ESAB vs MLI: ESAB and Mueller Industries compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Mueller Industries is the larger company, worth $6.3B, about 1.6 times ESAB.
- Mueller Industries grew revenue faster over the last year (+25.5% vs +12.9%).
- Mueller Industries keeps more of each dollar of revenue as operating profit (23.0% vs 12.1%).
- On earnings, Mueller Industries is the cheaper stock (7.5x vs 17.4x).
- ESAB's price assumes faster free cash flow growth: about 4% a year, against -5% for Mueller Industries (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 | ESAB | MLI |
|---|---|---|
| Market cap | $4.0B | $6.3B |
| Share price | $66.85 | $60.71 |
| Revenue (last fiscal year) | $2.8B | $4.2B |
| Free cash flow (last fiscal year) | $213M | $687M |
| Revenue growth, last year | +12.9% | +25.5% |
| Revenue growth per year, last 5 fiscal years | +4.0% | +2.6% |
| Operating margin | 12.1% | 23.0% |
| Net margin | 5.8% | 18.2% |
| Return on equity | 6.8% | 24.0% |
| P/E (trailing) | 17.4x | 7.52x |
| Price / free cash flow | 18.8x | 9.24x |
| EV / EBITDA | 13.6x | 5.00x |
| FCF growth the price implies | 4.2% | -5.3% |
| Dividend yield | 0.64% | 1.9% |
| Debt / equity | 1.57x | 0.19x |
| Fundamental grade | C | A |
| Superinvestors holding it | 5 | 3 |
| 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.
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% |
Mueller Industries
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $3.8B | $280M | 17.4% |
| 2022 | $4.0B | $686M | 22.0% |
| 2023 | $3.4B | $619M | 22.1% |
| 2024 | $3.8B | $566M | 20.4% |
| 2025 | $4.2B | $687M | 22.9% |
Where the revenue comes from
ESAB · by products, 2025
Equipment$1.9B66%
Consumables$972M34%
Mueller Industries · by segments, 2025
Piping Systems$2.7B64%
Industrial Metals$1.0B24%
Climate$497M12%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open ESAB in InvestinglyQuestions
Which is bigger, ESAB or Mueller Industries?
Mueller Industries (MLI), at $6.3B against $4.0B.
Is ESAB or MLI cheaper?
By trailing P/E, Mueller Industries (7.52x) is cheaper than ESAB (17.4x). A lower multiple can also mean the market expects less growth.
Which grows faster, ESAB or MLI?
Mueller Industries: revenue grew +25.5% over the last year, against +12.9%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.