Quality Investor

Ennis, Inc.

Rank #193Value

EBF · NYSE · Industrials

Ennis, Inc. (EBF) — Rank #193 by gross profitability (GP/assets 0.33) · ROE 13.7% · Piotroski F-Score N/A.

As-of 2026-09-15 · 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

Price History

EBF+57.7% · +9.5% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

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

Market Cap

$537.08M

P/E (annual)

12.8

P/S (annual)

1.4

P/B

1.7

P/OCF (annual)

10.2

Shareholder Yield

6.6%

Employees

1,835

Industry

Specialty Business Services

Exchange

NYSE

Signal Flags

3 green1 red
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Sequential beat (rev + EPS)Both revenue and EPS exceeded prior quarter — 1-quarter streak
Revenue declining YoYRevenue contracted year over year

Quality Profile

Profitability

1/1 pass
GP / assets
0.33
Return on equity
13.7%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.17
Current ratio
3.53×
Net cash
$49.08M

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%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

2.1%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -1.8% — per-share value needs a total required return of 0.3% once share-count change is priced in.

vs. own 6-year median revenue growth: -1.6%

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-1.9%

r = 10% (base)

2.1%

r = 12%

5.6%

Net debt / market cap: -9.0%

Base FCF: $41M3Y mean FCF: $54.5M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

12.5xCheap
11.0xmed 12.6x23.0x

P / S

Price / revenue per share

1.4xFair
1.1xmed 1.3x1.6x

P / B

Price / book value per share

1.7xFair
1.5xmed 1.7x2.0x

P / GP

Price / gross profit per share

4.4xExpensive
3.6xmed 4.3x5.4x

P / FCF

Price / free cash flow per share

12.9xExpensive
8.5xmed 10.8x12.9x

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

Profitability

Gross profitability (GP / assets)

0.33

Primary signal (Novy-Marx).

Return on equity

13.7%

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%

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.17

Current ratio

3.53×

Quick ratio

2.06×

Net cash

$49.08M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$41.03M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.04

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.6%

Stock-based comp intensity.

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 0.17 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

N/A

Only 8/9 components determinable.

Lifecycle Phase History

20212026
Decline
Capital Return
Value