# Spectrum Brands Holdings (SPB.US)

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

Analysis as of: 2026-10-16T07:32:03.097Z. Financial observations: FY1996–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: $78.91 per share; close as of 2026-10-15.

Estimated value: low $92.88 per share, central $104.48 per share, high $119.92 per share. Buy at or below the central value $104.48 per share. Valuation as of 2026-10-16T07:32:03.097Z; scenarios are not confidence intervals.

Expected annual return: 12.7% at the stated quote. About 12.7% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 2.14×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.10×

- FY2018: 0.06×

- FY2019: -0.06×

- FY2020: 0.00×

- FY2021: 0.03×

- FY2022: 0.01×

- FY2023: -0.07×

- FY2024: 0.06×

- FY2025: 0.04×

- 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: 3.4%

- ROIC, second-lowest year: -4.3%

- Typical minus recent gross margin: -3.4 pp

- Typical gross margin (annual median): 34.0%

- Recent gross margin (lower of latest and 3-year median): 37.4%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.0%

- ROIC including acquisitions, ten-year median: 6.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 4.7%

- FY2018: 4.2%

- FY2019: -4.3%

- FY2020: 0.2%

- FY2021: 2.6%

- FY2022: 0.6%

- FY2023: -11.1%

- FY2024: 7.1%

- FY2025: 7.9%

- LTM to Jun 2026: 16.2%

### economics: fail

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $2.5B

- Net income, five-year total: $2.3B

- Return on incremental invested capital: 0.0%

- Working capital / revenue, annual change: -1.9 pp

- Working capital / revenue, change between three-year averages: -9.1 pp

- Working capital / revenue, final three-year average: 24.6%

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

- FY2022: 1.49×

- FY2023: 1.02×

- FY2024: 1.46×

- FY2025: 1.60×

- LTM to Jun 2026: 1.73×

### management: pass

- 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: 4.7% vs 7.1%

- Per-share earnings: -6.21 to 4.09 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.1%

- Ordinary dilution, 5-year annual growth: -10.3%

- Market cap gain: -$1.7B

- Cumulative retained earnings: $3.1B

- Diluted shares, 10-year annual growth: -2.1%

- Diluted shares, 5-year annual growth: -10.3%

- $1 test, starting fiscal year: FY2017

- $1 test, ending fiscal year: FY2025

- Per-share value change: $10.30

- Per-share value, starting three-year median: -$6.21

- Per-share value, ending three-year median: $4.09

- Buybacks concentrated in cheaper years (correlation): 0.15

- Average buyback yield: 12.1%

- Buyback history: 9 years

- Debt-funded buybacks: Yes

- Acquisition spending: $1.0B

- Cumulative net income, 10 years: $3.6B

- ROIC, first three-year median: 4.7%

- ROIC, last three-year median: 7.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: -$6.21

- FY2017: $3.29

- FY2018: $20.76

- FY2019: $9.75

- FY2020: $2.19

- FY2021: $4.39

- FY2022: $1.75

- FY2023: $45.61

- FY2024: $4.09

- FY2025: $3.86

### accounting: pass

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

- Sloan accruals: -3.1%

- Receivables to sales index (DSRI): 0.86×

- Restructuring years, last five: 5

- Stock compensation / operating cash flow: 10.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.04×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.94×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -3.1%

- FY2017: -2.0%

- FY2018: 5.4%

- FY2019: 9.4%

- FY2020: -3.8%

- FY2021: -1.9%

- FY2022: 2.2%

- FY2023: 42.1%

- FY2024: -1.0%

- FY2025: -3.1%

## Holders

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

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

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

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

## Price story

Down 22% since Dec 2021 · "SPB Q1 Earnings Call: Tariffs and Consumer Weakness Weigh on Results, Strategy Shifts Underway" (finance.yahoo.com, Jun 2025) · sales +2.3%

Story as of 2026-10-16T09:59:36.937Z; price observation 2026-10-15.

Price needs cash profits to shrink 3% a year for ten years

- 2025-05-09: Spectrum Brands Misses on Q2 Earnings, Suspends View on Tariffs Woes ([finance.yahoo.com](https://finance.yahoo.com/news/spectrum-brands-misses-q2-earnings-153900491.html))

- 2025-06-05: SPB Q1 Earnings Call: Tariffs and Consumer Weakness Weigh on Results, Strategy Shifts Underway ([finance.yahoo.com](https://finance.yahoo.com/news/spb-q1-earnings-call-tariffs-121029560.html))

- 2025-08-12: SPB Q2 Deep Dive: Tariffs and Supply Disruptions Weigh, Signs of Normalization Emerge ([finance.yahoo.com](https://finance.yahoo.com/news/spb-q2-deep-dive-tariffs-072221874.html))

- 2025-09-03: Spectrum Brands terminates CFO to cut costs ([finance.yahoo.com](https://finance.yahoo.com/news/spectrum-brands-terminates-cfo-cut-142726762.html))

- 2025-11-13: Spectrum Brands reports mixed Q4 results; initiates FY26 outlook ([seekingalpha.com](https://seekingalpha.com/news/4521274-spectrum-brands-reports-mixed-q4-results-initiates-fy26-outlook?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news))

### Sales · FY2025–2026

sales +2.3%; source https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm; observed 2025-11-18.

- FY2017: $3.0B 

- FY2018: $3.8B 

- FY2019: $2.4B 

- FY2020: $2.6B 

- FY2021: $3.0B 

- FY2022: $3.1B 

- FY2023: $2.9B 

- FY2024: $3.0B 

- FY2025: $2.8B 

- FY2026: $2.9B 

### Gross margin · FY2026

gross margin 39.8%; source https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm; observed 2025-11-18.

- FY2017: 21.3% 

- FY2018: 35.0% 

- FY2019: 33.5% 

- FY2020: 33.5% 

- FY2021: 34.6% 

- FY2022: 31.6% 

- FY2023: 31.7% 

- FY2024: 37.4% 

- FY2025: 36.7% 

- FY2026: 39.8% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are USD 2.8 billion.

- Source: https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm (filed 2025-11-18); FY2025: revenue 2809000000; grossProfit 1031900000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SPB.US: 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. 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.

### Why customers stay

Margins ranged from 31.7% to 37.4% during 2023–25; it earns 3.4% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: grossProfit / revenue = 31.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: grossProfit / revenue = 37.4%.

- Source: https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm (filed 2025-11-18); FY2025: grossProfit / revenue = 36.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); 10-year return on capital observations [[2017,0.04748688034456083],[2018,0.041652282294287794],[2019,-0.0427072469937214],[2020,0.0024998160276694385],[2021,0.025780205007561754],[2022,0.005589168089777994],[2023,-0.1114936847885777],[2024,0.07131648337513666],[2025,0.07937718462027328],[2026,0.1619971506939847]]; median 0.03371624365092477. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 326.4 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2017: growth capex 0; upkeep 77800000; cash acquisitions 289400000; owner earnings 160400000. Growth capex plus acquisitions / owner earnings = 1.8042394014962593.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2018: growth capex 0; upkeep 75900000; cash acquisitions 0; owner earnings 817000000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2019: growth capex 0; upkeep 58400000; cash acquisitions 0; owner earnings 583400000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2020: growth capex 0; upkeep 61000000; cash acquisitions 16900000; owner earnings 151400000. Growth capex plus acquisitions / owner earnings = 0.11162483487450463.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2021: growth capex 0; upkeep 43600000; cash acquisitions 429900000; owner earnings 263000000. Growth capex plus acquisitions / owner earnings = 1.6346007604562738.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2022: growth capex 0; upkeep 64000000; cash acquisitions 272100000; owner earnings 106900000. Growth capex plus acquisitions / owner earnings = 2.5453695042095417.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2023: growth capex 0; upkeep 59000000; cash acquisitions 0; owner earnings 1833700000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); FY2024: growth capex 0; upkeep 44000000; cash acquisitions 0; owner earnings 182600000. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm (filed 2025-11-18); FY2025: growth capex 0; upkeep 38300000; owner earnings 159600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2025-11-18); Dividend observations: [[2016,37300000],[2017,22400000],[2018,22400000],[2019,85500000],[2020,75200000],[2021,71500000],[2022,68600000],[2023,66500000],[2024,50600000],[2025,48200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-20250930.htm (filed 2025-11-18); FY2025: cash repurchases 326400000 USD.

### Are managers owners

Insiders own 4.5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-15); SPB.US SharesStats.PercentInsiders = 4.492 percentage points; cache date 2026-10-15.

### What the price says

The price assumes cash profits shrink 3% 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 -0.05508793615256219. Price 78.91; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -14.84158200048824 → FY2025 6.162162162162162. Closing-price date 2026-10-15.

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

- 2016-11: $96.05 per share

- 2016-12: $96.05 per share

- 2017-01: $103.89 per share

- 2017-02: $113.46 per share

- 2017-03: $119.26 per share

- 2017-04: $123.52 per share

- 2017-05: $117.10 per share

- 2017-06: $109.32 per share

- 2017-07: $102.28 per share

- 2017-08: $97.47 per share

- 2017-09: $96.36 per share

- 2017-10: $100.12 per share

- 2017-11: $107.10 per share

- 2017-12: $104.63 per share

- 2018-01: $112.65 per share

- 2018-02: $97.47 per share

- 2018-03: $101.79 per share

- 2018-04: $69.38 per share

- 2018-05: $78.27 per share

- 2018-06: $80.80 per share

- 2018-07: $87.37 per share

- 2018-08: $86.85 per share

- 2018-09: $74.72 per share

- 2018-10: $64.95 per share

- 2018-11: $49.38 per share

- 2018-12: $42.25 per share

- 2019-01: $55.88 per share

- 2019-02: $54.17 per share

- 2019-03: $54.78 per share

- 2019-04: $61.57 per share

- 2019-05: $52.67 per share

- 2019-06: $53.77 per share

- 2019-07: $50.11 per share

- 2019-08: $55.87 per share

- 2019-09: $52.72 per share

- 2019-10: $50.21 per share

- 2019-11: $62.52 per share

- 2019-12: $64.29 per share

- 2020-01: $61.41 per share

- 2020-02: $53.89 per share

- 2020-03: $36.37 per share

- 2020-04: $43.06 per share

- 2020-05: $47.32 per share

- 2020-06: $45.90 per share

- 2020-07: $54.16 per share

- 2020-08: $59.60 per share

- 2020-09: $57.16 per share

- 2020-10: $56.87 per share

- 2020-11: $66.83 per share

- 2020-12: $78.98 per share

- 2021-01: $75.57 per share

- 2021-02: $77.55 per share

- 2021-03: $85.00 per share

- 2021-04: $88.14 per share

- 2021-05: $88.89 per share

- 2021-06: $85.04 per share

- 2021-07: $87.35 per share

- 2021-08: $78.06 per share

- 2021-09: $95.67 per share

- 2021-10: $93.75 per share

- 2021-11: $100.10 per share

- 2021-12: $101.72 per share

- 2022-01: $89.38 per share

- 2022-02: $92.78 per share

- 2022-03: $88.72 per share

- 2022-04: $85.07 per share

- 2022-05: $87.74 per share

- 2022-06: $82.02 per share

- 2022-07: $69.54 per share

- 2022-08: $62.99 per share

- 2022-09: $39.03 per share

- 2022-10: $46.14 per share

- 2022-11: $53.27 per share

- 2022-12: $60.92 per share

- 2023-01: $67.88 per share

- 2023-02: $64.02 per share

- 2023-03: $66.22 per share

- 2023-04: $66.50 per share

- 2023-05: $72.21 per share

- 2023-06: $78.05 per share

- 2023-07: $78.41 per share

- 2023-08: $83.17 per share

- 2023-09: $78.35 per share

- 2023-10: $75.32 per share

- 2023-11: $69.33 per share

- 2023-12: $79.77 per share

- 2024-01: $78.62 per share

- 2024-02: $80.42 per share

- 2024-03: $89.01 per share

- 2024-04: $81.87 per share

- 2024-05: $89.74 per share

- 2024-06: $85.93 per share

- 2024-07: $84.61 per share

- 2024-08: $94.32 per share

- 2024-09: $95.14 per share

- 2024-10: $89.62 per share

- 2024-11: $91.95 per share

- 2024-12: $84.49 per share

- 2025-01: $84.56 per share

- 2025-02: $77.44 per share

- 2025-03: $71.55 per share

- 2025-04: $63.10 per share

- 2025-05: $57.77 per share

- 2025-06: $53.00 per share

- 2025-07: $53.51 per share

- 2025-08: $56.99 per share

- 2025-09: $52.53 per share

- 2025-10: $53.88 per share

- 2025-11: $59.35 per share

- 2025-12: $59.08 per share

- 2026-01: $63.71 per share

- 2026-02: $78.38 per share

- 2026-03: $73.70 per share

- 2026-04: $82.60 per share

- 2026-05: $78.69 per share

- 2026-06: $85.75 per share

- 2026-07: $88.77 per share

- 2026-08: $86.31 per share

- 2026-09: $79.51 per share

- 2026-10: $78.91 per share

## Annual estimated value (USD per share)

- FY2016: low $21.00 per share, central $23.24 per share, high $26.21 per share

- FY2017: low $18.50 per share, central $20.70 per share, high $23.63 per share

- FY2018: low $30.45 per share, central $32.87 per share, high $36.10 per share

- FY2019: low $39.50 per share, central $43.38 per share, high $48.54 per share

- FY2020: low $47.74 per share, central $52.84 per share, high $59.64 per share

- FY2021: low $69.50 per share, central $78.68 per share, high $90.89 per share

- FY2022: low $77.86 per share, central $87.99 per share, high $101.47 per share

- FY2023: low $116.39 per share, central $126.16 per share, high $139.16 per share

- FY2024: low $75.59 per share, central $84.61 per share, high $96.62 per share

- FY2025: low $75.64 per share, central $85.71 per share, high $99.11 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

Prior published observations retained from 2026-10-15T06:37:48.243Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/109177/000010917725000043/spb-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.