ESAB Corporation (ESAB) Balance Sheet

NYSE: ESABAssets, liabilities, debt and equity over 7 years.

ESAB balance sheet, 2025

December 31, 2025 · U.S. dollars

$4.77B assets = $2.55B liabilities + $2.21B equity

Both columns are drawn to the same scale: what ESAB owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ESAB financial health

Current ratio1.90

Comfortable · current assets cover current liabilities 1.90×

Debt / equity0.66

Moderate leverage · $0.66 of debt for each $1 of equity

Equity / assets45.4%

Equity-funded · of assets funded by shareholders

Cash / debt13.0%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles55.0%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ESAB balance sheet trends, 2019–2025

ESAB Corporation balance sheet trends
Metric	Then	Latest	Change
Total assets	$3.49B2019	$4.77B2025	+5.3%/yr
Total liabilities	$809.7M2019	$2.55B2025	+21.1%/yr
Shareholders’ equity	$2.64B2019	$2.17B2025	−3.2%/yr
Cash & short-term investments	$104.8M2019	$185.9M2025	+10.0%/yr
Total debt	$75.7M2019	$1.43B2025	+63.3%/yr
Net cash (debt)	$29.1M2019	−$1.25B2025	−$1.3B
Working capital	$498.1M2019	$597.1M2025	+$99.0M
Book value per share	$43.922019	$35.542025	−3.5%/yr
Current ratio	2.142019	1.902025	−0.24
Debt / equity	0.032019	0.662025	+0.63
Shares outstanding	60.0M2019	60.9M2025	+0.3%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ESAB assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ESAB liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ESAB debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ESAB balance sheet

ESAB Corporation annual balance sheet
	2025	2024	2023	2022	2021	2020	2019
Assets
Cash & short-term investments	$185.9M	$249.4M	$102.0M	$72.0M	$41.2M	$49.2M	$104.8M
Cash & equivalents	$185.9M	$249.4M	$102.0M	$72.0M	$41.2M	$49.2M	$104.8M
Receivables	$451.3M	$370.3M	$385.2M	$374.3M	$383.5M	$329.6M	$364.1M
Inventory	$481.8M	$403.7M	$392.9M	$416.8M	$420.1M	$313.4M	$349.5M
Other current assets	$143.0M	$125.0M	$117.7M	$125.5M	$119.3M	$112.8M	$115.4M
Total current assets	$1.26B	$1.15B	$997.7M	$988.7M	$964.1M	$804.9M	$933.9M
Property, plant & equipment (net)	$495.2M	$388.2M	$389.9M	$376.3M	$394.2M	$395.9M	$400.2M
Goodwill & intangible assets	$2.62B	$2.14B	$2.09B	$2.05B	$2.05B	$2.13B	$2.11B
Long-term investments	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$386.3M	$357.4M	$353.1M	$342.2M	$48.5M	$54.4M	$44.7M
Total assets	$4.77B	$4.03B	$3.83B	$3.75B	$3.46B	$3.39B	$3.49B
Liabilities
Accounts payable	$360.4M	$318.5M	$306.6M	$316.3M	$345.5M	$241.3M	$235.3M
Short-term debt	$24.5M	$36.5M	$22.8M	$18.7M	$20.5M	$18.6M	—
Deferred revenue	$19.7M	$26.4M	$31.2M	$25.9M	$22.3M	$21.6M	—
Total current liabilities	$664.8M	$632.1M	$620.1M	$601.6M	$596.6M	$460.8M	$435.8M
Long-term debt	$1.23B	$1.06B	$1.02B	$1.22B	$0	$0	$0
Lease obligations	$110.2M	$87.5M	$99.4M	$94.8M	$109.2M	$97.0M	—
Other long-term liabilities	$657.2M	$532.9M	$542.8M	$545.3M	$362.9M	$380.2M	$373.9M
Total liabilities	$2.55B	$2.23B	$2.18B	$2.37B	$959.5M	$841.1M	$809.7M
Shareholders' equity
Common stock & paid-in capital	$61,000	$61,000	$60,000	$60,000	$2.92B	$2.90B	$3.06B
Retained earnings (deficit)	$800.8M	$597.2M	$350.6M	$159.2M	$0	—	—
Accumulated other comprehensive income	−$539.7M	−$729.6M	−$624.3M	−$675.0M	−$460.9M	−$396.2M	−$423.5M
Minority interest	$45.5M	$39.2M	$40.3M	$38.3M	—	—	—
Total shareholders' equity	$2.17B	$1.77B	$1.61B	$1.35B	$2.46B	$2.50B	$2.64B
Key figures
Total debt	$1.43B	$1.16B	$1.12B	$1.31B	$109.2M	$97.0M	$75.7M
Net cash (debt)	−$1.25B	−$913.9M	−$1.02B	−$1.24B	−$68.0M	−$47.8M	$29.1M
Working capital	$597.1M	$516.3M	$377.6M	$387.1M	$367.5M	$344.1M	$498.1M
Tangible book value	−$456.7M	−$371.0M	−$480.5M	−$696.7M	$406.3M	$372.0M	$523.1M
Book value per share	$35.54	$28.95	$26.50	$22.45	$40.99	$41.69	$43.92
Shares outstanding	60.9M	61.1M	60.7M	60.2M	60.0M	60.0M	60.0M
Current ratio	1.90	1.82	1.61	1.64	1.62	1.75	2.14
Quick ratio	0.96	0.98	0.79	0.74	0.71	0.82	1.08
Debt / equity	0.66	0.66	0.70	0.97	0.04	0.04	0.03
Equity / assets	45.4%	43.9%	42.0%	36.0%	71.1%	73.9%	75.5%

ESAB Corporation quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$217.5M	$1.00B	$185.9M	$218.2M	$258.2M	$291.3M	$249.4M	$253.7M	$228.5M	$76.5M	$102.0M	$82.8M
Cash & equivalents	$217.5M	$1.00B	$185.9M	$218.2M	$258.2M	$291.3M	$249.4M	$253.7M	$228.5M	$76.5M	$102.0M	$82.8M
Receivables	$554.1M	$488.5M	$451.3M	$460.5M	$456.1M	$414.8M	$370.3M	$420.9M	$431.2M	$430.1M	$385.2M	$388.5M
Inventory	$581.5M	$520.6M	$481.8M	$503.7M	$474.1M	$450.7M	$403.7M	$422.7M	$426.5M	$405.6M	$392.9M	$425.7M
Other current assets	$175.3M	$156.3M	$143.0M	$151.3M	$147.8M	$129.2M	$125.0M	$124.2M	$126.4M	$130.5M	$117.7M	$132.7M
Total current assets	$1.53B	$2.17B	$1.26B	$1.33B	$1.34B	$1.29B	$1.15B	$1.22B	$1.21B	$1.04B	$997.7M	$1.03B
Property, plant & equipment (net)	$533.2M	$483.5M	$495.2M	$491.7M	$415.4M	$393.8M	$388.2M	$390.9M	$376.9M	$384.6M	$389.9M	$368.0M
Goodwill & intangible assets	$4.12B	$2.59B	$2.62B	$2.65B	$2.33B	$2.19B	$2.14B	$2.17B	$2.06B	$2.07B	$2.09B	$2.05B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$382.6M	$384.5M	$386.3M	$396.8M	$348.6M	$350.0M	$357.4M	$304.5M	$317.2M	$329.0M	$353.1M	$313.0M
Total assets	$6.56B	$5.62B	$4.77B	$4.87B	$4.43B	$4.22B	$4.03B	$4.08B	$3.97B	$3.83B	$3.83B	$3.76B
Liabilities
Accounts payable	$407.4M	$398.5M	$360.4M	$342.2M	$369.5M	$349.7M	$318.5M	$320.3M	$350.1M	$338.4M	$306.6M	$302.6M
Short-term debt	$32.0M	$26.1M	$24.5M	$24.7M	$42.6M	$38.7M	$36.5M	$21.4M	$22.3M	$22.9M	$22.8M	$20.3M
Deferred revenue	$40.7M	$33.9M	$19.7M	$27.2M	$25.1M	$25.3M	$26.4M	$27.8M	$27.9M	$29.5M	$31.2M	$29.5M
Total current liabilities	$779.0M	$730.0M	$664.8M	$669.1M	$686.5M	$672.0M	$632.1M	$637.1M	$651.1M	$631.3M	$620.1M	$610.4M
Long-term debt	$2.39B	$2.03B	$1.23B	$1.33B	$1.06B	$1.06B	$1.06B	$1.08B	$1.08B	$992.8M	$1.02B	$1.09B
Lease obligations	$142.2M	$103.9M	$110.2M	$130.7M	$86.2M	$83.5M	$87.5M	$91.4M	$92.5M	$96.9M	$99.4M	$95.0M
Other long-term liabilities	$808.0M	$626.6M	$657.2M	$704.2M	$575.3M	$538.9M	$532.9M	$489.6M	$487.0M	$521.0M	$542.8M	$515.3M
Total liabilities	$3.98B	$3.39B	$2.55B	$2.71B	$2.32B	$2.27B	$2.23B	$2.21B	$2.22B	$2.15B	$2.18B	$2.21B
Shareholders' equity
Common stock & paid-in capital	$62,000	$61,000	$61,000	$61,000	$61,000	$61,000	$61,000	$60,000	$60,000	$60,000	$60,000	$60,000
Retained earnings (deficit)	$865.8M	$842.3M	$800.8M	$769.2M	$720.5M	$659.7M	$597.2M	$548.3M	$484.9M	$406.9M	$350.6M	$304.0M
Accumulated other comprehensive income	−$548.2M	−$557.0M	−$539.7M	−$554.2M	−$549.7M	−$651.9M	−$729.6M	−$604.9M	−$663.4M	−$647.7M	−$624.3M	−$679.5M
Minority interest	$45.5M	$44.9M	$45.5M	$46.1M	$42.1M	—	—	—	—	—	—	—
Total shareholders' equity	$2.54B	$2.19B	$2.17B	$2.12B	$2.07B	$1.91B	$1.77B	$1.84B	$1.71B	$1.64B	$1.61B	$1.50B
Key figures
Total debt	$2.42B	$2.14B	$1.43B	$1.47B	$1.17B	$1.16B	$1.16B	$1.17B	$1.17B	$1.09B	$1.12B	$1.18B
Net cash (debt)	−$2.21B	−$1.14B	−$1.25B	−$1.25B	−$908.6M	−$866.2M	−$913.9M	−$918.0M	−$943.7M	−$1.01B	−$1.02B	−$1.10B
Working capital	$749.5M	$1.44B	$597.1M	$664.6M	$649.8M	$614.0M	$516.3M	$584.4M	$561.5M	$411.4M	$377.6M	$419.4M
Tangible book value	−$1.58B	−$395.7M	−$456.7M	−$531.2M	−$262.4M	−$278.0M	−$371.0M	−$330.5M	−$352.4M	−$430.4M	−$480.5M	−$544.5M
Book value per share	$41.19	$35.95	$35.54	$34.72	$33.73	$31.56	$29.23	$30.07	$27.96	$26.90	$26.66	$24.71
Shares outstanding	61.6M	60.9M	60.9M	60.9M	61.4M	60.5M	60.5M	61.1M	61.1M	61.0M	60.3M	60.7M
Current ratio	1.96	2.97	1.90	1.99	1.95	1.91	1.82	1.92	1.86	1.65	1.61	1.69
Quick ratio	0.99	2.05	0.96	1.01	1.04	1.05	0.98	1.06	1.01	0.80	0.79	0.77
Debt / equity	0.95	0.98	0.66	0.69	0.56	0.61	0.66	0.64	0.69	0.66	0.70	0.79
Equity / assets	38.7%	38.9%	45.4%	43.5%	46.7%	45.3%	43.9%	45.0%	43.1%	42.9%	42.0%	40.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 20, 2026); data from EODHD.

ESAB financial position

At the end of fiscal 2025 (December 31, 2025), ESAB had total assets of $4.8 billion (up 18.1% from a year earlier), total liabilities of $2.6 billion and shareholders' equity of $2.2 billion. It held $185.9 million in cash and short-term investments against $1.4 billion of debt, net debt of $1.2 billion. Its current ratio was 1.90. In the latest quarter (ended June 30, 2026) total assets were $6.6 billion and equity $2.5 billion.

Related: ESAB income statement, ESAB cash flow statement, ESAB key metrics. See the ESAB stock overview for the latest quote and news.

ESAB balance sheet FAQ

What are ESAB's total assets?

ESAB reported total assets of $4.8 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.0 billion a year earlier.

How much debt does ESAB have?

ESAB had $1.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.66.

How much cash does ESAB have?

ESAB held $185.9 million in cash and short-term investments at the end of fiscal 2025; with $1.4 billion of debt that is net debt of $1.2 billion.

What is ESAB's book value?

ESAB's shareholders' equity (book value) was $2.2 billion at the end of fiscal 2025, or $35.54 per share.

What is ESAB's current ratio?

ESAB had current assets of $1.3 billion and current liabilities of $664.8 million, a current ratio of 1.90 (it can cover its short-term obligations).

How much goodwill does ESAB have?

ESAB carried $2.6 billion of goodwill and intangible assets, 55.0% of total assets, at the end of fiscal 2025.