Espey Mfg. & Electronics Corp. (ESP) 10-Year Financial Performance & Capital Metrics

ESP • • Industrial / General

IndustrialsElectrical EquipmentPower Conversion & Control EquipmentMilitary & Defense Power

AboutEspey Mfg. & Electronics Corp., a power electronics design and original equipment manufacturing company, designs, manufactures, and tests electronic equipment primarily for use in military and industrial applications in the United States and internationally. The company's principal products include power supplies, power converters, filters, power transformers, magnetic components, power distribution equipment, UPS systems, antennas, and high-power radar systems for use in AC and DC locomotives, shipboard power, shipboard radar, airborne power, ground-based radar, and ground mobile power applications. It also provides various services comprising design and development to specification, build to print, design services, design studies, environmental testing services, metal fabrication, painting services, and development of automatic testing equipment. In addition, the company produces individual components, such as inductors, printed circuit boards, wires, and tests items. It serves industrial manufacturers and defense companies, the government of the United States, foreign governments, and foreign electronic equipment companies through its direct sales organization and outside sales representatives. The company was incorporated in 1928 and is based in Saratoga Springs, New York.Show more

Revenue $44M +13.5%
EBITDA $9M +22.7%
Net Income $8M +40.0%
EPS (Diluted) 3.02 +31.9%
Gross Margin 28.86% +4.9%
EBITDA Margin 19.52% +8.1%
Operating Margin 18.49% +9.5%
Net Margin 18.53% +23.4%
ROE 17.68% +17.3%
ROIC 17.69% +26.3%
Debt/Equity -
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong 5Y profit CAGR of 47.6%
✓FCF machine: 37.8% free cash flow margin
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.06%

5Y6.87%

3Y11.04%

TTM4.9%

Profit (Net Income) CAGR

10Y9.85%

5Y47.57%

3Y86.02%

TTM37.91%

EPS CAGR

10Y8.07%

5Y43.87%

3Y79.75%

TTM27.64%

ROCE

10Y Avg9.25%

5Y Avg10.13%

3Y Avg15.72%

Latest17.64%

Peer Comparison

Military & Defense Power

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
ESPEspey Mfg. & Electronics Corp.	152.42M	51.93	17.20	13.46%	20.46%	17.09%	10.91%

Profit & Loss

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Sales/Revenue+	27.47M	22.52M	32.52M	36.48M	31.53M	27.73M	32.1M	35.59M	38.74M	43.95M
Revenue Growth %	0.02%	-0.18%	0.44%	0.12%	-0.14%	-0.12%	0.16%	0.11%	0.09%	0.13%
Cost of Goods Sold+	20.1M	17.81M	24.86M	29.41M	25.97M	24.37M	26.63M	27.54M	28.08M	31.27M
COGS % of Revenue	0.73%	0.79%	0.76%	0.81%	0.82%	0.88%	0.83%	0.77%	0.72%	0.71%
Gross Profit+	7.37M	4.71M	7.66M	7.06M	5.56M	3.36M	5.47M	8.05M	10.65M	12.68M
Gross Margin %	0.27%	0.21%	0.24%	0.19%	0.18%	0.12%	0.17%	0.23%	0.28%	0.29%
Gross Profit Growth %	0.03%	-0.36%	0.63%	-0.08%	-0.21%	-0.4%	0.63%	0.47%	0.32%	0.19%
Operating Expenses+	3.03M	3.19M	3.81M	4.41M	4.39M	3.79M	3.94M	3.75M	4.11M	4.56M
OpEx % of Revenue	0.11%	0.14%	0.12%	0.12%	0.14%	0.14%	0.12%	0.11%	0.11%	0.1%
Selling, General & Admin	3.03M	3.19M	3.81M	4.41M	4.39M	3.74M	3.91M	3.69M	4.03M	4.56M
SG&A % of Revenue	0.11%	0.14%	0.12%	0.12%	0.14%	0.14%	0.12%	0.1%	0.1%	0.1%
Research & Development	49.24K	34.06K	18.21K	44.82K	44.74K	40.91K	32.36K	65.43K	86.71K	71.07K
R&D % of Revenue	0%	0%	0%	0%	0%	0%	0%	0%	0%	0%
Other Operating Expenses	85.49K	36.11K	0	61.01K	-44.74K	0	0	0	0	-71.07K
Operating Income+	4.34M	1.53M	3.85M	2.65M	1.17M	-426.14K	1.53M	4.3M	6.54M	8.13M
Operating Margin %	0.16%	0.07%	0.12%	0.07%	0.04%	-0.02%	0.05%	0.12%	0.17%	0.18%
Operating Income Growth %	-0.02%	-0.65%	1.52%	-0.31%	-0.56%	-1.36%	4.59%	1.81%	0.52%	0.24%
EBITDA+	4.78M	1.96M	4.28M	3.19M	1.74M	93.67K	2.02M	4.78M	6.99M	8.58M
EBITDA Margin %	0.17%	0.09%	0.13%	0.09%	0.06%	0%	0.06%	0.13%	0.18%	0.2%
EBITDA Growth %	-0.02%	-0.59%	1.18%	-0.25%	-0.45%	-0.95%	20.6%	1.36%	0.46%	0.23%
D&A (Non-Cash Add-back)	434.4K	435.56K	429.68K	540.98K	568.53K	519.81K	494.63K	484.92K	453.52K	451.52K
EBIT	4.34M	1.53M	3.85M	2.65M	1.17M	-426.14K	1.53M	4.3M	6.54M	9.73M
Net Interest Income+	33.78K	88.84K	160.65K	167.68K	109.75K	21.38K	12.15K	359.62K	728.3K	1.26M
Interest Income	33.78K	88.84K	160.65K	167.68K	109.75K	21.38K	12.15K	359.62K	728.3K	1.26M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	119.27K	124.95K	215.22K	228.69K	136.88K	57.94K	63.91K	406.45K	755.56K	1.6M
Pretax Income+	4.46M	1.65M	4.07M	2.88M	1.31M	-368.2K	1.59M	4.71M	7.3M	9.73M
Pretax Margin %	0.16%	0.07%	0.13%	0.08%	0.04%	-0.01%	0.05%	0.13%	0.19%	0.22%
Income Tax+	1.29M	515.67K	993.28K	538.94K	145.52K	-186.65K	327.95K	1.03M	1.48M	1.59M
Effective Tax Rate %	0.71%	0.69%	0.76%	0.81%	0.89%	0.49%	0.79%	0.78%	0.8%	0.84%
Net Income+	3.18M	1.14M	3.08M	2.34M	1.16M	-181.54K	1.27M	3.68M	5.82M	8.14M
Net Margin %	0.12%	0.05%	0.09%	0.06%	0.04%	-0.01%	0.04%	0.1%	0.15%	0.19%
Net Income Growth %	-0%	-0.64%	1.71%	-0.24%	-0.5%	-1.16%	7.97%	1.91%	0.58%	0.4%
Net Income (Continuing)	3.18M	1.14M	3.08M	2.34M	1.16M	-181.54K	1.27M	3.68M	5.82M	8.14M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.38	0.49	1.31	0.98	0.49	-0.08	0.52	1.49	2.29	3.02
EPS Growth %	-0.01%	-0.64%	1.67%	-0.25%	-0.5%	-1.15%	7.9%	1.87%	0.54%	0.32%
EPS (Basic)	1.39	0.49	1.32	0.99	0.49	-0.08	0.52	1.50	2.34	3.14
Diluted Shares Outstanding	2.3M	2.32M	2.35M	2.39M	2.4M	2.41M	2.43M	2.47M	2.54M	2.7M
Basic Shares Outstanding	2.29M	2.31M	2.33M	2.37M	2.39M	2.41M	2.43M	2.45M	2.49M	2.59M
Dividend Payout Ratio	0.9%	2.03%	0.76%	2.02%	2.05%	-	-	0.13%	0.29%	0.32%

Balance Sheet

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Total Current Assets+	32.1M	33.23M	32.96M	31.86M	34.74M	34.99M	37.1M	44.68M	53.24M	75.16M
Cash & Short-Term Investments	15.61M	19.49M	15.82M	7.15M	10.54M	9.89M	11.81M	14.71M	23.23M	43.58M
Cash Only	10.03M	10.06M	4.3M	1.46M	5.4M	6.8M	8.1M	2.75M	4.35M	18.86M
Short-Term Investments	5.58M	9.43M	11.52M	5.68M	5.14M	3.09M	3.71M	11.96M	18.88M	24.72M
Accounts Receivable	5.29M	3.52M	4.54M	11M	9.01M	5.6M	5.73M	5.79M	6.64M	7.6M
Days Sales Outstanding	70.24	57.05	50.96	110.02	104.35	73.74	65.18	59.39	62.52	63.11
Inventory	10.73M	9.68M	11.31M	13.23M	14.79M	18.79M	18.56M	19.89M	19.24M	17.84M
Days Inventory Outstanding	194.92	198.4	166.03	164.11	207.86	281.4	254.37	263.59	250.12	208.29
Other Current Assets	252.56K	317.56K	0	494.18K	0	0	0	4.28M	4.13M	6.14M
Total Non-Current Assets+	2.35M	2.27M	3.76M	3.83M	3.47M	2.99M	2.8M	2.83M	3.31M	3.96M
Property, Plant & Equipment	2.35M	2.27M	3.76M	3.83M	3.47M	2.99M	2.8M	2.83M	3.31M	3.96M
Fixed Asset Turnover	11.70x	9.94x	8.65x	9.54x	9.09x	9.27x	11.47x	12.60x	11.72x	11.10x
Goodwill	0	0	0	0	0	0	0	0	0	0
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	-252.56K	-317.56K	0	-304.06K	-303.95K	-294.38K	-252.73K	-334.02K	0	-1.2M
Total Assets+	34.45M	35.49M	36.72M	35.69M	38.21M	37.98M	39.9M	47.5M	56.54M	79.12M
Asset Turnover	0.80x	0.63x	0.89x	1.02x	0.83x	0.73x	0.80x	0.75x	0.69x	0.56x
Asset Growth %	0%	0.03%	0.03%	-0.03%	0.07%	-0.01%	0.05%	0.19%	0.19%	0.4%
Total Current Liabilities+	1.86M	3.38M	3.22M	3.48M	6.75M	7.48M	7.62M	11.48M	15.27M	28.27M
Accounts Payable	552.79K	2.25M	1.82M	2.16M	2.86M	2.72M	2.08M	1.21M	3.75M	2.64M
Days Payables Outstanding	10.04	46.12	26.76	26.81	40.22	40.7	28.5	16.07	48.75	30.84
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	0	0	0	6.05K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	245.98K	297.22K	158.1K	171.21K	505.29K	535.89K	807.85K	0	814.41K	0
Current Ratio	17.25x	9.84x	10.24x	9.14x	5.15x	4.68x	4.87x	3.89x	3.49x	2.66x
Quick Ratio	11.48x	6.98x	6.73x	5.35x	2.96x	2.17x	2.43x	2.16x	2.23x	2.03x
Cash Conversion Cycle	255.12	209.32	190.22	247.32	271.99	314.44	291.06	306.91	263.89	240.56
Total Non-Current Liabilities+	203.24K	220.57K	17.69K	277.07K	232.95K	168.56K	177.83K	137.83K	0	0
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	203.24K	220.57K	17.69K	277.07K	232.95K	168.56K	177.83K	137.83K	0	0
Other Non-Current Liabilities	0	0	0	0	0	0	0	0	0	0
Total Liabilities	2.06M	3.6M	3.24M	3.76M	6.98M	7.65M	7.8M	11.62M	15.27M	28.27M
Total Debt+	0	0	0	0	0	0	0	0	0	0
Net Debt	-10.03M	-10.06M	-4.3M	-1.46M	-5.4M	-6.8M	-8.1M	-2.75M	-4.35M	-18.86M
Debt / Equity	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-2.10x	-5.13x	-1.00x	-0.46x	-3.10x	-72.62x	-4.00x	-0.57x	-0.62x	-2.20x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	32.39M	31.9M	33.48M	31.93M	31.23M	30.33M	32.1M	35.88M	41.27M	50.85M
Equity Growth %	0.05%	-0.02%	0.05%	-0.05%	-0.02%	-0.03%	0.06%	0.12%	0.15%	0.23%
Book Value per Share	14.07	13.72	14.26	13.36	13.03	12.61	13.20	14.52	16.27	18.86
Total Shareholders' Equity	32.39M	31.9M	33.48M	31.93M	31.23M	30.33M	32.1M	35.88M	41.27M	50.85M
Common Stock	1.01M	1.01M	1.01M	1.01M	1.01M	1.04M	1.04M	1.04M	1.04M	1.04M
Retained Earnings	22.82M	21.67M	22.42M	20.02M	18.8M	17.41M	18.68M	21.87M	26M	31.55M
Treasury Stock	-7.8M	-7.78M	-7.72M	-7.63M	-7.65M	-6.04M	-6.04M	-6.04M	-5.84M	-4.62M
Accumulated OCI	-1.41K	-3.6K	-6.35K	-1.3K	-3.11K	-2.36K	-1.93K	-2.43K	6.54K	11.6K
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Jun 2016	Jun 2017	Jun 2018	Jun 2019	Jun 2020	Jun 2021	Jun 2022	Jun 2023	Jun 2024	Jun 2025
Cash from Operations+	5.76M	6.42M	260.91K	-3.6M	5.97M	595K	2.22M	3.9M	10.6M	20.99M
Operating CF Margin %	0.21%	0.29%	0.01%	-0.1%	0.19%	0.02%	0.07%	0.11%	0.27%	0.48%
Operating CF Growth %	7.57%	0.11%	-0.96%	-14.81%	2.66%	-0.9%	2.73%	0.76%	1.72%	0.98%
Net Income	3.18M	1.14M	3.08M	2.34M	1.16M	-181.54K	1.27M	3.68M	5.82M	8.14M
Depreciation & Amortization	434.4K	435.56K	429.68K	540.98K	568.53K	519.81K	494.63K	484.92K	453.52K	451.52K
Stock-Based Compensation	540.71K	546.59K	510.99K	562.52K	494.64K	487.56K	501.76K	592.78K	721.81K	968.75K
Deferred Taxes	92.94K	-25.52K	115.08K	258.04K	-43.64K	-64.4K	9.27K	-40K	-1.03M	-306.87K
Other Non-Cash Items	-33.99K	-18.13K	4.44M	69.58K	4.53K	710.21K	-119	-2.5K	590	0
Working Capital Changes	1.53M	4.34M	-3.87M	-7.38M	3.78M	-876.64K	-50.99K	-812.46K	4.64M	11.74M
Change in Receivables	1.74M	1.56M	-978.11K	-6.69M	1.98M	3.41M	-129.79K	-57.77K	-844.54K	-963.4K
Change in Inventory	852.22K	1.05M	-1.63M	-1.82M	-1.56M	-4.71M	231.44K	-1.33M	645.57K	1.4M
Change in Payables	-423.32K	1.7M	-427.52K	337.84K	701.26K	-143.52K	-639K	-866.8K	2.54M	-1.11M
Cash from Investing+	-1.7M	-4.2M	-4.02M	5.23M	326.01K	2.01M	-918.34K	-8.77M	-7.84M	-6.94M
Capital Expenditures	-284.21K	-352.13K	-1.92M	-608.32K	-214.42K	-43.55K	-303.56K	-512.02K	-5.16M	-4.37M
CapEx % of Revenue	0.01%	0.02%	0.06%	0.02%	0.01%	0%	0.01%	0.01%	0.13%	0.1%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-1.42M	-3.85M	-2.1M	5.84M	0	0	2K	2.5K	4.23M	3.26M
Cash from Financing+	-2.89M	-2.19M	-2M	-4.47M	-2.36M	-1.2M	0	-489.27K	-1.15M	458.27K
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-2.85M	-2.31M	-2.33M	-4.74M	-2.39M	-1.2M	0	-489.27K	-1.68M	-2.6M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	314.1K	159.99K	439.12K	315.68K	81K	0	0	0	526.36K	3.06M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	5.48M	6.07M	-1.66M	-4.21M	5.75M	551.44K	1.92M	3.39M	5.43M	16.63M
FCF Margin %	0.2%	0.27%	-0.05%	-0.12%	0.18%	0.02%	0.06%	0.1%	0.14%	0.38%
FCF Growth %	12.5%	0.11%	-1.27%	-1.53%	2.37%	-0.9%	2.47%	0.77%	0.6%	2.06%
FCF per Share	2.38	2.61	-0.71	-1.76	2.40	0.23	0.79	1.37	2.14	6.17
FCF Conversion (FCF/Net Income)	1.81x	5.65x	0.08x	-1.54x	5.13x	-3.28x	1.75x	1.06x	1.82x	2.58x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	1.51M	323K	920K	87.2K	172.47K	175.25K	14.37K	1.16M	2.26M	1.82M

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	10.03%	3.53%	9.41%	7.16%	3.69%	-0.59%	4.05%	10.82%	15.07%	17.68%
Return on Invested Capital (ROIC)	14.66%	5.18%	11.33%	6.67%	3.12%	-1.3%	4.83%	11.29%	14%	17.69%
Gross Margin	26.83%	20.93%	23.56%	19.36%	17.63%	12.11%	17.04%	22.62%	27.5%	28.86%
Net Margin	11.56%	5.04%	9.46%	6.42%	3.69%	-0.65%	3.94%	10.33%	15.01%	18.53%
FCF Conversion	1.81x	5.65x	0.08x	-1.54x	5.13x	-3.28x	1.75x	1.06x	1.82x	2.58x
Revenue Growth	2.38%	-18.02%	44.39%	12.18%	-13.57%	-12.03%	15.76%	10.86%	8.83%	13.46%

Frequently Asked Questions

Valuation & Price

Espey Mfg. & Electronics Corp. (ESP) has a price-to-earnings (P/E) ratio of 17.2x. This is roughly in line with market averages.

Growth & Financials

Espey Mfg. & Electronics Corp. (ESP) reported $42.6M in revenue for fiscal year 2025. This represents a 33% increase from $32.0M in 2012.

Espey Mfg. & Electronics Corp. (ESP) grew revenue by 13.5% over the past year. This is steady growth.

Yes, Espey Mfg. & Electronics Corp. (ESP) is profitable, generating $8.7M in net income for fiscal year 2025 (18.5% net margin).

Dividend & Returns

Yes, Espey Mfg. & Electronics Corp. (ESP) pays a dividend with a yield of 1.86%. This makes it attractive for income-focused investors.

Espey Mfg. & Electronics Corp. (ESP) has a return on equity (ROE) of 17.7%. This is reasonable for most industries.

Espey Mfg. & Electronics Corp. (ESP) generated $20.3M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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