Spectrum Brands (SPB)
Market Price (2/16/2026): $75.97 | Market Cap: $1.8 BilSector: Consumer Staples | Industry: Household Products
Spectrum Brands (SPB)
Market Price (2/16/2026): $75.97Market Cap: $1.8 BilSector: Consumer StaplesIndustry: Household Products
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 17% | Trading close to highsDist 52W High is -2.1% | Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3%, Rev Chg QQuarterly Revenue Change % is -3.3% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% | Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -41% | Key risksSPB key risks include [1] execution challenges from its costly global supply chain reconfiguration to mitigate tariff impacts, Show more. |
| Low stock price volatilityVol 12M is 38% | Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% | |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Circular Economy & Recycling. Themes include Organic & Natural Products, Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 17% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 12%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11% |
| Low stock price volatilityVol 12M is 38% |
| Megatrend and thematic driversMegatrends include Health & Wellness Trends, E-commerce & DTC Adoption, and Circular Economy & Recycling. Themes include Organic & Natural Products, Show more. |
| Trading close to highsDist 52W High is -2.1% |
| Weak multi-year price returns2Y Excs Rtn is -43%, 3Y Excs Rtn is -41% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 13% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -6.3%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -3.3%, Rev Chg QQuarterly Revenue Change % is -3.3% |
| Key risksSPB key risks include [1] execution challenges from its costly global supply chain reconfiguration to mitigate tariff impacts, Show more. |
Qualitative Assessment
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Spectrum Brands (SPB) stock has gained about 40% since 10/31/2025 because of the following key factors:
1. Strong Fiscal Q4 2025 Earnings Beat and Positive Cash Flow. Spectrum Brands reported adjusted earnings per share (EPS) of $2.61 for fiscal Q4 2025 (ended September 30, 2025), significantly exceeding analyst expectations of $0.90. While net sales saw a 5.2% decrease to $733.5 million, the company delivered strong operating cash flow from continuing operations of $170.7 million, surpassing its previous $160 million framework. This robust earnings beat and healthy cash generation contributed to a 16.19% surge in shares on November 13, 2025, the day the results were announced.
2. Better-than-Expected Fiscal Q1 2026 Results and Global Pet Care Growth. The company continued its positive momentum by reporting adjusted EPS of $1.40 for fiscal Q1 2026 (ended December 28, 2025), substantially beating the analyst consensus of $0.77. Revenue of $677 million also surpassed estimates. A key highlight was the return to growth in the Global Pet Care business, which is the most profitable and largest Adjusted EBITDA contributing segment. Additionally, operating cash flow from continuing operations significantly improved to $67.7 million, compared to a negative $71.9 million in the prior year, driven by working capital improvements and a favorable tax benefit.
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1. Strong Fiscal Q4 2025 Earnings Beat and Positive Cash Flow. Spectrum Brands reported adjusted earnings per share (EPS) of $2.61 for fiscal Q4 2025 (ended September 30, 2025), significantly exceeding analyst expectations of $0.90. While net sales saw a 5.2% decrease to $733.5 million, the company delivered strong operating cash flow from continuing operations of $170.7 million, surpassing its previous $160 million framework. This robust earnings beat and healthy cash generation contributed to a 16.19% surge in shares on November 13, 2025, the day the results were announced.
2. Better-than-Expected Fiscal Q1 2026 Results and Global Pet Care Growth. The company continued its positive momentum by reporting adjusted EPS of $1.40 for fiscal Q1 2026 (ended December 28, 2025), substantially beating the analyst consensus of $0.77. Revenue of $677 million also surpassed estimates. A key highlight was the return to growth in the Global Pet Care business, which is the most profitable and largest Adjusted EBITDA contributing segment. Additionally, operating cash flow from continuing operations significantly improved to $67.7 million, compared to a negative $71.9 million in the prior year, driven by working capital improvements and a favorable tax benefit.
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Stock Movement Drivers
Fundamental Drivers
The 42.5% change in SPB stock from 10/31/2025 to 2/15/2026 was primarily driven by a 47.0% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 53.44 | 76.14 | 42.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,849 | 2,786 | -2.2% |
| Net Income Margin (%) | 2.6% | 3.8% | 47.0% |
| P/E Multiple | 18.3 | 17.0 | -6.9% |
| Shares Outstanding (Mil) | 25 | 23 | 6.4% |
| Cumulative Contribution | 42.5% |
Market Drivers
10/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| SPB | 42.5% | |
| Market (SPY) | -0.0% | -6.5% |
| Sector (XLP) | 17.3% | 19.6% |
Fundamental Drivers
The 44.7% change in SPB stock from 7/31/2025 to 2/15/2026 was primarily driven by a 86.4% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.63 | 76.14 | 44.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,929 | 2,786 | -4.9% |
| Net Income Margin (%) | 2.0% | 3.8% | 86.4% |
| P/E Multiple | 23.2 | 17.0 | -26.9% |
| Shares Outstanding (Mil) | 26 | 23 | 11.5% |
| Cumulative Contribution | 44.7% |
Market Drivers
7/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| SPB | 44.7% | |
| Market (SPY) | 8.2% | 5.5% |
| Sector (XLP) | 13.0% | 25.8% |
Fundamental Drivers
The -7.2% change in SPB stock from 1/31/2025 to 2/15/2026 was primarily driven by a -10.7% change in the company's Net Income Margin (%).| (LTM values as of) | 1312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 82.01 | 76.14 | -7.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,964 | 2,786 | -6.0% |
| Net Income Margin (%) | 4.2% | 3.8% | -10.7% |
| P/E Multiple | 18.5 | 17.0 | -8.2% |
| Shares Outstanding (Mil) | 28 | 23 | 20.5% |
| Cumulative Contribution | -7.2% |
Market Drivers
1/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| SPB | -7.2% | |
| Market (SPY) | 14.3% | 41.6% |
| Sector (XLP) | 15.5% | 36.9% |
Fundamental Drivers
The 20.7% change in SPB stock from 1/31/2023 to 2/15/2026 was primarily driven by a 73.5% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 1312023 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 63.07 | 76.14 | 20.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 3,132 | 2,786 | -11.1% |
| Net Income Margin (%) | 2.3% | 3.8% | 64.6% |
| P/E Multiple | 35.8 | 17.0 | -52.5% |
| Shares Outstanding (Mil) | 41 | 23 | 73.5% |
| Cumulative Contribution | 20.7% |
Market Drivers
1/31/2023 to 2/15/2026| Return | Correlation | |
|---|---|---|
| SPB | 20.7% | |
| Market (SPY) | 74.0% | 40.3% |
| Sector (XLP) | 30.6% | 34.1% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPB Return | 31% | -39% | 34% | 8% | -28% | 28% | 8% |
| Peers Return | 8% | -34% | 11% | 10% | -29% | 17% | -27% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| SPB Win Rate | 67% | 42% | 67% | 50% | 42% | 100% | |
| Peers Win Rate | 48% | 33% | 45% | 50% | 35% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SPB Max Drawdown | -4% | -61% | -5% | -5% | -39% | 0% | |
| Peers Max Drawdown | -11% | -42% | -14% | -16% | -38% | -1% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CENT, SMG, NWL, ENR, CHD. See SPB Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/13/2026 (YTD)
How Low Can It Go
| Event | SPB | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -63.3% | -25.4% |
| % Gain to Breakeven | 172.5% | 34.1% |
| Time to Breakeven | Not Fully Recovered days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -62.1% | -33.9% |
| % Gain to Breakeven | 163.9% | 51.3% |
| Time to Breakeven | 240 days | 148 days |
| 2018 Correction | ||
| % Loss | -66.5% | -19.8% |
| % Gain to Breakeven | 198.6% | 24.7% |
| Time to Breakeven | Not Fully Recovered days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -24.2% | -56.8% |
| % Gain to Breakeven | 31.9% | 131.3% |
| Time to Breakeven | 96 days | 1,480 days |
Compare to CENT, SMG, NWL, ENR, CHD
In The Past
Spectrum Brands's stock fell -63.3% during the 2022 Inflation Shock from a high on 11/22/2021. A -63.3% loss requires a 172.5% gain to breakeven.
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About Spectrum Brands (SPB)
Spectrum Brands Holdings, Inc. operates as a branded consumer products company worldwide. It operates through three segments: Home and Personal Care; Global Pet Care; and Home and Garden. The Home and Personal Care segment provides home appliances under the Black & Decker, Russell Hobbs, George Foreman, Toastmaster, Juiceman, Farberware, and Breadman brands; and personal care products under the Remington and LumaBella brands. The Global Pet Care segment provides rawhide chewing, dog and cat clean-up and food, training, health and grooming, small animal food and care, and rawhide-free products under the 8IN1 (8-in-1), Dingo, Nature's Miracle, Wild Harvest, Littermaid, Jungle, Excel, FURminator, IAMS, Eukanuba, Healthy-Hide, DreamBone, SmartBones, ProSense, Perfect Coat, eCOTRITION, Birdola, Good Boy, Meowee!, Wildbird, and Wafcol brands. This segment also offers aquarium kits, stand-alone tanks, and aquatics equipment and consumables under the Tetra, Marineland, Whisper, Instant Ocean, GloFish, OmegaOne, and OmegaSea brands. The Home and Garden 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, Black Flag, Real-Kill, Ultra Kill, The Ant Trap, and Rid-A-Bug brand names; household surface cleaning, maintenance, and restoration products, including bottled liquids, mops, wipes, and markers under the Rejuvenate brand name; and personal-use pesticides and insect repellent products under the Cutter and Repel brands. The company sells its products through retailers, e-commerce and online retailers, wholesalers, and distributors. Spectrum Brands Holdings, Inc. was incorporated in 2009 and is headquartered in Middleton, Wisconsin.
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1. Newell Brands for home, garden, and pet products.
2. A focused Procter & Gamble for hardware, garden, and pet supplies.
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- Global Pet Care Products: Offers a wide range of pet supplies including aquatics, dog and cat products (food, treats, toys, litter solutions), and small animal care items under brands like Tetra, Dingo, FURminator, and Nature's Miracle.
- Home & Garden Products: Provides various lawn, garden, and household pest control solutions, including insecticides, repellents, herbicides, and cleaning products under brands such as Spectracide, Cutter, Hot Shot, and Rejuvenate.
- Automotive & Heavy Duty Aftermarket Products: Manufactures and distributes professional maintenance and appearance products for automotive, heavy duty, and marine applications through The Penray Companies.
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Spectrum Brands (SPB) - Major Customers
Spectrum Brands Holdings, Inc. primarily sells its consumer products (Home & Garden, Global Pet Care) to other companies, specifically large retailers, which then sell to individual consumers. Therefore, its major customers are these retail companies. According to Spectrum Brands' most recent annual report (10-K filing), one customer accounted for approximately 20% of its consolidated net sales for fiscal 2023 and 2022. While this customer is not explicitly named in the filing, it is widely understood and common for mass consumer goods companies that such a significant customer is typically a major mass merchandiser. The major customers for Spectrum Brands, based on their distribution channels for Home & Garden and Global Pet Care products, include:- Walmart Inc. (WMT) - Likely the largest customer mentioned in their 10-K due to its extensive retail presence and product breadth.
- The Home Depot, Inc. (HD) - A major retailer for home and garden products.
- Lowe's Companies, Inc. (LOW) - Another significant retailer for home and garden products.
- Amazon.com, Inc. (AMZN) - A dominant online retailer for a wide range of consumer goods, including pet care and home products.
- Target Corporation (TGT) - A major general merchandise retailer.
- Pet specialty retailers and distributors: Including companies like Chewy, Inc. (CHWY) and other pet retail chains.
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The following are key members of the management team at Spectrum Brands:David M. Maura, Executive Chairman and Chief Executive Officer
David M. Maura was appointed Executive Chairman and CEO of Spectrum Brands in July 2018, having previously served as Executive Chairman and CEO of SPB Legacy. His background includes significant involvement with investment and acquisition entities. He served as a Managing Director and Executive Vice President of Investments at HRG Group (a publicly-listed acquisition company) from October 2011 until November 2016 and was a member of its board of directors. Prior to HRG Group, Mr. Maura was a Vice President and Director of Investments at Harbinger Capital Partners LLC, an investment firm, from 2006 to 2012. He also held the roles of Chairman, President, and Chief Executive Officer of Mosaic Acquisition Corp., a special purpose acquisition company (SPAC), from October 2017 to January 2020. Mosaic Acquisition Corp. completed a merger with Vivint Smart Home, Inc., resulting in Vivint becoming a publicly traded company. Mr. Maura then joined Vivint Smart Home, Inc.'s board of directors. His earlier career included roles as a Managing Director and Senior Research Analyst at First Albany Capital, Inc., focusing on distressed debt and special situations, and as a Director and Senior High Yield Research Analyst at Merrill Lynch & Co.
Faisal Qadir, Executive Vice President and Chief Financial Officer
Faisal Qadir was appointed Executive Vice President and Chief Financial Officer of Spectrum Brands on September 3, 2025. He has been with the company since 2012, serving in various senior finance leadership capacities, including Vice President of Strategic Finance and Enterprise Reporting, Vice President of Investor Relations, and CFO for the Global Pet Care and Home and Personal Care businesses. Before joining Spectrum Brands, Mr. Qadir held several finance leadership positions of increasing responsibility at The Black & Decker Corporation and Stanley Black & Decker from 2003 to 2012, encompassing areas such as FP&A, Operations Finance, and Controllership.
Ehsan Zargar, Executive Vice President, General Counsel and Corporate Secretary
Ehsan Zargar was appointed Executive Vice President, General Counsel, and Corporate Secretary of Spectrum Brands on October 1, 2018. In this role, he is responsible for the company's legal, environmental, social and governance, health and safety, insurance, and real estate functions. He also plays a key role in negotiating and implementing the company’s mergers and acquisitions, capital markets, and other strategic activities. Prior to Spectrum Brands, Mr. Zargar held several increasingly senior positions with HRG Group, a publicly-listed acquisition company, from June 2011 until July 2018. These roles included Executive Vice President and Chief Operating Officer, General Counsel, and Corporate Secretary. He also previously practiced law at major law firms, including Paul, Weiss, Rifkind, Wharton & Garrison LLP.
John Pailthorp, President, Global Pet Care
John Pailthorp was appointed President of Spectrum Brands' Global Pet Care (GPC) Division in October 2019. He initially joined Spectrum Brands in 2002, beginning his career in Brand Management for lawn & garden products within the Home & Garden division. Over the years, Mr. Pailthorp advanced through various marketing leadership roles, including Division Vice President of Home & Garden Marketing in 2010 and Senior Vice President and General Manager of GPC since December 2018.
Javier Andrade-Marin, President, Home & Garden
Javier Andrade-Marin was appointed President of Spectrum Brands' Home & Garden (H&G) Division in November 2022. Before joining Spectrum Brands, he served as General Manager, Retail Brands US, at Henkel North America from 2020 to 2022, and as Vice President Marketing for Laundry and Home Care at Henkel North America from 2018 to 2020. His earlier career includes various operational and marketing positions across Europe, Latin America, and the United States at companies such as Reckitt Benckiser, Verizon Communications, and The Walt Disney Company.
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The key risks to Spectrum Brands (SPB) are primarily concentrated in its supply chain and international operations, consumer demand and competitive pressures, and historical cash flow and debt management.
- Supply Chain Disruptions, Tariffs, and International Operations: Spectrum Brands faces significant risks related to its global supply chain, particularly due to tariffs on Chinese imports. The company has undertaken costly reconfigurations, shifting manufacturing out of China to countries like Vietnam, Cambodia, Thailand, and Mexico to mitigate tariff impacts. This transition, however, introduces execution risks with new suppliers, potential quality or delivery delays, and ongoing uncertainty due to unpredictable global trade conditions and trade policies. For example, a 10% levy on Chinese imports directly impacts a significant portion of its Home and Personal Care (HPC) products, creating substantial annual cost headwinds.
- Weak Consumer Demand and Intense Competitive Landscape: The business is exposed to risks from sluggish revenue growth and declining sales in key product categories, such as home appliances, personal care, and aquatics within its pet care segment. Consumers' increasing preference for lower-priced products can squeeze margins for Spectrum Brands' mid-tier offerings, intensifying competitive pressures from both established rivals and new entrants in its diverse markets, which include pet care, home and garden, and home and personal care products.
- Cash Flow Issues and Financial Leverage: Historically, Spectrum Brands has encountered challenges with its cash flow dynamics, with past aggressive capital return policies proving unsustainable without asset sales or increased leverage. While more recent reports indicate an improvement in cash flow and a reduction in net debt, maintaining a healthy balance sheet and ensuring consistent free cash flow generation remains a critical financial consideration for the company.
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The accelerating shift towards direct-to-consumer (D2C) sales models and subscription services across consumer goods categories, particularly in pet care and personal grooming, threatens Spectrum Brands' traditional retail-dependent distribution strategy and direct customer relationships.
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Spectrum Brands (SPB) operates in several key consumer product categories, each with substantial addressable markets. The primary segments include Pet Care, Home & Garden, and Home and Personal Care (encompassing small household appliances and personal care products).
Pet Care
- The global pet care market was valued at approximately USD 304.4 billion in 2023 and is projected to grow to about USD 427.75 billion by 2032. Other estimates place the global market at USD 380 billion in 2025, with a projection to reach USD 650 billion by 2030.
- In North America, the pet care market was valued at USD 146.7 billion in 2023 and is projected to reach USD 255.3 billion by 2032. Another report indicated the North American market generated USD 68.67 billion in revenue in 2022 and is expected to reach USD 100.37 billion by 2030. The U.S. alone accounted for over USD 100 billion in pet care expenditures in 2022.
Home & Garden
- The global home & garden product retail market recorded revenues of USD 1.81 trillion in 2023.
- The broader market for retail home improvement and gardening products globally reached USD 1.19 trillion in 2021.
- Specifically for home gardening, the global market size was approximately USD 14.90 billion in 2024, expected to reach USD 15.78 billion in 2025 and around USD 26.47 billion by 2034.
- The global lawn and garden consumables market is valued at USD 24.1 billion in 2025 and is projected to reach USD 36.7 billion by 2035.
- North America holds a significant share of the global home & garden product retail market, accounting for 48.8% in 2023.
- The North America gardening equipment market generated USD 30.86 billion in revenue in 2022 and is expected to reach USD 49.95 billion by 2030.
- The North America gardening tools market size was valued at USD 2.1 billion in 2025 and is projected to reach USD 2.8 billion by 2032.
- The U.S. lawn and garden consumables market is estimated at USD 8.5 billion in 2025.
Home and Personal Care (Small Household Appliances and Personal Care Products)
- The global beauty and personal care products market size was valued at USD 557.88 billion in 2024 and is expected to reach USD 818.42 billion by 2033. Other estimations place the global market at USD 529.5 billion in 2024, expected to reach USD 802.6 billion by 2033.
- North America is a significant region in this market, with one source indicating it will be the second-largest market with USD 120.29 billion in 2025. In 2022, North America accounted for 20.2% of the global beauty and personal care products market.
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Spectrum Brands (symbol: SPB) is expected to drive future revenue growth over the next 2-3 years through several key strategies:
- Increased Brand-Focused Investments and Innovation: The company plans to continue investing in its brands, with a focus on research and development (R&D), marketing, and advertising. These investments are intended to drive long-term profitable top-line growth by enhancing brand equity and introducing new products and innovations across its categories.
- Expansion in E-commerce Channels: Spectrum Brands has shown consistent growth in e-commerce sales across all its segments. This channel is expected to remain a significant driver of revenue, with particular strength noted in its Home & Personal Care (HPC) and Global Pet Care businesses.
- Strategic Acquisitions and Portfolio Expansion in Pet Care: Spectrum Brands aims to at least double the size of its pet asset organically and through acquisitions. The company is actively looking to expand into niche food/treats, health and wellness, and the growing cat segment, believing it can position its portfolio more towards power-branded, faster-turning consumables.
- Operational Improvements and Cost Efficiencies: While primarily impacting profitability, ongoing operational cost reductions, cost improvement initiatives, and favorable cost variances are expected to contribute to a stronger competitive position. These efficiencies can enable more competitive pricing or free up resources for growth-driving investments.
- Segment-Specific Growth (e.g., Home & Garden): Specific business segments, such as Home & Garden, have demonstrated strong sales increases driven by factors like extended seasonal demand and improved retailer inventory health. Continued favorable market conditions or strategic focus in these segments are anticipated to contribute to overall revenue growth.
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Share Repurchases
- Spectrum Brands has significantly reduced its outstanding shares by approximately 40%, from about 41 million to 24.9 million shares, spending $1.3 billion on repurchases since before the sale of its Hardware and Home Improvement (HHI) business in 2023.
- In fiscal year 2024, the company returned $482.7 million to shareholders through share repurchases.
- As of March 2025, the company had approximately $140 million remaining on its current board authorization for share repurchases, with management expressing interest in continuing the program.
Share Issuance
- The number of outstanding shares has consistently decreased over the last few years due to significant share repurchases, declining from 41.3 million in fiscal year 2021 to 24.9 million in November 2025.
- In May 2024, Spectrum Brands offered $300 million in exchangeable senior notes due 2029, which are initially a form of debt but could potentially be exchanged for common stock in the future.
Outbound Investments
- In 2022, Spectrum Brands completed the acquisition of the Tristar Business, an investment that subsequently faced integration challenges impacting operating performance and partner relationships.
- In 2023, the company spun off its Hardware and Home Improvement (HHI) business for $4.3 billion, utilizing the substantial proceeds to deleverage its debt and fund an aggressive share repurchase program.
Capital Expenditures
- Spectrum Brands' capital expenditures were $43.6 million in fiscal year 2021, $64 million in fiscal year 2022, $59 million in fiscal year 2023, and $44 million in fiscal year 2024.
- For the latest twelve months ending June 29, 2025, capital expenditures totaled $38.1 million.
- The company's general investment strategy for fiscal 2025 focuses on investing in brands for long-term growth, innovation to expand core and adjacent categories, and operations to improve cost, quality, and safety, including investments in e-commerce capabilities.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Spectrum Brands Earnings Notes | 12/16/2025 | |
| How Low Can Spectrum Brands Stock Really Go? | 10/17/2025 | |
| SPB Dip Buy Analysis | 07/10/2025 | |
| Spectrum Brands Total Shareholder Return (TSR): -40.4% in 2025 and 16.0% 3-yr compounded annual returns (above peer average) | 03/07/2025 | |
| Spectrum Brands (SPB) Operating Cash Flow Comparison | 02/17/2025 | |
| Spectrum Brands (SPB) Net Income Comparison | 02/16/2025 | |
| Spectrum Brands (SPB) Operating Income Comparison | 02/15/2025 | |
| Spectrum Brands (SPB) Revenue Comparison | 02/13/2025 | |
| Spectrum Brands vs. S&P500 Correlation | 10/03/2024 | |
| Spectrum Brands Price Volatility | 09/24/2024 |
| Title | |
|---|---|
| ARTICLES |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 53.15 |
| Mkt Cap | 2.2 |
| Rev LTM | 3,220 |
| Op Inc LTM | 434 |
| FCF LTM | 294 |
| FCF 3Y Avg | 312 |
| CFO LTM | 337 |
| CFO 3Y Avg | 456 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | -4.3% |
| Rev Chg 3Y Avg | -2.7% |
| Rev Chg Q | -3.0% |
| QoQ Delta Rev Chg LTM | -0.5% |
| Op Mgn LTM | 10.4% |
| Op Mgn 3Y Avg | 7.4% |
| QoQ Delta Op Mgn LTM | -0.1% |
| CFO/Rev LTM | 11.5% |
| CFO/Rev 3Y Avg | 11.2% |
| FCF/Rev LTM | 10.0% |
| FCF/Rev 3Y Avg | 9.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 2.2 |
| P/S | 0.7 |
| P/EBIT | 14.0 |
| P/E | 16.0 |
| P/CFO | 7.3 |
| Total Yield | 6.4% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 9.9% |
| D/E | 0.6 |
| Net D/E | 0.5 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.8% |
| 3M Rtn | 20.7% |
| 6M Rtn | 8.2% |
| 12M Rtn | -2.1% |
| 3Y Rtn | 0.5% |
| 1M Excs Rtn | 13.4% |
| 3M Excs Rtn | 19.8% |
| 6M Excs Rtn | 1.9% |
| 12M Excs Rtn | -14.8% |
| 3Y Excs Rtn | -63.0% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| BLA761148 | ROLVEDON | eflapegrastim-xnst | injectable | 9092022 | -4.0% | -2.3% | 36.5% | 57.0% | 34.6% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Home and Personal Care (HPC) | 1,234 | 1,243 | 1,370 | 1,260 | 1,108 |
| Global Pet Care (GPC) | 1,152 | 1,139 | 1,175 | 1,130 | 963 |
| Home and Garden (H&G) | 579 | 536 | 587 | 608 | 552 |
| Total | 2,964 | 2,919 | 3,132 | 2,998 | 2,622 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Non-current assets | 2,264 | 2,332 | |||
| Other current assets | 1,116 | 2,463 | |||
| Home and Personal Care (HPC) | 217 | 200 | 1,231 | 879 | 825 |
| Global Pet Care (GPC) | 159 | 172 | 1,462 | 1,457 | 1,200 |
| Home and Garden (H&G) | 86 | 91 | 846 | 853 | 546 |
| Corporate and shared operations | 420 | 341 | 742 | ||
| Current assets of business held for sale | 1,817 | 1,810 | |||
| Total | 3,842 | 5,258 | 5,776 | 5,340 | 3,314 |
Price Behavior
Price Behavior
| Market Price | $76.14 | |
| Market Cap ($ Bil) | 1.8 | |
| First Trading Date | 04/06/1983 | |
| Distance from 52W High | -2.1% | |
| 50 Days | 200 Days | |
| DMA Price | $63.80 | $57.38 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 19.3% | 32.7% |
| 3M | 1YR | |
| Volatility | 35.8% | 38.1% |
| Downside Capture | -40.88 | 74.71 |
| Upside Capture | 131.06 | 65.97 |
| Correlation (SPY) | 9.2% | 43.3% |
SPB Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.56 | 0.58 | 0.19 | 0.42 | 0.90 | 0.87 |
| Up Beta | 3.30 | 3.12 | 1.51 | 1.84 | 1.02 | 0.96 |
| Down Beta | -0.67 | -0.41 | -1.45 | -0.30 | 0.89 | 0.89 |
| Up Capture | 159% | 115% | 120% | 53% | 45% | 41% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 12 | 23 | 32 | 63 | 122 | 375 |
| Down Capture | 13% | 20% | 17% | 5% | 99% | 96% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 8 | 18 | 28 | 61 | 128 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPB | |
|---|---|---|---|---|
| SPB | 2.1% | 38.0% | 0.13 | - |
| Sector ETF (XLP) | 13.3% | 14.1% | 0.65 | 39.2% |
| Equity (SPY) | 14.0% | 19.4% | 0.55 | 43.4% |
| Gold (GLD) | 74.3% | 25.3% | 2.17 | -7.1% |
| Commodities (DBC) | 7.0% | 16.7% | 0.24 | 6.5% |
| Real Estate (VNQ) | 7.9% | 16.6% | 0.28 | 46.9% |
| Bitcoin (BTCUSD) | -29.8% | 44.9% | -0.65 | 3.1% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPB | |
|---|---|---|---|---|
| SPB | 0.5% | 36.4% | 0.10 | - |
| Sector ETF (XLP) | 8.9% | 13.1% | 0.46 | 37.0% |
| Equity (SPY) | 13.3% | 17.0% | 0.62 | 43.8% |
| Gold (GLD) | 22.1% | 17.0% | 1.06 | 3.7% |
| Commodities (DBC) | 10.5% | 18.9% | 0.44 | 10.7% |
| Real Estate (VNQ) | 5.2% | 18.8% | 0.18 | 42.0% |
| Bitcoin (BTCUSD) | 8.3% | 57.2% | 0.37 | 16.0% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPB | |
|---|---|---|---|---|
| SPB | 2.0% | 40.4% | 0.19 | - |
| Sector ETF (XLP) | 8.9% | 14.6% | 0.47 | 37.2% |
| Equity (SPY) | 15.6% | 17.9% | 0.75 | 45.8% |
| Gold (GLD) | 15.3% | 15.6% | 0.82 | 2.3% |
| Commodities (DBC) | 8.1% | 17.6% | 0.38 | 19.4% |
| Real Estate (VNQ) | 6.4% | 20.7% | 0.27 | 43.8% |
| Bitcoin (BTCUSD) | 67.9% | 66.7% | 1.07 | 11.4% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 2/5/2026 | 10.2% | ||
| 11/13/2025 | 9.7% | 2.7% | 16.6% |
| 8/7/2025 | 7.4% | 12.3% | 8.4% |
| 5/8/2025 | 3.6% | 5.0% | -9.0% |
| 2/6/2025 | -7.7% | -7.2% | -8.7% |
| 11/15/2024 | -6.0% | -3.8% | -4.2% |
| 8/8/2024 | 10.6% | 9.6% | 13.1% |
| 5/9/2024 | 11.9% | 12.5% | 7.4% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 16 | 17 | 15 |
| # Negative | 8 | 6 | 8 |
| Median Positive | 3.8% | 3.9% | 8.4% |
| Median Negative | -3.8% | -4.7% | -7.2% |
| Max Positive | 11.9% | 12.5% | 16.6% |
| Max Negative | -11.8% | -13.9% | -10.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/05/2026 | 10-Q |
| 09/30/2025 | 11/18/2025 | 10-K |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 02/06/2025 | 10-Q |
| 09/30/2024 | 11/15/2024 | 10-K |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/09/2024 | 10-Q |
| 12/31/2023 | 02/08/2024 | 10-Q |
| 09/30/2023 | 11/21/2023 | 10-K |
| 06/30/2023 | 08/11/2023 | 10-Q |
| 03/31/2023 | 05/12/2023 | 10-Q |
| 12/31/2022 | 02/10/2023 | 10-Q |
| 09/30/2022 | 11/22/2022 | 10-K |
| 06/30/2022 | 08/12/2022 | 10-Q |
| 03/31/2022 | 05/06/2022 | 10-Q |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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