EnerSys
EnerSys makes the big batteries that keep data centres, phone networks, forklifts and military equipment running when the power fails or the plug is out.
The scores
Growth2/4 →
Revenue grew about 2% a year over fiscal 2024-2026 with an acquisition inside it; forklift batteries, nearly half of sales, are shrinking.
Business quality2/4 ↓
A service network and installed base, but lead batteries are substitutable and lithium from Asian cells is taking forklifts; retention is the company's own figure.
Financial position3/4 →
Net leverage 0.8 times and $468M of free cash flow; $300M of notes fall due in December 2027 and refinance in a normal market.
Execution record3/4 →
Beat EPS eight quarters running and cut costs as promised, but missed revenue once on forklifts and shrank the lithium plant to a quarter.
Per share capture4/4 ↑
Diluted shares fell from 41.4M to 37.6M in two years on buybacks paid from cash; the dividend rose 10%.
Potential2/4 →
Data centre orders and defence rules point up, but orders are not sales, the lithium lines have no revenue, and the market size is management's.
Risk profile3/4 →
No customer above 10%, but a third or more of earnings depends on one law, the 45X credit, which phases out and could be changed.
Valuation3/4 →
About 15 times segment profit once the credit is valued apart; that pays for the core growing with its markets, management's plan, not more.
Evidence quality3/4 →
Statements, segments and the credit's law are filed or official, but data centre orders, retention and the lithium products rest on management.
No upside the evidence defends · if it fails you keep about 84%.
The Verdict
We rate EnerSys Neutral. It is a steady, mixed-quality battery maker: about 11 cents of operating profit per sales dollar, but sales have grown only about 2% a year. The price looks cheap on reported earnings, yet about two-fifths of last year's adjusted earnings came from a US tax credit that shrinks from 2030 and ends after 2032. Without the credit the price is fair, about 15 times what the businesses earn, and that needs steadier growth than the record shows. Data centre orders and defence demand are the reasons not to call it unattractive; neither is in the sales yet.
The long caseData centres and the military need reliable batteries made in America, and EnerSys already makes them.
The evidence under this - 7 claims
- Management plans to lift US output to half its batteries, which could raise the yearly credit through 2029 (C14).
- Fiscal 2026 adjusted earnings without the credit still grew 15% (S02).
- The panel's fiscal 2027 EPS of $13.34 puts the shares at 12.8 times earnings, which reads cheap because it includes the credit (S11).
- Segment profit excludes about $10-20M a quarter of restructuring that has recurred every quarter of fiscal 2026 (S03, S04).
The CFO said on the same call that orders in this business are lumpy, and data centre revenue is not disclosed in any filing (S06, S01).
The company
When the power fails, a data centre or a phone tower runs on batteries until the generator starts. EnerSys makes those batteries, mostly lead-acid, including a fast-charging type called TPPL. It also makes the batteries and chargers inside electric forklifts, truck batteries, and batteries for missiles, soldiers and military vehicles.
Its rivals are other lead-acid makers, and increasingly lithium battery packs built from Asian cells. EnerSys has started selling its own lithium products, but most of its sales are still lead.
The evidence under this - 5 claims
The 10-K names EaglePicher and Saft as main defence rivals, and no outside body measures the position claimed (S01).
The Noir cells come from a supplier, not from EnerSys's own plant, and no order value is disclosed (S06).
How it makes money
It sells batteries, replaces them when they wear out, and services them. Network and data centre power was 44% of fiscal 2026 sales, forklifts and trucks 46%, and defence 10%. Each kept about 9 to 18 cents of operating profit per sales dollar, defence the most.
On top of that, the US government pays a production credit for every battery made in America. It is booked as a lower cost and was $158.6M in fiscal 2026.
The evidence under this - 4 claims
Where the money comes from, stream by stream
| Stream | Share of sales (FY 2026) | How it earns it |
|---|---|---|
| Network & Infrastructure Solutions | 44.0% | Backup batteries, power systems and service for telecom, cable, utilities and data centres. |
| Industrial Mobility Solutions | 46.4% | Forklift and truck batteries, chargers and service, lead and lithium. |
| Precision Power Solutions | 9.6% | Batteries for missiles, soldiers, military vehicles, aircraft and space. |
Who runs it
Shawn O'Connell, who joined in 2011 and ran the forklift business, became chief executive in May 2025; Andrea Funk has been finance chief since 2022. Directors and officers own about 1% of the shares.
Their bonus pays mostly on adjusted operating profit, which includes the tax credit, so part of their pay rests on a subsidy. Insider trading was small: the finance chief bought a few shares in May 2026.
The evidence under this - 3 claims
Why it wins, and who could beat it
Why customers come back
EnerSys has a large base of batteries already installed and about 750 service staff. A warehouse or a phone company that runs its batteries usually replaces like with like, and the company says over 90% of customers stay.
That hold is weakening where lithium arrives. An outside forecaster says lithium is passing lead in electric forklifts around 2026, though lithium's repair and service network is less mature. EnerSys's forklift sales fell 3% last year.
The evidence under this - 4 claims
IMS sales fell 3.0% in fiscal 2026 and 3.2% in Q1 fiscal 2027 (C05, C07).
The same forecast puts North America years behind China and Europe, which slows the shift in EnerSys's largest region (S13).
The threat
Private lead-acid makers such as East Penn sell the same batteries to the same buyers. The bigger threat is lithium: forklift makers now fit their own lithium packs from Asian cells, and Vertiv sells lithium cabinets for data centre backup, the slot EnerSys's new DataSafe Noir lithium must win.
The evidence under this - 4 claims
The same forecast puts North America years behind China and Europe, which slows the shift in EnerSys's largest region (S13).
The Noir cells come from a supplier, not from EnerSys's own plant, and no order value is disclosed (S06).
The rivals: HY, FLUX, VRT, VRT, TTE, APH, and 6 more that are private, in-house or listed abroad.
Who else does this, rival by rival
| Ticker | Rival | Where it competes | How far along | Priced against it |
|---|---|---|---|---|
| Private | East Penn ManufacturingPriced against it: Private | Industrial Mobility Solutions | On sale | Private |
| Private | Stryten EnergyPriced against it: Private | Industrial Mobility Solutions | On sale | Private |
| HY | Forklift makers' own lithium packs, such as Toyota Industries, KION and Hyster-YalePriced against it: Not checked | Industrial Mobility Solutions | On sale | Not checked |
| FLUX | Flux PowerPriced against it: Not checked | Industrial Mobility Solutions | On sale | Not checked |
| VRT | VertivPriced against it: One segment only | Network & Infrastructure Solutions | On sale | One segment only |
| Vertiv | Lithium growth bets | On sale | ||
| GS YuasaPriced against it: Listed abroad | Network & Infrastructure Solutions | On sale | Listed abroad | |
| Chinese lithium cell makers such as CATLPriced against it: Listed abroad | Network & Infrastructure Solutions | On sale | Listed abroad | |
| Private | EaglePicher TechnologiesPriced against it: Private | Precision Power Solutions | On sale | Private |
| TTE | Saft, part of TotalEnergiesPriced against it: Not checked | Precision Power Solutions | On sale | Not checked |
| ABBPriced against it: Listed abroad | Lithium growth bets | On sale | Listed abroad | |
| APH | AmphenolPriced against it: One segment only | - | On sale | One segment only |
How big it could get
How big this could get
Management puts the markets it serves at about $26B a year, so EnerSys's sales are about a seventh of it; nobody outside the company measures this. Two outside numbers show which way the parts move. The US Department of Energy expects data centres to use 6.7% to 12% of US electricity by 2028, up from 4.4% in 2023. In forklifts, lithium should pass 70% of batteries by 2034, a market lead-acid is losing.
The evidence under this - 3 claims
No outside body publishes the industrial battery market in these cuts, so the sizes cannot be checked (S07).
The range is wide: the high end is nearly twice the low end (S14).
The same forecast puts North America years behind China and Europe, which slows the shift in EnerSys's largest region (S13).
Where the growth is coming from, business by business
Where the growth is coming from
| Business | Share of revenue | Growth: last quarter | Last half-year | Last year | Share in 3 years at its half-year rate |
|---|---|---|---|---|---|
| Product | 89% | +3.7% | +1.5% | +3.2% | 84% |
| Service | 11% | +14.7% | +17.5% | +8.5% | 16% |
| Whole company | 100% | +4.8% | +3.0% | +3.7% | 100% |
On the filed split through 2026-07-05, if each business keeps its last half-year's growth, the company grows about 3% next year and 4% in year 3, against 3.7% over the last twelve months. A scenario, not a forecast: no business holds its rate.
The results
The numbers
Sales grew 3.7% over the twelve months to Jul 2026, about the same pace as the 3.7% in the year to Mar 2026.
Operating margin is 13%, up from 9.8% in the year to Mar 2024.
Running costs take 18¢ of each sales dollar, up from 16¢ in the year to Mar 2022.
Each dollar put into the business earns 13% a year after tax, up from 6.4% in the year to Mar 2022.
It turned 19% of sales into free cash, $717M over the last twelve months.
It owes $508M more than the cash it holds, about 0.7 years of the cash its operations bring in.
The share count fell 12% in 4.3 years, and pay in shares costs −0.0% of sales.
All the numbers
Filed figures from the company's 10-K and 10-Q, read 2026-10-21. Fiscal years end in March.
| Mar 2022 | Mar 2023 | Mar 2024 | Mar 2025 | Mar 2026 | 12 mo to Jul 2026 | |
|---|---|---|---|---|---|---|
| Size and growth | ||||||
| Sales | $3.36B | $3.71B | $3.58B | $3.62B | $3.75B | $3.79B |
| Sales growth | +13% | +10% | −3.4% | +1.0% | +3.7% | +3.7% |
| Profit | ||||||
| Gross margin | 22% | 23% | 27% | 30% | 29% | 31% |
| Operating margin | 6.1% | 7.5% | 9.8% | 13% | 11% | 13% |
| Net margin | 4.3% | 4.7% | 7.5% | 10% | 7.8% | 9.3% |
| What growth costs, per sales dollar | ||||||
| Pay in shares | 0.2% | 0.2% | 0.2% | 0.2% | 0.2% | −0.0% |
| Capital spending | 2.2% | 2.4% | 2.4% | 3.3% | 2.1% | 1.6% |
| Cash | ||||||
| Cash from operations | −$65.6M | $280M | $457M | $260M | $548M | $777M |
| Free cash flow | −$140M | $191M | $371M | $139M | $468M | $717M |
| Balance sheet | ||||||
| Cash and short-term investments | $402M | $347M | $333M | $343M | $439M | $531M |
| Debt | $1.30B | $1.07B | $832M | $1.11B | $1.11B | $1.04B |
| Net cash | −$896M | −$726M | −$499M | −$769M | −$670M | −$508M |
| Returns and shares | ||||||
| Return on capital | 6.4% | 8.5% | 12% | 15% | 12% | 13% |
| Shares (diluted) | 42.8M | 41.3M | 41.4M | 40.4M | 38.1M | 37.6M |
What growth costs
Growth has not widened the margin. Profit per sales dollar sat near 10 to 11 cents while sales grew about 2% a year, and what improvement came was from closing plants and cutting about a tenth of the staff, not from selling more.
The evidence under this - 3 claims
The last report (12 Aug)
Quarter ended July 2026, filed figures.
In the quarter to 5 July 2026 sales rose 4.8%, mostly on higher prices rather than more batteries. Defence sales grew 23.6% and network power 9.4%, while forklift and truck sales fell 3.2%.
Profits looked better than they were. Without the US credit and a one-off $30.9M tariff refund, earnings per share were $1.78, against $3.66 reported on the company's adjusted basis. Management guided next quarter's sales to $955M to $995M.
What it did to the thesisIt showed the core still edging forward on price rather than volume, with defence and network power growing and forklifts shrinking. It left open the two questions the view turns on: whether forklift demand recovers, and what the businesses earn without the credit.
The quarter in detail
Sales growth from the previous quarter, filed figures.
Earnings per share $3.66 against $2.83 expected; $3.09 as filed, the gap being what the company adds back.
The evidence under this - 4 claims
Adjusted EPS without the credit of $1.95-2.05 sits below Q1's $2.41, which included the tariff refund; the panel's $3.19 estimate is inside the guide (S11).
Material handling was the reason for the Q3 fiscal 2026 revenue shortfall, and Q1 IMS sales still fell 3.2% (S17, S05).
What management did with the money
It buys back shares steadily, cutting the share count about 9% in two years, and raised the dividend 10%. It bought a soldier-battery maker in 2024, and in July 2026 shrank its planned lithium cell plant to a small defence-only factory.
Insiders in 2026Q3: 92 purchases and 17 sales, from their Form 4 filings.
The evidence under this - 3 claims
The price, and where we disagree
In short. Fair. Valued without the tax credit, the price pays for the businesses growing about as fast as their markets, which is management's plan, but not much more.
The shares are 30% below their May high after the lithium plant was cut and forklift demand stayed weak, so the price now asks less than it did.
The next test is the second-quarter report on 4 November, against the company's own guide. Further out, a ban on Defense Department purchases of batteries from six Chinese makers starts in October 2027, which could send more military orders to US plants like EnerSys's.
The evidence under this - 5 claims
Adjusted EPS without the credit of $1.95-2.05 sits below Q1's $2.41, which included the tariff refund; the panel's $3.19 estimate is inside the guide (S11).
How we read the multiple
Buyers pay about $6.9B for the company. Forecast earnings look cheap, but include a credit worth about $0.56B today that ends after 2032.
Taking that out, and asking for 5 cents of after-tax profit per dollar paid, a common rule of thumb for a slow-growing business, EnerSys must:
- Earn about $413M of operating profit a year, what its businesses earned last year.
- Grow that by about 3% a year, for ever.
- Beat its record: sales grew about 2% a year over the last two years.
Against its own history. Its own normal includes years when the credit did not exist, so the gap mostly measures how much of today's earnings the credit supplies.
The evidence under this - 4 claims
- The panel's fiscal 2027 EPS of $13.34 puts the shares at 12.8 times earnings, which reads cheap because it includes the credit (S11).
- Segment profit excludes about $10-20M a quarter of restructuring that has recurred every quarter of fiscal 2026 (S03, S04).
- Management plans to lift US output to half its batteries, which could raise the yearly credit through 2029 (C14).
- Fiscal 2026 adjusted earnings without the credit still grew 15% (S02).
Revenue grew about 2.3% a year over fiscal 2024-2026, below the bottom of the framework (C03).
Priced against its rivals
None of the listed rivals above sells the same thing to the same buyers as a large part of what it does. A price comparison needs at least two, so the price is judged against its own history instead.
Private or foreign rivals that cannot be priced: East Penn Manufacturing Co., Stryten Energy (formerly Exide Technologies' US business), C&D Technologies, Inc., Saft, GS Yuasa Corporation, Delta Electronics, Inc., Hoppecke, Fiamm, Midac, Sunlight, TAB, Banner, Atlas, Eternity, New Power and OmniOn Power, Clarios, EaglePicher Technologies, Jule, Tritium and ABB.
The bet: what it pays if it works
The bet is EnerSys's new lithium products: DataSafe Noir cabinets for data centres, Fortix storage for warehouses, and a small defence cell factory. Noir has orders but no sales yet, and the factory starts construction in fiscal 2028.
Nothing yet supports a revenue figure, so there is no upside we can count. If it fails, no current profit is lost, but years of its own cash go into the plant, and the price already sits above what we think the existing businesses are worth.
The steps it has to take
- Done DataSafe Noir launched to data centre customers
- Done Fortix storage approved under UL and NFPA 855
- Slipped Cell plant built at its first planned size due 2030-09
- Not started First Noir revenue recognised due 2028-03
- Not started Cell plant construction starts due 2027-09
The detail behind the label
The evidence under this - 4 claims
The Noir cells come from a supplier, not from EnerSys's own plant, and no order value is disclosed (S06).
The plant is a quarter or less of the size first announced, and the start has moved into fiscal 2028 (S08).
- The panel's fiscal 2027 EPS of $13.34 puts the shares at 12.8 times earnings, which reads cheap because it includes the credit (S11).
- Segment profit excludes about $10-20M a quarter of restructuring that has recurred every quarter of fiscal 2026 (S03, S04).
Where we disagree with the market
A cheap industrial at about 13 times next year's earnings, with strong cash flow and data centres and defence to grow into.
About two-fifths of those earnings are a tax credit with an end date; without it the price is fair, not cheap.
The market prices the earnings the company reports, and those beat forecasts eight quarters running. We think the credit should be valued as what it is, a payment that shrinks from 2030, and the rest valued as a slow-growing battery business.
Against us: management plans to make more of its batteries in America, which could raise the credit until 2029, and data centre orders rose over 80%, which could lift growth above the record.
What analysts say, and the evidence
The evidence under this - 7 claims
- Management plans to lift US output to half its batteries, which could raise the yearly credit through 2029 (C14).
- Fiscal 2026 adjusted earnings without the credit still grew 15% (S02).
- The panel's fiscal 2027 EPS of $13.34 puts the shares at 12.8 times earnings, which reads cheap because it includes the credit (S11).
- Segment profit excludes about $10-20M a quarter of restructuring that has recurred every quarter of fiscal 2026 (S03, S04).
The CFO said on the same call that orders in this business are lumpy, and data centre revenue is not disclosed in any filing (S06, S01).
What could go wrong, and how we would know
The risks
- Lithium takes forklifts Lithium is passing lead in electric forklifts, and forklift makers fit their own packs, so EnerSys's largest business could keep shrinking.
- The credit can change A third or more of earnings rests on one law; Congress has already added limits once and could cut it sooner.
- Orders are not sales Data centre orders are lumpy, deliver over up to three years, and are not given as a dollar figure in any filing.
- The lithium plan keeps shrinking The cell plant was cut to a quarter or less of its first size, and its output arrives years from now.
- Debt due in 2027 $300M of bonds fall due in December 2027; refinancing is routine in a normal market but costs more now.
The evidence under this - 7 claims
The same forecast puts North America years behind China and Europe, which slows the shift in EnerSys's largest region (S13).
- Less than half of the credits booked have reached cash, so the earnings run ahead of the money (S07).
- The credit fell from $184.6M in fiscal 2025 to $158.6M in fiscal 2026 (S02).
The CFO said on the same call that orders in this business are lumpy, and data centre revenue is not disclosed in any filing (S06, S01).
What we still do not know
- How much of network power sales comes from data centres, and at what margin.
- How much of EnerSys's forklift sales are already lithium, and whether it is winning inside lithium.
- How much of the credit booked so far is still waiting to arrive as cash.
The evidence under this - 3 claims
The CFO said on the same call that orders in this business are lumpy, and data centre revenue is not disclosed in any filing (S06, S01).
The same forecast puts North America years behind China and Europe, which slows the shift in EnerSys's largest region (S13).
- Less than half of the credits booked have reached cash, so the earnings run ahead of the money (S07).
- The credit fell from $184.6M in fiscal 2025 to $158.6M in fiscal 2026 (S02).
What would change our view
- Neutral→AttractiveThe core earns more without the credit
It needs all of:
- ○The businesses earn 12 cents or more of operating profit per sales dollar, without the credit, over four quarters.checked at the next results, due by 4 Nov
- ○Forklift and truck sales grow on the year in two quarters running.watched as it happens
- Neutral→AttractiveA price that pays for the core alone
It needs:
- ○The company's value falls to 12 times its businesses' operating profit over the last year, with that profit held.checked daily
- Neutral→UnattractiveThe core or the credit cracks
It needs any of:
- ○The businesses earn less than 9 cents of operating profit per sales dollar, without the credit, over four quarters.checked at the next results, due by 4 Nov
- ○Congress cuts or ends the battery credit before 2030.watched as it happens
We would also be wrong if
- Data centre sales grow less than mid single digits a year after orders rose over 80%.
What is coming
- 4 November 2026 Q2 fiscal 2027 results: Whether sales and EPS without the credit hit the guide and whether forklift orders turned.
Every dated event ahead
- 4 November 2026 Q2 fiscal 2027 results: Whether sales and EPS without the credit hit the guide and whether forklift orders turned.
- 31 March 2027 First revenue from Gen 2 forklift lithium: Whether EnerSys can sell its own lithium into the market that is leaving lead.
- 1 October 2027 Defense Department ban on six Chinese battery makers takes effect: Whether defence orders shift to US-made batteries such as PPS's.
- 15 December 2027 $300M of 4.375% notes fall due: How the company refinances and whether leverage stays near one time.
Since we wrote this
- 27 OctNewsEnerSys will buy defence-battery maker Ultralife for about $320M cash, accretive in 18 months. View heldEnerSys agrees to buy Ultralife for about $320M in cash, to close in the first quarter of 2027.
- 21 OctThesis writtenNeutral, medium convictionWritten two weeks before Q2 fiscal 2027 results, with the shares 30% below their May high.
Also checked 1 time with nothing new to act on.
Sources 17
Sources - 17
Every claim above cites one of these, or states the reasoning that derived it. The quote is frozen at the date it was read: a link can rot, and an agent fetch returns a reading of a page rather than the page. Backs counts the whole claim ledger, so it can name a claim this page does not surface.
- S01primarycompany filing2026-05-20the business, segments, competitors, customers, lithium risk factor, Bren-Tronics, Tijuana closure, headcount, debtbacksC01C02C03C12C25C34C35C42
- S02primarycompany release2026-05-20full-year results, the 45X credit and earnings excluding it, cash flowbacksC02C04C17C33
- S03primarycompany filing2026-05-28sales and adjusted operating earnings for NIS, IMS and PPS by quarter, and corporate unallocatedbacksC01C05
- S04primarycompany filing2026-08-12Q1 statements, debt, cash, share count, buybacks, tariff refund, restructuringbacksC06C18C32C34C35
- S05primarycompany release2026-08-12Q1 results by segment, earnings excluding 45X and the tariff refund, Q2 guidance, buybacks, dividendbacksC06C07C08C32C33C34C40
- S06primarytranscript2026-08-13EnerSys first-quarter fiscal 2027 earnings call transcript (FMP), held 2026-08-13data/cache/transcripts/ENS-2027Q1.jsonorders by market, data centre orders, DataSafe Noir and Fortix, the lithium plant, defence; four analysts' questions
We expect our new lithium plant to have an initial annual production capacity of approximately 1 gigawatt hour
backsC08C09C10C21C22C24C26C27 - S07primarycompany release2026-06-1145X credits expected by year, market sizes and growth by segment, the fiscal 2030 framework, positions claimed, leverage target
Generated $497M of credits FY’23-FY’26, which resulted in $231M of cash flow benefits
backsC14C24C27C29C30C31 - S08primarycompany filing2026-07-23the plant cut to about 1 GWh for defence, the DOE grant reduced, the Verkor partnership endedbacksC20C21
- S09primarycompany filing2026-03-25charge, jobs, expected yearly savings and the 45X reason for the closurebacksC35
- S10primarycompany filing2026-07-02bonus measures and payout, long-term awards, ownership table, leadersbacksC36C37
- S11secondaryvendor data2026-10-21Research pack frozen beside this thesis, 2026-10-21content/ENS/research-pack.jsonprice, returns and their split, consensus, estimates, earnings history, insider trades, short interestbacksC17C18C19C20C38C39C40
- S12primarygovernment data2026-08-13Congressional Research Service, 'The Section 45X Advanced Manufacturing Production Credit' (IF12809), updated 13 August 2026 Congressional Research Servicethe credit's rates for battery cells and modules, its phase-down and end, and the foreign-entity limits added in 2025
Taxpayers may then receive 75% of normal credit amounts for goods sold in 2030, 50% for goods sold in 2031, and 25% for goods sold in 2032.
backsC13 - S13secondaryindustry data2026-02-09Powertrain International, 'Forklifts Trend. According to Interact Analysis', 9 February 2026 Interact Analysislithium's share of electric forklift batteries now and to 2034, the US lag, the immature lithium after-sales market
A pivotal industry inflection point is expected around 2026, when Li-ion technology is forecast to surpass lead-acid batteries in market share within the electric forklift segment.
backsC11 - S14primarygovernment data2024-12-20US Department of Energy, 'DOE Releases New Report Evaluating Increase in Electricity Demand from Data Centers', 20 December 2024 US Department of Energy (Lawrence Berkeley National Laboratory report)US data centre electricity use in 2023 and the 2028 range
data centers consumed about 4.4% of total U.S. electricity in 2023 and are expected to consume approximately 6.7 to 12% of total U.S. electricity by 2028
backsC28 - S15primarygovernment data2023-12-22the ban on Defense Department purchases of batteries from six named Chinese makers from 1 October 2027
procure a battery produced by an entity specified in subsection (b).
backsC23 - S16primarycompany filing2026-08-04Hyster-Yale Form 10-Q for the quarter ended 30 June 2026 Hyster-Yale, Inc.a forklift maker's order trend, the demand EnerSys's forklift batteries follow with a lag
Bookings increased 17% from the first quarter and more than doubled from the prior year, marking the fourth consecutive quarter of growth
backsC41 - S17primarycompany release2026-02-04the third-quarter revenue shortfall and its explanationbacksC19C40