ESAB vs Middleby
ESAB and Middleby are similar in size: $2.84bn and $3.20bn of revenue in their latest fiscal years. ESAB grew faster (3.7% against 1.6%). ESAB kept more of each dollar of sales as profit: a net margin of 8.0% against -8.7%. ESAB carries less debt relative to equity (57.4% against 78.3%).
| Latest fiscal year | ESABESAB, 2025 | MiddlebyMIDD, 2025 |
|---|---|---|
| Revenue | $2.84bn | $3.20bn |
| Revenue growth | 3.7% | 1.6% |
| Net income | $227m | −$278m |
| Operating margin | 14.5% | 18.0% |
| Net margin | 8.0% | -8.7% |
| Return on equity | 11.5% | -8.7% |
| Free cash flow | $213m | $559m |
| Cash | $186m | $222m |
| Total debt | $1.24bn | $2.17bn |
| Debt to equity | 57.4% | 78.3% |
| Dividend per share | $0.38 | — |
| Dividend yield | 0.5% | — |
| Share buybacks | — | $724m |
| Employees | 10,300 | — |
| Market value | $4.74bn | $5.58bn |
| Price vs our value range | Within our value range | Below our value range |
| Moat score | 60 (Moderate) | 76 (Strong) |
| Insider trades, 12 months | 0 buys, 11 sales | 8 buys, 0 sales |