olivLaw · US equity research
Spectrum Brands Holdings, Inc. SPB
Miscellaneous Electrical Machinery, Equipment & Supplies · SIC 3690 · Vertical: Miscellaneous Electrical Machinery, Equipment & Supplies (SIC 3690)
Spectrum Brands is a global branded consumer products and home essentials company active in pet food and supplies, pest control and gardening, and small home and personal care appliances. Net sales reached 2809.0 million USD in fiscal 2025, and in the third quarter of fiscal 2026 the company reported adjusted EBITDA of 158.3 million USD, partly supported by tariff refunds, which makes its recent performance worth a closer look.
At the close of 04 Nov 2026, Spectrum Brands Holdings, Inc. (SPB) stock was 91.57 USD (+7.72% on the day), with market capitalisation 2.1 bn USD, P/E 28.0 on diluted EPS of 3.27 USD over the last 12 months, dividend yield 2.05%, beta 0.86, 52-week range 51.58–91.57 USD. Latest reported quarter (Q3 2026): revenue of 753.3 m USD (+7.7% YoY), net income of -26.8 m USD (−234.7% YoY), diluted EPS -1.16 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)
- 73.12 – 87.83
- above the upper band · %B 1.25 · band width 18.3%
- SMA 50 / 200
- 82.99 / 80.88
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 1.30 / -0.12
- 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 | +20.5% | −1.1% | +21.6 pp | — |
| 3 months | +1.2% | −0.5% | +1.7 pp | — |
| 6 months | +7.7% | +4.4% | +3.3 pp | — |
| Year to date | +55.0% | +12.3% | +42.7 pp | — |
| 1 year | +68.4% | +13.5% | +54.8 pp | −60.2% |
| 3 years | +18.3% | +76.4% | −58.1 pp | −50.2% |
| 5 years | −5.4% | +63.7% | −69.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 28 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 | 773.7 m | 700.2 m | 675.7 m | 699.6 m | 733.5 m | 677.0 m | 708.9 m | 753.3 m |
| Cost of revenue | 485.6 m | 442.4 m | 422.3 m | 435.5 m | 476.9 m | 435.4 m | 438.6 m | 382.9 m |
| Gross profit | 288.1 m | 257.8 m | 253.4 m | 264.1 m | 256.6 m | 241.6 m | 270.3 m | 370.4 m |
| SG&A | 264.4 m | 213.1 m | 218.2 m | 225.0 m | 226.3 m | 214.5 m | 226.8 m | 250.5 m |
| Operating income | 22.0 m | 44.7 m | 19.5 m | 31.3 m | 29.4 m | 27.1 m | 43.5 m | 15.9 m |
| Depreciation & amortisation | — | 24.5 m | 24.5 m | 25.1 m | 23.9 m | 25.8 m | 24.2 m | 24.8 m |
| Interest expense | 6.7 m | 6.2 m | 7.5 m | 8.4 m | 7.9 m | 6.8 m | 7.3 m | 8.2 m |
| Pre-tax income | 16.9 m | 36.4 m | 11.4 m | 22.0 m | 17.4 m | 20.5 m | 36.8 m | 8.5 m |
| Income tax | 4.0 m | 11.8 m | 9.6 m | 1.5 m | -35.9 m | -8.9 m | 14.3 m | 28.8 m |
| Net income | 28.6 m | 23.5 m | 900.0 k | 19.9 m | 55.6 m | 28.4 m | 22.1 m | -26.8 m |
| Diluted EPS | 1.01 ≈ | 0.84 | 0.03 | 0.80 | 2.28 ≈ | 1.21 | 0.94 | -1.16 |
| Operating cash flow | 80.7 m | -72.4 m | 23.1 m ≈ | 81.8 m ≈ | 171.1 m | 67.4 m | 10.2 m ≈ | 83.3 m ≈ |
| Capex | 13.0 m | 5.9 m | 9.2 m ≈ | 10.0 m ≈ | 13.2 m | 8.1 m | 9.3 m ≈ | 9.8 m ≈ |
| Dividends paid | 11.8 m | 13.2 m | 12.1 m ≈ | 11.6 m ≈ | 11.3 m | 10.9 m | 10.9 m ≈ | 10.8 m ≈ |
| Share repurchases | 0 | 72.9 m | 159.9 m ≈ | 54.4 m ≈ | 39.2 m | 35.5 m | 6.8 m ≈ | 15.9 m ≈ |
≈ 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 81 percentile of its own 36-quarter history (min 1.7, median 16.5, max 58.3; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.8 bn | 3.8 bn | 2.6 bn | 3.0 bn | 3.1 bn | 2.9 bn | 3.0 bn | 2.8 bn |
| Revenue YoY | +2.8% | −0.2% | −31.0% | +14.3% | +4.5% | −6.8% | +1.5% | −5.2% |
| Net income | 768.3 m | 494.5 m | 97.8 m | 189.6 m | 71.6 m | 1.8 bn | 124.8 m | 99.9 m |
| Net income YoY | +624.8% | −35.6% | −80.2% | +93.9% | −62.2% | +2,416.1% | −93.1% | −20.0% |
| Diluted EPS | 20.74 | 9.76 | 2.19 | 4.39 | 1.75 | 45.65 | 4.10 | 3.86 |
| Diluted EPS YoY | +530.4% | −52.9% | −77.6% | +100.5% | −60.1% | +2,508.6% | −91.0% | −5.9% |
| net % | 20.2% | 13.0% | 3.7% | 6.3% | 2.3% | 61.7% | 4.2% | 3.6% |
| Free cash flow | 267.4 m | -39.3 m | 246.2 m | 244.8 m | -117.8 m | -468.7 m | 118.6 m | 165.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 123.6 m USD
- Financial debt
- 567.9 m USD
- Net debt
- 444.3 m USD
- Equity
- 1.9 bn USD
- Total assets
- 3.4 bn USD
- Debt / equity
- 0.30x
- Current ratio
- 2.26x
- ROE
- 4.9%
- ROA
- 2.8%
- FCF margin
- 5.9%
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 | 2.6 bn | 3.0 bn | 3.1 bn | 2.9 bn | 3.0 bn | 2.8 bn | SEC (XBRL)· 18 Nov 2025verified |
| Cost of revenue | — | — | 2.1 bn | 2.0 bn | 1.9 bn | 1.8 bn | SEC (XBRL)· 18 Nov 2025verified |
| Gross profit | 878.1 m | 1.0 bn | 990.4 m | 924.3 m | 1.1 bn | 1.0 bn | SEC (XBRL)· 18 Nov 2025verified |
| Research & development | 29.2 m | 29.8 m | 26.7 m | 22.5 m | 28.1 m | 23.2 m | SEC (XBRL)· 18 Nov 2025verified |
| SG&A | 52.4 m | 46.9 m | 995.7 m | 888.8 m | 953.4 m | 882.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Operating income | 8.6 m | 97.1 m | 23.2 m | -205.6 m | 170.6 m | 124.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Depreciation & amortisation | 114.6 m | 117.0 m | 99.3 m | 91.2 m | 101.8 m | 98.0 m | SEC (XBRL)· 18 Nov 2025verified |
| EBITDA | 123.2 m ≈ | 214.1 m ≈ | 122.5 m ≈ | -114.4 m ≈ | 272.4 m ≈ | 222.9 m ≈ | SEC (XBRL)· 18 Nov 2025derived |
| Interest expense | — | — | 99.4 m | 116.1 m | 58.5 m | 30.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Pre-tax income | -25.1 m | -11.1 m | -90.3 m | -290.2 m | 163.6 m | 87.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Income tax | 27.3 m | -26.4 m | -13.3 m | -56.5 m | 64.3 m | -13.0 m | SEC (XBRL)· 18 Nov 2025verified |
| Net income | 97.8 m | 189.6 m | 71.6 m | 1.8 bn | 124.8 m | 99.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Diluted EPS | 2.19 | 4.39 | 1.75 | 45.65 | 4.10 | 3.86 | SEC (XBRL)· 18 Nov 2025verified |
| Weighted average diluted shares | 44.7 m | 43.2 m | 40.9 m | 39.5 m | 30.5 m | 25.9 m | SEC (XBRL)· 18 Nov 2025verified |
| Dividend per share | 1.68 | 1.68 | 1.68 | 1.68 | 1.68 | 1.88 | SEC (XBRL)· 18 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 531.6 m | 187.9 m | 243.7 m | 753.9 m | 368.9 m | 123.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Receivables | 299.8 m | 248.4 m | 247.4 m | 477.1 m | 635.4 m | 521.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Inventories | 318.6 m | 562.8 m | 780.6 m | 462.8 m | 462.1 m | 446.1 m | SEC (XBRL)· 18 Nov 2025verified |
| Current assets | 1.7 bn | 2.9 bn | 3.2 bn | 2.9 bn | 1.6 bn | 1.2 bn | SEC (XBRL)· 18 Nov 2025verified |
| Property, plant & equipment, net | 255.6 m | 260.2 m | 263.8 m | 275.1 m | — | — | SEC (XBRL)· 21 Nov 2023verified |
| Goodwill | 627.2 m | 867.2 m | 953.1 m | 854.7 m | 864.9 m | 866.8 m | SEC (XBRL)· 18 Nov 2025verified |
| Intangibles (excl. goodwill) | 1.0 bn | 1.2 bn | 1.2 bn | 1.1 bn | 990.4 m | 937.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Total assets | 5.1 bn | 5.3 bn | 5.8 bn | 5.3 bn | 3.8 bn | 3.4 bn | SEC (XBRL)· 18 Nov 2025verified |
| Accounts payable | 362.5 m | 388.6 m | 453.1 m | 396.6 m | 397.3 m | 283.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Short-term debt | 13.9 m | 12.0 m | 12.3 m | 8.6 m | 9.4 m | 11.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Long-term debt | 2.4 bn | 2.5 bn | 3.1 bn | 1.5 bn | 551.4 m | 556.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Current liabilities | 944.9 m | 1.2 bn | 1.2 bn | 764.8 m | 687.1 m | 523.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Total liabilities | 3.7 bn | 3.9 bn | 4.5 bn | 2.7 bn | 1.7 bn | 1.5 bn | SEC (XBRL)· 18 Nov 2025verified |
| Equity | 1.4 bn | 1.5 bn | 1.3 bn | 2.5 bn | 2.1 bn | 1.9 bn | SEC (XBRL)· 18 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 290.3 m | 288.4 m | -53.8 m | -409.7 m | 162.6 m | 203.6 m | SEC (XBRL)· 18 Nov 2025verified |
| Capex | 44.1 m | 43.6 m | 64.0 m | 59.0 m | 44.0 m | 38.3 m | SEC (XBRL)· 18 Nov 2025verified |
| Free cash flow | 246.2 m ≈ | 244.8 m ≈ | -117.8 m ≈ | -468.7 m ≈ | 118.6 m ≈ | 165.3 m ≈ | SEC (XBRL)· 18 Nov 2025derived |
| Investing cash flow | 108.3 m | -423.5 m | -359.8 m | 3.2 bn | 1.0 bn | -37.7 m | SEC (XBRL)· 18 Nov 2025verified |
| Financing cash flow | -497.1 m | -209.9 m | 487.6 m | -2.3 bn | -1.6 bn | -401.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Dividends paid | 75.2 m | 71.5 m | 68.6 m | 66.5 m | 50.6 m | 48.2 m | SEC (XBRL)· 18 Nov 2025verified |
| Share repurchases | 239.8 m | 125.8 m | 134.0 m | 34.7 m | 482.7 m | 326.4 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: 52 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 2.1 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet67
- Valuation86
- Quality40
- Growth9
- 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: 70.65 – 337.05 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)154.44 – 261.38 (Mid 194.25)WACC 8.3% · starting FCFF 317.0 m USD · terminal value share of EV 75%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): -28.7%
- Peers: EV/Sales96.97 – 337.05 (Mid 183.45)15 companies used · median multiple 1.6x · quartiles 0.9x – 2.8xATKR, CHPT, DFLI, ELVA, ENR, ENS, EOSE, EPOW, GAUZ, MVST, NOVT, NRGV, UCAR, ULBI, XPON
- Peers: EV/EBITDA70.65 – 211.88 (Mid 132.54)4 companies used · median multiple 15.9x · quartiles 9.2x – 24.4xATKR, ENS, NOVT, NVX
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 52/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 39.6% | 0 (on a fixed band) | 11% |
| EBIT margin · Quality | 4.0% | 88 (vs peers) | 9% |
| FCF margin · Quality | 10.2% | 41 (on a fixed band) | 9% |
| Revenue CAGR 3Y · Growth | -3.6% | 0 (on a fixed band) | 17% |
| Revenue growth (YoY) · Growth | -5.2% | 28 (vs peers) | 9% |
| Net debt / EBITDA · Balance sheet | 1.7x | 40 (vs peers) | 6% |
| Current ratio · Balance sheet | 2.4x | 95 (on a fixed band) | 6% |
| EV/Sales · Valuation | 0.9x | 76 (vs peers) | 17% |
| FCF yield · Valuation | 13.8% | 100 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 6.7% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet67/100 · 2/2 factors with a value
- Growth9/100 · 2/2 factors with a value
- Quality40/100 · 3/3 factors with a value
- Returns100/100 · 1/1 factors with a value
- Valuation86/100 · 2/2 factors with a value
Memo
Spectrum Brands Holdings, Inc. (SPB). Latest full fiscal year: 2025; data up to 2026-06-28.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth -5.2%; net margin 2.8%; ROE 4.2%; net debt/EBITDA 1.7x.
The estimated value range is 96.97–261.38 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 183.45 USD, the price of 91.57 USD leaves a potential of 100.3% (value / price − 1) and a margin of safety of 50.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 52/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EBIT margin: 4.0%
- Current ratio: 2.4x
- EV/Sales: 0.9x
- FCF yield: 13.8%
- Shareholder yield (distributions): 6.7%
- The price is below the estimated value range
What contradicts it
- Gross margin: 39.6%
- Revenue CAGR 3Y: -3.6%
- Revenue growth (YoY): -5.2%
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% | +68% / +18% |
| 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% | +38% / −18% |
| 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. | 515.7 m | — | -20.5% | -1,152.2% | +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 SPB 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 | 52.53 Total return -41% · Per year -41% | 93.26 Total return 4% · Per year 4% | 141.01 Total return 57% · Per year 57% |
| 3 years | 43.05 Total return -49% · Per year -20% | 86.72 Total return 1% · Per year 0% | 145.08 Total return 66% · Per year 18% |
| 5 years | 35.28 Total return -55% · Per year -15% | 80.64 Total return -2% · Per year -0% | 149.26 Total return 76% · Per year 12% |
- Exit P/E± 21.68
- Net margin± 15.18
- Annual revenue growth± 13.50
- Annual dilution± 1.28
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
Spectrum Brands is a global branded consumer products and home essentials company active in pet food and supplies, pest control and gardening, and small home and personal care appliances. Net sales reached 2809.0 million USD in fiscal 2025, and in the third quarter of fiscal 2026 the company reported adjusted EBITDA of 158.3 million USD, partly supported by tariff refunds, which makes its recent performance worth a closer look.
SWOT
Strengths
- The company holds a portfolio of well-known brands that supported sales growth in the third quarter of fiscal 2026 3.
- Its diversified, vertically integrated segment structure provides stability and coverage across several consumer categories 1.
- Net leverage has been kept at a controlled level and liquidity remained solid at the end of the third quarter 3.
Weaknesses
- The HPC segment has remained under pressure from weak demand and competition, with lower margins 13.
- Reliance on a few large retailers concentrates sales and increases exposure to their decisions 1.
- Net income from continuing operations was negative in the third quarter, affected by a significant non-cash impairment 3.
Opportunities
Risks
- HPC separationmedium
The plan to separate or sell the HPC segment may not be completed on the intended timeline or at all, and the expected benefits might not materialize 1.
- Trade policy and tariffshigh
Tariffs on imports, especially from China, could raise sourcing costs and affect deliveries 12.
- Customer concentrationmedium
A small number of large retailers account for a significant part of sales, and losing or reducing orders from them could affect results 1.
- Dependence on external suppliersmedium
Production is largely outsourced, and supply chain disruption or supplier non-compliance could affect products and costs 1.
- Demand in HPClow
If weak demand in North America persists, the HPC segment could continue to show low volumes and margins 3.
Investment thesis
What would need to be true (bull case)
- If the growth seen in the third quarter holds and ERP benefits show up in efficiency, the company could exceed current management expectations 3.
- The brand portfolio and solid position in GPC and H&G could support long-term organic growth 13.
- Separating HPC could unlock value if the two resulting companies are more focused and efficient 1.
What would break the thesis
- The benefit from tariff refunds is one-time, and without it quarterly results could show much more modest growth 3.
- Weak demand and intense competition in HPC could persist, limiting margin recovery in that segment 3.
- Tariff policy remains unpredictable, and import costs could rise again if the regime changes 12.
What to watch
- Net sales and adjusted EBITDA results against the updated fiscal 2026 frameworkQ4 2026
- Status of the HPC separation or sale2027
- Completion of the ERP implementation in HPC EMEA2026
- Evolution of tariffs and their effect on marginsnext 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
Spectrum Brands Holdings, Inc. describes itself as a diversified branded consumer products and home essentials company organized into three vertically integrated, product-focused segments: Global Pet Care, Home and Garden, and Home and Personal Care 1. Products are sold globally across North America, EMEA, Latin America and Asia-Pacific through retailers, wholesalers and distributors 1. The operating model relies on center-led shared service functions such as finance, IT, legal, human resources and supply chain 1. Corporate management sets global strategy while each segment is responsible for its own financial objectives 1. The company has also announced its intention to divest the HPC segment through a sale or spin-off 1.
In financial terms, fiscal 2025 saw net sales decline and adjusted EBITDA fall below the prior year 1. In the first nine months of fiscal 2026, net sales grew slightly, and the third quarter brought growth in all three segments, led by Home and Garden 23. The company updated its fiscal 2026 framework, keeping an expectation of flat to low single digit net sales growth while raising its adjusted EBITDA expectation, excluding tariff refunds, to mid single digit growth 3.
The financing structure matters for reading these results. At the end of the third quarter the company reported its debt outstanding and total liquidity, and it framed net debt as a multiple of adjusted EBITDA 3. Management stated a long-term target for its net leverage ratio, which signals the priority placed on the balance sheet 3.
Segments
Global Pet Care (GPC)
The GPC segment sells companion animal products, dog and cat food and aquatics products, with net sales of 1082.5 million USD in fiscal 2025 1. Primary competitors include Mars, Nestle Purina and Central Garden & Pet 1. The third quarter of fiscal 2026 brought higher net sales and a much higher adjusted margin, partly helped by tariff refunds 3.
Home and Garden (H&G)
The H&G segment covers household and outdoor controls, repellents and cleaning products, with net sales of 572.8 million USD in fiscal 2025 1. Sales are concentrated among large retailers and are highly seasonal 1. In the third quarter of fiscal 2026 the segment performed best of the three, with net sales growth 23.
Home and Personal Care (HPC)
The HPC segment includes small kitchen appliances and personal care appliances, with net sales of 1153.7 million USD in fiscal 2025 1. It is the most exposed to competition and tariff pressure, and the company has announced a separation plan for it 1. Net sales rose modestly in the third quarter of fiscal 2026, with some signs of stabilization in North America 3.
Market context
The markets in which Spectrum Brands operates are highly competitive, with competition based on brand strength, innovation, quality, price and relationships with retailers 1. The pet supplies category is fragmented with no competitor holding substantial share, while small appliances are dominated by several international players and private label brands 1. Growth in e-commerce also shapes how consumers buy these products 1.
Consumer demand is influenced by general economic conditions, consumer confidence and trade policy, and tariffs on imports from China have a significant impact on costs 12. The one-time tariff refund in the third quarter of fiscal 2026 was a positive factor separate from the underlying trend 3.
Trends
- Tariffs and refundsmixed
Tariffs on imports, especially from China, have raised sourcing costs and pressured margins, and the company has tried to offset them through pricing and supply chain diversification 1. Tariff refunds brought a one-time benefit in the third quarter 3. The net effect depends on how trade policy evolves, so the factor remains mixed.
- Shift in distribution channelsheadwind
Consumers are increasingly moving toward e-commerce, where the company has a weaker presence, and declining store traffic could hurt sales 1. If investments in owned digital channels succeed, the impact could be softened 1.
- Operational optimization and ERPtailwind
The company is migrating its enterprise systems to SAP S/4 HANA, largely completed at GPC and H&G 3. If implementation is completed for HPC EMEA as well, the company could run on a single ERP platform, with positive effects on efficiency 3.
- Consumer demand in HPCheadwind
Demand for small appliances remains weak in North America, and intense competition weighs on volumes, although some signs of stabilization have appeared 3. A recovery in this segment depends on economic conditions and the success of new products.
Competitive position
In Global Pet Care, competition comes from Mars, Nestle Purina and Central Garden & Pet, which offer comprehensive pet product lines 1. In Home and Garden, competitors include The Scotts Miracle-Gro Company, S.C. Johnson, Central Garden & Pet, Henkel and Procter & Gamble, among others 1. In HPC, competition comes from Newell Brands, SharkNinja, Hamilton Beach, Whirlpool, Philips and other international brands 1.
Retailers' private label brands add further pressure, and some competitors may accept lower margins to gain share 1. The company has relied on brand strength, innovation and retailer relationships to hold its position, though larger competitors could intensify price pressure 1.
- Mars
Competitor in pet food and companion animal products with a broad brand portfolio 1.
- Nestle Purina
Major competitor in the pet products segment 1.
- The Scotts Miracle-Gro CompanySMG
Competitor in weed and insect control within the Home and Garden segment 1.
- SharkNinja
Competitor in small appliances and personal care products 1.
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
- Current report04 Nov 2026Other events · Financial statements and exhibits
- Quarterly report07 Aug 2026
- Current report07 Aug 2026Results of operations · Financial statements and exhibits
- Current report05 Aug 2026Shareholder vote
- Proxy statement26 Jun 2026
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
- Current report04 May 2026Other events · Financial statements and exhibits
- Quarterly report05 Feb 2026
- Current report05 Feb 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Spectrum Brands Holdings, Inc. · 18 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-28 · SEC / Spectrum Brands Holdings, Inc. · 07 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Spectrum Brands Holdings, Inc. · 07 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.