EnerSys (ENS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+27.9%

$206.11

vs $161.21 price

Levered DCF

$352.68

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

4.54

Safe zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.16×	10.01×	14.05×	20.16×	21.8×	26.94×	15.33×	17.54×
P/B	3.41×	1.9×	2.16×	2.22×	2.11×	2.51×	1.61×	2.19×
P/S	1.73×	1.01×	1.06×	0.96×	0.94×	1.3×	0.68×	1×
EV / EBITDA	14.18×	8.06×	10.05×	11.88×	13.36×	14.8×	10.78×	12.82×
Gross margin	29.3%	30.2%	27.4%	22.7%	22.3%	24.8%	25.4%	24.7%
Operating margin	12.7%	12.8%	9.8%	7.5%	6.1%	7.3%	6.2%	7.6%
Net margin	7.8%	10.1%	7.5%	4.7%	4.3%	4.8%	4.4%	5.7%
Current ratio	2.66×	2.7×	2.46×	2.64×	2.7×	2.5×	2.6×	2.51×
Debt / equity	0.62×	0.63×	0.52×	0.68×	0.92×	0.69×	0.94×	0.81×
Interest coverage	7.05×	9.09×	7.04×	4.68×	5.46×	5.63×	4.35×	6.88×
Dividend yield	0.6%	1.0%	0.9%	0.8%	0.9%	0.8%	1.4%	1.1%
Payout ratio	13.0%	10.3%	12.8%	16.2%	20.4%	20.8%	21.7%	18.6%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	15.4%	19.0%	15.3%	11.0%	9.7%	9.3%	10.5%	12.5%
Return on invested capital	12.4%	12.8%	11.6%	7.9%	5.6%	6.4%	6.4%	7.3%
Return on assets	7.3%	9.2%	7.8%	4.9%	3.9%	4.1%	4.2%	5.1%
Free cash flow yield	7.2%	3.8%	9.8%	5.4%	-4.4%	7.5%	7.2%	4.5%
Earnings yield	4.5%	10.0%	7.1%	5.0%	4.6%	3.7%	6.5%	5.7%
Enterprise value	$7.3B	$4.5B	$4.4B	$4.3B	$4.1B	$4.5B	$3B	$3.5B
Net debt / EBITDA	1.47×	1.54×	1.34×	2.07×	3.15×	2.04×	3.23×	2.67×
Cash conversion cycle (days)	111	117	106	122	132	113	115	124