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Side-by-side financial comparison of ESAB Corp (ESAB) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $727.8M, roughly 1.1× ESAB Corp). ESAB Corp runs the higher net margin — 7.5% vs -1.5%, a 9.0% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 8.5%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $70.3M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 2.8%).
ESAB, Elektriska Svetsnings-Aktiebolaget, is an American-Swedish industrial company.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
ESAB vs ZS — Head-to-Head
Income Statement — Q3 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $727.8M | $788.1M |
| Net Profit | $54.8M | $-11.6M |
| Gross Margin | 37.0% | 76.6% |
| Operating Margin | 14.6% | -4.6% |
| Net Margin | 7.5% | -1.5% |
| Revenue YoY | 8.5% | 25.5% |
| Net Profit YoY | 2.1% | 3.6% |
| EPS (diluted) | $0.90 | $-0.07 |
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 | $788.1M | ||
| Q3 25 | $715.6M | $719.2M | ||
| Q2 25 | $678.1M | $678.0M | ||
| Q1 25 | — | $647.9M | ||
| Q4 24 | $670.8M | $628.0M | ||
| Q3 24 | $673.3M | $592.9M | ||
| Q2 24 | $707.1M | $553.2M | ||
| Q1 24 | $689.7M | $525.0M |
| Q4 25 | $54.8M | $-11.6M | ||
| Q3 25 | $66.9M | $-17.6M | ||
| Q2 25 | $67.4M | $-4.1M | ||
| Q1 25 | — | $-7.7M | ||
| Q4 24 | $53.7M | $-12.1M | ||
| Q3 24 | $68.2M | $-14.9M | ||
| Q2 24 | $82.9M | $19.1M | ||
| Q1 24 | $60.0M | $-28.5M |
| Q4 25 | 37.0% | 76.6% | ||
| Q3 25 | 37.2% | 76.1% | ||
| Q2 25 | 37.6% | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | 38.5% | 77.5% | ||
| Q3 24 | 37.7% | 78.0% | ||
| Q2 24 | 38.2% | 78.6% | ||
| Q1 24 | 37.0% | 77.7% |
| Q4 25 | 14.6% | -4.6% | ||
| Q3 25 | 15.2% | -4.5% | ||
| Q2 25 | 16.2% | -3.7% | ||
| Q1 25 | — | -6.2% | ||
| Q4 24 | 16.6% | -4.9% | ||
| Q3 24 | 15.7% | -4.5% | ||
| Q2 24 | 16.9% | -0.5% | ||
| Q1 24 | 16.0% | -8.7% |
| Q4 25 | 7.5% | -1.5% | ||
| Q3 25 | 9.3% | -2.4% | ||
| Q2 25 | 9.9% | -0.6% | ||
| Q1 25 | — | -1.2% | ||
| Q4 24 | 8.0% | -1.9% | ||
| Q3 24 | 10.1% | -2.5% | ||
| Q2 24 | 11.7% | 3.5% | ||
| Q1 24 | 8.7% | -5.4% |
| Q4 25 | $0.90 | $-0.07 | ||
| Q3 25 | $1.09 | $-0.11 | ||
| Q2 25 | $1.10 | $-0.03 | ||
| Q1 25 | — | $-0.05 | ||
| Q4 24 | $0.87 | $-0.08 | ||
| Q3 24 | $1.11 | $-0.09 | ||
| Q2 24 | $1.35 | $0.12 | ||
| Q1 24 | $0.98 | $-0.19 |
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 | — |
| Stockholders' EquityBook value | $2.1B | $2.0B |
| Total Assets | $4.9B | $6.5B |
| Debt / EquityLower = less leverage | 0.63× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $218.2M | $1.3B | ||
| Q3 25 | $258.2M | $2.4B | ||
| Q2 25 | $291.3M | $2.0B | ||
| Q1 25 | — | $1.8B | ||
| Q4 24 | $249.4M | $1.6B | ||
| Q3 24 | $253.7M | $1.4B | ||
| Q2 24 | $228.5M | $1.3B | ||
| Q1 24 | $76.5M | $1.4B |
| Q4 25 | $1.3B | — | ||
| Q3 25 | $1.1B | — | ||
| Q2 25 | $1.1B | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | $1.1B | $1.1B | ||
| Q3 24 | $1.1B | $1.1B | ||
| Q2 24 | $1.1B | $1.1B | ||
| Q1 24 | $992.8M | $1.1B |
| Q4 25 | $2.1B | $2.0B | ||
| Q3 25 | $2.1B | $1.8B | ||
| Q2 25 | $1.9B | $1.8B | ||
| Q1 25 | — | $1.6B | ||
| Q4 24 | $1.8B | $1.4B | ||
| Q3 24 | $1.8B | $1.3B | ||
| Q2 24 | $1.7B | $1.1B | ||
| Q1 24 | $1.6B | $958.9M |
| Q4 25 | $4.9B | $6.5B | ||
| Q3 25 | $4.4B | $6.4B | ||
| Q2 25 | $4.2B | $5.3B | ||
| Q1 25 | — | $5.0B | ||
| Q4 24 | $4.0B | $4.7B | ||
| Q3 24 | $4.1B | $4.7B | ||
| Q2 24 | $4.0B | $4.2B | ||
| Q1 24 | $3.8B | $3.9B |
| Q4 25 | 0.63× | — | ||
| Q3 25 | 0.51× | — | ||
| Q2 25 | 0.55× | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | 0.60× | 0.80× | ||
| Q3 24 | 0.59× | 0.90× | ||
| Q2 24 | 0.63× | 1.04× | ||
| Q1 24 | 0.61× | 1.19× |
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 | $448.3M |
| Free Cash FlowOCF − Capex | $70.3M | $431.0M |
| FCF MarginFCF / Revenue | 9.7% | 54.7% |
| Capex IntensityCapex / Revenue | 1.5% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.49× | — |
| TTM Free Cash FlowTrailing 4 quarters | $238.0M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $81.5M | $448.3M | ||
| Q3 25 | $46.6M | $250.6M | ||
| Q2 25 | $35.4M | $211.1M | ||
| Q1 25 | — | $179.4M | ||
| Q4 24 | $126.9M | $331.3M | ||
| Q3 24 | $101.0M | $203.6M | ||
| Q2 24 | $83.0M | $173.4M | ||
| Q1 24 | $44.5M | $142.1M |
| Q4 25 | $70.3M | $431.0M | ||
| Q3 25 | $37.4M | $190.6M | ||
| Q2 25 | $28.1M | $138.9M | ||
| Q1 25 | — | $164.4M | ||
| Q4 24 | $102.2M | $314.3M | ||
| Q3 24 | $90.4M | $154.2M | ||
| Q2 24 | $74.0M | $137.8M | ||
| Q1 24 | $37.1M | $111.2M |
| Q4 25 | 9.7% | 54.7% | ||
| Q3 25 | 5.2% | 26.5% | ||
| Q2 25 | 4.1% | 20.5% | ||
| Q1 25 | — | 25.4% | ||
| Q4 24 | 15.2% | 50.1% | ||
| Q3 24 | 13.4% | 26.0% | ||
| Q2 24 | 10.5% | 24.9% | ||
| Q1 24 | 5.4% | 21.2% |
| Q4 25 | 1.5% | 2.2% | ||
| Q3 25 | 1.3% | 8.3% | ||
| Q2 25 | 1.1% | 10.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | 3.7% | 2.7% | ||
| Q3 24 | 1.6% | 8.3% | ||
| Q2 24 | 1.3% | 6.4% | ||
| Q1 24 | 1.1% | 5.9% |
| 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× | 9.07× | ||
| 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% |
ZS
Segment breakdown not available.
