olivLaw · US equity research
Energizer Holdings, Inc. ENR
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Energizer Holdings (NYSE: ENR) is a global leader in batteries, auto care and portable lights, selling under brands such as Energizer, Eveready and Rayovac. In its fiscal third quarter 2026 it reported net sales of 734.1 million USD, while the company says tariffs and promotional spending are pressuring its margins. The business remains relevant for consumer staples investors and for the balance between organic growth and efficiency.
At the close of 04 Nov 2026, Energizer Holdings, Inc. (ENR) stock was 25.19 USD (+4.65% on the day), with market capitalisation 1.7 bn USD, P/E 21.3 on diluted EPS of 1.18 USD over the last 12 months, dividend yield 4.76%, beta 0.67, 52-week range 16.23–25.19 USD. Latest reported quarter (Q3 2026): revenue of 734.1 m USD (+1.2% YoY), net income of 39.9 m USD (−74.0% YoY), diluted EPS 0.58 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 71.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 20.50 – 24.61
- above the upper band · %B 1.14 · band width 18.2%
- SMA 50 / 200
- 21.85 / 20.46
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.68 / 0.42
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +18.8% | −2.0% | +20.8 pp | — |
| 3 months | +11.8% | −2.2% | +14.0 pp | — |
| 6 months | +32.8% | +4.3% | +28.5 pp | — |
| Year to date | +26.6% | +10.6% | +16.1 pp | — |
| 1 year | +7.1% | +10.5% | −3.4 pp | −60.2% |
| 3 years | −24.7% | +73.7% | −98.4 pp | −50.2% |
| 5 years | −34.6% | +61.7% | −96.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 805.7 m | 731.7 m | 662.9 m | 725.3 m | 832.8 m | 778.9 m | 643.3 m | 734.1 m |
| Cost of revenue | 498.9 m | 462.1 m | 403.9 m | 325.6 m | 528.4 m | 522.3 m | 384.5 m | 453.5 m |
| Gross profit | 306.8 m | 269.6 m | 259.0 m | 399.7 m | 304.4 m | 256.6 m | 258.8 m | 280.6 m |
| Research & development | 8.5 m | 8.0 m | 8.1 m | 8.2 m | 8.3 m | 7.8 m | 7.6 m | 7.4 m |
| SG&A | 146.1 m | 131.3 m | 136.0 m | 128.3 m | 136.8 m | 149.3 m | 133.1 m | 129.3 m |
| Depreciation & amortisation | 30.9 m | 31.8 m | 30.9 m | 31.9 m | 32.1 m | 31.6 m | 31.1 m ≈ | 29.9 m ≈ |
| Interest expense | 37.8 m | 37.0 m | 38.0 m | 39.0 m | 40.3 m | 39.1 m | 39.3 m | 39.7 m |
| Pre-tax income | 59.5 m | 30.1 m | 36.4 m | 164.2 m | 53.4 m | -4.8 m | 21.7 m | 49.8 m |
| Income tax | 11.9 m | 7.8 m | 8.1 m | 10.7 m | 18.5 m | -1.4 m | 11.6 m | 9.9 m |
| Net income | 47.6 m | 22.3 m | 28.3 m | 153.5 m | 34.9 m | -3.4 m | 10.1 m | 39.9 m |
| Diluted EPS | 0.63 ≈ | 0.31 | 0.39 | 2.16 | 0.50 ≈ | -0.05 | 0.15 | 0.58 |
| Operating cash flow | 168.9 m | 77.0 m | -12.8 m ≈ | 21.4 m ≈ | 61.5 m | 149.5 m | -1.7 m ≈ | 8.2 m ≈ |
| Capex | 27.4 m | 34.6 m | 21.0 m ≈ | 13.5 m ≈ | 14.8 m | 25.3 m | 17.7 m ≈ | 9.1 m ≈ |
| Dividends paid | 21.6 m | 23.6 m | 21.7 m ≈ | 21.3 m ≈ | 20.5 m | 23.3 m | 20.6 m ≈ | 20.6 m ≈ |
| Share repurchases | 0 | 0 | 0 ≈ | 62.6 m ≈ | 27.1 m | 4.5 m | 900.0 k ≈ | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 48 percentile of its own 31-quarter history (min 5.8, median 24.3, max 207.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.8 bn | 2.5 bn | 2.7 bn | 3.0 bn | 3.1 bn | 3.0 bn | 2.9 bn | 3.0 bn |
| Revenue YoY | +2.4% | +38.8% | +10.0% | +10.1% | +0.9% | −3.0% | −2.5% | +2.3% |
| Net income | 93.5 m | 51.1 m | -93.3 m | 160.9 m | -231.5 m | 140.5 m | 38.1 m | 239.0 m |
| Net income YoY | −53.6% | −45.3% | −282.6% | unavailable | −243.9% | unavailable | −72.9% | +527.3% |
| Diluted EPS | 1.52 | 0.58 | -1.58 | 2.11 | -3.37 | 1.94 | 0.52 | 3.32 |
| Diluted EPS YoY | −52.8% | −61.8% | −372.4% | unavailable | −259.7% | unavailable | −73.2% | +538.5% |
| net % | 5.2% | 2.0% | -3.4% | 5.3% | -7.6% | 4.7% | 1.3% | 8.1% |
| Free cash flow | 204.5 m | 94.4 m | 311.1 m | 114.8 m | -76.8 m | 338.4 m | 331.7 m | 63.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 236.2 m USD
- Financial debt
- 3.4 bn USD
- Net debt
- 3.2 bn USD
- Equity
- 169.9 m USD
- Total assets
- 4.6 bn USD
- Debt / equity
- 20.12x
- Current ratio
- 2.11x
- ROE
- 156.4%
- ROA
- 5.4%
- FCF margin
- 2.1%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 3.0 bn | 3.1 bn | 3.0 bn | 2.9 bn | 3.0 bn | SEC (XBRL)· 18 Nov 2025verified |
| Cost of revenue | 1.7 bn | 1.9 bn | 1.9 bn | 1.8 bn | 1.8 bn | 1.7 bn | SEC (XBRL)· 18 Nov 2025verified |
| Gross profit | 1.1 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.2 bn | SEC (XBRL)· 18 Nov 2025verified |
| Research & development | 35.4 m | 34.5 m | 34.7 m | 32.9 m | 31.6 m | 32.6 m | SEC (XBRL)· 18 Nov 2025verified |
| SG&A | 483.3 m | 487.2 m | 484.5 m | 489.4 m | 526.3 m | 532.4 m | SEC (XBRL)· 18 Nov 2025verified |
| Depreciation & amortisation | 111.9 m | 118.5 m | 121.6 m | 122.7 m | 120.5 m | 126.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Interest expense | 195.0 m | 161.8 m | 158.4 m | 168.7 m | 155.7 m | 154.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Pre-tax income | 67.7 m | 154.2 m | -305.5 m | 175.7 m | 53.8 m | 284.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Income tax | 20.9 m | -6.7 m | -74.0 m | 35.2 m | 15.7 m | 45.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Net income | -93.3 m | 160.9 m | -231.5 m | 140.5 m | 38.1 m | 239.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Diluted EPS | -1.58 | 2.11 | -3.37 | 1.94 | 0.52 | 3.32 | SEC (XBRL)· 18 Nov 2025verified |
| Weighted average diluted shares | 69.5 m | 68.7 m | 69.9 m | 72.4 m | 72.7 m | 72.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Dividend per share | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | SEC (XBRL)· 18 Nov 2025verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 459.8 m | 238.9 m | 205.3 m | 223.3 m | 216.9 m | 236.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Receivables | 292.0 m | 292.9 m | 421.7 m | 511.6 m | 441.3 m | 404.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Inventories | 511.3 m | 728.3 m | 771.6 m | 649.7 m | 657.3 m | 781.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Current assets | 2.2 bn | 1.4 bn | 1.6 bn | 1.6 bn | 1.5 bn | 1.7 bn | SEC (XBRL)· 18 Nov 2025verified |
| Property, plant & equipment, net | 352.1 m | 382.9 m | 362.1 m | 363.7 m | 380.1 m | 403.0 m | SEC (XBRL)· 05 Feb 2026verified |
| Goodwill | 1.1 bn | 1.1 bn | 1.0 bn | 1.0 bn | 1.0 bn | 1.1 bn | SEC (XBRL)· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | 1.9 bn | 1.9 bn | 1.3 bn | 1.2 bn | 1.1 bn | 1.0 bn | SEC (XBRL)· 18 Nov 2025verified |
| Total assets | 5.7 bn | 5.0 bn | 4.6 bn | 4.5 bn | 4.3 bn | 4.6 bn | SEC (XBRL)· 18 Nov 2025verified |
| Accounts payable | 378.1 m | 454.8 m | 329.4 m | 370.8 m | 433.1 m | 402.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Short-term debt | 841.3 m | 12.0 m | 12.0 m | 12.0 m | 12.0 m | 10.1 m | SEC (XBRL)· 05 Feb 2026verified |
| Long-term debt | 3.3 bn | 3.3 bn | 3.5 bn | 3.3 bn | 3.2 bn | 3.4 bn | SEC (XBRL)· 18 Nov 2025verified |
| Current liabilities | 1.6 bn | 946.4 m | 697.9 m | 734.2 m | 819.8 m | 795.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Total liabilities | 5.4 bn | 4.7 bn | 4.4 bn | 4.3 bn | 4.2 bn | 4.4 bn | SEC (XBRL)· 18 Nov 2025verified |
| Equity | 309.1 m † | 355.7 m † | 130.6 m † | 210.7 m † | 135.8 m † | 169.9 m † | SEC (XBRL)· 18 Nov 2025verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 376.4 m | 179.7 m | 1.0 m | 395.2 m | 429.6 m | 147.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Capex | 65.3 m | 64.9 m | 77.8 m | 56.8 m | 97.9 m | 83.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Free cash flow | 311.1 m ≈ | 114.8 m ≈ | -76.8 m ≈ | 338.4 m ≈ | 331.7 m ≈ | 63.2 m ≈ | SEC (XBRL)· 18 Nov 2025derived |
| Investing cash flow | 216.9 m | -126.4 m | -90.9 m | -56.1 m | -114.0 m | -98.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Financing cash flow | 393.1 m | -1.1 bn | 79.1 m | -309.4 m | -300.3 m | -29.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Dividends paid | 85.4 m | 83.9 m | 84.9 m | 86.3 m | 87.4 m | 87.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Share repurchases | 45.0 m | 96.3 m | 0 | 0 | 0 | 89.7 m | SEC (XBRL)· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 41 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 1.7 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation70
- Balance sheet75
- Quality9
- Growth13
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.00 – 140.71 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)28.53 – 140.71 (Mid 59.66)WACC 5.9% · starting FCFF 258.1 m USD · terminal value share of EV 85%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -16.5%
- Peers: EV/Sales0.00 – 77.45 (Mid 20.29)15 companies used · median multiple 1.5x · quartiles 0.8x – 2.8xATKR, CHPT, DFLI, ELVA, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, SPB, UCAR, ULBI, XPON
- Peers: EV/EBITDAunavailable · input data missing
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 41/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 36.8% | 0 (on a fixed band) | 13% |
| EBIT margin · Quality | unavailable | unavailable | — |
| FCF margin · Quality | 5.0% | 20 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | -1.1% | 0 (on a fixed band) | 20% |
| Revenue growth (YoY) · Growth | 2.3% | 39 (vs peers) | 10% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 2.1x | 75 (on a fixed band) | 8% |
| EV/Sales · Valuation | 1.6x | 48 (vs peers) | 20% |
| FCF yield · Valuation | 8.7% | 100 (on a fixed band) | 15% |
| Shareholder yield (distributions) · Returns | 6.8% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial75/100 · 1/2 factors with a value
- Growth13/100 · 2/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation70/100 · 2/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENERGIZER HOLDINGS, INC. (ENR). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 3.0 bn USD in 2025; YoY growth 2.3%; net margin 2.7%; ROE 42.2%.
The estimated value range is 14.27–109.08 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 39.98 USD, the price of 25.19 USD leaves a potential of 58.7% (value / price − 1) and a margin of safety of 37.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 41/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: balance. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 2.1x
- FCF yield: 8.7%
- Shareholder yield (distributions): 6.8%
What contradicts it
- Gross margin: 36.8%
- FCF margin: 5.0%
- Revenue CAGR 3Y: -1.1%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): EBIT margin, Net debt / EBITDA.
Versus the vertical median
Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690) · same industry (4-digit SIC) · compared with 38 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENSEnerSys | 5.6 bn | 16.7 | 18.4% | 9.3% | +3.7% | +9% / +76% |
| NOVTNovanta Inc. | 5.5 bn | 92.8 | 5.1% | 6.0% | +3.3% | +28% / +1% |
| ATKRAtkore Inc. | 3.2 bn | — | -11.9% | -5.5% | −11.0% | +37% / −24% |
| SPBSpectrum Brands Holdings, Inc. | 2.1 bn | 28.0 | 4.2% | 2.8% | −5.2% | +54% / +32% |
| NVXNOVONIX Ltd | 1.9 bn | — | -62.0% | -1,650.8% | −4.1% | −81% / −88% |
| ENREnergizer Holdings, Inc. | 1.7 bn | 21.3 | 42.2% | 2.7% | +2.3% | +7% / −25% |
| AMPXAmprius Technologies, Inc. | 1.2 bn | — | -36.1% | -33.4% | +202.1% | −25% / +106% |
| EMATEvolution Metals & Technologies Corp. | 1.2 bn | — | — | — | unavailable | unavailable / unavailable |
| EOSEEos Energy Enterprises, Inc. | 779.3 m | — | — | -246.8% | +631.8% | −86% / +95% |
| ENVXEnovix Corporation | 612.3 m | — | -82.2% | -473.9% | +37.9% | −64% / −75% |
| NRGVEnergy Vault Holdings, Inc. | 578.2 m | — | -225.9% | -48.6% | +340.9% | −8% / +38% |
| SLDPSolid Power, Inc. | 513.4 m | — | -20.6% | -816.4% | +8.0% | −57% / +60% |
| FLNCFluence Energy, Inc. | 312.1 m | — | -20.7% | -3.1% | −16.1% | −69% / −76% |
| CHPTChargePoint Holdings, Inc. | 306.4 m | — | -1,015.1% | -40.6% | −1.4% | +39% / −69% |
| SESSES AI Corporation | 286.4 m | — | -31.2% | -289.6% | +929.4% | −60% / −63% |
| ULBIEnerSys | 260.3 m | 1.4 | -4.8% | -3.5% | +16.2% | +175% / +109% |
| MVSTMicrovast Holdings, Inc. | 255.7 m | — | 11.4% | 13.9% | +12.6% | −81% / −43% |
| ELVAElectrovaya Inc. | 173.4 m | — | -673.8% | -3.4% | +170.8% | +7% / +94% |
| ELPWElong Power Holding Ltd. | 145.7 m | — | — | -271.3% | +430.7% | −100% / −100% |
| NEOVNeoVolta, Inc. | 134.6 m | — | -101.1% | -161.0% | +58.2% | −44% / +28% |
| GAUZGauzy Ltd. | 127.5 m | — | — | -51.4% | +32.8% | −86% / unavailable |
| BYRNByrna Technologies Inc. | 97.4 m | — | -14.9% | -9.2% | +37.7% | −77% / −29% |
| EPOWE-Power Inc. | 88.8 m | — | — | -35.8% | −28.6% | −88% / −87% |
| BLNKBlink Charging Co. | 65.4 m | — | -79.9% | -52.2% | −18.0% | −66% / −86% |
| STISolidion Technology, Inc. | 37.8 m | — | -1,382.4% | -23,852.8% | unavailable | −59% / −99% |
1- and 3-year price returns: for ENR from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 14.13 Total return -40% · Per year -40% | 25.06 Total return 4% · Per year 4% | 37.84 Total return 56% · Per year 56% |
| 3 years | 12.22 Total return -42% · Per year -16% | 24.52 Total return 11% · Per year 4% | 40.87 Total return 80% · Per year 22% |
| 5 years | 10.57 Total return -43% · Per year -11% | 24.00 Total return 18% · Per year 3% | 44.14 Total return 106% · Per year 16% |
- Exit P/E± 6.13
- Net margin± 4.29
- Annual revenue growth± 3.72
- Annual dilution± 0.36
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Energizer Holdings (NYSE: ENR) is a global leader in batteries, auto care and portable lights, selling under brands such as Energizer, Eveready and Rayovac. In its fiscal third quarter 2026 it reported net sales of 734.1 million USD 3, while the company says tariffs and promotional spending are pressuring its margins 3. The business remains relevant for consumer staples investors and for the balance between organic growth and efficiency.
SWOT
Strengths
- A portfolio of long-established, globally recognized brands with thousands of registered trademarks and broad retail presence.
- A diversified business across batteries, portable lights and auto care that reduces reliance on a single category.
- Capacity to generate free cash flow, supported by controlled spending and efficiency programs.
Weaknesses
- Sales concentrated in a small number of large retailers give those customers bargaining power over prices.
- Margins fell in the latest quarter due to less favorable product mix and higher promotional spending.
- The company carries significant debt, which could limit financial flexibility in difficult periods.
Opportunities
- Acquisitions and expansion in Europe and Latin America could add capacity and new customers.
- Growth in distribution and new products in batteries and lights could support volumes.
- Efficiency programs and supply chain optimization could improve profitability.
Threats
- Tariffs and inflation could raise input costs and compress margins.
- Devices with built-in batteries could reduce demand for traditional batteries over the long term.
- Competition from private label and online channels could keep pressuring prices.
Risks
- Customer concentrationhigh
If a major retailer reduces orders or changes its strategy, sales and profitability could be significantly affected 1.
- Tariff pressurehigh
Tariffs and trade policy changes could raise costs and reduce margins, and the full effect depends on mitigation strategies 12.
- Declining battery volumemedium
Devices with built-in batteries could reduce volume over the long term, especially in developed markets 1.
- IEEPA tariff refund uncertaintylow
The timing and amount of IEEPA tariff refunds remain uncertain, which makes a clear financial estimate difficult 2.
Investment thesis
What would need to be true (bull case)
- If efficiency programs and volume growth in batteries and auto care hold, profitability could gradually recover.
- Strong brands and broad distribution could support pricing and help the company gain retail share.
- Free cash flow generation could allow debt reduction and continued dividends if conditions stay favorable.
What would break the thesis
- If promotions and price pressure increase, margins could stay below earlier levels without a clear recovery in product mix.
- Tariffs and raw material costs could weigh more heavily than the company currently expects.
- If battery-powered devices with built-in cells replace traditional batteries, traditional volumes could decline structurally.
What to watch
- Trend in adjusted gross margin and the effect of product mix and promotionsQ4 2026
- Whether adjusted EPS and adjusted EBITDA land at the low end of guidanceQ4 2026
- Developments in the Section 45X production credit and related rules2027
- Results of Project Momentum and the tariff impact in the next annual reportnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Energizer, through its operating subsidiaries, is a global diversified household products leader in batteries, auto care and portable lights 1. It makes and distributes household and specialty batteries, along with auto appearance, fragrance, performance and air conditioning recharge products under brands such as Armor All, STP and A/C PRO 1. Products are sold through modern and traditional trade channels, and the shares trade on the New York Stock Exchange under the symbol ENR 1.
Revenue depends on a relatively small number of large retail customers, and mass retail is a major channel 1. The company has grown through acquisitions, including Centralsul in Brazil in 2024 and Advanced Power Solutions NV in May 2025, which added European production capacity 1. Sales are seasonal: batteries sell ahead of and during the first fiscal quarter, while auto care products peak in the third and fourth quarters 1.
Principal raw materials include electrolytic manganese dioxide, zinc, silver, nickel, lithium and steel for batteries, and refrigerant R-134a, plastic and aluminum for auto care 1. Prices of these materials have fluctuated, and the company says it cannot predict their future availability or prices 1.
Segments
Batteries and Lights
This segment includes primary, rechargeable and hearing aid batteries, as well as flashlights and lanterns under the Energizer, Eveready, Rayovac and, in some regions, Varta brands 1. In the fiscal third quarter 2026, volume gains from distribution and new products were partly offset by price declines from higher promotional investment 3.
Market context
Battery and auto care categories are mature and highly competitive, and demand depends on device usage, demographics, disasters, and the size and age of the car parc and miles driven 1. The company notes that devices with built-in batteries, such as rechargeable hearing aids, could reduce volumes for traditional batteries 1.
Consumers are shifting toward e-commerce, discounters and private label, which could push the market toward lower-margin products 1. Competitive pressure in these categories could keep weighing on results if customers demand lower prices 1.
Trends
- Tariffs and costsheadwind
Tariffs and raw material cost volatility have pressured margins, and the company is extending Project Momentum into fiscal 2026 to offset the impact 13.
- Battery production creditsmixed
The Section 45X credit under the IRA added significant income in fiscal 2025, but future value depends on government rules and a phase-out of the benefit 12.
- Cost efficiencytailwind
Project Momentum savings lowered SG&A in the fiscal third quarter 2026, supporting profitability despite pricing pressure 3.
- Shifting sales channelsmixed
Growth in online sales and discounters is changing consumer behavior and pressuring margins, while also opening new channels for the company 1.
Competitive position
The company faces intense competition from large consumer product companies, widely promoted brands and retailers' private label products 1. Some competitors have greater financial, marketing and research resources and can accept lower margins 1.
Competition is based on brand perception, innovation, product performance, customer service and price 1. Large retailers can demand price concessions or promote private label, reducing margins or leading to lost distribution to lower-cost rivals 1.
- Retailer private label brands
Private label products sold by retail chains are cited as a direct pressure on prices and shelf space.
- Large consumer products manufacturers
Larger rivals have more marketing and research resources and can innovate or adjust prices faster.
- Widely promoted battery brands
The source refers to rivals with visible brands and exclusive retail placements without naming them.
- Online retailers and discounters
Online and discount channels can offer cheaper products and take share from the company.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Aug 2026
- Current report04 Aug 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 May 2026
- Current report05 May 2026Results of operations · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Current report05 Feb 2026Results of operations · Regulation FD disclosure · Financial statements and exhibits
- Current report03 Feb 2026Shareholder vote · Other events
- Proxy statement12 Dec 2025
- Current report03 Dec 2025Regulation FD disclosure · Financial statements and exhibits
- Annual report18 Nov 2025
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Energizer Holdings, Inc. · 18 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Energizer Holdings, Inc. · 04 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Energizer Holdings, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.