Latest Ratios: P/E Ratio 23.3x · EV/EBITDA 12.4x · ROE 15.3%. (2002–2026 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $6.5B | $6.6B | $3.7B | $3.9B | $3.6B | $3.2B | $3.9B | $2.1B | $2.8B | $3.0B | $3.5B |
| Enterprise Value | $7.3B | $7.4B | $4.6B | $4.5B | $4.3B | $4.2B | $4.5B | $3.0B | $3.5B | $3.1B | $3.6B |
| P/E Ratio → | 23.31 | 22.56 | 10.19 | 14.53 | 20.44 | 22.19 | 27.35 | 15.47 | 17.52 | 25.04 | 21.69 |
| P/S Ratio | 1.74 | 1.77 | 1.02 | 1.09 | 0.97 | 0.95 | 1.32 | 0.69 | 1.00 | 1.16 | 1.47 |
| P/B Ratio | 3.59 | 3.47 | 1.93 | 2.22 | 2.24 | 2.14 | 2.54 | 1.63 | 2.18 | 2.49 | 3.13 |
| P/FCF | 14.00 | 14.17 | 26.59 | 10.55 | 18.78 | — | 13.61 | 13.98 | 21.98 | 21.18 | 17.73 |
| P/OCF | 11.95 | 12.10 | 14.23 | 8.55 | 12.83 | — | 10.95 | 8.38 | 14.16 | 14.17 | 14.12 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.97 | 1.26 | 1.25 | 1.17 | 1.24 | 1.53 | 0.98 | 1.26 | 1.19 | 1.51 |
| EV / EBITDA | 12.36 | 12.50 | 8.07 | 10.12 | 11.74 | 13.77 | 14.63 | 10.89 | 12.83 | 9.48 | 12.35 |
| EV / EBIT | 15.30 | 18.54 | 9.97 | 13.12 | 16.06 | 19.65 | 21.78 | 15.85 | 16.61 | 11.65 | 15.24 |
| EV / FCF | — | 15.78 | 32.76 | 12.11 | 22.69 | — | 15.75 | 19.88 | 27.77 | 21.72 | 18.27 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 29.3% | 29.3% | 30.2% | 27.4% | 22.7% | 22.3% | 24.8% | 25.4% | 24.7% | 25.4% | 27.5% |
| Operating Margin | 12.7% | 12.7% | 12.8% | 9.8% | 7.5% | 6.1% | 7.3% | 6.2% | 7.6% | 10.4% | 10.0% |
| Net Profit Margin | 7.8% | 7.8% | 10.1% | 7.5% | 4.7% | 4.3% | 4.8% | 4.4% | 5.7% | 4.6% | 6.8% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 15.3% | 15.3% | 19.8% | 16.0% | 11.4% | 9.5% | 10.1% | 10.6% | 12.9% | 10.4% | 15.0% |
| ROA | 7.4% | 7.4% | 9.8% | 7.6% | 4.8% | 4.0% | 4.2% | 4.3% | 5.7% | 5.0% | 7.1% |
| ROIC | 13.1% | 13.1% | 13.6% | 11.2% | 8.7% | 6.7% | 7.4% | 6.8% | 9.7% | 16.2% | 14.3% |
| ROCE | 14.9% | 14.9% | 15.7% | 12.5% | 9.4% | 7.1% | 7.9% | 7.3% | 9.4% | 14.1% | 13.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.62 | 0.62 | 0.63 | 0.52 | 0.68 | 0.92 | 0.69 | 0.94 | 0.81 | 0.50 | 0.55 |
| Debt / EBITDA | 2.02 | 2.02 | 2.13 | 2.06 | 2.96 | 4.54 | 3.44 | 4.41 | 3.76 | 1.85 | 2.09 |
| Net Debt / Equity | — | 0.39 | 0.45 | 0.33 | 0.47 | 0.65 | 0.40 | 0.69 | 0.57 | 0.06 | 0.10 |
| Net Debt / EBITDA | 1.27 | 1.27 | 1.52 | 1.31 | 2.02 | 3.21 | 1.99 | 3.23 | 2.67 | 0.23 | 0.37 |
| Debt / FCF | — | 1.61 | 6.17 | 1.57 | 3.91 | — | 2.14 | 5.90 | 5.78 | 0.54 | 0.54 |
| Interest Coverage | 5.89 | 5.89 | 8.95 | 6.85 | 4.54 | 5.60 | 5.43 | 4.36 | 6.90 | 10.53 | 10.58 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.66 | 2.66 | 2.70 | 2.46 | 2.64 | 2.70 | 2.50 | 2.60 | 2.51 | 3.13 | 3.04 |
| Quick Ratio | 1.76 | 1.76 | 1.74 | 1.50 | 1.53 | 1.73 | 1.73 | 1.74 | 1.68 | 2.29 | 2.26 |
| Cash Ratio | 0.55 | 0.55 | 0.44 | 0.46 | 0.48 | 0.55 | 0.67 | 0.54 | 0.49 | 1.06 | 1.07 |
| Asset Turnover | — | 0.94 | 0.91 | 1.03 | 1.03 | 0.90 | 0.86 | 0.94 | 0.90 | 1.04 | 1.03 |
| Inventory Turnover | 3.66 | 3.66 | 3.41 | 3.73 | 3.60 | 3.64 | 4.32 | 4.43 | 4.20 | 4.65 | 4.76 |
| Days Sales Outstanding | — | 59.86 | 68.25 | 59.53 | 68.25 | 86.54 | 81.01 | 77.34 | 87.58 | 77.81 | 75.71 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 0.6% | 0.6% | 1.0% | 0.9% | 0.8% | 0.9% | 0.8% | 1.4% | 1.1% | 1.0% | 0.9% |
| Payout Ratio | 13.0% | 13.0% | 10.3% | 12.8% | 16.2% | 20.4% | 20.8% | 21.7% | 18.6% | 24.8% | 19.0% |
| Metric | TTM | FY 2026 | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.3% | 4.4% | 9.8% | 6.9% | 4.9% | 4.5% | 3.7% | 6.5% | 5.7% | 4.0% | 4.6% |
| FCF Yield | 7.1% | 7.1% | 3.8% | 9.5% | 5.3% | — | 7.3% | 7.2% | 4.5% | 4.7% | 5.6% |
| Buyback Yield | 5.7% | 5.6% | 4.2% | 2.4% | 0.6% | 4.9% | 0.0% | 1.6% | 2.0% | 4.1% | 7.4% |
| Total Shareholder Yield | 6.2% | 6.2% | 5.2% | 3.3% | 1.4% | 5.8% | 0.8% | 3.0% | 3.1% | 5.0% | 8.3% |
| Shares Outstanding | — | $38M | $40M | $41M | $41M | $43M | $43M | $43M | $43M | $43M | $44M |
Includes 30+ ratios · 25 years · Updated daily
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Quick answers to the most common questions about buying ENS stock.
EnerSys's current P/E ratio is 23.3x. The historical average is 18.3x. This places it at the 91th percentile of its historical range.
EnerSys's current EV/EBITDA is 12.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.1x.
EnerSys's return on equity (ROE) is 15.3%. The historical average is 10.7%.
Based on historical data, EnerSys is trading at a P/E of 23.3x. This is at the 91th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
EnerSys's current dividend yield is 0.56% with a payout ratio of 13.0%.
EnerSys has 29.3% gross margin and 12.7% operating margin. Operating margin between 10-20% is typical for established companies.
EnerSys's Debt/EBITDA ratio is 2.0x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.
Key Metrics
Top Statement Risk
Dependence on non-operational tax credits
Metrics are mathematically derived from official filings.
Margin Expansion Driven by Mix Shift
Gross margin expanded 560 bps to 33.5% in 2027Q1 from 27.9% in 2024Q4, per the latest quarterly report, reflecting a favorable mix shift toward Energy Systems and Specialty segments.
The 2027Q1 operating margin of 16.2% is the highest in the provided data, up from 8.9% in 2024Q4, indicating strong operating leverage. However, the reported figures include one-time tariff refunds and IRA 45X tax credits, which management separates from core performance; excluding these, EPS growth is 42% YoY, still robust but less dramatic. Investors should monitor whether the margin expansion is sustainable as these non-operational benefits normalize.
ROIC Inflection Points to Efficiency Gains
ROIC improved to 5.5% in 2027Q1 from 2.6% in 2024Q4, according to the financial statements, driven by margin expansion rather than asset turnover, which remained flat at 0.24.
The doubling of ROIC over the period suggests the EnerGize framework is driving efficiency, but the absolute level remains modest, reflecting the capital-intensive nature of battery manufacturing. The improvement is primarily margin-driven, as asset turnover has been stable, indicating that the company is not yet generating significantly more revenue per dollar of assets. This suggests that further ROIC gains will depend on sustaining margin expansion and potentially improving asset utilization.
Working Capital Drag Persists in CCC
Cash conversion cycle remained elevated at 115 days in 2027Q1, per the latest balance sheet data, driven by high inventory days of 113, which offsets improvements in DSO and DPO.
The CCC has been consistently above 105 days over the past ten quarters, indicating that working capital management is a structural challenge. DSO improved to 55 days from 63 in 2026Q1, and DPO rose to 53 days, but DIO remains high at 113 days, reflecting the need to hold significant raw material and finished goods inventory. This suggests that the company's cash conversion is constrained by inventory requirements, which may be a necessary cost of its product mix and supply chain.
Deleveraging to Near-Zero Debt
Debt-to-equity collapsed to 0.01x in 2027Q1 from 0.62x in 2026Q4, with total debt of just $28.7M, according to the balance sheet, dramatically reducing refinancing risk.
The near-zero leverage and interest coverage of 14.29x in 2027Q1 indicate a fortress balance sheet, but this may be flattered by one-time cash inflows from tariff refunds and tax credits. The prior quarter's D/EBITDA of 6.93x was elevated, suggesting that the deleveraging was rapid and possibly not entirely operational. Investors should verify the sustainability of this debt reduction, as it may reverse if cash flows normalize.
Liquidity Buffer Strengthens Significantly
Current ratio improved to 2.80 in 2027Q1 from 2.46 in 2024Q4, with cash at $530.7M, per the latest balance sheet, providing ample coverage for short-term obligations.
The quick ratio of 1.83 indicates that even without inventory, the company can cover current liabilities, which is a strong liquidity position. The improvement is driven by a combination of higher cash balances and reduced current liabilities, likely from debt repayment. This suggests that EnerSys is well-positioned to weather short-term disruptions, though the reliance on non-operational cash inflows for this strength warrants monitoring.
Misapplied P/E on Cyclical Earnings
The trailing P/E of 24.25 may mislead investors because it is based on earnings that include one-time tariff refunds and tax credits, as reported in the earnings release, overstating sustainable earning power.
The forward P/E of 18.05 is more indicative of normalized earnings, but even that may be flattered by the 45X tax credits. A more appropriate metric for EnerSys is EV/EBITDA, which at 12.81x (or 9.88x forward) better captures the company's cash-generating ability and is less distorted by non-operational items. Investors should adjust for these credits to assess the true cyclical earnings power, as the company's replacement-driven revenue provides a floor but not a growth inflection.