Where the bunny keeps going… but the stock price keeps slowing. 🔋🐰
NYSE: ENR $17.02 -0.34 (-1.96%) As of Dec-02-20254:10:00 PM ET 🐰🔋

Energizer used to power everything — remotes, kids’ toys, camping lanterns, that one smoke detector that only beeps at 3:14 a.m.

Now? The batteries still work, but the stock’s been trading like someone left it in a junk drawer next to expired coupons and a dead flashlight.

So why are insiders — including the CEO and CFO — loading up again… at much lower prices? And why do institutions collectively own more than the actual float (always a fun number to stare at twice)?

Let’s pop the back off this thing and see what’s really inside. 🧰

🔦 1. What Is Energizer These Days, Anyway?

Energizer Holdings (ENR) is no longer just “the battery company with the pink bunny.”

It’s a global mix of:

• 🪫 Household batteries
  Energizer, Eveready, Rayovac, Varta – primary, rechargeable, specialty, hearing aid, you name it.

• 🚗 Auto care & car love
  Armor All, STP, A/C Pro and more: protectants, wipes, wheel care, glass, leather, fragrances, and that mysterious bottle your neighbor swears fixed his engine.

• 💡 Lighting
  Handhelds, headlamps, lanterns, area lights — plus Hard Case, Dolphin, WeatherReady.

• ⚡ Licensed stuff
  Solar, automotive batteries, portable power, generators, power tools, bulbs…

It sells through everyone and their cousin:
mass merchants, warehouse clubs, grocery, drugstores, hardware, auto centers, e-commerce, and even military stores.

In other words: it’s everywhere, even if no one brags about buying batteries on social.

💼 2. Trigger #1 – Insiders Keep Buying, Stock Keeps Dropping

Insiders aren’t just nibbling — they’re double-fisting AAAs.

Recent buys (2025):

• 👔 CEO Mark Lavigne

  • May: 4,000 shares @ ~$21.67

  • Dec: 10,000 shares @ ~$17.11

• 💰 CFO John Drabik – 1,000 shares @ ~$23.86

• 🧑💼 Multiple directors – chunky buys in the $22–24 range

• 🧑💼 Chief Administrative Officer – 1,000 shares @ ~$17.14

Officers keep adding… but the stock’s even cheaper now.

That’s either:

• A terrifying sign of mis-timing, or

• A setup for a glorious value-investor redemption arc. 🎬

🏦 3. Trigger #2 – Institutions Are All-In (And Then Some)

This cap table reads like Wall Street’s LinkedIn:

• 🧮 94% of shares held by institutions

• 💼 106.5% of float held by institutions (yes, more than 100% – hello, shorts + lending)

• 🧾 11.4% held by insiders

• 🏛️ 412 institutions on the register

Top holders include:

• BlackRock, Vanguard, FMR, Clarkston Capital, Fuller & Thaler, LSV, State Street, Goldman Sachs, Gabelli, Morgan Stanley…

Translation: the grown-ups are in the room.

It doesn’t guarantee success, but it does mean you’re not the only one staring at this “cheap on paper” story.

For Energizer (ENR)'s Institutional Ownership breakdown, 🔍 see here.

🐻 4. Trigger #3 – But the Bears Still Have Teeth

Short interest is ~10.3% of float, with ~6.26M shares sold short and ~4.8 days to cover.

That’s:

• Enough to say, “some people really don’t buy the turnaround,”

• But also enough to dream of a squeeze if the batteries start humming again. 🔥

📉 5. Triggers #4 & #5 – Earnings: Good Year, Ugly Guidance

Fiscal 2025 (full year):

• 📈 Net sales: +2.3% (0.7% organic, rest acquisitions)

• 💵 Adjusted EPS: $3.52, up 6%

• 🧮 Adjusted EBITDA: $623.6M

• 🪫 Project Momentum: >$200M savings over three years, extended to a 4th year

• 💰 Free cash flow: $63.2M (2.1% of sales)

Q4 2025:

• Sales: +3.4% to $832.8M

• But organic sales: –2.2%

• Adjusted EPS: $1.05 – missed by $0.07

• Gross margin under pressure from:

  • Tariffs

  • Network rebalancing inefficiencies

  • Lower-margin APS acquisition

Guidance for FY 2026:

• 🧾 Organic net sales: flat to slightly up

• ⚙️ Gross margin: modest decline

• 🧠 Adjusted EPS: $3.30 – $3.60

• 🧮 Adjusted EBITDA: $580M – $610M

• Q1 2026: ugly on purpose

  • Organic sales down high-single digits

  • EPS: $0.20–$0.30 vs much higher prior-year and consensus

Management’s message:

“Q1 will hurt. Then we plan to re-accelerate EPS in the remaining three quarters.”

The market heard:

“Ouch, tariffs + weak consumer + margin compression = scary,”
and promptly took a chunk out of the share price. 🩸

 👉 Want the full picture? Dive into Energizer (ENR)'s financials here.

💰 6. Dividends, Buybacks & Valuation: Deep Value or Value Trap?

Some numbers that make value investors drool:

• 🧾 Dividend yield ~7.0%

• 🔄 Ongoing share repurchases (4M shares in 2025 @ ~$22.42)

• 💸 Operating cash flow: $147.1M

Valuation (current):

• 📉 Trailing P/E: ~5.2

• 🔋 Forward P/E: ~4.9

• 💰 Price/Sales: 0.42 (fire-sale vibes)

• 🧮 EV/EBITDA: ~7.9

And the stock is:

• 🚨 ~74% below its all-time high of $65.57 (Aug 2018)

So yes, it’s cheap.
But as every investor learns:

“Cheap” can be either “mispriced opportunity”
or “the market knows something awful.”

🚀 Bull Case: Why Contrarians Love ENR

Reasons the bull crowd sees potential:

• 🐰 Global brands with staying power
  Batteries and auto care are not going away. Your remote still won’t charge via USB-C.

• 💸 Very low multiples vs history & peers
  P/E and P/S both scream “depressed expectations.”

• 🧮 Profitable + cash generative
  Solid adjusted EPS, ongoing EBITDA, and free cash flow. Not a broken business.

• ✂️ Project Momentum savings
  Over $200M+ already delivered; extended to cut more fat and offset tariffs.

• 📦 Category resilience
  Batteries, lighting, and car care are everyday, repeat-purchase items.

• 💵 Insiders + institutions buying
  CEO, CFO, directors, and big funds all adding exposure on the way down.

• 💰 7% yield while you wait
  If sustainable, that’s a very nice “paid to wait” setup.

😬 Bear Case: Why Others Think the Bunny’s Out of Juice

Risks the bears highlight:

• 🚧 Tariffs
  A recurring headache — hitting gross margins now and potentially again later.

• 🧊 Soft consumer sentiment
  Weak spending in key markets can throttle sales, especially in auto care.

• ⚙️ Operational complexity
  Network rebalancing, APS integration, and logistics/warehousing all create friction (and cost).

• 📉 Flat top-line guidance
  “Flat to slightly up” sales in 2026 isn’t the growth story many investors want.

• 💳 Debt & interest costs
  Higher rates + sizable debt (Debt-to-Equity Ratio ~20) = less room for error.

• 📉 Sentiment + volatility
  Missed quarter + lowered guidance = “show me” story. The stock can stay cheap… and get cheaper.

💡💡💡 Curious about another deep oil exploration play?
Check our takes on UnitedHealth Group or even Oscar Health.

⚡ TL;DR / Quick Take

Energizer (ENR) in one glance:

• 🧮 Profitable, cash-flow-positive business

• 💸 Dividend yield around 7% + ongoing buybacks

• 📉 Stock down ~74% from its all-time high

• 🧠 Insiders and institutions keep buying

• ⚙️ Project Momentum chipping away at costs

• 🚧 Tariffs, soft demand, and flat sales outlook weigh on sentiment

• 💵 Valuation is deep value, but not risk-free

Verdict:
A contrarian value play with a juicy yield, real profits, and real headwinds.

Could recharge nicely if tariffs ease, execution improves, and EPS stabilizes.
Could also stay stuck in “cheap for a reason” land if growth doesn’t spark.

❓ FAQ – Frequently Asked (Battery) Questions

🔋 Q1: Is ENR a growth stock or a value stock?
It’s a value stock with defensive traits. Think income + potential re-rating, not hypergrowth.

💸 Q2: Is the dividend safe?
The yield is attractive but not risk-free. The company is profitable and paying out, but margin pressure, tariffs, and debt all matter. If you buy for income, monitor future guidance and free cash flow closely.

🐰 Q3: Why are insiders buying if the outlook is so meh?
Because they may see: low expectations, strong brands, ongoing cost savings, and a chance for margins + sentiment to recover. Or they’re early (again). Time will tell.

📉 Q4: Could this be a value trap?
Yes. If sales stagnate, debt remains heavy, and margins keep getting squeezed, the stock can stay cheap or go cheaper. That’s the core risk.

🚀 Q5: What kind of investor might like ENR?
Contrarians, dividend hunters, and value investors who enjoy buying “boring, slightly bruised” consumer names at a discount — and who can handle volatility.

🧾⚠️📢 Fun(anc1al) but Serious Disclaimer: 🧾⚠️📢

• ENR looks cheap, but that doesn’t mean it’s free of charge.

• Invest in Energizer at your own risk — or you might be guilty as charged. ⚡

• Stocks can go down, dividends can be cut, and bunnies can slow.