Cash conversion efficiency remains highly volatile, evidenced by an OCF/NI ratio that swung from 0.02 in 2026Q1 to 3.19 in 2026Q2 due to erratic working capital cycles.
| Metric | Mar'26 | Mar'25 | Mar'24 | Mar'23 | Mar'22 | Mar'21 | Mar'20 | Mar'19 | Mar'18 | Mar'17 | Mar'16 | Mar'15 | Mar'14 | Mar'13 | Mar'12 | Mar'11 | Mar'10 | Mar'09 | Mar'08 | Mar'07 | Mar'06 | Mar'05 | Mar'04 | Mar'03 | Mar'02 |
|---|
| Cash from Operations | 547.6M | 260.3M | 457.03M | 279.94M | -65.58M | 358.38M | 253.4M | 197.85M | 211.05M | 246.03M | 307.57M | 194.47M | 193.62M | 244.4M | 204.2M | 76.46M | 136.6M | 219.44M | 4.02M | 72.42M | 42.87M | 29.35M | 39.19M | 55.44M | 21.07M |
| Operating CF Margin % | 14.6% | 7.2% | 12.76% | 7.55% | -1.95% | 12.03% | 8.21% | 7.05% | 8.17% | 10.39% | 13.28% | 7.76% | 7.82% | 10.73% | 8.94% | 3.89% | 8.65% | 11.12% | 0.2% | 4.81% | 3.34% | 2.71% | 4.04% | 6.45% | 6.21% |
| Operating CF Growth % | 110.37% | -43.05% | 63.26% | 526.83% | -118.3% | 41.43% | 28.07% | -6.25% | -14.22% | -20.01% | 58.16% | 0.44% | -20.78% | 19.69% | 167.07% | -44.03% | -37.75% | 5361.35% | -94.45% | 68.93% | 46.06% | -25.1% | -29.3% | 163.14% | - |
| Net Income | 293.56M | 363.74M | 269.1M | 175.81M | 143.91M | 143.37M | 137.12M | 160.63M | 119.83M | 158.22M | 131.82M | 181.53M | 146.77M | 164.96M | 143.97M | 113.43M | 62.3M | 84.59M | 59.7M | 45.21M | 30.73M | 32.38M | 4.84M | 22.85M | -57.02M |
| Depreciation & Amortization | 113.56M | 100.88M | 92.02M | 91.15M | 95.88M | 94.08M | 87.34M | 63.35M | 54.32M | 53.95M | 55.99M | 57.04M | 53.97M | 50.5M | 50.36M | 44.39M | 44.85M | 49.09M | 49.22M | 47.36M | 43.27M | 41.54M | 39.05M | 38M | 0 |
| Stock-Based Compensation | 37.59M | 27.82M | 30.61M | 26.37M | 24.29M | 19.82M | 20.78M | 22.61M | 19.45M | 19.18M | 19.6M | 25.26M | 16.74M | 14.74M | 11.59M | 9.06M | 6.96M | 5.02M | 0 | 381K | 210K | 210K | 0 | 0 | 0 |
| Deferred Taxes | 14.41M | -31.93M | -29.34M | -15.24M | 1.11M | -8.99M | -16.49M | -6.46M | -20.31M | 1.46M | -753K | 31.89M | -49.75M | 1.67M | -3.23M | -3.06M | 6.97M | 10.26M | 7.97M | 7.97M | 5.52M | 9.91M | -6.64M | 0 | 0 |
| Other Non-Cash Items | 19.81M | 9.59M | 43.67M | 10.11M | 15.3M | 9.07M | 61.04M | 28.8M | 6.14M | 47.9M | 43.39M | 19.42M | 30.79M | 10M | 6.27M | 11.6M | 6.04M | 3.75M | 4.46M | 3.78M | 3.37M | 5.29M | 35.18M | 16M | 78.09M |
| Working Capital Changes | 68.67M | -209.8M | 50.98M | -8.27M | -346.08M | 101.02M | -36.4M | -71.08M | 31.62M | -34.67M | 57.51M | -120.66M | -4.91M | 2.53M | -4.75M | -98.95M | 9.46M | 66.73M | -121.24M | -32.28M | -40.22M | -59.98M | -33.23M | -21.41M | 0 |
| Change in Receivables | 104.7M | -81.8M | 108.63M | 67.55M | -128.96M | 8.71M | 26.49M | 5.97M | -32.24M | -13.54M | 31.14M | -13.25M | -70.13M | 5.42M | 7.11M | -61.89M | -7.3M | 85.92M | 0 | -56.02M | -13.4M | -13.4M | 0 | 0 | 0 |
| Change in Inventory | 25.89M | 1.34M | 75.63M | -96.41M | -212.84M | 24.18M | -9.38M | -46.61M | -38.08M | -42.79M | 11.67M | -10.15M | 8.14M | -921K | -19.66M | -67.25M | -23.45M | 90.93M | -70.28M | -39.64M | -25.76M | -8.21M | -13.93M | 9.45M | 0 |
| Change in Payables | -52.63M | 36.57M | -15.13M | -4.24M | 65.32M | 20.8M | -33.49M | 9.94M | 21.27M | 845K | 12.18M | -26.5M | -14.98M | 5.37M | -12.38M | 42.42M | 59.12M | -109.71M | 0 | 42.53M | 1.71M | 1.71M | 0 | 0 | 0 |
| Cash from Investing | -87.88M | -336.39M | -92.48M | -44.8M | -69.23M | -65.04M | -274.82M | -723.88M | -72.36M | -61.83M | -80.92M | -59.62M | -232M | -55.09M | -73.42M | -91.66M | -77.24M | -46.81M | -62.15M | -49.05M | -76.88M | -28.99M | -26.98M | -12.92M | -335.95M |
| Capital Expenditures | -80.07M | -121.04M | -86.44M | -88.77M | -74.04M | -70.02M | -101.42M | -70.37M | -69.83M | -50.07M | -55.88M | -63.63M | -61.99M | -55.29M | -48.94M | -59.94M | -45.11M | -57.14M | -45.04M | -42.35M | -39.66M | -31.83M | -28.58M | -23.63M | -12.94M |
| CapEx % of Revenue | 2.13% | 3.35% | 2.41% | 2.39% | 2.21% | 2.35% | 3.28% | 2.51% | 2.7% | 2.12% | 2.41% | 2.54% | 2.51% | 2.43% | 2.14% | 3.05% | 2.86% | 2.9% | 2.22% | 2.82% | 3.09% | 2.94% | 2.95% | 2.75% | 3.81% |
| Acquisitions | 0 | -206.37M | -8.27M | 586K | 0 | 176K | -176.55M | -654.61M | -2.99M | -12.39M | -35.44M | 2M | -171.53M | 0 | -24.55M | -32.2M | -33.24M | 0 | -17.43M | -6.98M | -38.13M | -1.17M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -7.81M | 1.87M | 2.23M | 586K | 4.81M | 4.8M | 3.15M | 1.1M | 463K | 631K | 10.4M | 2.01M | 1.52M | 194K | 76K | 479K | 1.11M | 10.33M | 321K | 282K | 924K | 4M | 1.6M | 10.71M | -323.01M |
| Cash from Financing | -380.7M | 90.27M | -370.56M | -270.45M | 98.43M | -188.72M | 62.68M | 346.58M | -166.89M | -62.54M | -105.73M | -59.31M | 21.56M | -95.96M | -78.38M | -82.68M | -24.47M | -23.2M | 39.56M | -1.32M | 27.91M | 3.21M | -39.99M | -8.21M | 314.8M |
| Debt Issued (Net) | -2.7M | 280.22M | -237.95M | -215.82M | 294.92M | -162.87M | 136.53M | 428.73M | -9.49M | -24.7M | 119.34M | 187.58M | 133.05M | -83.23M | -22.75M | -103.15M | -31.8M | -4.34M | 12.74M | -4.58M | 26.66M | -136.79M | 323.48M | -8.21M | 0 |
| Equity Issued (Net) | -328.71M | -153.96M | -95.69M | -18.52M | -156.37M | 9.11M | -33.14M | -56.44M | -121.19M | 3K | -178.24M | -205.36M | -69.87M | -22.59M | -58.38M | 0 | 7.33M | -19.8M | 22.81M | 3.83M | 1.49M | 141.25M | 0 | 0 | 0 |
| Dividends Paid | -38.14M | -37.47M | -34.48M | -28.54M | -29.35M | -29.81M | -29.7M | -29.74M | -29.67M | -30.4M | -30.88M | -31.74M | -23.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -258.37M | 0 | 0 |
| Share Repurchases | -370.69M | -153.96M | -95.69M | -22.91M | -156.37M | 0 | -34.56M | -56.44M | -121.19M | 257.4M | -193.45M | -218.04M | -69.87M | -22.59M | -58.38M | 0 | 0 | -19.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -11.15M | 1.47M | -2.44M | -7.57M | -10.77M | -5.15M | -11M | 4.03M | -6.53M | -7.45M | -15.95M | -9.8M | -17.94M | 9.87M | 2.75M | 20.48M | 0 | 945K | 4M | -572K | -248K | -1.25M | -105.1M | 0 | 314.8M |
| Net Change in Cash | 95.54M | 9.81M | -13.34M | -55.82M | -49.32M | 124.83M | 27.77M | -222.91M | 21.79M | 103.02M | 128.39M | 28.82M | -9.24M | 88.86M | 51.62M | -92.17M | 37.88M | 142.54M | -17.16M | 22.57M | -6.12M | 4.13M | -27.09M | 35.22M | -88K |
| Free Cash Flow | 467.52M | 139.26M | 370.59M | 191.17M | -139.63M | 288.36M | 151.97M | 127.48M | 141.22M | 195.96M | 251.69M | 130.85M | 131.63M | 189.11M | 155.25M | 16.52M | 91.49M | 162.29M | -41.02M | 30.07M | 3.21M | -2.48M | 10.61M | 31.81M | 8.12M |
| FCF Margin % | 12.46% | 3.85% | 10.35% | 5.15% | -4.16% | 9.68% | 4.92% | 4.54% | 5.47% | 8.28% | 10.87% | 5.22% | 5.32% | 8.3% | 6.8% | 0.84% | 5.79% | 8.23% | -2.02% | 2% | 0.25% | -0.23% | 1.1% | 3.7% | 2.39% |
| FCF Growth % | 235.72% | -62.42% | 93.86% | 236.91% | -148.42% | 89.74% | 19.21% | -9.72% | -27.94% | -22.14% | 92.36% | -0.59% | -30.4% | 21.81% | 839.85% | -81.94% | -43.63% | 495.66% | -236.42% | 837.61% | 229.58% | -123.32% | -66.64% | 291.53% | - |
| FCF per Share | 12.26 | 3.44 | 8.96 | 4.63 | -3.26 | 6.67 | 3.54 | 2.96 | 3.27 | 4.45 | 5.53 | 2.72 | 2.64 | 3.89 | 3.15 | 0.33 | 1.87 | 3.28 | -0.84 | 0.63 | 0.07 | -0.07 | 0.96 | 2.89 | 0.74 |
| FCF Conversion (FCF/Net Income) | 1.87x | 0.72x | 1.70x | 1.59x | -0.46x | 2.50x | 1.85x | 1.24x | 1.76x | 1.54x | 2.26x | 1.07x | 1.29x | 1.47x | 1.42x | 0.67x | 2.19x | 2.59x | 0.07x | 1.60x | 1.40x | 0.91x | 8.10x | 2.43x | -0.50x |
| Interest Paid | 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 |
| Taxes Paid | 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 |
Volatile Working Capital Cycles
As reported in financial statements, EnerSys exhibits significant volatility in cash conversion, with the OCF/NI ratio swinging from a low of 0.02 in 2026Q1 to a high of 3.19 in 2026Q2, indicating that net income is an unreliable proxy for actual cash generation.
The wide variance between net income and operating cash flow suggests that non-cash items and working capital swings frequently obscure the underlying cash-generating capability of the business. Investors should monitor whether this decoupling is a result of seasonal inventory management or more structural issues in revenue recognition and collection cycles.
Based on recent quarterly data, EnerSys has struggled to maintain consistent free cash flow margins, which fluctuated from a negative 3.6% in 2026Q1 to a peak of 20.7% in 2026Q2, reflecting the inherent cyclicality of its industrial end-markets.
The erratic trajectory of free cash flow suggests that the company's ability to self-fund operations is highly sensitive to short-term shifts in demand and capital intensity. This inconsistency warrants further investigation into whether the current cost structure can support sustained cash flow generation during periods of lower industrial activity.
According to recent SEC filings, working capital changes have been a primary driver of cash flow variance, with swings ranging from a $116.2M inflow in 2026Q2 to a $102.8M outflow in 2026Q1, highlighting the company's susceptibility to supply chain and inventory timing.
The significant impact of working capital on cash flow suggests that management's ability to optimize inventory and receivables is a critical, yet currently unstable, lever for liquidity. This volatility may indicate challenges in aligning production schedules with fluctuating customer demand patterns across the Motive Power and Energy Systems segments.
Based on reported figures, EnerSys has maintained a consistent pace of share repurchases, totaling $150.0M in 2026Q1 alone, even as operating cash flow experienced a sharp contraction, suggesting a management preference for returning capital over maintaining a cash buffer.
The decision to prioritize buybacks during periods of weak cash flow generation may indicate management's confidence in the long-term earnings floor, though it also reduces the company's financial flexibility. Investors should monitor whether this capital allocation strategy remains sustainable if the current volatility in operating cash flow persists.
Quick answers to the most common questions about buying ENS stock.
EnerSys (ENS) generated $547.6M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
EnerSys (ENS) generated $467.5M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
EnerSys (ENS) spent $80.1M 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, EnerSys (ENS) returned $38.1M to shareholders via cash dividends and spent $370.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.