Espey Mfg & Electronics Corp
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Yellow, because the company is solid — profitable, debt-free, with a gross margin that has risen for five straight years and $46.7 million in cash as of March 31, 2026 — but one material operational question remains open: new orders fell 60 percent in nine months, six customers account for 74 percent of revenue, and three customers for two-thirds of the order backlog. That is not a substance risk — the customers are mostly the U.S. military and other government agencies, not a financially shaky mid-size company — but it is a concentration and an order drought that rule out green. That part of the record profit comes from interest and a lower tax rate is likewise not a balance-sheet breach, but it belongs in an honest reading of the numbers. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Espey Mfg. & Electronics is a 98-year-old, debt-free manufacturer with a gross margin that has risen from 12.1 to 37.0 percent, and $46.7 million in net cash as of March 31, 2026. At the same time, new orders collapsed 60 percent in nine months, and six customers account for three-quarters of revenue. The annual report for the fiscal year that ended June 30, 2026 is still outstanding. Not investment advice.
Balance sheet & cash
As of March 31, 2026, $46.7 million in cash and securities sit on the books with zero bank debt, plus a $3 million credit line renewed in February 2026 but never drawn.
Margin trend
Gross margin rose from 12.1 percent (fiscal year 2021) to 28.9 percent (2025) and hit a record 37.0 percent in the third quarter of fiscal year 2026.
Order backlog
New orders in the first nine months of fiscal year 2026 collapsed 60 percent ($30.0 million versus $75.1 million); the pipeline fell from about $163 million to about $152.5 million.
Customer concentration
Six customers account for 74 percent of 2025 revenue, three customers for $92.7 million of the $137.1 million order backlog as of March 31, 2026 — mostly government agencies and defense contractors.
Earnings quality
About 14 percent of nine-month pretax income comes from interest income, plus a lower tax rate (17.2 percent instead of about 18.3 percent) — but the operating profit increase (EBIT +70 percent in the third quarter) is real.
Management communication
Espey holds no earnings calls; its only forecast source is the written Business Outlook, which has historically been too cautious and was raised mid-year in May 2026.
Worth Noting
Hook for this analysis: the quarterly report (10-Q) as of March 31, 2026, filed May 12, 2026.
Data cutoff: annual and quarterly figures come from the annual report 10-K for fiscal year 2025 (filed September 16, 2025) and the quarterly report as of March 31, 2026. Price and valuation figures are as of August 26, 2026.
The annual report (10-K) for the fiscal year that ended June 30, 2026 had not yet been filed at the time of this analysis (expected September 2026; prior years: September 16/27).
Possible mix-up: Kaitlyn O'Neil (Principal Financial Officer since Feb 15, 2025) shares a surname with CEO David O'Neil but, per the 2025 proxy statement, is not related to him.
Stock Watch
This analysis is as of August 27, 2026. Stock Watch will tell you what's changed at ESP since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 36.40 $ to 72.20 $ · Last price: 64.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Electrical Equipment & Parts
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Espey Mfg & Electronics Corp ESP | 0.2 | 16.8 | 12.8 | 36.5 | – | 13.5 | 49.2 |
| Vertiv Holdings Co VRT | 104.3 | 55.5 | 38.8 | 38.0 | 16.4 | 27.7 | 76.7 |
| Bloom Energy Corp BE | 79.9 | – | 232.5 | 31.7 | 9.6 | 37.3 | 252.4 |
| nVent Electric PLC NVT | 24.5 | 48.7 | 23.6 | 36.4 | 16.0 | 29.5 | 54.5 |
| Hubbell Inc HUBB | 23.7 | 26.3 | 19.4 | 35.3 | 17.8 | 3.8 | 2.1 |
| Forgent Power Solutions, Inc. FPS | 11.6 | 1,906.0 | 68.3 | 34.3 | 10.4 | 315.4 | – |
| Advanced Energy Industries Inc AEIS | 10.8 | 50.1 | 31.6 | 40.0 | 14.3 | 21.4 | 61.5 |
| Acuity Brands Inc AYI | 9.1 | 20.1 | 11.7 | 48.7 | 16.1 | 13.1 | -11.6 |
| Enersys ENS | 6.7 | 22.6 | 11.4 | 29.8 | 13.4 | 3.7 | 63.7 |
| Median of companies shown | 11.6 | 37.5 | 23.6 | 36.4 | 15.2 | 21.4 | 58.0 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 27 | 4 | 3 | 1.38 | 6 | 32 | 34 |
| 2017 | 23 | 2 | 1 | 0.49 | 6 | 32 | 35 |
| 2018 | 33 | 4 | 3 | 1.31 | 0 | 33 | 37 |
| 2019 | 36 | 3 | 2 | 0.98 | -4 | 32 | 36 |
| 2020 | 32 | 1 | 1 | 0.49 | 6 | 31 | 38 |
| 2021 | 28 | 0 | 0 | -0.08 | 1 | 30 | 38 |
| 2022 | 32 | 2 | 1 | 0.52 | 2 | 32 | 40 |
| 2023 | 36 | 4 | 4 | 1.49 | 4 | 36 | 48 |
| 2024 | 39 | 7 | 6 | 2.29 | 11 | 41 | 57 |
| 2025 | 44 | 8 | 8 | 3.02 | 21 | 51 | 79 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 0.64 | 6.30 | 14 | 32.10 | 14.00 | 5 | 5 |
| 2025: Q1 | 0.57 | 65.10 | 10 | 24.80 | 16.50 | 12 | 11 |
| 2025: Q2 | 0.98 | 54.90 | 10 | -17.40 | 30.60 | 3 | 1 |
| 2025: Q3 | 0.72 | 35.80 | 9 | -12.90 | 23.90 | 6 | 4 |
| 2025: Q4 | 0.94 | 47.00 | 12 | -10.80 | 23.10 | -3 | -4 |
| 2026: Q1 | 0.96 | 68.10 | 11 | 10.90 | 25.10 | 3 | 3 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 11 of our scanner strategies — each hit links to the scanner.
Backtested Scanners
Breakout & Setup
Dividends
Earnings & Surprises
Momentum & Trend
- 21-EMA Trend
- Above the 50- & 200-SMA
- Gary Antonacci: Dual Momentum (Stock Adaptation)
- Mark Minervini: Trend Criteria — 1 Month
- Stan Weinstein: Checklist
- Stan Weinstein: Stage 2
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 06/30/2027 | 3.71 | 3.71 – 3.71 | 53 | -1.6% | 1 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly 18.6% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $4.4M |
|---|---|
| Market cap | $196.0M |
| Free cash flow in year ten | $24.2M |
| Terminal value as a share of market value | 65.2% |
For comparison: over the past five years free cash flow grew by 23.6% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
Militärelektronik-Fertiger (Stromversorgungen, Transformatoren) ohne jeden KI-Bezug — die Filings der letzten drei Geschäftsjahre erwähnen künstliche Intelligenz an keiner Stelle.
View the full file — quotes, sources, reviewed filings
Filings Reviewed: 10-Q 2026-05-12 · 10-K 2025-09-16 · 10-K 2024-09-27 · 10-K 2023-09-21
Rated on August 27, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 11.0%
- More than 10% revenue growth is expected for the coming year 11.2%
- Share count grows by less than 3% a year 3.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 51.3%
- Gross margin at 40% or higher and without meaningful erosion 28.9%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 44 m net cash
- Operating cash flow covers the profits of the last three years 18 m
- Return on capital at 15% or higher, or up versus two years ago 16.0%
- Insiders hold at least 10% or are net buyers 23.3%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
8/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 5.4%
- Exp. sales growth 3Y > 5% 19.9%
- EBIT growth 10Y > 5% 7.2%
- Exp. EBIT growth 3Y > 5% 22.8%
- Net debt < 4x EBIT -5.4x
- EBIT positive, 10Y straight 9
- Max. EBIT decline < 50% 100.0%
- Return on equity > 15% 16.0%
- ROCE > 15% 16.0%
- Expected return > 10% 33.3%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Sep 10, 2026 | Pickering Jennifer Michele | CHRO & Corporate Secretary | Other | 2,500 | 21.50 | 53,750 |
| Aug 4, 2026 | Wool Michael W | Director | Other | 100 | 8.98 | 898 |
| Apr 13, 2026 | Wool Michael W | Director | Other | 2,000 | 0.00 | – |
The company
About the Company
Espey Mfg. & Electronics Corp.
- Employees
- 152
- Headquarters
- Saratoga Springs, NY
- Address
- 233 Ballston Avenue, 12866-4755 Saratoga Springs, United States
- Phone
- 518 584 4100
- Website
- espey.com
- IPO Date
- 03/17/1992
- ISIN
- US2966501049
- Stock Split
- 2:1 on 01/03/2006
- Stock Split
- 3:1 on 01/03/1984
Management
| Name | Title | Birth Year |
|---|---|---|
| David A. O'Neil CPA | President, CEO & Director | 1965 |
| Kaitlyn N. O'Neil | Principal Financial Officer & Treasurer | 1992 |
| Jennifer Michele Pickering | Chief HR Officer & Corporate Secretary | 1978 |
| Alan Winslow | Chief Technology officer | – |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 09/08/2026 ESPEY MFG & ELECTRONICS CORP (ESP): Other Events; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.