MeritValue

EnerSys

ENSdata completeness 100%18 fiscal years on file
The thesis, from the filings

EnerSys earns about 11% on invested capital, comfortably above its ~9% cost of capital, and has bought back 11% of its shares over 5 years — the marks of a durable business run for its owners. The estimate methods put fair value between $73.11 and $561.88 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2022FY 2023FY 2024FY 2025FY 2026
Revenue$3.36B1$3.71B2$3.58B3$3.62B3$3.75B3
Net income$143.9M4$175.8M5$269.1M6$363.7M6$293.6M6
Operating cash flow−$65.6M7$279.9M8$457M9$260.3M9$547.6M9
Capital expenditure$74M10$88.8M11$86.4M12$121M12$80.1M12
Free cash flow (derived)−$139.6M7$191.2M8$370.6M9$139.3M9$467.5M9
Total debt$1.3B13$1.07B14$832.4M15$1.11B16$1.11B16
Cash & equivalents$402.5M17$346.7M18$333.3M19$343.1M20$438.7M20
Diluted shares42.8M41.3M41.4M40.4M38.1M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$499.49
your share of equity
Profit it earned you last year
$76.96
Free cash flow it threw off
$122.57
Debt you’d be carrying
$290.73

10 shares is a claim on $499.49 of net worth that earned you $76.96 and generated $122.57 of cash last year, against $290.73 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
11% avg · 5y
FY22 7%FY23 10%FY24 14%FY25 14%FY26 11%

It earned about 11% on invested capital against a ~9% cost of capital — comfortably above the cost of funding, a moderate advantage.

seeing a moat in the numbers →
Management signal · capital allocation
−11% shares · 5y

Share count is down 11% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has fallen 15% — deleveraging.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $73.11 and $561.88 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$561.88
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$370.6M
DCF · Growth Exit 5Y
$299.19
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$370.6M
Earnings Power Value
$73.11
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$269.1M
  • growthAssumed0.0%
Graham Number
$93.03
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $299.19
The three cases
Bear0.0%$121.24
Base20.0%$299.19
Bull20.0%$299.19

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2022-03-31 · accession 0001289308-24-000018 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2023-03-31 · accession 0001289308-25-000017 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2024-03-31 · accession 0001628280-26-036900 (RevenueFromContractWithCustomerIncludingAssessedTax)
  4. 10-K · period ending 2022-03-31 · accession 0001289308-24-000018 (NetIncomeLoss)
  5. 10-K · period ending 2023-03-31 · accession 0001289308-25-000017 (NetIncomeLoss)
  6. 10-K · period ending 2024-03-31 · accession 0001628280-26-036900 (NetIncomeLoss)
  7. 10-K · period ending 2022-03-31 · accession 0001289308-24-000018 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2023-03-31 · accession 0001289308-25-000017 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2024-03-31 · accession 0001628280-26-036900 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-03-31 · accession 0001289308-24-000018 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-03-31 · accession 0001289308-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-03-31 · accession 0001628280-26-036900 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2022-03-31 · accession 0001289308-23-000023 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2023-03-31 · accession 0001289308-24-000018 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2024-03-31 · accession 0001289308-25-000017 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2025-03-31 · accession 0001628280-26-036900 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2022-03-31 · accession 0001289308-23-000023 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-03-31 · accession 0001289308-24-000018 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-03-31 · accession 0001289308-25-000017 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2025-03-31 · accession 0001628280-26-036900 (CashAndCashEquivalentsAtCarryingValue)