olivLaw · US equity research
EnerSys ENS
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
EnerSys, a US-based company, designs and manufactures stored energy solutions for industrial, infrastructure and defense applications, from motive power batteries for forklifts to UPS systems for data centers. Its first quarter of fiscal 2027 showed net sales growth to 935.6 million USD, up 4.8% from the prior year, and the company is focusing its strategy on the segments where demand is strongest.
At the close of 04 Nov 2026, EnerSys (ENS) stock was 156.00 USD (−7.12% on the day), with market capitalisation 5.6 bn USD, P/E 16.7 on diluted EPS of 9.34 USD over the last 12 months, dividend yield 0.67%, beta 1.28, 52-week range 126.86–243.34 USD. Latest reported quarter (Q1 2027): revenue of 935.6 m USD (+4.8% YoY), net income of 116.5 m USD (+102.7% YoY), diluted EPS 3.09 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 35.6
- weak (30–45)
- Bollinger (20, 2)
- 157.84 – 183.29
- below the lower band · %B -0.07 · band width 14.9%
- SMA 50 / 200
- 177.26 / 191.77
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -4.94 / -3.90
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −19.2% | −1.1% | −18.1 pp | — |
| 3 months | −17.8% | −0.5% | −17.4 pp | — |
| 6 months | −30.4% | +4.4% | −34.8 pp | — |
| Year to date | +6.3% | +12.3% | −6.0 pp | — |
| 1 year | +26.7% | +13.5% | +13.2 pp | −60.2% |
| 3 years | +72.5% | +76.4% | −3.9 pp | −50.2% |
| 5 years | +82.5% | +63.7% | +18.8 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 05 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 883.7 m | 906.2 m | 974.8 m | 893.0 m | 951.3 m | 919.1 m | 987.9 m | 935.6 m |
| Gross profit | 252.1 m | 298.2 m | 303.7 m | 253.2 m | 277.1 m | 276.3 m | 290.9 m | 313.4 m |
| Operating income | 99.4 m | 142.6 m | 131.3 m | 86.5 m | 92.0 m | 124.2 m | 123.7 m | 151.4 m |
| Depreciation & amortisation | 25.2 m ≈ | 25.6 m ≈ | 26.5 m | 26.9 m | 28.0 m ≈ | 29.7 m ≈ | 29.0 m | 30.5 m |
| Interest expense | 12.5 m | 14.9 m | 12.8 m | 11.3 m | 12.2 m | 14.1 m | 12.9 m | 10.6 m |
| Pre-tax income | 84.2 m | 126.7 m | 116.4 m | 65.7 m | 76.5 m | 106.2 m | 99.1 m | 135.0 m |
| Income tax | 1.9 m | 11.9 m | 19.8 m | 8.2 m | 8.1 m | 15.8 m | 21.8 m | 18.6 m |
| Net income | 82.3 m | 114.8 m | 96.5 m | 57.5 m | 68.4 m | 90.4 m | 77.3 m | 116.5 m |
| Diluted EPS | 2.01 | 2.88 | 2.41 ≈ | 1.46 | 1.80 | 2.40 | 2.05 ≈ | 3.09 |
| Operating cash flow | 33.6 m ≈ | 81.1 m ≈ | 135.2 m | 968.0 k | 218.0 m ≈ | 184.6 m ≈ | 144.0 m | 230.2 m |
| Capex | 30.3 m ≈ | 24.3 m ≈ | 30.3 m | 33.0 m | 20.9 m ≈ | 13.3 m ≈ | 12.8 m | 12.4 m |
| Dividends paid | 9.6 m ≈ | 9.5 m ≈ | 9.4 m | 9.1 m | 9.8 m ≈ | 9.6 m ≈ | 9.6 m | 9.6 m |
| Share repurchases | 63.5 m ≈ | 38.7 m ≈ | 40.0 m | 150.0 m | 67.8 m ≈ | 83.6 m ≈ | 69.3 m | 50.0 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 31 percentile of its own 39-quarter history (min 9.9, median 20.4, max 33.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 186.6 m | 216.1 m | 3.0 bn | 3.4 bn | 3.7 bn | 3.6 bn | 3.6 bn | 3.8 bn |
| Revenue YoY | +0.3% | +15.8% | +1,277.9% | +12.7% | +10.5% | −3.4% | +1.0% | +3.7% |
| Net income | 160.2 m | 137.1 m | 143.4 m | 143.9 m | 175.8 m | 269.1 m | 363.7 m | 293.6 m |
| Net income YoY | +34.0% | −14.4% | +4.6% | +0.4% | +22.2% | +53.1% | +35.2% | −19.3% |
| Diluted EPS | 3.73 | 3.20 | 3.32 | 3.36 | 4.25 | 6.50 | 8.99 | 7.70 |
| Diluted EPS YoY | +34.7% | −14.2% | +3.7% | +1.2% | +26.5% | +52.9% | +38.3% | −14.3% |
| net % | 85.9% | 63.4% | 4.8% | 4.3% | 4.7% | 7.5% | 10.1% | 7.8% |
| Free cash flow | 127.5 m | 152.0 m | 288.4 m | -139.6 m | 191.2 m | 370.6 m | 139.3 m | 467.5 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Mar 2026
- Cash
- 438.7 m USD
- Financial debt
- 1.1 bn USD
- Net debt
- 670.3 m USD
- Equity
- 1.9 bn USD
- Total assets
- 4.0 bn USD
- Debt / equity
- 0.58x
- Current ratio
- 2.66x
- ROE
- 15.3%
- ROA
- 7.4%
- FCF margin
- 12.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.0 bn | 3.4 bn | 3.7 bn | 3.6 bn | 3.6 bn | 3.8 bn | SEC (XBRL)· 20 May 2026verified |
| Cost of revenue | 2.2 bn | 2.6 bn | — | — | — | — | SEC (XBRL)· 25 May 2022verified |
| Gross profit | 739.2 m | 750.0 m | 840.1 m | 982.9 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 May 2026verified |
| Operating income | 216.4 m | 206.3 m | 278.4 m | 351.6 m | 464.7 m | 426.5 m | SEC (XBRL)· 20 May 2026verified |
| Depreciation & amortisation | 94.1 m | 95.9 m | 91.2 m | 92.0 m | 100.9 m | 113.6 m | SEC (XBRL)· 20 May 2026verified |
| EBITDA | 310.5 m ≈ | 302.1 m ≈ | 369.5 m ≈ | 443.6 m ≈ | 565.6 m ≈ | 540.0 m ≈ | SEC (XBRL)· 20 May 2026derived |
| Interest expense | 38.4 m | 37.8 m | 59.5 m | 50.0 m | 51.1 m | 50.5 m | SEC (XBRL)· 20 May 2026verified |
| Pre-tax income | 170.1 m | 173.9 m | 210.6 m | 292.2 m | 406.6 m | 347.4 m | SEC (XBRL)· 20 May 2026verified |
| Income tax | 26.8 m | 30.0 m | 34.8 m | 23.1 m | 42.8 m | 53.8 m | SEC (XBRL)· 20 May 2026verified |
| Net income | 143.4 m | 143.9 m | 175.8 m | 269.1 m | 363.7 m | 293.6 m | SEC (XBRL)· 20 May 2026verified |
| Diluted EPS | 3.32 | 3.36 | 4.25 | 6.50 | 8.99 | 7.70 | SEC (XBRL)· 20 May 2026verified |
| Weighted average diluted shares | 43.2 m | 42.8 m | 41.3 m | 41.4 m | 40.4 m | 38.1 m | SEC (XBRL)· 20 May 2026verified |
| Dividend per share | 0.70 | 0.70 | 0.70 | 0.85 | 0.95 | 1.03 | SEC (XBRL)· 20 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 451.8 m | 402.5 m | 346.7 m | 333.3 m | 343.1 m | 438.7 m | SEC (XBRL)· 20 May 2026verified |
| Receivables | 603.6 m | 719.4 m | 637.8 m | 524.7 m | 597.9 m | 506.1 m | SEC (XBRL)· 20 May 2026verified |
| Inventories | 518.2 m | 715.7 m | 797.8 m | 697.7 m | 740.0 m | 724.7 m | SEC (XBRL)· 20 May 2026verified |
| Current assets | 1.7 bn | 2.0 bn | 1.9 bn | 1.8 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 20 May 2026verified |
| Property, plant & equipment, net | 497.1 m | 503.3 m | 513.3 m | 532.5 m | 592.4 m | 593.0 m | SEC (XBRL)· 12 Aug 2026verified |
| Goodwill | 705.6 m | 700.6 m | 676.7 m | 682.9 m | 721.1 m | 752.4 m | SEC (XBRL)· 20 May 2026verified |
| Intangibles (excl. goodwill) | 430.9 m | 396.2 m | 360.4 m | 319.4 m | 375.4 m | 342.9 m | SEC (XBRL)· 20 May 2026verified |
| Total assets | 3.5 bn | 3.7 bn | 3.6 bn | 3.5 bn | 4.0 bn | 4.0 bn | SEC (XBRL)· 20 May 2026verified |
| Accounts payable | 323.9 m | 393.1 m | 378.6 m | 369.5 m | 405.7 m | 354.2 m | SEC (XBRL)· 20 May 2026verified |
| Short-term debt | 34.2 m | 55.1 m | 30.6 m | 30.4 m | 28.5 m | 29.2 m | SEC (XBRL)· 20 May 2026verified |
| Long-term debt | 969.6 m | 1.2 bn | 1.0 bn | 802.0 m | 1.1 bn | 1.1 bn | SEC (XBRL)· 20 May 2026verified |
| Current liabilities | 677.0 m | 738.1 m | 718.3 m | 723.9 m | 775.1 m | 804.0 m | SEC (XBRL)· 20 May 2026verified |
| Total liabilities | 1.9 bn | 2.2 bn | 2.0 bn | 1.7 bn | 2.1 bn | 2.1 bn | SEC (XBRL)· 20 May 2026verified |
| Equity | 1.5 bn | 1.5 bn | 1.6 bn | 1.8 bn | 1.9 bn | 1.9 bn | SEC (XBRL)· 20 May 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 358.4 m | -65.6 m | 279.9 m | 457.0 m | 260.3 m | 547.6 m | SEC (XBRL)· 20 May 2026verified |
| Capex | 70.0 m | 74.0 m | 88.8 m | 86.4 m | 121.0 m | 80.1 m | SEC (XBRL)· 20 May 2026verified |
| Free cash flow | 288.4 m ≈ | -139.6 m ≈ | 191.2 m ≈ | 370.6 m ≈ | 139.3 m ≈ | 467.5 m ≈ | SEC (XBRL)· 20 May 2026derived |
| Investing cash flow | -65.0 m | -69.2 m | -44.8 m | -92.5 m | -336.4 m | -87.9 m | SEC (XBRL)· 20 May 2026verified |
| Financing cash flow | -188.7 m | 98.4 m | -270.5 m | -370.6 m | 90.3 m | -380.7 m | SEC (XBRL)· 20 May 2026verified |
| Dividends paid | 29.8 m | 29.4 m | 28.5 m | 34.5 m | 37.5 m | 38.1 m | SEC (XBRL)· 20 May 2026verified |
| Share repurchases | 0 | 156.4 m | 22.9 m | 95.7 m | 154.0 m | 370.7 m | SEC (XBRL)· 20 May 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 55 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.6 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation73
- Returns100
- Quality52
- Balance sheet80
- Growth17
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 71.29 – 420.68 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)259.42 – 420.68 (Mid 320.49)WACC 8.6% · starting FCFF 759.4 m USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -25.7%
- Peers: EV/Sales71.29 – 282.80 (Mid 145.03)15 companies used · median multiple 1.5x · quartiles 0.8x – 2.8xATKR, CHPT, DFLI, ELVA, ENR, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDA159.37 – 397.07 (Mid 265.39)4 companies used · median multiple 16.6x · quartiles 10.3x – 24.4xATKR, NOVT, NVX, SPB
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 55/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 30.5% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 13.0% | 94 (vs peers) | 9% |
| FCF margin · Quality | 18.9% | 76 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | 0.4% | 2 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | 3.7% | 47 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 0.8x | 60 (vs peers) | 6% |
| Current ratio · Balance sheet | 2.8x | 100 (on a fixed band) | 6% |
| EV/Sales · Valuation | 1.6x | 52 (vs peers) | 17% |
| FCF yield · Valuation | 12.7% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 5.5% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet80/100 · 2/2 factors with a value
- Growth17/100 · 2/2 factors with a value
- Quality52/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation73/100 · 2/2 factors with a value
Memo
EnerSys (ENS). Latest full fiscal year: 2026; data up to 2026-07-05.
Figures computed from the financial statements: revenue 3.8 bn USD in 2026; YoY growth 3.7%; net margin 9.3%; ROE 18.4%; net debt/EBITDA 0.8x.
The estimated value range is 159.37–397.07 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 265.39 USD, the price of 156.00 USD leaves a potential of 70.1% (value / price − 1) and a margin of safety of 41.2% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 55/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 13.0%
- FCF margin: 18.9%
- Current ratio: 2.8x
- FCF yield: 12.7%
- Shareholder yield (distributions): 5.5%
- The price is below the estimated value range
What contradicts it
- Gross margin: 30.5%
- Revenue CAGR 3Y: 0.4%
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +27% / +73% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +38% / −18% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 515.7 m | — | -20.5% | -1,152.2% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for ENS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 92.49 Total return -40% · Per year -40% | 163.86 Total return 6% · Per year 6% | 247.28 Total return 59% · Per year 59% |
| 3 years | 82.49 Total return -46% · Per year -18% | 165.12 Total return 8% · Per year 3% | 274.62 Total return 79% · Per year 21% |
| 5 years | 73.57 Total return -50% · Per year -13% | 166.38 Total return 10% · Per year 2% | 304.98 Total return 100% · Per year 15% |
- Exit P/E± 41.28
- Net margin± 28.90
- Annual revenue growth± 24.69
- Annual dilution± 2.43
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
EnerSys, a US-based company, designs and manufactures stored energy solutions for industrial, infrastructure and defense applications, from motive power batteries for forklifts to UPS systems for data centers. Its first quarter of fiscal 2027 showed net sales growth to 935.6 million USD, up 4.8% from the prior year 3, and the company is focusing its strategy on the segments where demand is strongest.
SWOT
Strengths
- The company has a broad customer base across many industries and a global presence, with its own service and distribution network 1.
- Gross margins improved in the latest quarter, and free cash flow was strong 3.
- The company holds a leading position in thin plate pure lead technology, which is hard for new entrants to replicate 1.
Weaknesses
Opportunities
Risks
- Competition and price pressurehigh
Lower-cost competitors from Asia could force price cuts, which would weigh on profitability 1.
- Raw material volatilityhigh
The price of lead and other metals can fluctuate sharply, and the company cannot assure it will fully recover cost increases 1.
- Planned lithium cell facilitymedium
If the planned South Carolina facility is delayed or fails to meet its targets, the energy storage strategy could be affected 1.
- Government fundingmedium
Funding from the Department of Energy is subject to review and negotiation, and recent executive orders could delay payments 1.
- ERP system issueslow
Delays in implementing the global planning system could disrupt shipments and invoicing 1.
Investment thesis
What would need to be true (bull case)
- Sales and margin growth in the first quarter of fiscal 2027 suggest that the focus on profitable segments can deliver results 3.
- Strong free cash flow and a low leverage ratio give the company flexibility for investment and shareholder returns 3.
- Demand from data centers, communications and defense could keep supporting growth over the medium term 3.
What would break the thesis
What to watch
- Second quarter guidance for net sales and adjusted EPSQ2 2027
- Pace of the recovery in material handling demand2027
- Progress of the South Carolina lithium cell facilitynext 10-K
- Effect of tariffs and refunds on costsQ2 2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
EnerSys is a world leader in stored energy solutions for industrial applications. The company designs, manufactures and distributes energy systems, motive power batteries, specialty batteries, chargers and power equipment, serving over 10,000 customers in more than 100 countries 1. It reports on four operating segments, while the most recent documents present three segments: NIS, IMS and PPS 2.
Production takes place in facilities in the Americas, EMEA and Asia, and the main raw material is lead, along with plastics, steel and copper 1. Lead is traded on commodity markets and its price changes daily, so the company periodically enters hedging arrangements for part of its requirements 1.
The last fiscal year included the acquisition of Bren-Tronics Defense, a maker of portable power solutions for defense, integrated into the Specialty line of business 1. In this direction the company is extending its portfolio from traditional batteries toward lithium energy storage systems and digital services.
Segments
Network & Infrastructure Solutions (NIS)
This segment provides power solutions and services to broadband, telecommunications, data center and industrial utility customers 2. According to first quarter fiscal 2027 results, it contributed to higher volumes and better pricing 3.
Market context
The industrial energy storage market is highly competitive, both among manufacturers and among customers who buy these solutions 1. The company says it competes on reputation and quality, although price pressure remains high due to excess capacity in some sectors and competition from Asia 1.
Demand in data centers is supported by growth linked to artificial intelligence, while demand in communications is gradually recovering 1. Defense spending is rising due to geopolitical tensions 1, while demand in the forklift industry depends on clarity about tariff policy 1.
Trends
- Data center and AI demandtailwind
Growing digitization and AI-related applications support demand for UPS systems and backup power solutions 1. If this demand is sustained, the NIS segment could continue to contribute to sales growth 3.
- Delayed recovery in material handlingheadwind
Demand for forklifts and industrial equipment has been affected by tariff uncertainty, and the company has signaled a slower recovery than expected 3. If this persists, the IMS segment could remain under pressure.
- Tariffs and trade policymixed
US tariffs and retaliatory measures from other countries can raise costs and disrupt supply chains 1. The company received tariff refunds in the recent quarter, but the longer-term effect remains uncertain 3.
- Lead price stabilitymixed
About 25% of revenue is linked to a lead price index, and customer prices adjust with a lag of six to nine months 1. This mechanism can protect margins when costs rise, but it can reduce gains when prices fall 1.
Competitive position
Competitors include large battery and power system makers such as East Penn, Exide (Stryten), Vertiv and Clarios, plus many regional and Chinese producers 1. The company differentiates itself on reputation, product quality, service reliability and delivery lead time 1.
In lithium energy storage and dynamic EV fast charging, competitors include Jule, Tritium and ABB 1. The entry of companies that integrate lithium-ion cells into industrial vehicles adds pressure on the traditional lead market 1.
- VertivVRT
Competitor in UPS systems and power distribution for data centers, cited in the company filing 1.
- Clarios
Competitor in AGM battery technology for automotive and transport, mentioned in the filing 1.
- East Penn Manufacturing
Lead battery maker, present across many of the company's segments 1.
- Exide Technologies (Stryten)
Major competitor in lead batteries for motive power and backup applications 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Material agreement · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Oct 2026Other events
- Current report12 Aug 2026Results of operations · Other events
- Quarterly report12 Aug 2026
- Current report06 Aug 2026Shareholder vote
- Current report23 Jul 2026Regulation FD disclosure · Other events · Financial statements and exhibits
- Proxy statement02 Jul 2026
- Current report28 May 2026Departure or appointment of officers · Regulation FD disclosure
- Current report20 May 2026Results of operations · Other events
- Annual report20 May 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-03-31 · SEC / EnerSys · 20 May 2026
- [2] Form 10-Q, quarter ended 2026-07-05 · SEC / EnerSys · 12 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / EnerSys · 12 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.