S&P 500 7,663.43 −1.21%
Nasdaq 26,008.86 −2.60%
S&P/TSX 35,973.45 −0.97%
Apple 348.22 +1.23%
Nvidia 212.21 −4.40%
Microsoft 521.08 −2.23%
Shopify 236.41 −3.48%
Royal Bank 282.78 −0.30%
CAD/USD 0.7140 +0.26%
AFTER HRS · 17:05 ET
Market ClerkRecap
Thu Oct 22 · after hours6 signals today108 insider buys this week · $250.3MCIRO short report next: Oct 31The week ahead

ENS

EnerSys
NYSE · TECHNOLOGY · MISCELLANEOUS ELECTRICAL MACHINERY, EQUIPMENT & SUPPLIES
168.67
−8.23 −4.65%
USD · close Oct 22
WatchTime Machine

A free account adds a watchlist, alerts when insiders, Congress or short sellers move on your tickers, and a morning brief. Sign up

Work order
50
WATCH · shorts 50
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
1 / 15
tracked funds hold it
Calls on record
0
nobody we score has called it yet
MKT CAP $6.1BP/E 18.1DIV YIELD 0.62%FCF YIELD 11.79%REV TTM —NET INCOME $352.5M +0.4%NET CASH $242.8M52W 119.09 – 243.34SEC XBRL · TTM TO Invalid Date

How ENS rewrote its risk factors

10-K ITEM 1A · FY2025 → FY2026
Text kept
44%
of sentences unchanged
Added
401
new sentences
Dropped
450
sentences removed
Length
−52
words, now 45,218

New in FY2026

  • Purchases of Equity Securities Period (a) Total number of shares (or units) purchased (b) Average price paid per share (or unit) (c) Total number of shares (or units) purchased as part of publicly announced plans or programs (d) Maximum number (or approximate dollar value) of shares (or units) that may be purchased under the plans or programs (1)(2) December 29, 2025 - January 31, 2026 114,006 $ 151.05 — $ 946,149,043 February 1 - March 1, 2026 304,834 175.55 289,274 895,386,634 March 2 - March 31, 2026 123,967 157.47 120,940 876,353,634 Total 542,807 $ 166.28 410,214 (1) The Company's Board of Directors has authorized the Company to repurchase up to such number of shares as shall equal the dilutive effects of any equity-based awards issued during such fiscal year under the 2023 Equity Incentive Plan and the number of shares exercised through stock option awards during such fiscal year, approximately $82.2 million.
  • (2) On August 6, 2025, the Company announced the establishment of a $1.0 billion stock repurchase authorization, with an expiration date of five years from the time of adoption unless otherwise modified or terminated by the Board.
  • The Company determined that the DJUSEC index provides a publicly available index of industry peers with similar market capitalization. *$100 invested on March 31, 2021 in stock or index, including reinvestment of dividends.
  • MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2026 and 2025, should be read in conjunction with our audited Consolidated Financial Statements and the notes to those statements included in Item 8.
  • Our discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2025 and 2024, has been omitted from this Form 10-K and can be found in Part II, "Item 7.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2025.
  • Highlighted items are those that the Company deems are not indicative of ongoing operating results, including those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, amortization of recently acquired intangible assets and tax valuation allowance changes, including those related to the adoption of the Tax Cuts and Jobs Act.
  • Current Market Conditions Economic Climate Global economic conditions are mixed with the impacts from the uncertainty surrounding U.S. tariffs, elevated interest rates and heightened geopolitical tensions having various levels of impacts in North America, China and EMEA.
  • Since that announcement, the tariffs to be applied to these three countries, and others, were suspended and/or renegotiated several times with varying results and some new negotiations delayed to take effect until later dates.
  • The impact of the U.S. tariffs and retaliatory actions by other countries could be substantial.
  • We are currently assessing the impacts these tariffs could have on the organization, and we believe that the international nature of our organizational structure will allow us to mitigate some of the financial impact of these potential tariffs.
  • Inflation in North America, China and EMEA, while more controlled compared to the sharp increases in 2023, remains a challenge despite some cooling in the U.S. and Europe through 2024 and 2025.
  • After reducing rates three consecutive times in 2025, the Fed held the policy rate steady at 3.50%–3.75% in January 2026, citing improving economic activity and stabilizing unemployment.
  • After several rate cuts the European Central Bank (ECB) has held their main interest rates stable since June 2025.
  • While these are incrementally positive actions toward deflation, both economies continue to face uncertainties such as potential tariffs and policy changes from a new presidential administration in the U.S. and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions the euro area.
  • Policy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth.
  • While increasing travel and consumer spending due to relaxed COVID policies have provided some bright spots in 2024 and 2025, China's economy continues to face challenges from a weakened real estate market and declining exports.
  • The supply chain is generally stable, however, the ongoing Israel-Hamas conflict has periodically disrupted some shipments in the Red Sea.
  • The market demand in the forklift truck and Class 8 truck markets have been impacted by tariff policy uncertainty, causing some customers to pause larger projects and general spending activity until there is more clarity on global tariff impacts to their supply chains.
  • The data center and communications markets tend to be less sensitive to tariff policy, with budget and spending plans based on their unique capital spending needs.
  • The data center market is in the midst of a growth cycle driven by AI and increasing digitization.
  • The communications market is currently in a modest, but slow spending recovery as investments in maintenance and network build outs are necessary to support the increased data required to be moved through their infrastructure.
  • Global defense budgets are increasing in response to rising geopolitical tensions.
  • Spending in EMEA has increased at a higher rate than in the US, as large program spending has outpaced sustainment spending with the U.S.
  • In the fiscal year 2026, we have experienced a range in lead prices from approximately $0.85 per pound to $0.95 per pound.
  • Costs in some of our other raw materials such as steel, acid, separator paper and electronics have moderated since the middle of fiscal year 2024, but we have seen some price increases in other raw materials such as copper and antimony since the beginning of fiscal year 2026.
  • Customer Pricing Our selling prices fluctuated during the last several years to offset the volatile cost of commodities.
  • Approximately 25% of our revenue is now subject to agreements that adjust pricing to a market-based index for lead.
  • In fiscal 2025 and 2026, customer pricing increased due to certain commodity prices and other costs having increased throughout the year.
  • Based on current commodity markets, it is difficult to predict with certainty whether commodity prices will be higher or lower in fiscal 2026 versus fiscal 2025.
  • However, given the lag related to increasing our selling prices for inflationary cost increase, on average our selling prices should be higher in fiscal 2026 versus fiscal 2025.
  • Primary operating capital was $876.6 million (yielding a primary operating capital percentage of 22.2%) at March 31, 2026 and $932.2 million (yielding a primary operating capital percentage of 23.9%) at March 31, 2025.
  • The primary operating capital percentage of 22.2% at March 31, 2026 is 170 basis points lower than that for March 31, 2025, and 120 basis points lower than that for March 31, 2024.
  • The change in the ratio is primarily due to improved collections and asset securitization and decrease in inventory due to the release of our strategic build up in prior periods.
  • Primary Operating Capital and Primary Operating Capital percentages at March 31, 2026, 2025 and 2024 are computed as follows: ($ in Millions) March 31, 2026 March 31, 2025 March 31, 2024 Accounts receivable, net 506.1 597.9 $ 524.7 Inventory, net 724.7 740.0 697.7 Accounts payable (354.2) (405.7) (369.5) Total primary operating capital $ 876.6 $ 932.2 $ 852.9 Trailing 3 months net sales $ 987.9 $ 974.8 $ 910.7 Trailing 3 months net sales annualized $ 3,951.6 $ 3,899.2 $ 3,642.8 Primary operating capital as a % of annualized net sales 22.2 % 23.9 % 23.4 % Liquidity and Capital Resources We believe that our financial position is strong.
  • We have substantial liquidity with $439 million of available cash and cash equivalents and available and undrawn, under all lines of credit of approximately $565 million at March 31, 2026 to cover short-term liquidity requirements and anticipated growth in the foreseeable future.
  • In the first quarter of fiscal year 2025, the Company entered into a fifth amendment to the 2017 Credit Facility (as amended, the “Fifth Amended Credit Facility”).
  • The Fifth Amended Credit Facility replaces the Canadian Dollar Offered Rate ("CODR”) with term CORRA in the calculation of interest for borrowings denominated in Canadian Dollars.
  • During the second quarter of fiscal 2026, the Company entered into the sixth amendment to the 2017 Credit Facility (as amended, the “Sixth Amended Credit Facility”).
  • The Sixth Amended Credit Facility provides (i) an upsized revolving credit facility in an aggregate committed amount of $ 1.0 billion (the “ Third Amended Revolver”), which represents an increase of $ 150 million from the existing revolving credit facility and which matures on September 30, 2030 and (ii) certain other modifications to the existing credit agreement as further set forth in the Sixth Amended Credit Facility.

and 361 more.

Gone since FY2025

  • Purchases of Equity Securities Period (a) Total number of shares (or units) purchased (b) Average price paid per share (or unit) (c) Total number of shares (or units) purchased as part of publicly announced plans or programs (d) Maximum number (or approximate dollar value) of shares (or units) that may be purchased under the plans or programs (1)(2)(3) December 30, 2024 - January 31, 2025 — $ — — $ 218,927,402 February 1 - March 1, 2025 418,448 102.10 391,856 178,894,463 March 2 - March 31, 2025 852 101.74 — 178,894,563 Total 419,300 $ 102.10 391,856 (1) The Company's Board of Directors has authorized the Company to repurchase up to such number of shares as shall equal the dilutive effects of any equity based awards issued during such fiscal year under the 2017 Equity Incentive Plan and the 2023 Equity Incentive Plan and the number of shares exercised through stock option awards during such fiscal year, approximately $34.0 million.
  • (2) On March 9, 2022, the Company announced the establishment of a $150.0 million stock repurchase authorization, with no expiration date.
  • (3) On November 6, 2024, the Company announced the establishment of a $200.0 million stock repurchase authorization, with no expiration date.
  • The Company determined that the DJUSEC index provides a publicly available index of industry peers with similar market capitalization. *$100 invested on March 31, 2020 in stock or index, including reinvestment of dividends.
  • MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2025 and 2024, should be read in conjunction with our audited Consolidated Financial Statements and the notes to those statements included in Item 8.
  • Our discussion and analysis of our results of operations and financial condition for the fiscal years ended March 31, 2024 and 2023, has been omitted from this Form 10-K and can be found in Part II, "Item 7.
  • Management's Discussion and Analysis of Financial Condition and Results of Operations" of our Annual Report on Form 10-K for the fiscal year ended March 31, 2024.
  • Highlighted items are those that the Company deems are not indicative of ongoing operating results, including those charges that the Company incurs as a result of restructuring activities, impairment of goodwill and indefinite-lived intangibles and other assets, acquisition activities and those charges and credits that are not directly related to operating unit performance, such as significant legal proceedings, ERP system implementation, amortization of recently acquired intangible assets and tax valuation allowance changes, including those related to the adoption of the Tax Cuts and Jobs Act.
  • Current Market Conditions Economic Climate Global economic conditions are mixed with the impacts from the uncertainty surrounding U.S. tariffs, elevated interest rates and heightened geopolitical tensions having various levels of impacts in the Americas, China and EMEA.
  • Since this announcement, the tariffs to be applied to Canada and Mexico were suspended pending negotiations.
  • Subsequent to our fiscal year end, on April 2, 2025, the U.S. imposed significant tariff increases on China and other countries.
  • In May 2025, the U.S. administration lowered tariffs on China and announced tariff agreements with other countries such as the U.K.
  • The impact of the U.S. tariffs and retaliatory actions by other countries have been and could be substantial.
  • We are currently assessing the impacts these tariffs could have on our Company, including our supply chain and customers' response to these dynamic macro conditions.
  • We believe that the international nature of our organizational structure, supply chain management and our ability to pass through increased costs will allow us to mitigate most of the financial impact of these shifting market conditions.
  • Inflation in North America, China and EMEA, while somewhat more controlled compared to the sharp increases in 2023, remains a challenge with some signs of cooling in the U.S. and Europe.
  • Both the Federal Reserve and the European Central Bank (ECB) cut their main interest rates by 25 basis points in December, marking the third consecutive reduction in calendar year 2024 in both regions.
  • In April 2025, the ECB cut their interest rates by an additional 25 basis points, while the U.S.
  • Federal Reserve held rates steady in May 2025.
  • While these are incrementally positive actions toward deflation, both economies continue to face uncertainties such as potential tariffs and policy changes from the U.S. presidential administration and potential global trade frictions, macroeconomic fragmentation and geopolitical tensions in the euro area.
  • Recent policy actions in China signal a shift towards more proactive fiscal measures to stabilize consumption and support economic growth, but China's economy continues to face challenges from a weakened real estate market and declining exports.
  • The supply chain has been stabilizing since the second quarter of calendar year 2023.
  • While some supply chain challenges and elevated costs remain, particularly for materials like copper and plastics, other costs, such as transportation, have returned to pre-COVID levels.
  • However, the ongoing Israel-Hamas conflict have periodically disrupted some shipments in the Red Sea.
  • In the fiscal year 2025, we have experienced a range in lead prices from approximately $0.85 per pound to $1.00 per pound.
  • Costs in some of our other raw materials such as steel, acid, separator paper and electronics have moderated since the middle of fiscal year 2024, but we have seen some price increases in other raw materials such as copper and steel since the beginning of fiscal year 2025.
  • Customer Pricing Our selling prices increased over the last several years to offset the volatile cost of commodities.
  • Approximately 25% of our revenue is subject to agreements that adjust pricing to a market-based index for lead.
  • In fiscal 2024 and 2025, customer pricing has increased due to certain commodity prices and other costs having increased throughout the year.
  • Commodity prices fluctuated in fiscal 2025 versus fiscal 2024 and it is difficult to predict with certainty whether commodity prices will be higher or lower in future years.
  • In aggregate, selling prices were higher in fiscal 2025 versus fiscal 2024 to offset our cost increases and align with the value of our product offerings.
  • Given the lag related to increasing our selling prices for inflationary cost increase, on average our selling prices should be higher in fiscal 2026 versus fiscal 2025.
  • Primary operating capital was $932.2 million (yielding a primary operating capital percentage of 23.9%) at March 31, 2025 and $852.9 million (yielding a primary operating capital percentage of 23.4%) at March 31, 2024.
  • The primary operating capital percentage of 23.9% at March 31, 2025 is 50 basis points higher than that for March 31, 2024, and 280 basis points lower than that for March 31, 2023.
  • The change in the ratio is primarily due to an increase primarily related to higher sales at the end of the current period.
  • Additionally Bren-Tronics provided additional outstanding balances of accounts receivables and accounts for the increase to inventory.
  • Accounts payable increased due to seasonality.
  • Primary Operating Capital and Primary Operating Capital percentages at March 31, 2025, 2024 and 2023 are computed as follows: ($ in Millions) March 31, 2025 March 31, 2024 March 31, 2023 Accounts receivable, net 597.9 $ 524.7 $ 637.8 Inventory, net 740.0 697.7 797.8 Accounts payable (405.7) (369.5) (378.6) Total primary operating capital $ 932.2 $ 852.9 $ 1,057.0 Trailing 3 months net sales $ 974.8 $ 910.7 $ 989.9 Trailing 3 months net sales annualized $ 3,899.2 $ 3,642.8 $ 3,959.6 Primary operating capital as a % of annualized net sales 23.9 % 23.4 % 26.7 % Liquidity and Capital Resources We believe that our financial position is strong.
  • We have substantial liquidity with $343 million of available cash and cash equivalents and available and undrawn, under all lines of credit of approximately $653 million at March 31, 2025 to cover short-term liquidity requirements and anticipated growth in the foreseeable future.
  • We plan to use the remaining net proceeds for general corporate purposes, including to repay a portion of the outstanding borrowings under the revolving portion of its existing credit facility (without a reduction in commitment).

and 410 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2025 ↗, FY2026 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

Watch ENS. Know when insiders buy.
One email the day a filing lands. Free.