Energizer Holdings (ENR) just posted Q1 2026 results with revenue of US$778.9 million and a basic EPS loss of US$0.05, while trailing twelve month EPS sits at US$3.05 on revenue of about US$3.0 billion. Over recent quarters the company has seen quarterly revenue move from US$731.7 million in Q1 2025 to US$832.8 million in Q4 2025 before landing at US$778.9 million in Q1 2026, with basic EPS ranging from US$0.31 to US$2.16 ahead of this latest small loss. With a trailing net margin of 7.1% and a one off US$107.6 million cash flow loss in the mix, this set of numbers gives investors plenty to weigh up on the quality and resilience of earnings.

See our full analysis for Energizer Holdings.

With the headline figures on the table, the next step is to see how they line up against the dominant market stories around Energizer, highlighting where the numbers reinforce those narratives and where they start to push back.

7.1% net margin on US$3.0b of sales

• Over the last 12 months, Energizer generated about US$3.0b in revenue with net income of US$213.3 million, which works out to a 7.1% net margin compared with 2% a year earlier.
• What stands out for a bullish view is that trailing earnings growth was very large at 264.6%, even though revenue growth was described as modest at 1.8% per year. This suggests profitability gains are doing more of the work than sales expansion.
  • Supporters who focus on everyday brands and cash generation might point to the 7.1% margin as evidence that the business is converting a reasonable slice of US$3.0b in sales into profit.
  • At the same time, the gap between that strong earnings growth and modest revenue growth means any bullish thesis rests heavily on how sustainable these margin levels prove to be.

Analysts who want to understand how durable this profit profile really is may find it useful to see how the broader market views Energizer's long term narrative and valuation, not just this quarter's headline figures. 📊 Read the full Energizer Holdings Consensus Narrative.

Q1 swing to US$3.4m loss

• In Q1 2026, Energizer posted total revenue of US$778.9 million and a net income loss of US$3.4 million, compared with net income of US$34.9 million on US$832.8 million of revenue in Q4 2025 and US$22.3 million on US$731.7 million of revenue in Q1 2025.
• Critics who lean bearish may focus on how this single quarter loss contrasts with the positive trailing 12 month picture, and they might question how consistent the earnings stream really is.
  • The move from US$153.5 million of net income in Q3 2025 to a small loss in Q1 2026 shows that profit has moved around a lot even though quarterly revenue stayed within a US$662.9 million to US$832.8 million range.
  • That pattern can give bearish investors a reason to pay close attention to the underlying drivers behind each period rather than assuming the recent 7.1% margin tells the whole story.

Low 7.5x P/E with 5.13% yield

• The shares trade on a P/E of 7.5x versus a peer average of 21.6x and Global Household Products average of 17.7x, and the stock offers a 5.13% dividend yield with the price at US$23.40 compared with a DCF fair value of US$102.93.
• What is interesting for a bullish angle is that this valuation and income profile sits alongside weak debt coverage by operating cash flow and a large one off cash flow loss of US$107.6 million. This pulls attention back to balance sheet strength rather than just the low P/E.
  • A value oriented investor might see a large gap between the current share price and the DCF fair value plus the 5.13% yield as a sign the market is cautious about the cash flow picture.
  • At the same time, the flagged weakness in debt coverage by operating cash flow shows why some investors may treat the low 7.5x P/E as a signal to review leverage and cash generation in detail.

Next Steps

Don't just look at this quarter; the real story is in the long-term trend. We've done an in-depth analysis on Energizer Holdings's growth and its valuation to see if today's price is a bargain. Add the company to your watchlist or portfolio now so you don't miss the next big move.

See What Else Is Out There

Energizer's small Q1 loss, uneven quarterly profits, one off US$107.6 million cash flow hit, and weak debt coverage by operating cash flow raise questions about resilience.

If that mix of profit swings and balance sheet pressure makes you cautious, check out our solid balance sheet and fundamentals stocks screener (45 results) to focus on companies with sturdier financial footing right now.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.