Carpenter Technology vs ESAB
Carpenter Technology reported revenue of $3.1 billion in fiscal 2026, about the same as ESAB's $2.8 billion in fiscal 2025. Carpenter Technology's revenue grew 8.6% in its latest year, and ESAB's grew 3.7%. Carpenter Technology had an operating margin of 22.5%, against 14.5% at ESAB. Free cash flow was $362 million at Carpenter Technology and $213 million at ESAB. Their fiscal years end in different months (June 30 and December 31), so the periods don't line up exactly.
Side by side
| Carpenter Technology | ESAB | |
|---|---|---|
| Latest fiscal year | FY2026, Jun 30, 2026 | FY2025, Dec 31, 2025 |
| Revenue | $3.1B | $2.8B |
| Revenue growth | 8.6% | 3.7% |
| Revenue growth a year, last 5 years | 16.2% | 7.8% |
| Gross margin | 30.6% | 36.9% |
| Operating margin | 22.5% | 14.5% |
| Net margin | 17.0% | 8.0% |
| Free cash flow | $362M | $213M |
| Free cash flow margin | 11.6% | 7.5% |
| Return on capital | 23.7% | 11.0% |
| Net debt to EBITDA | 0.3x | 2.1x |
| Dividends and buybacks | $219M | $22M |
| Change in diluted share count | −0.6% | 0.3% |
| Last close | $289.48 | $67.31 |
| P/E at the last close | 25.5× | 24.2× |
| Insider trades, last 12 months | sold $94.6 million | sold $8.9 million |
| Piotroski F-score | 9 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
Carpenter TechnologyESAB
Operating margin
Percent of revenue
Carpenter TechnologyESAB
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
Carpenter TechnologyESAB
Source: the companies' Form 10-K filings, from SEC EDGAR, and the last close. For information only, not investment advice: the figures describe results, not which company is the better investment. The Filing Desk is not affiliated with either company. Full figures on the Carpenter Technology and ESAB pages.