Espey MFG & Electronics
ESP on NYSEAmerican. Espey builds power supplies, converters, transformers, and antennas for military and industrial customers. Market value $188m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to June 2026.
We can't read total debt from the filing, so debt is left out.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $1.36 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 80 of 100. Price score: 57 of 100. Our list needs 70 on quality and 60 on price.
$62.30 a share, 73% above its 1-year low
Over the past year the price has ranged from $36.00 to $74.77.
Dividend: 2.6% a year
Paid every year for 4 years
Payouts have jumped around in recent years, so this may not repeat.
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $32m | $36m | $39m | $44m | $46m |
| Operating margin | |||||
| Operating margin | 4.8% | 12.1% | 16.9% | 18.5% | 25.1% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | n/a | n/a | n/a |
| Shares outstanding | |||||
| Shares outstanding | 0.00bn | 0.00bn | 0.00bn | 0.00bn | 0.00bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)4 of 8 checks we could run
- Profit backed by cash (accruals)Yes
- DebtUnknown
- Revenue growth, five yearsStrong, 10.7% a year
- Buying back its own sharesNo, 12% more shares since 2022
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $13 million last quarter, up 40% on a year ago.
- Profit: $3 million, about the same as a year ago.
- It keeps 25 cents of each $1 of sales as operating profit, up from 18 cents a year earlier.
- Spare cash over the past 12 months: $3 million, down from $17 million.
- Sales grew on a year ago in 2 of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $10m |
| December 2024 | $14m |
| March 2025 | $10m |
| June 2025 | $10m |
| September 2025 | $9m |
| December 2025 | $12m |
| March 2026 | $11m |
| June 2026 | $13m |
| Quarter to | Amount |
|---|---|
| September 2024 | $2m |
| December 2024 | $2m |
| March 2025 | $2m |
| June 2025 | $3m |
| September 2025 | $2m |
| December 2025 | $3m |
| March 2026 | $3m |
| June 2026 | $3m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 23 September 2026
- Next quarterly (estimated, 10-Q)
- 11 August 2026
Who owns it
None of the long-term investors we follow own it. 78 funds in all.
Largest holders overall
- BlackRock$8mAdded
- Vanguard Capital Management$7mAdded
- Renaissance Technologies$6mCut
- Dimensional Fund Advisors LP$6mCut
- American Century Companies$5mAdded
- De Lisle Partners LLP$4m
- Geode Capital Management$4mAdded
- Arrowstreet Capital, Limited Partnership$3mCut
- O'shaughnessy Asset Management$2mAdded
- Cambridge Investment Research Advisors$2mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
1 investor owns more than 5%.
- Espey Mfg. & Electronics Corp. Employee Retirement Plan & TrustPassive investor18.0%−3.0 ptsSince 31 December 2025
- Stanley KesselmanPassive investorSold down below 5%Since 31 December 2024
| Holder | Stake | Since | |
|---|---|---|---|
Espey Mfg. & Electronics Corp. Employee Retirement Plan & Trust Passive investor | 18.0%−3.0 pts | 31 December 2025 | |
Stanley Kesselman Passive investor | Sold down below 5% | 31 December 2024 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 5 sold $2m.
- CORR PAUL JDirectorSold
- Date
- 25 September 2026
- Shares
- 211
- Price
- $64.19
- Value
- $13,545
- CORR PAUL JDirectorSold
- Date
- 25 September 2026
- Shares
- 2,089
- Price
- $65.67
- Value
- $137,178
- HELMETAG CARLDirectorSold
- Date
- 24 June 2026
- Shares
- 1,000
- Price
- $63.66
- Value
- $63,662
- CORR PAUL JDirectorSold
- Date
- 23 June 2026
- Shares
- 2,550
- Price
- $65.89
- Value
- $168,029
- Pickering Jennifer MicheleCHRO & Corporate SecretarySold
- Date
- 22 June 2026
- Shares
- 2,500
- Price
- $63.00
- Value
- $157,500
- ONEIL DAVID APresident & CEO, DirectorSold
- Date
- 22 June 2026
- Shares
- 2,500
- Price
- $67.71
- Value
- $169,275
- CORR PAUL JDirectorSold
- Date
- 15 May 2026
- Shares
- 293
- Price
- $67.06
- Value
- $19,650
- CORR PAUL JDirectorSold
- Date
- 15 May 2026
- Shares
- 2,257
- Price
- $66.27
- Value
- $149,570
- WOOL MICHAEL WDirectorSold
- Date
- 19 February 2026
- Shares
- 1,000
- Price
- $57.90
- Value
- $57,900
- CORR PAUL JDirectorSold
- Date
- 18 February 2026
- Shares
- 2,400
- Price
- $57.90
- Value
- $138,963
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 25 September 2026 | CORR PAUL J Director | Sold | 211 | $64.19 | $13,545 |
| 25 September 2026 | CORR PAUL J Director | Sold | 2,089 | $65.67 | $137,178 |
| 24 June 2026 | HELMETAG CARL Director | Sold | 1,000 | $63.66 | $63,662 |
| 23 June 2026 | CORR PAUL J Director | Sold | 2,550 | $65.89 | $168,029 |
| 22 June 2026 | Pickering Jennifer Michele CHRO & Corporate Secretary | Sold | 2,500 | $63.00 | $157,500 |
| 22 June 2026 | ONEIL DAVID A President & CEO, Director | Sold | 2,500 | $67.71 | $169,275 |
| 15 May 2026 | CORR PAUL J Director | Sold | 293 | $67.06 | $19,650 |
| 15 May 2026 | CORR PAUL J Director | Sold | 2,257 | $66.27 | $149,570 |
| 19 February 2026 | WOOL MICHAEL W Director | Sold | 1,000 | $57.90 | $57,900 |
| 18 February 2026 | CORR PAUL J Director | Sold | 2,400 | $57.90 | $138,963 |
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 23 Sep 2026, and no 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.
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.