Energizer Holdings (ENR) AI Stock Analysis

• Market Cap: $1.36B
• Dividend Yield: 6.02%
• Average Volume (3M): 1.40M
• Price to Earnings (P/E): 6.7
• Beta (1Y): 0.73
• Revenue Growth: 2.28%
• EPS Growth: 534.60%
• Country: US
• Employees: 5,600
• Sector: Industrials
• Sector Strength: 72
• Industry: Electrical Equipment & Parts
• EPS (TTM): 0.31
• Shares Outstanding: 68,468,760
• 10 Day Avg. Volume: 1,155,288
• 30 Day Avg. Volume: 1,399,488
• PEG Ratio: 0.01
• Price to Book (P/B): 10.39
• Price to Sales (P/S): 0.60
• P/FCF Ratio: 27.92
• Enterprise Value/Market Cap: 3.37
• Enterprise Value/Revenue: 1.53
• Enterprise Value/Gross Profit: 3.82
• Enterprise Value/Ebitda: 8.32
• 1Y Price Target: $23.67
• Price Target Upside: 18.81% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 7
• EPS Forecast (FY): 3.32
• Revenue Forecast (FY): $3.08B

• Rating: 68 Neutral
• Price Target: $21.50 ▲(7.93% Upside)
• Action: Reiterated Date: 02/06/26
• Date: Action: Reiterated 02/06/26

The score is driven by attractive valuation (low P/E and high dividend) and constructive earnings-call guidance for margin recovery and debt paydown, supported by positive technical momentum. The main offset is elevated balance-sheet risk from very high leverage and a thin equity base, with cash-flow consistency also a concern.

Positive Factors

Cash generation & capital allocation

Sustained positive free cash flow provides a durable source to fund the company’s priority of debt reduction and shareholder returns. Over a multi‑month horizon this reduces leverage risk, improves financial flexibility for operations or selective M&A, and supports capital allocation discipline.

Clear gross margin recovery roadmap

A quantified, multi‑step margin plan tied to supply‑chain realignment, pricing and production credits is durable because it targets structural levers (sourcing, fixed commodity coverage, manufacturing footprint). If executed, it materially improves sustainable margins into the low‑40% range.

Brand & distribution strength with new product momentum

Deep retail relationships, multi‑channel shelf placement and ongoing product innovation (new battery and light SKUs) create durable competitive advantages in a repeat‑purchase category. Broader distribution and NPD sell‑in support multi‑quarter organic growth and higher sell‑through.

Negative Factors

Very high leverage and thin equity base

Extremely high leverage and a thin equity cushion leave the company exposed to operational shocks. Over a 2–6 month horizon this constrains flexibility, raises refinancing and covenant risk, and makes earnings or cash‑flow setbacks more likely to impair balance‑sheet stability.

Tariff and input‑cost exposure

Material tariff and commodity cost exposure can persist across quarters and directly compress gross margins. Even with partial fixing for 2026, ongoing freight, zinc and tariff volatility can erode margin recovery plans and require sustained pricing or mix actions to protect profitability.

Limited organic top-line growth & uneven cash flow

Flat organic revenue constrains operating leverage and forces reliance on cost reductions, pricing or M&A to drive earnings. Combined with historical cash‑flow volatility, it raises uncertainty that free cash flow and deleveraging will remain consistent across the next several quarters.

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, and silver oxide batteries under the Energizer and Eveready brands, as well as primary, rechargeable, specialty, and hearing aid batteries. The company also provides headlights, lanterns, and children's and area lights, as well as flash lights under the Energizer, Eveready, Rayovac, Hard Case, Dolphin, Varta, and WeatherReady brands. In addition, it licenses the Energizer and Eveready brands to companies developing consumer solutions in gaming, automotive batteries, portable power for critical devices, LED light bulbs, generators, power tools, household light bulbs, and other lighting products. Further, the company designs and markets automotive fragrance and appearance products, including protectants, wipes, tire and wheel care products, glass cleaners, leather care products, air fresheners, and washes to clean, shine, refresh, and protect interior and exterior automobile surfaces under the brand names of Armor All, Nu Finish, Refresh Your Car!, LEXOL, Eagle One, California Scents, Driven, and Bahama & Co; STP branded fuel and oil additives, functional fluids, and other performance chemical products; and do-it-yourself automotive air conditioning recharge products under the A/C PRO brand name, as well as other refrigerant and recharge kits, sealants, and accessories. It sells its products through direct sales force, distributors, and wholesalers; and through various retail and business-to-business channels, including mass merchandisers, club, electronics, food, home improvement, dollar store, auto, drug, hardware, e-commerce, convenience, sporting goods, hobby/craft, office, industrial, medical, and catalog. Energizer Holdings, Inc. was incorporated in 2015 and is headquartered in Saint Louis, Missouri.

How the Company Makes Money

Energizer Holdings generates revenue primarily through the sale of batteries and portable power products. The company's revenue model is built on a diverse portfolio that includes alkaline batteries, rechargeable batteries, specialty batteries, and lighting products. Key revenue streams consist of retail sales through major distribution channels, including mass merchants, drug stores, and online retailers. Additionally, Energizer leverages partnerships with OEMs (original equipment manufacturers) and collaborates with retailers for exclusive product offerings, enhancing market presence and driving sales. The company also invests in marketing and brand development to maintain customer loyalty and capitalize on seasonal demand peaks, particularly during holidays and back-to-school periods.

Energizer Holdings Financial Statement Overview

Summary

Profitability has meaningfully improved (TTM gross margin ~40%, net margin ~7%) and free cash flow is positive (~$145M), but overall financial strength is constrained by very high leverage (debt ~$3.5B vs equity ~$141M) and uneven cash-flow consistency.

Income Statement

TTM (Trailing-Twelve-Months) revenue is essentially flat (about +1.6%), but profitability is meaningfully improved versus the prior few years: gross margin is ~40% and net margin is ~7% in TTM, up sharply from 2024’s ~1% net margin and 2022’s loss. The key positive is the rebound to solid operating profit and consistent positive earnings recently, but the main weakness is limited top-line growth and some historical volatility in earnings (notably the 2022 downturn).

Balance Sheet

Leverage is the clear pressure point. Total debt is ~$3.5B against a very small equity base (TTM equity ~$141M), resulting in extremely high debt-to-equity (TTM ~24x; also >16x in prior years). While returns on equity appear very high recently, this is heavily influenced by the thin equity cushion, which increases financial risk and makes the balance sheet less resilient if operating performance weakens.

Cash Flow

Cash generation is positive but uneven. TTM operating cash flow is ~$220M and free cash flow is ~$145M, with free cash flow running at about two-thirds of net income—reasonable conversion. However, operating cash flow relative to debt is modest in TTM (~0.28), and the annual cash flow profile has been volatile (very strong in 2023–2024, much weaker in 2025 annual and extremely weak in 2022), which raises confidence risk around consistency.

Breakdown	TTM	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021
Income Statement
Total Revenue	3.00B	2.95B	2.89B	2.96B	3.05B	3.02B
Gross Profit	1.20B	1.20B	1.10B	1.09B	1.06B	1.18B
EBITDA	552.10M	587.20M	330.00M	493.10M	-28.00M	427.80M
Net Income	213.30M	239.00M	38.10M	140.50M	-231.50M	160.90M
Balance Sheet
Total Assets	4.44B	4.56B	4.34B	4.51B	4.57B	5.01B
Cash, Cash Equivalents and Short-Term Investments	214.80M	236.20M	216.90M	223.30M	205.30M	238.90M
Total Debt	3.51B	3.53B	3.31B	3.45B	3.62B	3.57B
Total Liabilities	4.30B	4.39B	4.21B	4.30B	4.44B	4.65B
Stockholders Equity	141.30M	169.90M	135.80M	210.70M	130.60M	355.70M
Cash Flow
Free Cash Flow	145.00M	63.20M	331.70M	338.40M	-91.50M	114.80M
Operating Cash Flow	219.60M	147.10M	429.60M	395.20M	1.00M	179.70M
Investing Cash Flow	-88.80M	-98.20M	-114.00M	-56.10M	-90.90M	-126.40M
Financing Cash Flow	-118.80M	-29.10M	-300.30M	-309.40M	79.10M	-1.07B

Energizer Holdings Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 19.92
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ENR, the sentiment is Negative. The current price of 19.92 is below the 20-day moving average (MA) of 22.27, below the 50-day MA of 21.10, and below the 200-day MA of 22.52, indicating a bearish trend. The MACD of -0.06 indicates Positive momentum. The RSI at 33.99 is Neutral, neither overbought nor oversold. The STOCH value of 11.24 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ENR.

Energizer Holdings Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ENS	77 Outperform	$6.04B	20.27	16.74%	0.67%	6.17%	20.86%
ENR	68 Neutral	$1.36B	6.71	151.33%	6.02%	2.28%	534.60%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
AMPX	58 Neutral	$1.52B	-44.71	-39.01%	―	234.14%	42.67%
ATKR	55 Neutral	$2.11B	-44.87	-3.23%	2.02%	-10.98%	-103.99%
MVST	52 Neutral	$699.03M	-4.31	-35.82%	―	19.82%	-7.14%
ENVX	52 Neutral	$1.10B	-6.58	-60.52%	―	45.98%	44.14%

Energizer Holdings Corporate Events

Energizer Holdings posts Q1 sales growth amid margin pressure

On February 5, 2026, Energizer Holdings reported results for its first fiscal quarter ended December 31, 2025, posting a 6.5% year-on-year increase in net sales to $778.9 million, largely fueled by $64.6 million in contribution from the May 2025 APS acquisition and currency tailwinds, even as organic net sales declined 4.3% due to softer U.S. consumer demand and lapping higher storm activity. Despite the top-line growth and strong cash generation—operating cash flow of $149.5 million, free cash flow of $124.2 million, more than $100 million of debt reduction and nearly $28 million returned to shareholders—the company’s profitability remained under pressure, with reported gross margin falling to 32.9% and adjusted gross margin dropping 510 basis points to 34.9% amid higher tariffs, acquisition mix effects, and product cost and mix headwinds, though management emphasized that completed integration, manufacturing realignment and efficiency measures position the business for sequential margin improvement and earnings growth later in the fiscal year, while it reaffirmed its full-year outlook for net sales, adjusted earnings per share and adjusted EBITDA.

The most recent analyst rating on (ENR) stock is a Hold with a $22.00 price target. To see the full list of analyst forecasts on Energizer Holdings stock, see the ENR Stock Forecast page.

Energizer Holdings reports shareholder approvals and governance updates

At its annual meeting of shareholders held on January 30, 2026, Energizer Holdings, Inc. reported that a quorum was present with 62,840,438 of 68,570,616 eligible shares represented, and shareholders elected all management-nominated directors to serve until the 2027 annual meeting, ratified PricewaterhouseCoopers LLP as the independent auditor for fiscal 2026, and approved the company’s executive compensation on an advisory basis. Following the meeting, the board strengthened its governance structure by appointing director Delaney Steele to the Audit and Nominating and Governance Committees effective January 30, 2026, signaling continuity in leadership, oversight of financial reporting, and support for the existing executive pay framework.

The most recent analyst rating on (ENR) stock is a Hold with a $19.00 price target. To see the full list of analyst forecasts on Energizer Holdings stock, see the ENR Stock Forecast page.