Detailed financial statements for EnerSys (ENS): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
EnerSys engages in the provision of stored energy solutions for industrial applications worldwide. The company operates in four segments: Energy Systems, Motive Power, Specialty, and New Ventures. The Energy Systems segment offers uninterruptible power systems (UPS) applications for computer and computer-controlled systems, as well as telecommunications systems; switchgear and electrical control systems used in industrial facilities and electric utilities, large-scale energy...
Analysis Summary
EnerSys reported revenue of $3.75B in the most recent fiscal year, growing at a 5-year CAGR of 4.7%. Net income reached $293.6M, with a 15.4% 5-year CAGR.
Trailing-twelve-month margins: gross margin 30.5%, operating margin 13.5%, net margin 9.3%. Free cash flow grew at 10.1% CAGR over 5 years.
At $159.95 (closing price, October 30, 2026), ENS trades at a P/E of 17.13 and an ROE of 18.48%. Market capitalisation stands at $5.8B.
Balance sheet quality for ENS: current ratio of 2.7, net debt of $751.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $467.5M represents 159% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.37B | $2.58B | $2.81B | $3.09B | $2.98B | $3.36B | $3.71B | $3.58B | $3.62B | $3.75B |
| Cost of Revenue | $1.72B | $1.92B | $2.11B | $2.30B | $2.24B | $2.61B | $2.87B | $2.60B | $2.53B | $2.65B |
| Gross Profit | $650.6M | $656.8M | $693.0M | $784.9M | $739.1M | $750.0M | $840.1M | $982.9M | $1.09B | $1.10B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $360.5M | $382.1M | $428.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Expenses | $369.9M | $382.1M | $441.4M | $594.7M | $522.8M | $543.7M | $561.8M | $631.3M | $627.7M | $621.0M |
| Operating Income | $235.9M | $269.3M | $212.5M | $190.2M | $216.4M | $206.3M | $278.4M | $351.6M | $464.7M | $476.6M |
| EBITDA | $290.9M | $320.6M | $276.4M | $278.0M | $302.7M | $307.6M | $361.3M | $434.2M | $558.6M | $511.5M |
| Interest Expense | $22.2M | $25.0M | $30.9M | $43.7M | $38.4M | $37.8M | $59.5M | $50.0M | $51.1M | $67.6M |
| Pre-tax Income | $212.7M | $238.3M | $182.1M | $146.9M | $170.1M | $173.9M | $210.6M | $292.2M | $406.6M | $347.4M |
| Income Tax | $54.5M | $118.5M | $21.6M | $9.8M | $26.8M | $30.0M | $34.8M | $23.1M | $42.8M | $53.8M |
| Net Income | $160.2M | $119.6M | $160.2M | $137.1M | $143.4M | $143.9M | $175.8M | $269.1M | $363.7M | $293.6M |
| EPS | $3.69 | $2.81 | $3.78 | $3.23 | $3.37 | $3.42 | $4.31 | $6.62 | $9.15 | $7.84 |
| EPS (Diluted) | $3.64 | $2.77 | $3.72 | $3.20 | $3.32 | $3.36 | $4.25 | $6.50 | $8.99 | $7.70 |
| Shares Outstanding (Diluted) | 44.0 M | 43.1 M | 43.0 M | 42.9 M | 43.2 M | 42.8 M | 41.3 M | 41.4 M | 40.4 M | 38.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $951.3M | $919.1M | $987.9M | $935.6M |
| Gross Profit | $277.1M | $276.3M | $290.9M | $313.4M |
| Operating Income | $92.0M | $124.2M | $142.6M | $151.4M |
| EBITDA | $116.6M | $150.0M | $141.0M | $176.1M |
| Net Income | $68.4M | $90.4M | $77.2M | $116.5M |
| EPS | $1.83 | $2.45 | $2.08 | $3.19 |
| EPS (Diluted) | $1.80 | $2.40 | $2.05 | $3.09 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $500.3M | $522.1M | $299.2M | $327.0M | $451.8M | $402.5M | $346.7M | $333.3M | $343.1M | $438.7M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $491.0M | $550.4M | $673.7M | $654.3M | $661.0M | $796.0M | $693.4M | $584.2M | $676.4M | $615.2M |
| Inventory | $360.7M | $414.2M | $503.9M | $519.5M | $518.2M | $715.7M | $797.8M | $697.7M | $740.0M | $724.7M |
| Total Current Assets | $1.42B | $1.54B | $1.54B | $1.56B | $1.69B | $1.99B | $1.90B | $1.78B | $2.09B | $2.14B |
| Property, Plant & Equipment | $348.5M | $390.3M | $409.4M | $480.0M | $497.1M | $503.3M | $513.3M | $608.9M | $592.4M | $663.7M |
| Goodwill | $328.7M | $352.8M | $656.4M | $663.9M | $705.6M | $700.6M | $676.7M | $682.9M | $721.1M | $752.4M |
| Intangible Assets | $154.0M | $147.1M | $462.3M | $455.7M | $430.9M | $396.2M | $360.4M | $319.4M | $375.4M | $342.9M |
| Total Assets | $2.29B | $2.49B | $3.12B | $3.30B | $3.46B | $3.74B | $3.62B | $3.47B | $3.97B | $4.00B |
| Accounts Payable | $222.5M | $259.0M | $292.4M | $281.9M | $323.9M | $393.1M | $378.6M | $369.5M | $405.7M | $354.2M |
| Short-term Debt | $18.4M | $18.4M | $54.5M | $46.5M | $34.2M | $55.1M | $30.6M | $30.4M | $28.5M | $55.2M |
| Total Current Liabilities | $467.4M | $491.5M | $612.9M | $600.3M | $677.0M | $738.1M | $718.3M | $723.9M | $775.1M | $804.0M |
| Long-term Debt | $587.7M | $579.5M | $971.8M | $1.10B | $969.6M | $1.24B | $1.04B | $802.0M | $1.08B | $1.08B |
| Total Liabilities | $1.18B | $1.29B | $1.83B | $2.00B | $1.92B | $2.24B | $2.01B | $1.71B | $2.05B | $2.09B |
| Retained Earnings | $1.23B | $1.32B | $1.45B | $1.56B | $1.67B | $1.78B | $1.93B | $2.16B | $2.49B | $2.74B |
| Total Equity | $1.10B | $1.20B | $1.28B | $1.30B | $1.54B | $1.49B | $1.60B | $1.75B | $1.92B | $1.91B |
| Total Debt | $606.1M | $598.0M | $1.04B | $1.22B | $1.07B | $1.37B | $1.09B | $914.3M | $1.20B | $1.19B |
| Net Debt | $105.8M | $75.9M | $737.3M | $897.2M | $616.9M | $969.0M | $747.5M | $580.9M | $859.2M | $751.0M |
| Working Capital | $951.5M | $1.05B | $923.7M | $962.6M | $1.01B | $1.26B | $1.18B | $1.06B | $1.31B | $1.34B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q3 |
|---|---|---|---|---|
| Cash & Equivalents | $388.6M | $450.1M | $438.7M | $530.7M |
| Total Assets | $4.07B | $4.05B | $4.00B | $3.96B |
| Total Liabilities | $2.21B | $2.15B | $2.09B | $1.98B |
| Total Equity | $1.86B | $1.89B | $1.91B | $1.97B |
| Total Debt | $1.21B | $1.18B | $1.19B | $1.04B |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $158.2M | $119.8M | $160.6M | $137.1M | $143.4M | $143.9M | $175.8M | $269.1M | $363.7M | $293.6M |
| Depreciation & Amortization | $53.9M | $54.3M | $63.3M | $87.3M | $94.1M | $95.9M | $91.2M | $92.0M | $100.9M | $113.6M |
| Stock-based Compensation | $19.2M | $19.5M | $22.6M | $20.8M | $19.8M | $24.3M | $26.4M | $30.6M | $27.8M | $37.6M |
| Change in Working Capital | -$34.7M | $31.6M | -$71.1M | -$36.4M | $101.0M | -$346.1M | -$8.3M | $51.0M | -$209.8M | $68.7M |
| Operating Cash Flow | $246.0M | $211.0M | $197.9M | $253.4M | $358.4M | -$65.6M | $279.9M | $457.0M | $260.3M | $547.6M |
| Capital Expenditure | -$50.1M | -$69.8M | -$70.4M | -$101.4M | -$70.0M | -$74.0M | -$88.8M | -$86.4M | -$121.0M | -$80.1M |
| Acquisitions | -$12.4M | -$3.0M | -$654.6M | -$176.5M | $176,000 | 0 | $586,000 | -$8.3M | -$206.4M | 0 |
| Stock Repurchased | $257.4M | -$121.2M | -$56.4M | -$34.6M | 0 | -$156.4M | -$22.9M | -$95.7M | -$154.0M | -$370.7M |
| Dividends Paid | -$30.4M | -$29.7M | -$29.7M | -$29.7M | -$29.8M | -$29.4M | -$28.5M | -$34.5M | -$37.5M | -$38.1M |
| Free Cash Flow | $196.0M | $141.2M | $127.5M | $152.0M | $288.4M | -$139.6M | $191.2M | $370.6M | $139.3M | $467.5M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q3 |
|---|---|---|---|---|
| Operating Cash Flow | $218.0M | $184.6M | $144.0M | $230.2M |
| Capital Expenditure | -$20.9M | -$13.3M | -$12.8M | -$12.4M |
| Free Cash Flow | $197.1M | $171.3M | $131.2M | $217.7M |
| Dividends Paid | -$9.8M | -$9.6M | -$9.6M | -$9.6M |
| Stock-based Compensation | $4.4M | $7.5M | $8.1M | $7.8M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +9.1% | +8.8% | +10.0% | -3.6% | +12.7% | +10.5% | -3.4% | +1.0% | +3.7% | |
| Net Income Growth (YoY) | -25.3% | +33.9% | -14.4% | +4.6% | +0.4% | +22.2% | +53.1% | +35.2% | -19.3% | |
| EPS Growth (YoY) | -23.8% | +34.5% | -14.6% | +4.3% | +1.5% | +26.0% | +53.6% | +38.2% | -14.3% | |
| Shares Change (YoY) | -2.0% | -0.3% | -0.3% | +0.8% | -1.0% | -3.4% | +0.1% | -2.3% | -5.7% | |
| FCF Growth (YoY) | -27.9% | -9.7% | +19.2% | +89.7% | -148.4% | +236.9% | +93.9% | -62.4% | +235.7% | |
| Gross Margin | 27.5% | 25.4% | 24.7% | 25.4% | 24.8% | 22.3% | 22.7% | 27.4% | 30.2% | 29.3% |
| Operating Margin | 10.0% | 10.4% | 7.6% | 6.2% | 7.3% | 6.1% | 7.5% | 9.8% | 12.8% | 12.7% |
| EBITDA Margin | 12.3% | 12.4% | 9.8% | 9.0% | 10.2% | 9.2% | 9.7% | 12.1% | 15.4% | 13.6% |
| Net Margin | 6.8% | 4.6% | 5.7% | 4.4% | 4.8% | 4.3% | 4.7% | 7.5% | 10.1% | 7.8% |
| FCF Margin | 8.3% | 5.5% | 4.5% | 4.9% | 9.7% | -4.2% | 5.2% | 10.3% | 3.8% | 12.5% |
| Effective Tax Rate | 25.6% | 49.7% | 11.9% | 6.7% | 15.7% | 17.3% | 16.5% | 7.9% | 10.5% | 15.5% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $4.45 | $3.27 | $2.96 | $3.54 | $6.67 | $-3.26 | $4.63 | $8.96 | $3.44 | $12.26 |
| Dividends Per Share | $0.69 | $0.69 | $0.69 | $0.69 | $0.69 | $0.69 | $0.69 | $0.83 | $0.93 | $1.00 |
| Shares Outstanding (Basic) | 43.4 M | 42.6 M | 42.3 M | 42.4 M | 42.5 M | 42.1 M | 40.8 M | 40.7 M | 39.8 M | 37.4 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 18.48% |
| Return on Invested Capital | 13.39% |
| Return on Assets | 8.91% |
| Gross Margin | 30.51% |
| Operating Margin | 13.45% |
| Net Margin | 9.29% |
Financial Health
| Debt / Equity | 0.53 |
| Current Ratio | 2.80 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 4.55 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 21.39 | 24.69 | 17.54 | 15.33 | 26.94 | 21.80 | 20.16 | 14.05 | 10.01 | 22.16 |
| P/B | 3.10 | 2.47 | 2.19 | 1.61 | 2.51 | 2.11 | 2.22 | 2.16 | 1.90 | 3.41 |
| P/S | 1.45 | 1.14 | 1.00 | 0.68 | 1.30 | 0.94 | 0.96 | 1.06 | 1.01 | 1.73 |
| Gross Margin | 27.5% | 25.4% | 24.7% | 25.4% | 24.8% | 22.3% | 22.7% | 27.4% | 30.2% | 29.3% |
| Operating Margin | 10.0% | 10.4% | 7.6% | 6.2% | 7.3% | 6.1% | 7.5% | 9.8% | 12.8% | 12.7% |
| Net Margin | 6.8% | 4.6% | 5.7% | 4.4% | 4.8% | 4.3% | 4.7% | 7.5% | 10.1% | 7.8% |
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