Energizer Holdings, Inc. (ENR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+554.4%

$158.85

vs $24.28 price

Levered DCF

$84.61

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.34

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	7.39×	59.92×	16.26×	-7.46×	18.42×	-24.62×	73.86×	36.79×
P/B	10.39×	16.79×	10.87×	13.46×	7.49×	8.71×	5.32×	140.1×
P/S	0.6×	0.79×	0.77×	0.58×	0.88×	0.98×	1.16×	1.91×
EV / EBITDA	8.96×	16.28×	11.82×	-202.91×	13.8×	15.28×	15.64×	16.85×
Gross margin	41.7%	38.3%	38.0%	36.7%	38.4%	39.4%	40.2%	46.2%
Operating margin	15.5%	11.9%	13.5%	13.2%	13.8%	13.1%	11.4%	14.6%
Net margin	8.1%	1.3%	4.7%	-7.6%	5.3%	-3.4%	2.0%	5.2%
Current ratio	2.11×	1.8×	2.12×	2.28×	1.52×	1.34×	1.91×	1.56×
Debt / equity	20.79×	24.36×	16.4×	27.74×	10.04×	13.85×	6.43×	100.33×
Interest coverage	2.96×	2.21×	2.37×	2.54×	2.57×	1.84×	1.26×	2.69×
Dividend yield	4.9%	3.8%	3.8%	5.3%	3.8%	3.8%	3.1%	2.0%
Payout ratio	36.4%	229.4%	61.4%	-40.2%	62.2%	-108.9%	178.1%	74.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	140.7%	28.1%	66.7%	-177.3%	45.2%	-30.2%	9.4%	381.6%
Return on invested capital	10.1%	6.9%	8.4%	7.8%	9.9%	5.0%	5.7%	5.2%
Return on assets	5.2%	0.9%	3.1%	-5.1%	3.2%	-1.6%	0.9%	2.9%
Free cash flow yield	3.6%	14.5%	14.8%	-5.2%	4.3%	11.6%	3.3%	6.0%
Earnings yield	13.5%	1.7%	6.1%	-13.2%	6.0%	-3.5%	1.8%	2.7%
Enterprise value	$5.1B	$5.4B	$5.5B	$5.2B	$6B	$5.7B	$6.1B	$5.4B
Net debt / EBITDA	5.83×	9.37×	6.92×	-134×	7.67×	8.09×	8.26×	6.07×
Cash conversion cycle (days)	147	108	125	141	97	77	94	84