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Side-by-side financial comparison of ESAB Corp (ESAB) and VIASAT INC (VSAT). Click either name above to swap in a different company.
VIASAT INC is the larger business by last-quarter revenue ($1.2B vs $727.8M, roughly 1.6× ESAB Corp). ESAB Corp runs the higher net margin — 7.5% vs 2.2%, a 5.4% gap on every dollar of revenue. On growth, ESAB Corp posted the faster year-over-year revenue change (8.5% vs 3.0%). Over the past eight quarters, ESAB Corp's revenue compounded faster (2.8% CAGR vs 0.3%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Viasat, Inc. is an American communications company based in Carlsbad, California, with additional operations across the United States and worldwide. Viasat is a provider of high-speed satellite broadband services and secure networking systems covering military and commercial markets.
ESAB vs VSAT — Head-to-Head
Income Statement — Q3 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $1.2B |
| Net Profit | $54.8M | $25.0M |
| Gross Margin | 37.0% | — |
| Operating Margin | 14.6% | 2.3% |
| Net Margin | 7.5% | 2.2% |
| Revenue YoY | 8.5% | 3.0% |
| Net Profit YoY | 2.1% | 115.8% |
| EPS (diluted) | $0.90 | $0.18 |
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 | $1.2B | ||
| Q3 25 | $715.6M | $1.1B | ||
| Q2 25 | $678.1M | $1.2B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $670.8M | $1.1B | ||
| Q3 24 | $673.3M | $1.1B | ||
| Q2 24 | $707.1M | $1.1B | ||
| Q1 24 | $689.7M | $1.2B |
| Q4 25 | $54.8M | $25.0M | ||
| Q3 25 | $66.9M | $-61.4M | ||
| Q2 25 | $67.4M | $-56.4M | ||
| Q1 25 | — | $-246.1M | ||
| Q4 24 | $53.7M | $-158.4M | ||
| Q3 24 | $68.2M | $-137.6M | ||
| Q2 24 | $82.9M | $-32.9M | ||
| Q1 24 | $60.0M | $-100.3M |
| 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% | 2.3% | ||
| Q3 25 | 15.2% | 3.1% | ||
| Q2 25 | 16.2% | 4.0% | ||
| Q1 25 | — | -13.4% | ||
| Q4 24 | 16.6% | 1.9% | ||
| Q3 24 | 15.7% | -2.2% | ||
| Q2 24 | 16.9% | 5.3% | ||
| Q1 24 | 16.0% | 0.0% |
| Q4 25 | 7.5% | 2.2% | ||
| Q3 25 | 9.3% | -5.4% | ||
| Q2 25 | 9.9% | -4.8% | ||
| Q1 25 | — | -21.5% | ||
| Q4 24 | 8.0% | -14.1% | ||
| Q3 24 | 10.1% | -12.3% | ||
| Q2 24 | 11.7% | -2.9% | ||
| Q1 24 | 8.7% | -8.7% |
| Q4 25 | $0.90 | $0.18 | ||
| Q3 25 | $1.09 | $-0.45 | ||
| Q2 25 | $1.10 | $-0.43 | ||
| Q1 25 | — | $-1.92 | ||
| Q4 24 | $0.87 | $-1.23 | ||
| Q3 24 | $1.11 | $-1.07 | ||
| Q2 24 | $1.35 | $-0.26 | ||
| Q1 24 | $0.98 | $-1.14 |
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 | $1.3B |
| Total DebtLower is stronger | $1.3B | $6.2B |
| Stockholders' EquityBook value | $2.1B | $4.6B |
| Total Assets | $4.9B | $14.9B |
| Debt / EquityLower = less leverage | 0.63× | 1.37× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | $1.3B | ||
| Q3 25 | $258.2M | $1.2B | ||
| Q2 25 | $291.3M | $1.2B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $249.4M | $1.6B | ||
| Q3 24 | $253.7M | $3.5B | ||
| Q2 24 | $228.5M | $1.8B | ||
| Q1 24 | $76.5M | $1.9B |
| Q4 25 | $1.3B | $6.2B | ||
| Q3 25 | $1.1B | $6.5B | ||
| Q2 25 | $1.1B | $6.5B | ||
| Q1 25 | — | $6.5B | ||
| Q4 24 | $1.1B | $6.5B | ||
| Q3 24 | $1.1B | $6.4B | ||
| Q2 24 | $1.1B | $7.1B | ||
| Q1 24 | $992.8M | $7.1B |
| Q4 25 | $2.1B | $4.6B | ||
| Q3 25 | $2.1B | $4.5B | ||
| Q2 25 | $1.9B | $4.6B | ||
| Q1 25 | — | $4.6B | ||
| Q4 24 | $1.8B | $4.8B | ||
| Q3 24 | $1.8B | $4.9B | ||
| Q2 24 | $1.7B | $5.0B | ||
| Q1 24 | $1.6B | $5.0B |
| Q4 25 | $4.9B | $14.9B | ||
| Q3 25 | $4.4B | $14.8B | ||
| Q2 25 | $4.2B | $14.9B | ||
| Q1 25 | — | $15.4B | ||
| Q4 24 | $4.0B | $15.6B | ||
| Q3 24 | $4.1B | $17.8B | ||
| Q2 24 | $4.0B | $16.1B | ||
| Q1 24 | $3.8B | $16.3B |
| Q4 25 | 0.63× | 1.37× | ||
| Q3 25 | 0.51× | 1.44× | ||
| Q2 25 | 0.55× | 1.43× | ||
| Q1 25 | — | 1.43× | ||
| Q4 24 | 0.60× | 1.37× | ||
| Q3 24 | 0.59× | 1.30× | ||
| Q2 24 | 0.63× | 1.42× | ||
| Q1 24 | 0.61× | 1.42× |
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 | $726.9M |
| Free Cash FlowOCF − Capex | $70.3M | — |
| FCF MarginFCF / Revenue | 9.7% | — |
| Capex IntensityCapex / Revenue | 1.5% | — |
| Cash ConversionOCF / Net Profit | 1.49× | 29.11× |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $726.9M | ||
| Q3 25 | $46.6M | $282.2M | ||
| Q2 25 | $35.4M | $258.5M | ||
| Q1 25 | — | $298.4M | ||
| Q4 24 | $126.9M | $219.5M | ||
| Q3 24 | $101.0M | $239.2M | ||
| Q2 24 | $83.0M | $151.1M | ||
| Q1 24 | $44.5M | $232.0M |
| Q4 25 | $70.3M | — | ||
| Q3 25 | $37.4M | — | ||
| Q2 25 | $28.1M | — | ||
| Q1 25 | — | — | ||
| Q4 24 | $102.2M | — | ||
| Q3 24 | $90.4M | — | ||
| Q2 24 | $74.0M | — | ||
| Q1 24 | $37.1M | — |
| Q4 25 | 9.7% | — | ||
| Q3 25 | 5.2% | — | ||
| Q2 25 | 4.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 15.2% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 10.5% | — | ||
| Q1 24 | 5.4% | — |
| Q4 25 | 1.5% | — | ||
| Q3 25 | 1.3% | — | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | — | — | ||
| Q4 24 | 3.7% | — | ||
| Q3 24 | 1.6% | — | ||
| Q2 24 | 1.3% | — | ||
| Q1 24 | 1.1% | — |
| Q4 25 | 1.49× | 29.11× | ||
| 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% |
VSAT
| Products | $334.2M | 29% |
| Aviation Services | $303.7M | 26% |
| Government Satcom Services | $202.4M | 17% |
| Maritime Services | $114.9M | 10% |
| Information Security And Cyber Defense Products | $97.0M | 8% |
| Tactical Networking Products | $93.9M | 8% |
| Navarino Uk And Jsat Mobile | $15.5M | 1% |
| Advanced Technologies And Other Products | $6.1M | 1% |
