EPAC

ENERPAC TOOL GROUP CORP

NYSE · INDUSTRIALS · MISC INDUSTRIAL & COMMERCIAL MACHINERY & EQUIPMENT

34.94

−0.52 −1.47%

USD · close Oct 22

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MKT CAP $1.8BP/E 19.7DIV YIELD —FCF YIELD 6.28%REV TTM $634.1M +4.3%NET INCOME $93.3M +4.8%NET DEBT $69.3M52W 32.93 – 43.02SEC XBRL · TTM TO Invalid Date

How EPAC rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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New in FY2025

The Company was founded in 1910 and is headquartered in Milwaukee, Wisconsin.
Financial information related to the Company's reportable segment is included in Note 16, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.
In March 2022, the Company announced the start of its ASCEND transformation program (''ASCEND'').
ASCEND’s key initiatives included accelerating organic growth strategies, improving operational excellence and production efficiency by utilizing a Lean approach, and driving greater efficiency and productivity in selling, general and administrative (''SG&A'') expense by better leveraging resources to create a more efficient and agile organization.
The ASCEND program was completed as of August 31, 2024, with total program costs of $75 million, of which $19 million related to restructuring charges.
With our products used in a wide variety of end markets, they are often deployed in harsh operating conditions, such as machining, infrastructure maintenance and repair, refining, and petrochemical production, where safety is a key differentiator.
Our branded tools and services are primarily marketed through the ENERPAC®, HYDRATIGHT®, LARZEP®, SIMPLEX® and DTA the Smart Move ® brand names.
On July 11, 2023, the Company completed the sale of the Cortland Industrial business ( see Note 6, "Discontinued Operations and Other Divestiture Activities" in the notes to the consolidated financial statements).
C ertain information related to the Other operating segment is disclosed within Note 16, "Business Segment, Geographic, and Customer Information" in the notes to the consolidated financial statements in order to comply with requirements under generally accepted accounting principles in the United States ("US GAAP") to reconcile certain required disclosures to the Consolidated Financial Statements.
Acquisitions and Divestitures For a summary of recent acquisition and divestiture transactions impacting continuing operations, see N ote 5 , " Acquisitions " and Note 6, "Discontinued Operations and Other Divestiture Activities" , respectively, in the notes to the consolidated financial statements.
In fiscal 2025, we derived 37% of our net sales from the United States, 28% from Europe, 13% from the Middle East, 11% from Asia and 11% from other geographic areas.
Financial information related to the Company's geographic footprint of our continuing operations is included in Note 16, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.
Product Development and Engineering We conduct research and development ("R&D") a ctivities to develop new products and to enhance the functionality, effectiveness, ease of use and reliability of our existing products.
R&D costs are expensed as incurred and were $14 million in fiscal 2025, $12 million in fiscal 2024 and $9 million in fiscal 2023.
While no individual patent is believed to be of such importance that its termination would have a material adverse effect on our business, the termination of certain of our trademarks, including ENERPAC®, HYDRATIGHT®, LARZEP®, SIMPLEX® and DTA the Smart Move ®, could have a material adverse effect on our business.
We have been able to offset the impact of inflation and tariffs with productivity and pricing actions.
We h ad order backlogs of $54 million and $41 million at August 31, 2025 and 2024, respectively.
The increase in our order backlog during the fiscal year was primarily due to continued effort to decrease inventory levels globally.
Assuming no significant supply chain constraints arise after the date of this report, substantially all of the backlog at August 31, 2025 is expected to be filled within twelve months.
Percentages of Sales by Fiscal Quarter* 2025 2024 Quarter 1 (September - November) 24% 24% Quarter 2 (December - February) 24% 23% Quarter 3 (March - May) 26% 26% Quarter 4 (June - August) 27% 27% 100% 100% *Amounts may not add to 100% due to rounding.
Human Capital Management The goal of our human capital management strategy and practices is for Enerpac to be considered an employer of choice, and our initiatives and programs are predicated on making this objective a reality.
The talent that makes up our workforce (approximate ly 2,100 em ployees as of August 31, 2025) is critical to the success of our company and the ability to deliver shareholder value.
We monitor progress throughout the year, with candid and frequent dialogue encouraged along the way, and a formal check-in process at the mid-year point to facilitate a clear understanding of progress against goals as well as career development for our employees.
Semi-annually, our Executive Leadership Team reviews the skills we require to execute our corporate strategy and key role requirements to identify development opportunities for our emerging talent.
We are committed to devoting the time, resources and planning necessary to maximize the potential of our employees' career development, as well as addressing the future skills needs of our organization.
In 2025, we rolled out Building a Culture of Success: Competencies and Behaviors for Enerpac Employees and Leaders, a very detailed competency model with behavioral guidance that we believe will foster the kind of culture that allows all of our employees to thrive.
Launched in July 2025, all our employees will have completed a comprehensive workshop by end of November 2025 to explain what the model is, how to use it, and how it will be used within the organization.
In 2026, we will incorporate these competencies in how we how we reward and recognize performance, how we train and promote, and how we evaluate our performance.
In the U.S., employees who work more than 30 hours per week are eligible for a comprehensive menu of benefits, including healthcare (health, dental, and vision) coverage, health savings accounts with $500/$1,000 employer funding, dependent care and healthcare flexible spending accounts, company-paid short-term disability, long-term disability, company-paid base life and accidental disability insurance, voluntary life coverage up to 6x annual salary, and spousal and dependent life coverage.
Employees are offered thirteen paid holidays, three weeks of paid time off, military leave, a 401(k) retirement plan with a Company match and immediate vesting, access to our employee assistance program, an annual bonus program with broad participation, equity incentive programs, and an employee stock purchase plan that allows employees to buy company shares at a 15% discount (up from 10% in fiscal 2024).
We offer tuition reimbursement up to $7,000 for associate and undergraduate programs and $9,000 for graduate programs.
We finished the year wit h a total case incident rate (TCIR) of 0.54, inclusive of DTA.
This is an increase year-over-year as fiscal 2024 had a TCIR of 0.50.
This puts our performance mid-way between the top 25th percentile and 50th percentile in comparison to the BLS NAICS bracket for Machinery Manufacturing (333) for companies with greater than 1,000 employees.
Executive Officers of the Registrant The names, ages and positions of all of the executive officers of the Company as o f October 17, 2025 are listed below.
Sternlieb 53 President and Chief Executive Officer Darren M.
Kozik 48 Executive Vice Present and Chief Financial Officer Eric T.
Chack 47 Executive Vice President - Operations Noah N.
Popp 52 Executive Vice President, General Counsel, Corporate Secretary & Chief Compliance Counsel Benjamin J.
Topercer 48 Executive Vice President and Chief Human Resource Officer Paul Sternlieb, President and Chief Executive Officer, was appointed President and Chief Executive Officer of the Company in October 2021.

and 42 more.

Gone since FY2024

When used herein, the terms “we,” “us,” “our,” “Enerpac,” and the “Company” refer to Enerpac Tool Group Corp. and its subsidiaries.
Reference to fiscal years, such as “fiscal 2024,” are to the fiscal year ending on August 31 of the specified year.
The Company was founded in 1910 and is headquartered in Menomonee Falls, Wisconsin.
During fiscal 2025, the Company is scheduled to relocate our headquarters to Milwaukee, Wisconsin.
Financial information related to the Company's reportable segment is included in Note 15, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.
During the fourth quarter of fiscal 2019, we entered into a Securities Purchase Agreement ("SPA") to sell the remaining businesses within our legacy Engineered Components & Systems ("EC&S") segment.
We closed the transaction during our first quarter of fiscal 2020.
The divestiture of the EC&S segment was a strategic shift to become a pure-play industrial tools and services company.
As such, retained liabilities associated with the former EC&S segment are considered discontinued operations in all periods presented herein.
In March 2022, the Company announced the start of its ASCEND transformation program (“ASCEND”), initially estimating an incremental $40 to $50 million of annual operating profit once fully implemented.
ASCEND’s key initiatives include accelerating organic growth strategies, improving operational excellence and production efficiency by utilizing a Lean approach, and driving greater efficiency and productivity in selling, general and administrative expense by better leveraging resources to create a more efficient and agile organization.
At the time, the Company anticipated investing $60 to $65 million through the end of fiscal 2024 to complete these actions.
In June 2022, the Company approved a restructuring plan in connection with the initiatives identified as part of the ASCEND transformation program to drive greater efficiency and productivity in global selling, general and administrative resources.
The total costs of this plan were then estimated at $6 to $10 million, constituting predominately severance and other employee-related costs to be incurred as cash expenditures and impacting both IT&S and Corporate (see Note 4, “Restructuring Charges” in the notes to the consolidated financial statements).
These costs were incorporated into the initial investment of $60 to $65 million.
In September 2022, the Company approved an update to the restructuring plan to a range of $10 to $15 million; these costs were still incorporated into the initial investment value, and the range did not change at that time.
In March 2023, the Company increased the anticipated investment range to $70 to $75 million, inclusive of the $10 to $15 million of the previously announced restructuring, over the life of the program.
In October 2023, the Company announced that during fiscal 2023, the Company had realized approximately $54 million of annual operating profit from execution of the ASCEND program and would no longer be breaking out the ASCEND benefit from results going into fiscal 2024.
Through fiscal 2023, the Company invested approximately $60 million as part of the program, both through program charges and restructuring.
Through fiscal 2024, the Company has invested approximately $75 million as part of the program, consisting of $19 million through restructuring and $56 million in ASCEND transformation program charges.
With our products used in a wide variety of end markets, they are often deployed in harsh operating conditions, such as machining, infrastructure maintenance and repair, and refining, and petrochemical production, where safety is a key differentiator.
Our branded tools and services are primarily marketed through the ENERPAC®, HYDRATIGHT®, LARZEP & DESIGN® and SIMPLEX® brand names.
Examples of industrial distributors include W.W.
On July 11, 2023, the Company completed the sale of the Cortland Industrial business ( see Note 5, "Discontinued Operations and Other Divestiture Activities" in the notes to the consolidated financial statements).
C ertain information related to the Other operating segment is disclosed within Note 15, "Business Segment, Geographic, and Customer Information" in the notes to the consolidated financial statements in order to comply with requirements under generally accepted accounting principles in the United States ("US GAAP") to reconcile certain required disclosures to the Consolidated Financial Statements.
Acquisitions and Divestitures For a summary of recent divestiture transactions impacting continuing operations, see Note 5, "Discontinued Operations and Other Divestiture Activities" in the notes to the consolidated financial statements.
In fiscal 2024, we derived 38% of our net sales from the United States, 29% from Europe, 15% from the Middle East, 10% from Asia and 8% from other geographic areas.
Financial information related to the Company's geographic footprint of our continuing operations is included in Note 15, "Business Segment, Geographic and Customer Information" in the notes to the consolidated financial statements.
Product Development and Engineering We conduct research and development a ctivities to develop new products and to enhance the functionality, effectiveness, ease of use and reliability of our existing products.
Research and development ("R&D") costs are expensed as incurred.
R&D costs were $12 million in fiscal 2024, $9 million in fiscal 2023 and $7 million in fiscal 2022.
While no individual patent is believed to be of such importance that its termination would have a material adverse effect on our business, the termination of certain of our trademarks, including ENERPAC®, SIMPLEX®, HYDRATIGHT® and LARZEP & DESIGN®, could have a material adverse effect on our business.
We have been able to offset the impact of inflation with pricing actions, manufacturing efficiencies and other cost reductions.
In addition, several of our products have been subject to tariffs, but to date we have been able to offset the majority of additional costs from tariffs through price increases.
We had order backlogs of $41 million and $54 million at August 31, 2024 and 2023, respectively.
The decrease in our order backlog during the fiscal year was primarily due to continued effort to decrease inventory levels globally.
Assuming no significant supply chain constraints arise after the date of this report, substantially all of the backlog at August 31, 2024 is expected to be filled within twelve months.
Percentages of Sales by Fiscal Quarter 2024 2023 Quarter 1 (September - November) 24% 23% Quarter 2 (December - February) 23% 24% Quarter 3 (March - May) 26% 26% Quarter 4 (June - August) 27% 27% 100% 100% Human Capital Management The goal of our human capital management strategy and practices is for Enerpac to be considered an employer of choice, and our initiatives and programs are predicated on making this objective a reality.
The talent that makes up our workforce (approximately 2,000 employees as of August 31, 2024) is critical to the success of our company and the ability to deliver shareholder value.
We monitor progress throughout the year, with candid and frequent dialogue encouraged along the way, and, new for fiscal 2024, a formal check-in process at the mid-year point to facilitate a clear understanding of goals and the status of progress toward achieving those goals.

and 55 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). 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.

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