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Side-by-side financial comparison of ENERGIZER HOLDINGS, INC. (ENR) and Qnity Electronics, Inc. (Q). Click either name above to swap in a different company.
Qnity Electronics, Inc. is the larger business by last-quarter revenue ($1.3B vs $778.9M, roughly 1.6× ENERGIZER HOLDINGS, INC.). Qnity Electronics, Inc. runs the higher net margin — 16.5% vs -0.4%, a 17.0% gap on every dollar of revenue. On growth, Qnity Electronics, Inc. posted the faster year-over-year revenue change (11.1% vs 6.5%). Qnity Electronics, Inc. produced more free cash flow last quarter ($568.0M vs $124.2M).
Energizer Holdings, Inc. is an American manufacturer and one of the world's largest manufacturers of batteries, headquartered in Clayton, Missouri. It produces batteries under the Energizer, Ray-O-Vac, Varta, and Eveready brand names and formerly owned several personal care businesses until it separated that side of the business into a new company called Edgewell Personal Care in 2015.
ENR vs Q — Head-to-Head
Income Statement — Q1 FY2026 vs Q3 FY2025
| Metric | | |
|---|---|---|
| Revenue | $778.9M | $1.3B |
| Net Profit | $-3.4M | $211.0M |
| Gross Margin | 32.9% | 45.1% |
| Operating Margin | -0.6% | 21.3% |
| Net Margin | -0.4% | 16.5% |
| Revenue YoY | 6.5% | 11.1% |
| Net Profit YoY | -115.2% | 6.0% |
| EPS (diluted) | — | $1.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $778.9M | — | ||
| Q3 25 | $832.8M | $1.3B | ||
| Q2 25 | $725.3M | — | ||
| Q1 25 | $662.9M | — | ||
| Q4 24 | $731.7M | — | ||
| Q3 24 | $805.7M | $1.1B | ||
| Q2 24 | $701.4M | — | ||
| Q1 24 | $663.3M | — |
| Q4 25 | $-3.4M | — | ||
| Q3 25 | $34.9M | $211.0M | ||
| Q2 25 | $153.5M | — | ||
| Q1 25 | $28.3M | — | ||
| Q4 24 | $22.3M | — | ||
| Q3 24 | $47.6M | $199.0M | ||
| Q2 24 | $-43.8M | — | ||
| Q1 24 | $32.4M | — |
| Q4 25 | 32.9% | — | ||
| Q3 25 | 36.6% | 45.1% | ||
| Q2 25 | 55.1% | — | ||
| Q1 25 | 39.1% | — | ||
| Q4 24 | 36.8% | — | ||
| Q3 24 | 38.1% | 47.0% | ||
| Q2 24 | 39.5% | — | ||
| Q1 24 | 38.2% | — |
| Q4 25 | -0.6% | — | ||
| Q3 25 | 6.4% | 21.3% | ||
| Q2 25 | 22.6% | — | ||
| Q1 25 | 5.5% | — | ||
| Q4 24 | 4.1% | — | ||
| Q3 24 | 7.4% | 21.8% | ||
| Q2 24 | -8.2% | — | ||
| Q1 24 | 6.4% | — |
| Q4 25 | -0.4% | — | ||
| Q3 25 | 4.2% | 16.5% | ||
| Q2 25 | 21.2% | — | ||
| Q1 25 | 4.3% | — | ||
| Q4 24 | 3.0% | — | ||
| Q3 24 | 5.9% | 17.3% | ||
| Q2 24 | -6.2% | — | ||
| Q1 24 | 4.9% | — |
| Q4 25 | — | — | ||
| Q3 25 | — | $1.01 | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | $0.95 | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $214.8M | $128.0M |
| Total DebtLower is stronger | — | $1.7B |
| Stockholders' EquityBook value | $141.3M | $9.1B |
| Total Assets | $4.4B | $12.5B |
| Debt / EquityLower = less leverage | — | 0.19× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $214.8M | — | ||
| Q3 25 | $236.2M | $128.0M | ||
| Q2 25 | $171.1M | — | ||
| Q1 25 | $139.3M | — | ||
| Q4 24 | $195.9M | — | ||
| Q3 24 | $216.9M | — | ||
| Q2 24 | $146.7M | — | ||
| Q1 24 | $158.1M | — |
| Q4 25 | — | — | ||
| Q3 25 | $3.4B | $1.7B | ||
| Q2 25 | $3.2B | — | ||
| Q1 25 | $3.2B | — | ||
| Q4 24 | $3.1B | — | ||
| Q3 24 | $3.2B | — | ||
| Q2 24 | $3.2B | — | ||
| Q1 24 | $3.2B | — |
| Q4 25 | $141.3M | — | ||
| Q3 25 | $169.9M | $9.1B | ||
| Q2 25 | $183.2M | — | ||
| Q1 25 | $133.9M | — | ||
| Q4 24 | $140.6M | — | ||
| Q3 24 | $135.8M | $11.1B | ||
| Q2 24 | $123.4M | — | ||
| Q1 24 | $191.3M | — |
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.6B | $12.5B | ||
| Q2 25 | $4.5B | — | ||
| Q1 25 | $4.2B | — | ||
| Q4 24 | $4.2B | — | ||
| Q3 24 | $4.3B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $4.3B | — |
| Q4 25 | — | — | ||
| Q3 25 | 20.28× | 0.19× | ||
| Q2 25 | 17.57× | — | ||
| Q1 25 | 23.56× | — | ||
| Q4 24 | 22.17× | — | ||
| Q3 24 | 23.51× | — | ||
| Q2 24 | 26.04× | — | ||
| Q1 24 | 16.86× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $149.5M | $782.0M |
| Free Cash FlowOCF − Capex | $124.2M | $568.0M |
| FCF MarginFCF / Revenue | 15.9% | 44.5% |
| Capex IntensityCapex / Revenue | 3.2% | 16.8% |
| Cash ConversionOCF / Net Profit | — | 3.71× |
| TTM Free Cash FlowTrailing 4 quarters | $145.0M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $149.5M | — | ||
| Q3 25 | $61.5M | $782.0M | ||
| Q2 25 | $21.4M | — | ||
| Q1 25 | $-12.8M | — | ||
| Q4 24 | $77.0M | — | ||
| Q3 24 | $168.9M | — | ||
| Q2 24 | $45.8M | — | ||
| Q1 24 | $36.8M | — |
| Q4 25 | $124.2M | — | ||
| Q3 25 | $46.7M | $568.0M | ||
| Q2 25 | $7.9M | — | ||
| Q1 25 | $-33.8M | — | ||
| Q4 24 | $42.4M | — | ||
| Q3 24 | $141.5M | — | ||
| Q2 24 | $27.3M | — | ||
| Q1 24 | $10.3M | — |
| Q4 25 | 15.9% | — | ||
| Q3 25 | 5.6% | 44.5% | ||
| Q2 25 | 1.1% | — | ||
| Q1 25 | -5.1% | — | ||
| Q4 24 | 5.8% | — | ||
| Q3 24 | 17.6% | — | ||
| Q2 24 | 3.9% | — | ||
| Q1 24 | 1.6% | — |
| Q4 25 | 3.2% | — | ||
| Q3 25 | 1.8% | 16.8% | ||
| Q2 25 | 1.9% | — | ||
| Q1 25 | 3.2% | — | ||
| Q4 24 | 4.7% | — | ||
| Q3 24 | 3.4% | — | ||
| Q2 24 | 2.6% | — | ||
| Q1 24 | 4.0% | — |
| Q4 25 | — | — | ||
| Q3 25 | 1.76× | 3.71× | ||
| Q2 25 | 0.14× | — | ||
| Q1 25 | -0.45× | — | ||
| Q4 24 | 3.45× | — | ||
| Q3 24 | 3.55× | — | ||
| Q2 24 | — | — | ||
| Q1 24 | 1.14× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ENR
| Alkaline Batteries | $666.5M | 86% |
| Auto Care | $93.7M | 12% |
| Lights | $18.7M | 2% |
Q
| Semiconductor Technologies | $693.0M | 54% |
| Interconnect Solutions | $583.0M | 46% |
