Ennis is a comprehensive provider of custom business forms, labels, and marketing materials, similar to a B2B VistaPrint specializing in more complex and enterprise-level solutions.

Ennis serves as a diversified supplier of essential physical business documents and forms, playing a role akin to Deluxe Corporation but with an expanded focus on custom printing, labels, and specialized marketing materials.

• Business Forms and Sheets: Traditional business forms including snap sets, continuous forms, laser cut sheets, and integrated products.
• Labels and Tags: Custom printed, high-performance labels, as well as custom and stock tags and labels.
• Envelopes: Custom and imprinted envelopes.
• Presentation and Document Folders: Products designed for organizing and presenting documents.
• Financial and Security Documents: Specialized documents requiring security features.
• Point of Purchase Advertising: Advertising materials created for display at the point of sale for various businesses.
• Kitting and Fulfillment Services: Services involving the assembly of product kits and managing their distribution.

• Independent distributors

Keith S. Walters, Chairman, President & Chief Executive Officer
Mr. Walters joined Ennis, Inc. in August 1997 as Vice President of Commercial Printing Operations and was appointed Chief Executive Officer in November 1997. His role expanded to include Chairman of the Board and President. Under his leadership, Ennis has become the largest wholesale printer in the nation and has diversified its product lines through numerous acquisitions, overseeing 33 to 68 acquisitions. He led the company from $153 million in sales to over $400 million annually. Prior to Ennis, he was Vice President of Manufacturing at Atlas/Soundolier from 1989 to 1997, and spent 15 years in manufacturing and operations with the Automotive Division of United Technologies Corporation.

Vera Burnett, Chief Financial Officer, Treasurer & Principal Financial and Accounting Officer
Ms. Burnett was appointed CFO and Treasurer effective June 21, 2021, after serving as Interim CFO and Treasurer since September 2020. She joined Ennis in February 1997 and served as the company's accounting manager since June 1997. Ms. Burnett holds a Bachelor of Business Administration in Accounting from the University of Texas at Arlington and is a Certified Public Accountant (CPA) and Chartered Global Management Accountant (CGMA).

Wade Brewer, Chief Operating Officer
Mr. Brewer was appointed Chief Operating Officer on September 22, 2022, bringing 38 years of experience in the print industry. He previously served as Ennis' Director of Manufacturing since 2021 and as a Business Unit Director for nine years. Mr. Brewer began his printing career in 1984 at Transkirt and has held management positions at Ward Kraft, Cenveo, and PrintXcel, including overseeing 11 plants at Cenveo that are now part of Ennis.

Dan Gus, General Counsel & Secretary
Mr. Gus was appointed General Counsel and Assistant Secretary effective June 21, 2021. Before joining Ennis, he launched and served as president of Gus & Gilbert Law Firm for seven years. His background also includes roles as legal counsel and controller at Q Investments, a Fort Worth hedge fund, and as a partner at Walker & Sewell, LLP. He also served as outside counsel for Ennis for several years.

Terry Pennington, Chief Revenue Officer
Mr. Pennington was appointed Chief Revenue Officer on September 22, 2022. He joined Ennis in 2006 after serving in various senior and executive management roles in the printing sector for 26 years. At Ennis, he was initially responsible for 15 printing facilities and later assumed the role of Vice President of Sales in 2010, where he managed regional sales managers and supported Ennis' independent distributors. Mr. Pennington has also been part of the acquisition team, contributing to the diversification of Ennis' product offerings and expansion of sales in labels, tags, and commercial print.

Key Risks to Ennis, Inc. (EBF):

1. Digital Transformation and Declining Demand for Printed Business Products: As businesses increasingly adopt digital solutions for record-keeping, invoicing, communication, and workflows, the demand for traditional paper-based business forms, continuous forms, laser cut sheets, and other printed materials that constitute a significant portion of Ennis's product offerings may continue to decline. This fundamental shift towards paperless operations poses a long-term challenge to the company's core market and revenue streams.
2. Economic Sensitivity and Fluctuations in Business Spending: Ennis's performance is closely tied to the overall health of the economy and the willingness of businesses to spend on printed operational materials, marketing collateral (such as point-of-purchase advertising), and other ancillary products. During economic downturns, periods of uncertainty, or when businesses focus on cost-cutting, customers may reduce or postpone orders for Ennis's products, directly impacting the company's sales volume and profitability.
3. Competition and Pricing Pressures: The market for traditional business forms and printed products is mature, and intensified competition among manufacturers, compounded by potentially declining overall demand due to digitalization, can lead to significant pricing pressures. This competitive environment could result in reduced profit margins and challenges in maintaining market share for Ennis.

The clear emerging threat to Ennis (EBF) is the accelerating digital transformation of business processes, leading to widespread adoption of paperless initiatives and electronic document management systems. As businesses increasingly shift from physical forms and documents to digital workflows, electronic signatures, and cloud-based record-keeping, the demand for traditional business forms, continuous forms, laser cut sheets, envelopes, and financial/security documents, which constitute a significant portion of Ennis's product offerings, is systematically diminishing.

Ennis, Inc. (EBF) operates within several addressable markets related to printing, labels, and envelopes. The primary markets for their products and services are commercial printing, labels and tags, and envelopes.

Commercial Printing Market

The global commercial printing market was valued at approximately USD 838.26 billion in 2025 and is projected to reach about USD 1190.47 billion by 2035. Other estimates for the global market include USD 782.8 billion in 2025, growing to USD 861.0 billion by 2034, and USD 774.46 billion in 2024, with projections to rise to USD 848.1 billion by 2033. The North American commercial printing market is a significant segment, with the U.S. market estimated at USD 126.99 billion in 2024, projected to grow to USD 150.50 million by 2030. North America generated revenue worth US$ 113.81 billion in 2024.

Labels and Tags Market

The global labels market is estimated to be USD 47.01 billion in 2025, with an expected growth to USD 64.26 billion by 2031. Another source indicates the global labels market was valued at USD 52.3 billion in 2025 and is poised to surpass USD 94.6 billion by 2036. The global packaging labels market is valued at approximately USD 54 billion. In the United States, the labels market was valued at USD 7.13 billion in 2024 and is projected to reach USD 10.01 billion by 2035. The U.S. packaging labels market generated revenue of USD 13.85 billion in 2024 and is expected to reach USD 17.72 billion by 2030. The U.S. print label market size is projected to expand from USD 9.15 billion in 2025 to USD 10.77 billion by 2031.

Envelopes Market

The global envelope market is projected to be valued at US$2.7 billion in 2026 and is expected to reach US$3.6 billion by 2033. Other estimates suggest the market was USD 1.9 billion in 2023, with a projection to reach USD 2.67 billion by 2033. North America holds a significant share of the global envelope market, accounting for approximately 34.3% or 34% in 2024.

Document Preparation Services Market (U.S.)

The market size for Document Preparation Services in the U.S., which would include business forms, was estimated at USD 6.1 billion in 2025 and USD 6.2 billion in 2026.

Ennis, Inc. (EBF) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, a continued focus on niche and custom printed products, and enhanced operational efficiencies leading to improved margins.

• Strategic Acquisitions: Acquisitions have been a consistent and significant driver of revenue growth for Ennis. Recent examples, such as CFC Print & Mail, NEC, and ESS, have contributed to increased sales and improved margins. The company's management explicitly states a focus on pursuing acquisitions without reliance on debt, indicating this will remain a core strategy for expanding its market position and product offerings.
• Focus on Niche and Custom Printed Products: Despite a broader trend towards digitalization, Ennis maintains its relevance and revenue by concentrating on specific segments where tangible printed products remain in demand. The company specializes in custom and semi-custom business forms and other products, including advertising materials, security documents, and folders. This strategic emphasis on niche markets allows Ennis to address specific customer needs and sustain its competitive edge.
• Enhanced Operational Efficiencies and Margin Improvement: Ennis has demonstrated an ability to improve its gross profit margin, driven by operational efficiencies and the favorable margin profile of its recent acquisitions. While primarily impacting profitability, improved margins generate stronger net earnings and free cash flow. This capital can then be reinvested into the business to fund further growth initiatives, including strategic acquisitions and advancements in product lines, thereby indirectly supporting future revenue expansion.

1. Share Repurchases
   • For the six months ending August 31, 2025, Ennis repurchased 456,671 shares for $8.553 million, with $13.1 million capacity remaining on its repurchase program as of October 3, 2025.
   • In the first quarter of fiscal year 2026 (ending May 31, 2025), the company repurchased 260,560 shares of its common stock at an average price of $19.00 per share.
   • Ennis repurchased 336,885 shares recently (as of a December 2025 report).
2. Share Issuance
   • No significant dollar amount of shares issued was explicitly identified in the provided information for the last 3-5 years.
3. Inbound Investments
   • No information available regarding large investments made in the company by third-parties.
4. Outbound Investments
   • Ennis acquired Northeastern Envelope for $34.9 million in April 2025.
   • The company acquired the assets of CFC Print & Mail in November 2025.
   • Ennis acquired Printing Technologies, Inc. in June 2024.
5. Capital Expenditures
   • Capital expenditures in the most recent reported quarter totaled -$0.72 million USD.
   • In the last 12 months, capital expenditures were -$5.15 million.
   • Capital expenditure made up only 11% of Ennis's operating cash flow over the four quarters preceding February 2026.