EnerSys
ENSNYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $151.33 Prior regular-session close from the quote source.
- $147.49–$156.29 Regular-session low and high so far today.
- 1.6M Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $131.01–$244.30 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own ENS if its industrial stored-energy franchise remains a reliability-led, cash-generative business rather than being repriced as a commoditized battery manufacturer.
ENS price history
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Investment thesis
What must happen next
Industrial customers’ need for reliable stored energy should keep EnerSys’s installed-base and replacement demand resilient, even when end-market growth is modest.StrengtheningMateriality: High
GAAP annual revenue was $3.751 billion in FY2026, up from $3.618 billion in FY2025 and $3.582 billion in FY2024. If reliability-led replacement demand holds, EnerSys can remain a durable cash generator; if customers treat batteries as interchangeable, the revenue base becomes much more cyclical and price-sensitive.
Watch: Large industrial customers standardize on lower-cost lithium systems from CATL, BYD, LG Energy Solution, or Samsung SDI instead of application-specific EnerSys solutions.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual revenue was $3.751 billion in FY2026, up from $3.618 billion in FY2025 and $3.582 billion in FY2024.
Open source ↗EnerSys’s value proposition must remain based on performance, reliability, and application fit rather than raw battery cost, allowing pricing and mix to defend gross profit.HoldingMateriality: High
GAAP annual gross profit was $1.098 billion in FY2026 versus $840 million in FY2023. Gross-profit resilience is the difference between EnerSys being a specialty industrial supplier and being valued like a commodity battery assembler.
Watch: East Penn, C&D Technologies, Clarios, or low-cost Asian battery producers win share by underpricing EnerSys in industrial applications.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual gross profit was $1.098 billion in FY2026 versus $840 million in FY2023.
Open source ↗Manufacturing discipline and working-capital control should allow EnerSys to convert accounting earnings into cash rather than consuming cash to support inventory and receivables.StrengtheningMateriality: Medium
GAAP annual operating cash flow was $547.6 million in FY2026, above GAAP annual net income of $293.6 million. Strong cash conversion gives owners balance-sheet flexibility and funds reinvestment or capital returns; weak conversion would make earnings quality suspect.
Watch: A demand shortfall forces inventory builds in batteries, components, or finished industrial systems.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating cash flow was $547.6 million in FY2026, above GAAP annual net income of $293.6 million.
Open source ↗Growth opportunities in industrial energy storage must be won in niches where reliability and system integration matter, not in commoditized cells that dilute operating margins.HoldingMateriality: Medium
GAAP annual operating income was $426.5 million in FY2026, above $351.6 million in FY2024 and $278.4 million in FY2023. If new demand is profitable, EnerSys can compound earnings from a stable base; if growth requires commodity pricing or heavy investment, revenue growth may destroy value.
Watch: CATL, BYD, Tesla Energy, or other lithium storage suppliers take industrial storage opportunities on price and scale.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual operating income was $426.5 million in FY2026, above $351.6 million in FY2024 and $278.4 million in FY2023.
Open source ↗Per-share value creation depends on management using cash generation and balance-sheet capacity to offset cyclicality, not chasing growth through dilution or low-return investment.HoldingMateriality: Medium
GAAP annual diluted EPS was $7.70 in FY2026, above $6.50 in FY2024 and $4.25 in FY2023. Owners benefit only if operating cash becomes higher per-share earnings over time; growth funded by poor capital allocation would erode the investment case.
Watch: Management pursues large acquisitions or capacity expansions at returns below EnerSys’s cost of capital.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
GAAP annual diluted EPS was $7.70 in FY2026, above $6.50 in FY2024 and $4.25 in FY2023.
Open source ↗
Full investment case & evidence
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Original research
Industrial customers’ need for reliable stored energy should keep EnerSys’s installed-base and replacement demand resilient, even when end-market growth is modest. If reliability-led replacement demand holds, EnerSys can remain a durable cash generator; if customers treat batteries as interchangeable, the revenue base becomes much more cyclical and price-sensitive.
EnerSys’s value proposition must remain based on performance, reliability, and application fit rather than raw battery cost, allowing pricing and mix to defend gross profit. Gross-profit resilience is the difference between EnerSys being a specialty industrial supplier and being valued like a commodity battery assembler.
Manufacturing discipline and working-capital control should allow EnerSys to convert accounting earnings into cash rather than consuming cash to support inventory and receivables. Strong cash conversion gives owners balance-sheet flexibility and funds reinvestment or capital returns; weak conversion would make earnings quality suspect.
Growth opportunities in industrial energy storage must be won in niches where reliability and system integration matter, not in commoditized cells that dilute operating margins. If new demand is profitable, EnerSys can compound earnings from a stable base; if growth requires commodity pricing or heavy investment, revenue growth may destroy value.
Per-share value creation depends on management using cash generation and balance-sheet capacity to offset cyclicality, not chasing growth through dilution or low-return investment. Owners benefit only if operating cash becomes higher per-share earnings over time; growth funded by poor capital allocation would erode the investment case.
All standing thesis claims
Original report summary
its industrial stored-energy franchise remains a reliability-led, cash-generative business rather than being repriced as a commoditized battery manufacturer.
Bull case and bear case
Bull case and bear case for EnerSys
Where the evidence on EnerSys stands: Holding on the latest evidence (Nov 5, 2026). Of its 5 thesis points, 2 strengthening and 3 holding.
Bull case: what the evidence supports
Industrial customers’ need for reliable stored energy should keep EnerSys’s installed-base and replacement demand resilient, even when end-market growth is modest.
EnerSys’s value proposition must remain based on performance, reliability, and application fit rather than raw battery cost, allowing pricing and mix to defend gross profit.
Manufacturing discipline and working-capital control should allow EnerSys to convert accounting earnings into cash rather than consuming cash to support inventory and receivables.
Growth opportunities in industrial energy storage must be won in niches where reliability and system integration matter, not in commoditized cells that dilute operating margins.
Per-share value creation depends on management using cash generation and balance-sheet capacity to offset cyclicality, not chasing growth through dilution or low-return investment.
Bear case: what would count against it
Large industrial customers standardize on lower-cost lithium systems from CATL, BYD, LG Energy Solution, or Samsung SDI instead of application-specific EnerSys solutions.
East Penn, C&D Technologies, Clarios, or low-cost Asian battery producers win share by underpricing EnerSys in industrial applications.
A demand shortfall forces inventory builds in batteries, components, or finished industrial systems.
Thesis-Break Engine
Thesis-break watch · EnerSys
No break has crossed EnerSys’s thesis. Its break conditions are checked against every new filing as it lands.
MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedEntered a material definitive agreement.
EnerSys filed an SEC 8-K on 2026-10-27: Entered a material definitive agreement. It is a dated development that tests the current thesis.
- MixedOther material event.
EnerSys filed an SEC 8-K on 2026-10-14: Other material event. It is a dated development that tests the current thesis.
- MixedReported results of operations (earnings release).
EnerSys filed an SEC 8-K on 2026-08-12: Reported results of operations (earnings release). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Large industrial customers standardize on lower-cost lithium systems from CATL, BYD, LG Energy Solution, or Samsung SDI instead of application-specific EnerSys solutions.
- East Penn, C&D Technologies, Clarios, or low-cost Asian battery producers win share by underpricing EnerSys in industrial applications.
- A demand shortfall forces inventory builds in batteries, components, or finished industrial systems.
- CATL, BYD, Tesla Energy, or other lithium storage suppliers take industrial storage opportunities on price and scale.
- Management pursues large acquisitions or capacity expansions at returns below EnerSys’s cost of capital.
ENS news
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Financial statements
ENS income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
ENS: quick answers
- When does EnerSys (ENS) report earnings next?
- EnerSys's next results were projected for November 4, 2026, from the dates of its own results filings with the SEC, and it has not filed them yet. It last reported on August 12, 2026. Earnings calendar
- What is ENS's short interest?
- As of October 30, 2026, 2.5M ENS shares were sold short, 7.06% of its shares outstanding, down 8.1% from the count before. At the stock's average daily volume that is 5.3 days to cover. FINRA publishes the count twice a month. ENS short interest history
- Which well-known investors own ENS?
- 1 of the 37 well-known funds tracked here reported ENS shares in their latest 13F filing. By share of the fund's portfolio: Bridgewater Associates (Ray Dalio), 0.1%. Fund portfolios
ENS in well-known investors’ portfolios
1 of 37 funds reported ENS shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Ray DalioBridgewater Associates | 0.05% | $13.0M | +188.2% | Q2 2026 |