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) Beneish M-score
Energizer Holdings, Inc.'s Beneish M-score for fiscal 2025 is −2.46; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.46 | 0.63 |
| FY2024 | −3.10 | (0.72) |
| FY2023 | −2.38 | 0.04 |
| FY2022 | −2.42 | (0.02) |
| FY2021 | −2.40 | 0.47 |
| FY2020 | −2.87 | (0.64) |
| FY2019 | −2.23 | 0.07 |
| FY2018 | −2.29 | 0.08 |
| FY2017 | −2.37 | (0.33) |
| FY2016 | −2.05 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.90 | — | 0.82 | |
| Gross margin index | 0.92 | — | 0.48 | |
| Asset quality index | 0.95 | — | 0.38 | |
| Sales growth index | 1.02 | — | 0.91 | |
| Depreciation index | 1.53 | — | 0.18 | |
| SG&A index | 1.00 | — | −0.17 | |
| Total accruals to total assets | 0.02 | — | 0.09 | |
| Leverage index | 1.00 | — | −0.33 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.46 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| AMPX Amprius Technologies, Inc. compare | −4.8× |
| PLPC Preformed Line Products Company compare | −2.7× |
| HAYW Hayward Holdings, Inc. compare | −2.7× |
| ENR Energizer Holdings, Inc. | −2.5× |
| TE T1 Energy Inc compare | 226× |
| EOSE Eos Energy Enterprises, Inc. compare | — |
| FCEL FuelCell Energy, Inc. compare | — |
| PLUG Plug Power, Inc. compare | — |
| ADSE ADS-TEC Energy PLC compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI