Espey MFG & Electronics Corp (NYSE American: ESP) is a power electronics design and original equipment manufacturing (OEM) company that designs, manufactures, and tests high-power energy conversion and transformer products for military and severe environment applications. Revenue is generated through firm contracts for the design, development, and manufacture of power supplies, transformers, power distribution panels, and related subassemblies, with deliveries often extending beyond a year from contract date. Customers are primarily U.S. defense prime contractors, the U.S. Department of Defense, other U.S. government agencies, and foreign governments, with additional orders from industrial manufacturers. Net sales were $43.95 million for the fiscal year ended June 30, 2025, up 13.5% from $38.74 million in fiscal year 2024. The company operates from a single 174,000+ square foot facility in Saratoga Springs, New York, incorporated in New York in 1928. Espey pays regular cash dividends and declared a special cash dividend of $0.75 per share for fiscal year 2025.

Revenue model

Transactional contract manufacturing revenue from firm orders for power electronics products. Contracts cover design, development, and/or manufacture, with delivery schedules that frequently extend beyond one year. Revenue fluctuates with product mix, contract scope, and customer delivery schedules.

Products and services

Power supplies, shipboard transformers, power distribution panels, power systems for combat vehicles, power systems for aircraft radar and missile platforms, magnetics products, and build-to-print subassemblies.

Customers and end markets

U.S. defense prime contractors, the U.S. Department of Defense, other U.S. government agencies, foreign governments, and industrial manufacturers. Key end markets include naval/shipboard systems, combat vehicles, aircraft radar, and missile platforms. Backlog as of June 30, 2025 totaled approximately $49.1 million expected to ship in fiscal year 2026. New orders in fiscal year 2025 were $86.4 million, including two multi-year contract awards totaling $49.4 million in aggregate.

Geographic exposure

Primarily U.S. domestic defense market, with some orders from foreign governments. All design, manufacturing, and testing conducted at a single facility in Saratoga Springs, New York.

Source: SEC 10-K, filed 2025-09-16

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