Reynolds Consumer Products vs Spectrum Brands
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The short version
- Reynolds Consumer Products is the larger business, with $3.7B of revenue in fiscal 2025 against $2.8B for Spectrum Brands.
- Reynolds Consumer Products grew revenue faster (0.7%, against −5.2%).
- Reynolds Consumer Products turned more of its sales into free cash flow (8.5% FCF margin, against 5.9%).
- Reynolds Consumer Products earned a higher return on the capital invested in it (9.9%, against 5.3%).
- Investors pay more for each dollar of Spectrum Brands’s earnings: a P/E of 25.2x against 14.7x for Reynolds Consumer Products.
| Latest fiscal year | REYN · FY25 | SPB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.9B | $1.8B |
| Revenue | $3.7B | $2.8B |
| Free cash flow | $316M | $165M |
| Net income | $301M | $99.9M |
| Growth | ||
| Revenue growth | 0.7% | −5.2% |
| 5-year growth | 2.7% | 1.4% |
| Share count change | 0.0% | −15.1% |
| Profitability | ||
| Gross margin | 24.6% | 36.7% |
| Operating margin | — | 4.5% |
| Net margin | 8.1% | 3.6% |
| FCF margin | 8.5% | 5.9% |
| Return on capital | 9.9% | 5.3% |
| Return on equity | 13.7% | 4.9% |
| Balance sheet | ||
| Net debt | $1.5B | $458M |
| Net debt / EBITDA | 2.4x | 2.1x |
| Dividends and buybacks | $192M | $375M |
| Valuation & quality | ||
| P/E | 14.7x | 25.2x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
REYN —
SPB $3.0B
FY17
REYN —
SPB $3.7B
FY18
REYN $3.1B
SPB $3.8B
FY19
REYN $3.0B
SPB $3.8B
FY20
REYN $3.3B
SPB $2.6B
FY21
REYN $3.6B
SPB $3.0B
FY22
REYN $3.8B
SPB $3.1B
FY23
REYN $3.8B
SPB $2.9B
FY24
REYN $3.7B
SPB $3.0B
FY25
REYN $3.7B
SPB $2.8B
REYN
SPB
Operating margin
FY16
REYN —
SPB 11.0%
FY17
REYN —
SPB 7.8%
FY18
REYN —
SPB 5.9%
FY19
REYN —
SPB −4.0%
FY20
REYN —
SPB 0.3%
FY21
REYN —
SPB 3.2%
FY22
REYN —
SPB 0.7%
FY23
REYN —
SPB −7.0%
FY24
REYN —
SPB 5.8%
FY25
REYN —
SPB 4.5%
REYN
SPB
Free cash flow
FY16
REYN —
SPB $852M
FY17
REYN —
SPB $758M
FY18
REYN $448M
SPB $267M
FY19
REYN $294M
SPB −$39.3M
FY20
REYN $176M
SPB $246M
FY21
REYN $169M
SPB $245M
FY22
REYN $91.0M
SPB −$118M
FY23
REYN $540M
SPB −$469M
FY24
REYN $369M
SPB $119M
FY25
REYN $316M
SPB $165M
REYN
SPB
Return on capital
FY16
REYN —
SPB 4.7%
FY17
REYN —
SPB 3.0%
FY18
REYN —
SPB 2.6%
FY19
REYN —
SPB −2.6%
FY20
REYN 17.8%
SPB 0.2%
FY21
REYN 10.0%
SPB 2.1%
FY22
REYN 8.3%
SPB 0.5%
FY23
REYN 10.2%
SPB −5.0%
FY24
REYN 11.6%
SPB 4.5%
FY25
REYN 9.9%
SPB 5.3%
REYN
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.