Does ENERSYS have an economic moat?

Based on its FY2026 SEC filings, the Moat Index scores ENERSYS (ENS) 55.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 54, balance-sheet safety 54, capital discipline 86.

Is ENS stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $135.60 per share versus a recent price of $196.55 — 45% above value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has ENS's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 55.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

ENERSYS

ENS · Technology · $7.2B mkt cap · FY2026 filings · Shallow moat ·

Doesn't clear the bar

Shallow moat

The four filters

Pricing power38

Median gross margin 25.5% over 10y, stable.

Returns on capital54

Median ROIC 11.9%, above the 9% hurdle in 70% of years.

Balance-sheet safety54

Net debt/EBITDA 1.2x, interest coverage 8x.

Capital discipline86

Owner earnings +8.0%/yr, share count shrinking (buybacks).

Margin of safety

Above valueOn sale

45% above value

Owner earnings (normalized): $274.7M
Est. intrinsic value / share: $135.60
Recent price: $196.55
Discount to value: 45% above value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

19 years of fundamentals

The business, in plain English

ENERSYS booked $3.8B of revenue in FY2026 in the Technology sector and kept 29.3% of it as gross profit — a moderate-margin business by that measure. After every other cost, 7.8% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $2.0B (FY2009) to $3.8B (FY2026) — about 3.9% a year compounded over 17 years.

It earned 14.0% on invested capital in FY2026, with a median of 13.5% across 18 filed years. The Returns on Capital filter above scores it 54/100.

The balance sheet carried $1.1B of total debt in FY2026 against $327.0M of owner earnings — roughly 3.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 54/100.

The share count fell 24.9% between FY2010 and FY2026 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 86/100.

Put together: Capital Discipline is the strongest of the four filters (86/100) and Pricing Power the weakest (38/100), which is how ENS lands at 56/100 — a Shallow moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$3.8B FY2026

Gross marginRevenue kept after cost of goods29.3% FY2026

Return on invested capitalOperating profit on the capital employed14.0% FY2026

Owner earningsCash an owner could take out$327.0M FY2026

Gaps in a line mean that item isn’t in ENS’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale55.8 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — ENS has read Shallow moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#166 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#164ZETA ZETA GLOBAL HOLDINGS CORP.56.0 out of 100, Shallow moatShallow moat
#165CLFD CLEARFIELD, INC.55.9 out of 100, Shallow moatShallow moat
#167SMCI SUPER MICRO COMPUTER, INC.55.2 out of 100, Shallow moatShallow moat
#168EEX Emerald Holding, Inc.55.1 out of 100, Shallow moatShallow moat

Compare ENS with its nearest peers →All Technology companies on the Index →

Common questions about ENS

Does ENERSYS have an economic moat?: Based on its FY2026 SEC filings, the Moat Index scores ENERSYS (ENS) 55.8 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 38, returns on capital 54, balance-sheet safety 54, capital discipline 86.
Is ENS stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $135.60 per share versus a recent price of $196.55 — 45% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has ENS's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 55.8 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell ENS. See the disclaimer.