Espey MFG & Electronics Corp

espey.com

What Do They Do?

Designs and manufactures power electronics, transformers and related products for defense companies, government agencies and industrial manufacturers.

How Do They Make Money?

Customers pay fixed prices for customer-specific products and engineering services. Espey earns the price as it delivers units or reaches contract milestones, and payment terms are generally 30-60 days.

FY2026 revenue

Who Are Their Customers?

Defense contractors and government agencies, including the U.S. Department of Defense, buy mainly through Espey’s direct sales organization and outside sales representatives; industrial manufacturers and foreign governments also buy its products and services.

Customers above 10% of revenue, FY2026

of revenue from five customers (12%, 13%, 16%, 15%, 11%)

FY2025: 74% from six customers

Do Revenues Turn Into Profits?

Yes. It kept 24 cents of every revenue dollar as net income in FY2026 and turned 6 cents into free cash flow.

Operating income, FY2026

25% of revenue

▲ +43% vs FY2025 ($8.1M, 18%)

Net income, FY2026

24% of revenue

▲ +37% vs FY2025 ($8.1M, 19%)

Free cash flow, FY2026

6% of revenue

▼ −84% vs FY2025 ($16.6M, 38%)

How Are They Changing?

Growing. Revenue grew 44% in 4 years, from $32.1M in FY2022 to $46.1M in FY2026, about 9% a year.

New power products The latest report describes work on power distribution equipment and uninterruptible power systems, while the earlier report also listed high power radar systems among its primary products.

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