The Filing Desk

Energizer

ENR · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

ENR · Last close · October 26, 2026
$22.29
Value Energizer yourself

Energizer's revenue rose 2.3% to $3.0 billion in fiscal 2025. Its net margin was 8.1%, up from 1.3% a year earlier. Free cash flow was $63 million, down 81.0%. It paid out $177 million in dividends and buybacks, 280% of free cash flow. The diluted share count fell 1.0%.

ENERGIZER HOLDINGS, INC. Latest fiscal year ended September 30, 2025 10-K filed November 18, 2025 · 0001632790-25-000091 Updated
Revenue
$3.0B
2.3%
Net margin
8.1%
6.8 pts
Net income
$239M
527.3%
Free cash flow
$63M
81.0%
Return on capital
11.1%
6.6 pts
Market cap
$1.5B
Oct 26 close
P/E
6.7x
On $3.32 EPS, FY25

Net margin is net income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Energizer does

Energizer makes and sells batteries, auto care products and portable lights. Its household and specialty batteries include alkaline, lithium, rechargeable and hearing aid types, sold under the Energizer, Eveready and Rayovac brands, and under Varta in Latin America and Asia Pacific. It also sells car appearance and fragrance products under brands such as Armor All, Nu Finish and California Scents, performance products such as STP fuel and oil additives, and air conditioning recharge products.

It makes money by selling these products, mostly to retailers, and sells around the world. It says competition is based on brand perception, innovation, product performance, customer service and price. It says the loss of any of its principal customers could significantly lower its sales.

The company has about 6,050 employees in 34 countries. It trades on the New York Stock Exchange as ENR. The 10-K says the company has made recent acquisitions, which it describes in its financial statements.

Its biggest risks, as it describes them

  • Competition in batteries and auto care that could hurt profits or its relationships with customers.
  • Losing a principal customer, which could significantly cut its sales.
  • Changes in the retail environment and in what consumers prefer.
  • Rising raw material, transport and tariff costs, and reliance on certain key suppliers.
  • Risks of international operations, including tariffs and currency swings.
From Energizer's annual report on Form 10-K, filed November 18, 2025, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 5.6% a year and net income 7.2% a year, as new shares raised the share count by 15% and diluted each share's earnings.

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Energizer yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Energizer's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Energizer's fiscal 2025 free cash flow of $63M, net cash of −$3.3B at September 30, 2025 and 72 million diluted shares, from its filings. The scenarios are fitted to Energizer: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -1.1% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 9%: 7% for a stable business (Household Products), plus 1 point as a smaller company, worth $1.5B, plus 1 point for unsteady results (a loss in fiscal 2022); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target. A negative value means Energizer's net debt is larger than what that scenario's cash flows are worth today.

From the filings
Cash from operations minus capital spending in fiscal 2025.
Cash and short-term investments minus debt and finance leases at September 30, 2025. Negative means net debt.
Weighted-average diluted shares in fiscal 2025.
Your assumptions
Start from
Fitted to Energizer's own revenue growth, as above. Cautious: growth of -2% then 0% a year, 2% after year 10, a 10% discount rate. Base: growth of 0% then 1% a year, 2.5% after year 10, a 9% discount rate. Optimistic: growth of 2% then 2.5% a year, 3% after year 10, a 8% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$22.29
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Careful. Energizer's P/E today, 6.7×, is less than half the example multiple. A gap that wide usually means one of two things: its latest earnings include large one-off items, such as a tax benefit or a gain on a sale, or investors expect its earnings to fall. Either way the examples can mislead, so they aren't set against the share price. Check the earnings in its latest filings before using them.

Value per share on three example scenarios, from Energizer's earnings per share of $3.32 (in fiscal 2025). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 16.8×, the middle of Energizer's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 10%, 9% and 8%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Diluted earnings per share in fiscal 2025, from the 10-K.
P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Spectrum Brands, Central Garden & Pet, Reynolds Consumer Products.
Starts at Energizer's revenue growth over the last 3 years, -1.1% a year, kept between 0% and 20%, as the base scenario does.
Earnings per share in the years ahead, US$
Type your own estimate for any year; the years after it carry on at the growth rate.
Apply the multiple to earnings
A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.
The yearly return an investor wants for the risk, as in the cash flow model.
Value per share today at this multiple
—
—
Last close, October 26, 2026
$22.29
Value at this multiple, against the last close
—
Energizer's P/E at the last close
6.7×
CompanyLast closeEarnings per shareP/E today
Spectrum BrandsSPB$80.20$3.1725.3×
Central Garden & PetCENT$45.28$2.7016.8×
Reynolds Consumer ProductsREYN$23.01$1.5714.7×
EnergizerENR$22.29$3.326.7×
How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments239205223217236
Debt incl. finance leases3,4353,5843,4083,2793,496
Net debt (negative means net cash)3,1963,3783,1853,0623,260
Net debt to EBITDA7.4x—6.8x9.3x5.8x
Debt to equity9.7x————
Interest coverage1.9x−0.9x2.0x1.4x2.8x
Current ratio1.5x2.3x2.1x1.8x2.1x
Quick ratio0.8x1.2x1.2x1.0x1.1x
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 8 insiders bought $20.2 million of Energizer shares on the open market, and none sold any.

DateInsiderTradeSharesPriceValueFiling
Jul 24, 2026Omerinta Fundacion10% ownerBought60,000$20.98$1.3 millionForm 4
Jul 23, 2026Omerinta Fundacion10% ownerBought60,000$20.25$1.2 millionForm 4
Jul 22, 2026Barniz Fundacion10% ownerBought60,000$20.75$1.2 millionForm 4
Jul 21, 2026Barniz Fundacion10% ownerBought60,000$19.76$1.2 millionForm 4
Jul 20, 2026Durango Capital Ltd.10% ownerBought60,000$20.03$1.2 millionForm 4
Jul 17, 2026Durango Capital Ltd.10% ownerBought40,000$20.48$819,400Form 4
Jul 16, 2026Ramirez Alfredo Jose Diez10% ownerBought40,000$20.86$834,200Form 4
Jul 15, 2026Ramirez Alfredo Jose Diez10% ownerBought40,000$20.59$823,600Form 4
Jul 14, 2026Durango Capital Ltd.10% ownerBought60,000$20.21$1.2 millionForm 4
Jul 13, 2026Durango Capital Ltd.10% ownerBought40,000$20.21$808,600Form 4
Jul 10, 2026Brinza International Corp10% ownerBought40,000$20.67$826,800Form 4
Jul 9, 2026Brinza International Corp10% ownerBought20,000$20.34$406,800Form 4
The latest 12 of 29 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY23FY24FY25
Net income is positivePassPassPass
Cash from operations is positivePassPassPass
Return on assets rosePassFailPass
Cash from operations exceeds net incomePassPassFail
Debt fell relative to assetsFailPassFail
Current ratio roseFailFailPass
Share count didn't riseFailFailPass
Gross margin rosePassPassPass
Revenue rose relative to assetsPassFailPass
F-score6 of 95 of 97 of 9
Accruals ratio−5.6%−8.8%2.1%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Energizer side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
EnergizerFY252.3%—2.1%11.1%5.8x7
Spectrum BrandsFY25−5.2%4.5%5.9%5.3%2.0x6Compare
Central Garden & PetFY25−2.2%8.0%9.3%9.7%0.9x8Compare
Reynolds Consumer ProductsFY250.7%—8.5%9.9%2.4x5Compare
Edgewell Personal CareFY25−1.3%4.3%1.9%3.6%6.3x5Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue1,6341,7561,7982,4942,7453,0223,0502,9602,8872,953
Revenue growth0.2%7.4%2.4%38.8%10.0%10.1%0.9%−3.0%−2.5%2.3%
Gross profit7128118311,0041,0821,1611,1201,1241,1041,233
Research and development27222233353435333233
Operating income——————————
Net income1282029451−93161−23214038239
Diluted EPS (US$)2.043.221.520.58−1.582.11−3.371.940.523.32
Diluted shares (millions)62636167706970727372
Cash flow
Cash from operations1941972291503761801395430147
Capital expenditure29252455656578579884
Free cash flow16517220494311115−7733833263
Dividends paid63697083858485868787
Share buybacks32607045459600090
Acquisitions3440382,460567102214
Stock-based compensation20242827241013222326
Balance sheet at fiscal year end
Cash and short-term investments287378522258460239205223217236
Debt incl. finance leases9969929883,5624,2363,4353,5843,4083,2793,496
Total assets1,7321,8243,1795,4505,7285,0084,5724,5104,3424,557
Total liabilities1,7621,7383,1544,9065,4194,6524,4424,2994,2074,387
Shareholders' equity−308524544309356131211136170
Margins and ratios
Gross margin43.6%46.2%46.2%40.2%39.4%38.4%36.7%38.0%38.2%41.8%
Operating margin——————————
Net margin7.8%11.5%5.2%2.0%−3.4%5.3%−7.6%4.8%1.3%8.1%
Free cash flow margin10.1%9.8%11.4%3.8%11.3%3.8%−2.5%11.4%11.5%2.1%
Return on capital30.4%34.9%24.6%12.2%4.6%8.3%−3.3%8.0%4.5%11.1%
Return on equity———18.0%−21.9%48.4%−95.2%———
Return on assets7.6%11.3%3.7%1.2%−1.7%3.0%−4.8%3.1%0.9%5.4%
Net debt to EBITDA2.8x1.6x1.5x8.4x10.1x7.4x—6.8x9.3x5.8x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Energizer's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Energizer.