The business behind the dividend
| Measure | ENR | Median | Formula |
|---|---|---|---|
| Return on equity | 140.7% | 10.6% | Net income ÷ shareholders’ equity |
| Return on capital employed | 7.9% | 10.0% | Operating income ÷ (equity + total debt) |
| Owner earnings | $281.80m | $120.90m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $63.20m | $155.08m | Operating cash flow − capital expenditure |
| Operating margin | 9.6% | 14.3% | Operating income ÷ revenue |
| Net margin | 8.1% | 10.1% | Net income ÷ revenue |
| Debt to equity | 20.11x | 0.73x | Total debt ÷ shareholders’ equity |
| Interest cover | 1.84x | 4.22x | Operating income ÷ interest expense |
| Current ratio | 2.11x | 1.55x | Current assets ÷ current liabilities |
| Long-term debt to working capital | 3.85x | 1.88x | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 0.62x | 1.66x | Operating cash flow ÷ net income |
| Accruals | 2.0% | -3.1% | (Net income − operating cash flow) ÷ total assets |
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 140.7% | 28.1% | 66.7% | -177.3% | 45.2% | -30.2% | 9.4% | 381.6% | 236.8% | — | 45.2% |
| Return on capital employed | 7.9% | 1.6% | 4.9% | -8.4% | 4.2% | 1.5% | 1.8% | — | — | — | 1.8% |
| Operating margin | 9.6% | 1.9% | 5.9% | -10.0% | 5.1% | 2.5% | 2.9% | — | — | — | 2.9% |
| Net margin | 8.1% | 1.3% | 4.7% | -7.6% | 5.3% | -3.4% | 2.0% | 5.2% | 11.5% | 7.8% | 4.7% |
| Debt to equity | 20.11x | 23.60x | 15.87x | 26.89x | 9.41x | 13.42x | 6.37x | 40.00x | 11.55x | — | 15.87x |
| Current ratio | 2.11x | 1.80x | 2.12x | 2.28x | 1.52x | 1.34x | 1.91x | 1.56x | 1.75x | 1.67x | 1.75x |
| Cash conversion | 0.62x | 11.28x | 2.81x | — | 1.12x | — | 2.93x | 2.45x | 0.98x | 1.52x | 2.45x |
How it compares in technology
Among the 101 technology companies here measured on free cash flow, Energizer Holdings pays out less than 6 of them. The median for that group is 27.8%, against this company’s 137.8%.
Closest on free cash flow
- Hewlett Packard Enterprise (HPE) 109.1%
- Mind Cti (MNDO) 113.7%
- Microchip Technology (MCHP) 115.6%
- NVE (NVEC) 133.7%
Same sector and same denominator, so the figures are comparable. All 115 in technology →