EPC

The headline 52x P/E is a mirage: GAAP net income cratered 74% to $25.4M because fiscal 2025 absorbed $51.1M of impairment charges and $53.1M of restructuring/related costs. Stripping those, the company's own reconciliation shows adjusted net earnings of $120.4M and adjusted diluted EPS of $2.52, putting the stock at roughly 11x adjusted earnings and just 0.6x sales — optically inexpensive for a branded personal-care portfolio (Wet Shave, Sun Care, Feminine Care, Skin Care, Grooming) generating $2.22B of revenue and $118M of operating cash flow.

The problem is what the adjustments don't fix. This is a no-growth franchise: revenue has been pinned near $2.2B for four years and actually slipped 1.3% (organic -1.3%) in FY2025, with North America down 4.4% on volume declines in three of its core categories. The $51M impairment is itself a tell that some of those brands are worth less than carried. Restructuring is not a one-off either — the prior year carried $36M of restructuring too, so 'adjusted' EPS arguably flatters a business that restructures every year. Operating margin is a thin 4.3% GAAP (9.9% adjusted) and ROE is a negligible 1.6%.