Energizer Holdings, Inc.
ENR Industrials Electrical Equipment & Parts
Energizer Holdings, Inc.’s revenue for fiscal 2025 (year ended September 2025) was $3.0 billion, up 2.28% from fiscal 2024. In the quarter to June 2026, revenue grew 1.21%, EPS fell 73.2%, free cash flow fell 111.4% and total debt rose 2.40%, each against the same quarter a year earlier. Dividend growth for ten consecutive years; insiders bought in the last twelve months.
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Energizer Holdings, Inc. (ENR) Altman Z-score
Energizer Holdings, Inc.'s Altman Z-score for fiscal 2025 is 1.48, in the distress zone (below 1.81).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.48 | 0.17 |
| FY2024 | 1.31 | (0.13) |
| FY2023 | 1.44 | 0.49 |
| FY2022 | 0.94 | (0.39) |
| FY2021 | 1.34 | 0.25 |
| FY2020 | 1.09 | (0.14) |
| FY2019 | 1.23 | (0.51) |
| FY2018 | 1.74 | (1.19) |
| FY2017 | 2.94 | 0.23 |
| FY2016 | 2.70 | 0.26 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.19 | — | 0.23 | |
| Retained earnings / total assets | 0.02 | — | 0.03 | |
| EBIT / total assets | 0.10 | — | 0.33 | |
| Market value of equity / total liabilities | 0.40 | — | 0.24 | |
| Sales / total assets | 0.65 | — | 0.65 | |
| Altman Z-score | Distress zone | 1.48 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.04 | ||
Z and Z″ put Energizer Holdings, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| AMPX Amprius Technologies, Inc. compare | 9.5× |
| PLPC Preformed Line Products Company compare | 6.4× |
| HAYW Hayward Holdings, Inc. compare | 2.5× |
| ENR Energizer Holdings, Inc. | 1.5× |
| TE T1 Energy Inc compare | −0.3× |
| FCEL FuelCell Energy, Inc. compare | −2.2× |
| ADSE ADS-TEC Energy PLC compare | −2.7× |
| EOSE Eos Energy Enterprises, Inc. compare | −3.5× |
| PLUG Plug Power, Inc. compare | −4.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets