# Spectrum Brands Holdings, Inc. (SPB)

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

**Price:** USD 81.03 (+2.62% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 78.96 · day 79.07–81.16 · 52w 51.41–99.06 · market cap $1.86B · NYQ

## Key facts
- Last four reported quarters (through Jun 28, 2026): revenue $2.87B, net income $79.3M (2.8% margin), free cash flow $292M (SEC filings).
- Valuation: P/E 23.5x (avg 12.9x at the last 3 fiscal year-ends).
- 4 of 80 tracked superinvestors hold SPB (13F, Q2 2026): 0 new, 2 added, 2 reduced, 0 unchanged.
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $182K; 0 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.33 on a 1–5 scale) (9 analysts), mean target USD 98.75 (range 85–110).
- Total return with dividends: 1Y +50.4% vs S&P 500 +14.9%; 5Y -4.2% vs S&P 500 +80.3%.
- Next earnings: 2026-11-13, EPS estimate USD 0.94, revenue estimate $724M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $3.00B | $3.13B | $2.92B | $2.96B | $2.81B | $2.87B |
| Gross profit | $1.03B | $990M | $924M | $1.11B | $1.03B | — |
| Operating income | $97.1M | $23.2M | -$206M | $171M | $125M | $116M |
| Net income | $190M | $71.6M | $1.80B | $125M | $99.9M | $79.3M |
| EPS (diluted) | $4.39 | $1.75 | $45.65 | $4.10 | $3.86 | — |
| Free cash flow | $245M | -$118M | -$469M | $119M | $165M | $292M |
| Gross margin | 34.5% | 31.6% | 31.7% | 37.4% | 36.7% | — |
| Operating margin | 3.2% | 0.7% | -7.0% | 5.8% | 4.4% | 4.0% |
| Net margin | 6.3% | 2.3% | 61.7% | 4.2% | 3.6% | 2.8% |
| Revenue growth | +14.3% | +4.5% | -6.8% | +1.5% | -5.2% | — |
| Cash + short-term investments | $188M | $244M | $1.86B | $369M | — | — |
| Total debt | $2.51B | $3.16B | $1.56B | $561M | $568M | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 28, 2026)
P/E 23.5x · P/S 0.7x · P/FCF 6.4x · P/B 1.0x · FCF yield 15.65% · Earnings yield 4.26% · Dividend yield (paid, TTM) 2.36% · Buyback yield (TTM) 5.23%
P/E at fiscal year-ends: Sep 2025 13.6x, Sep 2024 23.3x, Sep 2023 1.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
4 of 80 tracked investors hold SPB. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| David Einhorn | Greenlight Capital | 1.23% | $48.1M | Reduced -13.7% |
| Richard Pzena | Pzena Investment Management | 0.61% | $208M | Added +3.5% |
| First Eagle Investment | First Eagle Investment Management | 0.04% | $24.8M | Added +24.5% |
| Lee Ainslie | Maverick Capital | 0.03% | $2.8M | Reduced -51.6% |

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $182K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-20 | Maura David M | Executive Chairman and CEO | 2,500 | $182K | 72.85 | Too little history (no open-market trades in 2024) |
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 Buy (mean 2.33 on a 1–5 scale), 9 analysts; mean target USD 98.75 (low 85, high 110).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-05 | Wells Fargo | Target lowered | Equal-Weight | $90 → $85 |
| 2026-08-10 | Oppenheimer | Target raised | Outperform | $85 → $100 |
| 2026-08-10 | Wells Fargo | Target raised | Equal-Weight | $85 → $90 |
| 2026-08-10 | RBC Capital | Downgrade | Outperform → Sector Perform | $85 → $92 |
| 2026-08-10 | Canaccord Genuity | Target raised | Buy | $99 → $110 |
| 2026-07-08 | Wells Fargo | Target raised | Equal-Weight | $80 → $85 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +50.4% | -4.2% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +50.6% | -0.8% |
| Volatility (annualized) | 33.8% | 37.4% |
| Max drawdown | -16.0% (Aug 2026→Oct 2026) | -62.3% (Nov 2021→Sep 2022) |

## Peers (Household & Personal Products)
NWL (Newell Brands Inc.) USD 5.73 +3.06% · EPC (Edgewell Personal Care Company) USD 28.89 +7.08% · COTY (Coty Inc.) USD 3.21 +5.25% · ODD (ODDITY Tech Ltd.) USD 23.35 +4.33% · IPAR (Interparfums, Inc.) USD 116.07 +2.54% · HELE (Helen of Troy Limited) USD 28.96 +2.04%

## More
Full page: https://nexqual.com/SPB · 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 SPB's own 10-K filed 2025-11-18 (https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Walmart (WMT) | "Product sales are generally through our direct sales force and network of brokers and distributors primarily with large retailers, pet superstores, e-commerce, food and drug retailers, warehouse clubs and other pet speci…" |
| Customer | Amazon (AMZN) | "Product sales are generally through our direct sales force and network of brokers and distributors primarily with large retailers, pet superstores, e-commerce, food and drug retailers, warehouse clubs and other pet speci…" |
| Customer | Home Depot (HD) | "Product sales are generally through our direct sales force and network of brokers and distributors primarily with large retailers, home improvement centers, mass merchants, dollar stores, hardware stores, lawn and garden…" |
| Customer | Lowe's (LOW) | "Product sales are generally through our direct sales force and network of brokers and distributors primarily with large retailers, home improvement centers, mass merchants, dollar stores, hardware stores, lawn and garden…" |
| Partner | Martha Stewart Living Omnimedia | "The Emeril brand is subject to a trademark license agreement with the license holder, Martha Stewart Living Omnimedia, Inc., pursuant to which we license the brand within NA, Mexico, Australia, and the United Kingdom for…" |
| Competitor | Procter & Gamble (PG) | "Primary competitors for the personal care product category within our HPC segment include Koninklijke Philips Electronics N.V. (Norelco), The Procter & Gamble Company (Braun), Conair Corporation, Wahl Clipper Corporation…" |

Other companies that name SPB in their own reports (relationship from SPB's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Fenbo Holdings Ltd (FEBO) | 20-F 2026-05-15 | "sole customer is Spectrum Brands Holdings, Inc. ("Spectrum Brands") for whom we manufacture hair care electric appliance" |

## Revenue by business segment (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| HPC | $264.4M | 35.1% | +3.6% |
| HPC | $264.4M | 35.1% | +3.6% |
| GPC | $263.7M | 35.0% | +3.3% |
| GPC | $263.7M | 35.0% | +3.3% |
| H&G | $225.2M | 29.9% | +19.0% |
| H&G | $225.2M | 29.9% | +19.0% |
| Total revenue | $753.3M | 100% | — |
The lines above cover 200% of total revenue.

## Revenue by product line (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Product sales | $260.3M | 34.6% | +3.4% |
| Licensing | $2.4M | 0.3% | +0.0% |
| Service and other | $1.0M | 0.1% | +0.0% |
| Total revenue | $753.3M | 100% | — |
The lines above cover 35% of total revenue.

## Revenue by region (quarter ended 2026-06-28)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| NA | $468.1M | 62.1% | +9.2% |
| UNITED STATES | $456.4M | 60.6% | +9.9% |
| EMEA | $201.1M | 26.7% | +2.1% |
| Europe/MEA | $201.1M | 26.7% | +2.1% |
| LATAM | $60.5M | 8.0% | +17.7% |
| APAC | $23.6M | 3.1% | +4.0% |
| North America - Other | $11.7M | 1.6% | -12.7% |
| Total revenue | $753.3M | 100% | — |
The lines above cover 188.8% of total revenue.

## Company outlook (8-K filed 2026-08-07)

- "Fiscal 2026 Earnings Framework The Company continues to expect flat to low single digit growth in reported net sales in fiscal 2026."
- "Reflecting strong year-to-date results, Spectrum Brands now expects Fiscal 2026 adjusted EBITDA to increase by mid single digits."
- "Adjusted free cash flow framework remains unchanged, and is expected to be approximately 50% of adjusted EBITDA."
- "(30) our ability to separate the Company's HPC business and create an independent Global Appliances business on expected terms, and within the anticipated time period, or at all, and to realize the potential benefits of such business;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.94 | $1.12 | -16.1% | $723.9M | 9 |
| Next quarter (ends 2026-12-31) | $0.86 | $0.75 | +14.9% | $680.2M | 4 |
| Current fiscal year (ends 2026-09-30) | $6.07 | $5.26 | +15.5% | $2.86B | 9 |
| Next fiscal year (ends 2027-09-30) | $5.76 | $5.44 | +6.0% | $2.90B | 8 |

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

Expected move by 2026-11-20 (includes earnings 2026-11-13): ±10.3%; last 8 reports averaged ±4.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 46.0% | ±10.3% |
| 2026-12-18 | 56 | 40.9% | ±12.8% |
| 2027-01-15 | 84 | 37.0% | ±14.1% |
| 2027-04-16 | 175 | 40.1% | ±21.8% |