2 models fit Energizer Holdings Inc. Common Stock and they disagree: 0 of 2 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver77
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionEnergizer Holdings Inc. Common Stock (ENR)
Fair value (2 models)
$9.15
ACCE price target
$24.00
Rating
Overvalued
Horizon
12 months
Fair value published on 19 Oct 2026, 19:04 CEST; previously $9.39 since 11 Oct 2026, 00:00 CEST.
ACCE price target published on 12 Oct 2026, 00:00 CEST.
Rating published on 19 Oct 2026, 19:04 CEST.
Price used: $22.57 at the close on 23 Oct 2026, 22:00 CEST.
Models: Graham number and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
146.6% above
-59.4% to fair value
ACCE score
56
out of 100
Analysts
17% buy
6 covering
P/E
19.7x
forward 6.5x
1-year return
-8.0%
Dividend yield
5.27%
Energizer Holdings Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Energizer makes Energizer and Eveready alkaline batteries, lithium coin cells, and the Armor All and STP auto care lines, and it sells most of them through big-box retailers in North America. Its edge is the brand and shelf position in a category where most households still buy disposable batteries by habit, which helps explain a 36.9% gross margin on a business growing revenue only 1.2%. The near-term driver is margin repair rather than volume: operating margin of 12.0% leaves room to rebuild if input costs and promotional spend ease. The stock screens at 18.5 times trailing earnings but only 6.5 times forward earnings, a gap large enough that the market is either pricing in an earnings decline or doubting the forecast, and that gap is the question worth testing before anyone spends time on this name. With no index membership and a composite score of 56, this is a name for a deeper look at the earnings base, not a conclusion.
⚠ Investor warnings · 4 flagsAI-assisted·How I use AI
high
Earnings collapse
Earnings are down 72.8% year over year and net margin is only 2.7%, so the 18.2 trailing P/E rests on a much weaker earnings base than the company has run on in the past.
high
Leverage and thin cash flow
Debt/Equity is 20.79 against $63M of free cash flow on a $1.5B market cap. Heavy debt with modest cash generation leaves little room for a downturn.
moderate
Stalled top line
Revenue grew 1.2% year over year and 1.5% over five years, and quarter-over-quarter revenue fell 17.4%. Growth is flat, not compounding.
moderate
Valuation well above model
The price trades 146.6% above the model fair value of $9.15, and the Forward P/E of 6.5 sits far below the trailing 18.2, signalling sharp expected earnings swings.
AI research notes
AI-assisted·How I use AIWritten Oct 19, 2026 · figures from 2026-10-16 · prices to Oct 23, 2026
Why it could do well
Analysts' mean price target of $22.17 sits just above the share price, suggesting some expectation of modest upside from here.
Forward earnings multiple of 6.5x is far below the sector median of 23.4x, so the stock is cheap on expected profits.
Free cash flow yield of 4.3% and a 5.5% dividend yield give investors a meaningful cash return while they wait.
Why it could disappoint
Latest earnings per share missed expectations by 12.8%, with 0.75 reported against 0.86 expected, which undermines confidence in near-term results.
Debt to equity of 20.79 is extremely high, leaving the balance sheet exposed if earnings keep falling.
Return on invested capital of 5.3% is weak, and net margin of 2.7% leaves little room for error in the business.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 17, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where ENR's valuation models land
Price
$22.57
Model fair value
$9.15
Model range
$5.97 to $13.61
Fair value $9.15
Price $22.57
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
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