MeritValue

ENERGIZER HOLDINGS, INC.

ENRdata completeness 100%13 fiscal years on file
The thesis, from the filings

ENERGIZER HOLDINGS, INC. earns about 3% on invested capital, below its ~9% cost of capital, but has diluted owners by 5% over 5 years — no moat visible in the numbers. The estimate methods put fair value between $20.22 and $182.73 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$3.02B1$3.05B2$2.96B3$2.89B3$2.95B3
Net income$160.9M4−$231.5M5$140.5M6$38.1M6$239M6
Operating cash flow$179.7M7$1M8$395.2M9$429.6M9$147.1M9
Capital expenditure$64.9M10$77.8M11$56.8M12$97.9M12$83.9M12
Free cash flow (derived)$114.8M7−$76.8M8$338.4M9$331.7M9$63.2M9
Total debt$6.74B13$7.06B14$6.72B15$6.44B16$6.86B16
Cash & equivalents$238.9M17$205.3M18$223.3M19$216.9M20$236.2M20
Diluted shares68.7M69.9M72.4M72.7M72.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$23.6
your share of equity
Profit it earned you last year
$33.19
Free cash flow it threw off
$8.78
Debt you’d be carrying
$953.11

10 shares is a claim on $23.6 of net worth that earned you $33.19 and generated $8.78 of cash last year, against $953.11 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
3% avg · 5y
FY21 5%FY22 -2%FY23 4%FY24 2%FY25 5%

It earned about 3% on invested capital against a ~9% cost of capital — below the cost of funding. The numbers show no moat.

seeing a moat in the numbers →
Management signal · capital allocation
+5% shares · 5y

Share count is up 5% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

The 3 estimate methods that apply put fair value between $20.22 and $182.73 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.

DCF · Growth Exit 10Y
$182.73
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears10
  • fcfGrowth20.0%
  • fcfBase$331.7M
DCF · Growth Exit 5Y
$58.17
assumptions (10)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • terminalGrowth2.5%
  • projectionYears5
  • fcfGrowth20.0%
  • fcfBase$331.7M
Earnings Power Value
$20.22
assumptions (8)
  • riskFreeRate4.7%
  • equityRiskPremium5.0%
  • beta100.0%
  • equityWeight85.0%
  • costOfDebtSpread1.5%
  • taxRate21.0%
  • normalizedEarnings$140.5M
  • growthAssumed0.0%
Graham Number
$13.28
assumptions (1)
  • grahamMultiplier2250.0%

Different models answer different questions — which to trust when →

v. The price question — last, on purpose
Is today’s price fair?
See live price ↗
Type a price. The ledger answers.
Or set your own belief
FCF growth, next 5 years20.0%
Discount rate (WACC)8.93%
Terminal growth2.5%
At your growth, a share is worth $58.17
The three cases
Bear0.0%−$26.21
Base20.0%$58.17
Bull20.0%$58.17

Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.

Default growth 20.0%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.

Sources — the receipts
  1. 10-K · period ending 2021-09-30 · accession 0001632790-23-000064 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 10-K · period ending 2022-09-30 · accession 0001632790-24-000102 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 10-K · period ending 2023-09-30 · accession 0001632790-25-000091 (RevenueFromContractWithCustomerExcludingAssessedTax)
  4. 10-K · period ending 2021-09-30 · accession 0001632790-23-000064 (NetIncomeLoss)
  5. 10-K · period ending 2022-09-30 · accession 0001632790-24-000102 (NetIncomeLoss)
  6. 10-K · period ending 2023-09-30 · accession 0001632790-25-000091 (NetIncomeLoss)
  7. 10-K · period ending 2021-09-30 · accession 0001632790-23-000064 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-09-30 · accession 0001632790-24-000102 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-09-30 · accession 0001632790-25-000091 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2021-09-30 · accession 0001632790-23-000064 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2022-09-30 · accession 0001632790-24-000102 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2023-09-30 · accession 0001632790-25-000091 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-09-30 · accession 0001632790-22-000091 (LongTermDebtNoncurrent)
  14. 10-K · period ending 2022-09-30 · accession 0001632790-23-000064 (LongTermDebtNoncurrent)
  15. 10-K · period ending 2023-09-30 · accession 0001632790-24-000102 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2024-09-30 · accession 0001632790-25-000091 (LongTermDebtNoncurrent)
  17. 10-K · period ending 2021-09-30 · accession 0001632790-22-000091 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2022-09-30 · accession 0001632790-23-000064 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2023-09-30 · accession 0001632790-24-000102 (CashAndCashEquivalentsAtCarryingValue)
  20. 10-K · period ending 2024-09-30 · accession 0001632790-25-000091 (CashAndCashEquivalentsAtCarryingValue)