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Energizer Holdings logo

Energizer Holdings

ENR
47
Electrical Equipment & Parts · Industrials
Price
$20.23
-0.41 (-1.99%)
Market Cap
$1.39B
Winston Score
47
Winston is serious
Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+4.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 68.7M (2021) → 72.0M (2025)

Energizer Holdings makes batteries and auto care products that people use every day. Its most famous brand is Energizer, known for the pink bunny mascot, and it also owns Rayovac and Varta batteries, plus auto care brands like Armor All and STP. The company sells to everyday consumers through grocery stores, hardware stores, and big retailers like Walmart and Target.

Energizer makes money by selling physical products — mainly batteries and car cleaning or maintenance supplies — to retailers who then sell them to shoppers. It operates mostly in North America but also sells in Europe, Latin America, and other regions. Its main competitive advantage is brand recognition and shelf space at major retailers, which is hard for smaller competitors to take away. The biggest risk the company faces is that battery demand could slowly decline as more devices use built-in rechargeable batteries instead of replaceable ones.

Winston Score History

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1 trades / 12mo

0 Congressional buys and 1 sell on ENR in the last 12 months.

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Score breakdown

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Quality

Gross Margin
45.8%
Healthy — 45.8% gross margin
Operating Margin
22.6%
Excellent — 22.6% operating margin
ROCE
4.2%
Weak — 4.2% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
-2.9%
Shrinking sales (-2.9% YoY)
EPS YoY
+612.9%
Earnings growing fast (612.9% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
30%
Weak — only 30% of profit becomes cash
FCF Margin
0.0%
Thin free cash flow (0.0%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
18.94
Heavy debt load (18.94)
Interest Cover
3.37x
Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)
6.3x
Attractive valuation — P/E 6.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
+0.8
GROWING
Earnings roughly flat

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Dividends

Dividend Yield
5.58%
Healthy income — 5.58% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
+0.0%
Dividend flat

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