At a glance
Enersys is worth $6.18B, about 22 times its fiscal 2026 earnings. Revenue grew 3.7% to $3.75B in fiscal 2026, with 7.8% kept as profit; over 5 years it has grown 4.7% a year. It pays a 0.62% dividend yield, raised every year for at least 3 years, and returned $967.6M to shareholders in dividends and buybacks over FY2022–FY2026. The stock returned +41.6% over the past year with dividends reinvested and +18.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 48.7% in the 2020 crash (S&P 500: 33.7%) and 30.0% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 6 months after the lows.
The business in plain English
EnerSys makes industrial batteries and related equipment. Its products keep phone networks, data centers and utilities running during power outages, power electric forklifts, and start premium cars and large trucks. It sells to more than 10,000 customers in over 100 countries through its own sales force, distributors and independent representatives. No single customer accounts for more than 10% of revenue.
The company reports four business lines. Energy Systems sells backup power, power conversion equipment and outdoor equipment cabinets to telecom, broadband, data center and utility customers. Motive Power sells batteries and chargers for electric forklifts and automated guided vehicles, which are driverless carts used in warehouses and factories. Specialty serves aerospace and defense, premium cars, heavy trucks and medical devices. It added Bren-Tronics, a maker of military batteries, for $206.4 million in July 2024. New Ventures won its first orders in fiscal 2024. It sells energy storage systems that cut peak electricity charges for commercial buildings and support fast charging of electric vehicles.
In fiscal 2026, which ended March 31, 2026, revenue was about $3.75 billion. Products made up 90.1% of that and services such as maintenance and customer support made up 9.9%. Lead is a key raw material, and its price changes daily on commodity markets, so EnerSys hedges part of its expected needs. The company also faces steady pricing pressure, including from foreign producers with lower labor costs.
Price history
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ENS +41.6% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Product | $3.38B | 90.1% |
| Service | $370.9M | 9.9% |
Latest results
- In Q1 FY2027 (ended Jul 5, 2026), revenue was $935.6M, up 4.8% from a year earlier, and net income was $116.5M (+102.7%).
- For fiscal 2026, revenue was $3.75B (+3.7% year over year; +4.7% a year from FY2021 to FY2026) with a 7.8% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2026) | +4.7% watch |
|---|---|
| Operating margin | 11.4% watch |
| Free cash flow margin | 12.5% good |
| Return on equity (FY2026) | 15.4% good |
| Return on assets (FY2026) | 7.3% watch |
| Net cash (cash minus debt) | $-508.3M watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $2.98B | $143.4M | $288.4M |
| FY2022 | $3.36B | $143.9M | $-139.6M |
| FY2023 | $3.71B | $175.8M | $191.2M |
| FY2024 | $3.58B | $269.1M | $370.6M |
| FY2025 | $3.62B | $363.7M | $139.3M |
| FY2026 | $3.75B | $293.6M | $467.5M |
Valuation snapshot
| Market value | $6.18B |
|---|---|
| P/E ratio | 22.3 |
| Dividend yield | 0.62% |
Rank among 1514 US companies
Market value at each year end
Enersys’s market value went from $3.39B at the end of 2016 to $6.18B on Oct 28, 2026, up 82%; since the end of 2025 it is up 14%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $6.18B | +14.2% |
| 2025 | $5.42B | +47.2% |
| 2024 | $3.68B | -9.8% |
| 2023 | $4.08B | +35.3% |
| 2022 | $3.01B | -9.0% |
| 2021 | $3.31B | -6.3% |
| 2020 | $3.54B | +11.8% |
| 2019 | $3.16B | -3.3% |
| 2018 | $3.27B | +11.5% |
| 2017 | $2.93B | -13.5% |
| 2016 | $3.39B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ENS price data to Oct 28, 2026 | +17.3% | +41.6% | +27.0% | +18.2% | +11.3% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.3% |
| 2025 | +60.3% |
| 2024 | -7.5% |
| 2023 | +37.9% |
| 2022 | -5.6% |
| 2021 | -4.0% |
| 2020 | +12.3% |
| 2019 | -2.5% |
| 2018 | +12.5% |
| 2017 | -9.9% |
| 2016 | +41.2% |
| 2015 | -8.3% |
| 2014 | -11.0% |
| 2013 | +87.5% |
| 2012 | +44.9% |
| 2011 | -19.1% |
| 2010 | +46.9% |
| 2009 | +98.8% |
| 2008 | -55.9% |
| 2007 | +56.0% |
| 2006 | +22.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 50.9% over that stretch · deepest drop along the way 84%, back to its old high 26.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 42.9% over that stretch · deepest drop along the way 48.7%, back to its old high 4.9 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 26.5% over that stretch · deepest drop along the way 30%, back to its old high 6 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 11.8% | Mar 31, 2025 |
| Vanguard Portfolio Management | 6.49% | Mar 31, 2026 |
| Vanguard Capital Management | 5.25% | Mar 31, 2026 |
ETFs with the most weight in ENS
| WBAT WisdomTree Battery Value Chain and Innovation Fund | 3.7% |
| LIT Global X Lithium & Battery Tech ETF | 3.39% |
| UPGR Xtrackers US Green Infrastructure Select Equity ETF | 2.62% |
| IBAT iShares Energy Storage & Materials ETF | 2.55% |
| QCLN First Trust NASDAQ Clean Edge Green Energy Index Fund | 2.34% |
| FDLS Inspire Fidelis Multi Factor ETF | 0.95% |
| BUYO KraneShares Man Buyout Beta Index ETF | 0.82% |
| SMOG VanEck Low Carbon Energy ETF | 0.78% |
What could go wrong
- Gigafactory plan could stall or disappoint. Growth in energy storage relies on lithium-ion cells from a proposed South Carolina gigafactory (a very large battery plant) with partner Verkor SAS. Delays, higher costs, hiring problems or lost incentives could hurt profits.
- $199 million federal award is uncertain. A $199 million Department of Energy award, signed in January 2025 for a planned South Carolina cell plant, is under review. Executive orders paused certain federal payouts, and final terms remain unsettled.
- Lithium rivals in forklift batteries. Lithium-ion forklift batteries were long limited to smaller machines. Newcomers, including forklift makers, are assembling larger packs from mostly Asian-made cells. If EnerSys's new products lag and rivals' technology wins wide acceptance, sales could suffer.
- Problems with a new global software system. EnerSys says it has already had difficulties rolling out its global enterprise resource planning system, the software that runs ordering, production and accounting. Further problems could disrupt operations and financial results.
- Constant pressure on prices. Excess industry capacity, consolidation among large battery purchasers and lower-cost foreign producers create heavy pricing pressure. Some rivals own lead smelting plants, which can shield them when lead prices jump. Margins depend on controlling costs.
- Lead and other material costs swing. Lead, plastics, steel and copper are the main raw materials. Lead is a traded commodity whose price moves daily. EnerSys locks in prices for only part of its needs, so cost spikes can squeeze profits.
Recent events
- Major agreement signed; Investor presentation or announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Shareholder vote results
- Investor presentation or announcement; Other company announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Other company announcement
- Restructuring or exit costs; Asset impairment
- Quarterly results released; Other company announcement
- Major agreement signed; New debt or financial obligation
For income and retirement investors
EnerSys pays a small but growing dividend. It held at $0.70 a share from fiscal 2021 to fiscal 2023, then rose three years running to $1.03 in fiscal 2026. That used about 13% of earnings and 8% of free cash flow (cash left after running and investing in the business). Still, the yield was 0.62% as of October 28, 2026, which means little income. EnerSys has spent far more on buybacks (repurchases of its own shares): about $800 million over fiscal 2022–2026, versus $168 million in dividends. The share count fell about 14% from November 2021 to August 2026.
The shares swing hard in downturns. They fell 84% from peak to low in the 2008 financial crisis and did not recover until February 2011. They dropped about 49% in the 2020 COVID crash and 30% in the 2022 bear market, recovering about five and six months after their lows, respectively. Single stocks carry more risk than diversified funds.
Questions investors ask
How does EnerSys make money?
EnerSys earns most of its money from products: industrial batteries, chargers, power equipment and enclosures. Products made up about 90% of its $3.75 billion revenue in fiscal 2026 (the year ended March 31, 2026), and services such as maintenance made up about 10%. It reports four segments: Energy Systems (backup power for telecom, data centers and utilities), Motive Power (forklift batteries), Specialty (aerospace, defense, trucks and medical) and New Ventures (energy storage and electric vehicle fast charging).
Does EnerSys pay a dividend?
Yes, but it is small. EnerSys paid $1.03 a share in fiscal 2026 (the year ended March 31, 2026). That was its third straight annual increase after holding at $0.70 from fiscal 2021 to 2023. The yield was 0.62% as of October 28, 2026. The dividend used only about 13% of earnings. The company has put far more into buybacks (repurchases of its own shares): about $800 million over fiscal 2022–2026, versus $168 million in dividends. The 10-K warns that future dividends are not guaranteed.
How has EnerSys stock performed?
It has gained over the long run, with big swings. EnerSys's share price rose about 41.6% in the year to October 28, 2026, and averaged gains of about 18.2% a year over five years and 11.3% a year over ten. Drops have been steep: 84% from peak to low in the 2008 financial crisis, about 49% in the 2020 COVID crash and 30% in the 2022 bear market. Even within the year to October 28, 2026, it fell as much as 31.6% from a high.
Is EnerSys building a battery plant in South Carolina?
EnerSys has proposed one, but the plan is uncertain. Its 10-K says growth in energy storage depends on lithium-ion cell production at a proposed gigafactory (a very large battery plant) in South Carolina, including by partner Verkor SAS. In January 2025 EnerSys signed an agreement for a $199 million Department of Energy award to support a cell plant in Greenville. Executive orders later paused certain federal payouts, and the award is under review. The project also relies on South Carolina and Greenville County incentives and federal tax credits.
How much debt does EnerSys have?
EnerSys had about $1.04 billion of total debt as of July 5, 2026. It also held about $531 million in cash and investments, so net debt (debt minus cash) was about $508 million. Shareholders' equity was about $1.97 billion. In fiscal 2026 the company produced $468 million of free cash flow, the cash left after running and investing in the business. Its 10-K lists indebtedness and keeping adequate credit facilities among its risks.