Spectrum Brands Holdings Inc.
SPB Consumer Defensive Household & Personal Products
Spectrum Brands Holdings Inc.’s revenue for fiscal 2025 (year ended September 2025) was $2.8 billion, down 5.23% from fiscal 2024. In the quarter to June 2026, revenue grew 7.68%, EPS fell 245.0%, free cash flow grew 2.37% and total debt fell 7.62%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, operating cash flow growth for three; insiders bought in the last twelve months.
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Spectrum Brands Holdings Inc. (SPB) Altman Z-score
Spectrum Brands Holdings Inc.'s Altman Z-score for fiscal 2025 is 2.66, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 2.66 | (0.35) |
| FY2024 | 3.00 | 0.85 |
| FY2023 | 2.15 | 0.87 |
| FY2022 | 1.28 | (0.46) |
| FY2021 | 1.74 | 0.56 |
| FY2020 | 1.19 | 0.18 |
| FY2019 | 1.01 | (0.20) |
| FY2018 | 1.21 | 0.98 |
| FY2017 | 0.23 | 0.26 |
| FY2016 | −0.03 | (0.01) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.20 | — | 0.23 | |
| Retained earnings / total assets | 0.66 | — | 0.92 | |
| EBIT / total assets | 0.04 | — | 0.12 | |
| Market value of equity / total liabilities | 0.92 | — | 0.55 | |
| Sales / total assets | 0.83 | — | 0.83 | |
| Altman Z-score | Grey zone | 2.66 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.04 | ||
Z and Z″ put Spectrum Brands Holdings Inc. in different zones: grey zone by Z, safe 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 |
|---|---|
| IPAR Interparfums, Inc. compare | 6.1× |
| ODD ODDITY Tech Ltd. compare | 3.8× |
| SPB Spectrum Brands Holdings Inc. | 2.7× |
| ELF e.l.f. Beauty compare | 2.6× |
| HNST The Honest Company, Inc. compare | 2.2× |
| EPC Edgewell Personal Care Company compare | 1.5× |
| NWL Newell Brands Inc. compare | 0.4× |
| HELE Helen of Troy Limited compare | 0.3× |
| COTY Coty compare | −0.2× |
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