Energizer Holdings, Inc. (ENR) — ESG & Values Scores

Environment story

Energizer demonstrates moderate environmental performance with significant gaps. The company has not disclosed Scope 1, 2, or 3 emissions figures, and lacks a clearly articulated net-zero target year, triggering substantial penalties. The company acknowledges sustainability commitments and conducts materiality assessments, but provides no verifiable decarbonization infrastructure investments or emissions reduction targets with defined timelines. The 10-K discusses R-134a refrigerant phase-out risks and regulatory compliance costs but does not present affirmative decarbonization strategies. Recent Section 45X tax credit claims ($120.9M recognized) relate to battery manufacturing, indicating some alignment with clean energy, but this is a tax benefit rather than operational decarbonization. No evidence of Scope 3 supply-chain emissions management or renewable energy procurement targets. Environmental score reflects absent emissions disclosure, missing net-zero commitment, and lack of demonstrated operational decarbonization.

Criticisms on file

Non-disclosure of Scope 1, 2, and 3 greenhouse gas emissions; no net-zero target year disclosed.
Source: ENR_10k.txt - MD&A and Risk Factors sections; Sustainability Report referenced but emissions data not quantified in 10-K filing.
R-134a refrigerant future market risk if phase-out occurs; potential loss of auto care product revenue and market share.
Source: ENR_10k.txt - Risk Factors, 'We are subject to environmental laws and regulations...'
Contamination identified at current and former facilities and third-party waste disposal sites; ongoing investigation and remediation activities with potential for material adverse impact.
Source: ENR_10k.txt - Risk Factors, 'We are subject to environmental laws and regulations that may expose us to significant liabilities...'

Disclosed initiatives

Sustainability Reporting and Materiality Assessment

Company states it has conducted extensive materiality assessment and published goals within a Sustainability Report; however, the 10-K does not disclose specific emissions targets, renewable energy percentages, or net-zero timeline.

Indicates governance structure for sustainability but lacks quantified environmental metrics or binding commitments.
Section 45X Battery Production Tax Credits

Recognized $120.9M in production tax credits for battery cells, modules, and electrode active material manufactured in the US under the Inflation Reduction Act (IRA), with expected future credits of $40-45M annually.

Tax incentive recognition signals participation in clean battery manufacturing but does not constitute direct operational decarbonization; credits are contingent on federal regulations that may change.
R-134a Refrigerant Regulatory Compliance

Company is adapting to phase-out of R-134a in auto care products due to EU, Canada, and potential US regulatory restrictions; assessing market impact and alternatives.

Reactive compliance response to regulatory mandates rather than proactive emissions reduction strategy.

Social story

Energizer presents a mixed social profile. The company does not disclose CEO-to-median-worker pay ratio, making assessment of pay equity impossible; this absence is scored conservatively as potential concern. No evidence of major union-suppression activities or significant strikes within 24 months is disclosed in the 10-K. The company acknowledges labor cost pressures, wage pressures, and labor union organizing risks as material threats, indicating labor market challenges. No specific diversity metrics for executives or board are disclosed in the filing. Supply-chain labor practices are not detailed; the company notes employment litigation in foreign jurisdictions, particularly Latin America and Europe, but does not quantify human-rights audit results or mitigation. Turnover rates are not disclosed. The company emphasizes employee retention risks and competition for labor but provides no affirmative diversity, equity, or inclusion programs or outcomes in the 10-K. Social score reflects missing pay-equity disclosure, absent diversity metrics, and limited supply-chain labor governance visibility.

Criticisms on file

Non-disclosure of CEO-to-median-worker pay ratio; pay equity data unavailable for assessment.
Source: ENR_10k.txt - Full 10-K filing; no compensation ratio disclosed.
Non-disclosure of workforce diversity percentages (gender, race/ethnicity) for total workforce or leadership; no EEO-1 report or diversity metrics provided.
Source: ENR_10k.txt - Full 10-K filing; diversity data not disclosed.
Employment litigation related to employees, contractors, and suppliers, particularly in Latin America and Europe; class action lawsuits referenced without detail on outcomes or mitigation.
Source: ENR_10k.txt - Risk Factors, 'Our business involves the potential for product liability claims, labeling claims, commercial claims and other legal claims...'
Labor shortages, increased labor costs, and labor union organizing efforts identified as material risks; no affirmative labor-management partnership or neutrality agreements disclosed.
Source: ENR_10k.txt - Risk Factors, 'We may not be able to attract, retain and develop key employees...'

Disclosed initiatives

Employee Attraction and Retention Programs

Company acknowledges need to attract, retain, and develop qualified employees, particularly in competitive labor markets; recognizes competition for labor and associated cost pressures.

No specific retention programs, diversity initiatives, or pay-equity commitments disclosed in 10-K; framing is defensive (risk mitigation) rather than affirmative (investment in human capital).
Health Care, Retirement, and Employee Benefits

Company provides health care, retirement, and other benefits to employees; acknowledges escalating costs of administering these programs.

Benefits programs exist but are described as cost burdens rather than strategic human-capital investments; no detail on competitiveness or equity.

Governance story

Energizer exhibits moderate governance strengths but with material weaknesses in board independence and anti-takeover provisions. The 10-K does not explicitly disclose board independence percentage or composition, preventing direct assessment; however, the presence of anti-takeover provisions (limitations on special shareholder meetings, director removal restrictions, preferred stock issuance authority, Missouri business combination statute) suggests potential governance entrenchment. No dual-class share structure is mentioned, which is positive. Lobbying spend is not disclosed, making assessment of political influence impossible. The company faces material regulatory and legal risks: significant intangible asset impairment charges (goodwill and indefinite-lived intangible assets tested annually); tax contingencies and audit exposure; product liability and advertising litigation; FCPA compliance risks in international operations; data privacy and cybersecurity regulatory compliance costs. No antitrust proceedings are explicitly detailed, but the company acknowledges general litigation and investigations. The Audit Committee provides cybersecurity oversight, and the CIO reports to the CFO, indicating some governance structure. Governance score reflects absent board-independence disclosure, anti-takeover provision entrenchment concerns, missing lobbying-spend transparency, and material litigation/regulatory exposure.

Criticisms on file

Board independence percentage and composition not disclosed in 10-K; independent director percentage unknown.
Source: ENR_10k.txt - Full 10-K filing; no specific board independence metric provided.
Anti-takeover provisions entrenched: limitations on shareholder special meetings, director removal restrictions ('for cause' and 2/3 shareholder approval required), Board authority to fill director vacancies, Board authority to issue preferred stock without shareholder approval, and Missouri business combination statute not opted-out.
Source: ENR_10k.txt - Risk Factors, 'Certain provisions in our amended and restated articles of incorporation and bylaws, and of Missouri law, may deter or delay an acquisition of Energizer.'
Lobbying expenditure not disclosed; company's political advocacy and regulatory engagement spending opaque.
Source: ENR_10k.txt - Full 10-K filing; lobbying spend not disclosed.
Significant intangible asset impairment charges recorded in fiscal 2024 and 2025; goodwill and indefinite-lived intangible assets subject to annual impairment testing with material risk of future write-downs.
Source: ENR_10k.txt - Risk Factors, 'If our goodwill and indefinite-lived intangible assets become impaired...'; MD&A references Note 11.
Broad litigation and investigation exposure: product liability, advertising/labeling claims, consumer class actions, labor claims, breach of contract, antitrust, securities litigation, premises liability, data privacy disputes, employment litigation. Specific outcomes and reserves not detailed.
Source: ENR_10k.txt - Risk Factors, 'Our business involves the potential for product liability claims, labeling claims, commercial claims and other legal claims...'
FCPA compliance risk in international operations (40% of sales from foreign countries); company notes cannot provide assurance that internal controls will prevent violations.
Source: ENR_10k.txt - Risk Factors, 'We are subject to environmental laws and regulations...'; International Operations risks.
Tax contingencies and ongoing tax audits; resolution could require cash outflows and increase effective tax rate.
Source: ENR_10k.txt - Risk Factors, 'The resolution of our tax contingencies...'

Disclosed initiatives

Cybersecurity Risk Management

Established comprehensive cybersecurity program led by VP and CIO, overseen by CFO. Audit Committee provides oversight; Board meets annually with CIO. Program includes IT security team, incident response plan, external penetration testing, annual employee training, phishing testing, and third-party vendor risk assessments. NIST Cybersecurity Framework compliance assessed.

Demonstrates governance structure for cybersecurity oversight and risk management; however, company states no material cybersecurity incidents have been identified to date.
Enterprise Risk Management Framework

Company integrates cybersecurity risk into broader enterprise risk management framework; leadership team including CFO and General Counsel supervises risk identification and mitigation.

Indicates formalized risk governance but specific outcomes or mitigation success not quantified.
Legal and Compliance Infrastructure

Company acknowledges extensive regulatory compliance obligations (FCPA, environmental, product safety, data privacy, labor laws) and notes periodic government audits and investigations.

Compliance infrastructure exists but company discloses material litigation exposure and ongoing regulatory scrutiny.

These are Missionomics' own editorial scores — directional signals built from disclosed facts under a published method, not certifications or definitive ratings of Energizer Holdings, Inc.. Coverage and confidence vary by data point, and figures can lag real-world changes. Read the full Methodology for sourcing, scoring, and correction details — or open Energizer Holdings, Inc. in the app for interactive charts and portfolio building.

More in Industrials

Space Exploration Technologies Corp. (SPCX) Caterpillar Inc. (CAT) GE Aerospace (GE) RTX Corporation (RTX) Union Pacific Corporation (UNP) The Boeing Company (BA)