One-glance verdict
Undervalued
$214.10 our estimate vs market $90.47
Wall Street consensus: $88.00 (-58.9% lower than our fair-value estimate)
58% below our estimate, below the bear case
Fundamentals snapshot
Spectrum Brands Holdings, Inc.
SPB · NYQ · Consumer Defensive · Household & Personal Products
Current price
$90.47
52-week range
$49.99 - $92.27
Market cap
$2.08B
Balance sheet
Watch
4.98x Stretched
Net debt $600.40M. 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 0.4% last year.
- Reward Returns 6.6% on equity, ahead of 33% of its peers.
- Reward Free cash flow was positive in 7/10 years.
- Risk Stock trades 16.2% above its 5-year average P/E.
What this company does
Spectrum Brands Holdings, Inc.
Spectrum Brands is a company that makes many familiar household products, splitting its business into three main areas: home appliances like Black & Decker and George Foreman, pet supplies like Tetra and Nature's Miracle, and garden care like Spectracide and Cutter bug spray. It earns money by selling these everyday items in big retail stores and online. Because its sales are spread across so many different types of essential products, the company is not overly reliant on a single hit item, which can help keep its business steady even if one area has a slow quarter.
How the company got here
Spectrum Brands started as a battery company called Rayovac way back in 1906. For a long time, that was its main business. Around 2005, the company began a major transformation, buying companies in completely different areas like pet supplies and lawn care, and changing its name to Spectrum Brands. Over the next decade, it bought and sold many businesses, including adding small appliance brands like Russell Hobbs. Recently, it has focused on simplifying, selling its battery business to Energizer in 2019 and its hardware and home improvement division (which included things like door locks and faucets) in 2023. These moves have reshaped it into the more focused company it is today, centered on pets, home and garden, and personal care products.
What it actually does
Spectrum Brands makes and sells a wide variety of common household products that you would find in big retail stores or online. You might recognize their brands without knowing they are all part of the same company. They make everything from Black & Decker coffee makers and George Foreman grills to Remington hair straighteners. The company also sells popular pet care items like Tetra fish food and Nature's Miracle stain removers, as well as lawn and garden products like Spectracide weed killer and Cutter insect repellent.
Home and Personal Care
This part of the business sells small appliances for your kitchen and grooming products for you. When you see a Russell Hobbs toaster, a George Foreman grill, or a Black & Decker blender, you're looking at one of their products. This segment also includes personal grooming tools like Remington brand hair dryers and electric shavers. This is one of the company's largest business lines, making up a significant portion of its total sales.
Global Pet Care
This is the company's division dedicated to pet owners. It sells a huge range of supplies for fish, dogs, cats, and other small animals. For aquarium hobbyists, they own well-known brands like Tetra and Marineland, which sell fish food, tanks, and filters. For dog and cat owners, they offer everything from treats under brands like DreamBone and Dingo to grooming tools from FURminator and clean-up products like Nature's Miracle. This segment is a major part of the company's business, roughly similar in size to the Home and Personal Care division.
Home and Garden
This segment helps people take care of their yards and deal with pests. It sells products for outdoor insect and weed control, such as Spectracide and Garden Safe. It also makes well-known household pest control products like Hot Shot and Black Flag, and personal insect repellents like Cutter and Repel. While important, this is the smallest of the company's three main business areas.
What management is betting on now
Management's main goal is to simplify the company and focus on its pet and garden businesses. They have a long-term plan to separate the Home and Personal Care appliance business to become a company purely focused on pet care and home and garden products. A recent step in this direction was bringing in an outside investment firm to take a stake in the appliance unit, which helps set it up as a more independent business. The company also plans to use its cash to buy other companies, especially in the pet care industry, to help it grow.
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 Q3
$72.60M
FY2024 Q4
$67.70M
FY2025 Q1
$-78.30M
FY2025 Q2
$13.90M
FY2025 Q3
$71.80M
FY2025 Q4
$157.90M
FY2026 Q1
$59.30M
FY2026 Q2
$900.00K
Revenue
$708.90M
Net income
$22.10M
Diluted EPS
0.94
Operating cash flow
$10.20M
Free cash flow
$900.00K
Fetching…
Sources
Revenue
$677.00M
Net income
$28.40M
Diluted EPS
1.21
Operating cash flow
$67.40M
Free cash flow
$59.30M
Fetching…
Sources
Revenue
$733.50M
Net income
$55.60M
Diluted EPS
2.19
Operating cash flow
$171.10M
Free cash flow
$157.90M
Fetching…
Sources
Revenue
$699.60M
Net income
$19.90M
Diluted EPS
0.80
Operating cash flow
$81.80M
Free cash flow
$71.80M
Fetching…
Sources
Revenue
$675.70M
Net income
$900.00K
Diluted EPS
0.03
Operating cash flow
$23.10M
Free cash flow
$13.90M
Fetching…
Sources
Revenue
$700.20M
Net income
$23.50M
Diluted EPS
0.84
Operating cash flow
$-72.40M
Free cash flow
$-78.30M
Fetching…
Sources
Revenue
$773.80M
Net income
$28.50M
Diluted EPS
1.03
Operating cash flow
$80.70M
Free cash flow
$67.70M
Fetching…
Sources
Revenue
$779.40M
Net income
$6.10M
Diluted EPS
0.21
Operating cash flow
$82.70M
Free cash flow
$72.60M
Fetching…
Sources
Is it cheap or expensive?
Fair value $214.10 vs current price $90.47
Wall Street consensus is the average analyst price target: $88.00 (-58.9% lower than our fair-value estimate).
Our most-likely fair value is $214.10 a share — about 136.6% above today's price of $90.47, so the stock currently looks cheap (undervalued).
Is it drowning in debt?
Watch
Net debt $600.4M. Interest coverage 5.0x.
Net debt
$600.40M
Interest coverage
4.98x
Spectrum Brands Holdings, Inc.'s profit covers its interest bill about 5.0 times over. which is stronger than most peers shown here.
Watch
Worse cushion
Baseline
Better cushion
SPB
BASELINE
Spectrum Brands Holdings, Inc.
Total debt $725.50M Interest coverage 4.98x This is the baseline the peer rows are being compared against.
Total debt $5.71B Interest coverage 1.47x -71% vs SPB Carries about 3.4x less debt cushion than SPB.
Total debt $1.42B Interest coverage 4.33x -13% vs SPB Has roughly the same debt cushion as SPB.
Total debt $3.43B Interest coverage 2.96x -40% vs SPB Carries about 1.7x less debt cushion than SPB.
Total debt $1.28B Interest coverage 2.67x -46% vs SPB Carries about 1.9x less debt cushion than SPB.
Total debt $5.52B Interest coverage 13.38x +169% vs SPB Carries about 2.7x more debt cushion than SPB.
What you should know
The case for and against SPB
3 Rewards
1 Risk
Rewards
-
Revenue grew 0.4% last year.
-
Returns 6.6% on equity, ahead of 33% of its peers.
-
Free cash flow was positive in 7/10 years.
Risks
-
Stock trades 16.2% above its 5-year average P/E.
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)
17.67x
Forward P/E
16.64x
P/B
1.10x
P/S
0.74x
EV/EBITDA
10.38x
PEG ratio
1.36x
Profitability
How much profit each dollar creates
Gross margin
36.6%
Operating margin
7.4%
Net margin
4.5%
ROE
6.6%
ROA
2.9%
Health
Liquidity and balance-sheet strength
Debt / equity
0.38x
Current ratio
2.29x
Quick ratio
1.34x
Total debt
$725.50M
Total cash
$125.10M
Growth
How the business has been compounding
Revenue TTM
$2.82B
Revenue 5Y CAGR
-1.6%
EPS TTM
5.12
EPS 5Y CAGR
30.2%
Cash flow
How much cash the business throws off
Operating CF TTM
$330.50M
Free CF TTM
$165.30M
FCF margin
5.9%
Dividend
Shareholder payout
Yield
2.1%
Payout ratio
36.7%
Last ex-div date
2026-05-26