Here are 1-2 brief analogies for ESAB:

• The DeWalt for welding and cutting equipment.
• The Snap-on for industrial welders and fabricators.

• Welding Equipment: ESAB manufactures a wide range of machines and systems for various arc welding processes, including MIG/MAG, TIG, and MMA.
• Welding Consumables: The company provides an extensive portfolio of electrodes, wires, and fluxes used in diverse welding applications.
• Cutting Equipment: ESAB offers plasma and oxy-fuel cutting systems, ranging from manual solutions to advanced automated machines.
• Gas Control Equipment: This includes regulators, torches, and accessories for precise control and delivery of gases in welding and cutting operations.
• Personal Protective Equipment (PPE): ESAB supplies safety products like welding helmets, gloves, and protective apparel designed for welders.

ESAB (symbol: ESAB) primarily sells its products and solutions to other companies (B2B - business-to-business) rather than directly to individuals. The company provides a comprehensive portfolio of advanced solutions for welding, cutting, and gas control.

Due to its highly diversified customer base, ESAB's annual reports indicate that no single customer accounts for more than 10% of its consolidated net sales. Therefore, specific major customer companies are not individually disclosed. Instead, ESAB serves a broad range of businesses across various industrial sectors. The major categories of companies that purchase ESAB's products and services include:

• General Manufacturing and Metal Fabrication: This category encompasses a vast array of businesses involved in the manufacturing of metal products, components, machinery, and custom metal fabrication shops. These customers utilize ESAB's welding and cutting equipment and consumables for various production processes, ranging from small workshops to large-scale industrial manufacturers.
• Heavy Industry, Construction, and Infrastructure: Customers in this sector include companies engaged in large-scale industrial projects, such as shipbuilding, structural steel fabrication, heavy equipment manufacturing, mining, and civil engineering for infrastructure development (e.g., bridges, buildings, pipelines).
• Energy, Transportation, and Automotive: This segment includes companies operating in critical industries like oil and gas, power generation, renewable energy, aerospace, railway, and the automotive sector (both manufacturing and repair). These customers rely on ESAB's solutions for demanding applications requiring high precision and reliability.

Shyam P. Kambeyanda President and Chief Executive Officer

Shyam P. Kambeyanda is the President and CEO of ESAB Corporation and a member of its Board of Directors, a position he has held since May 2016, and as President and CEO of ESAB Corporation since it became a public company in 2022. He also served as an Executive Vice President of Colfax (now Enovis) starting in December 2019, when ESAB was part of Colfax Corporation. As the leader of ESAB, he has been responsible for expanding global operations, improving financial performance, and driving ESAB Business Excellence (EBX). Before joining Colfax, Mr. Kambeyanda spent over two decades at Eaton Corporation, where his most recent role was President of Americas for Eaton Corporation's Hydraulics Group. He held various positions of increasing responsibility in engineering, quality, e-commerce, product strategy, and operations management across the U.S., Mexico, Europe, and Asia. Mr. Kambeyanda holds a bachelor's degree in physics and general science from Coe College and in Electrical Engineering from Iowa State University, as well as an MBA from the Kellogg School of Management at Northwestern University.

Kevin Johnson EVP and Chief Financial Officer

Kevin Johnson was appointed Chief Financial Officer of ESAB Corporation in May 2019. In this role, he leads the company's financial planning, controlling, tax, treasury, IT, and investor relations functions, and is responsible for developing and executing the financial strategy. Prior to joining ESAB, Mr. Johnson held several roles of increasing responsibility within the Colfax Corporation (now Enovis) enterprise. His extensive global experience spans Asia, Europe, and Africa, including serving as Executive Director and Chief Financial Officer for Howden Africa, a publicly listed company in South Africa. He has a track record of achieving significant performance improvements and successfully completing major acquisitions and implementations. Mr. Johnson is a qualified Australian CPA and holds a Bachelor of Social Science from Queen's University, Northern Ireland, a Master of Accounting from Macquarie University, Australia, and an MBA from Hasselt University, Belgium.

Michele Campion Chief Human Resources Officer

Michele Campion joined ESAB Corporation in September 2020 as the VP, Human Resources, and is now the Chief Human Resources Officer.

Olivier Biebuyck President, Fabrication Technology

Olivier Biebuyck is the President of ESAB Corporation's Fabrication Technology platform.

Curtis Jewell General Counsel and Corporate Secretary

Curtis Jewell serves as ESAB Corporation's General Counsel and Corporate Secretary. He leads the company's legal team, advises the executive team on legal strategy, and acts as the company's legal representative. Mr. Jewell became ESAB Corporation's general counsel in 2020 and was appointed Senior Vice President and Corporate Secretary in 2022. He possesses significant experience in leading legal teams through complex acquisitions and cross-border initiatives.

The key risks to ESAB's business include:

1. Global Economic and Geopolitical Volatility: ESAB's revenue is highly dependent on demand for welding and cutting products, which is cyclical and sensitive to broader economic conditions and industrial activity. The company's extensive international operations, accounting for approximately 78% of its sales, expose it to significant risks from geopolitical tensions, such as the wars in Ukraine and the Middle East. Additionally, changes in trade policies, including tariffs and sanctions, and fluctuations in foreign currency exchange rates can adversely affect its financial performance and operational stability.

2. Supply Chain Disruptions: ESAB relies on a global supply chain for raw materials and components. Disruptions in this supply chain, potentially caused by geopolitical events, natural disasters, or inflationary pressures, can impact the company's ability to meet customer demand and lead to increased costs, affecting gross margins.

3. Intense Competitive Environment: ESAB operates in a highly competitive welding and cutting equipment industry. Competition from both global and regional players could impact the company's market share, pricing strategies, and overall profitability.

The clear emerging threat to ESAB is the increasing adoption and technological advancement of metal additive manufacturing (3D printing). This technology offers an alternative method for fabricating metal parts, which in certain applications can reduce or eliminate the need for traditional welding and cutting processes that form ESAB's core business. As metal additive manufacturing becomes more cost-effective, scalable, and capable of producing industrial-grade components, it poses a long-term risk of eroding the market demand for traditional welding consumables, equipment, and related fabrication technologies.

ESAB (NYSE: ESAB) operates in several key addressable markets related to fabrication technology.

Welding Equipment

The global welding equipment market was valued at approximately USD 16.8 billion in 2023 and is projected to reach USD 34.0 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 7.3% during the forecast period from 2024 to 2033.

Welding Consumables

The global welding consumables market size reached USD 17.7 billion in 2024. This market is expected to grow to USD 26.3 billion by 2033, exhibiting a CAGR of 4.49% during 2025-2033.

Cutting Equipment

The global cutting equipment market was valued at USD 5.91 billion in 2024 and is projected to grow to USD 16.04 billion by 2035, with a CAGR of approximately 9.50% from 2025 to 2034. Another estimate places the global cutting equipment market size at USD 34.32 billion in 2025, forecast to reach USD 40.66 billion by 2030, advancing at a 3.45% CAGR.

Welding Automation & Robotics

The global robotic welding market was valued at USD 9.49 billion in 2024. It is projected to reach USD 24.69 billion by 2034, growing at a CAGR of 10.03% from 2025 to 2034.

Gas Control Solutions

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ESAB (NYSE: ESAB) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic initiatives, market expansion, and product innovation.

Here are 3-5 expected drivers of ESAB's future revenue growth:

1. Strategic Acquisitions and Portfolio Enhancement: ESAB's "compounder model" relies on strategic mergers and acquisitions to expand its offerings and market presence. The recent acquisition of EWM, a provider of advanced arc welding and robotic solutions, is particularly significant. This acquisition is expected to enhance ESAB's heavy equipment and automation portfolio, bring in high-level technology, and contribute to both sales and margin growth, with synergies anticipated to strengthen profitability and accelerate the shift towards higher-margin equipment and gas control.
2. Growth in Automation and Digital Solutions: Strong demand for automation products, especially welding Cobots, is projected to continue. ESAB is intensifying its investment in innovation, including harnessing AI, and its digital solutions offering, InduSuite, aims to reinforce its market position by providing workflow software for various operations. The company emphasizes an improving mix from higher-value automation and capital equipment, indicating a return in customer confidence to invest in these big-ticket items.
3. Expansion in High-Growth Emerging Markets: ESAB has demonstrated strong performance in and expects continued growth from high-growth markets, particularly in India, the Middle East, and the broader EMEA and APAC regions. Management anticipates that developing markets' GDP will outpace that of developed markets over the next five years, positioning ESAB to capture this differential.
4. New Product Launches and Innovation: The company maintains a focus on new product development, launching an average of 100 new fabrication products annually through its FABTECH business group. Recent innovations, such as new Weld Modes to enhance arc stability and reduce spatter, and the RobustFeed AVS ECHO automatic voltage-sensing wire feeder, address key customer needs for improved cost, quality, and speed in welding processes. These new products are expected to drive customer adoption and contribute to revenue.
5. Pricing Actions and Operational Excellence through the EBX Framework: ESAB's organic sales growth has been partly driven by strong price performance. The company's disciplined execution of its "EBX framework" is key to driving organic growth and achieving operational efficiencies. Initiatives such as ongoing restructuring, manufacturing relocation (expected to be complete by early Q1 2026 for Americas tariffs), and supply chain realignment are anticipated to improve margins and support revenue growth by mitigating cost headwinds.

Capital Allocation Decisions for ESAB (ESAB) over the Last 3-5 Years

Share Repurchases

• On August 13, 2024, ESAB's Board of Directors authorized a stock repurchase program to acquire up to five million shares of the company's common stock.
• No repurchases were made under this program through December 31, 2024.

Share Issuance

• As of February 13, 2025, the number of common shares outstanding was approximately 60.53 million.
• The number of shares outstanding increased by 0.45% in the year leading up to late October 2025.

Outbound Investments

• ESAB completed three acquisitions during the year ended December 31, 2024, spending $154 million in total on acquisitions for that year.
• This included the acquisition of ESAB Bangladesh Private Limited for approximately $69 million (net of cash received) on July 2, 2024, to strengthen its presence in the region.
• In 2025, ESAB announced a definitive agreement to acquire EWM GmbH, a German leader in heavy industrial welding equipment, for approximately €275 million, with the transaction expected to close in the second half of 2025.

Capital Expenditures

• Quarterly capital expenditures for ESAB have ranged from $7 million to over $24 million.
• Capital expenditures in the last 12 months prior to October 29, 2025, amounted to $52.36 million.
• ESAB anticipates investing $15 million into growth-related initiatives in 2025.