Energizer Holdings, Inc. (NYSE: ENR)

Sector: Industrials Industry: Electrical Equipment & Parts CIK: 0001632790
Market Cap 1.62 Bn
P/B 11.45
P/E 7.59
P/S 0.54
ROIC (Qtr) 8.16
Div Yield % 5.22
Rev 1y % (Qtr) 6.45
Total Debt (Qtr) 3.43 Bn
Debt/Equity (Qtr) 24.24
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About

Energizer Holdings, Inc. (ENR) is a global diversified household products leader operating in the battery, auto care, and portable lights industries. The company's main business activities involve the design, manufacture, marketing, and distribution of a wide range of products, including batteries, auto care products, and portable lights. Energizer's products are sold globally through various retail channels, including mass merchandisers, warehouse clubs, food, drug, and convenience stores, electronics specialty stores, department stores, hardware...

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Investment thesis

Bull case

  • Healthy cash reserves of 214.80M provide 8.66x coverage of short-term debt 24.80M, demonstrating strong liquidity position and minimal refinancing risk.
  • Robust free cash flow of 145M exceeds capital expenditure of 74.60M by 1.94x, indicating strong organic growth funding capability.
  • Operating cash flow of 219.60M fully covers other non-current liabilities 117.40M by 1.87x, showing strong long-term stability.
  • Robust tangible asset base of 2.40B provides 3.08x coverage of working capital 778.60M, indicating strong operational backing.
  • Tangible assets of 2.40B provide robust 6.84x coverage of other current liabilities 350.80M, indicating strong asset backing.

Bear case

  • Operating cash flow of 219.60M barely covers its investment activities of (88.80M), with a coverage ratio of -2.47, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • With cash reserves of 214.80M against inventory of 720.70M, the 0.30 cash-to-inventory ratio suggests potential liquidity risks if inventory turnover slows, particularly concerning given current supply chain volatilities.
  • Operating cash flow of 219.60M provides thin coverage of dividend payments of (86.80M) with a -2.53 ratio, suggesting potential dividend sustainability issues if operational performance deteriorates.
  • Investment activities of (88.80M) provide weak support for R&D spending of 32.40M, which is -2.74x, suggesting potentially insufficient investment in innovation relative to other capital deployment.
  • Cash reserves of 214.80M provide limited coverage of acquisition spending of (14.20M), which is -15.13x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.

Segments Breakdown of Revenue (2025)

Product and Service Breakdown of Revenue (2025)

Peer comparison

Companies in the Electrical Equipment & Parts
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 VRT Vertiv Holdings Co 93.00 Bn 69.78 9.09 3.16 Bn
2 BE Bloom Energy Corp 34.73 Bn -392.76 17.16 2.99 Bn
3 HUBB Hubbell Inc 27.97 Bn 31.52 4.78 2.33 Bn
4 NVT nVent Electric plc 19.43 Bn 76.81 8.40 1.56 Bn
5 AYI Acuity Inc. (De) 12.85 Bn 109.95 6.86 0.91 Bn
6 AEIS Advanced Energy Industries Inc 11.80 Bn 79.52 6.56 0.68 Bn
7 NVX NOVONIX Ltd 11.53 Bn -174.00 1,943.36 -
8 ENS EnerSys 6.79 Bn 21.71 1.82 1.18 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 1.11 3.49
EV to Cash from Ops. EV/CFO 22.38 9.10
EV to Debt EV to Debt 1.43 113.17
EV to EBIT EV/EBIT 12.12 -17.64
EV to EBITDA EV/EBITDA 9.02 3.56
EV to Free Cash Flow [EV/FCF] EV/FCF 33.90 39.13
EV to Market Cap EV to Market Cap 3.04 2.59
EV to Revenue EV/Rev 1.64 77.74
Price to Book Value [P/B] P/B 11.45 4.98
Price to Earnings [P/E] P/E 7.59 23.89
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 2.46 -2.92
Dividend Payout Ratio % Div Payout % (Qtr) 39.60 3.27
Dividend per Basic Share Div per Share (Qtr) 1.20 0.37
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 56.60 1.79
Interest Coverage Int. cover (Qtr) 2.59 -16.86
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 25.18 -135.37
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) 9.65 92.17
Dividend Growth (1y) % Div 1y % (Qtr) 0.00 5.22
EBIAT Growth (1y) % EBIAT 1y % (Qtr) 95.20 -45.52
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 55.36 -56.26
EBIT Growth (1y) % EBIT 1y % (Qtr) 79.07 -64.20
EBT Growth (1y) % EBT 1y % (Qtr) 234.50 8.52
EPS Growth (1y) % EPS 1y % (Qtr) 274.07 13.91
FCF Growth (1y) % FCF 1y % (Qtr) -36.63 -66.58
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 10.19 15.53
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.68 0.63
Cash Payout Ratio Cash Payout (Qtr) 0.30 -0.10
Cash Ratio Cash Ratio (Qtr) 0.27 3.50
Current Ratio Curr Ratio (Qtr) 1.99 5.07
Debt to Equity Ratio Debt/Equity (Qtr) 24.24 0.41
Interest Cover Ratio Int Coverage (Qtr) 2.59 -16.86
Times Interest Earned Times Interest Earned (Qtr) 2.59 -16.86
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) 17.70 -1,947.23
EBIT Margin % EBIT Margin % (Qtr) 13.52 -2,051.19
EBT Margin % EBT Margin % (Qtr) 8.31 -2,170.94
Gross Margin % Gross Margin % (Qtr) 40.70 2.02
Net Profit Margin % Net Margin % (Qtr) 7.10 -2,202.04