Energizer Holdings, Inc. — Earnings Quality Grade F
ENR · Industrials
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 50 days, change -6 days YoY
AR growth -8.4% vs revenue growth 2.3%
Revenue 2.3%, CFFO -65.8%. Cash follows revenue
Expense Quality
Inventory growth 18.8% far exceeds COGS -3.5%, margin rising. Fraud signal
Small-cap context: Inventory ratios on a small base are noisy; a single product launch can move them sharply.
CapEx growth -14.3% vs revenue 2.3%. Normal
SG&A/Gross Profit = 55.5%. Normal
Gross margin 41.7%, change +3.5pp. Stable
Cash Flow Quality
CFFO/NI = 0.62. Below 1.0
FCF $0.1B, FCF/NI = 0.26
Accruals ratio = 2.0%. Low accruals
Cash $0.2B covers only 7% of debt $3.5B
Balance Sheet Health
Goodwill+Intangibles $2.1B = 1211% of equity. Over 50%
Debt/EBITDA = 6.3x (>4x). Financial stress
Other assets grew 25.5% vs revenue 2.3%
No write-off data
Acquisition Risk
FCF after acquisitions positive
Goodwill+Intangibles change -3% YoY. Normal
Manipulation Score
M-Score = -2.53 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25