ESAB vs Middleby
Middleby reported revenue of $3.2 billion in fiscal 2025, about the same as ESAB's $2.8 billion in fiscal 2025. ESAB's revenue grew 3.7% in its latest year, and Middleby's grew 1.6%. ESAB had an operating margin of 14.5%, against 18.0% at Middleby. Free cash flow was $213 million at ESAB and $559 million at Middleby. Their fiscal years end in different months (December 31 and January 3), so the periods don't line up exactly.
Side by side
| ESAB | Middleby | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2025, Jan 3, 2026 |
| Revenue | $2.8B | $3.2B |
| Revenue growth | 3.7% | 1.6% |
| Revenue growth a year, last 5 years | 7.8% | 5.0% |
| Gross margin | 36.9% | 39.1% |
| Operating margin | 14.5% | 18.0% |
| Net margin | 8.0% | −8.7% |
| Free cash flow | $213M | $559M |
| Free cash flow margin | 7.5% | 17.5% |
| Return on capital | 11.0% | 8.7% |
| Net debt to EBITDA | 2.1x | 2.9x |
| Dividends and buybacks | $22M | $724M |
| Change in diluted share count | 0.3% | −3.7% |
| Last close | $67.31 | $114.46 |
| P/E at the last close | 24.2× | — |
| Insider trades, last 12 months | sold $8.9 million | bought $15.1 million, sold $0 |
| Piotroski F-score | 4 of 9 | 4 of 9 |
Amounts in each company's own currency, US$ 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
ESABMiddleby
Operating margin
Percent of revenue
ESABMiddleby
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
ESABMiddleby