# Energizer Holdings, Inc. (ENR)

> Source: Nexqual · https://nexqual.com/ENR · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Energizer Holdings, Inc. (ENR), nexqual.com/ENR" · informational, not investment advice.

**Price:** USD 23.43 (+2.94% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 22.76 · day 22.67–23.59 · 52w 15.75–25.21 · market cap $1.60B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.99B, net income $81.5M (2.7% margin), free cash flow $151M (SEC filings).
- Valuation: P/E 19.7x (avg 28.2x at the last 3 fiscal year-ends), net debt $3.15B.
- Earnings quality: non-operating income -$31.1M vs operating income null over the last four quarters; P/E excluding non-operating income ≈15.6x (estimate: non-operating income taxed at the company's 32.1% effective rate).
- Insider open-market purchases, last ~7 months: 16 Form 4 filings, $19.6M; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Hold (mean 2.83 on a 1–5 scale) (6 analysts), mean target USD 22 (range 17–28).
- Total return with dividends: 1Y +1.6% vs S&P 500 +14.9%; 5Y -21.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-17, EPS estimate USD 1.3, revenue estimate $794M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.02B | $3.05B | $2.96B | $2.89B | $2.95B | $2.99B |
| Gross profit | $1.16B | $1.12B | $1.12B | $1.10B | $1.23B | — |
| Net income | $161M | -$232M | $141M | $38.1M | $239M | $81.5M |
| EPS (diluted) | $2.11 | -$3.37 | $1.94 | $0.52 | $3.32 | — |
| Free cash flow | $115M | -$76.8M | $338M | $332M | $63.2M | $151M |
| Gross margin | 38.4% | 36.7% | 38.0% | 38.3% | 41.7% | — |
| Net margin | 5.3% | -7.6% | 4.7% | 1.3% | 8.1% | 2.7% |
| Revenue growth | +10.1% | +0.9% | -3.0% | -2.5% | +2.3% | — |
| Cash + short-term investments | $239M | $205M | $223M | $217M | $236M | — |
| Total debt | $3.39B | $3.55B | $3.38B | $3.23B | $3.45B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 19.7x · P/E ex non-operating (est.) ≈15.6x · P/S 0.5x · EV/Sales 1.6x · P/FCF 10.7x · P/B 7.9x · FCF yield 9.39% · Earnings yield 5.08% · Dividend yield (paid, TTM) 5.30% · Buyback yield (TTM) 2.03% · Net debt $3.15B · EV $4.76B
P/E at fiscal year-ends: Sep 2025 7.5x, Sep 2024 60.6x, Sep 2023 16.5x.

## Insider purchases (SEC Form 4, open-market, last ~7 months)
16 purchases, $19.6M. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-07-23…2026-07-24 | Aqua Capital, Ltd. |  | 120,000 | $2.5M | 20.62 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-21…2026-07-22 | Aqua Capital, Ltd. |  | 120,000 | $2.4M | 20.26 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-17…2026-07-20 | Aqua Capital, Ltd. |  | 100,000 | $2.0M | 20.21 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-15…2026-07-16 | Aqua Capital, Ltd. |  | 80,000 | $1.7M | 20.72 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-13…2026-07-14 | Aqua Capital, Ltd. |  | 100,000 | $2.0M | 20.21 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-09…2026-07-10 | Aqua Capital, Ltd. |  | 60,000 | $1.2M | 20.56 | Too little history (no open-market trades in 2023–2025) |
| 2026-07-07…2026-07-08 | Aqua Capital, Ltd. |  | 80,000 | $1.6M | 20.53 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-22 | Aqua Capital, Ltd. |  | 40,000 | $844K | 21.1 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-17…2026-06-18 | Aqua Capital, Ltd. |  | 64,314 | $1.4M | 20.99 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-03 | Aqua Capital, Ltd. |  | 35,686 | $658K | 18.44 | Too little history (no open-market trades in 2023–2025) |
| 2026-06-01 | Aqua Capital, Ltd. |  | 38,006 | $692K | 18.21 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-22 | Aqua Capital, Ltd. |  | 11,790 | $211K | 17.9 | Too little history (no open-market trades in 2023–2025) |
| 2026-05-20…2026-05-21 | Aqua Capital, Ltd. |  | 124,989 | $2.0M | 16.4 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-15 | Aqua Capital, Ltd. |  | 4,200 | $79K | 18.85 | Too little history (no open-market trades in 2023–2025) |
| 2026-04-14 | Aqua Capital, Ltd. |  | 1,643 | $31K | 18.9 | Too little history (no open-market trades in 2023–2025) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.83 on a 1–5 scale), 6 analysts; mean target USD 22 (low 17, high 28).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-07 | UBS | Target raised | Neutral | $21 → $23 |
| 2026-07-21 | Barclays | Target raised | Equal-Weight | $18 → $19 |
| 2026-07-16 | JP Morgan | Target raised | Neutral | $19 → $22 |
| 2026-07-16 | UBS | Target raised | Neutral | $19 → $21 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +1.6% | -21.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +1.6% | -4.8% |
| Volatility (annualized) | 46.5% | 37.3% |
| Max drawdown | -31.8% (Oct 2025→May 2026) | -54.1% (Nov 2024→Mar 2026) |

## Peers (Electrical Equipment & Parts)
PLPC (Preformed Line Products Company) USD 331.72 -8.23% · FOIL (Londian Wason New Energy Tech I) USD 17.32 -0.17% · PLUG (Plug Power, Inc.) USD 1.38 -2.13% · AMPX (Amprius Technologies, Inc.) USD 7.91 -4.81% · HAYW (Hayward Holdings, Inc.) USD 12.71 +5.39% · ACCV (Accelevation Holdings Corp.) USD 12.25 -12.06%

## More
Full page: https://nexqual.com/ENR · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ENR's own 10-K filed 2025-11-18 (https://www.sec.gov/Archives/edgar/data/1632790/000163279025000091/enr-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Wal-Mart Stores | "Although a large percentage of our sales are attributable to a relatively small number of retail customers, in fiscal year 2025, only Wal-Mart Stores, Inc. accounted for ten percent or more (12.8%) of the Company's annua…" |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Batteries & Lights | $524.2M | 71.4% | -2.0% |
| Auto Care | $209.9M | 28.6% | +10.4% |
| Total revenue | $734.1M | 100% | — |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Batteries | $506.3M | 69.0% | -1.9% |
| Auto Care | $209.9M | 28.6% | +10.4% |
| Lights | $17.9M | 2.4% | -6.8% |
| Total revenue | $734.1M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| U.S. | $445.2M | 60.6% | +3.6% |
| North America | $425.9M | 58.0% | +4.3% |
| International | $288.9M | 39.4% | -2.3% |
| Total revenue | $734.1M | 100% | — |
The lines above cover 158% of total revenue.

## Customer concentration

Period ended 2025-09-30: 12.8% of revenue from unnamed direct customers (10-K, filed 2025-11-18).

## Company outlook (8-K filed 2026-08-04)

- "Financial Outlook and Assumptions for Fiscal Year 2026 (1) Our outlook for fourth quarter earnings growth remains strong."
- "Although we expect fourth quarter organic Net sales to be flat to down low single digits year-over-year, we expect Adjusted Earnings per share of $1.25 to $1.35, representing approximately 25% growth versus the prior year at the midpoint."
- "For the full fiscal year, we now expect organic Net sales to be down low single digits resulting in Adjusted Earnings per share for the full year at the low end of the originally provided range of $3.30 to $3.60 and Adjusted EBITDA at the low end of the originally provided range of $580 to $610 million."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.30 | $1.39 | -6.9% | $794.2M | 5 |
| Next quarter (ends 2026-12-31) | $0.59 | $0.55 | +7.2% | $0 | 3 |
| Current fiscal year (ends 2026-09-30) | $3.30 | $3.47 | -5.1% | $2.95B | 6 |
| Next fiscal year (ends 2027-09-30) | $3.35 | $3.48 | -3.9% | $2.93B | 5 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-17): ±14.9%; last 8 reports averaged ±12.2%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 66.1% | ±14.9% |
| 2026-12-18 | 56 | 58.1% | ±18.1% |
| 2027-02-19 | 119 | 47.3% | ±21.2% |
| 2027-05-21 | 210 | 47.0% | ±27.3% |