Forensic Analysis · Industrials / Manufacturing / Defense · as of Aug 11, 2026
Energizer Holdings, Inc. (ENR)
A forensic read on Energizer Holdings, Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
C · Mixed — selective
Forensic grade
Grey Zone
Financial health
2.1
Distress distance
Clean
Earnings quality
5
Forensic signals
7.6
P / E (ttm)
$1.5B
Market cap
5.57%
Dividend yield
2.3%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Energizer Holdings, Inc. earns a C (Mixed — selective) forensic quality grade, and its balance-sheet distress test reads 2.1, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by inventory days.
What the filings flag
153d
FY2024→FY2025
Inventory days.Days inventory outstanding moved from 134 to 153 FY2024→FY2025 (against cost of goods sold; inventory +19% vs -4% in cost of sales). Inventory is outrunning what's being sold — a flag for softening demand or obsolescence risk ahead.
280% of FCF
FY2025
Shareholder returns.Returned $177M to shareholders (buybacks + dividends) in FY2025 — 280% of free cash flow. More than free cash flow generated — and beyond operating cash too, so the extra is coming from debt or cash reserves, which isn't sustainable indefinitely. Counting the $26M of stock-based comp paid out in shares on top of that, the combined claim on free cash flow is 320%.
10.4%
FY2025
Return on invested capital.Return on invested capital is 10.4% in the latest fiscal year and rising from -3% — around its ~9% cost of capital, so growth is roughly value-neutral.
+1.0%/yr
FY2022–FY2025
Share count.Diluted share count changed +3% over the last 3 years to FY2025 (+1.0%/yr). Roughly flat — buybacks ($90M) are about offsetting stock comp ($26M), not shrinking the count. Per-share value isn't being meaningfully helped or hurt by the count.
$17M
FY2022–FY2022
Goodwill impairments.Took $17M of goodwill writedowns across 1 year (FY2022 ($17M)). Writedowns mean past acquisitions underperformed what was paid for them.
Key fundamentals
Latest Revenue$2.95B
Revenue Growth YoY+2.3%
Revenue CAGR (3yr)-1.1%
Net Margin8.1%
Free Cash Flow$63.2M
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Energizer Holdings, Inc.'s actual 10-K/10-Q/8-K filings?