Share count
14Mpeak FY2025
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ENGS, Energys Group Limited
We are an energy service company founded in the United Kingdom with over 23 years of experience in deploying energy-saving technologies and services.
We principally provide end-to-end customized solutions and services involving the retrofitting of existing infrastructures to reduce CO 2 emissions and to reduce costs for the customer.
We sell and install our own high quality LED lighting products and we offer several other products and services, such as boiler optimization, lighting controls, energy monitoring and reporting, value wrap, low carbon heating, combined heat and power and indoor air quality products.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
£7M
−28.2% YoY
Vital signs · TTM, with 3-yr average
Revenue £7M 3-yr avg £7M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No meaningful revenue yet; the record is the cash on hand against the burn. Distress / turnaround. Thin interest coverage, or operating cash burned against real debt, across the record. The balance sheet carries this situation; the debt schedule sets the clock.
- What moves the needle
- Operating margin has run around −25% through the cycle on a 20% gross margin, the operating line deeply negative — so the lever is the path to a margin at all: revenue growth against the cost curve and the cash runway, not the level of a margin that isn't there yet. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2023–2025
realized figures from each filing · older years to the left| 2023’23 | 2024’24 | 2025’25 | TTMTTMJun 2025 | |
|---|---|---|---|---|
| Income statement | ||||
| £6M | £10M | £7M | £7M | RevenueRevenue |
| 18% | 22% | 20% | 20% | Gross marginGross mgn |
| (£2M) | (£233K) | (£2M) | (£2M) | Operating incomeOp. inc. |
| −25.9% | −2.4% | −25.2% | −25.2% | Operating marginOp. mgn |
| (£2M) | (£1M) | (£2M) | (£2M) | Net incomeNet inc. |
| Cash flow & returns | ||||
| (£630K) | (£1M) | (£500K) | (£500K) | Operating cash flowOp. cash |
| £141K | £136K | £144K | £144K | DepreciationDeprec. |
| £2M | (£460K) | £1M | £1M | Working capital & otherWC & other |
| £1K | £32K | £8K | £8K | CapexCapex |
| 0.0% | 0.3% | 0.1% | 0.1% | Capex / revenueCapex/rev |
| (£631K) | (£1M) | (£508K) | (£508K) | Owner earningsOwner earn. |
| −10.5% | −15.3% | −7.4% | −7.4% | Owner earnings marginOE mgn |
| (£631K) | (£1M) | (£508K) | (£508K) | Free cash flowFCF |
| −10.5% | −15.3% | −7.4% | −7.4% | Free cash flow marginFCF mgn |
| — | -3% | -19% | -19% | ROICROIC |
| — | — | -139% | -139% | Return on equityROE |
| — | — | −139% | −139% | Retained to equityRetained/eq |
| Balance sheet | ||||
| — | £261K | £193K | £193K | Cash & investmentsCash+inv |
| — | £1M | £1M | £1M | InventoryInvent. |
| — | £1M | £975K | £975K | Accounts payablePayables |
| — | (£57K) | £108K | £108K | Operating working capitalOper. WC |
| — | £5M | £7M | £7M | Current assetsCur. assets |
| — | £10M | £9M | £9M | Current liabilitiesCur. liab. |
| — | 0.5× | 0.8× | 0.8× | Current ratioCurr. ratio |
| — | £9M | £10M | £10M | Total assetsAssets |
| — | £8M | £6M | £6M | Total debtDebt |
| — | £8M | £6M | £6M | Net debt / (cash)Net debt |
| (£6M) | (£2M) | £1M | £1M | Shareholders’ equityEquity |
| Per share | ||||
| 12.0M | 12.0M | 14.3M | 14.3M | Shares out (diluted)Shares |
| £0.50 | £0.80 | £0.48 | £0.48 | Revenue / shareRev/sh |
| £-0.19 | £-0.09 | £-0.15 | £-0.15 | EPS (diluted)EPS |
| £-0.05 | £-0.12 | £-0.04 | £-0.04 | Owner earnings / shareOE/sh |
| £-0.05 | £-0.12 | £-0.04 | £-0.04 | Free cash flow / shareFCF/sh |
| £0.00 | £0.00 | £0.00 | £0.00 | Cap. spending / shareCapex/sh |
| £-0.49 | £-0.17 | £0.10 | £0.10 | Book value / shareBVPS |
The record, charted
FY2023–2025Each measure over its full record; the current point and the worst year marked.
Gross margin
20%low FY2023
Owner earnings vs. net income
Owner earningsNet incomeThe accountant's number, and the cash an owner can take; the gap is the tell.
(£508K)owner earningsvs.(£2M)net incomelow FY2024
Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.
In fiscal 2025 the business turned a £2M loss into (£508K) of owner earnings: more cash than the profit line showed, after the non-cash charges and the capital it put back in.
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Reported net income | (£2M) | (£1M) | (£2M) |
| Depreciation & amortizationnon-cash charge added back | +£144K | +£136K | +£141K |
| Working capital & othertiming of cash in and out, other non-cash items | +£1M | −£460K | +£2M |
| Cash from operations | (£500K) | (£1M) | (£630K) |
| Capital expenditurecash put back in to keep running and to grow | −£8K | −£32K | −£1K |
| Owner earnings | (£508K) | (£1M) | (£631K) |
| Owner-earnings marginowner earnings ÷ revenue | -7% | -15% | -11% |
Owner earnings is the cash an owner could pull out without starving the business: operating cash less the capital it must spend to hold its position .
Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Will it survive?
- Interest expense not tagged in the data
What this means
No usable interest-expense line was tagged in the filing data, but the balance sheet carries real net debt — so the interest burden here is unknown, not absent. Read the debt on the net-debt check below.
- Net debt against an operating lossCash £193K − debt £6M
What this means
Netting £193K of cash and short-term investments against £6M of debt leaves £6M owed, with no operating profit this year to measure it against — understand that combination before anything else about the company. Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
- Not enough data
What this means
The filing data didn't include the inputs for this check.
Is it a good business?
- Below averageNOPAT (£1M) ÷ invested capital £7M (debt + equity − cash)Industry peers: median 10%
What this means
The rate the business earns on the money tied up in it, Buffett's north star, because over time a stock tracks the ROIC beneath it. Above ~15% sustained hints at a moat; a return below the cost of capital (~8%) erodes value as a business grows rather than building it — the test Buffett weighs most. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
- Consumes cash through the cycle3-yr median margin, range -15%–-7%; latest (£508K) = operating cash (£500K) − maintenance capex £8KIndustry peers: median 6%
What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's -7% of revenue this year, a -11% median across 3 years.
- Are earnings backed by cash? (£500K)Loss, and burning cashNet income (£2M) · cash from operations (£500K)
What this means
The company reported a net loss, so a conversion ratio isn't meaningful. What matters then is whether operations still threw off cash, here, they did not.
How is the cash used?
- Not enough data
What this means
The filing data didn't include the inputs for this check.
- Investing or harvesting? 0.06×HarvestingCapex £8K ÷ depreciation £144K
What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.
Graham’s defensive tests · 0 of 2 met
Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.
- Adequate size —Revenue ≥ $2B (a dollar floor) · £7M
What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
- Strong liquidity MissCurrent ratio ≥ 2× · 0.84×
What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
- Conservative debt MissDebt ≤ working capital · £6M vs (£1M) WC
What this means
Graham's rule that borrowings not exceed net current assets. Capital-heavy and buyback-heavy firms routinely fail it, read it next to interest coverage, not alone.
- Moderate price —P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price
What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are £-0.13/share (latest year £-0.15), the averaged base the calculator's gate runs on, and book value is £0.10/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Framed as a capability
The filing positions AI as something the company uses, not something it fears.
“Our process includes: (i) collection of data, monitoring and analysis utilizing sensors, nodes, gateways, dashboards and servers; (ii) equipment control, including nodes, MQTT server, dashboards and other sensors; (iii) artificial intelligence, including big data analysis, algori…”
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Jun 30, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assets£7M
- Cash & short-term investments£193K
- Inventory£1M
- Other current assets£6M
Current liabilities£9M
- Accounts payable£975K
- Other current liabilities£8M
Current ratio0.84×all current assets ÷ what's due · Graham looked for 2×
Quick ratio0.72×stricter: inventory excluded
Cash ratio0.02×strictest: cash alone against what's due
Working capital(£1M)the cushion left after near-term bills
Deeper floors
Tangible book value£1Mequity stripped of goodwill & intangibles
Net current asset value(£2M)Graham's net-net: current assets less all liabilities
Debt incl. operating leases£6M£127K of it operating leases
Deferred revenue£619Kcustomer cash collected before delivery; operating float
From the company's latest filing.
What an owner would ask, FY2025
read the 10-K →- How much of the revenue rides on one buyer?≈£1M · 20% of revenue on the largest customer (TTM)
“For the fiscal year ended June 30, 2025, one customer accounted for 19.8% of total revenue.”verify →
The questions the record and the charts do not answer on their own; each carries the figure and the place to look.
Peers, Construction & Engineering
The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | Gross margin | Op. margin | ROIC | Owner earn. margin |
|---|---|---|---|---|---|
| FIXComfort Systems | $9.1B | 20% | 6.5% | 20% | 6% |
| IESCIES Holdings Inc. | $3.4B | 19% | 4.0% | 17% | 3% |
| AMRCAmeresco Inc. | $1.8B | 19% | 6.1% | 8% | -10% |
| AGXArgan Inc. | $945M | 17% | 8.9% | 29% | 19% |
| MTRXMatrix Service Company | $769M | 6% | -3.7% | -14% | 2% |
| LMBLimbach Holdings Inc. | $647M | 18% | 2.9% | 10% | 6% |
| BBCPConcrete Pumping Holdings Inc. | $356M | 37% | 12.6% | 6% | 11% |
| ENGSEnergys Group Limited | £7M | 20% | -25.2% | -19% | -11% |
| Group median | — | 19% | 5.1% | 9% | 4% |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Energys Group Limited's US listing is the ordinary share itself; figures in this tool are translated at GBP 1 = $1.349 (2026-07-17, reference rate); the dollar quote then reconciles exactly. The record tables elsewhere on this page remain as filed, in GBP.
Energys Group Limited is profitable, but owner earnings are negative this year because capital spending currently outruns operating cash, a build-out, so the owner-earnings reverse-DCF has no positive base to grow. We read the price from both ends instead: type a price to see the steady-state profitability it demands, then set the mature margin you would believe and weigh the two against each other. Nothing leaves your browser unless you enter it in your notebook.
$
The assumptions
Enter a price to run it.
Owner earnings it must reach—
Margin the price demands—
Owner-earnings margin today−7%
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Two reads of one future. From your price: the owner earnings the company must reach, valued at a mature multiple and discounted back at your rate, expressed as the margin it implies on revenue grown at your rate. From your belief: the mature margin you would credit, set on the dial above. When the margin the price demands runs above the one you would believe, you are paying for a future taken on faith. For a deep cyclical at a trough, normalized through-cycle earnings are the better lens; this mode is for the genuinely unprofitable, and for the profitable business whose capital spending currently outruns its cash.
Cite: Owner Scorecard, "Energys Group Limited (ENGS), the owner's record," https://ownerscorecard.com/c/ENGS, data as of 2026-07-09.
Manual order: ← EMBJ its page in the Manual ENIC →
Industry order: ← EME the Construction & Engineering chapter ESOA →