EnerSys

ENS

Electrical Equipment & Parts · Industrials

Price

$189.76

-0.21 (-0.11%)

Market Cap

$6.92B

Winston Score

Winston is curious

Mixed quality — meaningful strengths and weaknesses.

Data as of Aug 23, 2026 · filings through Jul 5, 2026

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Strong

Valuation

Strong

Dividends

Mixed

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Share count falling — buybacks

−10.8% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 42.8M (2022) → 38.1M (2026)

Winston Score History

The full picture

EnerSys makes large rechargeable batteries and energy storage systems used in industrial settings. Its main products include batteries for forklifts, data centers, cell towers, and military vehicles. The company sells to warehouses, telecom companies, defense contractors, and utilities around the world.

EnerSys earns money by selling batteries, chargers, and related equipment, and also generates recurring revenue from maintenance services and replacement battery sales. It operates globally, with significant business in North America, Europe, and Asia, and reported roughly $3.6 billion in annual revenue. Its competitive edge comes from long-standing customer relationships, specialized engineering for demanding applications, and the high cost for customers to switch suppliers. The biggest growth driver is rising demand for energy storage tied to data center expansion and grid modernization, while the main risk is exposure to lead and lithium raw material costs, which can squeeze margins when commodity prices rise sharply.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+115.5% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

0.3%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$531M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

EnerSys is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

33.5%

Modest — 33.5% gross margin

Profit after running costs

Operating Margin

16.2%

Healthy — 16.2% operating margin

Return on the money invested

ROCE

17.0%

Strong — 17.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+3.7%

Slow sales growth (+3.7% YoY)

Profit growth

EPS YoY

+7.5%

Modest earnings growth (+7.5% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

220%

Turns 220% of profit into real cash

Spare cash per sale

FCF Margin

18.9%

Converts sales into free cash efficiently (18.9%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.53

Conservative — low debt load (0.53)

Covers its interest

Interest Cover

9.69x

Comfortably covers interest (9.7x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

19.9x

Fair value — P/E 19.9

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (19.9 → 16.5)

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Dividends

Dividend

Dividend Yield

0.53%

Small dividend — 0.53% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

+9.4%

Dividend growing modestly (9.4% YoY)

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