Quality Investor

Ennis, Inc.

Rank #182ValueWatchlistCompare with other stocks

EBF · NYSE · Industrials

Ennis, Inc. (EBF) — Rank #182 by gross profitability (GP/assets 0.33) · ROE 13.6% · Piotroski F-Score N/A.

As-of 2026-10-30 · CIK 0000033002 · all metrics point-in-time as of the filing date.

About

Ennis, Inc. produces and sells business forms and other printed products in the United States.

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The company sells 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, ColorWorx, Enfusion, Uncompromised Check Solutions, VersaSeal, Ad Concepts, FormSource Limited, Star Award Ribbon Company, Witt Printing, Genforms, PrintGraphics, Calibrated Forms, PrintXcel, Printegra, Forms Manufacturers, Mutual Graphics, TRI-C Business Forms, Major Business Systems, Independent Printing, Hayes Graphics, Wright Business Graphics, Wright 360, Integrated Print & Graphics, the Flesh Company, AmeriPrint, Stylecraft, UMC Print, Eagle Graphics, Diamond Graphics, and Printing Technologies labels. It also offers point of purchase advertising under the Adams McClure brand; presentation and document folders under the Admore, Folder Express, and Independent Folders brands; custom printed products, labels, and custom and stock tags under the Ennis Tag & Label brand; 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; financial and security documents under the Northstar and General Financial Supply brands; and custom and stock pressure seal documents under the Infoseal and PrintXcel brands. In addition, it provides school photo marketing and national school forms for school portrait photographers and professional photo labs. The company distributes business forms and other business products through business forms distributors, resellers, direct mail, commercial printers, software companies, and advertising agencies. The company was formerly known as Ennis Business Forms, Inc. Ennis, Inc.

was founded in 1909 and is headquartered in Midlothian, Texas.

Industry
Specialty Business Services
Sector
Industrials
State
TX
Filer Category
Accelerated filer
Fiscal Year End
December 31
Website
ennis.com

Company Snapshot

P/E and dividend yield are the primary valuation lenses for mature businesses.

Market Cap

—

P/E (annual)

—

P/S (annual)

—

P/B

—

P/OCF (annual)

—

Shareholder Yield

—

Employees

1,835

Industry

Specialty Business Services

Exchange

NYSE

10/11

Flags passed

EBF fails 1 critical flag

Passes 10 of 11 quality flags

  • FAIL
    Revenue declining YoY

    Revenue contracted year over year

  • PASS
    Gross margin holding
  • PASS
    Dilution within 2%
  • PASS
    FCF not negative from investment
  • PASS
    Disclosure consistent
  • PASS
    Operating margin holding
  • PASS
    Free cash flow intact
  • PASS
    Passes safety gate
  • PASS
    No competitive retreat
  • PASS
    SBC not compressing margin
  • PASS
    No valuation convergence

Strengths Revenue growth accelerating · Operating leverage expanding · Sequential beat (rev + EPS)

No data Balance sheet — not counted as a pass.

A count of the 12 warning flags that could be evaluated. Unweighted: colour follows the worst flag.

Quality Profile

Profitability

1/1 pass
GP / assets
0.33
Return on equity
13.6%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.16
Current ratio
3.79×
Net cash
$54.01M

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
0.6%

Growth

1/2 pass
Revenue growth
-0.6%
Piotroski F-Score
N/A
Share dilution
-1.8%

Dividend yield and payout ratio are the primary reads at this stage (trailing P/E — see valuation above).

Profitability

Does it make money well?

Warning: Revenue declining YoY · GP/assets 0.33

Gross profitability (GP / assets)

0.33

Primary signal (Novy-Marx).

Return on equity

13.6%

Gross margin

30.7%

Revenue growth (YoY)

-0.6%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2023202420252026
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

-3.1%

Revenue CAGR (5Y)

1.9%

Earnings CAGR (3Y)

-3.4%

FCF CAGR (3Y)

-1.1%

Cash Flow Health

Is the cash real?

No warning flags · FCF 4% below net income

Free cash flow

$41.03M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF vs net income

-3.8%

(FCF − net income) ÷ |net income|. Positive: cash above earnings. Negative: below.

FCF not below net income

Fails when free cash flow is below net income (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

Balance Sheet Strength

Can it survive a storm?

No warning flags · net cash $54.01M

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.16

Current ratio

3.79×

Quick ratio

2.28×

Net cash

$54.01M

Cash & equivalents minus total debt.

Piotroski F-Score

N/A

Only 8/9 components determinable.

Valuation

Is the price reasonable?

No warning flags

Dividend safety

Composite score

1.8 / 5

Weak
Payout ratio
60.8%2/5 Fair
FCF coverage
1.58×3/5 Good
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 0.16 · IC N/A2/5 Fair

Capital allocation quality

Composite score

1.0 / 5

Weak
Share count trend(net buybacks)
-1.8%3/5 Good
Buyback timing
N/AN/A
Dividend growth consistency(non-payer or broken streak)
0 yr0/5 Weak
Net debt trajectory
-10.6%0/5 Weak

Lifecycle Phase History

20212026
Decline
Capital Return
Value

Price History

EBF+63.0% · +10.2% CAGRSPY+82.9% · +12.8% CAGR