EnerSys ENS

IndustrialsMachinery, Tools, Heavy Vehicles, Trains & ShipsUnited States of America

Last close 159.98 USD on Nov 2, 2026, +9.5% year to date

Quant rating

Quant rating A Rank 23 of 486 in Industrials

Growth C 289 of 486
Valuation A 6 of 486
Quality B 73 of 486
Revisions A 27 of 486
Momentum C 300 of 486

Wall Street consensus Buy (1.83)Average target 254.67 USD +59.2%

Historical valuation

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

Key data

Market cap: 5.8B
Enterprise value: 6.3B
52-week range: 122.34 – 243.80
3-year range: 78.52 – 243.80
Dividend yield: 0.72%
Beta (5 years): 1.20
Shares outstanding: 36.1M
Next earnings: Nov 11, 2026

About the company

EnerSys specializes in stored energy solutions for industrial applications. The Company designs, manufactures and distributes energy systems solutions and motive power batteries, specialty batteries, battery chargers, power equipment, battery accessories and outdoor equipment enclosure solutions to customers worldwide. The Company’s segment includes Energy Systems, Motive Power, Specialty and New Ventures. Energy Systems, which combine power conversion, power distribution, energy storage, and enclosures. Motive power batteries and chargers are utilized in electric forklift trucks and other industrial electric powered vehicles. Specialty batteries are used in aerospace and defense applications, portable power solutions for soldiers in the field, large over-the-road trucks, and other applications. New Ventures provides energy storage and management systems for various applications, including demand charge reduction, utility back-up power, and dynamic fast charging for electric vehicles.

Growth and profitability fiscal year ends March 31

Growth and profitability by fiscal year
	2026	2025	2024	2023	2022	5Y avg
Revenue (mil)	3,751	3,618	3,582	3,709	3,357	–
Revenue growth	3.7%	1.0%	−3.4%	10.5%	12.7%	4.7%
EPS (basic, normalized)	10.56	10.15	8.35	5.34	4.47	–
EPS growth	4.0%	21.6%	56.4%	19.5%	–	–
Gross margin	29.3%	30.2%	27.4%	22.7%	22.3%	26.4%
Net margin	7.8%	10.1%	7.5%	4.7%	4.3%	6.9%
ROE	15.4%	19.8%	16.0%	11.4%	9.5%	14.4%

Balance sheet, last quarter
Cash & short-term investments (mil)	531
Current ratio	2.80x
Long-term debt (mil)	1,010
Net debt (mil)	512
Total equity (mil)	1,970
Net debt / equity	0.26x
Net debt / EBITDA	0.85x

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	3,751	+3.7%	1.7x	602	+3.6%	10.4x	10.56	+4.0%	15.1x
2027	3,892	+3.7%	1.6x	725	+20.5%	8.7x	13.16	+24.7%	12.2x
2028	4,080	+4.8%	1.5x	801	+10.5%	7.8x	14.54	+10.5%	11.0x
2029	4,237	+3.8%	1.5x	873	+9.1%	7.2x	12.75	−12.3%	12.5x

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	3,892	0.0%	−0.2%	+0.3%	13.16	+1.4%	+10.1%	+11.7%
2028	4,080	−0.1%	−0.6%	+1.2%	14.54	+1.2%	+8.0%	+6.2%
2029	4,237	−0.9%	0.0%	+1.3%	12.75	+2.2%	−0.8%	+1.3%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	911	853	884	906	975	893	951	919	988	936
Sales mean (mil)	893	876	888	933	974	848	890	932	974	928
Surprise	+2.0%	−2.7%	−0.5%	−2.8%	+0.1%	+5.3%	+6.9%	−1.4%	+1.4%	+0.8%
EPS reported	2.08	1.98	2.12	3.12	2.97	2.08	2.56	2.77	3.19	3.66
EPS mean	2.02	1.95	2.07	2.87	2.78	2.05	2.35	2.72	2.99	2.83
Surprise	+3.1%	+1.4%	+2.4%	+8.8%	+6.8%	+1.3%	+8.8%	+1.8%	+6.6%	+29.5%

Peer comparison Machinery, Tools, Heavy Vehicles, Trains & Ships

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
ENS EnerSys	5.8B	0.85x	7.8%	2.95x	12.2x	11.0x	8.7x	7.8x
ETN Eaton Corporation PLC	142.2B	2.91x	14.9%	7.02x	26.9x	22.7x	20.7x	17.6x
TT Trane Technologies PLC	90.5B	0.70x	13.9%	9.94x	27.1x	23.3x	19.3x	16.8x
JCI Johnson Controls International PLC	88.7B	1.83x	7.3%	6.52x	23.4x	19.7x	17.4x	15.4x
EMR Emerson Electric Co	92.6B	2.13x	12.7%	4.54x	25.3x	22.8x	18.8x	17.5x
VRT Vertiv Holdings Co	86.3B	−0.36x	13.0%	15.69x	31.7x	23.2x	23.5x	16.8x
Mean		1.35x	11.6%	7.78x	24.4x	20.4x	18.1x	15.3x
Median		1.34x	12.9%	6.77x	26.1x	22.7x	19.1x	16.8x

Technical analysis

1M−18.5%
3M−13.9%
1Y+27.6%
3Y+86.5%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, EnerSys, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Total revenue	3,751	3,618	3,582	3,709	3,357	2,978
Cost of revenue	2,652	2,525	2,599	2,868	2,607	2,239
Gross profit	1,100	1,092	983	840	750	739
Selling, general & administrative expenses	51.9	50.0	47.8	34.4	42.2	42.3
Research & development	–	–	–	–	–	–
Depreciation/amortization	0.9	0.3	0.3	0.1	0.2	0.2
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	52.4	19.1	41.7	16.9	22.9	40.4
Other operating expenses	568	558	542	510	478	440
Operating income	426	465	352	278	206	216
Net interest income (expense)	−57.9	−47.8	−43.9	−60.2	−30.6	−38.4
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−21.1	−10.3	−15.5	−7.5	−1.7	−7.8
Net income before taxes	347	407	292	211	174	170
Provision for taxes	53.8	42.8	23.1	34.8	30.0	26.8
Minority interest	–	–	–	–	–	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	294	364	269	176	144	143
Extraordinary items	–	–	–	–	–	–
Net income	294	364	269	176	144	143
EBIT, normalized	479	484	393	295	229	257
EBITDA, normalized	592	585	485	386	325	351
Basic EPS, normalized	10.56	10.15	8.35	5.34	4.47	–

Balance sheet in millions of USD, fiscal years

Balance sheet, EnerSys, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Assets
Cash & short-term investments	439	343	333	347	402	452
Receivables	615	676	584	693	796	661
Total inventory	725	740	698	798	716	518
Prepaid expenses	301	268	114	22.9	32.7	31.8
Other current assets	62.7	62.1	53.1	35.1	46.2	28.5
Total current assets	2,142	2,090	1,783	1,896	1,993	1,691
Property, plant & equipment	664	676	609	599	574	559
Goodwill	752	721	683	677	701	706
Intangibles	343	375	319	360	396	431
Long-term investments	–	–	–	–	–	–
Note receivable	–	–	–	–	–	–
Other long-term assets	103	109	72.1	85.1	72.3	75.8
Total assets	4,003	3,971	3,466	3,617	3,737	3,463
Liabilities
Accounts payable	354	406	369	379	393	324
Payable/accrued	–	–	–	–	–	–
Accrued expenses	331	290	279	266	261	291
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	30.2	28.8	30.7	30.7	55.3	34.4
Other current liabilities	88.6	50.9	44.4	42.7	29.1	27.8
Total current liabilities	804	775	724	718	738	677
Long-term debt	1,082	1,084	803	1,042	1,243	970
Minority interest	3.6	3.4	3.4	3.6	3.9	3.8
Other liabilities	208	193	182	252	262	272
Total liabilities	2,098	2,055	1,712	2,016	2,247	1,923
Shareholders' equity
Preferred stock	0	0	–	–	–	0
Common stock	0.6	0.6	0.6	0.6	0.6	0.6
Additional paid-in capital	735	663	630	596	571	554
Retained earnings (accumulated deficit)	2,744	2,489	2,164	1,930	1,784	1,670
Treasury stock	−1,362	−989	−836	−741	−719	−563
Other equity	−212	−247	−205	−186	−147	−121
Total equity	1,905	1,916	1,754	1,600	1,489	1,540
Total liabilities & shareholders' equity	4,003	3,971	3,466	3,617	3,737	3,463

Cash flow statement in millions of USD, fiscal years

Cash flow statement, EnerSys, fiscal years, most recent first
	2026	2025	2024	2023	2022	2021
Operating activities
Net income	294	364	269	176	144	143
Depreciation, depletion & amortization	114	101	92.0	91.2	95.9	94.1
Deferred taxes	14.4	−31.9	−29.3	−15.2	1.1	−9.0
Non-cash items	57.4	37.4	74.3	36.5	39.6	28.9
Changes in working capital	68.7	−210	51.0	−8.3	−346	101
Cash from operations	548	260	457	280	−65.6	358
Investing activities
Capital expenditures	−80.1	−121	−86.4	−88.8	−74.0	−70.0
Other investing cash flows	−7.8	−215	−6.0	44.0	4.8	5.0
Cash from investing	−87.9	−336	−92.5	−44.8	−69.2	−65.0
Financing activities
Financing cash flow items	−11.2	−7.5	−12.1	−6.5	−11.3	−4.5
Cash dividends paid	−38.1	−37.5	−34.5	−28.5	−29.4	−29.8
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−331	135	−324	−235	139	−154
Cash from financing	−381	90.3	−371	−270	98.4	−189
Foreign exchange effects	16.5	−4.4	−7.3	−20.5	−12.9	20.2
Net change in cash	95.5	9.8	−13.3	−55.8	−49.3	125
Free cash flow	468	139	371	191	−140	288

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 2, 2026 after market close.