Ennis, Inc.

Ennis, Inc.

EBF·NYSE

$20.16

-2.7%
IndustrialsBusiness Equipment & Supplies

Ennis, Inc. designs, manufactures, and sells business forms and other business products in the United States. The company offers snap sets, continuous forms, laser cut sheets, tags, labels, envelopes, integrated products, jumbo rolls, and pressure sensitive products under the Ennis, Royal Business Forms, Block Graphics, Specialized Printed Forms, 360º Custom Labels, ColorWorx, Enfusion, Uncompromised Check Solutions, VersaSeal, Ad Concepts, FormSource Limited, Star Award Ribbon Company, Witt Printing, B&D Litho, Genforms, PrintGraphics, Calibrated Forms, PrintXcel, Printegra, Falcon Business Forms, Forms Manufacturers, Mutual Graphics, TRI-C Business Forms, Major Business Systems, Independent Printing, Hoosier Data Forms, Hayes Graphics, Wright Business Graphics, Wright 360, Integrated Print & Graphics, the Flesh Company, Impressions Direct, Ace Forms, and AmeriPrint brands. It also provides point of purchase advertising for large franchise and fast-food chains, as well as kitting and fulfillment under the Adams McClure brand name; and presentation and document folders under the Admore, Folder Express, and Independent Folders brands. In addition, the company offers custom printed, high performance labels, and custom and stock tags under the Ennis Tag & Label brand name; custom and stock tags and labels under the Allen-Bailey Tag & Label, Atlas Tag & Label, Kay Toledo Tag, and Special Service Partners brands; custom and imprinted envelopes under the Trade Envelopes, Block Graphics, Wisco, and National Imprint Corporation brands; and financial and security documents under the Northstar and General Financial Supply, and Infoseal brands. It distributes business products and forms through independent distributors. The company was formerly known as Ennis Business Forms, Inc. Ennis, Inc. was incorporated in 1909 and is headquartered in Midlothian, Texas.

At a Glance

Live Snapshot
Market Cap$509.90M
EPS1.6600
P/E Ratio12.14
Earnings Date06/22/2026

Intrinsic Alpha Methodology

Thesis Lenses

Signal · Driver · Risk

Signal

High confidence

Valuation multiple is compressed (P/E 12.1).

Valuation inputs: P/E 12.1, earnings yield +8.2%, momentum -2.7%.

If multiples stay elevated while momentum fades, downside repricing risk rises.

Driver

High confidence

Return profile is acceptable (ROE +13.8%, ROIC +11.5%).

Profitability stack: net margin +10.9%, ROE +13.8%, ROIC +11.5%.

Quality deterioration often appears in margins before it shows up in headline EPS.

Risk

High confidence

Risk profile is balanced but has notable pressure points to monitor.

Risk factors: liabilities/assets +15.0%, momentum -2.7%, net margin +10.9%.

Higher leverage with weak momentum and thin margins can amplify drawdown severity.

ebf

Ennis, Inc. Market vs Earnings Trajectory

EBF · NYSE

Loading price and EPS data...

Ennis, Inc.

Ennis, Inc. Fair Value Envelope

EBF · NYSE

Our analysis suggests that EBF has a fair value of HIDDEN per share in the Base Case projection. With shares currently trading at $20.16, this represents a potential HIDDEN relative to our calculated worth for Ennis, Inc..

Intrinsic Value
Current Price: $20.16
3Y+1.0%
5Y+50.0%
10Y+29.0%
3Y-7.0%
5Y-2.0%
10Y+6.0%
3Y-
5Y+47.0%
10Y+30.0%
3Y-24.0%
5Y+4.0%
10Y+16.0%
3Y-100.0%
5Y-100.0%
10Y-100.0%
3Y-9.0%
5Y-2.0%
10Y+10.0%
Ennis, Inc.

Ennis, Inc. Profit Bridge

EBF · NYSE
Revenue392.40M
Cost of Goods Sold (271.99M)
Gross Profit120.41M
Operating Expenses (67.73M)
Operating Income52.68M
Interest Expense (0.00)
Other Income/Expense5.92M
Pretax Income58.59M
Income Tax (15.97M)
Net Income42.63M
Net Income
42.63M

Profitability Analysis

Gross Margin

30.7%

Moderate margins typical of competitive industries. Monitor for pricing pressure or rising costs.

Operating Margin

13.4%

Acceptable margins but limited operational leverage. Operating expense control is important.

Net Profit Margin

10.9%

Strong net margins indicate efficient operations and favorable tax/interest management.

Effective Tax Rate

27.3%

Higher tax burden may reflect limited tax optimization or operations in high-tax jurisdictions.

Profitability Insight

Efficient profit conversion: Minimal margin compression from gross to net indicates lean operations and favorable tax/interest environment.

30.69%
Gross Profit Margin
3%
3Y+3.0%
5Y+7.0%
10Y-3.0%
13.42%
Operating Profit Margin
2%
3Y-
5Y+23.0%
10Y+4.0%
10.86%
Net Profit Margin
7%
3Y+7.0%
5Y+50.0%
10Y+22.0%
13.81%
Return on Equity
4%
3Y+13.0%
5Y+45.0%
10Y+10.0%
11.74%
Return on Assets
2%
3Y+10.0%
5Y+49.0%
10Y+18.0%
11.54%
Return on Invested Capital
-2%
3Y+5.0%
5Y+29.0%
10Y+4.0%
EBF

Ennis, Inc. Cash Conversion Engine

EBF · NYSE
Net Income42.63M
Depreciation & Amortization17.13M
Stock-Based Compensation0.00
Change in Working Capital-10.40M
Others3.38M
Capital Expenditures-52.73M
Free Cash Flow0.00

Cash Flow Quality Analysis

FCF Conversion Rate

0.0%

Weak cash conversion. Significant portion of earnings not converting to cash—review working capital trends and capital intensity.

CapEx Intensity

100.0%

Very high capital intensity consumes most operating cash flow. Limited flexibility for dividends or debt reduction.

FCF Growth Trend

-100.0%

Significant FCF decline raises concerns. Urgent review needed of operational performance and capital allocation.

Working Capital Impact

-$10.40M

Significant working capital drain. Growth may be consuming cash through inventory buildup or receivables extension—monitor closely.

Cash Flow Quality Insight

Deteriorating cash generation: Both declining FCF and weak conversion rate signal fundamental challenges. Investigate margin pressure, rising costs, or working capital issues.

ebf

Ennis, Inc. Funding & Solvency Profile

EBF · NYSE
Cash & Cash Equivalents34.57M
Net Receivables39.61M
Inventory54.90M
Other Current Assets0.00
Total Current Assets132 M
Property, Plant & Equipment72.84M
Goodwill & Intangible Assets145.42M
Long-Term Investments0.00
Other Non-Current Assets6.88M
Total Non-Current Assets80 M
Total Assets
363.20M

Financial Health Analysis

Current Ratio

3.72x

Excellent liquidity position. The company can easily cover its short-term obligations with substantial cushion.

Debt-to-Equity Ratio

0.18x

Conservative capital structure. The company relies primarily on equity financing, indicating low financial risk.

Working Capital

96 M

Strong working capital position provides significant operational flexibility and financial cushion.

Asset Composition

36% Current

Capital-intensive business with significant long-term investments in property, equipment, or intangibles.

Financial Health Insight

Strong financial foundation: Excellent liquidity combined with conservative leverage suggests the company is well-positioned to weather economic uncertainties and fund growth opportunities.

ebf

Ennis, Inc. Street Expectations Map

EBF · NYSE

No Target Data

No analyst price targets available for ebf.

ebf

Ennis, Inc. Insider Positioning

EBF · NYSE

During the last 12 months, insiders have purchased $42K worth of EBF shares, with no selling activity reported.

3 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

3-6 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

6-9 Months

Bought

2.5K

42.44K

Sold

0

0.00

Net Activity

+42K

+$42K

9-12 Months

Bought

0

0.00

Sold

0

0.00

Net Activity

+0

+$0

Top Buyers

1
BBW

Brewer Boyne Wade

Officer: Chief Operating Officer

2.0K shares1 transactions

$34K

2
GD

Gus Daniel

Officer: General Counsel & Secretary

506 shares1 transactions

$8K

Top Sellers

No selling activity

Insider Activity Analysis

Net Insider Sentiment

Bullish

Strong bullish signal with $42K net buying. Insiders are aggressively accumulating shares, suggesting significant confidence in future prospects.

Buy/Sell Ratio

∞:1

Perfect buy/sell ratio. Only buying activity with zero selling—the most bullish possible insider signal.

Insider Participation

High Buying

2 insider buyers vs. 0 sellers. Broad-based buying across management team suggests widespread confidence.

Insider Activity Insight

Compelling insider conviction: The combination of strong buy/sell ratio and multiple buyers suggests insiders see attractive risk/reward. Consider this alongside fundamental analysis for confirmation.

1.20%
Dividend Yield
-15%
3Y-7.0%
5Y+12.0%
10Y-88.0%
 

ebf Dividend History

EBF
10Y CAGR +4%
Latest $0.25
Annual $1.25
5 year growth trend
Last Period: +0%