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Market ClerkRecap
Tue Oct 27 · markets closed1 signal on Oct 26140 insider buys this week · $73.9MCIRO short report next: Oct 30The week ahead

EPC

EDGEWELL PERSONAL CARE Co
NYSE · CONSUMER STAPLES · PERFUMES, COSMETICS & OTHER TOILET PREPARATIONS
27.95
−0.11 −0.39%
USD · close Oct 26
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Work order
76
PASS · shorts 76
Insiders, 90 days
0
no open-market filings in 90 days
Congress, 90 days
0 / 0
no disclosures naming it
Big money
0 / 15
none of the tracked funds disclose it
Calls on record
0
nobody we score has called it yet
MKT CAP $1.3BP/E —DIV YIELD 2.15%FCF YIELD 4.07%REV TTM $2.2B +11.6%NET INCOME −$93.2M −243.8%NET DEBT $1B52W 15.91 – 29.66SEC XBRL · TTM TO Invalid Date

How EPC rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025
Text kept
39%
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Added
419
new sentences
Dropped
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sentences removed
Length
+663
words, now 34,678

New in FY2025

  • Executive Summary The following is a summary of key results for fiscal 2025, 2024 and 2023.
  • Fiscal 2025 • Net sales for fiscal 2025 decreased $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements.
  • Organic net sales decreased $30.0, or 1.3%.
  • International markets delivered organic growth of 3.5%, driven by higher volumes and increased pricing.
  • North America declined 4.4%, primarily attributable to lower volumes in Wet Shave, Feminine Care, and Sun Care, partially offset by growth in Skin Care and Grooming.
  • In aggregate, organic net sales decreased as a result of volume declines in Wet Shave, Feminine Care and Sun Care. • Net earnings for fiscal 2025 decreased $73.2, or 74.2%, to $25.4.
  • On an adjusted basis, net earnings for fiscal 2025 decreased $32.6, or 21.3%, to $120.4 .
  • Adjusted net earnings decreased primarily due to lower gross margin and higher brand investment, which was partially offset by lower SG&A. • Diluted net earnings per share during fiscal 2025 was $0.53 compared to earnings of $1.97 in the prior fiscal year.
  • On an adjusted basis, as illustrated in the table below, net earnings per diluted share during fiscal 2025 were $2.52 compared to $3.05 in the prior year.
  • Year Ended September 30, 2025 Gross Profit SG&A Operating Income EBIT (1) Income taxes Net Earnings Diluted EPS GAAP — Reported $ 924.9 $ 425.0 $ 96.6 $ 23.6 $ (1.8) $ 25.4 $ 0.53 Restructuring and related costs 3.5 (1.7) 53.1 53.1 13.1 40.0 0.84 Acquisition and integration costs — (0.5) 0.5 0.5 0.1 0.4 0.01 Sun Care reformulation costs — — 3.5 3.5 0.8 2.7 0.06 Gain on Investment — — — (0.9) — (0.9) (0.02) Commercial realignment 2.9 — 2.9 2.9 0.9 2.0 0.04 Vendor bankruptcy 2.1 — 2.1 2.1 0.5 1.6 0.03 Impairment charges — — 51.1 51.1 4.4 46.7 0.98 Other project and related costs — (9.3) 9.3 7.0 1.7 5.3 0.11 Germany re-rate — — — — 2.8 (2.8) (0.06) Total Adjusted Non-GAAP $ 933.4 $ 413.5 $ 219.1 $ 142.9 $ 22.5 $ 120.4 $ 2.52 GAAP as a percent of net sales 41.6 % 19.1 % 4.3 % GAAP effective tax rate (7.3) % Adjusted as a percent of net sales 42.0 % 18.6 % 9.9 % Adjusted effective tax rate 15.8 % Year Ended September 30, 2024 Gross Profit SG&A Operating Income EBIT (1) Income taxes Net Earnings Diluted EPS GAAP — Reported $ 955.7 $ 430.1 $ 199.3 $ 120.9 $ 22.3 $ 98.6 $ 1.97 Restructuring and related costs — (0.1) 36.0 36.0 8.8 27.2 0.54 Acquisition and integration costs 3.3 (2.8) 6.1 6.1 1.5 4.6 0.09 Sun Care reformulation costs — — 4.4 4.4 1.1 3.3 0.07 Wet Ones manufacturing plant fire 12.2 — 12.2 12.2 3.0 9.2 0.18 Legal matters — (3.9) 3.9 3.9 1.0 2.9 0.06 Loss on Investment — — — 3.1 — 3.1 0.06 Other project and related costs — (5.3) 5.3 5.3 1.2 4.1 0.08 Total Adjusted Non-GAAP $ 971.2 $ 418.0 $ 267.2 $ 191.9 $ 38.9 $ 153.0 $ 3.05 GAAP as a percent of net sales 42.4 % 19.1 % 8.8 % GAAP effective tax rate 18.5 % Adjusted as a percent of net sales 43.1 % 18.5 % 11.9 % Adjusted effective tax rate 20.3 % Year Ended September 30, 2023 Gross Profit SG&A Operating Income EBIT (1) Income taxes Net Earnings Diluted EPS GAAP - Reported $ 940.8 $ 409.6 $ 227.0 $ 147.7 $ 33.0 $ 114.7 $ 2.21 Restructuring and related costs 0.2 (0.3) 17.1 17.1 4.4 12.7 0.24 Acquisition and integration costs — (7.5) 7.5 7.5 1.8 5.7 0.11 SKU rationalization (1.7) — (1.7) (1.7) (0.4) (1.3) (0.03) Sun Care reformulation costs (2) (1.4) — 1.9 1.9 0.5 1.4 0.03 Legal matters — 6.3 (6.3) (6.3) (1.5) (4.8) (0.09) Pension settlement expense — — — 7.9 2.1 5.8 0.11 Other project and related costs — (0.4) 0.4 0.4 0.1 0.3 0.01 Total Adjusted Non-GAAP $ 937.9 $ 407.7 $ 245.9 $ 174.5 $ 40.0 $ 134.5 $ 2.59 GAAP as a percent of net sales 41.8 % 18.2 % 10.1 % GAAP effective tax rate 22.3 % Adjusted as a percent of net sales 41.7 % 18.1 % 10.9 % Adjusted effective tax rate 23.0 % (1) EBIT is defined as Earnings before Income taxes.
  • (2) Also includes pre-tax research and development (“R&D) costs of $3.3 related to the reformulation, recall, and destruction of certain Sun Care products For further discussion of these items refer to Note 20 of Notes to Consolidated Financial Statements.
  • Operating Results The following table presents changes in net sales for fiscal 2025 and 2024 and provides a reconciliation of organic net sales to reported amounts.
  • Our results of operations for the year ended September 30, 2023, including a discussion of the year ended September 30, 2024, compared to the year ended September 30, 2023, can be found under "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our Annual Report on Form 10-K for the year ended September 30, 2024.
  • Net Sales Net Sales - Total Company For the Years Ended September 30, 2025 %Chg 2024 %Chg Net sales - prior year $ 2,253.7 $ 2,251.6 Organic (30.0) (1.3) % 4.3 0.2 % Impact of currency (0.2) — % (2.2) (0.1) % Net sales - current year $ 2,223.5 (1.3) % $ 2,253.7 0.1 % For fiscal 2025, net sales were $2,223.5, a decrease of $30.2, or 1.3%, to $2,223.5, including a $0.2 unfavorable impact due to currency movements.
  • In aggregate, organic net sales decreased as a result of volume declines in Wet Shave, Feminine Care and Sun Care.
  • For further discussion regarding net sales, including a summary of reported versus organic changes, see “Segment Results.” Gross Profit Gross profit was $924.9 in fiscal 2025, as compared to $955.7 in fiscal 2024, a decrease of $30.8, or 3.2%.
  • Gross margin for fiscal 2025 was 41.6% of net sales, a decrease of 80-basis points, compared to 42.4%, in the prior year period.
  • Adjusted gross margin decreased 110-basis points to 42.0%, or 20-basis points excluding currency movements, as productivity savings of approximately 270-basis points was more than offset by 150-basis points of unfavorable core inflation, inclusive of tariffs, 75-basis points of unfavorable mix and other, 45-basis points from increased promotional levels (net of pricing), and 20-basis points of unfavorable absorption.
  • Selling, General and Administrative Expense SG&A was $425.0, or 19.1%, of net sales in fiscal 2025 compared to $430.1, or 19.1%, of net sales in the prior year period.
  • Adjusted SG&A increased 10-basis points to 18.6% of net sales as compared to 18.5% in the prior year, as lower incentive compensation expense and legal costs were offset by higher people and corporate project expenses.
  • Advertising and Sales Promotion Expense Advertising and Sales Promotion Expense (“A&P”) was $246.7, an increase of $14.7, or 6.3%, compared to the prior year period.
  • A&P was 11.1% of net sales for fiscal 2025, compared with 10.3% in the prior year period.
  • The increase in A&P was primarily due to incremental investment in Sun Care, Woman’s Shave, and Men’s Grooming, partially offset by Woman’s grooming.
  • Research and Development Expense Research and development expense (“R&D”) in fiscal 2025 was $57.6, a decrease of $0.8, or 1.4%, compared to $58.4 in the prior year.
  • Restructuring Charges In fiscal 2025, we recorded pre-tax restructuring and related costs of $53.1, consisting largely of severance, project implementation and other exit costs in support of cost efficiency programs.
  • In fiscal 2024, it was announced that we were undertaking certain operational and organizational steps designed to streamline our operations and supply chain by consolidating our current Mexico operations in Obregon and Mexico City into a single facility in Aguascalientes, Mexico.
  • As a result of these actions, we expect to incur pre-tax charges of approximately $49.0 in fiscal 2026.
  • We incurred $36.0 of restructuring charges during fiscal 2024.
  • Interest Expense Associated with Debt Interest expense associated with debt for fiscal 2025 was $73.2, a decrease of $3.3, or 4.3%, compared to $76.5 in the prior year period.
  • The decrease in interest expense was the result of higher capitalized interest for projects with capital expenditures and lower interest rates, partially offset by higher borrowing levels on our U.S. revolving credit facility.
  • Other expense (income), net Other expense (income), net was income of $0.2 in fiscal 2025 compared to expense of $1.9 in the prior year period.
  • This change was primarily related to a pension benefit of $1.2 million in 2025, compared to pension loss of $3.3 in 2024, and a gain on investment of $0.9 in 2025, compared to a loss on investment of $3.1 in the prior year.
  • The impact was partially offset by currency hedge and remeasurement losses of $0.6 in fiscal 2025 compared to a gain of $8.3 in fiscal 2024.
  • Adjusted other (income) expense, net was expense of $3.0 compared to income of $1.2 in the prior year period.
  • The current year period included $2.3 of other project gains.
  • Income Tax (Benefit) Provision Income taxes, which include federal, state and foreign taxes, was a benefit of (7.3)% compared to expense of 18.5% of Earnings before income taxes in fiscal 2025 and 2024, respectively.
  • The fiscal 2025 effective tax rate reflects a tax benefit on net income primarily due to favorable unusual items including restructuring as well as the impact of a change in the Company’s prior estimates.
  • On an adjusted basis, the effective tax rate for fiscal 2025 was 15.8% compared to 20.3% in the prior year.
  • The following tables present changes in segment net sales and segment profit for fiscal 2025 and 2024, and also provides a reconciliation of organic segment net sales and organic segment profit to reported amounts.
  • Wet Shave Net Sales - Wet Shave For the Years Ended September 30, 2025 %Chg 2024 %Chg Net sales - prior year $ 1,229.3 $ 1,230.9 Organic (14.6) (1.2) % 3.0 0.2 % Impact of currency 4.2 0.4 % (4.6) (0.3) % Net sales - current year $ 1,218.9 (0.8) % $ 1,229.3 (0.1) % Wet Shave net sales for fiscal 2025 were $1,218.9, a decrease of $10.4, or 0.8%, as compared to the prior year period, including $4.2, or 0.4%, favorable impact from currency.

and 379 more.

Gone since FY2024

  • Executive Summary The following is a summary of key results for fiscal 2024, 2023 and 2022.
  • Fiscal 2024 • Net sales in fiscal 2024 increased $2.1, or 0.1%, to $2,253.7, including a $2.2, or 0.1%, unfavorable impact due to currency movements.
  • Organic net sales increased $4.3, or 0.2%, as 7.3% growth in international markets, reflecting both increased volumes and price, was partially offset by a 3.8% decrease in North America organic net sales, primarily reflecting volume declines in Feminine Care, Wet Shave and Wet Ones, partially offset by organic growth across Sun Care and Grooming. • Net earnings for fiscal 2024 decreased $16.1, or 14.0%, to $98.6.
  • On an adjusted basis, net earnings for fiscal 2024 increased 13.8% to $153.0 .
  • Adjusted net earnings increased primarily due to higher gross margin. • Diluted net earnings per share during fiscal 2024 was $1.97 compared to earnings of $2.21 in the prior fiscal year.
  • On an adjusted basis, as illustrated in the table below, net earnings per diluted share during fiscal 2024 were $3.05 compared to $2.59 in the prior year.
  • Year Ended September 30, 2024 Gross Profit SG&A Operating Income EBIT Income Taxes Net Earnings Diluted EPS GAAP - Reported $ 955.7 $ 430.1 $ 199.3 $ 120.9 $ 22.3 $ 98.6 $ 1.97 Restructuring and repositioning expenses — 0.1 36.0 36.0 8.8 27.2 0.54 Acquisition and integration costs 3.3 2.8 6.1 6.1 1.5 4.6 0.09 Sun Care reformulation — — 4.4 4.4 1.1 3.3 0.07 Wet Ones manufacturing plant fire 12.2 — 12.2 12.2 3.0 9.2 0.18 Legal matters — 3.9 3.9 3.9 1.0 2.9 0.06 Loss on investment — — — 3.1 — 3.1 0.06 Other project costs — 5.3 5.3 5.3 1.2 4.1 0.08 Total Adjusted Non-GAAP $ 971.2 $ 418.0 $ 267.2 $ 191.9 $ 38.9 $ 153.0 $ 3.05 GAAP as a percent of net sales 42.4 % 19.1 % 8.8 % GAAP effective tax rate 18.5 % Adjusted as a percent of net sales 43.1 % 18.5 % 11.9 % Adjusted effective tax rate 20.3 % Year Ended September 30, 2023 Gross Profit SG&A Operating Income EBIT Income Taxes Net Earnings Diluted EPS GAAP - Reported $ 940.8 $ 409.6 $ 227.0 $ 147.7 $ 33.0 $ 114.7 $ 2.21 Restructuring and repositioning expenses 0.2 0.3 17.1 17.1 4.4 12.7 0.24 Acquisition and integration costs — 7.5 7.5 7.5 1.8 5.7 0.11 SKU rationalization (1.7) — (1.7) (1.7) (0.4) (1.3) (0.03) Sun Care reformulation (1) (1.4) — 1.9 1.9 0.5 1.4 0.03 Legal matters — (6.3) (6.3) (6.3) (1.5) (4.8) (0.09) Pension settlement expense — — — 7.9 2.1 5.8 0.11 Other project costs — 0.4 0.4 0.4 0.1 0.3 0.01 Total Adjusted Non-GAAP $ 937.9 $ 407.7 $ 245.9 $ 174.5 $ 40.0 $ 134.5 $ 2.59 GAAP as a percent of net sales 41.8 % 18.2 % 10.1 % GAAP effective tax rate 22.3 % Adjusted as a percent of net sales 41.7 % 18.1 % 10.9 % Adjusted effective tax rate 23.0 % (1) Also includes pre-tax research and development (“R&D) costs of $3.3 related to the reformulation, recall, and destruction of certain Sun Care products Year Ended September 30, 2022 Gross Profit SG&A Operating Income EBIT Income Taxes Net Earnings Diluted EPS GAAP — Reported $ 880.5 $ 389.1 $ 182.3 $ 124.1 $ 24.6 $ 99.5 $ 1.85 Restructuring and repositioning expenses 0.1 0.8 16.2 16.2 4.2 12.0 0.23 Acquisition and integration costs 0.8 9.1 9.9 9.9 1.3 8.6 0.16 SKU rationalization 22.5 — 22.5 22.5 5.5 17.0 0.32 Sun Care reformulation 3.5 — 4.6 4.6 1.2 3.4 0.06 Legal matters, net of income taxes — (7.5) (7.5) (7.5) (1.8) (5.7) (0.11) Value-added tax settlement costs — 3.4 3.4 3.4 1.1 2.3 0.04 Pension settlement expense — — — 1.8 0.4 1.4 0.03 Total Adjusted Non-GAAP $ 907.4 $ 383.3 $ 231.4 $ 175.0 $ 36.5 $ 138.5 $ 2.58 GAAP as a percent of net sales 40.5 % 17.9 % 8.4 % GAAP effective tax rate 19.9 % Adjusted as a percent of net sales 41.8 % 17.6 % 10.7 % Adjusted effective tax rate 20.9 % For further discussion of these items refer to Note 20 of Notes to Consolidated Financial Statements.
  • Operating Results The following table presents changes in net sales for fiscal 2024 and 2023 and provides a reconciliation of organic net sales to reported amounts.
  • Net Sales Net Sales - Total Company For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 2,251.6 $ 2,171.7 Organic 4.3 0.2 % 94.0 4.3 % Impact of Billie acquisition, net — — % 12.0 0.6 % Impact of currency (2.2) (0.1) % (26.1) (1.2) % Net sales - current year $ 2,253.7 0.1 % $ 2,251.6 3.7 % For fiscal 2024, net sales were $2,253.7, an increase of $2.1, or 0.1%, including a $2.2, or 0.1%, unfavorable impact due to currency movements.
  • Organic net sales increased $4.3, or 0.2%, as 7.3% growth in international markets, reflecting both increased volumes and price, was partially offset by a 3.8% decrease in North America organic net sales, primarily reflecting volume declines in Feminine Care, Wet Shave and Wet Ones, partially offset by organic growth across Sun Care and Grooming.
  • For further discussion regarding net sales, including a summary of reported versus organic changes, see “Segment Results.” Gross Profit Gross profit was $955.7 in fiscal 2024, as compared to $940.8 in fiscal 2023, an increase of $14.9, or 1.6%.
  • Gross margin for fiscal 2024 was 42.4% of net sales compared to 41.8% in the prior year period.
  • Adjusted gross margin increased 140-basis points, as productivity savings of approximately 280-basis points and favorable price of approximately 115-basis points, more than offset core inflation and transitory cost headwinds related to unfavorable absorption and heightened unit cost inflation trapped in inventory of approximately 185-basis points, and unfavorable mix of approximately 70-basis points.
  • Selling, General and Administrative Expense SG&A was $430.1, or 19.1%, of net sales in fiscal 2024 compared to $409.6, or 18.2%, of net sales in the prior year period.
  • Adjusted SG&A increased 40-basis points to 18.5% of net sales, primarily driven by higher people expenses, legal costs, and broker costs, partially offset by operational efficiency savings, lower bad debt expense and lower incentive compensation expense.
  • Advertising and Sales Promotion Expense For fiscal 2024, Advertising and Sales Promotion Expense (“A&P”) was $232.0, up $2.9, or 1.3%, compared to fiscal 2023.
  • A&P was 10.3% of net sales for fiscal 2024, compared with 10.2% in fiscal 2023.
  • The increase in A&P was primarily due to incremental investment in Women’s grooming and Sun Care, partially offset by Wet Shave.
  • Research and Development Expense Research and development expense (“R&D”) in fiscal 2024 was $58.4, a decrease of $0.1, or 0.2%, compared to $58.5 in the prior year.
  • Restructuring Charges We incurred $36.0 in restructuring charges in fiscal 2024, consisting largely of severance, project implementation and other exit costs.
  • This includes a $15.6 restructuring charge related to certain operational and organizational steps designed to streamline the Company’s operations and supply chain by consolidating its current Mexico operations in Obregon and Mexico City into a single facility in Aguascalientes, Mexico.
  • We expect to incur restructuring charges of approximately $29 in fiscal 2025.
  • Interest Expense Associated with Debt Interest expense associated with debt for fiscal 2024 was $76.5, a decrease of $2.0, or 2.5%, as compared to $78.5 in fiscal 2023.
  • The decrease in interest expense was the result of a lower overall debt balance on the Company’s Revolving Credit Facility, partially offset by higher interest rates.
  • Other Expense (income), Net Other expense (income), net was expense of $1.9 in fiscal 2024 compared to expense of $0.8 in fiscal 2023, which included currency hedge and remeasurement gains of $8.3 in fiscal 2024 compared to $12.7 in fiscal 2023.
  • Current year expense reflects lower pension expense compared to the prior period, a loss on investment, and higher interest income.
  • Prior year expense includes the loss on the settlement of the Canada defined benefit pension plan of $7.9.
  • Income Tax Provision Income taxes, which include federal, state and foreign taxes, were 18.5% and 22.3% of Earnings before income taxes in fiscal 2024 and 2023, respectively.
  • The fiscal 2024 effective tax rate reflects a favorable mix of earnings in lower tax rate jurisdictions and the impact of a change in the Company’s prior estimates.
  • On an adjusted basis, the effective tax rate for fiscal 2024 was 20.3% compared to 23.0% in the prior year.
  • The following tables present changes in segment net sales and segment profit for fiscal 2024 and 2023, and also provides a reconciliation of organic segment net sales and organic segment profit to reported amounts.
  • Wet Shave Net Sales - Wet Shave For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 1,230.9 $ 1,242.5 Organic 3.0 0.2 % 0.6 — % Impact of Billie acquisition, net — — % 12.0 1.0 % Impact of currency (4.6) (0.3) % (24.2) (1.9) % Net sales - current year $ 1,229.3 (0.1) % $ 1,230.9 (0.9) % Wet Shave net sales for fiscal 2024 were $1,229.3, a decrease of $1.6, or 0.1%, as compared to the prior year period, including $4.6, or 0.3%, unfavorable impact from currency.
  • Organic net sales increased $3.0, or 0.2%, driven by a 7.3% increase in International organic sales, driven by both higher volumes and price.
  • North America sales declined 7.2%, primarily due to lower volumes.
  • North America sales were impacted by continued weak category and channel dynamics, particularly in the highly promotional drug channel, along with heightened competitive dynamics in Women’s shave, as well as significant declines in Shave Preps and Disposables.
  • Segment Profit - Wet Shave For the Years Ended September 30, 2024 %Chg 2023 Segment profit - prior year $ 158.3 $ 174.5 Organic 47.4 29.9 % 9.3 5.3 % Impact of currency (1.8) (1.1) % (25.5) (14.6) % Segment profit - current year $ 203.9 28.8 % $ 158.3 (9.3) % Wet Shave segment profit for fiscal 2024 was $203.9, an increase of $45.6, or 28.8%, and inclusive of a $1.8, or 1.1%, unfavorable impact from currency.
  • Organic segment profit increased $47.4, or 29.9%, reflecting higher gross margin and lower marketing expense.
  • Sun and Skin Care Net Sales - Sun and Skin Care For the Years Ended September 30, 2024 %Chg 2023 %Chg Net sales - prior year $ 705.5 $ 638.5 Organic 32.8 4.6 % 68.1 10.7 % Impact of currency 2.5 0.4 % (1.1) (0.2) % Net sales - current year $ 740.8 5.0 % $ 705.5 10.5 % Sun and Skin Care net sales for fiscal 2024 were $740.8, an increase of $35.3, or 5.0%.
  • Organic net sales increased $32.8, or 4.6%, driven by Sun Care growth of 9.1% in International markets and 6.1% in North America, as well as 5.5% growth in global Grooming.
  • These increases were partially offset by lower sales in Wet Ones primarily due to unfavorable volume impact related to a fire at our Sidney, Ohio manufacturing plant.

and 326 more.

Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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