# Helen of Troy (HELE.US)

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

Analysis as of: 2026-10-16T07:29:01.065Z. Financial observations: FY1997–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

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

Share price: $29.53 per share; close as of 2026-10-15.

Estimated value: low $66.47 per share, central $75.63 per share, high $87.83 per share. Buy at or below the central value $75.63 per share. Valuation as of 2026-10-16T07:29:01.065Z; scenarios are not confidence intervals.

Expected annual return: 21.7% at the stated quote. About 21.7% 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: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 1

- Operating margin variation: 0.21×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.12×

- FY2018: 0.11×

- FY2019: 0.13×

- FY2020: 0.10×

- FY2021: 0.13×

- FY2022: 0.12×

- FY2023: 0.10×

- FY2024: 0.13×

- FY2025: 0.07×

- FY2026: 0.06×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 18.8%

- ROIC, second-lowest year: 9.9%

- Typical minus recent gross margin: -2.5 pp

- Typical gross margin (annual median): 43.2%

- Recent gross margin (lower of latest and 3-year median): 45.7%

- Years with nonpositive capital: 0

- Capital spending / revenue: 1.8%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 18.1%

- FY2018: 20.6%

- FY2019: 26.3%

- FY2020: 21.0%

- FY2021: 31.7%

- FY2022: 19.5%

- FY2023: 12.9%

- FY2024: 16.7%

- FY2025: 9.9%

- FY2026: 7.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: -$347M

- Net income, five-year total: -$240M

- Return on incremental invested capital: -4.3%

- Working capital / revenue, annual change: 0.5 pp

- Working capital / revenue, change between three-year averages: 2.4 pp

- Working capital / revenue, final three-year average: 30.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2022: $193M

- FY2023: $13M

- FY2024: $183M

- FY2025: $149M

- FY2026: -$885M

### management: fail

- Historical market-dollar context (not the management verdict): 2017 to 2026 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 20.6% vs 9.9%

- Per-share earnings: 3.52 to 5.37 (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: -2.2%

- Ordinary dilution, 5-year annual growth: -1.8%

- Market cap gain: -$2.2B

- Cumulative retained earnings: -$385M

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -1.8%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2026

- Per-share value growth: 5.4%

- Per-share value change: $1.84

- Per-share value, starting three-year median: $3.52

- Per-share value, ending three-year median: $5.37

- Buybacks concentrated in cheaper years (correlation): 0.58

- Average buyback yield: 3.3%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $873M

- Cumulative net income, 10 years: $520M

- ROIC, first three-year median: 20.6%

- ROIC, last three-year median: 9.9%

Chart: Earnings per share; fiscal year observations.

- FY2017: $5.04

- FY2018: $1.63

- FY2019: $6.41

- FY2020: $6.02

- FY2021: $10.08

- FY2022: $9.17

- FY2023: $5.95

- FY2024: $7.03

- FY2025: $5.37

- FY2026: -$39.08

### accounting: pass

- Sloan accruals: -50.6%

- Receivables to sales index (DSRI): 0.90×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 9.9%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.06×

Chart: Sloan accruals; fiscal year observations.

- FY2017: -4.8%

- FY2018: -11.1%

- FY2019: -1.6%

- FY2020: -6.2%

- FY2021: -2.7%

- FY2022: 2.9%

- FY2023: -2.2%

- FY2024: -4.8%

- FY2025: 0.3%

- FY2026: -50.6%

## Holders

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

## Price story

Down 88% since Dec 2021 · "GAAP Operating Loss: $407 million, primarily due to noncash impairment charges." (finance.yahoo.com, Jul 2025) · sales -6.4%

Story as of 2026-10-16T09:58:52.466Z; price observation 2026-10-15.

Price needs cash profits to shrink 11% a year for ten years

- 2025-04-25: Helen of Troy Shares Down on Q4 Earnings Miss, Sales Decline Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/helen-troy-shares-down-q4-144200917.html))

- 2025-07-10: Helen of Troy Issues Downbeat Outlook as Tariffs Hit First-Quarter Revenue ([finance.yahoo.com](https://finance.yahoo.com/news/helen-troy-issues-downbeat-outlook-173959131.html))

- 2026-07-14: HELE Stock Faces Tariff Costs as Omnichannel Growth Builds ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/hele-stock-faces-tariff-costs-151600296.html))

### Sales · FY2025–2026

sales -6.4%; source https://www.sec.gov/Archives/edgar/data/916789/000091678926000048/hele-20260228.htm; observed 2026-04-23.

- FY2017: $1.4B 

- FY2018: $1.5B 

- FY2019: $1.6B 

- FY2020: $1.7B 

- FY2021: $2.1B 

- FY2022: $2.2B 

- FY2023: $2.1B 

- FY2024: $2.0B 

- FY2025: $1.9B 

- FY2026: $1.8B 

### Gross margin · FY2026

gross margin 45.7%; source https://www.sec.gov/Archives/edgar/data/916789/000091678926000048/hele-20260228.htm; observed 2026-04-23.

- FY2017: 41.0% 

- FY2018: 41.3% 

- FY2019: 41.0% 

- FY2020: 43.0% 

- FY2021: 44.2% 

- FY2022: 42.9% 

- FY2023: 43.4% 

- FY2024: 47.3% 

- FY2025: 47.9% 

- FY2026: 45.7% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are USD 1.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/916789/000091678926000048/hele-20260228.htm (filed 2026-04-23); FY2026: revenue 1786290000; grossProfit 815694000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HELE.US: Helen of Troy Limited operates as a consumer products company in the United States, Canada, Europe, the Middle East, Africa, the Asia Pacific, and Latin America. The Home & Outdoor segment offers food storage containers, kitchen utensils for cooking and preparing salads, fruits, vegetables and meats, graters, slicers and choppers, baking essentials, kitchen organization, bath, cleaning, infant and toddler products, and coffee preparation tools and electronics. This segment also provides insulated beverageware, including bottles, travel tumblers, drinkware and mugs, food and lunch containers, insulated totes, soft coolers, outdoor kitchenware and accessories; technical and outdoor sports packs, bike packs and bags, hydration and travel packs, duffel bags and luggage, lifestyle and everyday packs, and kid carrier packs and accessories. The Beauty & Wellness segment offers brushes, grooming tools and accessories, as well as mass, professional, and prestige hair appliances; prestige shampoos, liquid hair styling products, treatments and conditioners; nail polish, press-on nails, manicure and pedicure systems, grooming tools and nail care essentials; and thermometers, blood pressure monitors, pulse oximeters, nasal aspirators, humidifiers, faucet mount and pitcher water filtration systems, air purifiers, heaters, fans and humidification, thermometry, water filtration and air purification consumables. It sells its products through mass merchandisers, sporting goods retailers, department stores, drugstore chains, home improvement stores, grocery stores, specialty stores, prestige beauty chains, beauty supply retailers, e-commerce retailers, wholesalers, warehouse clubs and distributors, and directly to consumers under the OXO, Hydro Flask, Osprey, Vicks, Braun, Honeywell, PUR, Hot Tools, Drybar, Curlsmith, Revlon, and Olive & June brands. Helen of Troy Limited was incorporated in 1968 and is headquartered in El Paso, Texas.

### Why customers stay

Margins ranged from 45.7% to 47.9% during 2024–26; it earns 18.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2024: grossProfit / revenue = 47.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2025: grossProfit / revenue = 47.9%.

- Source: https://www.sec.gov/Archives/edgar/data/916789/000091678926000048/hele-20260228.htm (filed 2026-04-23); FY2026: grossProfit / revenue = 45.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); 10-year return on capital observations [[2017,0.18120851441282604],[2018,0.20576040430089088],[2019,0.26274360538802566],[2020,0.2104567001214852],[2021,0.31724081689940353],[2022,0.19516357447154312],[2023,0.12927456826454292],[2024,0.16744457743234273],[2025,0.09923282049000498],[2026,0.07395310000219159]]; median 0.18818604444218456. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Kept about a 43% gross margin through 2022 cost inflation.

- Source: https://www.sec.gov/Archives/edgar/data/916789/000091678926000048/hele-20260228.htm (filed 2026-04-23); Gross margin observations: [[2021,0.4418250628097307],[2022,0.42871561221667254],[2023,0.4339100299276247]]; range within 2 percentage points.

### Where the cash goes

Paid dividends in 3 of 10 years; bought back USD 1.9 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2017: growth capex 0; upkeep 20619000; owner earnings 156245000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2018: growth capex 0; upkeep 13605000; owner earnings 64571000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2019: growth capex 0; upkeep 26385000; owner earnings 172087000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2020: growth capex 0; upkeep 17759000; owner earnings 171983000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2021: growth capex 34474682.16808808; upkeep 64193317.83191192; owner earnings 227470682.16808808. Growth capex / owner earnings = 0.15155659551156234.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2022: growth capex 11290828.783011347; upkeep 66748171.21698865; owner earnings 192844828.78301135. Growth capex / owner earnings = 0.058548776517703606.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2023: growth capex 0; upkeep 174864000; owner earnings 13092000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2024: growth capex 0; upkeep 36644000; owner earnings 183449000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); FY2025: growth capex 0; upkeep 30072000; owner earnings 148727000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); Dividend observations: [[2017,405634000],[2018,463063000],[2019,0],[2020,0],[2021,5205000],[2022,0],[2023,0],[2024,0],[2025,0],[2026,0]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/916789/000091678926000048/hele-20260228.htm (filed 2026-04-23); FY2026: cash repurchases 1915000 USD.

### Are managers owners

Insiders own 2.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-05); HELE.US SharesStats.PercentInsiders = 2.054 percentage points; cache date 2026-10-05.

### What the price says

The price assumes cash profits shrink 11% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-23); Ten-year compound average after fade. Initial solved rate -0.16674163109390788. Price 29.53; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2016 owner earnings/share 4.018018018018018 → FY2026 -38.471132944961305. Closing-price date 2026-10-15.

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

- 2016-10: $81.50 per share

- 2016-11: $85.10 per share

- 2016-12: $84.45 per share

- 2017-01: $93.30 per share

- 2017-02: $97.70 per share

- 2017-03: $94.20 per share

- 2017-04: $94.00 per share

- 2017-05: $91.00 per share

- 2017-06: $94.10 per share

- 2017-07: $100.75 per share

- 2017-08: $90.30 per share

- 2017-09: $96.90 per share

- 2017-10: $92.90 per share

- 2017-11: $89.40 per share

- 2017-12: $96.35 per share

- 2018-01: $93.15 per share

- 2018-02: $90.05 per share

- 2018-03: $87.00 per share

- 2018-04: $89.15 per share

- 2018-05: $89.80 per share

- 2018-06: $98.45 per share

- 2018-07: $114.55 per share

- 2018-08: $118.95 per share

- 2018-09: $130.90 per share

- 2018-10: $124.12 per share

- 2018-11: $143.03 per share

- 2018-12: $131.18 per share

- 2019-01: $116.04 per share

- 2019-02: $112.11 per share

- 2019-03: $115.96 per share

- 2019-04: $144.00 per share

- 2019-05: $133.61 per share

- 2019-06: $130.59 per share

- 2019-07: $148.28 per share

- 2019-08: $153.51 per share

- 2019-09: $157.66 per share

- 2019-10: $149.76 per share

- 2019-11: $161.42 per share

- 2019-12: $179.79 per share

- 2020-01: $189.05 per share

- 2020-02: $164.60 per share

- 2020-03: $144.03 per share

- 2020-04: $164.28 per share

- 2020-05: $181.92 per share

- 2020-06: $188.56 per share

- 2020-07: $188.25 per share

- 2020-08: $206.82 per share

- 2020-09: $193.52 per share

- 2020-10: $189.60 per share

- 2020-11: $201.99 per share

- 2020-12: $222.19 per share

- 2021-01: $244.25 per share

- 2021-02: $216.80 per share

- 2021-03: $210.66 per share

- 2021-04: $211.21 per share

- 2021-05: $210.48 per share

- 2021-06: $228.12 per share

- 2021-07: $223.39 per share

- 2021-08: $239.19 per share

- 2021-09: $224.68 per share

- 2021-10: $224.95 per share

- 2021-11: $240.50 per share

- 2021-12: $244.47 per share

- 2022-01: $209.33 per share

- 2022-02: $205.67 per share

- 2022-03: $195.84 per share

- 2022-04: $214.51 per share

- 2022-05: $185.19 per share

- 2022-06: $162.41 per share

- 2022-07: $133.79 per share

- 2022-08: $123.63 per share

- 2022-09: $96.44 per share

- 2022-10: $94.62 per share

- 2022-11: $98.54 per share

- 2022-12: $110.91 per share

- 2023-01: $113.11 per share

- 2023-02: $112.69 per share

- 2023-03: $95.17 per share

- 2023-04: $100.34 per share

- 2023-05: $96.28 per share

- 2023-06: $108.02 per share

- 2023-07: $141.30 per share

- 2023-08: $122.92 per share

- 2023-09: $116.56 per share

- 2023-10: $98.32 per share

- 2023-11: $105.03 per share

- 2023-12: $120.81 per share

- 2024-01: $114.50 per share

- 2024-02: $125.00 per share

- 2024-03: $115.24 per share

- 2024-04: $92.71 per share

- 2024-05: $106.88 per share

- 2024-06: $92.74 per share

- 2024-07: $59.11 per share

- 2024-08: $53.38 per share

- 2024-09: $61.85 per share

- 2024-10: $63.65 per share

- 2024-11: $73.33 per share

- 2024-12: $59.83 per share

- 2025-01: $61.78 per share

- 2025-02: $55.03 per share

- 2025-03: $53.49 per share

- 2025-04: $27.86 per share

- 2025-05: $26.89 per share

- 2025-06: $28.38 per share

- 2025-07: $21.98 per share

- 2025-08: $24.55 per share

- 2025-09: $25.20 per share

- 2025-10: $18.63 per share

- 2025-11: $18.95 per share

- 2025-12: $21.25 per share

- 2026-01: $16.56 per share

- 2026-02: $17.64 per share

- 2026-03: $14.42 per share

- 2026-04: $23.15 per share

- 2026-05: $27.14 per share

- 2026-06: $29.07 per share

- 2026-07: $27.63 per share

- 2026-08: $30.10 per share

- 2026-09: $27.41 per share

- 2026-10: $29.53 per share

## Annual estimated value (USD per share)

- FY2017: low $62.74 per share, central $78.15 per share, high $91.20 per share

- FY2018: low $50.33 per share, central $58.66 per share, high $68.21 per share

- FY2019: low $79.73 per share, central $101.70 per share, high $118.82 per share

- FY2020: low $84.87 per share, central $111.12 per share, high $129.99 per share

- FY2021: low $120.42 per share, central $168.45 per share, high $197.67 per share

- FY2022: low $114.68 per share, central $150.19 per share, high $175.70 per share

- FY2023: low $94.73 per share, central $107.79 per share, high $125.17 per share

- FY2024: low $83.65 per share, central $95.19 per share, high $110.54 per share

- FY2025: low $78.41 per share, central $89.22 per share, high $103.61 per share

- FY2026: low $66.18 per share, central $75.30 per share, high $87.45 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/916789/000091678926000048/hele-20260228.htm); period 2026-02-28, filed 2026-04-23.

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.