# Edgewell Personal Care (EPC.US)

Canonical: https://gigainvestors.com/s/EPC

Analysis as of: 2026-10-16T07:28:18.528Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $28.10 per share; close as of 2026-10-15.

Estimated value: low $37.49 per share, central $41.60 per share, high $47.06 per share. Buy at or below the central value $41.60 per share. Valuation as of 2026-10-16T07:28:18.528Z; scenarios are not confidence intervals.

Expected annual return: 14.9% at the stated quote. About 14.9% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 2

- Operating margin variation: 0.40×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.15×

- FY2018: 0.13×

- FY2019: 0.11×

- FY2020: 0.09×

- FY2021: 0.11×

- FY2022: 0.08×

- FY2023: 0.10×

- FY2024: 0.09×

- FY2025: 0.04×

- LTM to Jun 2026: 0.02×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 13.1%

- ROIC, second-lowest year: 10.3%

- Typical minus recent gross margin: 3.6 pp

- Typical gross margin (annual median): 45.2%

- Recent gross margin (lower of latest and 3-year median): 41.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.7%

- ROIC including acquisitions, ten-year median: 4.7%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 18.2%

- FY2017: 20.5%

- FY2018: 13.9%

- FY2019: 16.6%

- FY2020: 11.2%

- FY2021: 15.2%

- FY2022: 10.3%

- FY2023: 12.2%

- FY2024: 11.4%

- FY2025: 6.1%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.33×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $605M

- Net income, five-year total: $456M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: 0.6 pp

- Working capital / revenue, change between three-year averages: 4.4 pp

- Working capital / revenue, final three-year average: 20.0%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.26×

- FY2022: 1.34×

- FY2023: 1.37×

- FY2024: 1.32×

- FY2025: 1.46×

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2025 (8 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 18.2% vs 11.4%

- Per-share earnings: 0.10 to 1.97 (three-year endpoint medians)

- acquired goodwill and intangibles (proxy) exceeds half of ten-year net income with low and deteriorating ROIC

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.6%

- Ordinary dilution, 5-year annual growth: -2.7%

- Market cap gain: -$3.1B

- Cumulative retained earnings: $134M

- Diluted shares, 10-year annual growth: -2.6%

- Diluted shares, 5-year annual growth: -2.7%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 45.3%

- Per-share value change: $1.87

- Per-share value, starting three-year median: $0.10

- Per-share value, ending three-year median: $1.97

- Buybacks concentrated in cheaper years (correlation): 0.02

- Average buyback yield: 3.7%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $424M

- Cumulative net income, 10 years: $439M

- ROIC, first three-year median: 18.2%

- ROIC, last three-year median: 11.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.99

- FY2017: $0.10

- FY2018: $1.90

- FY2019: -$6.88

- FY2020: $1.24

- FY2021: $2.13

- FY2022: $1.86

- FY2023: $2.21

- FY2024: $1.97

- FY2025: $0.53

### accounting: pass

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -2.5%

- Receivables to sales index (DSRI): 1.20×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 20.7%

- Earnings backed by cash: Yes

- Operating cash / earnings: 4.66×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.42×

Chart: Sloan accruals; fiscal year observations.

- FY2016: 0.0%

- FY2017: -6.9%

- FY2018: -4.1%

- FY2019: -16.4%

- FY2020: -4.7%

- FY2021: -3.0%

- FY2022: -0.1%

- FY2023: -2.7%

- FY2024: -3.5%

- FY2025: -2.5%

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 39% since Jan 2022 · "Moody’s downgrades Edgewell to B1 as leverage stays high, outlook stable" (finance.yahoo.com, Oct 2026) · sales -7.8%

Story as of 2026-10-16T09:58:42.212Z; price observation 2026-10-15.

Price needs cash profits to shrink 5.5% a year for ten years

- 2025-06-10: EPC Q1 Earnings Call: Management Cites Tariff Uncertainty and North America Weakness in Outlook ([finance.yahoo.com](https://finance.yahoo.com/news/epc-q1-earnings-call-management-134639187.html))

### Sales · FY2025–2026

sales -7.8%; source https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm; observed 2025-11-18.

- FY2017: $2.3B 

- FY2018: $2.2B 

- FY2019: $2.1B 

- FY2020: $1.9B 

- FY2021: $2.1B 

- FY2022: $2.2B 

- FY2023: $2.3B 

- FY2024: $2.3B 

- FY2025: $2.2B 

- FY2026: $2.0B 

### Gross margin · FY2025

gross margin 41.6%; source https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm; observed 2025-11-18.

- FY2016: 49.1% 

- FY2017: 49.0% 

- FY2018: 46.2% 

- FY2019: 45.1% 

- FY2020: 45.2% 

- FY2021: 45.6% 

- FY2022: 40.5% 

- FY2023: 41.8% 

- FY2024: 42.4% 

- FY2025: 41.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in household & personal products; annual sales are USD 2.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm (filed 2025-11-18); FY2025: revenue 2223500000; grossProfit 924900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EPC.US: Edgewell Personal Care Company, together with its subsidiaries, manufactures and markets personal care products worldwide. It operates through three segments: Wet Shave, Sun and Skin Care, and Feminine Care. The Wet Shave segment offers razor systems, such as razor handles and refillable blades, and disposable shave products for men and women under the Schick and Wilkinson Sword brands; shave preparation products comprising shaving gels and creams under the Edge, Skintimate, Billie, Shave Guard brands; and private label and disposable razors, shaving systems, and replacement blades. Its Sun and Skin Care segment provides sun care products, including general protection, sport, kids, baby, tanning, and after sun products under the Banana Boat and Hawaiian Tropic brands; antibacterial hand wipes and other related products under the Wet Ones brand; skin care products for men under the Bulldog and Jack Black brands; and beard, hair, and skin care products under the Cremo brand. The Feminine Care segment markets tampons under the Playtex Gentle Glide 360°, Playtex Sport, Playtex, and o.b. brands, as well as pads and liners under the Stayfree and Carefree brands. The company distributes its products through direct sales force and exclusive and non-exclusive distributors and wholesalers. The company was formerly known as Energizer Holdings, Inc. and changed its name to Edgewell Personal Care Company in June 2015. Edgewell Personal Care Company was founded in 1772 and is headquartered in Shelton, Connecticut.

### Why customers stay

Margins ranged from 41.6% to 42.4% during 2023–25; it earns 13.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: grossProfit / revenue = 41.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: grossProfit / revenue = 42.4%.

- Source: https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm (filed 2025-11-18); FY2025: grossProfit / revenue = 41.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); 10-year return on capital observations [[2016,0.1817081281535612],[2017,0.20522164909920013],[2018,0.13909990183493165],[2019,0.16627989294655962],[2020,0.11199283251896237],[2021,0.15158253400898783],[2022,0.10315701521560074],[2023,0.12235031166391049],[2024,0.11427103715013291],[2025,0.06118958636853107]]; median 0.13072510674942106. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 8 of 10 years; bought back USD 90.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2016: growth capex 0; upkeep 69500000; owner earnings 201800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2017: growth capex 0; upkeep 69000000; owner earnings 31100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2018: growth capex 0; upkeep 62000000; owner earnings 138900000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2020: growth capex 0; upkeep 47700000; owner earnings 108700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2021: growth capex 0; upkeep 56800000; owner earnings 148100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2022: growth capex 0; upkeep 56400000; owner earnings 133000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: growth capex 0; upkeep 49500000; owner earnings 156600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: growth capex 0; upkeep 56500000; owner earnings 130100000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm (filed 2025-11-18); FY2025: growth capex 0; upkeep 77000000; owner earnings 37200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Dividend observations: [[2016,0],[2017,0],[2018,25600000],[2019,25600000],[2020,2000000],[2021,25600000],[2022,32600000],[2023,31500000],[2024,30700000],[2025,29300000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm (filed 2025-11-18); FY2025: cash repurchases 90200000 USD.

### Are managers owners

Insiders own 1.4% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); EPC.US SharesStats.PercentInsiders = 1.41 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 5.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Ten-year compound average after fade. Initial solved rate -0.09001059860187449. Price 28.1; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -4.183870967741935 → FY2025 0.7815126050420168. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $75.40 per share

- 2016-11: $79.14 per share

- 2016-12: $72.99 per share

- 2017-01: $78.84 per share

- 2017-02: $73.84 per share

- 2017-03: $73.14 per share

- 2017-04: $71.49 per share

- 2017-05: $73.14 per share

- 2017-06: $76.02 per share

- 2017-07: $72.20 per share

- 2017-08: $75.94 per share

- 2017-09: $72.77 per share

- 2017-10: $64.93 per share

- 2017-11: $57.99 per share

- 2017-12: $59.39 per share

- 2018-01: $56.46 per share

- 2018-02: $50.15 per share

- 2018-03: $48.82 per share

- 2018-04: $44.05 per share

- 2018-05: $43.72 per share

- 2018-06: $50.46 per share

- 2018-07: $53.86 per share

- 2018-08: $56.47 per share

- 2018-09: $46.23 per share

- 2018-10: $47.98 per share

- 2018-11: $41.80 per share

- 2018-12: $37.35 per share

- 2019-01: $39.45 per share

- 2019-02: $44.36 per share

- 2019-03: $43.89 per share

- 2019-04: $41.23 per share

- 2019-05: $28.54 per share

- 2019-06: $26.95 per share

- 2019-07: $30.43 per share

- 2019-08: $27.84 per share

- 2019-09: $32.49 per share

- 2019-10: $35.00 per share

- 2019-11: $31.16 per share

- 2019-12: $30.96 per share

- 2020-01: $25.82 per share

- 2020-02: $30.36 per share

- 2020-03: $24.08 per share

- 2020-04: $27.61 per share

- 2020-05: $30.42 per share

- 2020-06: $31.16 per share

- 2020-07: $29.89 per share

- 2020-08: $28.71 per share

- 2020-09: $27.88 per share

- 2020-10: $26.22 per share

- 2020-11: $34.75 per share

- 2020-12: $34.58 per share

- 2021-01: $33.40 per share

- 2021-02: $30.59 per share

- 2021-03: $39.60 per share

- 2021-04: $38.20 per share

- 2021-05: $45.38 per share

- 2021-06: $43.90 per share

- 2021-07: $41.08 per share

- 2021-08: $42.30 per share

- 2021-09: $36.30 per share

- 2021-10: $34.99 per share

- 2021-11: $42.46 per share

- 2021-12: $45.71 per share

- 2022-01: $45.80 per share

- 2022-02: $35.68 per share

- 2022-03: $36.67 per share

- 2022-04: $38.14 per share

- 2022-05: $36.40 per share

- 2022-06: $34.52 per share

- 2022-07: $39.78 per share

- 2022-08: $38.96 per share

- 2022-09: $37.40 per share

- 2022-10: $39.19 per share

- 2022-11: $43.21 per share

- 2022-12: $38.54 per share

- 2023-01: $42.86 per share

- 2023-02: $42.70 per share

- 2023-03: $42.42 per share

- 2023-04: $43.67 per share

- 2023-05: $38.95 per share

- 2023-06: $41.31 per share

- 2023-07: $39.41 per share

- 2023-08: $38.56 per share

- 2023-09: $36.96 per share

- 2023-10: $34.90 per share

- 2023-11: $34.81 per share

- 2023-12: $36.63 per share

- 2024-01: $37.05 per share

- 2024-02: $38.19 per share

- 2024-03: $38.64 per share

- 2024-04: $37.62 per share

- 2024-05: $38.58 per share

- 2024-06: $40.19 per share

- 2024-07: $39.15 per share

- 2024-08: $40.22 per share

- 2024-09: $36.34 per share

- 2024-10: $34.95 per share

- 2024-11: $36.58 per share

- 2024-12: $33.60 per share

- 2025-01: $33.30 per share

- 2025-02: $31.47 per share

- 2025-03: $31.21 per share

- 2025-04: $30.55 per share

- 2025-05: $27.62 per share

- 2025-06: $23.41 per share

- 2025-07: $25.23 per share

- 2025-08: $24.02 per share

- 2025-09: $20.36 per share

- 2025-10: $19.39 per share

- 2025-11: $17.86 per share

- 2025-12: $17.05 per share

- 2026-01: $19.46 per share

- 2026-02: $22.74 per share

- 2026-03: $21.34 per share

- 2026-04: $22.55 per share

- 2026-05: $17.52 per share

- 2026-06: $26.86 per share

- 2026-07: $27.19 per share

- 2026-08: $28.72 per share

- 2026-09: $26.98 per share

- 2026-10: $28.10 per share

## Annual estimated value (USD per share)

- FY2016: low $51.16 per share, central $56.61 per share, high $63.88 per share

- FY2017: low $45.27 per share, central $50.42 per share, high $57.27 per share

- FY2018: low $31.93 per share, central $35.77 per share, high $40.88 per share

- FY2019: low $11.38 per share, central $12.18 per share, high $13.26 per share

- FY2020: low $27.73 per share, central $30.73 per share, high $34.72 per share

- FY2021: low $30.97 per share, central $34.14 per share, high $38.37 per share

- FY2022: low $29.83 per share, central $33.57 per share, high $38.55 per share

- FY2023: low $32.40 per share, central $36.42 per share, high $41.76 per share

- FY2024: low $33.39 per share, central $37.54 per share, high $43.06 per share

- FY2025: low $35.08 per share, central $39.39 per share, high $45.13 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1096752/000162828025052765/epc-20250930.htm); period 2025-09-30, filed 2025-11-18.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.