ENSEnerSys

Miscellaneous Electrical Machinery, Equipment & Supplies

Revenue: $3.8B; 3.7% YoY
Operating margin: 11.4%; 11% YoY
EBITDA: $540M; 4.5% YoY
Market cap: $5.8B
Employees: 9,682; $387K revenue each
Net debt / EBITDA: 1.0×; $549M net debt
AI in 10-K: 0.4; mentions per 10K words

Takeover score 2 of 13

Fixable underperformance 1 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
187% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
75% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
19% of assets
Over 40% of assets
Shareholder dissentNo
98% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$387K · 48th pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.4 per 10K words · 18th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$5.8B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$990K net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	FY2026	YoY	Trend
Revenue	$3.4B	$3.7B	$3.6B	$3.6B	$3.8B	3.7%
Operating income	$206M	$278M	$352M	$465M	$426M	8.2%
Net income	$144M	$176M	$269M	$364M	$294M	19%
Operating cash flow	−$66M	$280M	$457M	$260M	$548M	110%
Capex	$74M	$89M	$86M	$121M	$80M	34%
Stock-based comp	$24M	$26M	$31M	$28M	$38M	35%
Buybacks	$156M	$23M	$96M	$154M	$371M	141%
Dividends	$29M	$29M	$34M	$37M	$38M	1.8%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $25K · 1
Open-market sells, 12 mo: $1M · 2
Net: −$990K

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2026	—	—	200	251
FY2025	—	—	105	139
FY2024	—	—	107	140
FY2023	—	—	97	105
FY2022	—	—	83	99