Since November 2025, Energizer has been in a holding pattern, posting a small return of 1.1% while floating around $18.30. The stock also fell short of the S&P 500’s 9.7% gain during that period.
Is now the time to buy Energizer, or should you be careful about including it in your portfolio? Get the full stock story straight from our expert analysts, it’s free.
Why Is Energizer Not Exciting?
We're sitting this one out for now. Here are three reasons there are better opportunities than ENR and a stock we'd rather own.
1. Core Business Falling Behind as Organic Growth Slumps
When analyzing revenue growth, we care most about organic revenue growth. This metric captures a business’s performance excluding one-time events such as mergers, acquisitions, and divestitures as well as foreign currency fluctuations.
The demand for Energizer’s products has barely risen over the last eight quarters. On average, the company’s organic sales have been flat. 
2. Projected Revenue Growth Is Slim
Forecasted revenues by Wall Street analysts signal a company’s potential. Predictions may not always be accurate, but accelerating growth typically boosts valuation multiples and stock prices while slowing growth does the opposite.
Over the next 12 months, sell-side analysts expect Energizer’s revenue to rise by 1.9%. While this projection indicates its newer products will catalyze better top-line performance, it is still below the sector average.
3. High Debt Levels Increase Risk
Debt is a tool that can boost company returns but presents risks if used irresponsibly. As long-term investors, we aim to avoid companies taking excessive advantage of this instrument because it could lead to insolvency.
Energizer’s $3.31 billion of debt exceeds the $172.5 million of cash on its balance sheet. Furthermore, its 5× net-debt-to-EBITDA ratio (based on its EBITDA of $608.1 million over the last 12 months) shows the company is overleveraged.
At this level of debt, incremental borrowing becomes increasingly expensive and credit agencies could downgrade the company’s rating if profitability falls. Energizer could also be backed into a corner if the market turns unexpectedly – a situation we seek to avoid as investors in high-quality companies.
We hope Energizer can improve its balance sheet and remain cautious until it increases its profitability or pays down its debt.
Final Judgment
Energizer’s business quality ultimately falls short of our standards. With its shares trailing the market in recent months, the stock trades at 5.2× forward P/E (or $18.30 per share). While this valuation is optically cheap, the potential downside is big given its shaky fundamentals. We're fairly confident there are better investments elsewhere. We’d suggest looking at an all-weather company that owns household favorite Taco Bell.
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