M | ||
| Q3 25 | $1.1B | $544.0M | ||
| Q2 25 | $1.1B | $608.0M | ||
| Q1 25 | — | $653.0M | ||
| Q4 24 | $1.1B | $742.0M | ||
| Q3 24 | $1.1B | $797.0M | ||
| Q2 24 | $1.1B | $810.0M |
| Q1 26 | $2.2B | $1.3B | ||
| Q4 25 | $2.1B | $1.3B | ||
| Q3 25 | $2.1B | $1.2B | ||
| Q2 25 | $1.9B | $1.1B | ||
| Q1 25 | — | $970.0M | ||
| Q4 24 | $1.8B | $904.0M | ||
| Q3 24 | $1.8B | $872.0M | ||
| Q2 24 | $1.7B | $769.0M |
| Q1 26 | $5.6B | $3.0B | ||
| Q4 25 | $4.9B | $2.9B | ||
| Q3 25 | $4.4B | $2.9B | ||
| Q2 25 | $4.2B | $2.9B | ||
| Q1 25 | — | $2.9B | ||
| Q4 24 | $4.0B | $2.8B | ||
| Q3 24 | $4.1B | $2.9B | ||
| Q2 24 | $4.0B | $2.7B |
| Q1 26 | 0.91× | 0.27× | ||
| Q4 25 | 0.63× | 0.39× | ||
| Q3 25 | 0.51× | 0.46× | ||
| Q2 25 | 0.55× | 0.56× | ||
| Q1 25 | — | 0.67× | ||
| Q4 24 | 0.60× | 0.82× | ||
| Q3 24 | 0.59× | 0.91× | ||
| Q2 24 | 0.63× | 1.05× |
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 | $219.0M |
| Free Cash FlowOCF − Capex | — | $150.0M |
| FCF MarginFCF / Revenue | — | 19.8% |
| Capex IntensityCapex / Revenue | — | 9.1% |
| Cash ConversionOCF / Net Profit | 0.95× | 2.26× |
| TTM Free Cash FlowTrailing 4 quarters | — | $450.0M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $46.9M | $219.0M | ||
| Q4 25 | $81.5M | $144.0M | ||
| Q3 25 | $46.6M | $155.0M | ||
| Q2 25 | $35.4M | $147.0M | ||
| Q1 25 | — | $154.0M | ||
| Q4 24 | $126.9M | $130.0M | ||
| Q3 24 | $101.0M | $150.0M | ||
| Q2 24 | $83.0M | $103.0M |
| Q1 26 | — | $150.0M | ||
| Q4 25 | $70.3M | $86.0M | ||
| Q3 25 | $37.4M | $109.0M | ||
| Q2 25 | $28.1M | $105.0M | ||
| Q1 25 | — | $103.0M | ||
| Q4 24 | $102.2M | $72.0M | ||
| Q3 24 | $90.4M | $84.0M | ||
| Q2 24 | $74.0M | $47.0M |
| Q1 26 | — | 19.8% | ||
| Q4 25 | 9.7% | 10.9% | ||
| Q3 25 | 5.2% | 13.9% | ||
| Q2 25 | 4.1% | 13.5% | ||
| Q1 25 | — | 14.6% | ||
| Q4 24 | 15.2% | 9.7% | ||
| Q3 24 | 13.4% | 11.5% | ||
| Q2 24 | 10.5% | 6.4% |
| Q1 26 | — | 9.1% | ||
| Q4 25 | 1.5% | 7.4% | ||
| Q3 25 | 1.3% | 5.9% | ||
| Q2 25 | 1.1% | 5.4% | ||
| Q1 25 | — | 7.2% | ||
| Q4 24 | 3.7% | 7.8% | ||
| Q3 24 | 1.6% | 9.0% | ||
| Q2 24 | 1.3% | 7.7% |
| Q1 26 | 0.95× | 2.26× | ||
| Q4 25 | 1.49× | 2.15× | ||
| Q3 25 | 0.70× | 1.55× | ||
| Q2 25 | 0.53× | 1.62× | ||
| Q1 25 | — | 2.30× | ||
| Q4 24 | 2.36× | 1.60× | ||
| Q3 24 | 1.48× | 1.70× | ||
| Q2 24 | 1.00× | 1.02× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
