ATI vs ESAB: Allegheny Technologies and ESAB compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Allegheny Technologies is the larger company, worth $24.5B, about 6.1 times ESAB.
- ESAB grew revenue faster over the last year (+12.9% vs +10.6%).
- Allegheny Technologies keeps more of each dollar of revenue as operating profit (15.2% vs 12.1%).
- On earnings, ESAB is the cheaper stock (17.4x vs 59.4x).
- Allegheny Technologies's price assumes faster free cash flow growth: about 22% a year, against 4% for ESAB (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | ATI | ESAB |
|---|---|---|
| Market cap | $24.5B | $4.0B |
| Share price | $191.84 | $66.85 |
| Revenue (last fiscal year) | $4.6B | $2.8B |
| Free cash flow (last fiscal year) | $334M | $213M |
| Revenue growth, last year | +10.6% | +12.9% |
| Revenue growth per year, last 5 fiscal years | +13.1% | +4.0% |
| Operating margin | 15.2% | 12.1% |
| Net margin | 10.1% | 5.8% |
| Return on equity | 25.4% | 6.8% |
| P/E (trailing) | 59.4x | 17.4x |
| Price / free cash flow | 73.4x | 18.8x |
| EV / EBITDA | 34.3x | 13.6x |
| FCF growth the price implies | 22.2% | 4.2% |
| Dividend yield | — | 0.64% |
| Debt / equity | 1.99x | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Allegheny Technologies
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.8B | -$136M | 4.2% |
| 2022 | $3.8B | $94M | 8.2% |
| 2023 | $4.2B | -$115M | 11.2% |
| 2024 | $4.4B | $168M | 14.0% |
| 2025 | $4.6B | $334M | 14.0% |
ESAB
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $2.4B | $215M | 12.6% |
| 2022 | $2.6B | $174M | 12.7% |
| 2023 | $2.8B | $282M | 14.6% |
| 2024 | $2.7B | $304M | 16.3% |
| 2025 | $2.8B | $213M | 14.5% |
Where the revenue comes from
Allegheny Technologies · by segments, 2025
HPMC$2.4B53%
AA&S$2.1B47%
ESAB · by products, 2025
Equipment$1.9B66%
Consumables$972M34%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ATI in InvestinglyQuestions
Which is bigger, Allegheny Technologies or ESAB?
Allegheny Technologies (ATI), at $24.5B against $4.0B.
Is ATI or ESAB cheaper?
By trailing P/E, ESAB (17.4x) is cheaper than Allegheny Technologies (59.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ATI or ESAB?
ESAB: revenue grew +12.9% over the last year, against +10.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.