Business Description
Spectrum Brands Holdings, Inc. is a diversified global consumer products company headquartered in Middleton, Wisconsin. The company manufactures and markets a wide range of products across three main categories: pet care, home and garden, and home and personal care. Its portfolio includes well-known brands such as Tetra, Nature's Miracle, Spectracide, Black+Decker (small appliances), and Remington.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net sales | 2,809,000 | 2,963,900 | 2,918,800 | 3,132,500 |
| Cost of goods sold | 1,777,100 | 1,854,600 | 1,994,500 | 2,142,100 |
| Gross profit | 1,031,900 | 1,109,300 | 924,300 | 990,400 |
| Selling, general & administrative | 882,600 | 953,400 | 888,800 | 995,700 |
| Impairment of goodwill | 0 | 0 | 111,100 | 0 |
| Impairment of intangible assets | 16,600 | 45,200 | 120,700 | 0 |
| Impairment of property, plant and equipment and operating leases | 7,800 | 5,100 | 10,800 | 0 |
| Representation and warranty insurance proceeds | 0 | (65,000) | 0 | 0 |
| Gain from remeasurement of contingent consideration liability | 0 | 0 | (1,500) | (28,500) |
| Total operating expenses | 907,000 | 938,700 | 1,129,900 | 967,200 |
| Operating income (loss) | 124,900 | 170,600 | (205,600) | 23,200 |
| Interest expense | (30,000) | (58,500) | (116,100) | (99,400) |
| Interest income | 4,200 | 57,500 | 38,300 | 600 |
| (Gain) loss from early extinguishment of debt | 0 | 2,600 | (3,000) | 0 |
| Other non-operating (expense) income, net | (11,900) | (8,600) | (3,800) | (14,700) |
| Total non-operating expense | (37,700) | (7,000) | (84,600) | (113,500) |
| Income (loss) from continuing operations before income taxes | 87,200 | 163,600 | (290,200) | (90,300) |
| Income tax (benefit) expense | (13,000) | 64,300 | (56,500) | (13,300) |
| Net income (loss) from continuing operations | 100,200 | 99,300 | (233,700) | (77,000) |
| Income from discontinued operations, net of tax | 200 | 25,500 | 2,035,600 | 149,700 |
| Net income | 100,400 | 124,800 | 1,801,900 | 72,700 |
| Net income attributable to non-controlling interest | 500 | 0 | 400 | 1,100 |
| Net income attributable to controlling interest | 99,900 | 124,800 | 1,801,500 | 71,600 |
| Basic EPS from continuing operations | 3.88 | 3.28 | (5.92) | (1.89) |
| Diluted EPS from continuing operations | 3.85 | 3.26 | (5.92) | (1.89) |
| Basic weighted average shares outstanding | 25,700 | 30,300 | 39,500 | 40,900 |
| Diluted weighted average shares outstanding | 25,900 | 30,500 | 39,500 | 40,900 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 123,600 | 368,900 | 753,900 | 243,700 |
| Short-Term Investments | — | — | 1,103,300 | — |
| Total Cash and Cash Equivalents | 123,600 | 368,900 | 1,857,200 | 243,700 |
| Accounts Receivable | 521,700 | 635,400 | 477,100 | 247,400 |
| Other Receivables | 50,900 | 70,700 | 84,500 | 95,700 |
| Total Trade Receivables | 572,600 | 706,100 | 561,600 | 343,100 |
| Inventories | 446,100 | 462,100 | 462,800 | 780,600 |
| Other Current Assets | 41,900 | 41,500 | 44,300 | 1,867,900 |
| Total Current Assets | 1,184,200 | 1,578,600 | 2,925,900 | 3,235,300 |
| Net Property, Plant & Equipment | 328,500 | 368,500 | 385,900 | 346,300 |
| Net Intangible Assets | 937,600 | 990,400 | 1,060,100 | 1,202,200 |
| Goodwill | 866,800 | 864,900 | 854,700 | 953,100 |
| Other Long-Term Assets | 62,500 | 39,900 | 31,800 | 38,700 |
| Total Assets | 3,379,600 | 3,842,300 | 5,258,400 | 5,775,600 |
| Accounts Payable | 283,700 | 397,300 | 396,600 | 453,100 |
| Accrued Expenses | 54,700 | 83,500 | 66,700 | 56,000 |
| Current Portion of Long-Term Debt | 11,700 | 9,400 | 8,600 | 12,300 |
| Current Portion of Leases | 31,800 | 31,300 | — | — |
| Other Current Liabilities | 141,300 | 165,600 | 292,900 | 666,700 |
| Total Current Liabilities | 523,200 | 687,100 | 764,800 | 1,188,100 |
| Long-Term Debt | 556,200 | 551,400 | 1,546,900 | 3,144,500 |
| Leases | 54,500 | 87,000 | 95,600 | 56,000 |
| Other Long-Term Liabilities | 336,000 | 375,100 | 332,800 | 117,900 |
| Total Long-Term Liabilities | 946,700 | 1,013,500 | 1,975,300 | 3,318,400 |
| Total Liabilities | 1,469,900 | 1,700,600 | 2,740,100 | 4,506,500 |
| Common Stock | 500 | 500 | 500 | 500 |
| Treasury Stock | (2,136,300) | (1,812,700) | (1,250,300) | (828,800) |
| Additional Paid-in Capital | 1,998,100 | 1,988,100 | 1,920,800 | 2,032,500 |
| Accumulated Other Comprehensive Income | (171,900) | (204,000) | (249,400) | (303,100) |
| Retained Earnings | 2,219,300 | 2,169,000 | 2,096,000 | 362,100 |
| Total Common Shareholders' Equity | 1,909,700 | 2,140,900 | 2,517,600 | 1,263,200 |
| Minority Interests and Other | — | 800 | 700 | 5,900 |
| Total Shareholders' Equity | 1,909,700 | 2,141,700 | 2,518,300 | 1,269,100 |
| Total Liabilities and Shareholders' Equity | 3,379,600 | 3,842,300 | 5,258,400 | 5,775,600 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | 200,800 | 249,600 | 3,603,800 | 145,400 |
| Depreciation & Amortization | 98,000 | 101,800 | 91,200 | 99,300 |
| Share-Based Compensation Expense | 20,500 | 17,500 | 17,200 | 10,200 |
| Other Adjustments | (31,000) | 56,400 | 56,100 | (57,700) |
| Changes in Trade Receivables | 131,400 | (116,500) | (224,200) | (12,200) |
| Changes in Inventories | 18,100 | 8,500 | 328,300 | (153,700) |
| Changes in Accrued Expenses | (154,600) | 55,600 | (154,500) | (15,000) |
| Changes in Other Operating Activities | 21,500 | 47,200 | 127,600 | (25,400) |
| Cash from Operating Activities | 203,600 | 162,600 | (409,700) | (53,800) |
| Capital Expenditure | (38,300) | (44,000) | (59,000) | (64,000) |
| Proceeds from Sale of Property, Plant & Equipment | — | — | 8,400 | 200 |
| Purchases of Investments | — | (849,300) | (1,092,000) | — |
| Proceeds from Sale of Investments | — | 1,941,300 | — | — |
| Payments for Business Acquisitions | — | — | — | (272,100) |
| Proceeds from Business Divestments | 700 | (26,900) | 4,334,700 | — |
| Other Investing Activities | (100) | 100 | (200) | — |
| Cash from Investing Activities | (37,700) | 1,021,200 | 3,180,100 | (359,800) |
| Issuance of Long-Term Debt | — | — | — | 740,000 |
| Repayments of Long-Term Debt | — | — | — | (12,700) |
| Net Issuance / (Repayments) of Long-Term Debt | — | — | — | 727,300 |
| Repurchases of Common Shares | — | — | — | (134,000) |
| Net Issuance / (Repurchases) of Common Shares | — | — | — | (134,000) |
| Common Share Dividends Paid | — | — | — | (68,600) |
| Other Financing Activities | — | — | — | (34,000) |
| Cash from Financing Activities | — | — | — | 487,600 |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | — | — | — | (20,100) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 165,900 | 1,183,800 | 2,770,400 | 53,900 |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.25B |
| P/E | 13.64x |
| P/S | 0.45x |
| EV/EBITDA | 7.99x |
| Return on Equity | 4.9% |
| Return on Invested Capital | 5.1% |
| Current Ratio | 2.26x |
| Dividend Yield | 0.0% |
| Free Cash Flow Margin | 5.9% |
Margins
Gross margin
36.7%
Operating margin
4.4%
Net margin
3.6%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q3 2026 | $753M | +7.7% | 2.1% | $16M |
| Q2 2026 | $709M | +4.9% | 6.1% | $44M |
| Q1 2026 | $677M | -3.3% | 4.0% | $27M |
| Q4 2025 | $734M | -5.2% | 4.0% | $29M |
| Q3 2025 | $700M | — | 4.5% | $31M |
| Q2 2025 | $676M | — | 2.9% | $20M |
| Q1 2025 | $700M | — | 6.4% | $45M |
| Q4 2024 | $774M | — | 2.8% | $22M |
More on Spectrum Brands Holdings, Inc.
Figures compiled from public company filings.
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