# ENNIS, INC. (EBF)

Informational only - not investment advice.

CIK: 0000033002
SIC: 2761 Manifold Business Forms
SIC breadcrumb: [Manufacturing](/division/D/) > [SIC Major Group 27](/major-group/27/) > [SIC 2761 Manifold Business Forms](/industry/2761/)
Latest 10-K filed: 2026-05-08
SEC page: https://www.sec.gov/edgar/browse/?CIK=33002
Filing source: https://www.sec.gov/Archives/edgar/data/33002/000119312526213764/ebf-20260228.htm

## At a glance

FY2026 · period end 2026-02-28 · filed 2026-05-08 · accession 0001193125-26-213764 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000033002.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 392,403,000 USD | 2026 | verified |
| Net income | 42,627,000 USD | 2026 | verified |
| Assets | 356,911,000 USD | 2026 | verified |
| Free cash flow | 41,026,000 USD | 2026 | computed |
| Net margin | 10.86% | 2026 | computed |
| Operating margin | 13.43% | 2026 | computed |
| Revenue YoY | -0.56% | 2026 | computed |
| ROE | 13.81% | 2026 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2026 revenue ÷ FY2025 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | EBF | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 10.9% | 3.2% | 77 | 14 |
| Operating margin | 13.4% | 10.1% | 83 | 13 |
| Revenue growth | -0.6% | 0.3% | 31 | 14 |
| FCF margin | 10.5% | 8.6% | 64 | 12 |
| ROE | 13.8% | 7.6% | 70 | 11 |
| ROA | 11.9% | 3.5% | 92 | 14 |
| Liabilities / equity | 0.16 | 1.30 | 0 | 11 |
| Current ratio | 3.72 | 1.39 | 92 | 14 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 27 SIC Major Group 27, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 392403000 | USD | 2026 | 2026-05-08 |
| Net income | 42627000 | USD | 2026 | 2026-05-08 |
| Assets | 356911000 | USD | 2026 | 2026-05-08 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000033002.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 356,888,000 | 370,171,000 | 400,782,000 | 438,412,000 | 357,973,000 | 400,014,000 | 431,837,000 | 420,109,000 | 394,618,000 | 392,403,000 |
| Net income |  | 1,780,000 | 32,905,000 | 37,437,000 | 38,292,000 | 24,094,000 | 28,982,000 | 47,300,000 | 42,597,000 | 40,222,000 | 42,627,000 |
| Operating income |  | 41,915,000 | 47,818,000 | 50,087,000 | 50,838,000 | 35,901,000 | 43,584,000 | 66,153,000 | 56,459,000 | 51,974,000 | 52,690,000 |
| Gross profit |  | 104,730,000 | 117,202,000 | 123,360,000 | 128,924,000 | 103,766,000 | 114,723,000 | 131,050,000 | 125,342,000 | 117,294,000 | 120,411,000 |
| Diluted EPS | 1.39 | 0.07 |  | 1.45 | 1.47 | 0.93 | 1.11 | 1.82 | 1.64 | 1.54 | 1.66 |
| Operating cash flow |  | 58,887,000 | 45,290,000 | 51,335,000 | 57,219,000 | 52,817,000 | 50,678,000 | 46,776,000 | 69,069,000 | 65,855,000 | 52,733,000 |
| Capital expenditures |  | 3,065,000 | 2,667,000 | 4,824,000 | 3,394,000 | 3,679,000 | 6,537,000 | 4,332,000 | 6,500,000 | 5,889,000 | 11,707,000 |
| Dividends paid |  | 57,200,000 | 22,260,000 | 22,611,000 | 23,486,000 | 23,467,000 | 25,420,000 | 25,839,000 | 25,860,000 | 91,988,000 | 25,902,000 |
| Share buybacks |  | 8,443,000 | 3,313,000 | 4,811,000 | 2,471,000 | 1,235,000 | 4,790,000 | 1,118,000 | 586,000 | 1,837,000 | 14,456,000 |
| Assets |  | 324,285,000 | 329,439,000 | 363,085,000 | 365,699,000 | 364,388,000 | 368,844,000 | 393,835,000 | 399,190,000 | 348,935,000 | 356,911,000 |
| Liabilities |  | 72,930,000 | 67,735,000 | 73,958,000 | 71,370,000 | 63,839,000 | 65,029,000 | 62,403,000 | 49,349,000 | 46,955,000 | 48,179,000 |
| Stockholders' equity |  | 251,355,000 | 261,704,000 | 289,127,000 | 294,329,000 | 300,549,000 | 303,815,000 | 331,432,000 | 349,841,000 | 301,980,000 | 308,732,000 |
| Cash and cash equivalents | 10,425,000 |  | 96,230,000 | 88,442,000 | 68,258,000 | 75,190,000 | 85,606,000 | 93,968,000 | 81,597,000 | 67,000,000 | 34,570,000 |
| Free cash flow |  | 55,822,000 | 42,623,000 | 46,511,000 | 53,825,000 | 49,138,000 | 44,141,000 | 42,444,000 | 62,569,000 | 59,966,000 | 41,026,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 0.50% | 8.89% | 9.34% | 8.73% | 6.73% | 7.25% | 10.95% | 10.14% | 10.19% | 10.86% |
| Operating margin |  | 11.74% | 12.92% | 12.50% | 11.60% | 10.03% | 10.90% | 15.32% | 13.44% | 13.17% | 13.43% |
| Return on equity |  | 0.71% | 12.57% | 12.95% | 13.01% | 8.02% | 9.54% | 14.27% | 12.18% | 13.32% | 13.81% |
| Return on assets |  | 0.55% | 9.99% | 10.31% | 10.47% | 6.61% | 7.86% | 12.01% | 10.67% | 11.53% | 11.94% |
| Liabilities / equity |  | 0.29 | 0.26 | 0.26 | 0.24 | 0.21 | 0.21 | 0.19 | 0.14 | 0.16 | 0.16 |
| Current ratio |  | 4.98 | 5.52 | 5.25 | 3.95 | 4.22 | 4.44 | 4.77 | 5.96 | 4.59 | 3.72 |

## As-reported value updates

1 tracked difference above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/EBF/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000033002.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q1 | 2022-05-31 |  |  | 0.45 | reported discrete quarter |
| 2023-Q2 | 2022-08-31 |  |  | 0.47 | reported discrete quarter |
| 2023-Q3 | 2022-11-30 |  |  | 0.44 | reported discrete quarter |
| 2024-Q1 | 2023-05-31 | 111,294,000 | 11,635,000 | 0.45 | reported discrete quarter |
| 2024-Q2 | 2023-08-31 | 106,760,000 | 10,910,000 | 0.42 | reported discrete quarter |
| 2024-Q3 | 2023-11-30 | 104,621,000 | 9,906,000 | 0.38 | reported discrete quarter |
| 2024-Q4 | 2024-02-29 | 97,434,000 | 10,146,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q2 | 2024-08-31 | 99,038,000 | 10,308,000 | 0.40 | reported discrete quarter |
| 2025-Q3 | 2024-11-30 | 99,771,000 | 10,204,000 | 0.39 | reported discrete quarter |
| 2025-Q4 | 2025-02-28 | 92,701,000 | 9,023,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-05-31 | 97,197,000 | 9,799,000 | 0.38 | reported discrete quarter |
| 2026-Q2 | 2025-08-31 | 98,676,000 | 13,155,000 | 0.51 | reported discrete quarter |
| 2026-Q3 | 2025-11-30 | 100,167,000 | 10,827,000 | 0.42 | reported discrete quarter |
| 2026-Q4 | 2026-02-28 | 96,364,000 | 8,848,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-05-31 | 98,615,000 | 9,879,000 | 0.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from EBF's latest 10-K: [/company/EBF/business/](/company/EBF/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from EBF's latest 10-K: [/company/EBF/risk-factors/](/company/EBF/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/33002/000119312526291652/ebf-20260531.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-01
Report date: 2026-05-31

Item 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Cautionary Statement Regarding Forward-Looking Statements

The following “Management’s Discussion and Analysis of Financial Condition and Results of Operations” should be read together with the unaudited consolidated financial statements and related notes of Ennis, Inc. (collectively with its subsidiaries, the “Company,” “Registrant,” “Ennis,” or “we,” “us,” or “our”), included in Part 1, Item 1 of this report, and with the audited consolidated financial statements and the related notes of the Company included in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026.

All of the statements in this report, other than historical facts, are forward-looking statements, including, without limitation, the statements made in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations, and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to its operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements.

These statements reflect the current views and assumptions of management with respect to future events. The Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

We believe these forward-looking statements are based upon reasonable assumptions. All such statements involve risks and uncertainties, and as a result, actual results could differ materially from those projected, anticipated or implied by these statements. Such forward-looking statements involve known and unknown risks, including but not limited to: general economic, business and labor conditions and the potential adverse effects of potential recessionary concerns, inflationary issues, U.S. import tariffs and supply chain disruptions and the potential impact on our operations; our ability to implement our strategic initiatives and control our operational costs; dependence on a limited number of key suppliers; our ability to recover the rising cost of raw materials and other costs (including energy, freight, labor and benefit costs) in markets that are highly price competitive and volatile; uninsured losses, including those from natural disasters, catastrophes, pandemics, theft, sabotage; the impact of future pandemics on the U.S. and local economies, our business operations, our workforce, our supply chain and our customer base; our ability to timely or adequately respond to technological changes in the industry; cybersecurity risks, the impact of the internet and other electronic media on the demand for forms and printed materials; the impact of foreign competition, tariffs, trade regulations and import restrictions; customer credit risk; competitors’ pricing strategies; a decline in business volume and profitability could result in an impairment in our reported goodwill negatively impacting our operational results; our ability to retain key management personnel; our ability to identify, manage or integrate acquisitions.; In addition to the factors indicated above, you should carefully consider the risks described in and incorporated by reference herein and in the risk factors in our Annual Report on Form 10-K for the fiscal year ended February 28, 2026 before making an investment in our common stock.

Overview

Ennis, Inc. (collectively with its subsidiaries, “the “Company,” “Registrant,” Ennis,” or “we,” “us,” or “our”) was organized under the laws of Texas in 1909. We print and manufacture a broad line of business forms and other business products. We distribute business products and forms throughout the United States primarily through independent distributors. This distributor channel encompasses independent print distributors, commercial printers, direct mail, fulfillment companies, payroll and accounts payable software companies, and advertising agencies, among others. We also sell products to many of our competitors to satisfy their customers’ needs.

Business Overview

Our management believes we are the largest provider of business forms, pressure-seal forms, labels, tags, envelopes, and presentation folders to independent distributors in the United States.

23

ENNIS, INC. AND SUBSIDIARIES

FORM 10-Q

FOR THE PERIOD ENDED MAY 31, 2026

We are in the business of manufacturing, designing, and selling business forms and other printed business products primarily to distributors located in the United States. As of May 31, 2026, we operate approximately 50 manufacturing plants throughout the United States in 20 strategically located states as one reportable segment: printing services. Approximately 95% of the business products we manufacture are custom and semi-custom products, constructed in a wide variety of sizes, colors, number of parts, and quantities on an individual job basis, depending upon the customers’ specifications.

The products we sell include snap sets, continuous forms, laser cut sheets, tags, labels, envelopes, integrated products, jumbo rolls and pressure sensitive products in short, medium and long runs under the following labels: Ennis®, Royal Business Forms®, CFC Print & MailSM, Block Graphics®, ColorWorx®, Enfusion®, Uncompromised Check Solutions®, VersaSeal®, Ad ConceptsSM, FormSource LimitedSM, Star Award Ribbon Company®, Witt Printing®, Genforms®, PrintGraphics®, Calibrated Forms®, PrintXcel®, Printegra®, Forms ManufacturersSM, Mutual Graphics®, TRI-C Business FormsSM, Major Business SystemsSM, Independent PrintingSM, Hayes Graphics®, Wright Business GraphicsSM, Wright 360SM, Integrated Print & GraphicsSM, the Flesh CompanySM, AmeriPrintSM; StylecraftSM, UMC PrintSM; Eagle GraphicsSM, Diamond GraphicsSM and Printing TechnologiesSM. We also sell the Adams McClure® brand (which provides Point of Purchase advertising); the Admore®, Folder Express®, and Independent Folders® brands (which provide presentation folders and document folders); Ennis Tag & LabelSM (which provides custom printed, high performance labels and custom and stock tags); Allen-Bailey Tag & LabelSM, Atlas Tag & Label®, Kay Toledo Tag®, and Special Service Partners® (SSP) (which provides custom and stock tags and labels); Trade Envelopes®, Block Graphics®, Wisco®, Northeastern Envelope CompanySM, Envelope SuperstoreSM and National Imprint Corporation® (which provide custom and imprinted envelopes); Northstar® and General Financial Supply® (which provide financial and security documents); InfosealSM and PrintXcel® (which provide custom and stock pressure seal documents). School Photo Marketing and National School Forms are a one-stop shop for over 1,400 school portrait photographers and professional photo labs nationwide, providing them with a complete array of products and services that reach over 15 million families and 30,000 schools, primarily in the K-8 market. We sell predominantly through independent distributors, as well as to many of our competitors. Northstar Computer Forms, Inc., one of our wholly-owned subsidiaries, also sells direct to a small number of customers, generally large banking organizations (where a distributor is not acceptable or available to the end-user). Adams McClure, LP, a wholly-owned subsidiary, also sells direct to a small number of customers, where sales are generally through advertising agencies.

The printing industry generally sells its products either predominantly to end users, a market dominated by a few large manufacturers, such as R.R. Donnelley and Taylor Corporation, or, like the Company, through a variety of independent distributors and distributor groups. While it is not possible, because of the lack of adequate public statistical information, to determine the Company’s share of the total business products market, management believes the Company is the largest producer of business forms, pressure-seal forms, labels, tags, envelopes, and presentation folders in the United States distributing primarily through independent distributors.

There are a number of competitors that operate in this segment. We believe our strategic locations and buying power permit us to compete on a favorable basis within the distributor market on factors such as service, quality and price.

Our products are sold throughout the United States primarily by independent distributors, including business forms distributors, resellers, direct mail, commercial printers, software companies, and advertising agencies.

Raw materials principally consist of a wide variety of weights, widths, colors, sizes, and qualities of paper for business products purchased primarily from one major supplier at favorable prices based on our high volume of business with that supplier relative to our competitors.

Business products usage in the printing industry is generally not seasonal. Acquisitions of new business, general economic conditions and contraction of the traditional business forms industry are the predominant factors in quarterly volume fluctuations.

Recent Acquisitions

On November 14, 2025, the Company acquired the net assets and business of CFC which is based in Grand Prairie, Texas. Prior to the acquisition, CFC generated approximately $7.1 million in sales for its fiscal year ended December 31, 2024. CFC specializes in serving a national distributor network with business-document printing and mailing services, offering industry-leading turnaround times and automation.

On April 11, 2025, the Company acquired the net assets and business of NEC, which is based in Old Forge, Pennsylvania and ESS, which is based in Hiram, Georgia. The acquisition of NEC and ESS, which prior to the acquisition generated approximately $26.0 million in sales for its fiscal year ended December 31, 2024, strengthens our production capabilities to serve our customers in the Northeast United States.

24

ENNIS, INC. AND SUBSIDIARIES

FORM 10-Q

FOR THE PERIOD ENDED MAY 31, 2026

Our Business Challenges

Our industry is currently experiencing consolidation of traditional supply channels, ongoing product obsolescence, paper supplier capacity adjustments, and increased pricing and potential supply allocations resulting from demand and supply imbalance. Technological advances have enabled electronic document distribution, web-based hosting, digital printing and print-on-demand solutions to serve as viable and cost-effective alternatives to traditional custom-printed documents and customer communications. Improved equipment has become more accessible to both existing and new competitors. We face highly competitive conditions throughout our supply chain in an already over-supplied, price-competitive

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/33002/000119312526213764/ebf-20260228.htm
Complete FY 2026 MD&A: /company/EBF/mda/fy2026/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-05-08
Report date: 2026-02-28

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This Management’s Discussion and Analysis provides material historical and prospective disclosures intended to enable investors and other users to assess our financial condition and results of operations. Statements that are not historical are forward-looking and involve risk and uncertainties, including those discussed under the caption “Risk Factors” in Item 1A of this Annual Report on Form 10-K and elsewhere in this Report. You should read this discussion and analysis in conjunction with our Consolidated Financial Statements and the related notes appearing elsewhere in this Report. The words “anticipate,” “preliminary,” “expect,” “believe,” “intend” and similar expressions identify forward-looking statements. We believe these forward-looking statements are based upon reasonable assumptions. All such statements involve risks and uncertainties, and as a result, actual results could differ materially from those projected, anticipated, or implied by these statements.

In view of such uncertainties, investors should not place undue reliance on our forward-looking statements since such statements may prove to be inaccurate and speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

This Management’s Discussion and Analysis covers the continuing operations of the Company, which are comprised of the production and sale of business forms and other business products. This Management’s Discussion and Analysis includes the following sections:

•
Overview – An overall discussion regarding our Company, the business challenges and opportunities we believe are key to our success, and our plans for facing these challenges relating to our continuing operations.

•
Critical Accounting Estimates – A discussion of the accounting policies that require our most critical judgments and estimates relating to our continuing operations. This discussion provides insight into the level of subjectivity, quality, and variability involved in these judgments and estimates. This section also provides a summary of recently adopted and recently issued accounting pronouncements that have or may materially affect our business.

•
Results of Operations – An analysis of our consolidated results of operations and segment results for the three years presented in our Consolidated Financial Statements. This analysis discusses material trends within our continuing business and provides important information necessary for an understanding of our continuing operating results.

•
Liquidity and Capital Resources – An analysis of our cash flows and a discussion of our financial condition and contractual obligations. This section provides information necessary to evaluate our ability to generate cash and to meet existing and known future cash requirements over both the short and long term.

References to 2026, 2025 and 2024 refer to the fiscal years ended February 28, 2026, February 28, 2025 and February 29, 2024, respectively.

Overview

The Company – Our management believes we are the largest provider of business forms, pressure-seal forms, labels, tags, envelopes, and presentation folders to independent distributors in the United States.

Our Business Challenges – Our industry continues to experience consolidation of traditional supply channels, ongoing product obsolescence, paper supplier capacity adjustments, and periodic pricing volatility and potential supply allocations resulting from demand and supply imbalance. Technology advances have enabled electronic document distribution, web-based hosting, digital printing and print-on-demand as viable and cost-effective alternatives to traditional custom-printed documents and customer communications. Improved equipment has become more accessible to both existing and new competitors. As a result, we face highly competitive conditions in an already mature, price-competitive print industry.

19

In addition to the risk factors discussed under the caption “Risk Factors” in Item 1A of this Annual Report, some of the key challenges of our business include the following:

Transformation of our portfolio of products – While traditional business documents remain essential to conducting business, many are being replaced through the use of lower-cost paper grades or imported products, or are being devalued by advances in digital technologies, resulting in continued declines in demand for a portion of our product line. Transforming our product offerings in order to provide innovative, value-added solutions on a proactive basis requires ongoing investments in new and existing technologies, as well as the development of key strategic business relationships, including print-on-demand services and product offerings that support customers transitioning to digital business environments. We continue to evaluate new market opportunities and niches, including through acquisitions, and to expand our offerings in areas such as envelopes, tags, folders, healthcare wristbands, specialty packaging, direct mail, pressure seal products, secure document, in-mold labels, and long-run integrated high color web print, which provide opportunities for growth and further differentiate us from our competition. Our ability to make such investments or pursue acquisitions is dependent on our liquidity, capital resources, and operating results.

Production capacity and price competition within our industry – Industry supply of paper products continues to fluctuate as changing market conditions influence producers to idle or permanently close individual machines or mills, or convert capacity to alternative product lines, including packaging, to offset declines in demand for certain paper grades. Recent industry activity has included temporary idling of machines, permanent closures and limited increases in specialty paper capacity, reflecting ongoing adjustments in response to shifts in demand. During the current fiscal year, the only domestic producer of carbonless paper permanently closed its mill which has contributed to ongoing supply constraints for this product. As previously reported, we increased inventory levels to provide buffer stock while transitioning to alternative sources of carbonless paper.

These dynamics may result in continued supply constraints and input cost volatility for certain paper grades. Margins remain under pressure due to volume variability in certain markets, elevated input costs and ongoing pricing competition. To mitigate these impacts, we continue to manage product costs through forecasting, production and costing models, strengthening supplier relationships; negotiating procurement terms; and improving operational efficiency, while evaluating opportunities to better leverage our fixed cost structure.

Continued consolidation of our customers – Our customers are primarily distributors, many of which are consolidating or are being acquired by competitors. While we have historically maintained a significant share of business with these customers, continued consolidation may affect our sales volume, pricing, and margins.

Critical Accounting Estimates

In preparing our Consolidated Financial Statements, we are required to make estimates and assumptions that affect the disclosures and reported amounts of assets and liabilities at the date of the Consolidated Financial Statements and the reported amounts of revenues and expenses during the reporting period. We evaluate our estimates and judgments on an ongoing basis, including those related to allowance for credit losses, inventory valuations, property, plant and equipment, intangible assets, pension plan obligations, accrued liabilities and income taxes. We base our estimates and judgments on historical experience and on various other factors that we believe to be reasonable under the circumstances. Actual results may differ materially from these estimates under different assumptions or conditions. We believe the following accounting estimates are the most critical due to the application of significant subjective assumptions and judgments in the preparation of such estimates, which are included in our Consolidated Financial Statements.

In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity's effective tax rate reconciliation. Refer to Note 14, Income taxes.

20

Pension Plan – We maintain the Pension Plan for certain eligible employees. Included in our financial results are Pension Plan costs that are measured using actuarial valuations and require the use of a number of significant assumptions. Changes in these assumptions can result in different expense and liability amounts and future actual pension cost experience and funding requirements may differ materially from current estimates.

As our Pension Plan assets are invested in marketable securities, fluctuations in market values could potentially impact our Pension Plan funding status and associated liability recorded. The expected rate of return on assets was 5.50% at February 28, 2026 and February 28, 2025.

Similar to fluctuations in market values, a drop in the discount rate could potentially negatively impact our Pension Plan's funded status, recorded pension liability and future contribution levels with the opposite impact occurring for an increase in the discount rate. During fiscal years 2026 and 2025, the discount rate used to determine the net pension obligations for purposes of our Consolidated Financial Statements was 5.15%. The discount rate is reviewed by management annually and is adjusted to reflect movements in the average Mercer and FTSE (formerly Citigroup) pension yield curves for mature pension plans with duration of about 10 years. The Company estimated the duration of its pension benefit obligation ("PBO") to be approximately 12-15 years. Each 10-basis point change in the discount rate impacts our computed pension liability by about $0.5 million.

Also, continued changes in the mortality assumptions could potentially impact our Pension Plan's funded status. For the February 28, 2026 measurement, no change was made to the mortality assumption. The mortality assumption is used to estimate the future lifetime of plan participants. Any actual impact on the Pension Plan from the higher than expected mortality has already been recognized in the underlying participant data used to measure the pension liability. The impact on future longevity is still being studied, and there is a general expectation that the current population is a healthier cohort such that mortality rates may return to pre-pandemic levels. This assumption will continue to be monitored.

Impairment Assessments on Goodwill and Other Intangible Assets – Amounts allocated to intangibles and goodwill are determined based on valuation analyses for our acquisitions. Amortizable intangibles are amortized over their expected useful lives. We evaluate these amounts periodically (at least once a year) to determine whether a triggering event has occurred during the year that would indicate potential impairment.

We assess goodwill for impairment annually as of December 1, or more frequently if impairment indicators are present. The Company uses qualitative factors to determine whether it is more likely than not (likelihood of more than 50%) that the fair value of its single reporting unit exceeds its carrying amount, including goodwill. Some of the qualitative factors considered in applying this test include consideration of macroeconomic conditions, industry and market conditions, cost factors affecting the reporting unit’s business, overall financial performance of the business, and pe

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2026 MD&A: /company/EBF/mda/fy2026/
All MD&A years: /company/EBF/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2025 MD&A](/company/EBF/mda/fy2025/): filed 2025-05-13; accession 0000950170-25-070268 (https://www.sec.gov/Archives/edgar/data/33002/000095017025070268/ebf-20250228.htm)
- [FY 2024 MD&A](/company/EBF/mda/fy2024/): filed 2024-05-10; accession 0000950170-24-057691 (https://www.sec.gov/Archives/edgar/data/33002/000095017024057691/ebf-20240229.htm)
- [FY 2023 MD&A](/company/EBF/mda/fy2023/): filed 2023-05-12; accession 0000950170-23-021681 (https://www.sec.gov/Archives/edgar/data/33002/000095017023021681/ebf-20230228.htm)
- [FY 2022 MD&A](/company/EBF/mda/fy2022/): filed 2022-05-09; accession 0000950170-22-008563 (https://www.sec.gov/Archives/edgar/data/33002/000095017022008563/ebf-20220228.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2761 Manifold Business Forms) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/EBF.md · JSON record: /company/EBF.json · verified financials: /company/EBF/financials.json / /company/EBF/financials.csv · machine TOC for the whole site: /llms.txt