Edgewell vs Energizer: Revenue, Profit and Business Model
Edgewell reported $2.2B of revenue in FY2025 and $25.4M of net income. Energizer reported $3B of revenue in FY2025 and $239M of net income.
Latest financial snapshot
Financial summary
Edgewell
Edgewell's revenue has been flat for several years: net sales were $2.25B in fiscal 2023, $2.25B in fiscal 2024 and $2.22B in fiscal 2025, when net income fell to $25.4M. After Feminine Care moved to discontinued operations in fiscal 2026, continuing-operations net sales were $519.5M in Q2 (up 0.6%) and $570.1M in Q3 (up 1.7%, organic up 1.1%). Q3 GAAP EPS was $0.26 versus $0.46 a year earlier, while adjusted EPS held at $0.72. Gross margin fell 210 basis points to 42.5% on inflation, tariffs and mix. The company ended Q3 with $397.1M in cash, pays a $0.15 quarterly dividend, and narrowed fiscal 2026 guidance to flat-to-0.5% organic growth and adjusted EPS of $1.80 to $2.00.
Energizer
Energizer's revenue has stayed close to $3 billion for five years: $3.02 billion in FY2021, $3.05 billion in FY2022, $2.96 billion in FY2023, $2.89 billion in FY2024 and $2.95 billion in FY2025. Earnings swing more than sales. FY2022 ended with a $231.5 million net loss, FY2024 earned just $38.1 million, and FY2025 rose to $239.0 million as Section 45X credits (including $78.5 million for prior-year production booked in Q3 FY2025) lifted profit. FY2025 adjusted EPS was $3.52 and adjusted EBITDA $623.6 million. In fiscal 2026 quarterly sales were $778.9 million in Q1, $643.3 million in Q2 and $734.1 million in Q3, with nine-month free cash flow of $105.0 million. The company pays a $0.30 quarterly dividend and carries roughly $3.3 billion of debt, largely from the 2019 Spectrum Brands purchases.
Revenue and profit by year
Edgewell
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $2.2B | $25.4M | 1.1% | -1.3% | Source |
| FY2024 | $2.3B | — | 0.0% | +0.1% | Source |
| FY2023 | $2.3B | — | 0.0% | — | Source |
Where the revenue comes from
Edgewell
- Wet Shave
Largest segment
Razors, blades, disposables and shave preparations under Schick, Wilkinson Sword, Billie, Edge, Skintimate and private-label brands.
- Sun and Skin Care
Core segment
Sun care, wipes and skin care under Banana Boat, Hawaiian Tropic and Wet Ones; seasonal demand peaks before summer.
- Grooming
Growth category
Men's grooming and skin care under Cremo, Jack Black and Bulldog.
- Feminine Care (divested)
Discontinued from FY2026
Playtex, Stayfree, Carefree and o.b. were included in FY2025 sales and sold to Essity on February 2, 2026.
Energizer
- Batteries & LightsMajority
Alkaline, lithium, rechargeable, coin, hearing-aid and specialty batteries plus flashlights and lanterns under Energizer, Eveready, Rayovac and Varta.
- Auto CareMinority
Appearance, fragrance, performance and refrigerant products under Armor All, STP, A/C Pro and related brands.
Business model and strategy
Edgewell
How it makes money
Edgewell makes money by manufacturing branded personal care products and selling them wholesale to retailers such as mass merchants, grocery and drug chains, club stores and e-commerce platforms, plus some direct-to-consumer sales through brands like Billie.
Growth strategy
Edgewell's growth strategy concentrates spending on priority global brands in shave, sun and skin care, and grooming. Acquisitions such as Cremo (2019) and Billie (2021) added faster-growing, younger-skewing brands, and the 2026 Feminine Care divestiture removed a slower category. Productivity programs and plant consolidation are meant to fund brand investment while offsetting tariff and inflation pressure.
Competitive advantage
Edgewell's advantages are long-established brands with retail shelf presence, blade-making know-how and manufacturing scale in wet shave, and a portfolio that spans value, mass and premium price tiers. Wet shave blade production requires precision metallurgy and capital-intensive lines, which limits the number of credible manufacturers.
Energizer
How it makes money
Energizer makes money by manufacturing and sourcing consumer batteries, lighting products and car-care chemicals and selling them wholesale to retailers such as mass merchants, club stores, grocery, drug, hardware and auto-parts chains, plus e-commerce.
Growth strategy
Energizer's plan rests on four levers: new distribution and product launches in batteries (Q3 FY2026 battery volume rose 1.9%), growth in auto-care refrigerant and appearance products, cost programs such as Project Momentum and supply-chain optimization, and selective acquisitions such as the 2025 purchase of VARTA AG's European consumer battery business.
Competitive advantage
Energizer's edge comes from brand recognition (the Energizer Bunny has run in U.S. advertising since 1989), a multi-tier battery lineup that covers premium lithium through value alkaline, long relationships with the largest retailers, and checkout and seasonal displays that are hard for new entrants to win. The auto-care portfolio adds leading names such as Armor All and STP that sell through the same retail buyers.
Questions about Edgewell vs Energizer
Which company has higher revenue — Edgewell Personal Care Company or Energizer Holdings, Inc.?
Edgewell Personal Care Company reported $2.2B (FY2025), while Energizer Holdings, Inc. reported $3.0B (FY2025). By last reported revenue, Energizer Holdings, Inc. is the larger business, with Edgewell Personal Care Company reporting a smaller revenue base.
What is the market cap of Edgewell Personal Care Company vs Energizer Holdings, Inc.?
Edgewell Personal Care Company's market capitalisation stands at $1.3B, while Energizer Holdings, Inc.'s is $1.5B. Energizer Holdings, Inc. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Edgewell Personal Care Company.
Which is more financially efficient — Edgewell Personal Care Company or Energizer Holdings, Inc.?
Edgewell Personal Care Company generates $327k / employee in revenue per employee, while Energizer Holdings, Inc. generates $488k / employee. Energizer Holdings, Inc. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Edgewell Personal Care Company and Energizer Holdings, Inc. make money?
Edgewell Personal Care Company and Energizer Holdings, Inc. generate revenue in fundamentally different ways. Edgewell Personal Care Company: Edgewell makes money by manufacturing branded personal care products and selling them wholesale to retailers such as mass merchants, grocery and drug chains, club stores and e-commerce platforms, plus some direct-to-consumer sales through brands like Billie. Energizer Holdings, Inc.: Energizer makes money by manufacturing and sourcing consumer batteries, lighting products and car-care chemicals and selling them wholesale to retailers such as mass merchants, club stores, grocery, drug, hardware and auto-parts chains, plus e-commerce.
Which company is valued higher relative to revenue — Edgewell Personal Care Company or Energizer Holdings, Inc.?
On a price-to-sales (P/S) basis, Edgewell Personal Care Company trades at 0.6x P/S and Energizer Holdings, Inc. at 0.5x P/S. Edgewell Personal Care Company commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Energizer Holdings, Inc.. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Edgewell Personal Care Company bigger than Energizer Holdings, Inc.?
By last reported revenue, Energizer Holdings, Inc. ($3.0B (FY2025)) is the larger company compared to Edgewell Personal Care Company ($2.2B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Edgewell vs Energizer overview