One-glance verdict
Undervalued
$51.93 our estimate vs market $21.38
Wall Street consensus: $22.33 (-57.0% lower than our fair-value estimate)
59% below our estimate, below the bear case
Fundamentals snapshot
Energizer Holdings, Inc.
ENR · NYQ · Industrials · Electrical Equipment & Parts
Current price
$21.38
52-week range
$15.75 - $28.92
Market cap
$1.46B
Balance sheet
Distressed
2.96x Stretched
Net debt $3.26B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 1.2% last year.
- Reward Returns 42.2% on equity, ahead of 83% of its peers.
- Reward Free cash flow was positive in 9/10 years.
- Risk Operating margin compressed from 13.2% to 12.0% over 3 years.
What this company does
Energizer Holdings, Inc.
Energizer is the company behind the famous bunny, selling household batteries and lighting products under well-known names like Energizer and Rayovac. It also makes a significant amount of money from car care products, including popular brands like Armor All and STP. Since these are everyday items people buy over and over, the company benefits from a steady and predictable stream of sales.
How the company got here
Energizer's roots trace back to the 1890s with the invention of the first consumer dry cell battery and the Eveready brand. For much of its history, it was part of larger corporations, including Union Carbide and later Ralston Purina. In 2000, it was spun off as an independent company, Energizer Holdings, Inc. A key turning point came in 2015 when the company separated its battery and personal care businesses, creating two distinct publicly traded companies and allowing Energizer to focus on its core battery, lighting, and now automotive care products. Major acquisitions of the Rayovac battery brand and Armor All and STP auto care brands in 2019 significantly expanded its portfolio.
What it actually does
You likely know Energizer for its batteries, featuring the iconic pink bunny, which are used to power everything from remote controls to smoke detectors. The company sells batteries under the Energizer, Rayovac, and Eveready brand names. Beyond batteries, it also makes a variety of portable lighting like flashlights and headlamps. Additionally, Energizer has a large automotive care business, selling products to clean, shine, and maintain your car under well-known brands like Armor All, STP, and Nu Finish.
Batteries & Lights
This is the company's largest and most well-known business, representing the majority of its sales. It makes and sells a wide range of batteries that consumers buy regularly, including alkaline (the most common type), rechargeable, and specialty batteries for devices like hearing aids and watches. This segment also includes portable lighting products such as flashlights, headlamps, and lanterns sold under the Energizer and Eveready brands. Customers are everyday shoppers who buy these products at grocery stores, big-box retailers, and online.
Auto Care
This part of the business focuses on products that help people maintain the appearance and performance of their vehicles. It includes a variety of well-known brands you'd find in an auto parts store or the automotive section of a retailer. This segment sells items like Armor All protectants and wipes for cleaning car interiors, STP fuel additives (liquids you pour in your gas tank to help the engine run better), and A/C Pro refrigerants for recharging a car's air conditioning system. While smaller than the battery business, it's a significant part of the company's overall sales.
What management is betting on now
The company's leadership is focused on growing its core battery and auto care businesses by introducing new and improved products. They are also working on making the company more efficient by simplifying how they operate and managing costs carefully, a strategy they call "Project Momentum." A key priority is to use the cash the business generates to pay down debt that was taken on for past acquisitions. Management is also committed to sustainability (operating in an environmentally and socially responsible way), with goals to reduce emissions and use more plastic-free packaging.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$141.50M
FY2025 Q1
$42.40M
FY2025 Q2
$-33.80M
FY2025 Q3
$7.90M
FY2025 Q4
$46.70M
FY2026 Q1
$124.20M
FY2026 Q2
$-19.40M
FY2026 Q3
$-900.00K
Revenue
$734.10M
Net income
$39.90M
Diluted EPS
—
Operating cash flow
$8.20M
Free cash flow
$-900.00K
Fetching…
Sources
Revenue
$643.30M
Net income
$10.10M
Diluted EPS
—
Operating cash flow
$-1.70M
Free cash flow
$-19.40M
Fetching…
Sources
Revenue
$778.90M
Net income
$-3.40M
Diluted EPS
—
Operating cash flow
$149.50M
Free cash flow
$124.20M
Fetching…
Sources
Revenue
$832.80M
Net income
$34.90M
Diluted EPS
3.32
Operating cash flow
$61.50M
Free cash flow
$46.70M
Fetching…
Sources
Revenue
$725.30M
Net income
$153.50M
Diluted EPS
—
Operating cash flow
$21.40M
Free cash flow
$7.90M
Fetching…
Sources
Revenue
$662.90M
Net income
$28.30M
Diluted EPS
—
Operating cash flow
$-12.80M
Free cash flow
$-33.80M
Fetching…
Sources
Revenue
$731.70M
Net income
$22.30M
Diluted EPS
—
Operating cash flow
$77.00M
Free cash flow
$42.40M
Fetching…
Sources
Revenue
$805.70M
Net income
$47.60M
Diluted EPS
0.52
Operating cash flow
$168.90M
Free cash flow
$141.50M
Fetching…
Sources
Is it cheap or expensive?
Fair value $51.93 vs current price $21.38
Wall Street consensus is the average analyst price target: $22.33 (-57.0% lower than our fair-value estimate).
Our most-likely fair value is $51.93 a share — about 142.9% above today's price of $21.38, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Distressed
Net debt $3.3B. Interest coverage 3.0x.
Net debt
$3.26B
Interest coverage
2.96x
Energizer Holdings, Inc.'s profit covers its interest bill about 3.0 times over.
Distressed
Worse cushion
Baseline
Better cushion
ENR
BASELINE
Energizer Holdings, Inc.
Total debt $3.43B Interest coverage 2.96x This is the baseline the peer rows are being compared against.
Total debt $748.20M Interest coverage 4.98x +68% vs ENR Carries about 1.7x more debt cushion than ENR.
Total debt $1.65B Interest coverage 5.22x +76% vs ENR Carries about 1.8x more debt cushion than ENR.
Total debt $114.41M Interest coverage 30.16x +918% vs ENR Carries about 10.2x more debt cushion than ENR.
Total debt $771.35M Interest coverage 1.85x -38% vs ENR Carries about 1.6x less debt cushion than ENR.
Total debt $383.05M Interest coverage 16.09x +443% vs ENR Carries about 5.4x more debt cushion than ENR.
What you should know
The case for and against ENR
3 Rewards
1 Risk
Rewards
-
Revenue grew 1.2% last year.
-
Returns 42.2% on equity, ahead of 83% of its peers.
-
Free cash flow was positive in 9/10 years.
Risks
-
Operating margin compressed from 13.2% to 12.0% over 3 years.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
17.97x
Forward P/E
6.33x
P/B
7.21x
P/S
0.49x
EV/EBITDA
10.48x
PEG ratio
1.35x
Profitability
How much profit each dollar creates
Gross margin
36.9%
Operating margin
12.0%
Net margin
2.7%
ROE
42.2%
ROA
5.1%
Health
Liquidity and balance-sheet strength
Debt / equity
16.88x
Current ratio
2.07x
Quick ratio
0.90x
Total debt
$3.43B
Total cash
$173.40M
Growth
How the business has been compounding
Revenue TTM
$2.99B
Revenue 5Y CAGR
-0.6%
EPS TTM
1.19
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$217.50M
Free CF TTM
$63.20M
FCF margin
2.1%
Dividend
Shareholder payout
Yield
5.6%
Payout ratio
100.8%
Last ex-div date
2026-08-19