At a glance
Energizer Holdings Inc is worth $1.53B, about 7 times its fiscal 2025 earnings. Revenue grew 2.3% to $2.95B in fiscal 2025, with 8.1% kept as profit; over 5 years it has grown 1.5% a year. It pays a 6.71% dividend yield, and returned $615.6M to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +0.2% over the past year with dividends reinvested and −5.2% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.8% in the 2020 crash (S&P 500: 33.7%) and 37.6% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 4 months and 26 months after the lows.
The business in plain English
Energizer Holdings makes household batteries, car care products and portable lights. Batteries are the heart of the business: alkaline, lithium, rechargeable, hearing aid and specialty batteries under the Energizer, Eveready and Rayovac brands, plus the licensed Varta brand in Latin America and Asia Pacific. In the fiscal year ended September 30, 2025, batteries brought in about $2.25 billion of the company's $2.95 billion in revenue, or 76%.
Auto care added $620 million, or 21%. Its brands include Armor All cleaners and protectants, STP fuel and oil additives, A/C PRO do-it-yourself kits for recharging car air conditioning, and California Scents air fresheners. Flashlights, lanterns and other lights made up about 3%. Energizer reports lights together with batteries in its Batteries and Lights segment, which brought in 79% of revenue. Energizer also licenses its battery brand names to other companies for items such as generators, power tools and light bulbs.
Products reach shoppers through large discount chains, warehouse clubs, grocery, drug and convenience stores, hardware and auto stores, and online. Walmart accounted for 12.8% of sales. Energizer also supplies device makers and hearing aid distributors. The United States provided 58% of revenue and international markets 42%. Sales are seasonal. Batteries peak in the October–December quarter and auto care from April to September. Hurricanes can bring short bursts of battery and flashlight demand.
Price history
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ENR +0.2% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Batteries | $2.25B | 76.1% |
| Auto Care | $620.0M | 21% |
| Lights | $85.3M | 2.9% |
By business segment
| Batteries And Lights | $2.33B | 79% |
| Auto Care | $620.0M | 21% |
By geography
| United States | $1.72B | 58.2% |
| International | $1.23B | 41.8% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $734.1M, up 1.2% from a year earlier, and net income was $39.9M (-74.0%).
- For fiscal 2025, revenue was $2.95B (+2.3% year over year; +1.5% a year from FY2020 to FY2025) with a 8.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +1.5% watch |
|---|---|
| Free cash flow margin | 2.1% watch |
| Return on equity (FY2025) | 140.7% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 5.2% watch |
| Net cash (cash minus debt) | $-3.15B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $2.74B | $-93.3M | $311.1M |
| FY2021 | $3.02B | $160.9M | $114.8M |
| FY2022 | $3.05B | $-231.5M | $-76.8M |
| FY2023 | $2.96B | $140.5M | $338.4M |
| FY2024 | $2.89B | $38.1M | $331.7M |
| FY2025 | $2.95B | $239.0M | $63.2M |
Valuation snapshot
| Market value | $1.53B |
|---|---|
| P/E ratio | 6.7 |
| Dividend yield | 6.71% |
Rank among 1514 US companies
Market value at each year end
Energizer Holdings’s market value went from $2.75B at the end of 2016 to $1.53B on Oct 28, 2026, down 44%; since the end of 2025 it is up 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $1.53B | +12.5% |
| 2025 | $1.36B | -45.8% |
| 2024 | $2.51B | +10.7% |
| 2023 | $2.27B | -5.2% |
| 2022 | $2.39B | -10.8% |
| 2021 | $2.68B | -7.2% |
| 2020 | $2.89B | -16.8% |
| 2019 | $3.47B | +29.1% |
| 2018 | $2.69B | -7.6% |
| 2017 | $2.91B | +5.8% |
| 2016 | $2.75B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| ENR price data to Oct 28, 2026 | +19.4% | +0.2% | -5.7% | -5.2% | -3.7% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +19.4% |
| 2025 | -40.0% |
| 2024 | +14.3% |
| 2023 | -2.2% |
| 2022 | -13.2% |
| 2021 | -2.2% |
| 2020 | -13.8% |
| 2019 | +14.3% |
| 2018 | -3.8% |
| 2017 | +10.1% |
| 2016 | +34.1% |
| 2015 | -73.0% |
| 2014 | +20.9% |
| 2013 | +37.8% |
| 2012 | +4.4% |
| 2011 | +6.3% |
| 2010 | +19.0% |
| 2009 | +13.2% |
| 2008 | -51.7% |
| 2007 | +58.0% |
| 2006 | +42.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 67.9% over that stretch · deepest drop along the way 74%, back to its old high 65.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.2% over that stretch · deepest drop along the way 44.8%, back to its old high 4.4 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 34% over that stretch · deepest drop along the way 37.6%, back to its old high 25.7 months after the low |
Insider activity
Form 4 filings from 2025-10-29 to 2026-10-29 (25 read): 45 open-market purchases ($19.8M) and 0 sales ($0.00).
| Date | Insider | Type | Value |
|---|---|---|---|
| May 20, 2026 | Aqua Capital, Ltd. 10% owner | buy | $1.3M |
| Jul 7, 2026 | Aqua Capital, Ltd. 10% owner | buy | $832K |
| Jul 10, 2026 | Aqua Capital, Ltd. 10% owner | buy | $827K |
| Jul 8, 2026 | Aqua Capital, Ltd. 10% owner | buy | $810K |
| May 21, 2026 | Aqua Capital, Ltd. 10% owner | buy | $729K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 13.1% | Jun 30, 2025 |
| Aqua Capital, Ltd. | 10.25% | Aug 4, 2025 |
| Vanguard Portfolio Management | 7.14% | Mar 31, 2026 |
| FMR LLC | 5.7% | Jun 30, 2026 |
| STATE STREET CORPORATION | 5.6% | Mar 31, 2026 |
| LSV ASSET MANAGEMENT | 5% | Sep 30, 2025 |
| Fuller & Thaler Asset Management, Inc. | 4.77% | Mar 31, 2026 |
| Vanguard Capital Management | 4.72% | Jun 30, 2026 |
| Clarkston Capital Partners, LLC | 2.04% | Mar 31, 2026 |
| THE GOLDMAN SACHS GROUP, INC. | 0.8% | Mar 31, 2026 |
ETFs with the most weight in ENR
| PSCC Invesco S&P SmallCap Consumer Staples ETF | 4.28% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 1.08% |
| SIXS ETC 6 Meridian Small Cap Equity ETF | 1.08% |
| XSLV Invesco S&P SmallCap Low Volatility ETF | 0.78% |
| PRAY FIS Christian Stock Fund | 0.68% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.55% |
| HSMV First Trust Horizon Managed Volatility Small/Mid ETF | 0.5% |
| SIXL ETC 6 Meridian Low Beta Equity ETF | 0.39% |
What could go wrong
- A heavy debt load. As of June 30, 2026, Energizer had about $3.33 billion of debt and $173 million of cash. Heavy debt limits flexibility, and a credit-rating cut could raise borrowing costs.
- Heavy reliance on Walmart and big retailers. Walmart made up 12.8% of fiscal 2025 sales. Big retailers press for price cuts and better trade terms, and losing a major customer or shelf space could hurt sales and profits.
- Store brands and rivals in mature categories. Batteries and auto care are mature, crowded markets. More and more, retailers offer their own store brands (private label), and some rivals have deeper pockets. Both can force price cuts and squeeze margins.
- Metal prices, tariffs and currency swings. Batteries depend on zinc, lithium, nickel and silver, and auto care uses refrigerant and plastics. Energizer says higher costs, including tariffs, have already hurt margins. International sales (about 42%) add currency risk.
- Weather and seasons cause uneven sales. Battery sales peak in the October–December quarter, while auto care sales are strongest from April to September. Bad weather in auto care's peak season can hurt results, and hurricane-driven battery demand is unpredictable.
- No guarantee the dividend continues. Energizer's annual report says dividends are not guaranteed. In fiscal 2025, free cash flow (cash left after running and investing in the business) was $63.2 million, below the $87.1 million paid in dividends.
Recent events
- Quarterly results released; Investor presentation or announcement
- Quarterly results released; Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Shareholder vote results; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
For income and retirement investors
Energizer pays a regular dividend of $1.20 per share a year. The amount was the same in every fiscal year (ending September 30) from 2020 through 2025, so there is no streak of increases. The payout took 36.4% of fiscal 2025 earnings but 137.8% of free cash flow (cash left after running and investing in the business). Cash generation fell short of the dividend that year, unlike in fiscal 2023 and 2024. Share buybacks totaled $186 million over fiscal 2021–2025, yet the share count barely changed, rising 0.2% between August 2021 and July 2026.
The stock has fallen hard in downturns. It dropped about 45% in the 2020 COVID crash and got back to its earlier high about four months after the low. It fell about 38% in the 2022 bear market (a broad market slide) and took about 26 months from its low to recover. It also lost 40% in calendar 2025. Single stocks like Energizer carry more risk than diversified funds.
Questions investors ask
How does Energizer make money?
Most of Energizer's revenue comes from batteries. In the fiscal year ended September 30, 2025, batteries brought in about $2.25 billion, or 76% of the company's $2.95 billion total, under the Energizer, Eveready, Rayovac and (in some regions) Varta names. Auto care products such as Armor All, STP and A/C PRO added 21%, and flashlights and other portable lights about 3%. Walmart was the largest customer, at 12.8% of sales. Net income that year was $239 million.
Does Energizer raise its dividend every year?
No. Energizer paid $1.20 per share in every fiscal year from 2020 through 2025, with no increases. The dividend used 36.4% of fiscal 2025 earnings but 137.8% of free cash flow, the cash left after running and investing in the business. Free cash flow was much stronger in fiscal 2023 and 2024, at $338.4 million and $331.7 million. The company says it cannot guarantee the timing, amount or payment of future dividends.
How much debt does Energizer have?
About $3.33 billion as of June 30, 2026, against $173 million of cash. That debt is far larger than the company's stock market value, which was about $1.53 billion as of October 28, 2026. Shareholder equity (assets minus liabilities on the balance sheet) was just $203 million. Energizer's annual report (Form 10-K) lists its significant debt and its credit ratings among the risks that could hurt the business.
How has Energizer stock performed over the long term?
It has lost ground over the long run. As of October 28, 2026, the stock's price-based return was about -23% over five years and -32% over ten years. It fell 40% in calendar 2025, then gained 19.4% from the start of 2026 through October 28. In the three years to that date, its deepest drop from a high was 55.6%. Its one-year volatility, a measure of how widely the price swings, was 46.4%.
Have Energizer insiders been purchasing shares?
Yes. Insiders here include officers, directors and anyone owning more than 10% of the stock. Filings reviewed for the year to October 29, 2026 showed at least 45 purchases totaling about $19.8 million and no sales. The largest came from Aqua Capital, Ltd., which reported owning 10.25% as of August 4, 2025. Its biggest single purchase was about $1.3 million on May 20, 2026. BlackRock was the largest reported holder, at 13.1% as of June 30, 2025.