Espey Mfg. & Electronics Corp. (ESP): History, Ownership, Mission, How It Works & Makes Money

Ever wondered about the company powering critical systems for the U.S. Navy and other military applications? Espey Mfg. & Electronics Corp. (ESP) has been designing and manufacturing specialized power supplies and transformers since 1930, and with a recent **$19.8 million** contract award supporting the U.S. Navy's Virginia and Columbia class submarine programs, their work remains as vital as ever. But how exactly does this original equipment manufacturing company operate, who owns it, and what's their mission? Read on to discover the ins and outs of Espey Mfg. & Electronics Corp., from its historical roots to its current standing as a key player in the defense and industrial sectors.

Founded in 1928 and incorporated in New York, Espey Mfg. & Electronics Corp. designs, develops, tests, and manufactures specialized military and rugged industrial power supplies and transformers for use in harsh or severe environment applications. The company operates from a **150,000+ square foot facility** in Saratoga Springs, New York, where all design, manufacturing, and testing are performed. Espey is a vertically integrated manufacturer, producing individual components, populating printed circuit boards, fabricating metalwork, and conducting comprehensive testing in-house.

Espey's ownership is distributed among insiders, mutual funds, and public companies and individual investors. As of April 2025, key figures include:

• Howard M. Pinsley: The largest individual shareholder, owning **399,017.00 shares**, representing **14.27%** of the company.
• Insiders: Hold approximately **34.26%** of the company's shares.
• Mutual Funds: Hold around **18.01%** of the shares.
• Public Companies and Individual Investors: Account for approximately **47.73%** of the ownership.

Espey's mission is to provide 'power solutions' for both military and industrial markets, designing and manufacturing 'high-reliability' products for airborne, ground, naval, rail power, and vehicle power platforms. The company aims to remain competitive through the design and manufacture of new and improved products, utilizing advanced and 'cutting edge' electronics technologies.

Espey generates revenue by designing, manufacturing, and selling specialized electronic equipment primarily for military and industrial applications. Key revenue streams include:

• Military Power Supplies: Account for approximately **$12.4 million** annually, supporting defense communication systems.
• Industrial Transformers: Contribute around **$5.7 million** annually, used in power transmission equipment.
• Aerospace Electronic Assemblies: Generate about **$8.2 million** annually, utilized in satellite and navigation systems.

For the fiscal year ending June 30, 2024, Espey's annual revenue was reported at **$38.74 million**, reflecting an **8.83%** growth. The company's revenue for the quarter ending December 31, 2024, was **$13.61 million**, a **32.09%** increase. As of December 31, 2024, the company's backlog was approximately **$120.1 million**, compared to **$84.8 million** the previous year. Espey also secured a new **$19.8 million** contract in April 2025 to supply electrical power transformers for the U.S. Navy's Virginia and Columbia class submarines, further solidifying its financial position.

Espey Mfg. & Electronics Corp. (ESP) History

Espey Mfg. & Electronics Corp. Founding Timeline

Year established

Espey Mfg. & Electronics Corp. was established in 1928.

Original location

The company's original location was in New York.

Founding team members

While specific names of the founding team members are not widely available in the current search results, the company was incorporated by Nathan Espey.

Initial capital/funding

Details regarding the initial capital or funding of Espey Mfg. & Electronics Corp. at its founding are not available in the provided search results.

Espey Mfg. & Electronics Corp. Evolution Milestones

Espey Mfg. & Electronics Corp. Transformative Moments

• Post-World War II Shift: Transitioned from wartime production to serving commercial and industrial markets, adapting its product line to meet new demands.
• Focus on High-Reliability Applications: Concentrated on designing and manufacturing power supplies for environments requiring high reliability, such as military and aerospace, differentiating itself from competitors.
• Investment in Technology: Continuously invested in research and development to incorporate the latest technological advancements into its products, enhancing performance and efficiency.
• Strategic Acquisitions: Expanded capabilities and market reach through strategic acquisitions, complementing its existing expertise and customer base.

To gain more insights into the company's financial performance, see: Breaking Down Espey Mfg. & Electronics Corp. (ESP) Financial Health: Key Insights for Investors

Espey Mfg. & Electronics Corp. (ESP) Ownership Structure

Espey Mfg. & Electronics Corp. features a mix of institutional and individual ownership, shaping its corporate governance and strategic direction.

Espey Mfg. & Electronics Corp.'s Current Status

Espey Mfg. & Electronics Corp. is a publicly traded company, listed on the NYSE American under the ticker symbol ESP. This means that its shares are available for purchase by the general public, and the company is subject to regulations and reporting requirements set forth by the Securities and Exchange Commission (SEC).

Espey Mfg. & Electronics Corp.'s Ownership Breakdown

Understanding the ownership structure of Espey Mfg. & Electronics Corp. provides valuable insights into the company's control and potential influences. Here's a breakdown:

Espey Mfg. & Electronics Corp.'s Leadership

The leadership team at Espey Mfg. & Electronics Corp. is responsible for the company's day-to-day operations and strategic direction. As of April 2025, key members of the leadership include:

• Mark St. Hilaire serves as the Chief Executive Officer, President & Director, guiding the company's overall vision and strategy.
• Katrina L. Sparano holds the position of Chief Financial Officer & Treasurer, overseeing the company's financial operations and reporting.
• David O'Brien is the VP of Sales & Marketing, responsible for driving revenue growth and market positioning.

These individuals, along with other members of the management team, bring a wealth of experience and expertise to Espey Mfg. & Electronics Corp., helping to navigate the challenges and opportunities in the electronics manufacturing industry. For more insights into the financial health of Espey Mfg. & Electronics Corp., you can explore: Breaking Down Espey Mfg. & Electronics Corp. (ESP) Financial Health: Key Insights for Investors

Espey Mfg. & Electronics Corp. (ESP) Mission and Values

Espey Mfg. & Electronics Corp. aims to deliver superior quality power and energy solutions, emphasizing customer satisfaction and shareholder value, while upholding ethical standards and fostering a culture of innovation and continuous improvement.

Espey Mfg. & Electronics Corp.'s Core Purpose

Official mission statement

Espey's mission statement reflects its commitment to providing high-quality products and services while maintaining strong relationships with its stakeholders:

• To provide superior quality power and energy solutions.
• To achieve total customer satisfaction.
• To provide a safe and secure workplace for all employees.
• To conduct business with the highest ethical standards.
• To provide a fair return to our shareholders.

Vision statement

While a specific vision statement is not publicly available, Espey's actions and long-term strategies suggest a vision focused on:

• Sustained growth in the power electronics industry.
• Maintaining a leadership position through innovation and technology.
• Expanding market share by meeting evolving customer needs.
• Ensuring long-term financial stability and profitability.

Company slogan/tagline

Espey Mfg. & Electronics Corp. does not have a widely publicized official slogan or tagline. However, considering their core business and values, a fitting tagline might emphasize reliability and innovation in power solutions:

• 'Powering Innovation, Delivering Reliability.'
• 'Your Trusted Partner in Power Solutions.'
• 'Engineered for Excellence, Built to Last.'

To learn more about the company's investors, check out this related article: Exploring Espey Mfg. & Electronics Corp. (ESP) Investor Profile: Who’s Buying and Why?

Espey Mfg. & Electronics Corp. (ESP) How It Works

Espey Mfg. & Electronics Corp. operates by designing and manufacturing electronic components and power supplies, serving industries that require reliable and customized solutions.

Espey Mfg. & Electronics Corp.'s Product/Service Portfolio

Espey Mfg. & Electronics Corp.'s Operational Framework

Espey Mfg. & Electronics Corp. focuses on delivering value through a vertically integrated operational model that emphasizes:

• Design and Engineering: Utilizing an in-house engineering team to create custom solutions tailored to specific client needs.
• Manufacturing: Operating advanced manufacturing facilities equipped for producing high-quality electronic components and systems.
• Quality Assurance: Implementing rigorous testing and quality control processes to ensure product reliability and performance.
• Supply Chain Management: Managing a robust supply chain to secure materials and components needed for production, while mitigating risks associated with sourcing.

The company's contract manufacturing services involve:

• PCB Assembly: Assembling printed circuit boards with precision and adherence to industry standards.
• Testing Services: Providing comprehensive testing to validate functionality and compliance.
• Box Build: Offering complete system integration and enclosure services.

More information about the company's values can be found here: Mission Statement, Vision, & Core Values of Espey Mfg. & Electronics Corp. (ESP).

Espey Mfg. & Electronics Corp.'s Strategic Advantages

Espey Mfg. & Electronics Corp. maintains a competitive edge through several strategic advantages:

• Customization Capabilities: Offering tailored solutions that meet unique customer requirements, differentiating itself from standard product manufacturers.
• High-Reliability Products: Specializing in products designed for demanding applications, ensuring consistent performance in harsh conditions.
• Long-Standing Customer Relationships: Building and maintaining strong relationships with key clients, fostering repeat business and collaborative projects.
• Vertically Integrated Operations: Controlling the entire production process from design to manufacturing, enhancing quality control and responsiveness.

Espey Mfg. & Electronics Corp. (ESP) How It Makes Money

Espey Mfg. & Electronics Corp. primarily generates revenue through the design, development, manufacture, and testing of specialized power supplies, filters, and transformers. These products cater to the defense, industrial, and aerospace industries.

Espey's Revenue Breakdown

Espey's Business Economics

Espey operates within the business economics framework, focusing on specialized, high-reliability products for niche markets. Key aspects include:

• Pricing Strategy: Espey employs a cost-plus pricing strategy, accounting for direct materials, labor, overhead, and a profit margin. Given the specialized nature and stringent requirements of its products, the company can command higher prices compared to commodity power supplies.
• Economic Fundamentals: The demand for Espey's products is largely driven by defense spending, industrial automation, and aerospace projects. Economic cycles in these sectors influence Espey's order book and revenue.
• Cost Structure: The cost structure includes raw materials (metals, electronic components), direct labor (skilled technicians), manufacturing overhead (depreciation, utilities), and engineering expenses. Espey's focus on high-reliability products necessitates significant investment in testing and quality control, adding to the cost.

Espey's Financial Performance

Analyzing Espey's financial performance involves several key metrics:

• Revenue: For the fiscal year 2024, Espey reported net sales of $41.2 million, compared to $38.9 million for the fiscal year 2023, representing an increase of 5.9%.
• Gross Margin: The gross margin for fiscal year 2024 was 26.8% compared to 26.7% for the fiscal year 2023.
• Net Income: Espey's net income for fiscal year 2024 was $2.7 million, compared to a net income of $2.9 million for the fiscal year 2023.
• R&D Expenditure: Espey invests in research and development to innovate and maintain its competitive edge. For example, in 2024, R&D expenses totaled $1.2 million.
• Order Backlog: As of December 31, 2023, Espey's order backlog was approximately $25.5 million, compared to $24.4 million as of December 31, 2022.

To gain more insights into the investors and ownership structure, check out: Exploring Espey Mfg. & Electronics Corp. (ESP) Investor Profile: Who’s Buying and Why?

Espey Mfg. & Electronics Corp. (ESP) Market Position & Future Outlook

Espey Mfg. & Electronics Corp. operates in a specialized segment of the electronics industry, focusing on the design, development, and manufacturing of power supplies, transformers, filters, and related products. The company's future outlook is shaped by its ability to adapt to technological advancements, secure government and defense contracts, and manage supply chain complexities.

Competitive Landscape

Opportunities & Challenges

Industry Position

Espey Mfg. & Electronics Corp. holds a niche position within the power electronics industry. The company differentiates itself through:

• Custom Engineering: Specializing in custom-designed power solutions tailored to specific client requirements.
• High-Reliability Products: Focusing on high-reliability applications, particularly in the military and aerospace sectors.
• Long-Term Relationships: Maintaining long-term relationships with key clients, ensuring repeat business and stable revenue streams.

To gain deeper insights into the investor profile and ownership structure, explore: Exploring Espey Mfg. & Electronics Corp. (ESP) Investor Profile: Who’s Buying and Why?