ENSNYSEMiscellaneous Electrical Machinery, Equipment & SuppliesUS GAAP · USD

EnerSys

EnerSys designs, manufactures, and distributes stored energy solutions for industrial and specialty applications. Its portfolio spans motive power batteries and chargers for forklifts and AGVs, specialty batteries for aerospace, defense and transportation, and energy systems for telecom, data center, utility, and backup-power uses.

Ask about the company
Revenue3,751m USD
+3.7 %y/y
Operating profit (EBIT)426m USD
−8.2 %y/y
EBIT margin11.4%
−1.5 ppy/y
Net income294m USD
−19.3 %y/y
Free cash flow468m USD
+235.7 %y/y

Fiscal year 2026 · change from previous year

Development 2021–2026

01,0002,0003,0004,000m USD2021: 2,978 m USD2021: EBIT 216 m USD20212022: 3,357 m USD2022: EBIT 206 m USD20222023: 3,709 m USD2023: EBIT 278 m USD20232024: 3,582 m USD2024: EBIT 352 m USD20242025: 3,618 m USD2025: EBIT 465 m USD20252026: 3,751 m USD2026: EBIT 426 m USD20263,751426
RevenueOperating profit (EBIT)
Ask Clarifo about EnerSys

Business

Share of revenue
Motive Power45 %

Industrial batteries and chargers used in forklifts, AGVs, and other electric material-handling vehicles.

Specialty25 %

Batteries and portable power solutions for aerospace, defense, trucking, automotive, medical, and security uses.

Energy Systems20 %

Integrated power conversion, storage, distribution, and enclosure systems for telecom, data centers, utilities, and backup power.

New Ventures5 %

Energy storage and management systems for demand charge reduction, utility backup, and EV fast charging.

Aftermarket and Services5 %

Service, maintenance, support, and replacement-related offerings across the installed base.

Products

Reported · share of revenue
90.1%9.9%FY2026100 %
  • Products90.1 %
  • Services9.9 %

Source: 10-K FY2026, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

EnerSys sells to a broad mix of industrial, transportation, defense, and infrastructure customers, with no single customer accounting for more than 10% of revenue. Buyers include OEMs, distributors, fleets, government entities, and end users such as warehouses, retailers, airports, mine operators, railroads, and utilities. The company also serves commercial real estate and retail operators through its newer energy storage systems. This mix reduces dependence on any one end market, but ties demand to industrial activity, fleet replacement cycles, and infrastructure investment.

Material handling and industrial vehicles

Forklift OEMs, dealers, and end users buy motive power batteries and chargers for warehouse and industrial fleets.

Telecom, data center and utility infrastructure

Operators buy energy systems for backup power, power conversion, and storage in critical infrastructure.

Transportation and specialty mobility

OEMs, fleets, and distributors buy specialty batteries for premium automotive, trucking, and related applications.

Defense and government

Military and government customers buy portable power and specialty battery solutions for field and mission-critical use.

Commercial real estate and retail

Property and retail operators buy New Ventures systems for demand charge reduction and backup power.

Strategy

EnerSys is extending beyond traditional industrial batteries into higher-value energy systems and New Ventures applications such as EV fast charging and demand reduction. Management also emphasizes acquisitions, service coverage, and a global distribution network to deepen customer relationships and expand installed-base revenue. Cost control and pricing discipline remain central because the company operates in a competitive market with raw-material and foreign-cost pressure.

Scale New VenturesMedium term

These systems target higher-growth use cases beyond core batteries and can diversify revenue.

Expand service and aftermarket penetrationShort term

Recurring support and maintenance can improve customer stickiness and offset product cyclicality.

Defend margins through cost and pricing actionsShort term

Competitive pricing pressure and lead-cost volatility can compress profitability if not managed.

Geography

EnerSys sells globally and serves customers in more than 100 countries through direct sales, distributors, representatives, and company-owned service locations. The company has a meaningful presence in the Americas, Europe, and other international markets, and it also holds a substantial majority of cash and investments in foreign subsidiaries. Its manufacturing and service footprint supports local delivery, maintenance, and customer support, which is important in industrial and defense applications where uptime matters.

Risks

EnerSys faces intense competition, pricing pressure, and exposure to raw-material volatility, especially in lead-based products where some competitors have smelting integration advantages. Its global footprint also creates exposure to foreign exchange, geopolitical, and cybersecurity risks, while acquisitions add integration and dilution risk. Demand is tied to industrial activity, fleet replacement, and infrastructure spending, so cyclical end markets can affect volumes and margins.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Competitive pricing pressure1Raw-material cost volatility2Cybersecurity and data compromise3Acquisition integration and dilution4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Competitive pricing pressureImpact: HighLikelihood: High

    Excess capacity, consolidation among buyers, and low-cost foreign producers can force lower prices.

    ExposureMotive PowerSpecialtyEnergy Systems
  2. Raw-material cost volatilityImpact: HighLikelihood: High

    Lead cost swings and supplier pricing can outpace the company's ability to reprice products.

    Exposure: Battery manufacturing

  3. Cybersecurity and data compromiseImpact: HighLikelihood: Medium

    The company and its partners store sensitive operational and customer data across global systems.

    Exposure: Global operations and software-related services

  4. Acquisition integration and dilutionImpact: MediumLikelihood: Low

    Future deals may not generate expected benefits and may require equity issuance or integration costs.

    Exposure: M&A strategy

Ask Clarifo about EnerSys

Accounting

Judgemental items
Revenue recognition timing

Most product revenue is recognized at shipment, so order timing and logistics affect quarterly results.

Impact: Quarterly revenue comparability

Sales returns and discounts

Management estimates these reserves at sale, which affects net sales and gross margin.

Impact: Net revenue and margin

Goodwill and indefinite-lived intangible impairment

Acquisitions create assets that must be tested for impairment when conditions change.

Impact: Potential non-cash charges

Highlighted items in non-GAAP reporting

Restructuring, acquisition, and other non-recurring items are excluded from adjusted measures.

Impact: Adjusted EBITDA and comparability

Similar listed companies

Publicly listed companies with a comparable business focus.

Entergy Corporation

ETR · Electric Services

Energizer Holdings, Inc

ENR · Miscellaneous Electrical Machinery, Equipment & Supplies

Energous Corp

WATT · Radio & Tv Broadcasting & Communications Equipment

Energy Vault Holdings, Inc.

NRGV · Miscellaneous Electrical Machinery, Equipment & Supplies

Enerflex Ltd.

EFXT · General Industrial Machinery & Equipment

ESS Tech, Inc.

GWHT · Miscellaneous Electrical Machinery, Equipment & Supplies

Last updated: 24/09/2026