ENERGIZER HOLDINGS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ENERGIZER HOLDINGS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,634	1,756	1,798	2,495	2,745	3,022	3,050	2,960	2,887	2,953
Cost of revenue	922	944	967	1,491	1,663	1,860	1,931	1,836	1,783	1,720
Gross profit	712	811	831	1,004	1,082	1,161	1,120	1,124	1,104	1,233
Research and development	26.6	22	22.4	32.8	35.4	34.5	34.7	32.9	31.6	32.6
Selling, general and administrative	361	361	422	516	483	487	485	489	526	532
Selling and marketing	102	116	113	127	147	162	137	142	144	152
Interest expense	54.3	53.1	98.4	226	195	162	158	169	156	154
Interest income	2.3	2	1.4	7.7	0.6	0.7	1	8.9	10.7	3.2
Other non-operating income	9.1	5	6.6	14.3	-2	2.9	-7.3	-57.1	-22	-0.9
Pre-tax income	166	273	175	73.1	67.7	154	-306	176	53.8	284
Income tax	38	71.8	81.7	8.4	20.9	-6.7	-74	35.2	15.7	45.1
Income from continuing operations		202	93.5	64.7	46.8	161	-232	141	38.1	239
Net income	128	202	93.5	51.1	-93.3	161	-232	141	38.1	239
EPS, basic	2.06	3.27	1.56	0.59	-1.59	2.12	-3.37	1.97	0.53	3.37
EPS, diluted	2.04	3.22	1.52	0.58	-1.58	2.11	-3.37	1.94	0.52	3.32
Shares, basic (weighted)	61.9	61.7	59.8	66.4	68.8	68.2	69.9	71.5	71.8	70.9
Shares, diluted (weighted)	62.5	62.6	61.4	67.3	69.5	68.7	69.9	72.4	72.7	72
Dividend per share	1.00	1.10	1.16	1.20	1.20	1.20	1.20	1.20	1.20	1.20

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	287	378	522	259	460	239	205	223	217	236
Receivables	191	230	230	340	292	293	422	512	441	404
Inventory	289	317	323	469	511	728	772	650	657	781
Other current assets	1.5	5.1	12.6	58.6	14.5	15.1	42.9	37	29.5	20.3
Total current assets	890	1,020	1,171	2,037	2,211	1,440	1,590	1,557	1,479	1,679
Property, plant and equipment	202	177	167	362	352	383	362	364	380	403
Lease right-of-use assets				0	122	112	100	98.4	94.7	93.2
Goodwill	230	230	244	1,005	1,054	1,054	1,003	1,016	1,046	1,051
Intangible assets	235	224	233	1,959	1,909	1,871	1,296	1,238	1,071	1,006
Other non-current assets	112	125	81	64.3	94.1	126	159	149	126	158
Total assets	1,732	1,824	3,179	5,450	5,728	5,008	4,572	4,510	4,342	4,557
Accounts payable	217	219	229	299	378	455	329	371	433	402
Accrued liabilities	59.3	54.4	48.8	59.2	68.1	65.4	60.6	57.9	69.5	62.8
Short-term debt	4	4	4	0	841	12	12	12	12	10.1
Total current liabilities	533	582	751	1,069	1,648	946	698	734	820	795
Long-term debt	982	979	976	3,462	3,307	3,333	3,499	3,332	3,193	3,408
Lease liabilities				0	112	102	88.2	84.7	82.4	84.8
Other non-current liabilities	59.7	49.3	44.7	50.8	78.2	70.4	52.3	47.8	31.1	93
Total liabilities	1,762	1,739	3,154	4,906	5,419	4,652	4,442	4,299	4,207	4,387
Total debt	996	992	988	3,515	4,191	3,391	3,551	3,376	3,230	3,446
Paid-in capital	195	197	218	870	859	832	829	751	668	604
Retained earnings	70.9	199	177	130	-66.2	-5	-305	-165	-128	87
Treasury stock	-30	-72.1	-129	-158	-177	-242	-249	-238	-224	-296
Other comprehensive income	-266	-239	-242	-298	-308	-230	-145	-138	-181	-226
Shareholders' equity	-30	85.1	24.5	544	309	356	131	211	136	170
Total equity	-30	85.1	24.5	544	309	356	131	211	136	170
Total liabilities and equity	1,732	1,824	3,179	5,450	5,728	5,008	4,572	4,510	4,342	4,557

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	128	202	93.5	51.1	-93.3	161	-232	141	38.1	239
Depreciation and amortization	34.3	50.2	45.1	92.8	112	119	122	123	121	127
Stock-based compensation	20.4	24.3	28.2	27.1	24.5	10.2	13.2	21.8	23.1	25.6
Deferred income tax	4.2	-4.4	1.8	-33.3	-34.8	-62.9	-135	-38.5	-43.3	-16.6
Change in receivables	-4.1	-43.7	-1.1	-24.9	47.8	9.5	-186	-80.4	71.8	32.9
Change in inventory	11.9	-30.7	-12.1	-15.2	-39.8	-212	-94.2	132	-4	-88.6
Change in payables	43.7	13.4	4.4	5.2	76.2	51.4	-114	35.2	62.2	-60
Cash from operations	194	197	229	150	376	180	1	395	430	147
Capital expenditures	-28.7	-25.2	-24.2	-55.1	-65.3	-64.9	-77.8	-56.8	-97.9	-83.9
Acquisitions	-344	0	-38.1	-2,460	-5.1	-67.2	1	0	-22.4	-14.3
Purchases of investments							0	0	-5.2	0
Sales and maturities of investments							0	0	4.2	0
Cash from investing	-371	2	-56.2	-2,922	217	-126	-90.9	-56.1	-114	-98.2
Stock issued		0	0	205	0	0
Share buybacks	-31.8	-59.5	-70	-45	-45	-96.3	0	0	0	-89.7
Dividends paid	-62.7	-69.1	-70	-83	-85.4	-83.9	-84.9	-86.3	-87.4	-87.1
Cash from financing	-45.4	-107	1,226	1,272	393	-1,069	79.1	-309	-300	-29.1
Exchange rate effect	7.9	-1.6	-8.5	-9.1	4.9	4.9
Net change in cash	-215	90.7	1,390	-1,510	991	-1,011	-33.6	18	-6.4	19.3
Free cash flow	165	172	205	94.4	311	115	-76.8	338	332	63.2
Interest paid	51.4	51	54.3	170	196	173	143	160	147	151
Income taxes paid	63.6	40.2	46.2	43.3	46.7	65	54.5	62.7	87.9	64.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $22.00 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	36.8%	Gross profit / revenue.
Pre-tax margin	4.0%	Pre-tax income / revenue.
Net margin	2.7%	Net income / revenue.
FCF margin	5.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	7.3%	Cash from operations / revenue.
Effective tax rate	32.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	40.1%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	1.8%	Net income / average total assets.
R&D / revenue	1.0%	Research and development expense / revenue.
SG&A / revenue	18.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.2%	Capital expenditures / revenue.
D&A / revenue	4.2%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-1.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	11.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	3.3%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	2.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	527.3%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	538.5%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-65.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	427.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-17.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-80.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 5y	-27.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	0.0%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	25.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.2%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-11.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.9%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-4.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.0%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.7%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.07x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.22x	(Cash + short-term investments) / current liabilities.
Debt / equity	16.3x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	74.0%	Total debt / total assets.
Liabilities / assets	95.5%	Total liabilities / total assets.
Net debt	$3.13B	Total debt - cash - short-term investments. Negative means more cash than debt.
Working capital	$827.6M	Current assets - current liabilities.
Goodwill and intangibles / assets	45.1%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.81B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.67x	Revenue / average total assets.
Fixed asset turnover	7.77x	Revenue / average property, plant and equipment.
Inventory turnover	2.53x	Cost of revenue / average inventory.
Days inventory	145 days	365 x average inventory / cost of revenue.
Receivables turnover	8.15x	Revenue / average receivables.
Days sales outstanding	45 days	365 x average receivables / revenue.
Days payables	78 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	111 days	Days inventory + days sales outstanding - days payables.
FCF conversion	184.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	30.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$1.18	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$43.20	Revenue / diluted weighted shares.
FCF per share	$2.18	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.14	Cash from operations / diluted weighted shares.
Book value per share	$2.94	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$26.19	Tangible book value / shares outstanding.
Cash per share	$2.51	(Cash + short-term investments) / shares outstanding.
Payout ratio	104.3%	Dividends paid / net income, when net income is positive.
Dividends / FCF	56.4%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	21.6%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$1.51B	Share price x shares outstanding.
Enterprise value	$4.64B	Market cap + total debt - cash - short-term investments.
P/E	18.5x	Market cap / net income. Only when net income is positive.
P/S	0.50x	Market cap / revenue.
P/B	7.41x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	10.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	6.93x	Market cap / cash from operations, when positive.
EV/Sales	1.55x	Enterprise value / revenue.
EV/FCF	30.8x	Enterprise value / free cash flow, when both are positive.
FCF yield	10.0%	Free cash flow / market cap.
Earnings yield	5.4%	Net income / market cap (the inverse of P/E).
Dividend yield	5.6%	Dividends paid over the period / market cap.
Shareholder yield	7.8%	(Dividends paid + share buybacks) / market cap.

What was ENERGIZER HOLDINGS, INC.'s revenue in fiscal 2025?

ENERGIZER HOLDINGS, INC. reported revenue of $2.95B for fiscal 2025, 2.3% higher than the year before.

Was ENERGIZER HOLDINGS, INC. profitable in fiscal 2025?

Yes. Net income was $239.0M, a net margin of 8.1%.

How much free cash flow did ENERGIZER HOLDINGS, INC. generate in fiscal 2025?

Cash from operations of $147.1M minus capital expenditures of $83.9M left free cash flow of $63.2M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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