Revenue growth remains stagnant with fluctuations between a 8.0% contraction in 2024Q4 and a 7.7% expansion in 2026Q2, while net margins have compressed from 12.7% in 2025Q3 to 7.8% in 2026Q4.
| 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 |
|---|
| Sales/Revenue | 3.75B | 3.62B | 3.58B | 3.71B | 3.36B | 2.98B | 3.09B | 2.81B | 2.58B | 2.37B | 2.32B | 2.51B | 2.47B | 2.28B | 2.28B | 1.96B | 1.58B | 1.97B | 2.03B | 1.5B | 1.28B | 1.08B | 969.08M | 859.64M | 339.34M |
| Revenue Growth % | 3.7% | 1% | -3.42% | 10.46% | 12.74% | -3.56% | 9.97% | 8.76% | 9.07% | 2.2% | -7.56% | 1.26% | 8.64% | -0.25% | 16.23% | 24.38% | -19.94% | -2.65% | 34.71% | 17.24% | 18.4% | 11.84% | 12.73% | 153.33% | - |
| Cost of Goods Sold | 2.65B | 2.53B | 2.6B | 2.87B | 2.61B | 2.24B | 2.3B | 2.11B | 1.92B | 1.72B | 1.7B | 1.86B | 1.84B | 1.71B | 1.77B | 1.51B | 1.22B | 1.56B | 1.64B | 1.19B | 1.01B | 828.45M | 722.83M | 654M | 271.6M |
| COGS % of Revenue | 70.74% | 69.8% | 72.56% | 77.35% | 77.66% | 75.18% | 74.58% | 75.32% | 74.56% | 72.52% | 73.59% | 74.42% | 74.56% | 75% | 77.55% | 77.1% | 77.15% | 79.04% | 81.16% | 79.31% | 78.43% | 76.43% | 74.59% | 76.08% | 80.04% |
| Gross Profit | 1.1B | 1.09B | 982.89M | 840.14M | 749.97M | 739.15M | 784.87M | 693.01M | 656.85M | 650.58M | 611.73M | 640.9M | 629.62M | 569.36M | 512.71M | 449.84M | 360.9M | 413.43M | 381.89M | 311.21M | 276.8M | 255.41M | 246.25M | 205.65M | 67.74M |
| Gross Margin % | 29.26% | 30.2% | 27.44% | 22.65% | 22.34% | 24.82% | 25.42% | 24.68% | 25.44% | 27.48% | 26.41% | 25.58% | 25.45% | 25% | 22.45% | 22.9% | 22.85% | 20.96% | 18.84% | 20.69% | 21.57% | 23.57% | 25.41% | 23.92% | 19.96% |
| Gross Profit Growth % | 0.47% | 11.14% | 16.99% | 12.02% | 1.46% | -5.82% | 13.25% | 5.51% | 0.96% | 6.35% | -4.55% | 1.79% | 10.58% | 11.05% | 13.97% | 24.64% | -12.71% | 8.26% | 22.71% | 12.43% | 8.37% | 3.72% | 19.75% | 203.56% | - |
| Operating Expenses | 620.95M | 627.72M | 631.32M | 561.78M | 543.72M | 522.77M | 594.67M | 441.4M | 382.1M | 369.9M | 352.7M | 358.4M | 344.42M | 312.32M | 297.81M | 259.22M | 232.68M | 245.2M | 249.35M | 217.35M | 199.9M | 179.01M | 191.61M | 150.67M | 53.51M |
| OpEx % of Revenue | 16.55% | 17.35% | 17.63% | 15.15% | 16.2% | 17.55% | 19.26% | 15.72% | 14.8% | 15.63% | 15.23% | 14.3% | 13.92% | 13.71% | 13.04% | 13.2% | 14.73% | 12.43% | 12.3% | 14.45% | 15.58% | 16.52% | 19.77% | 17.53% | 15.77% |
| Selling, General & Admin | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 428.53M | 382.08M | 360.46M | 352.77M | 358.38M | 344.42M | 312.32M | 0 | 259.22M | 235.6M | 256.51M | 249.35M | 221.1M | 199.9M | 179.01M | 170.41M | 150.62M | 0 |
| SG&A % of Revenue | - | - | - | - | - | - | - | 15.26% | 14.8% | 15.23% | 15.23% | 14.3% | 13.92% | 13.71% | - | 13.2% | 14.92% | 13% | 12.3% | 14.7% | 15.58% | 16.52% | 17.58% | 17.52% | - |
| 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 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 620.95M | 627.72M | 631.32M | 561.78M | 543.72M | 522.77M | 594.67M | -2.43M | -556K | -1.63M | -294K | -1.41M | -2.81M | 971K | -1.58M | 0 | -2.92M | -11.31M | 0 | -3.75M | 0 | 0 | 21.2M | 51K | 53.51M |
| Operating Income | 476.61M | 464.69M | 351.57M | 278.36M | 206.25M | 216.38M | 190.19M | 212.5M | 269.3M | 235.9M | 210M | 263.4M | 194.51M | 249.87M | 210.81M | 183.81M | 114.3M | 142.44M | 119.35M | 93.86M | 68.34M | 76.4M | 54.64M | 54.98M | -49.12M |
| Operating Margin % | 12.71% | 12.85% | 9.82% | 7.51% | 6.14% | 7.27% | 6.16% | 7.57% | 10.43% | 9.97% | 9.07% | 10.51% | 7.86% | 10.97% | 9.23% | 9.36% | 7.24% | 7.22% | 5.89% | 6.24% | 5.33% | 7.05% | 5.64% | 6.4% | -14.47% |
| Operating Income Growth % | 2.57% | 32.17% | 26.3% | 34.96% | -4.68% | 13.76% | -10.5% | -21.09% | 14.16% | 12.33% | -20.27% | 35.42% | -22.15% | 18.53% | 14.69% | 60.82% | -19.76% | 19.35% | 27.15% | 37.33% | -10.54% | 39.81% | -0.6% | 211.93% | - |
| EBITDA | 590.17M | 565.56M | 443.59M | 369.51M | 302.13M | 310.46M | 277.54M | 275.85M | 323.62M | 289.85M | 265.99M | 320.44M | 248.48M | 300.37M | 261.17M | 228.21M | 159.15M | 191.54M | 168.56M | 141.22M | 111.61M | 117.94M | 93.69M | 92.98M | 12.49M |
| EBITDA Margin % | 15.73% | 15.63% | 12.38% | 9.96% | 9% | 10.43% | 8.99% | 9.82% | 12.53% | 12.24% | 11.48% | 12.79% | 10.04% | 13.19% | 11.44% | 11.62% | 10.08% | 9.71% | 8.32% | 9.39% | 8.7% | 10.88% | 9.67% | 10.82% | 3.68% |
| EBITDA Growth % | 4.35% | 27.5% | 20.05% | 22.3% | -2.68% | 11.86% | 0.61% | -14.76% | 11.65% | 8.97% | -16.99% | 28.96% | -17.27% | 15.01% | 14.44% | 43.39% | -16.91% | 13.63% | 19.36% | 26.52% | -5.36% | 25.88% | 0.77% | 644.66% | - |
| D&A (Non-Cash Add-back) | 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 | 61.6M |
| EBIT | 397.91M | 457.69M | 342.14M | 270.17M | 211.72M | 208.57M | 190.61M | 213.08M | 263.33M | 234.89M | 204.28M | 268.98M | 180.85M | 248.95M | 207.74M | 173.48M | 109.91M | 142.2M | 115.11M | 93.86M | 76.9M | 76.4M | 53.81M | 54.95M | 14.23M |
| Net Interest Income | -58.28M | -51.12M | -49.95M | -59.53M | -37.78M | -38.44M | -43.67M | -30.87M | -25M | -22.2M | -22.34M | -19.64M | -17.11M | -18.72M | -16.48M | -30.19M | -22.66M | -26.73M | -28.92M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -8.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 67.58M | 51.12M | 49.95M | 59.53M | 37.78M | 38.44M | 43.67M | 30.87M | 25M | 22.2M | 22.34M | 19.64M | 17.11M | 18.72M | 16.48M | 22.04M | 22.66M | 22.65M | 63.84M | 29.95M | 39.29M | 30.04M | 94.51M | 19.03M | 15.04M |
| Other Income/Expense | -129.21M | -58.11M | -59.38M | -67.72M | -32.31M | -46.24M | -43.26M | -30.25M | -32.52M | -23.17M | -28.06M | -14.04M | -30.76M | -19.64M | -19.55M | -32.37M | -27.04M | -19.26M | -33.15M | -30.76M | -23.54M | -26.66M | -46.85M | -19.75M | -15.04M |
| Pretax Income | 347.41M | 406.58M | 292.19M | 210.64M | 173.94M | 170.13M | 146.94M | 182.1M | 238.3M | 212.7M | 182M | 249.3M | 163.75M | 230.23M | 191.26M | 151.44M | 87.25M | 123.19M | 86.19M | 63.1M | 44.8M | 49.74M | 7.79M | 35.21M | -64.15M |
| Pretax Margin % | 9.26% | 11.24% | 8.16% | 5.68% | 5.18% | 5.71% | 4.76% | 6.49% | 9.23% | 8.99% | 7.86% | 9.95% | 6.62% | 10.11% | 8.38% | 7.71% | 5.52% | 6.24% | 4.25% | 4.19% | 3.49% | 4.59% | 0.8% | 4.1% | -18.91% |
| Income Tax | 53.85M | 42.84M | 23.09M | 34.83M | 30.03M | 26.76M | 9.82M | 21.6M | 118.5M | 54.47M | 50.11M | 67.81M | 16.98M | 65.28M | 47.29M | 38.02M | 24.95M | 38.6M | 26.5M | 17.89M | 14.08M | 17.36M | 2.96M | 12.36M | -7.13M |
| Effective Tax Rate % | 15.5% | 10.54% | 7.9% | 16.53% | 17.26% | 15.73% | 6.68% | 11.86% | 49.73% | 25.61% | 27.53% | 27.2% | 10.37% | 28.35% | 24.73% | 25.1% | 28.6% | 31.33% | 30.74% | 28.35% | 31.42% | 34.9% | 37.94% | 35.09% | 11.12% |
| Net Income | 293.56M | 363.74M | 269.1M | 175.81M | 143.91M | 143.37M | 137.12M | 160.2M | 119.6M | 160.2M | 136.2M | 181.2M | 150.33M | 166.51M | 144M | 113.43M | 62.3M | 84.59M | 59.7M | 45.21M | 30.73M | 32.38M | 4.84M | 22.85M | -41.98M |
| Net Margin % | 7.83% | 10.05% | 7.51% | 4.74% | 4.29% | 4.81% | 4.44% | 5.71% | 4.63% | 6.77% | 5.88% | 7.23% | 6.08% | 7.31% | 6.31% | 5.77% | 3.94% | 4.29% | 2.95% | 3% | 2.39% | 2.99% | 0.5% | 2.66% | -12.37% |
| Net Income Growth % | -19.29% | 35.17% | 53.06% | 22.17% | 0.37% | 4.56% | -14.41% | 33.95% | -25.34% | 17.62% | -24.83% | 20.54% | -9.72% | 15.63% | 26.96% | 82.05% | -26.34% | 41.7% | 32.04% | 47.14% | -5.12% | 569.62% | -78.84% | 154.43% | - |
| Net Income (Continuing) | 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 | 113.81M | 62.3M | 84.59M | 59.7M | 45.21M | 30.9M | 32.6M | 4.84M | 22.85M | -41.98M |
| Discontinued Operations | 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 |
| Minority Interest | 3.59M | 3.41M | 3.43M | 3.6M | 3.9M | 3.82M | 3.54M | 3.73M | 5.44M | 4.91M | 11.3M | 12.5M | 13.93M | 16.98M | 12.73M | 4.66M | 4.33M | 0 | 0 | 2.8M | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 7.70 | 8.99 | 6.50 | 4.25 | 3.36 | 3.32 | 3.20 | 3.72 | 2.77 | 3.64 | 2.99 | 3.77 | 3.02 | 3.42 | 2.93 | 2.27 | 1.28 | 1.66 | 1.22 | 0.95 | 0.66 | 0.65 | -1.80 | -0.11 | -3.81 |
| EPS Growth % | -14.35% | 38.31% | 52.94% | 26.49% | 1.2% | 3.75% | -13.98% | 34.3% | -23.9% | 21.74% | -20.69% | 24.83% | -11.7% | 16.72% | 29.07% | 77.34% | -22.89% | 36.07% | 28.42% | 43.94% | 1.54% | 136.11% | -1536.36% | 97.11% | - |
| EPS (Basic) | 7.84 | 9.15 | 6.62 | 4.31 | 3.42 | 3.37 | 3.23 | 3.78 | 2.81 | 3.69 | 3.08 | 3.97 | 3.17 | 3.47 | 2.95 | 2.30 | 1.29 | 1.68 | 1.25 | 0.97 | 0.66 | 0.67 | -1.80 | -0.11 | -3.81 |
| Diluted Shares Outstanding | 38.14M | 40.44M | 41.37M | 41.33M | 42.78M | 43.22M | 42.9M | 43.01M | 43.12M | 44.01M | 45.47M | 48.05M | 49.79M | 48.64M | 49.22M | 50.04M | 48.83M | 49.42M | 48.64M | 47.55M | 46.79M | 37.05M | 11.01M | 11.01M | 11.01M |
| Basic Shares Outstanding | 37.44M | 39.76M | 40.67M | 40.81M | 42.11M | 42.55M | 42.41M | 42.34M | 42.61M | 43.39M | 44.28M | 45.61M | 47.47M | 48.02M | 48.75M | 49.38M | 48.12M | 48.82M | 47.65M | 46.54M | 46.23M | 36.42M | 11.01M | 11.01M | 11.01M |
| Dividend Payout Ratio | 12.99% | 10.3% | 12.81% | 16.23% | 20.4% | 20.79% | 21.66% | 18.57% | 24.81% | 18.98% | 22.67% | 17.52% | 15.75% | - | - | - | - | - | - | - | - | - | 5342.58% | - | - |
Cyclical Industrial Capex Sensitivity
According to recent quarterly filings, EnerSys has struggled to maintain consistent top-line momentum, with revenue growth fluctuating between a 8.0% contraction in 2024Q4 and a modest 7.7% expansion in 2026Q2, suggesting that the company's core industrial markets are currently facing significant demand volatility and limited organic scaling.
The inconsistent revenue trajectory appears to reflect the company's heavy reliance on cyclical capital expenditure cycles within the motive power and energy systems segments. Investors should monitor whether the recent shift toward integrated power solutions can provide a more durable growth floor as traditional lead-acid demand faces secular headwinds.
As reported in financial statements, EnerSys has maintained gross margins within a narrow 27.9% to 32.9% range over the last ten quarters, indicating that while the company possesses some pricing power, its profitability remains structurally tethered to volatile raw material costs and the timing of price escalators.
The compression observed in recent periods suggests that the company may be struggling to fully pass through inflationary pressures in real-time. This margin profile warrants further investigation into how effectively the firm can leverage its proprietary TPPL technology to command premium pricing in a competitive industrial landscape.
Based on the provided income statement data, operating income has failed to scale linearly with gross profit, as evidenced by operating margins that dipped to 9.7% in 2026Q2 despite relatively stable gross margins, suggesting that overhead efficiency remains a challenge during periods of top-line stagnation.
The lack of consistent operating leverage implies that the company's cost structure may be more fixed than management's strategic pivot toward high-tech power systems would suggest. Investors should scrutinize whether the current operating expense base is appropriately sized for the company's evolving, more capital-intensive manufacturing requirements.
Analysis of recent income statements reveals that net income volatility is frequently decoupled from operational performance, with EPS figures showing significant swings such as the 61.5% growth in 2025Q4, likely influenced by non-operating items and the strategic utilization of government incentives like the Section 45X tax credits.
The reliance on tax-advantaged items to bolster the bottom line may mask the underlying operational health of the core business segments. Analysts should strip out these non-recurring or subsidy-driven benefits to determine the true, sustainable earnings power of the company's integrated power ecosystem.
While management emphasizes a transition to high-growth power electronics, the income statement data suggests that EnerSys remains vulnerable to margin compression, as evidenced by the decline in net margins from 12.7% in 2025Q3 to 7.8% in 2026Q4, highlighting potential risks to the long-term profitability narrative.
Short-sellers may focus on the company's inability to consistently expand margins despite its pivot toward higher-value segments. This trend suggests that the competitive landscape in energy storage may be intensifying, potentially forcing the company to sacrifice profitability to maintain its market share against more specialized power infrastructure peers.
Quick answers to the most common questions about buying ENS stock.
For fiscal year 2026, EnerSys (ENS) reported total revenue of $3.75B. This represents a 1005.5% increase compared to $339.3M in 2002.
EnerSys (ENS) is profitable, generating $293.6M in net income for the fiscal year ending 2026 with a net profit margin of 7.8%.
EnerSys (ENS) reported an operating income of $476.6M, resulting in an operating profit margin of 12.7%. This margin reflects the operational efficiency of the business before interest and taxes.
EnerSys (ENS) generated $1.10B in gross profit for the year, representing a gross profit margin of 29.3%. This demonstrates the company's core pricing power and production efficiency.