# Business Equipment & Supplies — company-by-company sector analysis

> Business Equipment & Supplies: Xerox Holdings Corporation owns the largest revenue base AND the fastest current growth.

Sector Alpha — machine-written from the numbers. Data as of 2026-08-04. Not investment advice.

## Bottom line

Business Equipment & Supplies has outperformed S&P 500 by 1.1% over 52 weeks and 4.2% over 13 weeks. 4 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 0 of 4 beat the sector itself. Xerox Holdings Corporation leads with revenue of $7,411 million, based on 3 of 4 comparable companies through Mar 2026.

## Sector relative strength

Business Equipment & Supplies has outperformed S&P 500 by 1.1% over the last 52 weeks. Over 13 weeks the gap is a lead of 4.2%. 4 of 4 covered companies currently beat the S&P 500 on Mansfield relative strength, so leadership inside the sector is selective. Xerox Holdings Corporation is the strongest against the sector itself at -2.5%.

13-week sector return versus NIFTY 500: 4.2%
52-week sector return versus NIFTY 500: 1.1%
Stocks leading NIFTY: 4/4
Stocks leading sector: 0/4

Central tension: The central tension: current leadership is concentrated, so durability matters more than rank.

Companies: 4
Combined market value: ₹1.8K Cr

## 4-Factor Sector Score

An additive sector-relative research score. The four displayed point contributions always equal the total: Growth & earnings (35), Capital efficiency (25), Valuation (20), and Relative strength (20). Missing or stale evidence is absorbed inside the affected factor, never applied as a hidden adjustment.

1. Xerox Holdings Corporation (XRX): 45/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 22.2/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 10.2/20
   - Price stage: BREAKING OUT — Ahead of the benchmark five weeks or more running, with its lead holding or widening.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 12 of the last 12 weeks
   - Exact sum: 22.2 + 3 + 10 + 10.2 = 45.4
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
2. Ennis, Inc. (EBF): 42/100 — Mixed-negative evidence; evidence 76%
   - Growth & earnings 14.0/35 | Capital efficiency 9.0/25 | Valuation 12.3/20 | Relative strength 6.8/20
   - Price stage: TURNING — Ahead of the benchmark for one to four weeks, after a stretch of being behind.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 14 + 9 + 12.3 + 6.8 = 42.1
   - Decision use: Balanced evidence: keep at normal research priority and require another comparable period before raising conviction.
3. Acacia Research Corporation (ACTG): 26/100 — Thin evidence · provisional; evidence 55%
   - Growth & earnings 6.7/35 | Capital efficiency 3.0/25 | Valuation 10.0/20 | Relative strength 6.0/20
   - Price stage: ASLEEP — Neither ahead of the benchmark nor yet turning up against it.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 0 of the last 12 weeks
   - Exact sum: 6.7 + 3 + 10 + 6 = 25.7
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.
4. ACCO Brands Corporation (ACCO): 36/100 — Thin evidence · provisional; evidence 49%
   - Growth & earnings 14.6/35 | Capital efficiency 4.0/25 | Valuation 10.0/20 | Relative strength 7.0/20
   - Price stage: FADING — Was leading by 5% or more four weeks ago and is not now.
   - Led NIFTY 500 by 5%+ over the prior 13 weeks in 7 of the last 12 weeks
   - Exact sum: 14.6 + 4 + 10 + 7 = 35.6
   - Decision use: Fill the missing evidence before acting; the ranking is deliberately pulled toward neutral.

## Market action

Acacia Research Corporation has the strongest one-year price move in Business Equipment & Supplies at +41.8%. Xerox Holdings Corporation leads on Mansfield relative strength against the S&P 500 at +5.8%. 4 of 4 covered companies are above zero on that measure. Every line covers 314 weekly closes through 2026-08-04.

### Strongest one-year price performers
1. Acacia Research Corporation (ACTG): 42%
2. Ennis, Inc. (EBF): 23%
3. ACCO Brands Corporation (ACCO): 20%
4. Xerox Holdings Corporation (XRX): -23%

### Strongest relative strength versus NIFTY 500
1. Xerox Holdings Corporation (XRX): 5.8%
2. ACCO Brands Corporation (ACCO): 3.1%
3. Ennis, Inc. (EBF): 2.5%
4. Acacia Research Corporation (ACTG): 0.9%

## Revenue Scale & Growth Durability

What the numbers say: Xerox Holdings Corporation is the scale leader at $7,411 million, 18.8× the revenue of Ennis, Inc.. Xerox Holdings Corporation's growth is 20% from a $7,411 million base, with 19 reported observations in the 20-quarter window. Treat the growth leader as an acceleration candidate, not as equally proven scale.

Investor read: Xerox Holdings Corporation is the scale benchmark; Xerox Holdings Corporation is the acceleration watch. Promote the challenger only if growth persists and converts into margin and returns.

This conclusion weakens if: Xerox Holdings Corporation's growth falls below Xerox Holdings Corporation's for two consecutive comparable reports while operating margin also compresses.

Evidence: Xerox Holdings Corporation · $7,411 million | 18.8× versus #2 · Ennis, Inc. | 3/8 recent comparable periods | 3/4 companies · 77 observations

Definition: Revenue is compared on a common reported-currency basis. Growth is year-on-year, so seasonality does not masquerade as progress.

### Revenue — largest
1. Xerox Holdings Corporation (XRX): ₹7.4K Cr
2. Ennis, Inc. (EBF): ₹394 Cr
3. Acacia Research Corporation (ACTG): ₹214 Cr

### Revenue growth — fastest growers
1. Xerox Holdings Corporation (XRX): 20%
2. Ennis, Inc. (EBF): 1.3%
3. Acacia Research Corporation (ACTG): -3.6%

### 20-quarter Revenue history
- EBF: Sep 2021 ₹100 Cr | Dec 2021 ₹103 Cr | Mar 2022 ₹100 Cr | Jun 2022 ₹108 Cr | Sep 2022 ₹111 Cr | Dec 2022 ₹110 Cr | Mar 2023 ₹103 Cr | Jun 2023 ₹111 Cr | Sep 2023 ₹107 Cr | Dec 2023 ₹105 Cr | Mar 2024 ₹97 Cr | Jun 2024 ₹103 Cr | Sep 2024 ₹99 Cr | Dec 2024 ₹100 Cr | Mar 2025 ₹93 Cr | Jun 2025 ₹97 Cr | Sep 2025 ₹99 Cr | Dec 2025 ₹100 Cr | Mar 2026 ₹96 Cr | Jun 2026 ₹99 Cr
- ACTG: Sep 2021 ₹2 Cr | Dec 2021 ₹63 Cr | Mar 2022 ₹14 Cr | Jun 2022 ₹17 Cr | Sep 2022 ₹16 Cr | Dec 2022 ₹13 Cr | Mar 2023 ₹15 Cr | Jun 2023 ₹8 Cr | Sep 2023 ₹10 Cr | Dec 2023 ₹92 Cr | Mar 2024 ₹24 Cr | Jun 2024 ₹26 Cr | Sep 2024 ₹23 Cr | Dec 2024 ₹49 Cr | Mar 2025 ₹124 Cr | Jun 2025 ₹51 Cr | Sep 2025 ₹59 Cr | Dec 2025 ₹50 Cr | Mar 2026 ₹54 Cr | Jun 2026 —
- XRX: Sep 2021 ₹1.8K Cr | Dec 2021 ₹1.8K Cr | Mar 2022 ₹1.7K Cr | Jun 2022 ₹1.7K Cr | Sep 2022 ₹1.8K Cr | Dec 2022 ₹1.9K Cr | Mar 2023 ₹1.7K Cr | Jun 2023 ₹1.8K Cr | Sep 2023 ₹1.7K Cr | Dec 2023 ₹1.8K Cr | Mar 2024 ₹1.5K Cr | Jun 2024 ₹1.6K Cr | Sep 2024 ₹1.5K Cr | Dec 2024 ₹1.6K Cr | Mar 2025 ₹1.5K Cr | Jun 2025 ₹1.6K Cr | Sep 2025 ₹2.0K Cr | Dec 2025 ₹2.0K Cr | Mar 2026 ₹1.8K Cr | Jun 2026 —
- ACCO: Sep 2021 ₹527 Cr | Dec 2021 ₹570 Cr | Mar 2022 ₹442 Cr | Jun 2022 ₹521 Cr | Sep 2022 ₹486 Cr | Dec 2022 ₹499 Cr | Mar 2023 ₹403 Cr | Jun 2023 ₹494 Cr | Sep 2023 ₹448 Cr | Dec 2023 ₹489 Cr | Mar 2024 ₹359 Cr | Jun 2024 ₹438 Cr | Sep 2024 ₹421 Cr | Dec 2024 ₹448 Cr | Mar 2025 ₹317 Cr | Jun 2025 ₹395 Cr | Sep 2025 ₹384 Cr | Dec 2025 ₹429 Cr | Mar 2026 ₹344 Cr | Jun 2026 —

### 20-quarter Revenue growth history
- EBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 11% | Dec 2022 6.8% | Mar 2023 3.0% | Jun 2023 2.8% | Sep 2023 -3.6% | Dec 2023 -4.6% | Mar 2024 -5.8% | Jun 2024 -7.2% | Sep 2024 -7.5% | Dec 2024 -4.8% | Mar 2025 -4.1% | Jun 2025 -5.8% | Sep 2025 0.0% | Dec 2025 0.0% | Mar 2026 3.2% | Jun 2026 2.1%
- ACTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.0% | Sep 2022 700% | Dec 2022 -79% | Mar 2023 7.1% | Jun 2023 -53% | Sep 2023 -38% | Dec 2023 608% | Mar 2024 60% | Jun 2024 225% | Sep 2024 130% | Dec 2024 -47% | Mar 2025 417% | Jun 2025 96% | Sep 2025 157% | Dec 2025 2.0% | Mar 2026 -56% | Jun 2026 —
- XRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -2.6% | Sep 2022 -0.4% | Dec 2022 9.2% | Mar 2023 2.8% | Jun 2023 0.4% | Sep 2023 -5.7% | Dec 2023 -9.1% | Mar 2024 -12% | Jun 2024 -10% | Sep 2024 -7.5% | Dec 2024 -8.6% | Mar 2025 -3.0% | Jun 2025 -0.1% | Sep 2025 28% | Dec 2025 26% | Mar 2026 27% | Jun 2026 —
- ACCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 0.6% | Sep 2022 -7.8% | Dec 2022 -12% | Mar 2023 -8.8% | Jun 2023 -5.2% | Sep 2023 -7.8% | Dec 2023 -2.0% | Mar 2024 -11% | Jun 2024 -11% | Sep 2024 -6.0% | Dec 2024 -8.4% | Mar 2025 -12% | Jun 2025 -9.8% | Sep 2025 -8.8% | Dec 2025 -4.2% | Mar 2026 8.5% | Jun 2026 —

## Operating Economics & Margin Trend

What the numbers say: Ennis, Inc. leads opm at 13.8%; Xerox Holdings Corporation leads margin change at +2.9 percentage points.

Investor read: Ennis, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current margin change signal.

Evidence: Ennis, Inc. · 13.8% | 23× versus #2 · Xerox Holdings Corporation | 4/8 recent comparable periods | 4/4 companies · 77 observations

Definition: Operating margin compares operating profit with revenue. Improvement is measured in percentage points, not percentage growth.

### OPM — highest
1. Ennis, Inc. (EBF): 14%
2. Xerox Holdings Corporation (XRX): 0.6%
3. ACCO Brands Corporation (ACCO): -3.0%
4. Acacia Research Corporation (ACTG): -15%

### Margin change — fastest expanders
1. Xerox Holdings Corporation (XRX): +2.9 pp
2. Ennis, Inc. (EBF): +0.1 pp
3. ACCO Brands Corporation (ACCO): −0.9 pp
4. Acacia Research Corporation (ACTG): −46.2 pp

### 20-quarter OPM history
- EBF: Sep 2021 11% | Dec 2021 11% | Mar 2022 11% | Jun 2022 15% | Sep 2022 16% | Dec 2022 15% | Mar 2023 16% | Jun 2023 14% | Sep 2023 14% | Dec 2023 13% | Mar 2024 13% | Jun 2024 13% | Sep 2024 13% | Dec 2024 13% | Mar 2025 13% | Jun 2025 14% | Sep 2025 13% | Dec 2025 15% | Mar 2026 13% | Jun 2026 14%
- ACTG: Sep 2021 -804% | Dec 2021 50% | Mar 2022 -63% | Jun 2022 -34% | Sep 2022 -72% | Dec 2022 -111% | Mar 2023 -63% | Jun 2023 -159% | Sep 2023 -130% | Dec 2023 61% | Mar 2024 -8.6% | Jun 2024 -18% | Sep 2024 -44% | Dec 2024 -32% | Mar 2025 31% | Jun 2025 -24% | Sep 2025 -11% | Dec 2025 -26% | Mar 2026 -15% | Jun 2026 —
- XRX: Sep 2021 4.8% | Dec 2021 -40% | Mar 2022 -5.3% | Jun 2022 -0.3% | Sep 2022 -22% | Dec 2022 7.5% | Mar 2023 5.0% | Jun 2023 -5.1% | Sep 2023 3.9% | Dec 2023 35% | Mar 2024 -10% | Jun 2024 1.6% | Sep 2024 -71% | Dec 2024 -0.2% | Mar 2025 -2.3% | Jun 2025 -3.8% | Sep 2025 -15% | Dec 2025 -2.8% | Mar 2026 0.6% | Jun 2026 —
- ACCO: Sep 2021 7.3% | Dec 2021 11% | Mar 2022 1.5% | Jun 2022 11% | Sep 2022 -13% | Dec 2022 7.1% | Mar 2023 2.5% | Jun 2023 11% | Sep 2023 7.2% | Dec 2023 -11% | Mar 2024 1.6% | Jun 2024 -25% | Sep 2024 6.2% | Dec 2024 9.4% | Mar 2025 -2.1% | Jun 2025 8.4% | Sep 2025 6.8% | Dec 2025 9.3% | Mar 2026 -3.0% | Jun 2026 —

### 20-quarter Margin change history
- EBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +4.7 pp | Dec 2022 +3.4 pp | Mar 2023 +5.4 pp | Jun 2023 −1.1 pp | Sep 2023 −1.7 pp | Dec 2023 −2.2 pp | Mar 2024 −2.7 pp | Jun 2024 −0.8 pp | Sep 2024 −0.5 pp | Dec 2024 +0.6 pp | Mar 2025 −0.3 pp | Jun 2025 +0.4 pp | Sep 2025 −0.8 pp | Dec 2025 +1.9 pp | Mar 2026 −0.5 pp | Jun 2026 +0.1 pp
- ACTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −43.3 pp | Sep 2022 +732.6 pp | Dec 2022 −160.4 pp | Mar 2023 0.0 pp | Jun 2023 −124.6 pp | Sep 2023 −58.8 pp | Dec 2023 +171.5 pp | Mar 2024 +54.4 pp | Jun 2024 +140.1 pp | Sep 2024 +86.3 pp | Dec 2024 −93.0 pp | Mar 2025 +39.4 pp | Jun 2025 −5.8 pp | Sep 2025 +33.3 pp | Dec 2025 +6.3 pp | Mar 2026 −46.2 pp | Jun 2026 —
- XRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 −5.8 pp | Sep 2022 −26.5 pp | Dec 2022 +47.5 pp | Mar 2023 +10.3 pp | Jun 2023 −4.8 pp | Sep 2023 +25.6 pp | Dec 2023 +27.6 pp | Mar 2024 −15.0 pp | Jun 2024 +6.7 pp | Sep 2024 −74.8 pp | Dec 2024 −35.3 pp | Mar 2025 +7.7 pp | Jun 2025 −5.4 pp | Sep 2025 +55.6 pp | Dec 2025 −2.6 pp | Mar 2026 +2.9 pp | Jun 2026 —
- ACCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 +1.0 pp | Sep 2022 −20.3 pp | Dec 2022 −4.1 pp | Mar 2023 +1.0 pp | Jun 2023 +0.6 pp | Sep 2023 +20.2 pp | Dec 2023 −17.9 pp | Mar 2024 −0.9 pp | Jun 2024 −36.6 pp | Sep 2024 −1.0 pp | Dec 2024 +20.2 pp | Mar 2025 −3.7 pp | Jun 2025 +33.8 pp | Sep 2025 +0.6 pp | Dec 2025 −0.1 pp | Mar 2026 −0.9 pp | Jun 2026 —

## Profit Scale & Acceleration

What the numbers say: Ennis, Inc. leads with $43 million of TTM profit, 368.8% above Acacia Research Corporation. Ennis, Inc. shows 10.3% growth from a $43 million profit base. Compare the size of the base and persistence before ranking acceleration above profit scale.

Investor read: Ennis, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current profit growth signal.

Evidence: Ennis, Inc. · $43 million | 368.8% versus #2 · Acacia Research Corporation | 2/8 recent comparable periods | 3/4 companies · 77 observations

Definition: Net profit is the residual after operating costs, interest and tax. Growth off a loss or near-zero base is excluded from the fastest-grower rank.

### Net profit — largest
1. Ennis, Inc. (EBF): ₹43 Cr
2. Acacia Research Corporation (ACTG): ₹-16 Cr
3. Xerox Holdings Corporation (XRX): ₹-1.0K Cr

### Profit growth — fastest growers
1. Ennis, Inc. (EBF): 10%

### 20-quarter Net profit history
- EBF: Sep 2021 ₹7 Cr | Dec 2021 ₹8 Cr | Mar 2022 ₹7 Cr | Jun 2022 ₹12 Cr | Sep 2022 ₹12 Cr | Dec 2022 ₹11 Cr | Mar 2023 ₹12 Cr | Jun 2023 ₹12 Cr | Sep 2023 ₹11 Cr | Dec 2023 ₹10 Cr | Mar 2024 ₹10 Cr | Jun 2024 ₹11 Cr | Sep 2024 ₹10 Cr | Dec 2024 ₹10 Cr | Mar 2025 ₹9 Cr | Jun 2025 ₹10 Cr | Sep 2025 ₹13 Cr | Dec 2025 ₹11 Cr | Mar 2026 ₹9 Cr | Jun 2026 ₹10 Cr
- ACTG: Sep 2021 ₹90 Cr | Dec 2021 ₹205 Cr | Mar 2022 ₹-73 Cr | Jun 2022 ₹-47 Cr | Sep 2022 ₹28 Cr | Dec 2022 ₹-19 Cr | Mar 2023 ₹9 Cr | Jun 2023 ₹-19 Cr | Sep 2023 ₹3 Cr | Dec 2023 ₹76 Cr | Mar 2024 ₹0 Cr | Jun 2024 ₹-9 Cr | Sep 2024 ₹-12 Cr | Dec 2024 ₹-14 Cr | Mar 2025 ₹24 Cr | Jun 2025 ₹-1 Cr | Sep 2025 ₹-2 Cr | Dec 2025 ₹5 Cr | Mar 2026 ₹-18 Cr | Jun 2026 —
- XRX: Sep 2021 ₹89 Cr | Dec 2021 ₹-674 Cr | Mar 2022 ₹-57 Cr | Jun 2022 ₹-5 Cr | Sep 2022 ₹-382 Cr | Dec 2022 ₹122 Cr | Mar 2023 ₹71 Cr | Jun 2023 ₹-61 Cr | Sep 2023 ₹49 Cr | Dec 2023 ₹-58 Cr | Mar 2024 ₹-113 Cr | Jun 2024 ₹18 Cr | Sep 2024 ₹-1.2K Cr | Dec 2024 ₹-21 Cr | Mar 2025 ₹-90 Cr | Jun 2025 ₹-106 Cr | Sep 2025 ₹-760 Cr | Dec 2025 ₹-73 Cr | Mar 2026 ₹-105 Cr | Jun 2026 —
- ACCO: Sep 2021 ₹20 Cr | Dec 2021 ₹54 Cr | Mar 2022 ₹-3 Cr | Jun 2022 ₹39 Cr | Sep 2022 ₹-69 Cr | Dec 2022 ₹19 Cr | Mar 2023 ₹-4 Cr | Jun 2023 ₹26 Cr | Sep 2023 ₹15 Cr | Dec 2023 ₹-59 Cr | Mar 2024 ₹-6 Cr | Jun 2024 ₹-125 Cr | Sep 2024 ₹9 Cr | Dec 2024 ₹21 Cr | Mar 2025 ₹-13 Cr | Jun 2025 ₹29 Cr | Sep 2025 ₹4 Cr | Dec 2025 ₹21 Cr | Mar 2026 ₹19 Cr | Jun 2026 —

### 20-quarter Profit growth history
- EBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 71% | Dec 2022 38% | Mar 2023 71% | Jun 2023 0.0% | Sep 2023 -8.3% | Dec 2023 -9.1% | Mar 2024 -17% | Jun 2024 -8.3% | Sep 2024 -9.1% | Dec 2024 0.0% | Mar 2025 -10% | Jun 2025 -9.1% | Sep 2025 30% | Dec 2025 10% | Mar 2026 0.0% | Jun 2026 0.0%
- ACTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -335% | Sep 2022 -69% | Dec 2022 -109% | Mar 2023 — | Jun 2023 — | Sep 2023 -89% | Dec 2023 — | Mar 2024 -100% | Jun 2024 — | Sep 2024 -500% | Dec 2024 -118% | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 -175% | Jun 2026 —
- XRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -105% | Sep 2022 -529% | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 -148% | Mar 2024 -259% | Jun 2024 — | Sep 2024 -2,559% | Dec 2024 — | Mar 2025 — | Jun 2025 -689% | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 -20% | Sep 2022 -445% | Dec 2022 -65% | Mar 2023 — | Jun 2023 -33% | Sep 2023 — | Dec 2023 -411% | Mar 2024 — | Jun 2024 -581% | Sep 2024 -40% | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 -56% | Dec 2025 0.0% | Mar 2026 — | Jun 2026 —

## Return On Capital Employed

What the numbers say: Ennis, Inc. leads ROCE at 4.3%, 2.7 percentage points above ACCO Brands Corporation. Xerox Holdings Corporation has the strongest latest improvement at +0.7 percentage points. Read the leader beside the density of its reported history: a sparse high return is a candidate; a repeated high return is evidence of durability.

Investor read: Ennis, Inc. sets the level benchmark; use the change leader as an inflection watch only after another comparable report confirms it.

This conclusion weakens if: The next two comparable reports reverse the current roce change signal.

Evidence: Ennis, Inc. · 4.3% | 168.7% versus #2 · ACCO Brands Corporation | 5/8 recent comparable periods | 4/4 companies · 77 observations

Definition: ROCE asks how much operating return the business earns on the capital employed. Direction matters, but a single exceptional year should not be mistaken for durability.

### ROCE — highest
1. Ennis, Inc. (EBF): 4.3%
2. ACCO Brands Corporation (ACCO): 1.6%
3. Xerox Holdings Corporation (XRX): 0.2%
4. Acacia Research Corporation (ACTG): -1.2%

### ROCE change — fastest improvers
1. Xerox Holdings Corporation (XRX): +0.7 pp
2. Ennis, Inc. (EBF): +0.4 pp
3. ACCO Brands Corporation (ACCO): −0.1 pp
4. Acacia Research Corporation (ACTG): −7.0 pp

### 20-quarter ROCE history
- EBF: Sep 2021 — | Dec 2021 3.5% | Mar 2022 3.2% | Jun 2022 4.9% | Sep 2022 5.1% | Dec 2022 4.8% | Mar 2023 4.8% | Jun 2023 4.5% | Sep 2023 4.2% | Dec 2023 3.7% | Mar 2024 3.6% | Jun 2024 3.8% | Sep 2024 3.6% | Dec 2024 3.8% | Mar 2025 3.5% | Jun 2025 3.9% | Sep 2025 3.6% | Dec 2025 4.7% | Mar 2026 3.8% | Jun 2026 4.3%
- ACTG: Sep 2021 -3.1% | Dec 2021 6.4% | Mar 2022 -1.9% | Jun 2022 -1.3% | Sep 2022 -2.4% | Dec 2022 -2.9% | Mar 2023 -2.0% | Jun 2023 -2.8% | Sep 2023 -2.9% | Dec 2023 11% | Mar 2024 -0.4% | Jun 2024 -0.8% | Sep 2024 -1.7% | Dec 2024 -2.4% | Mar 2025 5.8% | Jun 2025 -1.7% | Sep 2025 -0.9% | Dec 2025 -1.8% | Mar 2026 -1.2% | Jun 2026 —
- XRX: Sep 2021 0.7% | Dec 2021 -6.3% | Mar 2022 -0.9% | Jun 2022 0.0% | Sep 2022 -3.9% | Dec 2022 1.6% | Mar 2023 1.0% | Jun 2023 -1.1% | Sep 2023 0.8% | Dec 2023 8.0% | Mar 2024 -1.9% | Jun 2024 0.3% | Sep 2024 -16% | Dec 2024 -0.1% | Mar 2025 -0.5% | Jun 2025 -0.9% | Sep 2025 -4.8% | Dec 2025 -0.9% | Mar 2026 0.2% | Jun 2026 —
- ACCO: Sep 2021 1.6% | Dec 2021 2.6% | Mar 2022 0.3% | Jun 2022 2.2% | Sep 2022 -2.6% | Dec 2022 1.6% | Mar 2023 0.4% | Jun 2023 2.3% | Sep 2023 1.4% | Dec 2023 -2.5% | Mar 2024 0.3% | Jun 2024 -5.3% | Sep 2024 1.3% | Dec 2024 2.2% | Mar 2025 -0.3% | Jun 2025 1.7% | Sep 2025 1.4% | Dec 2025 2.3% | Mar 2026 -0.6% | Jun 2026 1.6%

### 20-quarter ROCE change history
- EBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 +1.3 pp | Mar 2023 +1.6 pp | Jun 2023 −0.4 pp | Sep 2023 −0.9 pp | Dec 2023 −1.1 pp | Mar 2024 −1.2 pp | Jun 2024 −0.7 pp | Sep 2024 −0.6 pp | Dec 2024 +0.1 pp | Mar 2025 −0.1 pp | Jun 2025 +0.1 pp | Sep 2025 0.0 pp | Dec 2025 +0.9 pp | Mar 2026 +0.3 pp | Jun 2026 +0.4 pp
- ACTG: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 +0.7 pp | Dec 2022 −9.3 pp | Mar 2023 −0.1 pp | Jun 2023 −1.5 pp | Sep 2023 −0.5 pp | Dec 2023 +14.1 pp | Mar 2024 +1.6 pp | Jun 2024 +2.0 pp | Sep 2024 +1.2 pp | Dec 2024 −13.6 pp | Mar 2025 +6.2 pp | Jun 2025 −0.9 pp | Sep 2025 +0.8 pp | Dec 2025 +0.6 pp | Mar 2026 −7.0 pp | Jun 2026 —
- XRX: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.6 pp | Dec 2022 +7.9 pp | Mar 2023 +1.9 pp | Jun 2023 −1.1 pp | Sep 2023 +4.7 pp | Dec 2023 +6.4 pp | Mar 2024 −2.9 pp | Jun 2024 +1.4 pp | Sep 2024 −17.0 pp | Dec 2024 −8.1 pp | Mar 2025 +1.4 pp | Jun 2025 −1.2 pp | Sep 2025 +11.4 pp | Dec 2025 −0.8 pp | Mar 2026 +0.7 pp | Jun 2026 —
- ACCO: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 −4.2 pp | Dec 2022 −1.0 pp | Mar 2023 +0.1 pp | Jun 2023 +0.1 pp | Sep 2023 +4.0 pp | Dec 2023 −4.1 pp | Mar 2024 −0.1 pp | Jun 2024 −7.6 pp | Sep 2024 −0.1 pp | Dec 2024 +4.7 pp | Mar 2025 −0.6 pp | Jun 2025 +7.0 pp | Sep 2025 +0.1 pp | Dec 2025 +0.1 pp | Mar 2026 −0.3 pp | Jun 2026 −0.1 pp

## Valuation Against Growth & Quality

What the numbers say: Ennis, Inc. has the lowest comparable PEG at 1.24×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so no broad “cheapest stock” conclusion is defensible unless the current multiple, own-history position and growth durability agree.

Investor read: Treat valuation as permission to investigate, never as a standalone reason to buy.

This conclusion weakens if: The next two comparable reports reverse the current p/e signal.

Evidence: Ennis, Inc. · 1.24× | Not enough peers | 0/8 recent comparable periods | 1/4 companies · 5 observations

Definition: PEG is shown only when earnings are positive and three-year EPS growth is between 5% and 60%. It is recomputed consistently as the trailing P/E divided by that growth rate — reported earnings, never an expected-earnings multiple. On Indian companies it is shown only where the two data feeds agreed. Where any of that fails the ratio is left out rather than printed: a P/E divided by a loss, or by growth measured off a tiny base, is a number that looks precise and means nothing.

### PEG — lowest PEG
1. Ennis, Inc. (EBF): 1.2

### P/E — lowest P/E
1. ACCO Brands Corporation (ACCO): 6.7
2. Ennis, Inc. (EBF): 12.3
3. Xerox Holdings Corporation (XRX): 15.1
4. Acacia Research Corporation (ACTG): 17.0

### 20-quarter PEG history
- EBF: Sep 2021 — | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 0.3 | Sep 2023 0.6 | Dec 2023 2.0 | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 1.8 | Jun 2026 1.2

### 20-quarter P/E history
- EBF: Sep 2021 — | Dec 2021 17.9 | Mar 2022 16.9 | Jun 2022 14.1 | Sep 2022 14.4 | Dec 2022 14.3 | Mar 2023 12.0 | Jun 2023 10.6 | Sep 2023 12.0 | Dec 2023 12.3 | Mar 2024 12.4 | Jun 2024 13.1 | Sep 2024 15.1 | Dec 2024 13.4 | Mar 2025 13.8 | Jun 2025 12.3 | Sep 2025 11.2 | Dec 2025 10.5 | Mar 2026 12.7 | Jun 2026 12.3
- ACTG: Sep 2021 — | Dec 2021 2.7 | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 — | Dec 2023 6.8 | Mar 2024 14.8 | Jun 2024 7.8 | Sep 2024 8.8 | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 65.0 | Dec 2025 17.0 | Mar 2026 — | Jun 2026 —
- XRX: Sep 2021 13.6 | Dec 2021 — | Mar 2022 — | Jun 2022 — | Sep 2022 — | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 15.1 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 — | Sep 2025 — | Dec 2025 — | Mar 2026 — | Jun 2026 —
- ACCO: Sep 2021 10.6 | Dec 2021 7.9 | Mar 2022 6.5 | Jun 2022 5.8 | Sep 2022 25.8 | Dec 2022 — | Mar 2023 — | Jun 2023 — | Sep 2023 9.9 | Dec 2023 — | Mar 2024 — | Jun 2024 — | Sep 2024 — | Dec 2024 — | Mar 2025 — | Jun 2025 7.6 | Sep 2025 9.5 | Dec 2025 8.5 | Mar 2026 3.9 | Jun 2026 6.7


## What can make this comparison misleading?
- A high growth rate can be a low-base artefact. The page keeps level and change separate for that reason.
- A high ROCE can be temporary or flattered by a small capital base. Read it beside margin, cash conversion and reinvestment.
- The 4-Factor Sector Score ranks research priority, not portfolio action. Management quality, catalysts and risks need equally fresh evidence before capital is deployed.
- An “all companies” line chart preserves completeness, but rank changes should be checked against reporting dates before drawing a conclusion.
- Thin comparisons: Valuation have fewer than three usable current readings.

## Every company
- Ennis, Inc. (EBF) — market value ₹565 Cr; latest fundamentals Jun 2026
- Acacia Research Corporation (ACTG) — market value ₹445 Cr; latest fundamentals Mar 2026
- Xerox Holdings Corporation (XRX) — market value ₹424 Cr; latest fundamentals Mar 2026
- ACCO Brands Corporation (ACCO) — market value ₹403 Cr; latest fundamentals Jun 2026

## Methodology and freshness

Fundamentals through Jun 2026; prices through 2026-08-04.
Up to 20 quarters per company. Reported history is normalized to Indian rupees crore. Missing values are not interpolated. Derived metrics are calculated only when their inputs are comparable.

## Frequently asked questions

### Is the Business Equipment & Supplies sector outperforming S&P 500?

Business Equipment & Supplies has outperformed S&P 500 by 1.1% over 52 weeks and 4.2% over 13 weeks. 4 of 4 covered companies beat the S&P 500 on Mansfield relative strength, while 0 of 4 beat the sector itself.

### Which Business Equipment & Supplies company is largest by revenue?

Xerox Holdings Corporation leads with revenue of $7,411 million, based on 3 of 4 comparable companies through Mar 2026.

### Which Business Equipment & Supplies company is growing fastest?

Xerox Holdings Corporation has the fastest current revenue growth at 20%, across 3 of 4 comparable companies.

### Which Business Equipment & Supplies company has the strongest 4-Factor Sector Score?

Xerox Holdings Corporation ranks first at 45.4/100 with 54.6% evidence confidence. The score prioritizes research; it is not a buy recommendation.

### Which Business Equipment & Supplies company has the lowest comparable PEG?

Ennis, Inc. has the lowest comparable PEG at 1.24, among 1 of 4 companies whose earnings and growth are steady enough for the ratio to mean anything.

### How much history does this Business Equipment & Supplies comparison include?

The page compares up to 20 reported quarters per company for fundamentals, returns and valuation, ending Jun 2026. Missing observations remain blank rather than being estimated.

### How is the 4-Factor Sector Score calculated?

The four visible contributions add directly: growth and earnings up to 35 points, capital efficiency up to 25, valuation up to 20, and relative strength up to 20. Missing or stale evidence moves only the affected contribution toward neutral.

### Which Business Equipment & Supplies company is the biggest?

Xerox Holdings Corporation is the largest, with trailing-twelve-month revenue of $7,411 million, ahead of Ennis, Inc. at $394 million. That covers 3 of 4 companies with comparable reporting through Mar 2026.

### Which Business Equipment & Supplies company has the best profit margins?

Ennis, Inc. has the highest operating margin at 13.8%, from 4 of 4 comparable companies. Xerox Holdings Corporation shows the biggest recent improvement, at +2.9 percentage points. A high margin matters most when it is holding or rising, not when it is peaking.

### Which Business Equipment & Supplies company makes the most profit?

Ennis, Inc. earns the most, at $43 million of trailing-twelve-month net profit, from 3 of 4 comparable companies. Ennis, Inc. has the fastest profit growth at 10.3%, though growth off a small or recovering profit base overstates how much has actually changed.

### Which Business Equipment & Supplies company earns the highest return on capital?

Ennis, Inc. leads on return on capital employed at 4.3%, across 4 of 4 companies. Read it beside the length of its reported history: a high return that repeats for years is evidence of a durable business, while a single high reading can be a small capital base or one good year.

### Which Business Equipment & Supplies stock is the cheapest?

On PEG — where a LOWER number is cheaper — Ennis, Inc. screens cheapest at 1.24×. Only 1 of 4 companies have earnings and growth steady enough for the ratio to mean anything, so this is not a sector-wide "cheapest stock" verdict. Cheap on a multiple is a reason to investigate, never a reason to buy on its own.

### Is the Business Equipment & Supplies sector beating the market?

Business Equipment & Supplies has outperformed S&P 500 by 1.1% over the last 52 weeks and 4.2% over 13 weeks, measured on an equal-weight index of its current members. Inside the sector, 4 of 4 covered companies are beating the market on their own. Sector strength does not transfer evenly to every stock in it.

### Which Business Equipment & Supplies stock has the strongest price momentum?

Xerox Holdings Corporation has the strongest relative strength against S&P 500. Relative strength answers last, after growth, quality and valuation: price can move well before the fundamentals confirm it, and sometimes without them confirming at all.

### Which Business Equipment & Supplies company scores highest for research priority?

Xerox Holdings Corporation scores 45.4 out of 100 with 54.6% evidence confidence, from 22.2 points on growth and earnings, 3 on capital efficiency, 10 on valuation and 10.2 on relative strength. This ranks what deserves work next. It is not a buy recommendation, and management quality, catalysts and risk still need separate research.

### How many Business Equipment & Supplies companies does this comparison cover, and over what period?

It compares 4 listed companies over up to 20 reported quarters of fundamentals, ending Jun 2026, plus weekly price and relative-strength history. Membership is the full sector list — nothing is dropped for having thin data.

### What is the total market cap of the Business Equipment & Supplies sector?

The 4 Business Equipment & Supplies companies on this page carry $1,837 million of combined market value. Ennis, Inc. is the largest at $565 million, about 31% of the sector's total on its own. Market value moves with price, so this reading is dated 2026-08-04.

### How is the Business Equipment & Supplies sector performing?

4 of the 4 covered Business Equipment & Supplies companies are beating S&P 500 on Mansfield relative strength. The sector itself is 1.1% ahead of S&P 500 over 52 weeks on an equal-weight index of its current members. Readings are as of 2026-08-04.

### How many Business Equipment & Supplies stocks are listed in the US?

This comparison covers 4 listed Business Equipment & Supplies companies in the US, each above the size floor the site applies. The full ranked list is on this page, with reported fundamentals through Jun 2026. Membership is the full industry list — nothing is dropped for having thin data.

### Why are some values on this page blank?

A blank means that company did not report a comparable figure for that period, so nothing is shown. Missing observations are never interpolated, carried forward, or replaced with a similar-looking accounting line, and a company with missing evidence has its research score pulled toward neutral rather than being scored as bad.

### Is this investment advice?

No. Every figure here is a deterministic calculation from reported company filings and market data, published for research. It contains no recommendation to buy or sell any security, does not account for your circumstances, and is not a substitute for advice from a licensed adviser.