ENR Industrials

Energizer Holdings, Inc.

$24.07-0.45%

Price as of close on Nov 3, 2026 · Financials updated Oct 8, 2026

Basics

Sector: Industrials
Industry: Electrical Equipment & Parts
Country: United States
Market cap: 1.6B USD
Enterprise value: 4.6B USD
Full-time employees: 6,050

Overall health

Drawback: less profitable than most peersless profitable than peers
Drawback: growing more slowly than most peersgrowing more slowly than peers
Drawback: higher risk than most peers: more debt relative to equity (16.37× vs a peer median of 0.40×)higher risk: more debt vs equity (16.37× vs peers 0.40×)
About average: valuation

Ranks #1,968 of 2,308 industrials companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Stock pay is large next to buybacks. Stock-based pay expense $71M vs $90M spent repurchasing shares over the 3 fiscal years to FY Sep 2025.
Over three fiscal years Energizer recorded $71M of stock-based pay expense and spent $90M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Energizer recorded $71M of stock-based pay expense and spent $90M repurchasing shares.
Much more borrowing than peers. Debt is 16.4× equity vs a peer median of 0.4×.Debt is 16.4× equity vs peers 0.4×.
Debt is 16.4× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 16.4× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.
Operating margin at a 6-year high. 9.7% in FY Sep 2025, the best of the last 6 years.
Energizer kept 9.7% of revenue as operating profit in FY Sep 2025, its highest in the 6 years of filings we have.
Profit is backed by cash. Free cash flow is 185% of reported profit.
Energizer's free cash flow is 185% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

StockQuotient Score

29/ 100

Oct 5 30 → Nov 4 29 (-1)

Valuation

Is the price right?

56/100

Moderate▼ 2 since Oct 27 close

3/3 inputs reported · High confidence

Since last quarter: No major changeValuation also moves with the share price every day.

Why it changed since the Oct 27, 2026 close: Score 58 → 56

Share price +5.9%-3
Company's reported figures updated+1

Each step re-scores the company against its peers as they were on Oct 28, 2026; the parts add up to the change. Price effects on EBITDA yield are approximate.

Why

Helped by:

▲ FCF yield
▲ Earnings yield

Compare with peers

Behind the score

Sector-normalized EBITDA, earnings, and free cash flow yields.

Earnings yield4.9%

SEC filings · 12 months to Jun 2026Reported value30% base weight · Z-score 0.40Sector median: 0.0377 · MAD: 0.0294

EBITDA yield5.7%

SEC filings · 12 months to Jun 2026Reported value50% base weight · Z-score -0.28Sector median: 0.0695 · MAD: 0.0425

Free cash flow yield9.1%

SEC filings · 12 months to Jun 2026 · operating cash flow − capital spendingReported value20% base weight · Z-score 1.47Sector median: 0.0370 · MAD: 0.0370

Other data (not scored)

Book yield12.3%

SEC filings · latest balance sheetReported valueInformational · 0% composite weightSector median: 0.5027 · MAD: 0.2823

Growth

Is it growing?

18/100

Weak

3/3 inputs reported · High confidence

Since last quarter: No major change

Why

Weaker than most peers on:

▼ EPS growth
▼ 3-yr revenue

Compare with peers

Behind the score

Revenue and earnings-per-share growth over one year, and revenue growth over three years.

Earnings per share growth-67.7%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -3.02Sector median: 0.0709 · MAD: 0.2481

3-year revenue growth0.6%

SEC filings · 3 years to Jun 2026Reported value33% base weight · Z-score -0.58Sector median: 0.0421 · MAD: 0.0625

Revenue growth2.2%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.29Sector median: 0.0439 · MAD: 0.0766

Profitability

Does it earn well?

30/100

Weak

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating margin fell 3.9 points to 5.1%

Why

Weaker than most peers on:

▼ ROIC
▼ Operating margin
▼ ROA

Compare with peers

Behind the score

Return on invested capital, operating margin, and return on assets.

Operating margin5.1%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.53Sector median: 0.0773 · MAD: 0.0507

Return on assets1.8%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.53Sector median: 0.0311 · MAD: 0.0241

Return on invested capital3.6%

SEC filings · 12 months to Jun 2026Reported value33% base weight · Z-score -0.64Sector median: 0.0715 · MAD: 0.0558

Other data (not scored)

Gross margin36.8%

SEC filings · 12 months to Jun 2026Reported valueInformational · 0% composite weightSector median: 0.2573 · MAD: 0.1038

Return on equity40.1%

SEC filings · 12 months to Jun 2026Outlier capped at sector 5th/95th percentileInformational · 0% composite weightSector median: 0.0802 · MAD: 0.0639

Risk

Debt, liquidity, price swings

Higher

Higher relative risk

3/3 inputs reported · High confidence

Since last quarter: ▼ Weaker

Operating profit now covers interest only 1.0x

Why

Weaker than most peers on:

▼ Debt / equity

Compare with peers

Behind the score

Relative to sector peers: 0 = lower relative risk · 1 = moderate · 2 = higher. Based on leverage, beta and liquidity.

Beta0.78

Yahoo Finance · 5-year monthly beta vs the marketReported value33% base weight · Z-score -0.48Sector median: 0.6440 · MAD: 0.2745

Current ratio2.07×

SEC filings · latest balance sheetReported value33% base weight · Z-score 0.85Sector median: 1.6180 · MAD: 0.5360

Debt / equity16.37×

SEC filings · latest balance sheetOutlier capped at sector 5th/95th percentile33% base weight · Z-score -6.37Sector median: 0.4019 · MAD: 0.3378

Valuation, growth and profitability scores: higher is better. Risk: 0 is lower, 2 is higher. Risk is a relative proxy, not a bankruptcy probability. Scores depend on available sector peers.

Questions investors ask about Energizer

Is Energizer getting weaker?: Its latest SEC filing (Aug 4, 2026) got weaker in some ways: operating margin fell 3.9 points to 5.1%; operating profit now covers interest only 1.0x. Its overall score is unchanged at 29/100 since Oct 28, 2026.
How is Energizer valued vs its peers?: Priced about in line with its peers. Valuation scores 56/100 against 2,459 industrials peers. Free cash flow yield 9.1% vs a peer median of 3.7% (stronger than 79% of peers).Free cash flow yield 9.1% vs peers 3.7% (stronger than 79% of peers).
Is Energizer growing?: More slowly than most of its peers. Growth scores 18/100 against 2,459 industrials peers. Earnings per share growth -67.7% vs a peer median of 7.1% (weaker than 95% of peers).Earnings per share growth -67.7% vs peers 7.1% (weaker than 95% of peers).
How profitable is Energizer?: Less profitable than most of its peers. Profitability scores 30/100 against 2,459 industrials peers. Return on invested capital 3.6% vs a peer median of 7.1% (weaker than 69% of peers).Return on invested capital 3.6% vs peers 7.1% (weaker than 69% of peers).
How risky is Energizer?: Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.07× vs a peer median of 1.62× (stronger than 67% of peers).Current ratio 2.07× vs peers 1.62× (stronger than 67% of peers). Debt / equity 16.37× vs a peer median of 0.40× (weaker than 100% of peers).Debt / equity 16.37× vs peers 0.40× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Latest filing: what changed

Quarter ended Jun 30, 2026 · filed Aug 4, 2026 · compared with the quarter ended Mar 31, 2026

Got weaker

Operating margin fell 3.9 points to 5.1%
Operating profit now covers interest only 1.0x

	Previous quarter	Latest quarter	Change
Revenue (12 months)	3.0B USD	3.0B USD	+0.3%
Net income (12 months)	195.1M USD	81.5M USD	−58.2%
Operating margin	9.0%	5.1%	−3.9 pts
Free cash flow (12 months)	159.4M USD	150.6M USD	−5.5%
Debt	3.3B USD	3.3B USD	−0.3%
Cash	172.5M USD	173.4M USD	+0.5%
Shares outstanding	68.5M	68.5M	+0.0%

From the company’s own SEC filings, as filed. Twelve-month figures roll forward one quarter at a time.

Industry valuation context

Sector: Industrials · 318 companies

Valuations in Industrials are near the top of their range since 2016.

85% of months since 2016 were valued lower than now.
41% of companies are in the most expensive fifth of their own price-to-sales history.
Over 24 months, company values +20% and earnings +14% (medians): prices and earnings moved broadly together.
Median price-to-sales is −24% vs the whole market, against a usual −31%.

2016Shaded: most expensive fifth of its range2026

Shown for Industrials: too few Electrical Equipment & Parts companies have a long enough history of their own.

Financials

Fiscal years from SEC annual filings · change vs the prior year

Key ratios	FY Sep 2021	FY Sep 2022	FY Sep 2023	FY Sep 2024	FY Sep 2025	Change
Gross margin	38.4%	36.7%	38.0%	38.3%	41.7%	▲ 3.5 pts
Operating margin	5.0%	-9.8%	7.9%	2.6%	9.7%	▲ 7.0 pts
Net margin	5.3%	-7.6%	4.7%	1.3%	8.1%	▲ 6.8 pts
Return on assets (ROA)	3.2%	-5.1%	3.1%	0.9%	5.2%	▲ 4.4 pts
Return on equity (ROE)	45.2%	-177.3%	66.7%	28.1%	140.7%	▲ 113 pts
Free cash flow margin	3.8%	-2.5%	11.4%	11.5%	2.1%	▼ 9.3 pts
Current ratio	1.52×	2.28×	2.12×	1.80×	2.11×	▲ 17%
Quick ratio	0.75×	1.17×	1.24×	1.00×	1.13×	▲ 13%
Debt to equity	9.53×	27.19×	16.02×	23.78×	20.28×	▼ 15%
Interest coverage	0.94×	-1.88×	1.38×	0.49×	1.85×	▲ 279%

ENR price history

Price history is added with the daily price update and will appear after the next one.

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Bringing the fundamentals into focus…

Overall health

Drawback: less profitable than most peersless profitable than peers

Drawback: growing more slowly than most peersgrowing more slowly than peers

Drawback: higher risk than most peers: more debt relative to equity (16.37× vs a peer median of 0.40×)higher risk: more debt vs equity (16.37× vs peers 0.40×)

About average: valuation

Ranks #1,968 of 2,308 industrials companies (bottom 15%)

See how it ranks against its peers

Worth knowing

Stock pay is large next to buybacks. Stock-based pay expense $71M vs $90M spent repurchasing shares over the 3 fiscal years to FY Sep 2025.

Over three fiscal years Energizer recorded $71M of stock-based pay expense and spent $90M repurchasing shares (repurchases can include shares withheld to cover employees' taxes).Over three fiscal years Energizer recorded $71M of stock-based pay expense and spent $90M repurchasing shares.

Much more borrowing than peers. Debt is 16.4× equity vs a peer median of 0.4×.Debt is 16.4× equity vs peers 0.4×.

Debt is 16.4× shareholders' equity, against a peer median of 0.4×, among the highest 10% of its peer group.Debt is 16.4× shareholders' equity, vs peers 0.4×, among the highest 10% of its peer group.

Operating margin at a 6-year high. 9.7% in FY Sep 2025, the best of the last 6 years.

Energizer kept 9.7% of revenue as operating profit in FY Sep 2025, its highest in the 6 years of filings we have.

Profit is backed by cash. Free cash flow is 185% of reported profit.

Energizer's free cash flow is 185% of its reported profit, so its earnings are turning into cash it can reinvest, pay out or use to reduce debt.

Questions investors ask about Energizer

Is Energizer getting weaker?

Its latest SEC filing (Aug 4, 2026) got weaker in some ways: operating margin fell 3.9 points to 5.1%; operating profit now covers interest only 1.0x. Its overall score is unchanged at 29/100 since Oct 28, 2026.

How is Energizer valued vs its peers?

Priced about in line with its peers. Valuation scores 56/100 against 2,459 industrials peers. Free cash flow yield 9.1% vs a peer median of 3.7% (stronger than 79% of peers).Free cash flow yield 9.1% vs peers 3.7% (stronger than 79% of peers).

Is Energizer growing?

More slowly than most of its peers. Growth scores 18/100 against 2,459 industrials peers. Earnings per share growth -67.7% vs a peer median of 7.1% (weaker than 95% of peers).Earnings per share growth -67.7% vs peers 7.1% (weaker than 95% of peers).

How profitable is Energizer?

Less profitable than most of its peers. Profitability scores 30/100 against 2,459 industrials peers. Return on invested capital 3.6% vs a peer median of 7.1% (weaker than 69% of peers).Return on invested capital 3.6% vs peers 7.1% (weaker than 69% of peers).

How risky is Energizer?

Higher risk relative to 2,459 industrials peers, judged on debt, liquidity and share-price swings. Current ratio 2.07× vs a peer median of 1.62× (stronger than 67% of peers).Current ratio 2.07× vs peers 1.62× (stronger than 67% of peers). Debt / equity 16.37× vs a peer median of 0.40× (weaker than 100% of peers).Debt / equity 16.37× vs peers 0.40× (weaker than 100% of peers). A relative measure, not a bankruptcy probability.

Previous quarter

Latest quarter

Change

Revenue (12 months)

3.0B USD

3.0B USD

+0.3%

Net income (12 months)

195.1M USD

81.5M USD

−58.2%

Operating margin

9.0%

5.1%

−3.9 pts

Free cash flow (12 months)

159.4M USD

150.6M USD

−5.5%

Debt

3.3B USD

3.3B USD

−0.3%

Cash

172.5M USD

173.4M USD

+0.5%

Shares outstanding

68.5M

68.5M

+0.0%

Key ratios

FY Sep 2021

FY Sep 2022

FY Sep 2023

FY Sep 2024

FY Sep 2025

Change

Gross margin

38.4%

36.7%

38.0%

38.3%

41.7%

▲ 3.5 pts

Operating margin

5.0%

-9.8%

7.9%

2.6%

9.7%

▲ 7.0 pts

Net margin

5.3%

-7.6%

4.7%

1.3%

8.1%

▲ 6.8 pts

Return on assets (ROA)

3.2%

-5.1%

3.1%

0.9%

5.2%

▲ 4.4 pts

Return on equity (ROE)

45.2%

-177.3%

66.7%

28.1%

140.7%

▲ 113 pts

Free cash flow margin

3.8%

-2.5%

11.4%

11.5%

2.1%

▼ 9.3 pts

Current ratio

1.52×

2.28×

2.12×

1.80×

2.11×

▲ 17%

Quick ratio

0.75×

1.17×

1.24×

1.00×

1.13×

▲ 13%

Debt to equity

9.53×

27.19×

16.02×

23.78×

20.28×

▼ 15%

Interest coverage

0.94×

-1.88×

1.38×

0.49×

1.85×

▲ 279%