EnerSys
ENS on NYSE. EnerSys sells batteries and energy systems to industrial customers worldwide. Market value $7.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to March 2026.
Should I look at this?
Worth a closer look
Why it could be worth it
What to watch out for
Nothing stood out in the numbers we check.
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $10.33 of spare cash in the past 12 months. A savings account pays about $4.
You pay 15.1 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 12 cents a year. Above 10 is good.
Quality score: 84 of 100. Price score: 89 of 100. Our list needs 70 on quality and 60 on price.
$192.49 a share, 77% above its 1-year low
Over the past year the price has ranged from $108.88 to $244.30.
Dividend: 0.5% a year
Paid every year for at least 5 years
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
Spare cash swings from quarter to quarter here: $717 million in the past 12 months, $468 million in the year to March 2026.
| Revenue | |||||
| Revenue | $3.4bn | $3.7bn | $3.6bn | $3.6bn | $3.8bn |
| Operating margin | |||||
| Operating margin | 6.1% | 7.5% | 9.8% | 12.8% | 11.4% |
| Debt to equity | |||||
| Debt to equity | 0.84 | 0.66 | 0.46 | 0.57 | 0.57 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.04bn | 0.04bn | 0.04bn | 0.04bn |
Health checks
- Free cash flow positive4 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)7 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- Debt0.57× equity
- Revenue growth, five yearsSlow, 4.7% a year
- Buying back its own sharesYes, 12% fewer since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $936 million last quarter, up 5% on a year ago.
- Profit: $116 million, up 103% on a year ago.
- It keeps 13 cents of each $1 of sales as operating profit, about the same as a year earlier.
- Spare cash over the past 12 months: $717 million, up from $133 million.
- 4% fewer shares than a year ago. Each share owns a bit more of the company.
- Debt is $487 million more than cash, down from $928 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $884m |
| December 2024 | $906m |
| March 2025 | $975m |
| June 2025 | $893m |
| September 2025 | $951m |
| December 2025 | $919m |
| March 2026 | $988m |
| June 2026 | $936m |
| Quarter to | Amount |
|---|---|
| September 2024 | $82m |
| December 2024 | $115m |
| March 2025 | $97m |
| June 2025 | $57m |
| September 2025 | $68m |
| December 2025 | $90m |
| March 2026 | $77m |
| June 2026 | $116m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 20 May 2026
- Next quarterly (estimated, 10-Q)
- 11 November 2026
Who owns it
4 long-term investors we follow own it, unchanged from 4 last quarter. 550 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| LSV Asset ManagementJosef Lakonishok | $148m | 0.3% | Cut |
| Boston PartnersBoston Partners team | $104m | <0.1% | Cut |
| GMOJeremy Grantham | $14m | <0.1% | Cut |
| Gotham Asset ManagementJoel Greenblatt | $5m | <0.1% | Cut |
Largest holders overall
- BlackRock$1.2bnAdded
- Vanguard Portfolio Management$549m
- Vanguard Capital Management$385m
- State Street$355mAdded
- Dimensional Fund Advisors LP$288mCut
- Invesco$282mAdded
- Geode Capital Management$261mAdded
- Price T Rowe Associates$220mAdded
- Earnest Partners$210mCut
- AQR Capital Management$209m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
3 investors own more than 5%.
- BlackRock, Inc.Passive investor11.8%Since 31 March 2025
- Vanguard Portfolio ManagementPassive investor6.5%Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.3%Since 31 March 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 11.8% | 31 March 2025 | |
Vanguard Portfolio Management Passive investor | 6.5% | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.3% | 31 March 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $24,675 of shares on the open market. 1 sold $1m.
- Funk Andrea J.EVP and CFOBought
- Date
- 29 May 2026
- Shares
- 108
- Price
- $228.47
- Value
- $24,675
- Uplinger Chad CPresident Motive Power GlobalSold
- Date
- 10 December 2025
- Shares
- 6,702
- Price
- $151.46
- Value
- $1m
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 29 May 2026 | Funk Andrea J. EVP and CFO | Bought | 108 | $228.47 | $24,675 |
| 10 December 2025 | Uplinger Chad C President Motive Power Global | Sold | 6,702 | $151.46 | $1m |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 20 May 2026, plus the 10-Q filed 12 Aug 2026 and 4 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
What changed in the risks this year
Companies must list what could hurt them each year. These are the parts that changed since last year’s report.
Changes in tax laws or tax rulings could materially affect our business, financial position and results of operations.
Could happen• On January 5, 2026, the OECD issued the Side-by-Side package (the “SbS Package”), which provides administrative guidance that modifies the application of the Pillar Two rules. The SbS Package includes simplifications and additional safe harbors intended to facilitate coordination between domestic and international tax regimes and the Pillar Two framework. If adopted by relevant jurisdictions, certain provisions of the SbS Package could result in U.S.-parented groups being exempt from the application of two of the three Pillar Two top-up taxes.
Read more
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.