Spectrum Brands Holdings, Inc. (SPB) 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

-50.1%

$43.07

vs $86.27 price

Levered DCF

$136.98

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.88

Grey 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	13.54×	23.09×	1.72×	22.3×	21.55×	27.22×	5.41×	3.58×
P/B	0.71×	1.35×	1.23×	1.26×	2.78×	1.82×	1.55×	1.74×
P/S	0.48×	0.97×	1.06×	0.51×	1.36×	0.97×	1.09×	0.72×
EV / EBITDA	8.74×	11.1×	-55.44×	43.9×	25.48×	18.4×	-90.66×	19.4×
Gross margin	36.7%	37.4%	31.7%	31.6%	34.6%	33.5%	33.5%	35.0%
Operating margin	4.4%	5.8%	-7.0%	0.7%	3.2%	0.3%	-6.2%	5.9%
Net margin	3.6%	4.2%	61.7%	2.3%	6.3%	3.7%	20.2%	20.2%
Current ratio	2.26×	2.3×	3.83×	2.72×	2.5×	1.83×	1.46×	2.78×
Debt / equity	0.34×	0.3×	0.66×	2.54×	1.74×	1.75×	1.37×	2.94×
Interest coverage	4.16×	2.92×	-1.62×	0.23×	0.83×	0.09×	-0.96×	0.85×
Dividend yield	3.6%	1.8%	2.1%	4.3%	1.8%	2.9%	3.2%	0.8%
Payout ratio	48.2%	40.5%	3.7%	95.8%	37.7%	76.9%	17.3%	2.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	5.8%	71.6%	5.7%	12.9%	6.9%	28.7%	48.6%
Return on invested capital	4.3%	3.3%	-3.7%	0.4%	-3.2%	0.2%	-3.1%	-41.9%
Return on assets	3.0%	3.2%	34.3%	1.2%	3.6%	1.9%	9.4%	9.9%
Free cash flow yield	12.3%	4.1%	-15.1%	-7.4%	6.0%	9.6%	-1.5%	9.7%
Earnings yield	7.4%	4.3%	58.2%	4.5%	4.6%	3.8%	18.5%	28.0%
Enterprise value	$1.9B	$3.2B	$4B	$4.6B	$6.5B	$4.5B	$4.4B	$6.8B
Net debt / EBITDA	2.47×	0.98×	-12.46×	28.55×	9.36×	7.94×	-35.55×	11.61×
Cash conversion cycle (days)	108	100	82	96	70	39	85	35