Energizer Holdings (ENR)
NYSE:ENR
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Energizer Holdings
(NYSE:ENR)
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Rating:57Neutral
Price Target:
$17.00
▼(-16.99% Downside)
Action:Reiterated
Date:05/09/26
ENR’s score is held back primarily by balance-sheet risk (very high leverage) and weak TTM revenue momentum, despite solid profitability and positive free cash flow. Support comes from constructive FY2026 guidance and margin improvement progress, plus an attractive dividend yield, while technical signals remain largely neutral.
Positive Factors
Consistent Free Cash Flow
Sustained positive free cash flow and $740M cumulative FCF over three years provide durable internal funding for debt reduction, dividends, share repurchases and reinvestment. This strengthens financial flexibility and supports strategic execution despite leverage risks.
Negative Factors
Extremely High Leverage
Very high absolute debt and an outsized debt-to-equity ratio materially constrain financial flexibility. This elevates refinancing and interest-rate risk, limits capital allocation optionality, and makes the company vulnerable to cyclical earnings or cash-flow shocks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent Free Cash Flow
Sustained positive free cash flow and $740M cumulative FCF over three years provide durable internal funding for debt reduction, dividends, share repurchases and reinvestment. This strengthens financial flexibility and supports strategic execution despite leverage risks.
Read all positive factors
Energizer Holdings Key Performance Indicators (KPIs)
Any
Operating Income by Segment
Shows operating profit for each business segment, revealing which parts of Energizer are most profitable and how segment margins contribute to overall earnings. Exposes the effects of raw-material costs, pricing power, and cost control, helping assess if revenue growth converts into sustainable profit or if margins are eroding.
Shows operating profit for each business segment, revealing which parts of Energizer are most profitable and how segment margins contribute to overall earnings. Exposes the effects of raw-material costs, pricing power, and cost control, helping assess if revenue growth converts into sustainable profit or if margins are eroding.
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The Fly
The FlyEnergizer Holdings (ENR) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.25B
Dividend Yield6.02%
Average Volume (3M)1.14M
Price to Earnings (P/E)27.8
Beta (1Y)0.92
Revenue Growth2.71%
EPS Growth266.27%
CountryUS
Employees5,600
SectorIndustrials
Sector Strength72
IndustryElectrical Equipment & Parts
Share Statistics
EPS (TTM)2.77
Shares Outstanding68,473,490
10 Day Avg. Volume1,271,348
30 Day Avg. Volume1,141,498
Financial Highlights & Ratios
PEG Ratio0.01
Price to Book (P/B)10.39
Price to Sales (P/S)0.60
P/FCF Ratio27.92
Enterprise Value/Market Cap3.59
Enterprise Value/Revenue1.50
Enterprise Value/Gross Profit3.67
Enterprise Value/Ebitda8.63
Forecast
1Y Price Target
$19.83Price Target Upside-3.16% Downside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)3.45
Revenue Forecast (FY)$3.02B
Energizer Holdings Business Overview & Revenue Model
Company Description
Energizer Holdings, Inc., together with its subsidiaries, manufactures, markets, and distributes household batteries, specialty batteries, and lighting products worldwide. It offers lithium, alkaline, carbon zinc, nickel metal hydride, zinc air, a...
How the Company Makes Money
Energizer makes money mainly by manufacturing, marketing, and selling branded consumer products to retailers, distributors, and other wholesale customers, with revenue recognized from product sales. Its largest revenue stream is the Energizer segm...
Energizer Holdings Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Aug 10, 2026
Earnings Call Sentiment Positive
The call conveyed a constructive operational and financial story: management pointed to clear progress on margins, supply-chain improvements, strong free cash flow over the prior three years, booked tariff receivables supporting near-term margins, global share gains in Batteries, and meaningful Auto Care distribution expansion. Offsetting these positives are a cautious consumer outlook that pressured near-term organic sales, lower-than-planned production credits (10%–15% reduction), ongoing tariff expense (~$15M/quarter) with timing risk for cash refunds, softer-than-expected Auto Care early-season performance, and localized shipment disruptions. On balance, the positives (margin recovery, booked receivable, share gains, cash generation, integration/innovation pipeline) appear to outweigh the headwinds, though management preserved caution on consumer demand and some near-term timing impacts.Positive Updates
Restoring Growth and Margins; On Track for FY26 High End
Management reaffirmed strategic priorities—restore growth, rebuild margins, return to long-term cash flow—and expects an inflection in organic net sales in Q3 with back-half growth. The company expects to deliver the high end of its fiscal 2026 earnings outlook, driven by pricing, supply-chain optimization and cost-structure improvements.
Negative Updates
Cautious Consumer Causing Top-Line Pressure
Management noted a more cautious consumer than previously expected, leading to organic declines in H1 and a tempered top-line outlook; the company is calling organic net sales roughly flat for the back half of fiscal 2026 versus prior expectations of stronger growth.
Read all updates
Q2-2026 Updates
Positive
Negative
Restoring Growth and Margins; On Track for FY26 High End
Management reaffirmed strategic priorities—restore growth, rebuild margins, return to long-term cash flow—and expects an inflection in organic net sales in Q3 with back-half growth. The company expects to deliver the high end of its fiscal 2026 earnings outlook, driven by pricing, supply-chain optimization and cost-structure improvements.
Read all positive updates
Company Guidance
Energizer said its FY2026 outlook is intact and now targets the high end of its earnings range, with FY26 organic net sales called roughly flat after organic declines in H1 and an expected inflection to organic growth in Q3–Q4 (driven by APS integration, innovation and pricing); management booked a $65 million tariff receivable, recognizing about $48 million (≈75%) in Q2 with the remaining ≈$16–17 million expected to hit the P&L as inventory is flushed, noted ongoing tariff costs of roughly $15 million per quarter (≈$60 million/year), and warned U.S. production credits will be ~10–15% lower than originally planned for 2026; they see gross margin normalizing to the low-40% range by year-end (after a ~360 bps gross margin improvement over the last three years), have generated $740 million of cumulative free cash flow over the past three years, and called Auto Care roughly flat and Batteries healthy (U.S. category volume/value growth in the last 13 weeks), while flagging a ~50 bps Q2 top-line drag from Middle East shipping disruptions (that region is ~1% of revenue) and noting Podium distribution expanded from ~15,000 to ~25,000 stores.Energizer Holdings Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
26
Negative
Cash Flow
63
Positive
| Breakdown | TTM | Sep 2025 | Sep 2024 | Sep 2023 | Sep 2022 | Sep 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 2.98B | 2.95B | 2.89B | 2.96B | 3.05B | 3.02B |
| Gross Profit | 1.22B | 1.23B | 1.10B | 1.12B | 1.12B | 1.16B |
| EBITDA | 518.90M | 565.10M | 330.00M | 467.10M | -25.50M | 434.50M |
| Net Income | 195.10M | 239.00M | 38.10M | 140.50M | -231.50M | 160.90M |
Balance Sheet | ||||||
| Total Assets | 4.40B | 4.56B | 4.34B | 4.51B | 4.57B | 5.01B |
| Cash, Cash Equivalents and Short-Term Investments | 172.50M | 236.20M | 216.90M | 223.30M | 205.30M | 238.90M |
| Total Debt | 3.40B | 3.53B | 3.31B | 3.45B | 3.62B | 3.57B |
| Total Liabilities | 4.23B | 4.39B | 4.21B | 4.30B | 4.44B | 4.65B |
| Stockholders Equity | 173.20M | 169.90M | 135.80M | 210.70M | 130.60M | 355.70M |
Cash Flow | ||||||
| Free Cash Flow | 159.40M | 63.20M | 331.70M | 338.40M | -91.50M | 114.80M |
| Operating Cash Flow | 230.70M | 147.10M | 429.60M | 395.20M | 1.00M | 179.70M |
| Investing Cash Flow | -84.40M | -98.20M | -114.00M | -56.10M | -90.90M | -126.40M |
| Financing Cash Flow | -116.40M | -29.10M | -300.30M | -309.40M | 79.10M | -1.07B |
Energizer Holdings Technical Analysis
Positive
20.48
Price Trends
17.76
Positive
19.07
Negative
21.01
Negative
Market Momentum
-0.18
Negative
56.69
Neutral
88.69
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENR, the sentiment is Positive. The current price of 20.48 is above the 20-day moving average (MA) of 17.69, above the 50-day MA of 17.76, and below the 200-day MA of 21.01, indicating a neutral trend. The MACD of -0.18 indicates Negative momentum. The RSI at 56.69 is Neutral, neither overbought nor oversold. The STOCH value of 88.69 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ENR.
Energizer Holdings Risk Analysis
Energizer Holdings disclosed 37 risk factors in its most recent earnings report. Energizer Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Energizer Holdings Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
80 Outperform | $8.89B | 22.16 | 15.60% | 0.67% | 3.70% | -14.17% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $1.25B | 27.84 | 116.90% | 6.02% | 2.71% | 266.27% | |
56 Neutral | $2.88B | -3.97 | -8.68% | 2.02% | -3.36% | -168.34% | |
55 Neutral | $479.75M | 2.59 | -10.76% | ― | -10.44% | 67.16% | |
54 Neutral | $2.53B | -114.39 | -40.40% | ― | 172.57% | 25.87% | |
53 Neutral | $1.58B | -8.17 | -0.28% | ― | 49.88% | 27.54% |
* Industrials Sector Average
ENR
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Energizer Holdings Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Energizer Raises Outlook Despite Lower Quarterly Net Sales
Positive
May 5, 2026
On May 1, 2026, Energizer agreed a separation and transition package with Michael A. Lampman, under which he will step down as Executive Vice President, North America and Global Business Units on September 30, 2026, remain as Special Advisor until...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.