ENS · CIK 1289308
What EnerSys told the SEC could break it.
EnerSys's costs are dominated by lead, the core input for its batteries — about 25% of revenue is priced to a lead market index, but customer price changes generally lag movements in lead and other costs by six to nine months, with added exposure to copper and antimony — so commodity swings press on margins. As a global manufacturer, roughly 40% of its sales and related expenses are transacted in foreign currencies (mainly the euro, British pound and Polish zloty), leaving results sensitive to exchange-rate moves. And with production and component sourcing in China, Mexico, Canada and EMEA, the 2025 U.S. tariffs on Canadian, Mexican and Chinese imports (and retaliatory actions) could substantially affect its supply chains and costs.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Commodity & input dependence
- Leadhigh
Lead-acid battery maker whose costs are dominated by lead (~$0.85-$0.95/lb); ~25% of revenue is on lead-index pricing agreements, with customer price changes lagging lead moves by 6-9 months, plus secondary exposure to copper and antimony price increases since FY2026.
“Approximately 25% of our revenue is now subject to agreements that adjust pricing to a market-based index for lead. Customer pricing changes generally lag movements in lead prices and other costs by approximately six to nine months.”
SEC filing →As of 2026
Currency (FX)
- Foreign-currency sales/expenses (euro, British pound, Polish zloty)medium
About 40% of net sales and related expenses are transacted in foreign currencies (primarily the euro, British pound and Polish zloty), so exchange-rate moves affect revenue, production costs and margins.
“Approximately 40% of our sales and related expenses are transacted in foreign currencies.”
SEC filing →As of 2026
Regulatory & policy
- US-Canada-Mexico-China tariffs (2025)medium
Global manufacturer with production and component sourcing in China, Mexico, Canada and EMEA; 2025 US tariffs on imports from Canada, Mexico and China (and retaliatory actions) could have a substantial impact on its global supply chains and costs.
“On February 1, 2025, the U.S. signed an executive order, effective February 3, 2025, whereby the U.S. will apply additional tariffs on imported goods from Canada, Mexico, and China.”
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