Latest Ratios: P/E Ratio 6.6x · EV/EBITDA 7.3x · ROE 156.4%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.5B | $1.8B | $2.3B | $2.3B | $1.8B | $2.7B | $2.7B | $2.9B | $3.6B | $2.9B | $3.1B |
| Enterprise Value | $4.8B | $5.1B | $5.4B | $5.6B | $5.2B | $6.0B | $5.7B | $6.2B | $5.5B | $3.6B | $3.9B |
| P/E Ratio → | 6.55 | 7.50 | 61.08 | 16.52 | — | 18.51 | 57.56 | 57.34 | 38.59 | 14.30 | 24.49 |
| P/S Ratio | 0.50 | 0.61 | 0.80 | 0.78 | 0.58 | 0.89 | 0.98 | 1.18 | 2.00 | 1.64 | 1.91 |
| P/B Ratio | 9.22 | 10.55 | 17.00 | 11.01 | 13.46 | 7.54 | 8.71 | 5.39 | 146.98 | 33.87 | — |
| P/FCF | 23.56 | 28.36 | 6.96 | 6.85 | — | 23.37 | 8.66 | 31.07 | 17.61 | 16.76 | 18.90 |
| P/OCF | 10.12 | 12.18 | 5.37 | 5.87 | 1757.29 | 14.93 | 7.15 | 19.62 | 15.75 | 14.62 | 16.10 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.72 | 1.87 | 1.88 | 1.70 | 1.99 | 2.09 | 2.47 | 3.08 | 2.05 | 2.37 |
| EV / EBITDA | 7.33 | 7.79 | 9.48 | 9.61 | 9.49 | 9.19 | 10.00 | 11.79 | 14.95 | 10.23 | 13.60 |
| EV / EBIT | 9.09 | 11.05 | 25.78 | 14.99 | — | 19.44 | 22.15 | 26.39 | 20.30 | 11.08 | 17.86 |
| EV / FCF | — | 80.52 | 16.28 | 16.40 | — | 52.39 | 18.40 | 65.36 | 27.08 | 20.88 | 23.48 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 40.6% | 40.6% | 38.2% | 36.8% | 34.8% | 39.0% | 39.6% | 41.0% | 45.6% | 45.6% | 43.6% |
| Operating Margin | 17.8% | 17.8% | 15.6% | 15.4% | 13.9% | 17.7% | 16.8% | 17.3% | 18.1% | 17.1% | 15.3% |
| Net Profit Margin | 8.1% | 8.1% | 1.3% | 4.7% | -7.6% | 5.3% | 1.8% | 2.0% | 5.2% | 11.5% | 7.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 156.4% | 156.4% | 22.0% | 82.3% | -95.2% | 48.4% | 11.3% | 18.0% | 170.6% | 731.4% | — |
| ROA | 5.4% | 5.4% | 0.9% | 3.1% | -4.8% | 3.0% | 0.9% | 1.2% | 3.7% | 11.3% | 7.6% |
| ROIC | 11.8% | 11.8% | 10.1% | 9.8% | 8.8% | 11.4% | 9.7% | 11.3% | 17.7% | 29.7% | 32.2% |
| ROCE | 14.5% | 14.5% | 12.3% | 11.9% | 10.7% | 13.2% | 10.9% | 12.6% | 17.7% | 24.6% | 21.3% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 20.79 | 20.79 | 24.36 | 16.40 | 27.74 | 10.04 | 13.85 | 6.43 | 100.33 | 12.77 | — |
| Debt / EBITDA | 5.41 | 5.41 | 5.81 | 5.98 | 6.64 | 5.46 | 7.48 | 6.68 | 6.64 | 3.10 | 3.66 |
| Net Debt / Equity | — | 19.40 | 22.76 | 15.34 | 26.16 | 9.37 | 9.80 | 5.95 | 79.02 | 8.33 | — |
| Net Debt / EBITDA | 5.05 | 5.05 | 5.43 | 5.60 | 6.27 | 5.09 | 5.30 | 6.18 | 5.23 | 2.02 | 2.65 |
| Debt / FCF | — | 52.16 | 9.32 | 9.55 | — | 29.02 | 9.74 | 34.29 | 9.47 | 4.12 | 4.58 |
| Interest Coverage | 2.98 | 2.98 | 1.35 | 2.20 | -0.94 | 1.91 | 1.33 | 1.03 | 2.80 | 6.10 | 4.00 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.11 | 2.11 | 1.80 | 2.12 | 2.28 | 1.52 | 1.34 | 1.91 | 1.56 | 1.75 | 1.67 |
| Quick Ratio | 1.13 | 1.13 | 1.00 | 1.24 | 1.17 | 0.75 | 1.03 | 1.47 | 1.13 | 1.21 | 1.13 |
| Cash Ratio | 0.30 | 0.30 | 0.26 | 0.30 | 0.29 | 0.25 | 0.76 | 0.24 | 0.70 | 0.65 | 0.54 |
| Asset Turnover | — | 0.65 | 0.66 | 0.66 | 0.67 | 0.60 | 0.48 | 0.46 | 0.57 | 0.96 | 0.94 |
| Inventory Turnover | 2.24 | 2.24 | 2.71 | 2.88 | 2.58 | 2.53 | 3.24 | 3.14 | 3.03 | 3.01 | 3.19 |
| Days Sales Outstanding | — | 66.72 | 62.53 | 69.43 | 57.36 | 43.36 | 47.71 | 52.19 | 48.79 | 50.71 | 48.82 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 5.6% | 4.9% | 3.8% | 3.7% | 4.8% | 3.1% | 3.2% | 2.8% | 1.9% | 2.4% | 2.0% |
| Payout Ratio | 36.4% | 36.4% | 229.4% | 61.4% | — | 52.1% | 176.8% | 162.4% | 74.9% | 34.3% | 49.1% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 15.3% | 13.3% | 1.6% | 6.1% | — | 5.4% | 1.7% | 1.7% | 2.6% | 7.0% | 4.1% |
| FCF Yield | 4.2% | 3.5% | 14.4% | 14.6% | — | 4.3% | 11.6% | 3.2% | 5.7% | 6.0% | 5.3% |
| Buyback Yield | 6.0% | 5.0% | 0.2% | 0.1% | 0.1% | 3.6% | 1.7% | 1.5% | 1.9% | 2.1% | 1.0% |
| Total Shareholder Yield | 11.6% | 9.9% | 4.0% | 3.8% | 5.0% | 6.7% | 4.8% | 4.4% | 3.9% | 4.5% | 3.0% |
| Shares Outstanding | — | $72M | $73M | $72M | $70M | $69M | $69M | $67M | $61M | $63M | $63M |
High leverage and insolvency
According to current market data, Energizer trades at a TTM P/E of 6.82, which appears to price in significant long-term secular decline rather than the potential for operational stabilization, suggesting that investors remain deeply skeptical of the company's ability to deleverage and sustain its current dividend yield.
The low valuation multiples relative to broader industrial peers suggest the market is applying a conglomerate discount to the combined battery and auto care segments. While the forward P/E of 6.46 implies a cheap entry point, this valuation may be a value trap if the company cannot demonstrate consistent organic growth to offset its heavy interest burden.
Based on reported figures, Energizer's ROIC has struggled to exceed 3% in recent quarters, a trend that indicates the company is failing to generate returns on invested capital that meaningfully exceed its cost of debt, thereby eroding shareholder value rather than compounding it over the long term.
The persistent gap between ROIC and the company's cost of capital suggests that the aggressive M&A strategy has not yet yielded the expected synergies. Investors should monitor whether management can improve capital efficiency through the 'Project Momentum' initiative or if the current asset base remains structurally incapable of delivering superior returns.
As reported in financial statements, the company's cash conversion cycle has shown significant instability, with inventory days reaching as high as 226 in 2025Q3, which highlights the operational difficulty of managing supply chains across both the battery and automotive chemical segments in a fluctuating retail environment.
The high inventory days relative to historical norms suggest that Energizer may be carrying excess stock, potentially to mitigate supply chain risks or due to weaker-than-expected sell-through at major retailers. This inefficiency ties up critical cash that could otherwise be used for debt reduction, further exacerbating the company's liquidity constraints.
According to recent SEC filings, the company's D/E ratio of 19.66 and D/EBITDA levels exceeding 28x in 2026Q1 underscore a precarious balance sheet that leaves little room for error, forcing management to prioritize debt service over reinvestment or meaningful capital return programs for the foreseeable future.
The extreme leverage ratios suggest that Energizer is highly sensitive to interest rate fluctuations and refinancing risks. The company's reliance on debt to maintain its capital structure warrants close investigation, as any further deterioration in operating income could trigger covenant breaches or necessitate dilutive equity raises.
Based on an analysis of the company's capital structure, the P/E ratio is the most commonly misapplied metric for Energizer, as it completely obscures the massive interest expense and debt-related volatility that fundamentally dictate the company's true economic health and long-term viability for equity holders.
Investors should instead focus on EV/EBITDA or Free Cash Flow yield to better understand the company's ability to service its debt obligations. Relying on P/E ignores the significant non-operating charges and the structural leverage that makes the equity position highly sensitive to even minor changes in operating performance.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying ENR stock.
Energizer Holdings, Inc.'s current P/E ratio is 6.6x. The historical average is 32.9x.
Energizer Holdings, Inc.'s current EV/EBITDA is 7.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 10.5x.
Energizer Holdings, Inc.'s return on equity (ROE) is 156.4%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 40.9%.
Based on historical data, Energizer Holdings, Inc. is trading at a P/E of 6.6x. Compare with industry peers and growth rates for a complete picture.
Energizer Holdings, Inc.'s current dividend yield is 5.56% with a payout ratio of 36.4%.
Energizer Holdings, Inc. has 40.6% gross margin and 17.8% operating margin. Operating margin between 10-20% is typical for established companies.
Energizer Holdings, Inc.'s Debt/EBITDA ratio is 5.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.