Energizer Holdings Inc
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Energizer Holdings Inc AI Insights
Informational only. Not investment advice.Snapshot
- Debt/equity of 24.2x with tangible book value of -1.9B; goodwill (1.1B) is 7.4x total equity - extreme impairment risk.[Debt to Equity]
- Interest expense TTM of 156M consumes 73% of operating income (431M) - minimal margin for error on debt service.[Interest Expense]
- Operating margin TTM 14.4% vs industry median 7.0% - 2x advantage despite negative 5Y revenue growth (-1.7%).[Operating Margin]
Watch Triggers
- Interest Expense: Exceeds 180M TTM or >80% of operating income — Signals debt spiral; current 73% coverage leaves minimal buffer for rate increases.
- Goodwill: Impairment charge announced or goodwill writedown >200M — Would eliminate remaining equity; goodwill is 7.4x total equity.
- Free Cash Flow: Falls below 120M TTM — Would force dividend cut or debt restructuring; current 145M barely covers interest.
Bull Case
P/E of 7.7x vs industry median 24.1x with operating margins 2x peers - deep value if debt is manageable.
Gross margin TTM 40.7% vs industry median 15.0% indicates pricing power in consumer staples category.
Bear Case
Capital structure is distressed: 24x debt/equity, negative tangible book, interest coverage under 1.4x EBIT.
Revenue declining -1.7% over 5Y with gross profit down -4.8% YoY - no growth to deleverage balance sheet.
Bull vs Bear Balance
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Forward Thesis
FCF generation will be consumed by debt service, limiting shareholder returns and strategic flexibility.
- FCF TTM of 145M vs interest expense of 156M
- Dividend payout ratio 7Y avg of 106% unsustainable
- 3.4B total debt at rising rate environment
Valuation Context
Caveats
Public Strategies Rankings
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ENR Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$1.12B | — | ||
$4.33B | — | ||
5.5 | — | ||
$3.0B | +3.4% | — | |
$2.97 | +62.7% | — | |
14.4% | +2.8% | — | |
7.11% | +5.1% | — | |
$145.0M | -34.5% | — | |
151% | +113.7% | — | |
Beta 5Y (Monthly) | unknown | — |
ENR Dividend History
2026
$0.30002025
$1.20002024
$1.20002023
$1.20002022
$1.20002021
$1.20002020
$1.20002019
$1.20002018
$1.17002017
$1.11502016
$1.02502015
$0.5000ENR Stock Splits
ENR SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/05/26 | 12/31/25 | 10-Q | |
11/18/25 | 09/30/25 | 10-K | |
08/04/25 | 06/30/25 | 10-Q | |
05/06/25 | 03/31/25 | 10-Q | |
02/04/25 | 12/31/24 | 10-Q | |
11/19/24 | 09/30/24 | 10-K | |
08/06/24 | 06/30/24 | 10-Q | |
05/07/24 | 03/31/24 | 10-Q | |
02/06/24 | 12/31/23 | 10-Q | |
11/14/23 | 09/30/23 | 10-K | |
08/08/23 | 06/30/23 | 10-Q | |
05/08/23 | 03/31/23 | 10-Q | |
02/06/23 | 12/31/22 | 10-Q | |
11/15/22 | 09/30/22 | 10-K | |
08/08/22 | 06/30/22 | 10-Q | |
05/09/22 | 03/31/22 | 10-Q | |
02/07/22 | 12/31/21 | 10-Q | |
11/16/21 | 09/30/21 | 10-K | |
08/09/21 | 06/30/21 | 10-Q | |
05/10/21 | 03/31/21 | 10-Q | |
02/08/21 | 12/31/20 | 10-Q | |
11/17/20 | 09/30/20 | 10-K | |
08/05/20 | 06/30/20 | 10-Q | |
05/07/20 | 03/31/20 | 10-Q | |
02/05/20 | 12/31/19 | 10-Q | |
11/19/19 | 09/30/19 | 10-K | |
08/07/19 | 06/30/19 | 10-Q | |
05/08/19 | 03/31/19 | 10-Q | |
02/05/19 | 12/31/18 | 10-Q | |
11/16/18 | 09/30/18 | 10-K | |
08/01/18 | 06/30/18 | 10-Q | |
05/02/18 | 03/31/18 | 10-Q | |
01/31/18 | 12/31/17 | 10-Q | |
11/14/17 | 09/30/17 | 10-K | |
08/02/17 | 06/30/17 | 10-Q | |
05/03/17 | 03/31/17 | 10-Q | |
02/01/17 | 12/31/16 | 10-Q | |
11/15/16 | 09/30/16 | 10-K | |
08/03/16 | 06/30/16 | 10-Q | |
05/04/16 | 03/31/16 | 10-Q | |
02/03/16 | 12/31/15 | 10-Q | |
11/20/15 | 09/30/15 | 10-K | |
08/11/15 | 06/30/15 | 10-Q | |
05/27/15 | 03/31/15 | IPO-Q | |
03/25/15 | 12/31/14 | 10-12B/A | |
05/27/15 | 09/30/14 | IPO-Q | |
08/11/15 | 06/30/14 | 10-Q | |
03/31/14 | 03/31/14 | Unknown | -- |
03/25/15 | 12/31/13 | 10-12B/A |