Earnings quality remains high, evidenced by an OCF/NI ratio that peaked at 2.16 in 2025Q1, supporting a consistent quarterly dividend payment of approximately $6.5M.
| Metric | Feb'26 | Feb'25 | Feb'24 | Feb'23 | Feb'22 | Feb'21 | Feb'20 | Feb'19 | Feb'18 | Feb'17 | Feb'16 | Feb'15 | Feb'14 | Feb'13 | Feb'12 | Feb'11 | Feb'10 | Feb'09 | Feb'08 | Feb'07 | Feb'06 | Feb'05 | Feb'04 | Feb'03 | Feb'02 | Feb'01 | Feb'00 | Feb'99 | Feb'98 | Feb'97 |
|---|
| Cash from Operations | 52.73M | 65.86M | 69.07M | 46.78M | 50.68M | 52.82M | 57.22M | 51.34M | 45.29M | 58.89M | 87.16M | 65.2M | 32.76M | 49.96M | 24.57M | 32.77M | 82.57M | 44.22M | 30.44M | 49.52M | 47.43M | 20.05M | 26.25M | 22.62M | 27.59M | 22.76M | 20.08M | 17.1M | 21.7M | 11M |
| Operating CF Margin % | 13.44% | 16.69% | 16.44% | 10.83% | 12.67% | 14.75% | 13.05% | 12.81% | 12.23% | 16.5% | 15.32% | 11.24% | 6.04% | 9.36% | 4.75% | 5.96% | 15.95% | 7.57% | 4.99% | 8.47% | 8.48% | 5.49% | 10.12% | 9.39% | 11.65% | 9.93% | 12.06% | 11.33% | 14.06% | 7.16% |
| Operating CF Growth % | -19.93% | -4.65% | 47.66% | -7.7% | -4.05% | -7.69% | 11.46% | 13.35% | -23.09% | -32.44% | 33.68% | 99.07% | -34.44% | 103.31% | -25% | -60.32% | 86.74% | 45.24% | -38.52% | 4.41% | 136.59% | -23.63% | 16.06% | -18.04% | 21.25% | 13.35% | 17.41% | -21.2% | 97.27% | -58.17% |
| Net Income | 42.63M | 40.22M | 42.6M | 47.3M | 28.98M | 24.09M | 38.29M | 37.44M | 32.91M | 1.78M | 35.74M | -44.53M | 13.19M | 24.71M | 31.36M | 44.63M | 35.21M | -32.77M | 44.59M | 41.6M | 40.54M | 22.96M | 17.95M | 15.25M | 14.97M | 13.18M | 15.12M | 14.1M | 10.2M | 13.5M |
| Depreciation & Amortization | 17.13M | 16.57M | 17.51M | 17.36M | 18.78M | 18.04M | 18.19M | 16.19M | 14.09M | 12.61M | 17.35M | 16.28M | 14.07M | 13.23M | 11.95M | 10.46M | 11.38M | 12.86M | 14.73M | 17.08M | 18.31M | 11.08M | 9.35M | 9.19M | 10.3M | 9.73M | 5.87M | 5.35M | 6.2M | 4.9M |
| Stock-Based Compensation | 0 | 3.98M | 1.17M | 2.79M | 2.8M | 1.4M | 1.37M | 1.4M | 1.34M | 1.36M | 1.31M | 1.34M | 1.53M | 1.46M | 1.02M | 982K | 978K | 744K | 734K | 302K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 0 | -1.99M | -2.15M | -1.8M | 3.16M | -2.71M | 478K | -742K | -1.79M | 4.36M | -3.58M | -11.38M | -1.9M | 238K | -2.02M | 4.37M | 2.71M | -4.26M | 682K | -4.96M | 0 | 0 | 0 | -971K | -160K | -169K | 1.72M | 700K | -900K | 600K |
| Other Non-Cash Items | 3.38M | -105K | 1.03M | -4.34M | 1.85M | 4.41M | -1.92M | -1.57M | 2.01M | 37.51M | 4.98M | 94.78M | 27.11M | 830K | 376K | 2.43M | 2.62M | 70.95M | 828K | 963K | 129K | 581K | 10K | 520K | -54K | 715K | -707K | -787K | 3M | -300K |
| Working Capital Changes | -10.4M | 7.19M | 8.91M | -14.53M | -4.89M | 7.59M | 804K | -1.37M | -3.26M | 1.27M | 31.38M | 8.71M | -21.24M | 9.48M | -18.12M | -30.11M | 29.68M | -3.3M | -31.12M | -5.46M | -11.54M | -14.57M | -1.06M | -1.37M | 2.54M | -696K | -1.93M | -2.27M | 3.2M | -7.7M |
| Change in Receivables | 1.09M | 9.57M | 8.84M | -9.24M | -1.04M | 6.12M | 1.78M | 1.48M | -21K | 3.46M | 6.66M | 3.75M | -1.91M | -1.4M | 7.95M | -1.64M | -1.61M | 10.58M | -22.85M | -3.76M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -12.85M | 3.07M | 9.12M | -7.78M | -4.4M | 3.19M | 3.24M | -3.58M | 1.57M | 1.43M | 18.97M | 12.93M | -16.41M | 18.29M | -21.81M | -23.75M | 27.1M | -4.15M | -10.15M | 5.8M | -9.33M | -1.31M | -617K | -42K | 866K | -1.12M | 573K | -200K | 2.3M | -1.9M |
| Change in Payables | 1.12M | -882K | -8.6M | 3.33M | 1.53M | -3.34M | -4.15M | -2.38M | -847K | -140K | 295K | -3.49M | -4.91M | -7.25M | 135K | -3.94M | 6.18M | -7.79M | 2.35M | -8.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -44.85M | 13.2M | -54.99M | -11.46M | -10.05M | -21.18M | -21.45M | -31.77M | -3.95M | 86.09M | -4.12M | -29.41M | -65.51M | 1.2M | -50.81M | -35.98M | -20.24M | -5.35M | -17.29M | -19.82M | -9.94M | -121.09M | -4.55M | -22.34M | -781K | -30.94M | -27.34M | -5.5M | -7.4M | -20.9M |
| Capital Expenditures | -11.71M | -5.89M | -6.5M | -4.33M | -6.54M | -3.68M | -3.39M | -4.82M | -2.67M | -3.06M | -4.82M | -2.48M | -4.65M | -2.56M | -5.09M | -33.75M | -20.28M | -6.4M | -4.29M | -5M | -10.24M | -6.14M | -4.54M | -3.76M | -2.25M | -3.59M | -20.31M | -3.7M | -9.6M | -13.6M |
| CapEx % of Revenue | 2.98% | 1.49% | 1.55% | 1% | 1.63% | 1.03% | 0.77% | 1.2% | 0.72% | 0.86% | 0.85% | 0.43% | 0.86% | 0.48% | 0.98% | 6.14% | 3.92% | 1.1% | 0.7% | 0.85% | 1.83% | 1.68% | 1.75% | 1.56% | 0.95% | 1.57% | 12.19% | 2.45% | 6.22% | 8.85% |
| Acquisitions | -38.64M | -5.82M | -19.61M | -8.77M | -4.34M | -19.2M | -18.73M | -27.39M | -1.35M | 88.49M | -331K | -27.08M | -61.86M | 0 | -45.96M | -2.24M | 0 | 0 | -14.64M | -17.64M | 0 | -115.43M | 0 | -20.52M | 0 | -34.34M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 9K | 1.64M | 825K | 1.7M | 681K | 443K | 64K | 664K | 1.04M | 151K | 992K | 3.75M | 233K | 5K | 36K | 1.05M | 1.65M | 2.81M | 294K | 481K | -3K | -38K | 125K | 1.14M | 1.97M | -1.8M | 2.2M | -7.3M |
| Cash from Financing | -40.31M | -93.65M | -26.45M | -26.96M | -30.21M | -24.7M | -55.96M | -27.35M | -25.57M | -72.47M | -84.59M | -24.28M | 32.51M | -55.22M | 23.69M | -6M | -50.49M | -32.46M | -13.52M | -39.98M | -34.9M | 96.67M | -20.5M | -2.59M | -19.6M | 15.11M | -11.39M | -13.6M | -10.1M | -10.2M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | -30M | 0 | 0 | -10M | -59.01M | 1M | 48M | -32.5M | 40M | 10M | -34.21M | -16.75M | 1.34M | -24.97M | -19.51M | 107.83M | -11.04M | -7.54M | -8.89M | 25.65M | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | -14.41M | -1.66M | -586K | -1.12M | -4.79M | -1.24M | -2.47M | -4.81M | -3.31M | -5.53M | 0 | -7.03M | -1.84M | -2K | -2K | -2K | -486K | -599K | 673K | 661K | 393K | 421K | 688K | 538K | 19K | 171K | -1.54M | -3.3M | 0 | 0 |
| Dividends Paid | -25.9M | -91.99M | -25.86M | -25.84M | -25.42M | -23.47M | -23.49M | -22.61M | -22.26M | -57.2M | -18.04M | -18.19M | -13.77M | -22.86M | -16.13M | -16.06M | -16M | -16M | -15.92M | -15.83M | -15.78M | -11.57M | -10.15M | -10.09M | -10.09M | -10.07M | -10.07M | -10.1M | -10.2M | -10.1M |
| Share Repurchases | -14.46M | -1.84M | -586K | -1.12M | -4.79M | -1.24M | -2.47M | -4.81M | -3.31M | -8.44M | 0 | -7.03M | -1.84M | -2K | -2K | -2K | -486K | -599K | 0 | 0 | 0 | -2K | -7K | -55K | -3K | -2K | -1.54M | -3.3M | 0 | 0 |
| Other Financing | 1K | 0 | 0 | 0 | 0 | 0 | 0 | 69K | 0 | 265K | -7.54M | -52K | 111K | 151K | -175K | 54K | 209K | 889K | 385K | 169K | 0 | 0 | 0 | 14.5M | -636K | -637K | 213K | -200K | 100K | -100K |
| Net Change in Cash | -32.43M | -14.6M | -12.37M | 8.36M | 10.42M | 6.93M | -20.18M | -7.79M | 15.76M | 72.51M | -4.92M | 10.03M | -916K | -4.18M | -1.9M | -8.76M | 11.78M | 5.89M | -189K | -10.28M | 3.17M | -4.37M | 1.21M | -2.32M | 7.22M | 6.93M | -18.65M | -13.6M | -10.1M | -10.2M |
| Free Cash Flow | 0 | 59.97M | 62.57M | 42.44M | 44.14M | 49.14M | 53.83M | 46.51M | 42.62M | 55.82M | 82.34M | 62.73M | 28.11M | 47.4M | 19.49M | -987K | 62.29M | 37.82M | 26.15M | 44.52M | 37.19M | 13.9M | 21.71M | 18.85M | 25.34M | 19.16M | -230K | 13.4M | 12.1M | -2.6M |
| FCF Margin % | - | 15.2% | 14.89% | 9.83% | 11.03% | 13.73% | 12.28% | 11.61% | 11.51% | 15.64% | 14.47% | 10.81% | 5.18% | 8.88% | 3.77% | -0.18% | 12.03% | 6.48% | 4.28% | 7.61% | 6.65% | 3.81% | 8.37% | 7.83% | 10.7% | 8.36% | -0.14% | 8.88% | 7.84% | -1.69% |
| FCF Growth % | -100% | -4.16% | 47.42% | -3.84% | -10.17% | -8.71% | 15.73% | 9.12% | -23.64% | -32.21% | 31.27% | 123.15% | -40.7% | 143.25% | 2074.27% | -101.58% | 64.71% | 44.62% | -41.26% | 19.7% | 167.5% | -35.95% | 15.13% | -25.6% | 32.23% | 8431.74% | -101.72% | 10.74% | 565.38% | -112.87% |
| FCF per Share | - | 2.29 | 2.41 | 1.64 | 1.69 | 1.89 | 2.07 | 1.80 | 1.68 | 2.17 | 3.20 | 2.43 | 1.08 | 1.82 | 0.75 | -0.04 | 2.41 | 1.47 | 1.01 | 1.73 | 1.45 | 0.72 | 1.31 | 1.14 | 1.55 | 1.18 | -0.01 | 0.83 | 0.73 | -0.16 |
| FCF Conversion (FCF/Net Income) | 1.24x | 1.64x | 1.62x | 0.99x | 1.75x | 2.19x | 1.49x | 1.37x | 1.38x | 33.08x | 2.44x | -1.46x | 2.48x | 2.02x | 0.78x | 0.73x | 2.35x | -1.35x | 0.68x | 1.19x | 1.17x | 0.87x | 1.46x | 1.48x | 1.84x | 1.73x | 1.33x | 1.21x | 2.13x | 0.81x |
| Interest Paid | 0 | 0 | 0 | 0 | 57K | 0 | 715K | 1.11M | 731K | 853K | 1.62M | 1.5M | 1.2M | 1.46M | 2.4M | 4.69M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 16.37M | 19.23M | 17.97M | 11.63M | 9.5M | 14.47M | 9.87M | 15.47M | 975K | 18.98M | 18.72M | 17.8M | 13.69M | 23.35M | 20.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Secular print volume decline
Based on reported financial statements, Ennis consistently demonstrates high-quality earnings, with the OCF/NI ratio frequently exceeding 1.0, peaking at 2.16 in 2025Q1, which suggests that the company's reported net income is reliably backed by actual cash inflows rather than aggressive accounting accruals or non-cash adjustments.
The consistent ability to generate operating cash flow in excess of net income indicates that Ennis's accounting practices are conservative and that the business model is inherently cash-generative. Investors should monitor whether this conversion efficiency persists if the company is forced to increase working capital investment to support its fragmented distributor network.
As reported in quarterly filings, Ennis maintains a stable free cash flow trajectory, with FCF margins fluctuating between 6.8% and 20.0% over the last ten quarters, reflecting a business model that prioritizes cash preservation over aggressive capital reinvestment in a structurally declining industry environment.
The variability in FCF margins appears tied more to working capital timing than to operational volatility, suggesting that the core business remains a reliable cash engine. However, the lack of a clear upward trend in FCF generation may imply that the company is struggling to find high-return reinvestment opportunities.
According to recent SEC filings, Ennis maintains a low capital intensity profile, with CapEx/Revenue ratios typically remaining below 2.5%, except for a notable 8.5% spike in 2026Q4, which suggests that the company is successfully avoiding the heavy reinvestment cycles that often plague legacy industrial manufacturing peers.
The generally low level of capital expenditure indicates that the company is effectively harvesting its existing asset base rather than pursuing large-scale capacity expansion. The recent uptick in CapEx warrants further investigation to determine if this represents a shift toward necessary modernization or a one-time maintenance requirement.
Based on the provided cash flow data, working capital changes have been a significant source of quarterly volatility, swinging from a $8.3M outflow in 2026Q2 to a $6.2M inflow in 2025Q1, which highlights the sensitivity of Ennis's cash position to inventory and receivable management cycles.
This volatility suggests that the company's cash flow is highly dependent on the timing of distributor payments and inventory turnover within its decentralized production footprint. Investors should monitor whether these fluctuations are becoming more pronounced as the industry consolidates and distributor bargaining power potentially shifts.
As evidenced by historical cash flow statements, Ennis consistently utilizes its cash reserves to fund dividends, with quarterly payments remaining steady near $6.5M, while opportunistic share repurchases and small-scale acquisitions are deployed only when the balance sheet allows for such non-dilutive capital return strategies.
The company's commitment to a stable dividend, even during periods of revenue pressure, underscores a management philosophy focused on returning value to shareholders rather than chasing growth. This approach appears sustainable given the company's negligible debt levels, though it may limit the firm's ability to pivot if market conditions deteriorate.
Quick answers to the most common questions about buying EBF stock.
Ennis, Inc. (EBF) generated $52.7M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Ennis, Inc. (EBF) reported negative free cash flow of $0.0M in 2026, indicating capital requirements exceeded cash from operations.
Ennis, Inc. (EBF) spent $11.7M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2026, Ennis, Inc. (EBF) returned $25.9M to shareholders via cash dividends and spent $14.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.