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what it is
It sells batteries and car-care products under Energizer, Rayovac, Armor All, and Nu Finish.
how it gets paid
FY2025 net sales were ~$2.95B (+2.3% vs. prior year). The segment bars below scale to that total — primary batteries still ~45% (~$1.33B).
why it's growing
FY2026 outlook (reaffirmed Feb 2026): adjusted EPS $3.30–$3.60, adjusted EBITDA $580M–$610M, organic net sales flat to slightly up in both segments for the full year — with management flagging back-half margin recovery.
what just happened
Q1 FY2026 (ended Dec 31, 2025): net sales $778.9M (+6.5%); organic (4.3)%. GAAP EPS $(0.05); adjusted EPS $0.31. FCF $124.2M; >$100M debt paydown in the quarter.
At a glance
B balance sheet — gets the job done, barely
85/100 earnings predictability — you can trust these numbers
~5.8× trailing on FY2025 adjusted EPS ~$3.52
5.9% dividend yield — cash in your pocket every quarter
7.0% return on capital — nothing to write home about
xvary composite: 53/100 — below average
What they do
It sells batteries and car-care products under Energizer, Rayovac, Armor All, and Nu Finish.
Brand memory does the work here. Energizer sold under brands like Energizer, Eveready, and Rayovac, and Walmart was 12.8% of fiscal '25 sales. That is shelf power, not a fortress. You still have one buyer with real leverage over your numbers.
How they make money
$2.95B
FY2025 net sales · +2.3% vs. prior year (company reported)
Primary batteries
~$1.33B
Auto care products
~$0.89B
Specialty and hearing aid batteries
~$0.44B
Rechargeable batteries
$0.30B
The products that matter
core battery franchise
Household Batteries
~$2.95B FY2025 net sales
Still the center of gravity: FY2025 net sales ~$2.95B with only ~2.3% growth — you are not paying for a high-growth consumer story.
core franchise
acquired power portfolio
Advanced Power Solutions
6.5% reported sales lift in the december quarter
APS added $64.6M to Q1 FY2026 net sales; reported net sales rose 6.5% while organic net sales fell (4.3)% — acquisition and FX helped the headline while underlying volume was soft.
integration story
cost and margin cleanup
Business Improvement Plan
second-half execution matters
management says the improvement plan should help the back half of the fiscal year. until that shows up in margin, cash flow, and EPS, you own a promise.
execution bet
Key numbers
5.8x
trailing p/e
~5.8× on FY2025 adjusted EPS ~$3.52 — cheap-looking multiples often embed leverage and margin risk.
5.9%
dividend yield
Q1 FY2026 dividend $0.30/share (~$23M in the quarter per release) — annualized vs price sets the headline yield; verify declaration on IR.
~$3.32B
long-term debt
~$3.32B long-term debt vs ~$141M shareholders’ equity (Dec 31, 2025 balance sheet in the Q1 FY2026 materials) — equity is thin; deleveraging depends on FCF.
$2.95B
FY2025 net sales
Real-scale staples revenue, but low-single-digit growth — the stock debates whether APS + pricing can offset tariffs and mix.
Financial health
B
strength
- balance sheet grade B — adequate — nothing special
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt ~$3.32B · Dec 31, 2025
- shareholders’ equity ~$141M · highly levered capital structure
- Q1 FY2026 FCF $124.2M · 15.9% of net sales
B — FCF helps, but long-term debt vs thin book equity is the dominant balance-sheet fact.
Total return vs. market
Multi-year total return for ENR is not pinned to a single vendor series on this page.
source: not asserted
What just happened
Q1 FY2026
Net sales $778.9M (+6.5%) · GAAP $(0.05) · adjusted $0.31
Feb 5, 2026 release (quarter ended Dec 31, 2025): organic net sales (4.3)%; APS added $64.6M; FX tailwind $13.7M. Reported gross margin 32.9% (prior year 36.8%); adjusted gross margin 34.9% vs 40.0% prior year. Operating cash flow $149.5M; FCF $124.2M. Consensus screens varied — many showed a revenue beat and adjusted EPS above some estimates; GAAP remained a small loss.
$778.9M
net sales
$0.31
adj. EPS
32.9%
GAAP gross %
the number that mattered
FCF + deleveraging: $124.2M free cash flow funded >$100M debt reduction and ~$28M shareholder returns — proof the balance sheet can move even when GAAP EPS is noisy.
-
FY2026 outlook reaffirmed: adjusted EPS $3.30–$3.60, adjusted EBITDA $580M–$610M, organic net sales flat to slightly up by segment for the year.
-
Q2 FY2026 guide: organic net sales expected down 4%–5%; adjusted EPS $0.40–$0.50 (per Feb 5, 2026 release).
-
APS acquisition (closed May 2, 2025) contributed $64.6M to Q1 FY2026 net sales; currency added $13.7M.
source: Energizer Q1 FY2026 results (PRNewswire) · Feb 5, 2026 · FY2025 sales/EPS recap from FY2025 results materials
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What could go wrong
the #1 risk is organic demand staying weak while ~$3.3B of long-term debt meets thin book equity.
med
~$3.32B long-term debt vs ~$141M book equity
Dec 31, 2025 balance sheet (in Q1 FY2026 filing): long-term debt ~$3.32B and shareholders’ equity only ~$141M — a highly levered structure where small misses in EBITDA or covenants matter.
Market cap near ~$1B sits under a much larger debt stack; FCF must keep funding paydown and dividends.
med
reported growth can mask a weaker core for only so long
Q1 FY2026 showed 6.5% reported net sales growth with organic (4.3)%. If the core keeps slipping, the market treats APS/FX as masking tape, not a fix.
that 10.5-point gap is the story: reported revenue up, underlying demand down.
med
integration and restructuring costs can stay longer than investors want
acquisition and restructuring charges already weighed on earnings, and EPS came in at less than half the figure from a year ago in the latest quarter discussed. if the cleanup drags, the rerating case drags with it.
a stock on 5.8x earnings is only cheap if the earnings base stabilizes. if it does not, the low multiple is doing its job.
~$3.3B long-term debt against ~$141M book equity and a ~$1B equity market cap makes this a balance-sheet and FCF story as much as a category story.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
organic sales versus reported sales
6.5% reported net sales vs (4.3)% organic in Q1 FY2026 — if that gap persists, the turnaround case rests on APS integration and pricing, not underlying volume.
calendar
next print + Q2 guide
Company guided Q2 FY2026 organic net sales down 4%–5% and adjusted EPS $0.40–$0.50 — check IR for the exact earnings date; you want sequential gross margin recovery to show up, not just narrative.
trend
APS integration progress
the acquisition boosted the top line. now it needs to help profit and cash generation without endless cleanup costs.
risk
debt staying too large for too long
a debt-heavy staples company can work. a debt-heavy staples company with shrinking organic sales gets less room for error every quarter.
Analyst rankings
short-term outlook
average
momentum score 3 — in human-speak, analysts do not see a strong near-term trend either way.
risk profile
average
stability score 3 — this sits near the middle of the pack on risk, but the debt load deserves more attention than that label suggests.
chart momentum
average
technical score 3 — the chart is not screaming anything. welcome to a waiting-room stock.
earnings predictability
85 / 100
the earnings pattern is fairly steady. the question is whether that steady pattern is drifting lower.
source: institutional data
Institutional activity
13F-style buyer/seller counts for ENR are not verified line-by-line on this snapshot — pull your terminal if you need net institutional flow.
source: institutional data
Price targets
analyst target range
n/a
n/a
$20.50
illustrative price on snapshot · not live
n/a
consensus target · not pinned here
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