Energizer vs Spectrum Brands
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The short version
- Energizer is the larger business, with $3.0B of revenue in fiscal 2025 against $2.8B for Spectrum Brands.
- Energizer grew revenue faster (2.3%, against −5.2%).
- Spectrum Brands turned more of its sales into free cash flow (5.9% FCF margin, against 2.1%).
- Energizer earned a higher return on the capital invested in it (11.1%, against 5.3%).
| Latest fiscal year | ENR · FY25 | SPB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $1.6B | $1.8B |
| Revenue | $3.0B | $2.8B |
| Free cash flow | $63.2M | $165M |
| Net income | $239M | $99.9M |
| Growth | ||
| Revenue growth | 2.3% | −5.2% |
| 5-year growth | 1.5% | 1.4% |
| Share count change | −1.0% | −15.1% |
| Profitability | ||
| Gross margin | 41.8% | 36.7% |
| Operating margin | — | 4.5% |
| Net margin | 8.1% | 3.6% |
| FCF margin | 2.1% | 5.9% |
| Return on capital | 11.1% | 5.3% |
| Return on equity | — | 4.9% |
| Balance sheet | ||
| Net debt | $3.3B | $458M |
| Net debt / EBITDA | 5.8x | 2.1x |
| Dividends and buybacks | $177M | $375M |
| Valuation & quality | ||
| P/E | — | 25.2x |
| Piotroski F-score | 7 | 6 |
Revenue
FY16
ENR $1.6B
SPB $3.0B
FY17
ENR $1.8B
SPB $3.7B
FY18
ENR $1.8B
SPB $3.8B
FY19
ENR $2.5B
SPB $3.8B
FY20
ENR $2.7B
SPB $2.6B
FY21
ENR $3.0B
SPB $3.0B
FY22
ENR $3.1B
SPB $3.1B
FY23
ENR $3.0B
SPB $2.9B
FY24
ENR $2.9B
SPB $3.0B
FY25
ENR $3.0B
SPB $2.8B
ENR
SPB
Operating margin
FY16
ENR —
SPB 11.0%
FY17
ENR —
SPB 7.8%
FY18
ENR —
SPB 5.9%
FY19
ENR —
SPB −4.0%
FY20
ENR —
SPB 0.3%
FY21
ENR —
SPB 3.2%
FY22
ENR —
SPB 0.7%
FY23
ENR —
SPB −7.0%
FY24
ENR —
SPB 5.8%
FY25
ENR —
SPB 4.5%
ENR
SPB
Free cash flow
FY16
ENR $165M
SPB $852M
FY17
ENR $172M
SPB $758M
FY18
ENR $205M
SPB $267M
FY19
ENR $94.4M
SPB −$39.3M
FY20
ENR $311M
SPB $246M
FY21
ENR $115M
SPB $245M
FY22
ENR −$76.8M
SPB −$118M
FY23
ENR $338M
SPB −$469M
FY24
ENR $332M
SPB $119M
FY25
ENR $63.2M
SPB $165M
ENR
SPB
Return on capital
FY16
ENR 30.4%
SPB 4.7%
FY17
ENR 34.9%
SPB 3.0%
FY18
ENR 24.6%
SPB 2.6%
FY19
ENR 12.2%
SPB −2.6%
FY20
ENR 4.6%
SPB 0.2%
FY21
ENR 8.3%
SPB 2.1%
FY22
ENR −3.3%
SPB 0.5%
FY23
ENR 8.0%
SPB −5.0%
FY24
ENR 4.5%
SPB 4.5%
FY25
ENR 11.1%
SPB 5.3%
ENR
SPB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.