Latest Ratios: P/E Ratio 25.5x · EV/EBITDA 13.4x · 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 | $7.2B | $6.6B | $3.7B | $3.9B | $3.6B | $3.2B | $3.9B | $2.1B | $2.8B | $3.0B | $3.5B |
| Enterprise Value | $7.9B | $7.4B | $4.6B | $4.5B | $4.3B | $4.2B | $4.5B | $3.0B | $3.5B | $3.1B | $3.6B |
| P/E Ratio → | 25.45 | 22.56 | 10.19 | 14.53 | 20.44 | 22.19 | 27.35 | 15.47 | 17.52 | 25.04 | 21.69 |
| P/S Ratio | 1.91 | 1.77 | 1.02 | 1.09 | 0.97 | 0.95 | 1.32 | 0.69 | 1.00 | 1.16 | 1.47 |
| P/B Ratio | 3.92 | 3.47 | 1.93 | 2.22 | 2.24 | 2.14 | 2.54 | 1.63 | 2.18 | 2.49 | 3.13 |
| P/FCF | 15.31 | 14.17 | 26.59 | 10.55 | 18.78 | — | 13.61 | 13.98 | 21.98 | 21.18 | 17.73 |
| P/OCF | 13.07 | 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 | 13.40 | 12.50 | 8.07 | 10.12 | 11.74 | 13.77 | 14.63 | 10.89 | 12.83 | 9.48 | 12.35 |
| EV / EBIT | 16.59 | 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 | 0.5% | 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 | 3.9% | 4.4% | 9.8% | 6.9% | 4.9% | 4.5% | 3.7% | 6.5% | 5.7% | 4.0% | 4.6% |
| FCF Yield | 6.5% | 7.1% | 3.8% | 9.5% | 5.3% | — | 7.3% | 7.2% | 4.5% | 4.7% | 5.6% |
| Buyback Yield | 5.2% | 5.6% | 4.2% | 2.4% | 0.6% | 4.9% | 0.0% | 1.6% | 2.0% | 4.1% | 7.4% |
| Total Shareholder Yield | 5.7% | 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 |
Capital Intensive Strategic Pivot
Based on current market data, EnerSys trades at a forward P/E of 21.45, which appears to discount the company's potential as an electrification play, suggesting investors are still valuing the firm primarily as a legacy industrial battery manufacturer rather than a high-growth power infrastructure provider.
The current EV/EBITDA multiple of 15.00x sits at a premium to traditional industrial peers but remains well below the valuations commanded by pure-play data center infrastructure firms. This valuation gap implies that the market remains skeptical of the company's ability to successfully pivot its revenue mix toward higher-margin energy systems.
As reported in recent financial statements, EnerSys has struggled to maintain ROIC above 4.0% over the last ten quarters, indicating that the company's recent capital deployment into greenfield lithium-ion manufacturing has yet to generate the expected returns on invested capital required for long-term value creation.
The persistent low ROIC, which dipped to 2.3% in 2026Q1, suggests that the company is currently in a heavy investment phase that is diluting overall capital efficiency. Investors should monitor whether these returns improve as the new manufacturing capacity reaches scale or if the capital intensity remains a structural drag.
According to quarterly filings, the company's cash conversion cycle has remained elevated, peaking at 119 days in 2024Q3, which highlights significant inefficiencies in inventory management and a reliance on extended supplier payment terms to manage the cash flow impact of its complex industrial supply chain.
The high days inventory outstanding, consistently exceeding 100 days, suggests that EnerSys carries substantial inventory risk, likely tied to the lead-acid to lithium-ion transition. This inefficiency forces the company to tie up significant capital in working capital, limiting the cash available for strategic reinvestment or shareholder returns.
Based on the most recent quarterly data, EnerSys maintains a current ratio of 2.66, providing a robust liquidity cushion that appears sufficient to navigate the cyclical volatility inherent in its industrial end-markets and the ongoing capital requirements of its strategic pivot toward integrated power systems.
The quick ratio of 1.76 further confirms that the company is not overly dependent on inventory liquidation to meet its short-term obligations. This liquidity position provides management with the necessary flexibility to fund its R&D and capital expenditure programs without immediate reliance on external debt markets.
The P/E ratio is frequently misapplied to EnerSys because it fails to account for the significant non-operational impact of Section 45X tax credits, which artificially inflate net income and obscure the underlying profitability of the company's core industrial manufacturing and power electronics operations.
Analysts should instead focus on EV/EBITDA or adjusted operating margins to strip out the volatility caused by government subsidies and commodity price fluctuations. Relying on P/E risks overestimating the company's sustainable earning power and ignoring the capital-intensive nature of its current strategic transition.
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 25.5x. The historical average is 18.3x. This places it at the 95th percentile of its historical range.
EnerSys's current EV/EBITDA is 13.4x. 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 25.5x. This is at the 95th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
EnerSys's current dividend yield is 0.51% 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.