ESAB Corp

ESAB: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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ESAB Earnings: Above-Market Growth and Impressive Margin Improvement

Krzysztof Smalec

Feb 21, 2025

Narrow-moat-rated ESAB ended 2024 in strong fashion, as its full-year core adjusted earnings per share of $5.06 beat our estimate by $0.12. After rolling our model forward one year, we’ve increased our fair value estimate to $120 per share from $106, which reflects our slightly more optimistic midcycle operating margin assumptions and time value of money.

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ESAB Corp

ESAB Earnings: Above-Market Growth and Impressive Margin Improvement

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