EnerSys

ENS

Electrical Equipment & Parts · Industrials

Price

$196.55

+1.25 (+0.64%)

Market Cap

$7.17B

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

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)

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.

Winston Score History

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

+7.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+60.9% 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

0.6%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$343M 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 7% 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

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Quality

Gross Margin

31.2%

Modest — 31.2% gross margin

Operating Margin

13.5%

Healthy — 13.5% operating margin

ROCE

4.3%

Weak — 4.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+5.2%

Slow sales growth (5.2% YoY)

EPS YoY

-0.4%

Earnings shrinking (-0.4% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

2/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

172%

Turns 172% of profit into real cash

FCF Margin

11.8%

Modest free cash flow (11.8%)

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

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Stability

Debt / Equity

0.58

Conservative — low debt load (0.58)

Interest Cover

8.61x

Comfortably covers interest (8.6x)

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

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Valuation

P/E Ratio (TTM)

24.0x

Growth-priced — P/E 24.0

P/E above the market average. People are paying up for expected growth.

P/E vs Forward

+5.1

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (24.0 → 18.9)

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Dividends

Dividend Yield

0.46%

Small dividend — 0.46% yield

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

Dividend Growth

+9.4%

Dividend growing modestly (9.4% YoY)

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