CRS vs ESAB: Carpenter Technology 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.
- Carpenter Technology is the larger company, worth $18.0B, about 4.5 times ESAB.
- ESAB grew revenue faster over the last year (+12.9% vs +12.6%).
- Carpenter Technology keeps more of each dollar of revenue as operating profit (22.5% vs 12.1%).
- On earnings, ESAB is the cheaper stock (17.4x vs 36.7x).
- Carpenter Technology's price assumes faster free cash flow growth: about 17% 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 | CRS | ESAB |
|---|---|---|
| Market cap | $18.0B | $4.0B |
| Share price | $385.81 | $66.85 |
| Revenue (last fiscal year) | $3.1B | $2.8B |
| Free cash flow (last fiscal year) | $362M | $213M |
| Revenue growth, last year | +12.6% | +12.9% |
| Revenue growth per year, last 5 fiscal years | +14.2% | +4.0% |
| Operating margin | 22.5% | 12.1% |
| Net margin | 17.0% | 5.8% |
| Return on equity | 23.8% | 6.8% |
| P/E (trailing) | 36.7x | 17.4x |
| Price / free cash flow | 62.8x | 18.8x |
| EV / EBITDA | 23.0x | 13.6x |
| FCF growth the price implies | 16.9% | 4.2% |
| Dividend yield | 0.21% | 0.64% |
| Debt / equity | 0.72x | 1.57x |
| Fundamental grade | C | C |
| Superinvestors holding it | 5 | 5 |
| Insider purchases, last 12 months | 4 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Carpenter Technology
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2022 | $1.8B | -$85M | -1.4% |
| 2023 | $2.6B | -$68M | 5.2% |
| 2024 | $2.8B | $178M | 11.7% |
| 2025 | $2.9B | $286M | 18.1% |
| 2026 | $3.1B | $362M | 22.5% |
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
Carpenter Technology · by segments, 2026
Specialty Alloys Operations$2.8B90%
Performance Engineered Products$312M10%
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 CRS in InvestinglyQuestions
Which is bigger, Carpenter Technology or ESAB?
Carpenter Technology (CRS), at $18.0B against $4.0B.
Is CRS or ESAB cheaper?
By trailing P/E, ESAB (17.4x) is cheaper than Carpenter Technology (36.7x). A lower multiple can also mean the market expects less growth.
Which grows faster, CRS or ESAB?
ESAB: revenue grew +12.9% over the last year, against +12.6%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.