Free cash flow remains highly volatile, swinging from a $152.6 million inflow in 2024Q1 to a $33.8 million deficit in 2025Q2, complicating the sustainability of dividend payments.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 |
|---|
| Cash from Operations | 230.7M | 147.1M | 429.6M | 395.2M | 1M | 179.7M | 376.4M | 149.5M | 228.7M | 197.2M | 193.9M | 161.8M | 219.9M | 329.6M |
| Operating CF Margin % | - | 4.98% | 14.88% | 13.35% | 0.03% | 5.95% | 13.71% | 5.99% | 12.72% | 11.23% | 11.87% | 9.92% | 11.95% | 16.38% |
| Operating CF Growth % | 64.01% | -65.76% | 8.7% | 39420% | -99.44% | -52.26% | 151.77% | -34.63% | 15.97% | 1.7% | 19.84% | -26.42% | -33.28% | - |
| Net Income | 195.1M | 239M | 38.1M | 140.5M | -231.5M | 160.9M | 46.8M | 64.7M | 93.5M | 201.5M | 127.7M | -4M | 157.3M | 114.9M |
| Depreciation & Amortization | 94.6M | 126.7M | 120.5M | 122.7M | 121.6M | 118.5M | 111.9M | 92.8M | 45.1M | 50.2M | 34.3M | 41.8M | 42.2M | 55.9M |
| Stock-Based Compensation | 22.3M | 25.6M | 23.1M | 22.2M | 13.2M | 10.2M | 24.5M | 27.1M | 28.2M | 24.3M | 20.4M | 13.5M | 13.2M | 16M |
| Deferred Taxes | -15.6M | -16.6M | -43.3M | -38.5M | -135.3M | -62.9M | -34.8M | -33.7M | 34.9M | -4.4M | 4.2M | -7.1M | 5.6M | -12.8M |
| Other Non-Cash Items | 8.8M | -87.4M | 169.3M | 85.2M | 567.2M | 122.3M | 115.8M | 68.2M | 12.6M | -41.9M | -4M | 55.9M | 4.1M | -1.1M |
| Working Capital Changes | -74.5M | -140.2M | 121.9M | 63.1M | -334.2M | -169.3M | 112.2M | -69.6M | 14.4M | -32.5M | 11.3M | 61.7M | -2.5M | 156.7M |
| Change in Receivables | 0 | 32.9M | 71.8M | -80.4M | -185.5M | 9.5M | 47.8M | -24.9M | -1.1M | -43.7M | -4.1M | 9.7M | -13.5M | 119.6M |
| Change in Inventory | 0 | -88.6M | -4M | 132.3M | -94.2M | -211.8M | -39.8M | -15.2M | -12.1M | -30.7M | 11.9M | -100K | 35.5M | 5M |
| Change in Payables | 0 | -60M | 62.2M | 35.2M | -113.8M | 51.4M | 76.2M | 5.2M | 4.4M | 13.4M | 43.7M | -18.2M | 10.7M | 12.3M |
| Cash from Investing | -84.4M | -98.2M | -114M | -56.1M | -90.9M | -126.4M | 216.9M | -2.92B | -56.2M | 2M | -371.2M | -38.8M | -22.8M | -16.8M |
| Capital Expenditures | -71.3M | -83.9M | -97.9M | -56.8M | -92.5M | -64.9M | -65.3M | -55.1M | -24.2M | -25.2M | -28.7M | -40.4M | -28.4M | -17.8M |
| CapEx % of Revenue | 2.39% | 2.84% | 3.39% | 1.92% | 3.03% | 2.15% | 2.38% | 2.21% | 1.35% | 1.44% | 1.76% | 2.48% | 1.54% | 0.88% |
| Acquisitions | -14.2M | -14.3M | -22.4M | 0 | 1M | -67.2M | -5.1M | -2.46B | -38.1M | 27.2M | -344M | -12.1M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 1.1M | 0 | 7.3M | 700K | 600K | 5.7M | 287.3M | -407.2M | 6.1M | 2M | -27.2M | -26.7M | -22.8M | -16.8M |
| Cash from Financing | -116.4M | -29.1M | -300.3M | -309.4M | 79.1M | -1.07B | 393.1M | 1.27B | 1.23B | -106.9M | -45.4M | 309.2M | -185.5M | -301.2M |
| Debt Issued (Net) | 80.7M | 160.8M | -207M | -220.9M | 182.2M | -689.1M | 596.9M | 1.06B | 1.4B | 32.5M | -3M | 985.6M | 0 | 0 |
| Equity Issued (Net) | -94.2M | -89.7M | -5M | -2.2M | -2.5M | -96.3M | -45M | -53.3M | -70M | -69.5M | -31.8M | 0 | 0 | 0 |
| Dividends Paid | -85.7M | -87.1M | -87.4M | -86.3M | -93M | -100.1M | -101.6M | -91M | -70M | -69.1M | -62.7M | -15.5M | 0 | 0 |
| Share Repurchases | -95.1M | -89.7M | -5M | -2.2M | -2.5M | -96.3M | -45M | -45M | -70M | -59.5M | -31.8M | 0 | 0 | 0 |
| Other Financing | -17.2M | -13.1M | -900K | 1.2M | -7.6M | -183.6M | -57.2M | 360M | -33M | -800K | 52.1M | -660.9M | -185.5M | -301.2M |
| Net Change in Cash | 33.2M | 19.3M | -6.4M | 18M | -33.6M | -1.01B | 991.3M | -1.51B | 1.39B | 90.7M | -214.8M | 412.5M | 11.6M | 11.3M |
| Free Cash Flow | 159.4M | 63.2M | 331.7M | 338.4M | -91.5M | 114.8M | 311.1M | 94.4M | 204.5M | 172M | 165.2M | 121.4M | 191.5M | 311.8M |
| FCF Margin % | 5.35% | 2.14% | 11.49% | 11.43% | -3% | 3.8% | 11.33% | 3.78% | 11.38% | 9.8% | 10.11% | 7.44% | 10.41% | 15.5% |
| FCF Growth % | -10.15% | -80.95% | -1.98% | 469.84% | -179.7% | -63.1% | 229.56% | -53.84% | 18.9% | 4.12% | 36.08% | -36.61% | -38.58% | - |
| FCF per Share | 2.31 | 0.88 | 4.56 | 4.67 | -1.31 | 1.67 | 4.52 | 1.40 | 3.33 | 2.75 | 2.64 | 1.95 | 3.08 | 5.02 |
| FCF Conversion (FCF/Net Income) | 0.82x | 0.62x | 11.28x | 2.81x | -0.00x | 1.12x | 7.79x | 2.93x | 2.45x | 0.98x | 1.52x | -40.45x | 1.40x | 2.87x |
| Interest Paid | 0 | 0 | 0 | 159.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
High leverage and volatility
Based on reported quarterly filings, Energizer's operating cash flow frequently decouples from net income, as evidenced by the extreme OCF/NI ratio of -43.97 in 2026Q1, which suggests that accounting profits are often disconnected from the actual cash generation capabilities of the underlying business operations.
The significant variance between net income and operating cash flow indicates that non-cash charges and accrual accounting play an outsized role in the company's reported profitability. Investors should monitor whether this divergence is a recurring feature of the company's working capital management or a symptom of aggressive revenue recognition practices.
As reported in financial statements, Energizer's free cash flow trajectory remains highly erratic, swinging from a peak of $152.6 million in 2024Q1 to a deficit of $33.8 million in 2025Q2, highlighting the company's struggle to maintain consistent cash conversion across its diverse product segments.
This inconsistency in free cash flow generation complicates the company's ability to service its debt obligations and fund shareholder returns reliably. The negative FCF margins observed in multiple quarters suggest that the business model may be structurally challenged by high capital intensity and seasonal working capital requirements.
According to recent SEC filings, Energizer's working capital dynamics are characterized by sharp, unpredictable fluctuations, such as the $74.9 million cash outflow in 2026Q2, which indicates significant volatility in inventory management and the timing of collections from major retail partners in the battery segment.
These periodic working capital drains suggest that the company's cash position is highly sensitive to the inventory stocking cycles of its large retail customers. Such volatility may force management to rely on external financing to bridge liquidity gaps during periods of inventory build-up.
Based on the provided financial data, Energizer's capital deployment strategy appears constrained by its debt burden, with dividend payments and share repurchases often occurring despite inconsistent free cash flow, which may indicate a reliance on debt markets to sustain these shareholder-friendly capital allocation policies.
The company's decision to continue dividends and buybacks during periods of negative free cash flow warrants further investigation into the sustainability of these payouts. This approach may limit the flexibility required to address potential operational headwinds or to invest in necessary long-term growth initiatives.
Quick answers to the most common questions about buying ENR stock.
Energizer Holdings, Inc. (ENR) generated $147.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Energizer Holdings, Inc. (ENR) generated $63.2M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Energizer Holdings, Inc. (ENR) spent $83.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Energizer Holdings, Inc. (ENR) returned $87.1M to shareholders via cash dividends and spent $89.7M on share repurchases. This shows the company's commitment to returning capital to its equity investors.