← All companies ← EOSE Manual EPAM → ← EFXT Industrial Machinery ESAB →

EPAC, Enerpac Tool Group

Enerpac Tool Group's businesses are global leaders in providing high pressure hydraulic tools, controlled force products and solutions for precise positioning of heavy loads that help customers safely and reliably tackle some of the most challenging jobs around the world.

Enerpac Tool Group Corp. is a premier industrial tools, services, technology, and solutions provider serving a broad and diverse set of customers and end markets for mission-critical applications in more than 100 countries.

Our businesses provide an array of products and services across multiple markets and geographies, which results in significant diversification.

Latest annual: FY2025 10-K

EPAC · Enerpac Tool Group

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2025

$617M

+4.6% YoY · 5% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue $634M 5-yr avg $581M

Gross margin 50% 5-yr avg 49%

Operating margin 21.2% 5-yr avg 14.3%

ROIC 20% 5-yr avg 15%

Owner-earnings margin 18% 5-yr avg 11%

Free cash flow margin 18% 5-yr avg 11%

The business in brief

read the 10-K →

What this business is and what moves its needle, from its own SEC filings.

What it is: Revenue is Industrial Tools & Services [Member] [Domain] (97%) and Other Operating (3%).
What moves the needle: Gross margin has run about 46% and operating margin about 7.8% through the cycle, a solid spread between what it charges and what the product costs to make. The operating margin has swung widely — from −14% to 22% — on a steadier 46% gross margin, so what moves it sits below the gross line, in operating spend and one-off charges more than in the cost of the product itself. Inventory runs near 13% of sales, so how fast it turns back into cash — and the risk of writing it down when demand softens — sits alongside the margin. Read this kind of business on the capital-goods cycle and the aftermarket. On its own account, the filing leans hardest on customer concentration, set against the numbers in what the filing emphasizes, below.
Is it a good business?: Return on capital has rarely cleared the cost of capital (median 7%, above 15% in 3 of 9 years). By owner earnings: roughly 11% of revenue reaches owners as cash, consistently. This is price-taker territory, where the balance sheet and the cycle matter more than any multiple; the rest is in the 10-K.

Every line is arithmetic on the company's filings, shown in full in the sections below.

Where the money comes from

read the 10-K →

The biggest segment, Industrial Tools & Services [Member] [Domain], is also where the profit is made: 97% of revenue and 96% of segment operating profit.

Revenue by reportable segment, FY2025

Operating profit same segments

Industrial Tools & Services [Member] [Domain]97%$596M96% of profit
Other Operating3%$21M4% of profit

By geographyUnited States37%All Other30%United Kingdom6%Germany5%Saudi Arabia4%Brazil4%Other14%

From the segment footnote of the company's own 10-K. Shares are of total revenue; the profit bar shows each segment's share of segment operating profit, before unallocated corporate costs.

The record

Ten years of arithmetic, read across the cycle.

Most recent quarterly filing 10-Q filed Jul 9, 2026 Source at SEC EDGAR →

Revenue up 5.6% year over year; operating income up 30.6%

figures computed from the filing's XBRL

The record, 2017–2025

realized figures from each filing · older years to the left

2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	2025’25	TTMTTMMay 2026
										Income statement
$617M	$641M	$655M	$493M	$529M	$571M	$598M	$590M	$617M	$634M	RevenueRevenue
42%	44%	45%	44%	46%	46%	49%	51%	51%	50%	Gross marginGross mgn
—	—	32%	37%	33%	38%	34%	29%	27%	27%	SG&A / revenueSG&A/rev
1%	1%	1%	1%	1%	1%	2%	2%	2%	2%	R&D / revenueR&D/rev
($85M)	$50M	$48M	$24M	$51M	$31M	$84M	$122M	$133M	$135M	Operating incomeOp. inc.
−13.8%	7.8%	7.3%	4.9%	9.7%	5.4%	14.0%	20.6%	21.6%	21.2%	Operating marginOp. mgn
($66M)	($22M)	($249M)	$723K	$38M	$16M	$47M	$86M	$93M	$93M	Net incomeNet inc.
—	—	—	—	9%	22%	25%	21%	23%	24%	Effective tax rateTax rate
										Cash flow & returns
$88M	$106M	$54M	($3M)	$54M	$52M	$78M	$81M	$111M	$125M	Operating cash flowOp. cash
$23M	$20M	$20M	$21M	$22M	$20M	$16M	$13M	$16M	$18M	DepreciationDeprec.
$117M	$96M	$272M	($34M)	($15M)	$3M	$6M	($29M)	($10M)	$212K	Working capital & otherWC & other
$17M	$11M	$15M	$12M	$12M	$8M	$9M	$11M	$19M	$12M	CapexCapex
2.8%	1.7%	2.3%	2.4%	2.3%	1.5%	1.6%	1.9%	3.1%	1.9%	Capex / revenueCapex/rev
$71M	$95M	$39M	($15M)	$42M	$43M	$68M	$70M	$92M	$112M	Owner earningsOwner earn.
11.6%	14.8%	5.9%	−3.1%	8.0%	7.6%	11.4%	11.9%	14.9%	17.7%	Owner earnings marginOE mgn
$71M	$95M	$39M	($15M)	$42M	$43M	$68M	$70M	$92M	$112M	Free cash flowFCF
11.6%	14.8%	5.9%	−3.1%	8.0%	7.6%	11.4%	11.9%	14.9%	17.7%	Free cash flow marginFCF mgn
$0	$23M	$0	$0	$0	$0	$0	$0	$27M	$0	AcquisitionsAcquis.
$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	$2M	Dividends paidDiv. paid
$0	$0	$22M	$28M	$0	$75M	$58M	$38M	$69M	—	BuybacksBuybacks
-8%	5%	7%	3%	10%	6%	16%	23%	22%	20%	ROICROIC
-13%	-4%	-83%	0%	9%	5%	14%	22%	21%	22%	Return on equityROE
−14%	−4%	−84%	−0%	9%	4%	14%	21%	21%	22%	Retained to equityRetained/eq
										Balance sheet
$230M	$250M	$211M	$152M	$140M	$121M	$154M	$167M	$152M	$116M	Cash & investmentsCash+inv
$190M	$123M	$126M	$84M	$103M	$107M	$98M	$104M	$106M	$106M	ReceivablesReceiv.
$144M	$72M	$77M	$69M	$75M	$84M	$75M	$73M	$79M	$85M	InventoryInvent.
$133M	$70M	$77M	$45M	$62M	$73M	$50M	$43M	$43M	$38M	Accounts payablePayables
$200M	$126M	$126M	$108M	$117M	$118M	$122M	$134M	$142M	$153M	Operating working capitalOper. WC
$647M	$1.0B	$730M	$341M	$357M	$342M	$356M	$372M	$376M	$359M	Current assetsCur. assets
$379M	$354M	$300M	$106M	$135M	$153M	$148M	$129M	$137M	$134M	Current liabilitiesCur. liab.
1.7×	3.0×	2.4×	3.2×	2.7×	2.2×	2.4×	2.9×	2.7×	2.7×	Current ratioCurr. ratio
$272M	$280M	$260M	$281M	$278M	$258M	$266M	$270M	$290M	$290M	GoodwillGoodwill
$1.5B	$1.5B	$1.1B	$824M	$820M	$757M	$763M	$777M	$828M	$812M	Total assetsAssets
$562M	$533M	$460M	$255M	$175M	$204M	$214M	$195M	$190M	$204M	Total debtDebt
$332M	$282M	$249M	$103M	$35M	$83M	$60M	$27M	$38M	$88M	Net debt / (cash)Net debt
$501M	$559M	$301M	$359M	$412M	$319M	$327M	$392M	$434M	$424M	Shareholders’ equityEquity
2.4%	1.8%	1.7%	2.0%	1.7%	2.4%	1.4%	1.9%	2.1%	2.0%	Stock comp / revenueSBC/rev
—	$21M	$14M	—	$6M	$1M	—	—	—	$1M	Goodwill written downGW imp.
										Per share
59.4M	61.0M	61.6M	60.3M	60.4M	59.9M	57.1M	54.9M	54.5M	52.4M	Shares out (diluted)Shares
$10.37	$10.51	$10.63	$8.18	$8.75	$9.53	$10.47	$10.75	$11.32	$12.10	Revenue / shareRev/sh
$-1.11	$-0.35	$-4.04	$0.01	$0.63	$0.26	$0.82	$1.56	$1.70	$1.78	EPS (diluted)EPS
$1.20	$1.56	$0.63	$-0.25	$0.70	$0.72	$1.19	$1.27	$1.69	$2.14	Owner earnings / shareOE/sh
$1.20	$1.56	$0.63	$-0.25	$0.70	$0.72	$1.19	$1.27	$1.69	$2.14	Free cash flow / shareFCF/sh
$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	$0.04	Dividends / shareDiv/sh
$0.29	$0.18	$0.24	$0.20	$0.20	$0.14	$0.16	$0.21	$0.35	$0.23	Cap. spending / shareCapex/sh
$8.42	$9.16	$4.89	$5.96	$6.82	$5.32	$5.72	$7.14	$7.96	$8.09	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	8-yr	5-yr
Revenue / share	+1.1%/yr	+6.7%/yr
Owner earnings / share	+4.4%/yr	—
EPS	—	+169.4%/yr
Dividends / share	+0.0%/yr	−0.2%/yr
Capital spending / share	+2.6%/yr	+12.2%/yr
Book value / share	−0.7%/yr	+6.0%/yr

The record, charted

FY2017–2025

Each measure over its full record; the current point and the worst year marked.

Share count

54Mpeak FY2019

ROIC

22%low FY2017

Gross margin

51%low FY2017

Net debt ÷ owner earnings

0.4×peak FY2019

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

$92Mowner earningsvs.$93Mnet incomelow FY2020

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetainedBeyond op. cash

Each year's outlays against its operating cash: the mix, and how it drifts. The hatched cap is spending beyond that year's operating cash — financed from the balance sheet or borrowing, not operations.

FY2017FY2025

Owner-earnings bridge

FY2021–FY2025cash-flow statement, SEC EDGAR →

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 reported $93M of profit but $92M of owner earnings: $805K less than the profit line, taken out by capital spending and the timing of cash.

Reported net income$93M

Owner earnings$92M · 15% of revenue

	FY2025	FY2024	FY2023	FY2022	FY2021
Reported net income	$93M	$86M	$47M	$16M	$38M
Depreciation & amortizationnon-cash charge added back	+$16M	+$13M	+$16M	+$20M	+$22M
Stock-based compensationreal costnon-cash, but a real cost	+$13M	+$11M	+$9M	+$14M	+$9M
Working capital & othertiming of cash in and out, other non-cash items	−$10M	−$29M	+$6M	+$3M	−$15M
Cash from operations	$111M	$81M	$78M	$52M	$54M
Capital expenditurecash put back in to keep running and to grow	−$19M	−$11M	−$9M	−$8M	−$12M
Owner earnings	$92M	$70M	$68M	$43M	$42M
Owner-earnings marginowner earnings ÷ revenue	15%	12%	11%	8%	8%

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 . The cash-flow statement also adds stock comp back as non-cash, but it is a real cost paid in shares; counted as the expense it is (less $13M), owner earnings is nearer $79M.

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.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2025 10-K · source on SEC EDGAR →

Will it survive?

Can it pay its interest? —

No meaningful interest burden

Little or no interest expense reported

What this means
Little or no interest expense reported, the business isn't leaning on lenders to operate.
How heavy is the debt, net of cash? $52M · 0.4× operating profit

Modest net debt

Cash $152M − debt $204M

What this means
Netting $152M of cash and short-term investments against $204M of debt leaves $52M owed, about 0.4× a year's operating profit (1.5× on the gross debt, before the cash). Net debt is the leverage figure that matters: the cash is already set against the debt. Strategic or illiquid investments aren't counted here.
How long is cash tied up? 106d

Long (60+ days)

DSO 63 + DIO 94 − DPO 51 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital 7%

Below average through the cycle

9-yr median, range -8%–23%; 21% latest = NOPAT $103M ÷ invested capital $486M

Industry peers: median 11%

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. The headline is the median of the last 9 years (it ran 21% most recently), so one peak or trough year doesn't set the verdict. Asset-light businesses (R&D expensed, little capital) read artificially high, pair this with Owner Earnings.
Owner-earnings margin 11%

Solid through the cycle

9-yr median margin, range -3%–15%; latest $92M = operating cash $111M − maintenance capex $19M

Industry 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 15% of revenue this year, a 11% median across 9 years. Treating stock comp as the real expense it is (less $13M of SBC) leaves $79M.
Are earnings backed by cash? 1.20×

Cash-backed

Cash from ops $111M ÷ net income $93M

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 77%

Returns about half

Dividends + buybacks $71M ÷ Owner Earnings $92M

What this means
Of $92M Owner Earnings, $71M (77%) went back to shareholders, $2M dividends, $69M buybacks. Net of $13M stock comp, the real buyback was about $56M. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.23×

Expanding

Capex $19M ÷ depreciation $16M

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 · 3 of 5 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 Miss

Revenue ≥ $2B · $617M

What this means
Big enough to weather a storm. Graham's 1972 floor was ~$100M of sales (≈ $700M today); we use a $2B revenue line as a conservative modern stand-in.
Strong liquidity Pass

Current ratio ≥ 2× · 2.74×

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 Pass

Debt ≤ working capital · $204M vs $239M 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.
Earnings stability Miss

A profit every year (9-yr record) · 3 loss years

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (9)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth —

Earnings +33% over the record · —

What this means
Earnings were negative early in the record, a growth rate isn't meaningful.
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 $1.47/share (latest year $1.81), the averaged base the calculator's gate runs on, and book value is $8.48/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.

Durability & moat, 2017–2025

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 6 of 9

What this means
Lost money in 3 year(s), look at what happened there before trusting the average.
Return on capital ≥ 15% 3 of 9 yrs

What this means
A moat shows up as a high return on invested capital that holds year after year, not one good vintage.
Operating margin 0% → 19% (3-yr avg ends)

In the filing’s words The record and the words agree: the margin widened and the filing attributes the gain to its own pricing, not volume alone.

What this means
Through the cycle the operating margin widened — about 0% early to 19% lately, median 8% — pricing power intact or improving.
Reinvestment, incremental ROIC returns capital

What this means
The capital base barely grew: this business returns cash through dividends and buybacks rather than reinvesting. Judge it on the cash returned, not on compounding.
Owner earnings growth −0%/yr

What this means
Owner earnings shrank about 0% a year over the record.
Worst year 2017 · −13.8% op. margin

What this means
Operations went underwater in 2017, understand why before trusting the good years.
Share count −1.1%/yr

What this means
The share count is shrinking, buybacks are quietly growing your slice of the business.
Dividend record paid

What this means
Paid a dividend in 9 of the years on record.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

In its own filing Raised, but not as a competitor

The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product.

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.

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 the latest quarter, May 31, 2026

Can 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$359M

Cash & short-term investments$116M
Receivables$106M
Inventory$85M
Other current assets$52M

Current liabilities$134M

Debt due within a year$10M
Accounts payable$38M
Other current liabilities$86M

Current ratio2.67×all current assets ÷ what's due · Graham looked for 2×

Quick ratio2.04×stricter: inventory excluded

Cash ratio0.86×strictest: cash alone against what's due

Working capital$224Mthe cushion left after near-term bills

Debt due this year vs. cash$10M due · $116M cash covered by cash on hand, no refinancing forced · both figures from the May 31, 2026 balance sheet

Revenue, latest quarter vs. a year ago+5.6%the freshest read on whether the business is still growing

Current ratio, recent quarters2.9× → 2.7×

Deeper floors

Tangible book value$90Mequity stripped of goodwill & intangibles

Net current asset value($29M)Graham's net-net: current assets less all liabilities

Debt incl. operating leases$223M$38M of it operating leases

From the company's latest filing.

How the cash was used, 2017–2025

Over the record, the business generated $621M of operating cash; how management split it reads as a deleverager, a meaningful share of cash went to paying down debt.

Reinvested$116M · 19%
Dividends$21M · 3%
Buybacks$290M · 47%
Retained (debt / cash)$195M · 31%

Returned to owners$311M
61% of the owner earnings the business produced over the span, $21M as dividends and $290M as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span debt fell $358M and cash and short-term investments fell $114M.
Average price paid for buybacks$25.56
Across the years where the filing reports a share count, 11M shares were bought for $290M, about $25.56 each. Year to year the price paid ranged from $19.98 (2022) to $40.46 (2025); its heaviest year, 2022, paid $19.98 ($75M).
Net change in share count−11.8%
The diluted count fell from 59M to 52M, so the buybacks outran the stock issued to staff.
Dividend record$0.04/sh
Paid in 9 of the years on record, the per-share dividend growing about 0% a year. It was never cut over the span.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Acquisitions & goodwill

from the balance sheet & the 9-year cash-flow record

Goodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.

Goodwill & intangibles$337M41% of all assets; the premium carried on the balance sheet for businesses acquired

Against book equity67%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital

Cash spent acquiring$83Mover 9 years buying other businesses, against $116M of capital spent building

$42M written down across 4 years (2018, 2019, 2021, 2022): goodwill the company has already conceded it overpaid for, charged against earnings. That is roughly 50% of the cash it put into acquisitions over the span. A write-down costs no cash (the cash went out when the deal was signed), but it is management marking its own past judgment to market.

Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.

Management, ownership & pay

read the proxy →

From the proxy: how much of the business the people running it own, and how they are paid, beside what the business earned for its owners in the same years.

Fiscal year	Pay, as filed	“Actually paid”	Owner earnings
2021	$4.5M	$5.9M	$42M
2022	$525k	−$53k	$43M
2022	$6.9M	$6.7M	$43M
2023	$9.6M	$11.7M	$68M
2024	$6.0M	$14.5M	$70M
2025	$6.5M	$6.1M	$92M

Both pay figures are the company’s own, from the pay-versus-performance table its proxy statement files. “As filed” is the Summary Compensation Table total: salary, bonus, and equity awards at their value on the day of grant. “Actually paid” is the SEC’s prescribed recalculation, which re-marks those equity awards to what they became as they vested; it can swing far above or below the filed figure in either direction, and negative years occur. Owner earnings are the whole business's, from the record above, for the same fiscal years.

Insider ownership1.5%
The stake all directors and executive officers hold together, per the 2025 proxy: skin in the game, the first thing Munger reads.
CEO pay ratio147:1
What the chief earns for every dollar the median employee makes, per the 2025 proxy. A high ratio alone settles nothing; some businesses are genuinely top-heavy in scarce skill. A runaway figure is where Buffett starts asking whether the board is doing its job.
Stock-based compensation$13M
The slice of the business handed to employees in shares this year, 2% of revenue, equal to 10% of operating profit. Buffett's oldest accounting fight: this is compensation, compensation is an expense, real whether or not the headline earnings admit it. One trap: the cash-flow statement adds SBC back, so the operating cash, and the owner earnings drawn from it, are flattered by exactly this amount; counted as the cost it is, what an owner keeps is lower.

Inverting the record

Invert: instead of why Enerpac Tool Group is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2017–2025.

1 of the 5 tests turned up something to look into; the other 4 came back clean.

Look hereAre "one-time" charges a yearly habit?5 of 9 years
Management took an impairment or write-down in 5 of the last 9 years, $164M in all. Taken across the majority of the record, the "one-time" label is wearing thin — ask whether these are past deals coming due rather than genuinely isolated events. Read it beside the goodwill the company still carries.

And these came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did debt outgrow the business?
Did receivables and inventory outpace sales?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

What an owner would ask, FY2025

read the 10-K →

Which reported numbers are a judgment call?
Management names Pension & retirement, Income taxes, Credit & receivables, Inventory as critical estimates
each rests partly on management's judgment; the filing's note sets out the assumptionsverify →

The questions the record and the charts do not answer on their own; each carries the figure and the place to look.

Peers, Industrial Machinery

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
PSIXPower Solutions International Inc.	$722M	16%	-0.6%	15%	0%
GRCGorman-Rupp Company (The)	$682M	26%	11.0%	11%	11%
OISOil States International Inc.	$669M	22%	-10.5%	-5%	6%
VECOVeeco Instruments Inc.	$664M	40%	5.2%	-1%	6%
LNNLindsay Corporation	$659M	28%	10.8%	14%	5%
PLOWDouglas Dynamics Inc.	$656M	27%	12.6%	12%	9%
EPACEnerpac Tool Group	$617M	46%	7.8%	7%	11%
AZTAAzenta Inc.	$594M	44%	-6.1%	-3%	6%
Group median	—	28%	6.5%	9%	6%

The price

What a price has to assume.

What the price implies

reverse-DCF

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Enerpac Tool Group has delivered.

Enerpac Tool Group’s latest year runs above its own through-cycle margin — the reported figure may flatter a peak. So the tool opens on the through-cycle base, Graham’s averaging cutting both ways; clear the toggle below to read the latest year exactly as reported.

Today’s price $

Through the cycle, Enerpac Tool Group earns about $70M on its 11.4% median owner-earnings margin. This year’s 14.9% margin runs above that; the reported figure may flatter a peak you'd be paying on. Normalize, below, values the price on that through-cycle figure rather than the latest year. It comes pre-checked here for that reason, the same rule that already normalizes a trough; clear it to price the year as filed.

Base Normalize · through-cycle ($70M) Net of stock comp (−$13M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’21→’25+17%/yr

Owner-earnings growth · ’17→’25−0%/yr

Owner-earnings yield—

P/E (3-yr earnings ’23–’25)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Owner earnings $112M on 51M shares outstanding, per the 10-Q cover, as of 2026-07-06; net debt $88M. The base opens on the through-cycle figure (the latest year sits above the record’s own median, and Graham’s averaging cuts both ways); clear Normalize to use the year as filed. Net of stock comp treats option pay as the expense it is. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh EPAC against another business →

The owners of EPAC: the meeting and the votes →

Cite: Owner Scorecard, "Enerpac Tool Group (EPAC), the owner's record," https://ownerscorecard.com/c/EPAC, data as of 2026-07-09.

Manual order: ← EOSE its page in the Manual EPAM →

Industry order: ← EFXT the Industrial Machinery chapter ESAB →