Quality Investor

Spectrum Brands Holdings, Inc.

Rank #235Decline

SPB · NYSE · Consumer Defensive

Spectrum Brands Holdings, Inc. (SPB) — Rank #235 by gross profitability (GP/assets 0.29) · ROE 5.4% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0000109177 · all metrics point-in-time as of the filing date.

About

Spectrum Brands Holdings, Inc. operates as a branded consumer products and home essentials company in North America, Europe, the Middle East, Africa, Latin America, and Asia-Pacific regions.

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The company operates through three segments: Home and Personal Care (HPC); Global Pet Care (GPC); and Home and Garden (H&G). The Home and Personal Care segment provides home appliances under the Black & Decker, Russell Hobbs, George Foreman, PowerXL, Emeril Legasse, Copper Chef, Juiceman, and Breadman brands; and personal care products under the Remington brand. The GPC segment provides Rawhide chews, dog and cat clean-up, training, health and grooming products, small animal food and care products, rawhide-free dog and cat treats, and wet and dry pet food for dogs and cats under the Good'n'Fun, DreamBone, Good Boy, SmartBones, IAMS, EUKANUBA, Nature's Miracle, FURminator, Dingo, 8IN1, Better Belly, Meowee!, and Wild Harvest brands. This segment also offers aquarium kits, stand-alone tanks, and aquatics equipment and consumables under the Tetra, Marineland, Instant Ocean, GloFish, and OmegaSea brands. The H&G segment provides outdoor insect and weed control solutions, and animal repellents under the Spectracide, Garden Safe, Liquid Fence, and EcoLogic brands; household pest control solutions under the Hot Shot and Black Flag brands; household surface cleaning, maintenance, and restoration products, including bottled liquids, mops, wipes, and markers under the Rejuvenate brand; and personal-use pesticides and insect repellent products under the Cutter and Repel brands. It sells its products through retailers, e-commerce and online retailers, wholesalers, and distributors. Spectrum Brands Holdings, Inc.

was founded in 1906 and is based in Middleton, Wisconsin.

Industry
Household & Personal Products
Sector
Consumer Defensive
State
DE
Filer Category
Large accelerated filer
Fiscal Year End
September 30

Price History

SPB+23.4% · +4.3% CAGRSPY+80.5% · +12.5% CAGR

Company Snapshot

P/E, P/B, and dividend yield matter most — book value provides a floor.

Market Cap

$1.96B

P/E (annual)

22.1

P/S (annual)

0.7

P/B

1.1

P/OCF (annual)

9.6

Shareholder Yield

32.5%

Employees

3,000

Industry

Household & Personal Products

Exchange

NYSE

Signal Flags

1 yellow2 red
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why
Revenue declining YoYRevenue contracted year over year
Operating margin decliningOperating margin lower than prior year

Quality Profile

Profitability

1/1 pass
GP / assets
0.29
Return on equity
5.4%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
0.88
Current ratio
2.41×
Net cash
-$356.90M

Cash Flow

3/3 pass
Positive FCF
PASS
Cash-backed earnings
PASS
Accruals healthy
PASS
SBC / revenue
0.7%

Growth

1/2 pass
Revenue growth
-26.2%
Piotroski F-Score
7 / 9
Share dilution
-30.0%

Terry Smith quality gate

Passes 1/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

2.2%

incredible deal

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Buyback tailwind: -30.0% — per-share value needs a total required return of -27.8% once share-count change is priced in.

vs. own 6-year median revenue growth: 2.2%

within its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

-1.8%

r = 10% (base)

2.2%

r = 12%

5.6%

Net debt / market cap: 16.2%

Base FCF: $165.3M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

6.6xCheap
2.5xmed 186.9x578.2x

P / S

Price / revenue per share

0.8xCheap
0.6xmed 2.3x4.0x

P / B

Price / book value per share

1.8xCheap
1.2xmed 9.5x30.8x

P / GP

Price / gross profit per share

2.4xCheap
1.6xmed 4.1x10.6x

P / FCF

Price / free cash flow per share

N/A
6.8xmed 25.1x634.2x

Asset value and restructuring potential (balance-sheet strength) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.29

Primary signal (Novy-Marx).

48th pctl of 43 SIC 36 peers

Return on equity

5.4%

Gross margin

36.7%

19th pctl of 43 SIC 36 peers

Revenue growth (YoY)

-26.2%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2016201720182019
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

Revenue CAGR (5Y)

Earnings CAGR (3Y)

11.7%

FCF CAGR (3Y)

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

0.88

30th pctl of 41 SIC 36 peers (best = lowest)

Current ratio

2.41×

40th pctl of 43 SIC 36 peers

Quick ratio

1.35×

Net cash

-$356.90M

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$165.30M

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

0.65

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

PASS

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

0.7%

Stock-based comp intensity.

Dividend safety

Composite score

2.8 / 5

Fair
Payout ratio
48.2%4/5 Strong
FCF coverage
3.43×5/5 Strong
Dividend growth streak
0 yr0/5 Weak
Balance-sheet health
D/E 0.88 · IC N/A2/5 Fair

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20142019
Startup
Value
Capital Return