ENS · 10-K filed 20 May 2026 · year to 31 Mar 2026

EnerSys

27 named things its latest annual report says its results depend on, each in the company's own words. 15 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

United States government

earns from

The products are sold globally to OEMs, distribution partners, vehicle fleets and directly to government entities such as the United States of America, Germany and the United Kingdom.Business (Item 1)

Also named by ADI, AIR, APH, ASTS, ATI, AVAV, AWK, BA and 46 more

Suppliers

Battery components suppliers

depends onnamed as a risk

To date, we have a limited number of fully qualified suppliers, and have limited flexibility in changing suppliers, though we are actively engaged in activities to qualify additional suppliers.Risk factors (Item 1A)

Partners and platforms

Verkor SAS

depends onnamed as a risk

Our plan to grow the volume and profitability of our energy storage products depends on significant lithium-ion battery cell production, including by our partner Verkor SAS at a proposed gigafactory in South Carolina.Risk factors (Item 1A)

Other companies

Bren-Tronics Defense LLC

$206.4 million

On July 26, 2024, the Company completed the acquisition of all of the equity of Bren-Tronics Defense LLC for $206.4 million in cash consideration, as set forth in the stock purchase agreement.Business (Item 1)

Electric industrial forklift trucks

earns fromnamed as a risk

Sales of our motive power products, for example, depend significantly on demand for new electric industrial forklift trucks, which in turn depends on end-user demand for additional motive capacity in their distribution and manufacturing facilities.Risk factors (Item 1A)

Competitors

ABB

competes with

Our primary competitors are Jule, Tritium, and ABB.Business (Item 1)

Also named by APLD, FIX, POWL, VPG

East Penn Manufacturing

competes with

Our primary global competitors in traditional lead-acid include East Penn Manufacturing, Exide Technologies (Stryten), Hoppecke, Eternity, Midac, Sunlight and TAB, as well as a number of domestic Chinese manufacturers.Business (Item 1)

Exide Technologies (Stryten)

competes with

We compete principally with East Penn Manufacturing, Exide Technologies (Stryten), Fiamm, SAFT, Hoppecke, New Power, C&D Technologies Inc., Vertiv, OmniOn Power,Yuasa, Amphenol, Delta Electronics, as well as Chinese producers.Business (Item 1)

SAFT

competes with

In the Aerospace and Defense specialized markets our main competitors are EaglePicher and SAFT.Business (Item 1)

Clarios

competes with

Our major competitors in AGM technology are Clarios, East Penn Manufacturing, Exide Technologies (Stryten), Fiamm, C&D Technologies, Inc., Banner and Atlas.Business (Item 1)

Places

Europe

earns from · approximately one-fifth of our net salesnamed as a risk

Most of the risk of fluctuating foreign currencies is in our European operations, which comprised approximately one-fifth of our net sales during the last three fiscal years.Risk factors (Item 1A)

Also named by ADSK, AME, AMRC, ATR, BCSF, BKNG, BMI, BMY and 60 more

Russia

operates in · $4 millionnamed as a risk

Recent effects of the conflict between Russia and Ukraine includes writing off $4 million in net assets located in Russia during fiscal 2022.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

United States

earns from · Approximately 40% of net sales were generated outside of the United States

Approximately 40% of net sales were generated outside of the United States in fiscal 2026.Risk factors (Item 1A)

Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more

South Carolina

operates innamed as a risk

In addition, in order to complete the construction of the proposed gigafactory, we are relying upon, among other things, short-term and long-term incentive packages through South Carolina and Greenville County, federal funding and benefits under Section 45X of the Internal Revenue Code.Risk factors (Item 1A)

Also named by ENPH, FCNCA, GNRC, IMKTA, PNFP, SSB

Commodities and inputs

Euro

exposed to its price · $600 millionnamed as a risk

Depending on the movement in the exchange rates between the U.S. dollar and Euro at maturity, the Company may owe the counterparties an amount that is different from the notional amount of $600 million.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Lead

exposed to its price · approximately $65 millionnamed as a risk

We estimate that a 10% increase in our cost of lead would have increased our cost of goods sold by approximately $65 million for the fiscal year ended March 31, 2026.Market risk (Item 7A)

Also named by HL, OLN

Lead

depends on · over half of our cost of goods soldnamed as a risk

We estimate that raw material costs account for over half of our cost of goods sold.Risk factors (Item 1A)

Also named by HL, OLN

SOFR

exposed to its price · $200 million

At March 31, 2026 such agreements effectively convert $200 million of our variable-rate debt to a fixed-rate basis, utilizing the one-month Term SOFR as a floating rate reference.Market risk (Item 7A)

Also named by AAP, AIOT, APG, APH, ARES, AXON, BGC, BR and 82 more

Regulators

U.S. Department of Energy

depends on · $199 millionnamed as a risk

In January 2025, we entered into an agreement with the DOE's Office of Manufacturing and Energy Supply Chains for a $199 million award to support the construction of a new lithium-ion cell production facility in Greenville, South Carolina.Risk factors (Item 1A)

Also named by AAON, AMRC, AOS, BWXT, CDE, CDRE, CEG, CLF and 16 more

Laws and programs

Section 45X of the Internal Revenue Code

subject to · 10% of certain eligible production costsnamed as a risk

Any reduction, elimination, or discriminatory application or expiration of Section 45X of the IRC may materially adversely affect our future operating results and operations.Risk factors (Item 1A)

U.S. tariffs

subject tonamed as a risk

Additionally, the U.S. government has recently imposed, and is currently considering imposing, tariffs on certain trade partners.Risk factors (Item 1A)

Also named by A, AAPL, ACHR, ADI, AEHR, AEP, AIOT, AKAM and 170 more

U.S. Foreign Corrupt Practices Act (FCPA)

subject tonamed as a risk

Certain of our customer relationships outside of the U.S. are with governmental entities and are therefore subject to such anti-bribery laws.Risk factors (Item 1A)

Also named by A, ADBE, ADP, AIR, AJG, ALB, AME, AMZN and 112 more

Inflation Reduction Act of 2022

subject tonamed as a risk

We believe this law will bolster and extend future demand for our products in the United States.Risk factors (Item 1A)

Also named by ABBV, APD, ARE, BKH, DD, DHR, ELV, ENPH and 30 more

Conflict minerals regulations

subject tonamed as a risk

We may be unable to obtain conflict-free minerals at competitive prices which will increase costs and may materially and adversely affect our manufacturing operations and profitability.Risk factors (Item 1A)

Also named by ESI, SSD

Unleashing American Energy Executive Order

subject tonamed as a risk

Since that time, the issuance of certain executive orders, including the Unleashing American Energy Executive Order on January 20, 2025, has required an immediate pause in the disbursement of funds appropriated through the IRA pending an ongoing review.Risk factors (Item 1A)

Technology

Thin plate pure lead (TPPL) technology

depends onnamed as a risk

Certain of these technologies, especially thin plate pure lead (“TPPL”) technology, are important to our business and are not protected by patents.Risk factors (Item 1A)

Lithium-ion battery technology

competes withnamed as a risk

We cannot assure you that our portfolio of primarily lead-acid products will remain competitive with products based on new technologies.Risk factors (Item 1A)