Ennis, Inc. (EBF): History, Ownership, Mission, How It Works & Makes Money

Is Ennis, Inc. (EBF), a company founded in 1909 that is still ranked as the largest trade printer in the United States in 2025, still a relevant financial story in a digital-first world? Honestly, their ability to generate $13.2 million in net earnings on $98.7 million in revenue for the second quarter of 2025 makes a defintely compelling case study for disciplined business execution. We will break down the history, the mission, and the unique wholesale distribution model that allows this print powerhouse, which has approximately 75.25% institutional ownership, to continue making money and paying dividends after more than a century.

Ennis, Inc. (EBF) History

You can't understand a company's present without knowing its past. Ennis, Inc. (EBF) didn't start as a national wholesale printing powerhouse; it began with a single, small-town newspaper press in Texas that burned down. The company's century-long story is one of strategic pivots, moving from local news to cotton tags and then to aggressive acquisitions, which is why their current portfolio is so diverse.

Ennis, Inc.'s Founding Timeline

Year established

1909

Original location

Ennis, Texas

Founding team members

Garner Dunkerley, Sr.

Initial capital/funding

The initial capitalization was $9,000. This was raised by Garner Dunkerley, Sr. purchasing the local newspaper's equipment and subscriber list for $1,000 and then selling 180 shares of stock at $50 per share to 23 local residents.

Ennis, Inc.'s Evolution Milestones

Ennis, Inc.'s Transformative Moments

The company's history is defintely defined by its willingness to shed old business lines and embrace new ones, which is a rare trait for a century-old manufacturer.

The most significant shift was the move from a local, direct-to-consumer model to a national, wholesale-only operation that serves over 40,000 distributors. It's a B2B model, pure and simple.

• The Acquisition Engine: Under CEO Keith S. Walters, the company executed over 68 acquisitions, which is how they expanded from traditional business forms to a network of 40 unique brands offering commercial print, envelopes, promotional products, and more. This is the core growth strategy.
• The ERP Integration: A transformative, company-wide rollout of a new Enterprise Resource Planning (ERP) system was crucial. This system allows Ennis to quickly integrate new acquisitions, standardize cost accounting, and efficiently produce their extensive product line, making the acquisition strategy profitable faster.
• Financial Resilience: The most recent financial data shows the impact of this diversification. For the six-month period ended August 31, 2025 (Q1 and Q2 of Fiscal Year 2026), Ennis reported net earnings of $23.0 million, or $0.89 per diluted share, up from $21.0 million in the same period last year, even as revenues slightly declined. This suggests pricing discipline and cost management are working, which is a sign of a mature, well-run print company.

You can dive deeper into the strategic framework that guides their operations by reviewing the Mission Statement, Vision, & Core Values of Ennis, Inc. (EBF).

Ennis, Inc. (EBF) Ownership Structure

Ennis, Inc. (EBF) operates as a publicly traded company on the New York Stock Exchange (NYSE: EBF), meaning its ownership is distributed among a diverse group of institutional investors, company insiders, and the general public. This structure ensures governance is subject to SEC regulations and shareholder democracy, but it also means a significant portion of the strategic direction is influenced by large institutional holders like BlackRock, Inc. and Vanguard Group Inc..

Given Company's Current Status

As of November 2025, Ennis, Inc. is a public entity trading on the NYSE under the ticker EBF. This status requires full financial transparency, which is why we know the company generated an annual revenue of $394.62 million for the fiscal year ending February 28, 2025. The company's market capitalization is approximately $433.14 million, reflecting its valuation in the commercial printing and business products sector. To be fair, a public listing gives them capital access, but it also brings quarterly scrutiny from the market.

The company maintains a strong institutional presence, which is typical for a stable, dividend-paying stock. If you're looking for more detail on the major players, you can find a deeper dive here: Exploring Ennis, Inc. (EBF) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The majority of Ennis, Inc.'s stock is held by institutional investors, which is a clear signal that professional money managers view the company as a core holding. Insiders, the people who actually run the business, hold a smaller but still material stake, aligning their interests with other shareholders.

Given Company's Leadership

The company is steered by a long-tenured executive team, providing a steady hand in a consolidating industry. Leadership stability defintely matters when navigating near-term risks like fluctuating paper costs or declining demand for traditional business forms.

• Keith Walters: Serves as Chairman, Chief Executive Officer, and President, providing unified strategic direction.
• Vera Burnett: Holds the critical role of Chief Financial Officer, Treasurer, and Principal Financial and Accounting Officer. She recently bought shares in October 2025, showing confidence.
• Wade Brewer: The Chief Operating Officer, overseeing the extensive network of production facilities and distribution centers.
• Daniel Gus: The Chief Legal Officer, General Counsel, and Secretary, managing legal and governance matters.

This team's recent insider buying activity, such as purchases by the COO and CFO in late 2025, suggests they see value in the stock at current levels, a concrete action worth noting.

Ennis, Inc. (EBF) Mission and Values

Ennis, Inc.'s core purpose transcends simply printing; it is about acting as a strategic partner to its distributors, providing custom-engineered business products that strengthen their clients' brand identity and operational efficiency. This century-old company's cultural DNA is rooted in a commitment to integrity, innovation, and unwavering customer focus, which is defintely reflected in its financial stability.

You're looking at a company that has navigated over a hundred years of market shifts, from simple business forms to complex digital-era print solutions, and its mission is the anchor. For the fiscal year ending February 28, 2025, Ennis, Inc. reported annual earnings of $40.2 million, a clear sign that their mission-driven focus on quality and distributor relationships is still profitable in a challenging industry.

Ennis, Inc.'s Core Purpose

The company's dedication to its vast distributor network-over 40,000 distributors worldwide-is the central pillar of its business model. This dedication ensures a regional, one-to-one service experience backed by the purchasing power of a large corporation, a structure that allows for quick reaction to market demands.

Here's the quick math: In the first quarter of 2025 alone (ending May 31, 2025), Ennis, Inc. generated $97.2 million in revenues, with a gross profit margin of 31.1%, demonstrating that their focus on high-quality, specialized products translates directly into strong financial performance.

Official Mission Statement

Ennis, Inc.'s mission is centered on providing a comprehensive range of print solutions that meet the diverse needs of its customers, primarily through its extensive distributor network.

• Deliver high-quality, custom-engineered business products that enhance client efficiency and brand identity.
• Provide a comprehensive range of print solutions, including custom and stock business forms, checks, labels, and promotional products.
• Build and maintain long-term, strong customer and distributor relationships.

If you want to dive deeper into how this mission translates into results, you can check out Breaking Down Ennis, Inc. (EBF) Financial Health: Key Insights for Investors.

Vision Statement

The company's vision is to be a leader in the print industry by upholding a standard of operational excellence and corporate responsibility.

• Strive for leadership in the commercial printing and business products sector.
• Operate with a commitment to excellence, innovation, and integrity.
• Maintain a sustainable business model that supports its employees, customers, shareholders, and the communities it serves.

This focus on efficiency and sustainability helped drive an EBITDA of $17.7 million, or 18.2% of sales, in the first quarter of 2025. That's the kind of precision you want to see.

Ennis, Inc. Slogan/Tagline

The company's long-standing motto clearly communicates the breadth of its product offering and its all-encompassing service capability in the print world.

• If it can be printed or printed on, Ennis has it.

Ennis, Inc. (EBF) How It Works

Ennis, Inc. operates as a vertically integrated trade printer, manufacturing and supplying a diverse portfolio of custom-engineered business products that it sells exclusively through a national network of independent distributors. The company's business model is simple: produce essential, high-quality, custom print materials and logistics solutions that businesses defintely still need, even in a digital world.

Ennis, Inc.'s Product/Service Portfolio

Ennis, Inc.'s Operational Framework

You might think of a printer as just a local shop, but Ennis, Inc. is a national manufacturing powerhouse. Their operational framework is built on a decentralized, yet integrated, network designed for both scale and specialized, quick-turn production.

Here's the quick math: The company operates 57 manufacturing plants spread across 20 states in the U.S. This wide footprint allows them to service their national distributor network efficiently, cutting down on shipping times and costs for their resellers. That's a huge logistical advantage.

• Trade-Only Distribution: They sell exclusively to third-party distributors-not directly to end-users-which avoids channel conflict and builds strong, long-term reseller relationships.
• Strategic Acquisitions: Growth is driven by buying smaller, specialized printing companies, like the November 2025 acquisition of CFC Print & Mail, to immediately boost scale and quick-turn capabilities.
• Vertical Integration: They control much of the manufacturing process, from raw materials to finished goods, which helps maintain a strong gross profit margin, which was 31.1% for the quarter ended May 31, 2025.

Their focus is on operational efficiency to offset the slow decline in traditional print demand. You can see their core purpose and guiding principles in their Mission Statement, Vision, & Core Values of Ennis, Inc. (EBF).

Ennis, Inc.'s Strategic Advantages

In a tough, consolidating industry, Ennis, Inc. has carved out a very stable position. They are the largest player in the oligopolistic (dominated by a few large firms) trade printing market, which gives them pricing power and high barriers to entry for new competitors.

Their financial discipline is the real story here. For the fiscal year ended February 28, 2025, annual revenue was $394.6 million, but the balance sheet strength is what matters most for stability. They ended FY2025 with essentially zero debt and a levered free cash flow of $56.2 million.

• Financial Fortress: The virtually debt-free balance sheet gives them capital flexibility to fund accretive acquisitions and reliably pay a dividend, which they have done for 205 consecutive quarters.
• Niche Dominance: They specialize in essential, custom-made printed products-like security checks and complex forms-that are difficult and costly to switch to digital alternatives, locking in customers.
• Acquisition-Driven Scale: They use their strong cash flow to buy smaller competitors, immediately gaining new customer lists and manufacturing capacity, which is a key strategy for growth in a mature industry.

They are a stable income play in a mature industry, not a growth stock.

Ennis, Inc. (EBF) How It Makes Money

Ennis, Inc. operates as a highly diversified trade printer, generating revenue by manufacturing and selling a vast portfolio of custom and stock printed business products, primarily through a national network of independent distributors. This business model is essentially a high-volume, B2B manufacturing and fulfillment service for mission-critical documents and branding materials that businesses need to operate.

Ennis, Inc.'s Revenue Breakdown

While Ennis, Inc. reports its financials under a single segment-Printing Services-the revenue is functionally split between its legacy core and its diversified, higher-growth product lines. This breakdown reflects the company's strategic shift to offset the secular decline in traditional paper forms with growth in labels and specialty products, often fueled by strategic acquisitions like the recent one of CFC Print & Mail in November 2025.

The company's Trailing Twelve Months (TTM) revenue as of August 31, 2025, stood at approximately $388.34 million. The Business Forms stream includes traditional multi-part forms, checks, and continuous forms, which still make up the majority of sales but are experiencing volume pressure due to the shift to digital processes. The Labels, Envelopes, and Specialty Products stream, covering items like product labels, presentation folders, and promotional items, provides the necessary diversification and is the focus for capital investment and acquisitions, like the Northeastern Envelope Company acquisition in 2025 [cite: 4, 9 from step 1].

Business Economics

Ennis, Inc.'s economic engine is built on its scale and its unique wholesale distribution model, which is a key barrier to entry for competitors. They are the largest trade printer in the U.S., which gives them significant leverage.

• Pricing Power: Approximately 96% of the products are custom or semi-custom made [cite: 8 from step 1, 15 from step 1]. This custom nature, combined with the market's oligopolistic structure, allows the company to maintain pricing discipline and achieve favorable margins, even when sales volumes dip [cite: 8 from step 1].
• Distribution Efficiency: The company sells exclusively to a network of independent distributors, not directly to end-users. This trade-only model avoids the high costs of a direct sales force and provides a stable, predictable channel for their products.
• Cost Management: A core focus is on operational efficiency, which is why the Gross Profit Margin for the second quarter of fiscal year 2025 was a solid 30.5%. They manage costs tightly to maintain profitability despite the secular pressure on the forms business.
• Acquisition Strategy: Growth is largely inorganic, meaning they buy smaller, specialized printers (like envelope or label manufacturers) to quickly expand product offerings and geographic reach, which helps to shore up the declining forms revenue.

You can see the full strategic intent behind this model in their Mission Statement, Vision, & Core Values of Ennis, Inc. (EBF).

Ennis, Inc.'s Financial Performance

The company demonstrates a defintely strong financial health profile, characterized by high liquidity and robust cash generation, which is typical for a mature, well-managed industrial company in a consolidating market.

• Revenue Trend: Total revenue for the six-month period ended August 31, 2025, was $195.9 million, a decrease of 3.1% compared to the same period last year [cite: 4 from step 1]. This confirms the challenge of top-line growth in the face of industry headwinds, but acquisitions are helping to mitigate the decline.
• Profitability: Net earnings for the six months ended August 31, 2025, were $23.0 million, up from $21.0 million in the prior year period, showing that cost control and pricing power are successfully boosting the bottom line despite the revenue dip [cite: 4 from step 1]. Earnings Per Diluted Share (EPS) for this period was $0.89 [cite: 4 from step 1].
• Liquidity and Debt: Ennis, Inc. maintains an exceptionally strong balance sheet. The Current Ratio is high at approximately 4.59x [cite: 1 from step 1], indicating ample liquidity to cover short-term obligations. Critically, the company holds a net cash position of around negative $57.5 million as of Q4 2025 (meaning cash exceeds debt), providing significant flexibility for dividends and further acquisitions [cite: 1 from step 1].
• Shareholder Returns: The company is a consistent dividend payer, and its Total Shareholder Return (TSR) in 2025 was a strong 43.5%, with 21.6% of that return coming from dividend payouts, making it attractive for income-focused investors.

Ennis, Inc. (EBF) Market Position & Future Outlook

Ennis, Inc. maintains a leading position in the fragmented US trade printing sector, leveraging a debt-free balance sheet to execute a steady, accretive acquisition strategy that offsets the secular decline in the traditional print industry. The company's future outlook is one of stable, high-margin cash flow supported by its role as the nation's largest trade printer, but it faces the long-term challenge of a shrinking core market.

If you are looking for a deep dive on who is investing, you can find more here: Exploring Ennis, Inc. (EBF) Investor Profile: Who's Buying and Why?

Competitive Landscape

In the broader commercial printing and business products space, Ennis competes with much larger, more diversified entities. Here's the quick math on their relative size based on recent trailing twelve-month (TTM) revenue figures, showing Ennis's focus on a profitable niche compared to the giants.

Opportunities & Challenges

The company's strategy is clear: use its financial strength to consolidate the fragmented business products and commercial print market. But still, the industry faces headwinds like paper supply chain issues and the inevitable march of digitization.

Industry Position

Ennis is defintely a niche leader that punches above its weight in profitability, despite its relatively small size compared to multi-billion dollar peers like Deluxe Corporation and Quad/Graphics.

• Dominant Trade Printer: Ranked as the largest trade printer in the United States in 2025, which is a key competitive moat in the wholesale segment.
• Financial Fortress: The balance sheet is a major strength, ending FY2025 with essentially zero debt and a net cash position, giving it unparalleled flexibility for a company in this sector.
• Profitability Edge: Ennis's net margin of 10.86% is significantly higher than Deluxe Corporation's net margin of 2.75%, showing superior operational efficiency in its core print segment. [cite: 2 from step 1]

The company is a cash-flow generator in a consolidating, mature industry. That's the story.