# Enersys (ENS.US)

Canonical: https://gigainvestors.com/s/ENS

Analysis as of: 2026-10-16T07:28:17.123Z. Financial observations: FY2002–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $172.82 per share; close as of 2026-10-15.

Estimated value: low $111.86 per share, central $140.46 per share, high $162.05 per share. Buy at or below the central value $140.46 per share. Valuation as of 2026-10-16T07:28:17.123Z; scenarios are not confidence intervals.

Expected annual return: 8.6% at the stated quote. About 8.6% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 2 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.26×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.10×

- FY2019: 0.08×

- FY2020: 0.06×

- FY2021: 0.07×

- FY2022: 0.06×

- FY2023: 0.08×

- FY2024: 0.10×

- FY2025: 0.13×

- FY2026: 0.13×

### moat: pass

- ROIC, median of available years: 16.5%

- ROIC, second-lowest year: 11.6%

- Typical minus recent gross margin: -3.8 pp

- Typical gross margin (annual median): 25.4%

- Recent gross margin (lower of latest and 3-year median): 29.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.4%

- ROIC including acquisitions, ten-year median: 8.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 19.9%

- FY2018: 19.1%

- FY2019: 13.7%

- FY2020: 11.6%

- FY2021: 12.6%

- FY2022: 9.7%

- FY2023: 13.9%

- FY2024: 19.6%

- FY2025: 20.2%

- FY2026: 21.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.04×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.3B

- Net income, five-year total: $1.2B

- Return on incremental invested capital: 70.6%

- Working capital / revenue, annual change: -0.1 pp

- Working capital / revenue, change between three-year averages: -1.9 pp

- Working capital / revenue, final three-year average: 26.6%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2022: 1.15×

- FY2023: 1.01×

- FY2024: 1.02×

- FY2025: 0.96×

- FY2026: 1.11×

### management: pass

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 19.1% vs 20.2%

- Per-share earnings: 3.00 to 7.70 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -1.7%

- Ordinary dilution, 5-year annual growth: -2.5%

- Market cap gain: $2.9B

- Cumulative retained earnings: $1.5B

- Diluted shares, 10-year annual growth: -1.7%

- Diluted shares, 5-year annual growth: -2.5%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 12.5%

- Per-share value change: $4.70

- Per-share value, starting three-year median: $3.00

- Per-share value, ending three-year median: $7.70

- Buybacks concentrated in cheaper years (correlation): -0.31

- Average buyback yield: 3.3%

- Buyback history: 8 years

- Debt-funded buybacks: Yes

- Acquisition spending: $748M

- Cumulative net income, 10 years: $2.0B

- ROIC, first three-year median: 19.1%

- ROIC, last three-year median: 20.2%

Chart: Earnings per share; fiscal year observations.

- FY2017: $3.64

- FY2018: $2.77

- FY2019: $3.72

- FY2020: $3.20

- FY2021: $3.32

- FY2022: $3.36

- FY2023: $4.25

- FY2024: $6.50

- FY2025: $8.99

- FY2026: $7.70

### accounting: pass

- Sloan accruals: -6.3%

- Receivables to sales index (DSRI): 0.88×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 6.9%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.87×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.57×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -3.7%

- FY2018: -3.7%

- FY2019: -1.2%

- FY2020: -3.5%

- FY2021: -6.2%

- FY2022: 5.6%

- FY2023: -2.9%

- FY2024: -5.4%

- FY2025: 2.6%

- FY2026: -6.3%

## Holders

## Price story

Down 26% since Jun 2026 · "EnerSys Faces Flat Sales And Margin Strain As Valuation Holds Steady" (finance.yahoo.com, Apr 2026) · sales +3.7%

Story as of 2026-10-16T09:58:41.831Z; price observation 2026-10-15.

Price needs cash profits to grow 6.8% a year for ten years

- 2025-08-11: ENS Q2 Deep Dive: Cost Cuts and Segment Realignment Shape Outlook Amid Tariff Uncertainty ([finance.yahoo.com](https://finance.yahoo.com/news/ens-q2-deep-dive-cost-134051244.html))

- 2026-01-14: Stronger-Than-Expected Results And Raised Guidance Might Change The Case For Investing In EnerSys (ENS) ([finance.yahoo.com](https://finance.yahoo.com/news/stronger-expected-results-raised-guidance-061327744.html))

- 2026-02-13: EnerSys Weighs Industrial Softness Against Lithium Growth And Resilient Demand ([finance.yahoo.com](https://finance.yahoo.com/news/enersys-weighs-industrial-softness-against-071836110.html))

- 2026-04-23: EnerSys Faces Flat Sales And Margin Strain As Valuation Holds Steady ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/enersys-faces-flat-sales-margin-120506892.html))

- 2026-05-24: EnerSys (ENS) Valuation Check After Record Earnings Beat And Strong Data Center Outlook ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/enersys-ens-valuation-check-record-211616468.html))

### Sales · FY2025–2026

sales +3.7%; source https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm; observed 2026-05-20.

- FY2017: $2.4B 

- FY2018: $2.6B 

- FY2019: $2.8B 

- FY2020: $3.1B 

- FY2021: $3.0B 

- FY2022: $3.4B 

- FY2023: $3.7B 

- FY2024: $3.6B 

- FY2025: $3.6B 

- FY2026: $3.8B 

### Gross margin · FY2026

gross margin 29.3%; source https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm; observed 2026-05-20.

- FY2017: 27.5% 

- FY2018: 25.4% 

- FY2019: 24.7% 

- FY2020: 25.4% 

- FY2021: 24.8% 

- FY2022: 22.3% 

- FY2023: 22.7% 

- FY2024: 27.4% 

- FY2025: 30.2% 

- FY2026: 29.3% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in electrical equipment & parts; annual sales are USD 3.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm (filed 2026-05-20); FY2026: revenue 3751376000; grossProfit 1097562000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENS.US: EnerSys engages in the provision of stored energy solutions for industrial applications worldwide. It operates through three segments: Network & Infrastructure Solutions, Industrial Mobility Solutions, and Precision Power Solutions. The Network & Infrastructure Solutions segment provides power solutions and services to broadband, telecommunications, data center, and industrial utility customers. The Industrial Mobility Solutions segment provides power for electric industrial forklifts and other material handling equipment as well as transportation applications, primarily Class 8 trucks. The Precision Power Solutions segment provides energy solutions primarily for military vehicles, advanced defense programs, soldier powering and autonomous systems. It sells its products through a network of distributors, independent representatives, and internal sales forces. The company was formerly known as Yuasa, Inc. and changed its name to EnerSys in January 2001. EnerSys was founded in 1991 and is headquartered in Reading, Pennsylvania.

### Why customers stay

Margins ranged from 27.4% to 30.2% during 2024–26; it earns 16.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: grossProfit / revenue = 27.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: grossProfit / revenue = 30.2%.

- Source: https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm (filed 2026-05-20); FY2026: grossProfit / revenue = 29.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); 10-year return on capital observations [[2017,0.19927996073678153],[2018,0.19052060794190506],[2019,0.13739194195520224],[2020,0.11571460532044922],[2021,0.12565711191755743],[2022,0.09708210631784553],[2023,0.1390303765098708],[2024,0.19603964241980368],[2025,0.20237961252857128],[2026,0.21153539032854554]]; median 0.16477549222588794. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 370.7 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2017: growth capex 0; upkeep 50072000; owner earnings 164073000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2018: growth capex 15515000; upkeep 54317000; owner earnings 119600000. Growth capex / owner earnings = 0.12972408026755852.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2019: growth capex 7024000; upkeep 63348000; owner earnings 160200000. Growth capex / owner earnings = 0.04384519350811485.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2020: growth capex 14081000; upkeep 87344000; owner earnings 137116000. Growth capex / owner earnings = 0.10269406925522914.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2021: growth capex 0; upkeep 70020000; owner earnings 167436000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2022: growth capex 0; upkeep 74041000; owner earnings 165748000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2023: growth capex 0; upkeep 88772000; owner earnings 178191000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2024: growth capex 0; upkeep 86437000; owner earnings 274680000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); FY2025: growth capex 5634491.048502907; upkeep 115403508.9514971; owner earnings 349207491.0485029. Growth capex / owner earnings = 0.016135080698255436.

- Source: https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm (filed 2026-05-20); FY2026: growth capex 0; upkeep 80074000; owner earnings 327041000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Dividend observations: [[2017,30400000],[2018,29674000],[2019,29743000],[2020,29705000],[2021,29812000],[2022,29353000],[2023,28537000],[2024,34480000],[2025,37466000],[2026,38142000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm (filed 2026-05-20); FY2026: cash repurchases 370685000 USD.

### Are managers owners

Insiders own 1.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); ENS.US SharesStats.PercentInsiders = 1.288 percentage points; cache date 2026-10-16.

### What could break it

Our customer base is highly diverse, and no single customer accounts for more than 10% of our revenues.

- Source: https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm (filed 2026-05-20); We are not overly dependent on any particular end market. Our customer base is highly diverse, and no single customer accounts for more than 10% of our revenues. Our Energy Systems customers consist of both global and regional customers.

### What the price says

The price assumes cash profits grow 6.8% yearly over ten years; actual growth was 11.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-05-20); Ten-year compound average after fade. Initial solved rate 0.08405372872080413. Price 172.82; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 2.997616446977655 → FY2026 8.573804517120685. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $65.13 per share

- 2016-11: $79.58 per share

- 2016-12: $78.10 per share

- 2017-01: $77.95 per share

- 2017-02: $76.73 per share

- 2017-03: $78.94 per share

- 2017-04: $83.11 per share

- 2017-05: $74.06 per share

- 2017-06: $72.45 per share

- 2017-07: $72.27 per share

- 2017-08: $64.10 per share

- 2017-09: $69.17 per share

- 2017-10: $69.37 per share

- 2017-11: $69.09 per share

- 2017-12: $69.63 per share

- 2018-01: $70.31 per share

- 2018-02: $69.69 per share

- 2018-03: $69.37 per share

- 2018-04: $68.56 per share

- 2018-05: $79.91 per share

- 2018-06: $74.64 per share

- 2018-07: $82.07 per share

- 2018-08: $82.99 per share

- 2018-09: $87.13 per share

- 2018-10: $79.57 per share

- 2018-11: $87.37 per share

- 2018-12: $77.61 per share

- 2019-01: $85.26 per share

- 2019-02: $73.82 per share

- 2019-03: $65.16 per share

- 2019-04: $69.19 per share

- 2019-05: $56.23 per share

- 2019-06: $68.50 per share

- 2019-07: $68.11 per share

- 2019-08: $56.00 per share

- 2019-09: $65.94 per share

- 2019-10: $66.86 per share

- 2019-11: $70.17 per share

- 2019-12: $74.83 per share

- 2020-01: $71.96 per share

- 2020-02: $61.58 per share

- 2020-03: $49.52 per share

- 2020-04: $58.39 per share

- 2020-05: $63.30 per share

- 2020-06: $64.38 per share

- 2020-07: $67.26 per share

- 2020-08: $71.98 per share

- 2020-09: $67.12 per share

- 2020-10: $71.60 per share

- 2020-11: $81.81 per share

- 2020-12: $83.06 per share

- 2021-01: $82.23 per share

- 2021-02: $90.28 per share

- 2021-03: $90.80 per share

- 2021-04: $91.58 per share

- 2021-05: $94.24 per share

- 2021-06: $97.73 per share

- 2021-07: $98.66 per share

- 2021-08: $84.59 per share

- 2021-09: $74.44 per share

- 2021-10: $80.04 per share

- 2021-11: $74.09 per share

- 2021-12: $79.06 per share

- 2022-01: $74.93 per share

- 2022-02: $72.73 per share

- 2022-03: $74.57 per share

- 2022-04: $65.46 per share

- 2022-05: $67.72 per share

- 2022-06: $58.96 per share

- 2022-07: $65.91 per share

- 2022-08: $62.37 per share

- 2022-09: $58.17 per share

- 2022-10: $66.29 per share

- 2022-11: $75.58 per share

- 2022-12: $73.84 per share

- 2023-01: $83.02 per share

- 2023-02: $90.69 per share

- 2023-03: $86.88 per share

- 2023-04: $82.97 per share

- 2023-05: $97.27 per share

- 2023-06: $108.52 per share

- 2023-07: $108.32 per share

- 2023-08: $104.98 per share

- 2023-09: $94.67 per share

- 2023-10: $85.58 per share

- 2023-11: $88.48 per share

- 2023-12: $100.96 per share

- 2024-01: $95.57 per share

- 2024-02: $91.88 per share

- 2024-03: $94.46 per share

- 2024-04: $90.45 per share

- 2024-05: $107.84 per share

- 2024-06: $103.52 per share

- 2024-07: $109.93 per share

- 2024-08: $101.33 per share

- 2024-09: $102.05 per share

- 2024-10: $96.86 per share

- 2024-11: $96.66 per share

- 2024-12: $92.43 per share

- 2025-01: $97.07 per share

- 2025-02: $101.49 per share

- 2025-03: $91.58 per share

- 2025-04: $86.60 per share

- 2025-05: $83.63 per share

- 2025-06: $85.77 per share

- 2025-07: $92.37 per share

- 2025-08: $102.65 per share

- 2025-09: $112.96 per share

- 2025-10: $126.16 per share

- 2025-11: $143.11 per share

- 2025-12: $146.75 per share

- 2026-01: $180.19 per share

- 2026-02: $166.15 per share

- 2026-03: $173.72 per share

- 2026-04: $213.26 per share

- 2026-05: $227.97 per share

- 2026-06: $233.82 per share

- 2026-07: $186.05 per share

- 2026-08: $183.86 per share

- 2026-09: $183.53 per share

- 2026-10: $172.82 per share

## Annual estimated value (USD per share)

- FY2017: low $51.04 per share, central $56.66 per share, high $64.14 per share

- FY2018: low $53.95 per share, central $64.14 per share, high $73.00 per share

- FY2019: low $50.66 per share, central $60.74 per share, high $69.88 per share

- FY2020: low $56.89 per share, central $71.76 per share, high $82.85 per share

- FY2021: low $54.47 per share, central $64.65 per share, high $73.87 per share

- FY2022: low $50.97 per share, central $57.89 per share, high $66.03 per share

- FY2023: low $58.63 per share, central $70.46 per share, high $81.06 per share

- FY2024: low $57.50 per share, central $70.41 per share, high $81.13 per share

- FY2025: low $67.27 per share, central $83.02 per share, high $95.81 per share

- FY2026: low $102.32 per share, central $129.06 per share, high $149.24 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1289308/000162828026036900/ens-20260331.htm); period 2026-03-31, filed 2026-05-20.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.