Spectrum Brands Holdings, Inc. (SPB)

Price$88.93Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation looks balanced: a modest earnings premium is offset by strong cash generation and low leverage.

Spectrum Brands Holdings, Inc., listed on the NYSE as SPB, has a forward P/E near 15.3x, slightly above the industry average near 14.4x. That is not obviously cheap after a strong share-price recovery, but the cash picture is more supportive: nine-month operating cash flow was $160.9 million against $27.2 million of capital spending. With roughly $2 billion of equity value, the cash yield is meaningful. Taken together, the stock looks fair-priced rather than clearly mispriced.

Big pictureEarnings quality improved, but one-time tariff refunds make the headline quarter stronger than the underlying run rate.

Fiscal third-quarter sales rose 7.7%, while organic sales, which remove currency effects, rose 6.6%. Adjusted EBITDA was $158.3 million, but $60.6 million came from one-time tariff refunds; excluding those refunds, adjusted EBITDA was $97.7 million and still grew 27.5%. The reported net loss was distorted by a $104.0 million non-cash impairment tied to Home and Personal Care. Management still expects about 50% conversion of adjusted EBITDA to adjusted free cash flow, excluding refunds. The important test is whether margin gains and cash conversion persist without refund benefits.

Business strengthLiquidity is ample and common-share count is shrinking, though the HPC partnership adds expensive subsidiary-level capital.

At June 28, cash was $258.9 million, total debt was $633.0 million, and unused revolver capacity was $494.8 million; management reported total liquidity of $753.7 million and net-debt leverage of 1.02x adjusted EBITDA. Spectrum Brands repurchased 1.0 million shares for $58.2 million during the first nine months and had substantial authorization remaining. Common-share dilution is therefore currently contained. However, Oaktree now owns about 27.3% of HPC through preferred equity carrying an 8% cumulative dividend, alongside a higher-cost term loan.

What could change the storyBull case needs durable margin gains; bear case is weaker consumers, tariffs, weather, or poor HPC execution.

Bull assumptions are straightforward: Pet Care and Home & Garden keep gaining distribution, pricing and productivity protect margins, HPC stabilizes, and adjusted free cash flow lands near management's roughly 50% conversion goal. In that case, buybacks and the dividend can compound per-share value. The bear case is also concrete: consumer softness or tariff inflation pressures appliance demand, unfavorable weather hits the seasonal Home & Garden business, HPC keeps shrinking, or Oaktree's preferred return and term-loan costs absorb more cash than expected.

AI: News

Third-quarter guidance raisedAugust results showed broad sales growth and better underlying EBITDA, prompting a higher full-year profit outlook.

On August 7, Spectrum Brands reported fiscal third-quarter net sales growth of 7.7% and organic growth of 6.6%. Adjusted EBITDA excluding the one-time tariff refunds rose 27.5% to $97.7 million. Management kept full-year sales guidance at flat to low-single-digit growth, raised adjusted EBITDA growth excluding refunds to mid-single digits, and maintained its expectation for roughly 50% conversion of adjusted EBITDA to adjusted free cash flow.

Quarterly dividend maintainedThe board kept its regular cash payout while the company continued reducing the common-share count through repurchases.

On August 5, the board declared a quarterly common dividend of $0.47 per share, payable September 22 to holders of record August 25. The declaration continued the company's established cash-return policy while buybacks were also reducing share count. The combination supports per-share returns, but it also means management must balance distributions against seasonal working-capital needs, debt service, and investment in brands and operations.

Oaktree stake increasedA July follow-on funding step increased Oaktree's ownership in Home and Personal Care to about 27%.

After regulatory approvals were completed, Spectrum Brands issued the deferred $5.8 million of HPC preferred equity on July 8, increasing Oaktree's ownership to about 27.3%. The broader transaction provided $67 million of preferred equity and a $60 million HPC term loan to support separation and growth of the business. The trade-off is a more complex capital structure: the preferred stake accrues an 8% cumulative dividend, and the term loan carries a materially higher interest rate than most parent debt.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010
Revenue	$2.81B	$2.96B	$2.92B	$3.13B	$3.00B	$2.62B	$2.45B	$3.81B	$3.71B	$3.03B	$4.75B	$4.63B	$5.54B	$4.48B	$3.48B	$2.57B
Gross profit	$1.03B	$1.11B	$924.3M	$990.4M	$1.03B	$878.1M	$819.6M	$1.33B	$1.34B	$1.25B	$1.70B	$1.76B	$2.85B	$2.34B	$1.42B	—
Gross margin	36.74%	37.43%	31.67%	31.62%	34.51%	33.49%	33.50%	35.03%	36.07%	41.15%	35.82%	37.95%	51.38%	52.31%	40.82%	—
Research & development	$23.2M	$28.1M	$22.5M	$26.7M	$29.8M	$29.2M	$32.1M	$44.6M	$44.6M	$27.0M	$51.3M	$47.9M	$43.3M	$33.1M	$32.9M	$31.0M
Operating expenses	$907.0M	$938.7M	$1.13B	$967.2M	$937.5M	$869.5M	$972.0M	$1.11B	$1.05B	$911.7M	$4.57B	$4.21B	$4.81B	$4.07B	$3.31B	$2.41B
Operating income	$124.9M	$170.6M	−$205.6M	$23.2M	$97.1M	$8.6M	−$152.4M	$224.2M	$287.5M	$334.9M	$179.1M	$427.4M	$737.4M	$409.5M	$163.7M	$160.5M
Operating margin	4.45%	5.76%	−7.04%	0.74%	3.24%	0.33%	−6.23%	5.89%	7.76%	11.05%	3.77%	9.22%	13.30%	9.14%	4.71%	6.25%
EBITDA	$222.9M	$272.4M	−$114.4M	$122.5M	$214.1M	$123.2M	−$5.1M	$349.5M	$434.8M	$455.3M	$350.1M	$585.6M	$1.10B	$677.8M	$259.2M	$277.9M
EBITDA margin	7.94%	9.19%	−3.92%	3.91%	7.14%	4.70%	−0.21%	9.18%	11.73%	15.03%	7.36%	12.64%	19.77%	15.13%	7.45%	10.83%
Net income	$99.9M	$124.8M	$1.80B	$71.6M	$189.6M	$97.8M	$494.5M	$768.3M	$106.0M	−$198.8M	−$556.8M	−$10.3M	−$45.8M	$89.5M	$42.0M	−$151.9M
Net profit margin	3.56%	4.21%	61.72%	2.29%	6.32%	3.73%	20.21%	20.17%	2.86%	−6.56%	−11.71%	−0.22%	−0.83%	2.00%	1.21%	−5.92%
Basic EPSper basic share	$3.88	$4.12	$45.65	$1.75	$4.44	$2.19	$9.76	$20.79	$3.29	-$6.21	-$2.81	-$0.51	-$0.67	$0.15	$0.11	-$1.15
Diluted EPSper diluted share	$3.86	$4.10	$45.65	$1.75	$4.39	$2.19	$9.76	$20.74	$3.29	-$6.21	-$2.81	-$0.51	-$0.67	$0.15	$0.09	-$1.15

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

≈10.53%of listed shares

PZENA INVESTMENT MANAGEMENT LLC2.42M shares · Jun 30, 2026

View holders

Top 20 reported holders of SPB
Holder	% owned
PZENA INVESTMENT MANAGEMENT LLC	≈10.53%2.42M shares
AMERICAN CENTURY COMPANIES INC	≈9.06%2.08M shares
BlackRock, Inc.	≈8.43%1.94M shares
Callodine Capital Management, LP	≈7.56%1.74M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	≈6.57%1.51M shares
LSV ASSET MANAGEMENT	≈4.98%1.14M shares
VANGUARD CAPITAL MANAGEMENT LLC	≈4.39%1.01M shares
DIMENSIONAL FUND ADVISORS LP	≈4.04%929.6K shares
GOLDMAN SACHS GROUP INC	≈3.82%878.8K shares
Maura David M	≈3.44%790.71K shares
Quantinno Capital Management LP	≈3.18%731.6K shares
STATE STREET CORP	≈2.64%606.8K shares
GEODE CAPITAL MANAGEMENT, LLC	≈2.57%591.89K shares
First Eagle Investment Management, LLC	≈2.51%578.24K shares
DME Capital Management, LP	≈2.44%561.44K shares
Alberta Investment Management Corp	≈2.35%540.56K shares
Qube Research & Technologies Ltd	≈2.02%464.48K shares
CHARLES SCHWAB INVESTMENT MANAGEMENT INC	≈1.92%442.09K shares
UBS Group AG	≈1.67%384.06K shares
SYSTEMATIC FINANCIAL MANAGEMENT LP	≈1.57%360.01K shares

Percentages use 23M shares of this listed class outstanding on Jun 28, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys1$182.1K disclosed value

Sells (SEC code S)4$4.66M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
May 20, 2026Form 4	Maura David MExecutive Chairman and CEO	BuyCommon Stock	2.5K	$72.85	$182.1K	790.7K
May 15, 2025Form 4	Maura David MExecutive Chairman and CEO	SellCommon Stock	5.2K	$63.77	$330.3K	718.4K
May 14, 2025Form 4	Maura David MExecutive Chairman and CEO	SellCommon Stock	200	$66.92	$13.4K	723.6K
May 14, 2025Form 4	Maura David MExecutive Chairman and CEO	SellCommon Stock	19.4K	$66.18	$1.28M	723.8K
May 14, 2025Form 4	Maura David MExecutive Chairman and CEO	SellCommon Stock	46.4K	$65.25	$3.03M	743.2K

Review ownership filings at SEC.gov ↗

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Spectrum Brands Holdings, Inc. (SPB)

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