Revenue growth remains stagnant with a 4.0% year-over-year increase in 2026Q4, while operating margins have held steady within a 12.5% to 14.9% range over the last ten quarters.
| 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 |
|---|
| Sales/Revenue | 392.4M | 394.62M | 420.11M | 431.84M | 400.01M | 357.97M | 438.41M | 400.78M | 370.17M | 356.89M | 568.97M | 580.24M | 542.44M | 533.51M | 517.01M | 550M | 517.74M | 584.03M | 610.61M | 584.71M | 559.4M | 365.35M | 259.36M | 240.76M | 236.92M | 229.19M | 166.53M | 150.9M | 154.3M | 153.7M |
| Revenue Growth % | -0.56% | -6.07% | -2.72% | 7.96% | 11.74% | -18.35% | 9.39% | 8.27% | 3.72% | -37.28% | -1.94% | 6.97% | 1.68% | 3.19% | -6% | 6.23% | -11.35% | -4.35% | 4.43% | 4.53% | 53.11% | 40.87% | 7.73% | 1.62% | 3.38% | 37.63% | 10.35% | -2.2% | 0.39% | 8.16% |
| Cost of Goods Sold | 271.99M | 277.32M | 294.77M | 300.79M | 285.29M | 254.21M | 309.49M | 277.42M | 253.26M | 252.94M | 416.23M | 434.76M | 398.65M | 409.35M | 386.5M | 395.5M | 382.42M | 440.55M | 457.96M | 438.78M | 417.31M | 274.6M | 190.81M | 177.49M | 171.94M | 156.61M | 107.87M | 96M | 99.1M | 100.3M |
| COGS % of Revenue | 69.31% | 70.28% | 70.16% | 69.65% | 71.32% | 71.01% | 70.59% | 69.22% | 68.42% | 70.87% | 73.16% | 74.93% | 73.49% | 76.73% | 74.76% | 71.91% | 73.86% | 75.43% | 75% | 75.04% | 74.6% | 75.16% | 73.57% | 73.72% | 72.57% | 68.33% | 64.77% | 63.62% | 64.23% | 65.26% |
| Gross Profit | 120.41M | 117.29M | 125.34M | 131.05M | 114.72M | 103.77M | 128.92M | 123.36M | 116.91M | 103.95M | 152.74M | 145.48M | 143.79M | 124.15M | 130.51M | 154.5M | 135.32M | 143.48M | 152.65M | 145.94M | 142.09M | 90.76M | 68.55M | 63.27M | 64.99M | 72.58M | 58.66M | 54.9M | 55.2M | 53.4M |
| Gross Margin % | 30.69% | 29.72% | 29.84% | 30.35% | 28.68% | 28.99% | 29.41% | 30.78% | 31.58% | 29.13% | 26.84% | 25.07% | 26.51% | 23.27% | 25.24% | 28.09% | 26.14% | 24.57% | 25% | 24.96% | 25.4% | 24.84% | 26.43% | 26.28% | 27.43% | 31.67% | 35.23% | 36.38% | 35.77% | 34.74% |
| Gross Profit Growth % | 2.66% | -6.42% | -4.36% | 14.23% | 10.56% | -19.51% | 4.51% | 5.51% | 12.47% | -31.94% | 4.99% | 1.17% | 15.82% | -4.87% | -15.52% | 14.17% | -5.69% | -6.01% | 4.6% | 2.71% | 56.56% | 32.4% | 8.34% | -2.64% | -10.46% | 23.73% | 6.85% | -0.54% | 3.37% | -7.77% |
| Operating Expenses | 67.73M | 65.38M | 68.83M | 64.9M | 71.14M | 67.86M | 78.09M | 73.27M | 69.61M | 62.81M | 65.26M | 60.61M | 110.63M | 83.76M | 78.83M | 83.68M | 76.74M | 85.7M | 76.87M | 72.58M | 70.06M | 51.16M | 38.52M | 37.56M | 39M | 50.09M | 36.73M | 33.5M | 37.4M | 33.2M |
| OpEx % of Revenue | 17.26% | 16.57% | 16.38% | 15.03% | 17.78% | 18.96% | 17.81% | 18.28% | 18.81% | 17.6% | 11.47% | 10.45% | 20.39% | 15.7% | 15.25% | 15.21% | 14.82% | 14.67% | 12.59% | 12.41% | 12.52% | 14% | 14.85% | 15.6% | 16.46% | 21.85% | 22.06% | 22.2% | 24.24% | 21.6% |
| Selling, General & Admin | 0 | 65.38M | 68.83M | 70.79M | 71.41M | 68.27M | 78.17M | 73.49M | 69.45M | 63.93M | 65.74M | 60.66M | 86.68M | 83.76M | 78.96M | 83.68M | 76.74M | 86.22M | 77.62M | 72.58M | 70.06M | 51.16M | 38.52M | 37.56M | 39M | 40.36M | 30.86M | 28.1M | 31.2M | 28.3M |
| SG&A % of Revenue | - | 16.57% | 16.38% | 16.39% | 17.85% | 19.07% | 17.83% | 18.34% | 18.76% | 17.91% | 11.55% | 10.45% | 15.98% | 15.7% | 15.27% | 15.21% | 14.82% | 14.76% | 12.71% | 12.41% | 12.52% | 14% | 14.85% | 15.6% | 16.46% | 17.61% | 18.53% | 18.62% | 20.22% | 18.41% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 67.73M | 0 | 0 | -5.9M | -271K | -405K | -87K | -217K | 162K | -1.11M | -479K | -54K | 23.95M | 2K | -137K | -1K | -1K | -514K | -757K | 0 | 0 | 0 | 0 | 0 | 0 | 9.73M | 5.87M | 5.4M | 6.2M | 4.9M |
| Operating Income | 52.68M | 51.92M | 56.46M | 66.15M | 43.58M | 35.9M | 50.84M | 50.09M | 47.82M | 41.91M | 51.05M | 54.46M | 33.16M | 40.39M | 51.69M | 70.82M | 58.58M | -10.08M | 75.78M | 73.36M | 72.03M | 39.6M | 30.03M | 25.71M | 25.99M | 22.49M | 21.93M | 21.4M | 17.8M | 20.2M |
| Operating Margin % | 13.42% | 13.16% | 13.44% | 15.32% | 10.9% | 10.03% | 11.6% | 12.5% | 12.92% | 11.74% | 8.97% | 9.39% | 6.11% | 7.57% | 10% | 12.88% | 11.31% | -1.73% | 12.41% | 12.55% | 12.88% | 10.84% | 11.58% | 10.68% | 10.97% | 9.81% | 13.17% | 14.18% | 11.54% | 13.14% |
| Operating Income Growth % | 1.47% | -8.05% | -14.65% | 51.78% | 21.4% | -29.38% | 1.5% | 4.75% | 14.08% | -17.89% | -6.28% | 64.23% | -17.9% | -21.85% | -27.02% | 20.89% | 681.29% | -113.3% | 3.3% | 1.84% | 81.9% | 31.87% | 16.78% | -1.06% | 15.55% | 2.56% | 2.47% | 20.22% | -11.88% | -29.12% |
| EBITDA | 69.8M | 68.48M | 73.97M | 83.51M | 62.36M | 53.94M | 69.03M | 66.28M | 61.91M | 54.52M | 63.4M | 70.75M | 47.23M | 53.63M | 63.64M | 81.29M | 70.4M | 2.78M | 90.51M | 90.44M | 89.84M | 50.67M | 39.38M | 34.91M | 36.28M | 32.22M | 27.8M | 26.8M | 24M | 25.1M |
| EBITDA Margin % | 17.79% | 17.35% | 17.61% | 19.34% | 15.59% | 15.07% | 15.75% | 16.54% | 16.72% | 15.28% | 11.14% | 12.19% | 8.71% | 10.05% | 12.31% | 14.78% | 13.6% | 0.48% | 14.82% | 15.47% | 16.06% | 13.87% | 15.18% | 14.5% | 15.31% | 14.06% | 16.7% | 17.76% | 15.55% | 16.33% |
| EBITDA Growth % | 1.92% | -7.42% | -11.42% | 33.91% | 15.62% | -21.87% | 4.16% | 7.05% | 13.55% | -14% | -10.39% | 49.78% | -11.92% | -15.73% | -21.71% | 15.46% | 2430.52% | -96.93% | 0.08% | 0.66% | 77.29% | 28.7% | 12.8% | -3.8% | 12.61% | 15.89% | 3.74% | 11.67% | -4.38% | -23.94% |
| D&A (Non-Cash Add-back) | 17.13M | 16.57M | 17.51M | 17.36M | 18.78M | 18.04M | 18.19M | 16.19M | 14.09M | 12.61M | 12.35M | 16.28M | 14.07M | 13.23M | 11.95M | 10.46M | 11.82M | 12.86M | 14.73M | 17.08M | 17.81M | 11.08M | 9.35M | 9.19M | 10.3M | 9.73M | 5.87M | 5.4M | 6.2M | 4.9M |
| EBIT | 58.59M | 51.92M | 56.51M | 60.26M | 41.95M | 33.3M | 51.86M | 51.09M | 47.69M | 40.65M | 50.57M | 54.46M | 33.06M | 40.15M | 51.66M | 70.65M | 58.3M | -9.7M | 75.78M | 73.3M | 72.3M | 40.22M | 30.03M | 25.71M | 25.99M | 22.49M | 21.93M | 21.43M | 17.8M | 20.2M |
| Net Interest Income | 1.89M | 4.87M | 3.97M | 771K | -9K | -11K | -606K | -1.15M | -777K | -613K | -1.36M | -8K | -1.27M | -1.53M | -2.29M | -1.23M | -2.63M | -3.36M | -5.68M | -6.94M | -8.33M | -2.51M | -830K | -1.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.89M | 4.87M | 3.97M | 771K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 246K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 9K | 11K | 606K | 1.15M | 777K | 613K | 1.36M | 8K | 1.27M | 1.53M | 2.29M | 1.23M | 2.63M | 3.36M | 5.68M | 6.94M | 8.33M | 2.75M | 830K | 1.31M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 5.92M | 3.54M | 2.66M | -1.22M | -1.64M | -2.61M | 413K | -153K | -909K | -1.88M | -5K | -9K | -1.37M | -1.77M | -2.31M | -1.4M | -2.91M | -2.98M | -6M | -6.99M | -8.06M | -2.13M | -1.14M | -1.37M | -1.58M | -919K | 2.11M | 1.12M | -2M | 1.3M |
| Pretax Income | 58.59M | 55.45M | 59.12M | 64.93M | 41.94M | 33.29M | 51.25M | 49.93M | 46.91M | 40.03M | 51.04M | 54.45M | 31.79M | 38.62M | 49.38M | 69.42M | 55.67M | -13.06M | 69.78M | 66.36M | 63.97M | 37.47M | 28.89M | 24.34M | 24.4M | 21.57M | 24.04M | 22.5M | 15.8M | 21.5M |
| Pretax Margin % | 14.93% | 14.05% | 14.07% | 15.04% | 10.49% | 9.3% | 11.69% | 12.46% | 12.67% | 11.22% | 8.97% | 9.38% | 5.86% | 7.24% | 9.55% | 12.62% | 10.75% | -2.24% | 11.43% | 11.35% | 11.44% | 10.25% | 11.14% | 10.11% | 10.3% | 9.41% | 14.44% | 14.91% | 10.24% | 13.99% |
| Income Tax | 15.97M | 15.23M | 16.53M | 17.63M | 12.96M | 9.19M | 12.96M | 12.5M | 14.15M | 13.62M | 18.78M | 5.4M | 18.6M | 13.9M | 18.02M | 24.79M | 20.46M | 19.71M | 25.2M | 24.76M | 23.43M | 14.51M | 10.94M | 9.1M | 9.44M | 8.39M | 8.92M | 8.4M | 5.6M | 8M |
| Effective Tax Rate % | 27.25% | 27.47% | 27.95% | 27.15% | 30.9% | 27.62% | 25.29% | 25.03% | 30.17% | 34.01% | 36.8% | 9.92% | 58.51% | 36% | 36.5% | 35.71% | 36.76% | -150.92% | 36.1% | 37.31% | 36.63% | 38.72% | 37.86% | 37.37% | 38.67% | 38.91% | 37.09% | 37.33% | 35.44% | 37.21% |
| 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 |
| Net Margin % | 10.86% | 10.19% | 10.14% | 10.95% | 7.25% | 6.73% | 8.73% | 9.34% | 8.89% | 0.5% | 6.28% | -7.67% | 2.43% | 4.63% | 6.07% | 8.11% | 6.8% | -5.61% | 7.3% | 7.11% | 7.25% | 6.28% | 6.92% | 6.33% | 6.32% | 5.75% | 9.08% | 9.34% | 6.61% | 8.78% |
| Net Income Growth % | 5.98% | -5.58% | -9.94% | 63.2% | 20.29% | -37.08% | 2.28% | 13.77% | 1748.6% | -95.02% | 180.25% | -437.65% | -46.64% | -21.18% | -29.74% | 26.77% | 207.44% | -173.49% | 7.18% | 2.62% | 76.56% | 27.9% | 17.73% | 1.88% | 13.58% | -12.87% | 7.26% | 38.24% | -24.44% | -27.42% |
| Net Income (Continuing) | 42.63M | 40.22M | 42.6M | 47.3M | 28.98M | 24.09M | 38.29M | 37.44M | 32.76M | 26.42M | 32.26M | 34.47M | 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 | 14.11M | 10.2M | 13.5M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 1.66 | 1.54 | 1.64 | 1.82 | 1.11 | 0.93 | 1.47 | 1.45 | 1.29 | 1.03 | 1.39 | -1.72 | 0.50 | 0.95 | 1.21 | 1.72 | 1.36 | -1.27 | 1.72 | 1.62 | 1.58 | 1.19 | 1.08 | 0.93 | 0.92 | 0.81 | 0.93 | 0.87 | 0.62 | 0.82 |
| EPS Growth % | 7.79% | -6.1% | -9.89% | 63.96% | 19.35% | -36.73% | 1.38% | 12.4% | 25.24% | -25.9% | 180.81% | -444% | -47.37% | -21.49% | -29.65% | 26.47% | 207.09% | -173.84% | 6.17% | 2.53% | 32.77% | 10.19% | 16.13% | 1.09% | 13.58% | -12.9% | 6.9% | 40.32% | -24.39% | -27.43% |
| EPS (Basic) | 1.66 | 1.55 | 1.65 | 1.83 | 1.11 | 0.93 | 1.47 | 1.45 | 1.29 | 1.03 | 1.39 | -1.72 | 0.50 | 0.95 | 1.21 | 1.73 | 1.37 | -1.27 | 1.74 | 1.63 | 1.59 | 1.21 | 1.10 | 0.94 | 0.92 | 0.81 | 0.93 | 0.87 | 0.62 | 0.82 |
| Diluted Shares Outstanding | 25.69M | 26.16M | 25.94M | 25.95M | 26.11M | 26M | 26.04M | 25.84M | 25.42M | 25.75M | 25.72M | 25.86M | 26.15M | 26.02M | 25.92M | 25.95M | 25.89M | 25.79M | 25.86M | 25.76M | 25.73M | 19.26M | 16.6M | 16.48M | 16.32M | 16.26M | 16.27M | 16.22M | 16.49M | 16.46M |
| Basic Shares Outstanding | 25.61M | 26.02M | 25.84M | 25.82M | 26.03M | 26M | 26.04M | 25.83M | 25.39M | 25.73M | 25.69M | 25.86M | 26.13M | 26.02M | 25.92M | 25.8M | 25.7M | 25.72M | 25.62M | 25.53M | 25.45M | 18.94M | 16.36M | 16.28M | 16.27M | 16.26M | 16.25M | 16.22M | 16.45M | 16.46M |
| Dividend Payout Ratio | 60.76% | 228.7% | 60.71% | 54.63% | 87.71% | 97.4% | 61.33% | 60.4% | 67.65% | 3213.48% | 50.49% | - | 104.37% | 92.51% | 51.44% | 35.98% | 45.45% | - | 35.69% | 38.06% | 38.93% | 50.41% | 56.52% | 66.2% | 67.41% | 76.46% | 66.57% | 71.63% | 100% | 74.81% |
Secular print volume decline
As indicated by recent quarterly filings, Ennis's revenue trajectory remains inconsistent, with the most recent period showing a 4.0% year-over-year increase following a prolonged stretch of negative growth, suggesting that inorganic contributions from small-scale acquisitions are struggling to offset the underlying secular decline in print demand.
The revenue volatility observed over the last ten quarters highlights the difficulty of maintaining scale in a mature, commoditized industry. Investors should monitor whether the recent uptick represents a sustainable recovery or merely a temporary fluctuation in distributor ordering patterns.
Based on reported financial statements, Ennis has maintained gross margins within a tight 28.4% to 31.9% range, demonstrating a consistent ability to manage input costs despite the commodity nature of paper substrates and the competitive pricing pressures inherent in the trade-only distribution model.
This margin stability suggests that management possesses sufficient pricing power to pass through raw material costs to their independent distributor network. However, the lack of significant expansion in these margins implies that the company is effectively harvesting cash rather than driving operational efficiency gains.
According to the income statement data, operating income has remained relatively resilient despite top-line fluctuations, with operating margins hovering between 12.5% and 14.9%, which indicates that the company's decentralized management structure successfully keeps overhead costs aligned with the current, albeit stagnant, revenue base.
The ability to protect operating margins during periods of revenue contraction reflects a lean cost structure that avoids the bloat often seen in larger industrial peers. This operational discipline appears to be the primary mechanism for preserving profitability in a low-growth environment.
Data from the last ten quarters suggests that Ennis's reliance on small-scale acquisitions to stabilize revenue may be reaching a point of diminishing returns, as evidenced by the persistent volatility in year-over-year growth rates and the ongoing need for recurring integration-related expenses to maintain current output.
Short-sellers might argue that the company is merely buying revenue to mask the erosion of its core business, which could lead to future impairment risks if acquisition multiples do not align with long-term cash flow generation. The lack of organic growth warrants further investigation into the health of the independent distributor channel.
Quick answers to the most common questions about buying EBF stock.
For fiscal year 2026, Ennis, Inc. (EBF) reported total revenue of $392.4M. This represents a 155.3% increase compared to $153.7M in 1997.
Ennis, Inc. (EBF) is profitable, generating $42.6M in net income for the fiscal year ending 2026 with a net profit margin of 10.9%.
Ennis, Inc. (EBF) reported an operating income of $52.7M, resulting in an operating profit margin of 13.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ennis, Inc. (EBF) generated $120.4M in gross profit for the year, representing a gross profit margin of 30.7%. This demonstrates the company's core pricing power and production efficiency.