Enersys (ENS)
Pretax margin
| Mar 31, 2024 | Dec 31, 2023 | Sep 30, 2023 | Jun 30, 2023 | Mar 31, 2023 | Dec 31, 2022 | Sep 30, 2022 | Jun 30, 2022 | Mar 31, 2022 | Dec 31, 2021 | Sep 30, 2021 | Jun 30, 2021 | Mar 31, 2021 | Dec 31, 2020 | Sep 30, 2020 | Jul 5, 2020 | Mar 31, 2020 | Dec 31, 2019 | Sep 30, 2019 | Jun 30, 2019 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings before tax but after interest (EBT) (ttm) | US$ in thousands | 292,185 | 301,387 | 280,577 | 247,413 | 210,639 | 173,754 | 158,740 | 158,409 | 173,939 | 178,253 | 179,278 | 180,831 | 170,135 | 134,260 | 123,002 | 129,940 | 146,937 | 163,280 | 173,406 | 183,238 |
| Revenue (ttm) | US$ in thousands | 3,536,980 | 3,605,448 | 3,658,343 | 3,653,503 | 3,648,354 | 3,578,556 | 3,510,093 | 3,407,939 | 3,326,085 | 3,235,399 | 3,152,204 | 3,078,784 | 2,977,932 | 2,217,492 | 1,525,258 | 868,646 | 216,125 | 206,658 | 194,210 | 193,402 |
| Pretax margin | 8.26% | 8.36% | 7.67% | 6.77% | 5.77% | 4.86% | 4.52% | 4.65% | 5.23% | 5.51% | 5.69% | 5.87% | 5.71% | 6.05% | 8.06% | 14.96% | 67.99% | 79.01% | 89.29% | 94.74% |
March 31, 2024 calculation
Pretax margin = EBT (ttm) ÷ Revenue (ttm)
= $292,185K ÷ $3,536,980K
= 8.26%
Enersys has shown fluctuating trends in its pretax margin over the various quarters. The pretax margin was relatively stable from December 2019 to September 2021, with a range between 5.51% and 6.05%. However, there was a notable increase in the pretax margin in December 2021, reaching 8.06%, followed by a further increase to 14.96% in July 2022.
Subsequently, there was a significant surge in the pretax margin to 67.99% in March 2020, which further peaked at 79.01% in December 2020, and eventually reached its highest point of 94.74% in September 2021. This substantial surge in profitability during these periods may have been influenced by various factors, such as cost management strategies, revenue growth, or one-off events impacting profitability.
After the peak in September 2021, the pretax margin started to decline, dropping to 8.36% by December 2021 and further to 8.26% by March 2024. The decreasing trend in pretax margin from 2021 to 2024 suggests potential challenges in maintaining the high profitability levels achieved in the previous periods. Further analysis would be required to understand the specific factors driving this decline in profitability and to assess the sustainability of Enersys's financial performance in the future.
Peer comparison
Mar 31, 2024