EBF
ENNIS, INC.
Next earnings Jun 22, 2026 · consensus $0.39 EPS, $99.2M rev
Last earnings +0.6% on 2026-06-22
$21.49
▼ -0.78%$21.49▲ +24.92%
over 1Y
L $15.97H $22.11
Earnings Dividend Split Congress buy Congress sellGrouped by date · hover a pin to expand
Today-0.8%
1W+1.5%
1M+3.7%
3M+0.2%
YTD+22.4%
1Y+24.9%
Hold
Conviction
Horizon
Long (>12mo)
12-mo target
$•••
Street · 5 analysts
Buy
Cheap, debt-light cash machine in a structurally shrinking print-forms market — own it for the yield and buybacks, don't chase growth.
P/E 12.9 · FY2026 EPS $1.66
The read
Fundamentals and price both look middling — no strong edge either way.
Ennis is a well-run, highly profitable company harvesting a declining market. FY2026 earnings quality is genuinely good: net income $42.6M (+6.0% YoY) and diluted EPS $1.66 (+7.8%, flattered by a 2.9% lower share count) on gross, operating and net margins of 30.7%, 13.4% and 10.9%. The balance sheet is a fortress — $309M equity against just $48.2M total liabilities (0.16x liabilities/equity), $34.6M cash, and ROE of 13.8%. At $21.49 the stock trades at 12.9x earnings and 1.4x sales, which is undemanding for a business throwing off cash and returning it via a $25.9M dividend and $14.5M of buybacks (up ~7x YoY).
The problem is the top line, and the 10-K is candid about why. Management concedes it operates in a 'mature, price-competitive print industry' where 'technology advances have enabled electronic document distribution... as viable and cost-effective alternatives to traditional custom-printed documents,' driving 'continued declines in demand for a portion of our product line.' The numbers confirm the secular grind: revenue has fallen from $432M (FY2023) to $392M (FY2026), -0.6% in the latest year, with no year of growth since the 2023 peak. This is not a temporary dip — it is the business model slowly eroding, and profit stability has been maintained partly through cost control and buybacks rather than demand.
Is EBF a buy? The one-page verdict, explained →
The options angle
model · matches our verdictCovered call~90d expiry
- Long 100 shares @ ~21.49
- Short call 22.5 @ ~0.73 est
debit $2,076max +$174max −$2,075BE 20.76
HOLD means own it, don't chase it — harvesting premium against the position matches the verdict.
Educational template, not a trade recommendation. Strikes and premiums are Black-Scholes model estimates from the last close and 30-day realized volatility — real chains, spreads and IV will differ. Options involve substantial risk.
Financials · annual, by fiscal year
| Line item | FY22 | FY23 | FY24 | FY25 | FY26 |
|---|---|---|---|---|---|
| Revenue | $400M | $432M | $420M | $395M | $392M |
| Gross profit | $115M | $131M | $125M | $117M | $120M |
| Operating income | $43.6M | $66.2M | $56.5M | $52.0M | $52.7M |
| Net income | $29.0M | $47.3M | $42.6M | $40.2M | $42.6M |
| Diluted EPS | $1.11 | $1.82 | $1.64 | $1.54 | $1.66 |
| Net margin | 7.2% | 11.0% | 10.1% | 10.2% | 10.9% |
10-year statements — income, cash flow, balance sheet & CSV export →
Annual figures from SEC 10-K XBRL filings. Open the filing links below for full statement detail.
Key statistics
Valuation
Enterprise value$539M
EV / EBITDA—
EV / Sales1.4
EV / FCF13.1
P / FCF13.3
PEG (trailing)2.17
Earnings yield7.8%
FCF yield7.5%
Quality & risk
ROIC (est.)12.3%
Free cash flow$41.0M
Total debt$30.0M
Net cash$4.57M
Altman Z-Score9.47 safe
Piotroski F-Score7/9
Capital returns
Buyback yield2.7%
Dividend yield (est.)4.8%
Shareholder yield7.4%
Shares Δ YoY-2.9%
Computed from SEC XBRL annual figures + the current quote. EV and ROIC use long-term + current debt where filed; estimates, not investment advice.
Disclosure timeline
SEC · 8-Ks + reportsRecent disclosure tone has been improving.
- 10-Q Quarterly report2026-07-01
Q1 FY27 filed; mature-print demand soft but margins/balance sheet steady
- 8-K Earnings results2026-06-22
Q1 FY27 results + quarterly dividend declared; steady payout maintained
- DEF 14A Proxy statement2026-06-04
Annual proxy: routine board election, exec comp and auditor ratification
- 10-K Annual report2026-05-08
FY26: net income +6% to $42.6M, EPS +7.8% despite -0.6% revenue; buybacks up
- 8-K Earnings results2026-04-20
FY26 Q4/full-year results: EPS $1.66 (+7.8%) on flat sales; dividend declared
- 10-Q Quarterly report2026-01-07
Q3 FY26 filed; profitability holding up against soft forms demand
- 8-K Earnings results2025-12-22
Q3 FY26 earnings released with regular quarterly dividend
- 10-Q Quarterly report2025-10-03
Q2 FY26 filed; low-leverage balance sheet, steady margins in mature market
- 8-K Earnings results2025-09-22
Q2 FY26 earnings released with regular quarterly dividend
Recent filings
all on EDGAR ↗10-QPeriod ending 2026-05-312026-07-01open ↗11-KPeriod ending 2025-12-312026-06-26open ↗8-KPeriod ending 2026-06-222026-06-22open ↗ARSPeriod ending 2026-02-282026-06-05open ↗DEF 14APeriod ending 2026-06-042026-06-04open ↗10-KPeriod ending 2026-02-282026-05-08open ↗SCHEDULE 13G/AFiling2026-04-27open ↗4Period ending 2026-04-202026-04-21open ↗4Period ending 2026-04-202026-04-21open ↗4Period ending 2026-04-202026-04-21open ↗4Period ending 2026-04-202026-04-21open ↗8-KPeriod ending 2026-04-202026-04-20open ↗
Frequently asked
- Is ENNIS, INC. (EBF) a buy?
- EBF currently carries a Hold rating with 4/5 conviction, derived from its latest SEC filings. Cheap, debt-light cash machine in a structurally shrinking print-forms market — own it for the yield and buybacks, don't chase growth.
- What is EBF's fair value?
- A Modified-Graham model based on EBF's SEC fundamentals estimates a fair value of about $20.86. It is an estimate from reported earnings, not a price target.
- Is EBF overvalued or undervalued?
- Against a Modified-Graham fair-value estimate, EBF currently appears fairly valued relative to its SEC-grounded earnings power.
- What is ENNIS, INC.'s quality score?
- EBF scores 74.223203519635/100 (grade B) on a SEC-grounded quality model spanning value, growth, profitability, financial health and momentum.
Sources: SEC EDGAR (CIK 0000033002, latest 10-Q filed 2026-07-01) · EODHD · Proprietary analysis · as of 7/3/2026, 4:22:46 AM.
About this recommendation — produced by TENK/calls (tenkcalls.com), Luxembourg · not investment advice
AI-generated analysis, produced by our proprietary engine from SEC filing data.
Investment recommendation produced by TENK/calls (tenkcalls.com), Luxembourg. Completed Jul 3, 2026, 12:22 AM ET. Ratings & methodology: definitions · All recommendations to date: track record · Conflicts: disclosures. Not investment advice.
Research and education only — not financial advice. TENKis not a registered investment adviser or broker-dealer and gives no personalized advice. Every call is impersonal — identical for all users, generated on a schedule from SEC filings plus a delayed/third-party price feed — may be wrong or out of date, and is not a recommendation to buy or sell any security. The operator and an affiliated trading operation may hold or trade the securities TENK rates; see Disclosures. Past performance does not guarantee future results. Do your own research.