Ennis Inc EBF

IndustrialsProfessional & Commercial ServicesUnited States of America

Last close 21.38 USD on Nov 1, 2026, +24.6% year to date

Quant rating

Quant rating B Rank 111 of 486 in Industrials

Growth D 374 of 486
Valuation A 38 of 486
Quality B 135 of 486
Revisions B 193 of 486
Momentum B 192 of 486

Wall Street consensus Strong Buy (1.00)Average target 24.00 USD +12.3%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 541M
Enterprise value: 487M
52-week range: 16.33 – 23.07
3-year range: 16.33 – 23.07
Dividend yield: 4.91%
Beta (5 years): 0.25
Shares outstanding: 25.3M
Next earnings: Dec 21, 2026

About the company

Ennis, Inc. is a provider of business forms, pressure-seal forms, labels, tags, envelopes, and presentation folders to independent distributors in the United States. The Company is engaged in the business of manufacturing, designing and selling business forms and other printed business products primarily to distributors located in the United States. It manufactures and sells business forms, other printed business products, printed and electronic media, integrated forms and labels, presentation products, flex-o-graphic printing, advertising specialties, internal bank forms, plastic cards, secure and negotiable documents, specialty packaging, direct mail, envelopes, tags and labels and other custom products. It sells its products under various labels: Ennis, Royal Business Forms, Block Graphics, ColorWorx, Enfusion, Uncompromised Check Solutions, VersaSeal, Ad Concepts, FormSource Limited, Star Award Ribbon Company, Witt Printing, Genforms, PrintGraphics, and others.

Growth and profitability fiscal year ends February 28

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	392	395	420	432	400	–
Revenue growth	−0.6%	−6.1%	−2.7%	8.0%	11.7%	1.9%
EPS (basic, normalized)	1.66	1.54	1.64	–	1.11	–
EPS growth	7.8%	−6.1%	–	–	–	–
Gross margin	30.7%	29.7%	29.8%	30.3%	28.7%	29.9%
Net margin	10.9%	10.2%	10.1%	11.0%	7.2%	9.9%
ROE	14.0%	12.3%	12.5%	14.9%	9.6%	12.7%

Balance sheet, last quarter
Cash & short-term investments (mil)	54.0
Current ratio	3.79x
Long-term debt (mil)	0
Net debt (mil)	−54.0
Total equity (mil)	314
Net debt / equity	−0.17x
Net debt / EBITDA	−0.71x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2026 actual	392	−0.6%	1.2x	75.7	+3.8%	6.4x	1.66	+7.8%	12.9x
2027	400	+2.0%	1.2x	71.8	−5.2%	6.8x	1.57	−5.4%	13.6x
2028	400	0.0%	1.2x	73.7	+2.7%	6.6x	1.61	+2.5%	13.3x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2027	400	0.0%	+0.9%	+1.1%	1.57	0.0%	0.0%	0.0%
2028	400	0.0%	0.0%	0.0%	1.61	0.0%	0.0%	0.0%
2029	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 1 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	May 2024	Aug 2024	Nov 2024	Feb 2025	May 2025	Aug 2025	Nov 2025	Feb 2026	May 2026	Aug 2026
Sales reported (mil)	103	99.0	99.8	92.7	97.2	98.7	100	96.4	98.6	102
Sales mean (mil)	101	105	98.3	95.6	99.3	99.0	100	95.1	98.2	99.8
Surprise	+2.2%	−5.3%	+1.5%	−3.0%	−2.1%	−0.3%	−0.3%	+1.3%	+0.4%	+2.2%
EPS reported	0.41	0.40	0.39	0.35	0.38	0.51	0.42	0.35	0.39	0.37
EPS mean	0.36	0.42	0.39	0.37	0.37	0.38	0.41	0.38	0.39	0.39
Surprise	+13.9%	−4.8%	0.0%	−5.4%	+2.7%	+34.2%	+2.4%	−7.9%	0.0%	−5.1%

Peer comparison Professional & Commercial Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
EBF Ennis Inc	541M	−0.71x	10.9%	1.72x	13.6x	13.3x	6.8x	6.6x
TOPPY TOPPAN Holdings Inc.	8.0B	–	3.6%	0.96x	–	–	–	–
DNPLY Dai Nippon Printing Co., Ltd.	7.9B	–	6.9%	0.99x	–	–	–	–
BRC Brady Corporation	3.9B	−0.49x	12.3%	2.86x	12.6x	11.5x	7.6x	7.1x
CMPR Cimpress PLC	1.4B	0.28x	2.6%	−2.81x	11.3x	7.0x	2.9x	2.5x
DLX Deluxe Corporation	1.0B	3.23x	3.8%	1.46x	6.0x	5.6x	5.3x	4.9x
Mean		0.58x	6.7%	0.86x	10.9x	9.3x	5.6x	5.3x
Median		−0.10x	5.4%	1.23x	12.0x	9.2x	6.0x	5.7x

Technical analysis

1M−3.5%
3M−1.2%
1Y+34.4%
3Y+48.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Ennis Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	392	395	420	432	400	358
Cost of revenue	272	277	295	301	285	254
Gross profit	120	117	125	131	115	104
Selling, general & administrative expenses	67.7	65.4	68.8	70.8	71.4	68.3
Research & development	–	–	–	–	–	–
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0	−0.1	0.1	−5.9	−0.3	−0.4
Other operating expenses	0	0	0	0	0	0
Operating income	52.7	52.0	56.5	66.2	43.6	35.9
Net interest income (expense)	1.9	4.9	4.0	0	0	0
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	4.0	−1.4	−1.3	−1.2	−1.6	−2.6
Net income before taxes	58.6	55.5	59.1	64.9	41.9	33.3
Provision for taxes	16.0	15.2	16.5	17.6	13.0	9.2
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	42.6	40.2	42.6	47.3	29.0	24.1
Extraordinary items	–	–	–	–	–	–
Net income	42.6	40.2	42.6	47.3	29.0	24.1
EBIT, normalized	52.7	51.9	56.5	60.3	43.3	35.8
EBITDA, normalized	69.8	68.5	74.0	77.6	62.1	53.8
Basic EPS, normalized	1.66	1.54	1.64	–	1.11	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Ennis Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	34.6	72.5	111	94.0	85.6	75.2
Receivables	39.6	38.8	47.2	53.5	39.0	37.9
Total inventory	54.9	38.8	40.0	46.8	38.5	32.9
Prepaid expenses	2.7	2.7	3.2	2.3	1.9	1.6
Other current assets	0	0	0	0	0	0.5
Total current assets	132	153	201	197	165	148
Property, plant & equipment	72.8	62.4	64.8	60.9	69.2	74.6
Goodwill	107	94.3	94.3	91.8	88.7	88.6
Intangibles	38.8	33.3	38.3	44.1	45.6	52.7
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	6.9	6.2	0.3	0.4	0.4	0.4
Total assets	357	349	399	394	369	364
Liabilities
Accounts payable	14.3	13.8	11.8	18.3	16.7	14.8
Payable/accrued	–	–	–	–	–	–
Accrued expenses	20.0	18.9	21.3	22.4	18.9	18.8
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	–	–	–	–	–	–
Other current liabilities	1.1	0.6	0.6	0.6	1.6	1.5
Total current liabilities	35.4	33.3	33.8	41.2	37.2	35.1
Long-term debt	0	0	0	0	0	0
Minority interest	–	–	–	–	–	–
Other liabilities	12.8	13.7	15.5	21.2	27.8	28.8
Total liabilities	48.2	47.0	49.3	62.4	65.0	63.8
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	75.1	75.1	75.1	75.1	75.1	75.1
Additional paid-in capital	127	125	126	126	124	123
Retained earnings (accumulated deficit)	201	184	236	219	198	194
Treasury stock	−85.1	−71.6	−74.7	−74.9	−74.7	−71.8
Other equity	−9.5	−11.4	−13.0	−14.1	−18.6	−20.3
Total equity	309	302	350	331	304	301
Total liabilities & shareholders' equity	357	349	399	394	369	364

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Ennis Inc, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	42.6	40.2	42.6	47.3	29.0	24.1
Depreciation, depletion & amortization	17.1	16.6	17.5	17.4	18.8	18.0
Deferred taxes	−1.2	−2.0	−2.2	−1.8	3.2	−2.7
Non-cash items	4.6	4.9	2.6	−1.5	4.6	5.8
Changes in working capital	−10.4	6.1	8.5	−14.5	−4.9	7.6
Cash from operations	52.7	65.9	69.1	46.8	50.7	52.8
Investing activities
Capital expenditures	−11.7	−5.9	−6.5	−4.3	−6.5	−3.7
Other investing cash flows	−33.1	19.1	−48.5	−7.1	−3.5	−17.5
Cash from investing	−44.8	13.2	−55.0	−11.5	−10.1	−21.2
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−25.9	−92.0	−25.9	−25.8	−25.4	−23.5
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−14.4	−1.7	−0.6	−1.1	−4.8	−1.2
Cash from financing	−40.3	−93.7	−26.4	−27.0	−30.2	−24.7
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	−32.4	−14.6	−12.4	8.4	10.4	6.9
Free cash flow	41.0	60.0	62.6	42.4	44.1	49.1

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.