# Newell Brands (NWL.US)

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

Analysis as of: 2026-10-16T07:30:47.402Z. Financial observations: FY1996–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: $5.77 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 6 revenue declines in the last 10 years

- more than 5 revenue declines in ten years

- more than 2 net loss years

- negative average operating margin

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 6

- Years with a net loss: 6

- Operating margin variation: 4.25×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.08×

- FY2018: -0.91×

- FY2019: -0.05×

- FY2020: -0.07×

- FY2021: 0.10×

- FY2022: 0.03×

- FY2023: -0.01×

- FY2024: 0.01×

- FY2025: 0.06×

- LTM to Jun 2026: 0.08×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 3.2%

- ROIC, second-lowest year: -9.0%

- Typical minus recent gross margin: -0.3 pp

- Typical gross margin (annual median): 33.5%

- Recent gross margin (lower of latest and 3-year median): 33.8%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.1%

- ROIC including acquisitions, ten-year median: -0.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 7.5%

- FY2018: -78.6%

- FY2019: -5.2%

- FY2020: -9.0%

- FY2021: 14.5%

- FY2022: 5.2%

- FY2023: -1.3%

- FY2024: 1.1%

- FY2025: 8.2%

- LTM to Jun 2026: 9.9%

### economics: fail

- incremental invested capital return below threshold

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $128M

- Net income, five-year total: -$70M

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -0.7 pp

- Working capital / revenue, change between three-year averages: -6.1 pp

- Working capital / revenue, final three-year average: 19.3%

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

- FY2021: $658M

- FY2022: $181M

- FY2023: -$338M

- FY2024: -$152M

- FY2025: -$221M

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 4.4% vs 1.1%

- Per-share earnings: 1.29 to -0.68 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- 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: 4.4%

- Ordinary dilution, 5-year annual growth: -0.3%

- Market cap gain: -$17B

- Cumulative retained earnings: -$5.5B

- Diluted shares, 10-year annual growth: 4.4%

- Diluted shares, 5-year annual growth: -0.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: -$1.97

- Per-share value, starting three-year median: $1.29

- Per-share value, ending three-year median: -$0.68

- Buybacks concentrated in cheaper years (correlation): -0.03

- Average buyback yield: 4.1%

- Buyback history: 6 years

- Debt-funded buybacks: Yes

- Acquisition spending: $9.3B

- Cumulative net income, 10 years: -$4.4B

- ROIC, first three-year median: 4.4%

- ROIC, last three-year median: 1.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.25

- FY2017: $5.63

- FY2018: -$14.60

- FY2019: $0.25

- FY2020: -$1.82

- FY2021: $1.45

- FY2022: $0.47

- FY2023: -$0.94

- FY2024: -$0.52

- FY2025: -$0.68

### accounting: fail

- restructuring or one-time charges in at least three of five years

- stock compensation exceeds 15% of operating cash flow

- Sloan accruals: -5.1%

- Receivables to sales index (DSRI): 1.18×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 25.8%

- Earnings backed by cash: Yes

- Accounting red flags: 2

- Goodwill and intangibles / equity: 1.98×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.8%

- FY2017: 5.5%

- FY2018: -42.9%

- FY2019: -6.0%

- FY2020: -15.0%

- FY2021: -1.8%

- FY2022: 3.5%

- FY2023: -10.8%

- FY2024: -6.5%

- FY2025: -5.1%

## Holders

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

## Price story

Down 76% since Feb 2022 · "Newell Brands tells investors tariffs expected to hit bottom line for $127 million" (finance.yahoo.com, Aug 2026) · sales +0.6%

Story as of 2026-10-16T09:59:17.892Z; price observation 2026-10-15.

- 2025-04-30: Newell Brands Issues Downbeat Second-Quarter Earnings Guidance; Shares Tumble Intraday ([finance.yahoo.com](https://finance.yahoo.com/news/newell-brands-issues-downbeat-second-171837840.html))

- 2025-08-01: Newell Brands cuts FY25 outlook to incorporate tariff hit ([seekingalpha.com](https://seekingalpha.com/news/4476719-newell-brands-cuts-fy25-outlook-to-incorporate-tariff-hit?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

- 2025-10-31: Newell Stock Plunges After Sharpie Maker Cuts Outlook and Says Tariffs Hurt Demand ([finance.yahoo.com](https://finance.yahoo.com/m/88c3274a-63aa-375e-a589-a62cec12a92a/newell-stock-plunges-after.html))

- 2026-02-06: Newell Brands Gives Soft Outlook Amid Incremental Tariff Headwinds ([finance.yahoo.com](https://finance.yahoo.com/news/newell-brands-gives-soft-outlook-160456010.html))

- 2026-05-20: Newell Brands Faces Lingering Cost Inflation Risks Amid Weak Demand Outlook, Morgan Stanley Says ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/newell-brands-faces-lingering-cost-145642401.html))

- 2026-08-03: Newell Brands Returns to Growth in Q2 as Tariff Refunds Lift Outlook, RBC Says ([finance.yahoo.com](https://finance.yahoo.com/economy/policy/articles/newell-brands-returns-growth-q2-161457018.html))

### Sales · FY2025–2026

sales +0.6%; source https://www.sec.gov/Archives/edgar/data/814453/000081445326000008/nwl-20251231.htm; observed 2026-02-13.

- FY2017: $15B 

- FY2018: $8.6B 

- FY2019: $9.7B 

- FY2020: $9.4B 

- FY2021: $11B 

- FY2022: $9.5B 

- FY2023: $8.1B 

- FY2024: $7.6B 

- FY2025: $7.2B 

- FY2026: $7.2B 

### Gross margin · FY2026

gross margin 35.5%; source https://www.sec.gov/Archives/edgar/data/814453/000081445326000008/nwl-20251231.htm; observed 2026-02-13.

- FY2017: 34.5% 

- FY2018: 34.9% 

- FY2019: 33.3% 

- FY2020: 32.8% 

- FY2021: 31.8% 

- FY2022: 30.0% 

- FY2023: 28.9% 

- FY2024: 33.6% 

- FY2025: 33.8% 

- FY2026: 35.5% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are USD 7.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/814453/000081445326000008/nwl-20251231.htm (filed 2026-02-13); FY2025: revenue 7204000000; grossProfit 2432000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); NWL.US: Newell Brands Inc. engages in the design, manufacture, sourcing, and distribution of consumer and commercial products worldwide. The company operates in three segments: Home and Commercial Solutions, Learning and Development, and Outdoor and Recreation. The Commercial Solutions segment provides commercial cleaning and maintenance solution products under the Rubbermaid, Rubbermaid Commercial Products, Mapa, and Spontex brands; closet and garage organization products; hygiene systems and material handling solutions; household products, such as kitchen appliances under the Crockpot, Mr. Coffee, Oster, and Sunbeam brands; small appliances under the Breville brand name in Europe; food and home storage products under the FoodSaver, Rubbermaid, Ball, and Sistema brands; fresh preserving products; vacuum sealing products; and gourmet cookware, bakeware, and cutlery under the Calphalon brand; and home fragrance products under the Chesapeake Bay, WoodWick, and Yankee Candle brands. The Learning and Development segment offers writing instruments, including markers and highlighters, pens, and pencils; art products; activity-based products; labeling solutions; and baby gear and infant care products under the Dymo, Elmer's, EXPO, Graco, NUK, Paper Mate, Parker, and Sharpie brands. The Outdoor and Recreation segment provides outdoor and outdoor-related products, inlcuding technical apparel and on-the-go beverageware under the Bubba, Campingaz, Coleman, Contigo, and Marmot brands. It serves large mass merchandisers, discount stores, home centers, warehouse clubs, office superstores, direct-to-consumer channels, specialty retailers and wholesalers, commercial distributors and e-commerce retailers, grocery stores, and sporting goods, as well as direct to consumers online, select contract customers, and other professional customers. The company was founded in 1903 and is headquartered in Atlanta, Georgia.

### Why customers stay

Margins ranged from 28.9% to 33.8% during 2023–25; it earns 3.2% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2023: grossProfit / revenue = 28.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2024: grossProfit / revenue = 33.6%.

- Source: https://www.sec.gov/Archives/edgar/data/814453/000081445326000008/nwl-20251231.htm (filed 2026-02-13); FY2025: grossProfit / revenue = 33.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); 10-year return on capital observations [[2017,0.07469453670130108],[2018,-0.7864637511603952],[2019,-0.052073190744488816],[2020,-0.09027757750540735],[2021,0.14488999061792895],[2022,0.052489905787348586],[2023,-0.012960818374831113],[2024,0.01141224665804226],[2025,0.08200882489549466],[2026,0.09938382541720155]]; median 0.031951076222695426. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2016: growth capex 4200000; upkeep 437200000; cash acquisitions 8635200000; owner earnings 527800000. Growth capex plus acquisitions / owner earnings = 16.368700265251988.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2017: growth capex 0; upkeep 406200000; cash acquisitions 634300000; owner earnings 2978200000. Growth capex plus acquisitions / owner earnings = 0.21298099523201933.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2019: growth capex 0; upkeep 264900000; cash acquisitions 0; owner earnings 288100000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2021: growth capex 0; upkeep 289000000; owner earnings 658000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); FY2022: growth capex 0; upkeep 312000000; owner earnings 181000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Dividend observations: [[2016,328600000],[2017,428600000],[2018,434600000],[2019,390300000],[2020,392000000],[2021,394000000],[2022,385000000],[2023,184000000],[2024,118000000],[2025,120000000]]. Zero only counted when supported by a complete cash-flow statement.

### 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); NWL.US SharesStats.PercentInsiders = 1.376 percentage points; cache date 2026-10-15.

### What the price says

The price is 0.3 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-13); Closing price 5.77 USD; reporting-to-trading FX 1; FY2025 annual sales per share 17.22620755619321; price multiple 0.3349547473625763. FY2025 cash earnings/share -0.5284552845528455. Closing-price date 2026-10-15.

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

- 2016-10: $48.02 per share

- 2016-11: $47.01 per share

- 2016-12: $44.65 per share

- 2017-01: $47.33 per share

- 2017-02: $49.03 per share

- 2017-03: $47.17 per share

- 2017-04: $47.74 per share

- 2017-05: $52.95 per share

- 2017-06: $53.62 per share

- 2017-07: $52.72 per share

- 2017-08: $48.28 per share

- 2017-09: $42.67 per share

- 2017-10: $40.78 per share

- 2017-11: $30.97 per share

- 2017-12: $30.90 per share

- 2018-01: $26.44 per share

- 2018-02: $25.69 per share

- 2018-03: $25.48 per share

- 2018-04: $27.63 per share

- 2018-05: $23.58 per share

- 2018-06: $25.79 per share

- 2018-07: $26.19 per share

- 2018-08: $21.72 per share

- 2018-09: $20.30 per share

- 2018-10: $15.88 per share

- 2018-11: $23.40 per share

- 2018-12: $18.59 per share

- 2019-01: $21.21 per share

- 2019-02: $16.23 per share

- 2019-03: $15.34 per share

- 2019-04: $14.38 per share

- 2019-05: $13.42 per share

- 2019-06: $15.42 per share

- 2019-07: $14.19 per share

- 2019-08: $16.60 per share

- 2019-09: $18.72 per share

- 2019-10: $18.97 per share

- 2019-11: $19.22 per share

- 2019-12: $19.22 per share

- 2020-01: $19.53 per share

- 2020-02: $15.43 per share

- 2020-03: $13.28 per share

- 2020-04: $13.88 per share

- 2020-05: $13.15 per share

- 2020-06: $15.88 per share

- 2020-07: $16.40 per share

- 2020-08: $15.98 per share

- 2020-09: $17.16 per share

- 2020-10: $17.66 per share

- 2020-11: $21.26 per share

- 2020-12: $21.23 per share

- 2021-01: $24.02 per share

- 2021-02: $23.17 per share

- 2021-03: $26.78 per share

- 2021-04: $26.96 per share

- 2021-05: $28.69 per share

- 2021-06: $27.47 per share

- 2021-07: $24.75 per share

- 2021-08: $25.41 per share

- 2021-09: $22.14 per share

- 2021-10: $22.89 per share

- 2021-11: $21.47 per share

- 2021-12: $21.84 per share

- 2022-01: $23.21 per share

- 2022-02: $23.75 per share

- 2022-03: $21.41 per share

- 2022-04: $23.15 per share

- 2022-05: $21.44 per share

- 2022-06: $19.04 per share

- 2022-07: $20.21 per share

- 2022-08: $17.85 per share

- 2022-09: $13.89 per share

- 2022-10: $13.81 per share

- 2022-11: $12.97 per share

- 2022-12: $13.08 per share

- 2023-01: $15.96 per share

- 2023-02: $14.69 per share

- 2023-03: $12.44 per share

- 2023-04: $12.15 per share

- 2023-05: $8.31 per share

- 2023-06: $8.70 per share

- 2023-07: $11.16 per share

- 2023-08: $10.58 per share

- 2023-09: $9.03 per share

- 2023-10: $6.72 per share

- 2023-11: $7.63 per share

- 2023-12: $8.68 per share

- 2024-01: $8.32 per share

- 2024-02: $7.50 per share

- 2024-03: $8.03 per share

- 2024-04: $7.94 per share

- 2024-05: $7.72 per share

- 2024-06: $6.41 per share

- 2024-07: $8.59 per share

- 2024-08: $7.09 per share

- 2024-09: $7.68 per share

- 2024-10: $8.80 per share

- 2024-11: $9.59 per share

- 2024-12: $9.96 per share

- 2025-01: $9.96 per share

- 2025-02: $6.42 per share

- 2025-03: $6.20 per share

- 2025-04: $4.78 per share

- 2025-05: $5.30 per share

- 2025-06: $5.40 per share

- 2025-07: $5.61 per share

- 2025-08: $5.92 per share

- 2025-09: $5.24 per share

- 2025-10: $3.40 per share

- 2025-11: $3.65 per share

- 2025-12: $3.72 per share

- 2026-01: $4.25 per share

- 2026-02: $4.55 per share

- 2026-03: $3.43 per share

- 2026-04: $4.08 per share

- 2026-05: $3.40 per share

- 2026-06: $6.14 per share

- 2026-07: $5.60 per share

- 2026-08: $6.25 per share

- 2026-09: $5.28 per share

- 2026-10: $5.77 per share

## Annual estimated value (USD per share)

- FY2016: low $23.31 per share, central $26.42 per share, high $30.56 per share

- FY2017: low $23.01 per share, central $27.36 per share, high $31.79 per share

- FY2018: low $11.74 per share, central $13.26 per share, high $15.29 per share

- FY2019: low $10.33 per share, central $11.71 per share, high $13.54 per share

- FY2020: low $9.04 per share, central $10.03 per share, high $11.35 per share

- FY2021: low $8.87 per share, central $10.41 per share, high $12.03 per share

- FY2022: low $4.97 per share, central $5.63 per share, high $6.50 per share

- FY2023: low $4.52 per share, central $5.08 per share, high $5.84 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/814453/000081445326000008/nwl-20251231.htm); period 2025-12-31, filed 2026-02-13.

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.