EnerSys vs Nextpower
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The short version
- EnerSys is the larger business, with $3.8B of revenue in fiscal 2026 against $3.6B for Nextpower.
- Nextpower grew revenue faster (20.3%, against 3.7%).
- Nextpower kept more of each dollar of sales as operating profit (19.6% operating margin, against 11.4%).
- Nextpower turned more of its sales into free cash flow (14.4% FCF margin, against 12.5%).
- Nextpower earned a higher return on the capital invested in it (54.5%, against 13.7%).
- Investors pay more for each dollar of Nextpower’s earnings: a P/E of 20.4x against 17.8x for EnerSys.
| Latest fiscal year | ENS · FY26 | NXT · FY26 |
|---|---|---|
| Size | ||
| Market cap | $6.2B | $12.2B |
| Revenue | $3.8B | $3.6B |
| Free cash flow | $468M | $514M |
| Net income | $294M | $586M |
| Growth | ||
| Revenue growth | 3.7% | 20.3% |
| 5-year growth | 4.7% | — |
| Share count change | −5.7% | 2.3% |
| Profitability | ||
| Gross margin | 29.3% | 32.6% |
| Operating margin | 11.4% | 19.6% |
| Net margin | 7.8% | 16.5% |
| FCF margin | 12.5% | 14.4% |
| Return on capital | 13.7% | 54.5% |
| Return on equity | 15.4% | 29.6% |
| Balance sheet | ||
| Net debt | $674M | −$1.1B |
| Net debt / EBITDA | 1.3x | −1.5x |
| Dividends and buybacks | $409M | $0.4M |
| Valuation & quality | ||
| P/E | 17.8x | 20.4x |
| Piotroski F-score | 5 | 3 |
Revenue
FY17
ENS $2.4B
NXT —
FY18
ENS $2.6B
NXT —
FY19
ENS $2.8B
NXT —
FY20
ENS $3.1B
NXT —
FY21
ENS $3.0B
NXT —
FY22
ENS $3.4B
NXT —
FY23
ENS $3.7B
NXT $1.9B
FY24
ENS $3.6B
NXT $2.5B
FY25
ENS $3.6B
NXT $3.0B
FY26
ENS $3.8B
NXT $3.6B
ENS
NXT
Operating margin
FY17
ENS 10.0%
NXT —
FY18
ENS 10.5%
NXT —
FY19
ENS 7.6%
NXT —
FY20
ENS 6.2%
NXT —
FY21
ENS 7.3%
NXT —
FY22
ENS 6.1%
NXT —
FY23
ENS 7.5%
NXT 8.9%
FY24
ENS 9.8%
NXT 23.5%
FY25
ENS 12.9%
NXT 21.6%
FY26
ENS 11.4%
NXT 19.6%
ENS
NXT
Free cash flow
FY17
ENS $196M
NXT —
FY18
ENS $141M
NXT —
FY19
ENS $127M
NXT —
FY20
ENS $152M
NXT —
FY21
ENS $288M
NXT —
FY22
ENS −$140M
NXT —
FY23
ENS $191M
NXT $104M
FY24
ENS $371M
NXT $423M
FY25
ENS $139M
NXT $622M
FY26
ENS $468M
NXT $514M
ENS
NXT
Return on capital
FY17
ENS 14.3%
NXT —
FY18
ENS 10.9%
NXT —
FY19
ENS 11.4%
NXT —
FY20
ENS 8.6%
NXT —
FY21
ENS 8.6%
NXT —
FY22
ENS 7.6%
NXT —
FY23
ENS 9.9%
NXT —
FY24
ENS 14.1%
NXT —
FY25
ENS 16.8%
NXT 66.8%
FY26
ENS 13.7%
NXT 54.5%
ENS
NXT
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.