Edgewell is shedding low-quality assets, consolidating capacity and positioning for a structural margin re-rating from a deeply discounted consumer staples valuation.
Edgewell Personal Care Co. (NYSE: EPC) is currently undergoing a decisive operational turnaround that is fundamentally reshaping its competitive position and long-term margin profile.[1, 2, 3] Formed on July 1, 2015, through the spin-off of Energizer Holdings’ personal care division, the company has spent much of the past decade managing a highly fragmented consumer portfolio that was historically burdened by structural retail declines, excessive debt, and high-exposure raw material exposure.[4, 5] However, the strategic landscape has shifted dramatically following the completed $340 million divestiture of the low-growth, low-margin Feminine Care business in February 2026 to Swedish hygiene conglomerate Essity.[6, 7]
This strategic pivot simplifies the business model, focusing capital and corporate energy exclusively on core personal care franchises where Edgewell maintains defensible manufacturing scale, specialized formulation intellectual property, and high consumer brand loyalty: Wet Shave, Sun and Skin Care, and Grooming.[3, 5, 8] Financially, the near-term income statement is undergoing a transition period, heavily burdened by a massive $90 million global supply chain consolidation program that includes decommissioning redundant Wet Shave plants and ramping up a single, highly automated greenfield facility.[1, 9, 10]
While these restructuring costs have temporarily depressed GAAP earnings, the underlying operational metrics show strong health.[9, 11] The company has grown or held value share in nearly 80% of its global operating markets, driven by robust retail takeaway in Sun Care and double-digit momentum in masstige grooming brands like Cremo.[10] In the capital markets, the equity has begun a significant structural re-rating, with the stock price climbing over 21% in June 2026 to trade in the range of $22.94 to $22.99, supported by declining raw material packaging input costs (primarily crude oil derivatives) and sector-wide rotation into defensive consumer staples.[12, 13] Trading at a deeply discounted normalized price-to-earnings (P/E) multiple of 11.25x and an asset-backed price-to-sales (P/S) ratio of 0.51x, Edgewell presents an asymmetric investment profile.[14] As the front-loaded capital intensity of the restructuring program abates in late fiscal 2026, the cash-generation potential of the post-divestiture asset base will become highly visible, driving significant multiple expansion.[1, 10, 11] An Outperform rating is established with a 12-month target price of $26.00, reflecting normalized EBITDA generation and a stabilized margin profile.[11, 15]
| Financial and Valuation Summary | Fiscal Year 2024 | Fiscal Year 2025 | TTM / Q2 FY26 Actual | FY 2026 Guidance Midpoint |
|---|---|---|---|---|
| Reported Net Sales | \$2,253.7M [16] | \$2,223.5M [17] | \$2,107.0M (TTM) [18] | \$2,246.0M (Est.) [11] |
| Organic Net Sales Growth | +0.2% [16] | (1.3%) [17] | (2.4%) (Q2 FY26) [11] | (1.0%) to +2.0% [11] |
| GAAP Gross Margin (%) | 42.4% [19] | 41.6% [17] | 41.7% (Q2 FY26) [19] | N/A |
| Adjusted Gross Margin (%) | 43.1% (FY24) [20] | 42.0% [17] | 43.4% (Q2 FY26) [11] | +50 bps expansion [11] |
| GAAP Diluted EPS | \$1.97 [16] | \$0.53 [17] | \$0.09 (Q2 FY26) [11] | \$0.00 to \$0.40 [11] |
| Adjusted Diluted EPS | \$3.05 [16] | \$2.52 [17] | \$0.60 (Q2 FY26) [11] | \$1.70 to \$2.10 [11] |
| Adjusted EBITDA | N/A | \$185.6M [12] | \$73.8M (Q2 FY26) [10] | \$245.0M to \$265.0M [11] |
| Adjusted Free Cash Flow | \$185.0M [16] | \$80.0M [21] | N/A | \$80.0M to \$110.0M [11] |
| Net Debt / Adjusted EBITDA | 3.1x [16] | 3.9x [7] | 4.0x (Q2 FY26) [11] | 3.3x to 3.5x [11] |
To evaluate the modern investment thesis for Edgewell, one must analyze its historical evolution and strategic capital allocation program.[5] Spun off from Energizer Holdings in 2015, the company inherited a portfolio composed of legacy, mature consumer goods.[4, 5] To combat the structural volume declines of legacy brands like Schick and Skintimate in mature Western channels, management implemented a programmatic merger and acquisition (M&A) strategy designed to buy younger, digitally native, insurgent brands.[5, 22] This acquisition roadmap targetted fast-growing, premium personal care and direct-to-consumer (DTC) segments.[5, 23]
| Target Brand Acquisition | Deal Date | Strategic Category Focus | Primary Distribution Channels |
|---|---|---|---|
| Bulldog Skincare | Oct 31, 2016 [12] | Premium Men's Skin Care [5] | International Specialty Retail [5, 23] |
| Jack Black | Mar 01, 2018 [12] | Prestige Men's Grooming [5] | Department Stores, Sephora, E-commerce [5] |
| Cremo Company | Sep 2020 (Est.) [5, 12] | Masstige Grooming & Shave [5] | Mass Retail, Target, Walmart, Drug [5, 23] |
| Billie | Nov 29, 2021 [12] | Women's Shave & Body Care [5] | DTC, Target, Mass Retail [5, 23] |
These acquisitions have transformed Edgewell's revenue mix.[8] For instance, Cremo and Billie have successfully transition from niche online operators into scaled, high-velocity national brands, allowing Edgewell to capture younger consumer cohorts and expand premium shelf space at major mass merchants.[5, 8, 23] The strategic importance of these acquisitions was magnified after the Federal Trade Commission (FTC) blocked Edgewell's proposed $1.37 billion acquisition of Harry’s Inc. in February 2020 due to antitrust concerns regarding U.S. shaving market consolidation.[23] This regulatory intervention forced Edgewell to focus on smaller, non-consolidating bolt-on brand acquisitions alongside internal R&D innovation to protect its market share.[5, 23]
This focus on internal research and development is supported by a large and defensive patent portfolio.[12, 23] As of early 2026, Edgewell maintains 5,937 patent documents, including 1,737 distinct patent families, with 200 currently pending and significant design activity underway.[12] Recent patent publications demonstrate a clear engineering focus on product premiumization and sustainable design, which are vital to defending its shelf space against private label and major competitors:
These innovations are critical because Edgewell operates as the global number-two player in Wet Shave, directly challenging the dominant Procter & Gamble (Gillette and Venus brands), which controls over 50% to 60% of global shaving market share.[8, 23, 24] By securing proprietary technological and packaging designs, Edgewell can launch high-margin premium products and maintain a strong intellectual property barrier around its razor blade replenishment model.[5, 8, 23]
The primary catalyst for Edgewell's balance sheet deleveraging and structural margin expansion is the completed divestiture of its Feminine Care segment to Essity for $340 million.[6, 9] Historically, the Feminine Care business—consisting of legacy brands such as Playtex, Carefree, Stayfree, and o.b.—was a mature, capital-intensive segment characterized by intense margin pressure and market share contraction.[17, 23, 25] The division had become a major drag on corporate profitability, as shown in the fiscal year 2025 results, where Feminine Care net sales fell 7.8% to $261.5 million, and segment profit collapsed by 45.8% to just $15.6 million.[17] This performance resulted from rising raw material input costs, pricing pressure from mass retailers, and dominant shelf presence from Procter & Gamble and Kimberly-Clark.[17, 23]
The transaction closed in February 2026, with gross cash proceeds of $338.9 million.[6, 9] From an accounting perspective, the transaction required Edgewell to classify the entire Feminine Care segment as discontinued operations.[9, 11] This reclassification led to a non-cash $37.4 million goodwill impairment charge and a $2.2 million loss on assets held for sale in the first half of fiscal 2026, resulting in a reported GAAP net loss of $76.3 million for the first six months.[9]
However, the cash-flow and capital allocation benefits of the divestiture are highly accretive.[1, 3] Management used the $338.9 million in proceeds to pay down the outstanding balance on its U.S. revolving credit facility.[9, 11] This paydown immediately lowered interest expensesassociated with debt, which dropped to $17.9 million in the second quarter of fiscal 2026 compared to $20.2 million in the prior-year period.[11]
| Segment Share of Corporate Net Sales | Pre-Divestiture (FY 2025) | Post-Divestiture (Q2 FY 2026 Forward) |
|---|---|---|
| Wet Shave | 54.8% [17] | ~60.0% [10] |
| Sun and Skin Care | 33.4% [17] | ~40.0% (Approaching) [10] |
| Feminine Care | 11.8% [17] | 0.0% (Divested) [10] |
This portfolio optimization has concentrated the remaining business in high-margin categories.[3, 10] Post-divestiture, Wet Shave represents approximately 60% of corporate net sales, while the faster-growing Sun Care, Skin Care, and Grooming segments approach 40% of the portfolio, with Grooming alone accounting for over 10%.[10] This higher-margin mix allows the company to focus its advertising and promotional (A&P) resources on its strongest brands, eliminating the dilutive marketing spend previously required to defend declining market share in feminine pads and tampons.[10, 17, 21]
A detailed review of Edgewell's second quarter of fiscal 2026 reveals a business model under temporary earnings pressure due to planned restructuring costs.[9, 11] Net sales for the quarter reached $519.5 million, representing a modest reported increase of 0.6% year-over-year.[11] However, this reported figure was helped by a $15.5 million favorable foreign currency translation impact; on an organic basis, net sales declined by 2.4%.[11] This organic contraction was driven primarily by lower shipment volumes in Wet Shave and Sun Care in North America, offset by volume gains in international markets and double-digit growth in Grooming.[10, 11]
GAAP gross profit fell to $216.9 million from $236.9 million in the prior year quarter, with GAAP gross margin contracting 410 basis points to 41.8%.[11] Adjusted gross margin, which excludes non-recurring restructuring and plant transition costs, fell 310 basis points to 43.4%.[11] This gross margin compression is explained by several distinct operational factors:
$\text{Adjusted Gross Margin Decline (-310 bps)} = \text{Productivity Savings (+220 bps)} - \text{Core Inflation \& Tariffs (-420 bps)} - \text{Mix \& Promotions (-70 bps)} - \text{FX (-40 bps)}$
This equation shows that while internal supply chain productivity programs generated a strong 220 basis point benefit, these savings were completely offset by 420 basis points of core raw material inflation and tariffs, 70 basis points of negative product mix and elevated retail promotions, and 40 basis points of adverse currency movements.[11]
| Consolidated Statement of Earnings (Unaudited) | Three Months Ended Mar 31, 2026 | Three Months Ended Mar 31, 2025 | Six Months Ended Mar 31, 2026 | Six Months Ended Mar 31, 2025 |
|---|---|---|---|---|
| Net Sales | \$519.5M [26] | \$516.6M [26] | \$942.3M [26] | \$931.7M [26] |
| Cost of Products Sold | \$302.6M [26] | \$279.7M [26] | \$564.4M [26] | \$522.3M [26] |
| Gross Profit | \$216.9M [26] | \$236.9M [26] | \$377.9M [26] | \$409.4M [26] |
| Selling, General & Administrative (SG&A) | \$111.0M [26] | \$102.8M [26] | \$213.4M [26] | \$202.4M [26] |
| Advertising & Sales Promotion (A&P) | \$58.6M [26] | \$59.9M [26] | \$104.2M [26] | \$106.0M [26] |
| Research & Development (R&D) | \$14.9M [26] | \$13.4M [26] | \$28.7M [26] | \$26.8M [26] |
| Restructuring Charges | \$14.0M [26] | \$11.8M [26] | \$32.1M [26] | \$15.9M [26] |
| Operating Income (Loss) | \$18.4M [26] | \$49.0M [26] | \$(0.5)M [26] | \$58.3M [26] |
| Interest Expense | \$17.9M [26] | \$20.2M [26] | \$37.2M [26] | \$39.0M [26] |
| Other (Income) Expense, Net | \$(7.4)M [26] | \$(2.6)M [26] | \$(8.7)M [26] | \$0.6M [26] |
| EBT from Continuing Operations | \$7.9M [26] | \$31.4M [26] | \$(29.0)M [26] | \$18.7M [26] |
| Income Tax Provision (Benefit) | \$3.9M [26] | \$10.6M [26] | \$(3.8)M [26] | \$8.0M [26] |
| Net Income (Loss) from Continuing Ops | \$4.0M [26] | \$20.8M [26] | \$(25.2)M [26] | \$10.7M [26] |
| Net Income (Loss) from Discontinued Ops | \$(14.6)M [26] | \$8.2M [26] | \$(51.1)M [26] | \$16.2M [26] |
| Net (Loss) Income | \$(10.6)M [26] | \$29.0M [26] | \$(76.3)M [26] | \$26.9M [26] |
| Diluted EPS - Continuing Operations | \$0.09 [26] | \$0.43 [26] | \$(0.54) [26] | \$0.22 [26] |
| Adjusted Diluted EPS - Continuing Ops | \$0.60 [11] | \$0.69 [11] | \$0.44 [9] | N/A |
The statutory profit and loss statements show the impact of restructuring charges.[26] For the six months ending March 31, 2026, restructuring charges more than doubled to $32.1 million compared to $15.9 million in the prior year period, driving an operating loss of $0.5 million and a net loss from continuing operations of $25.2 million.[26] However, this reported GAAP loss obscures the profitability of the core segments.[9, 10]
When adjusting for these transition expenses, adjusted diluted EPS from continuing operations reached $0.60 for the quarter, beating consensus estimates of $0.44 by $0.16.[11, 15, 27] This performance is consistent with the company's historical earnings profile, where short-term GAAP results are heavily impacted by restructuring, while adjusted metrics remain resilient.[9] For example, in the first quarter of fiscal 2026, adjusted EPS reached $0.41, missing consensus estimates of $0.45 by 9.45% due to input inflation and elevated promotional spend.[28, 29] Despite this minor first-quarter shortfall, the adjusted EPS of $0.60 in the second quarter confirms that the company's profitability is recovering as it enters its high-volume spring and summer shipping seasons.[10, 11]
The operational performance of Edgewell's business is characterized by geographic and product-level divergences, with international volume strength helping to offset structural promotional headwinds in North America.[10, 11]
The Wet Shave segment reported net sales of $295.6 million, an increase of 3.0% on a reported basis but down 0.7% organically.[11] This division experienced a geographic split: international Wet Shave grew 3.6%, driven by substantial volume growth in Europe and Japan, and favorable pricing in the Wilkinson Sword franchise.[11]
In contrast, North American Wet Shave net sales fell 6.0%, driven by lower shipment volumes.[11] This decline was primarily due to weakness in private label contracts and value disposables, where inflation-weary consumers migrated either toward discount brands or premium manual shave systems.[10, 23] Despite these lower wholesale shipping volumes, Edgewell expanded its aggregate U.S. value share by approximately 50 basis points, supported by strong retail takeaway for its core branded products and shave preparations.[10] Segment profit fell 27.7% to $33.7 million, severely impacted by higher SG&A costs, manufacturing overhead during plant transitions, and elevated brand marketing investment.[11]
The Sun and Skin Care segment reported net sales of $223.9 million, representing a reported decline of 2.5% and an organic decrease of 4.5%.[11] This contraction was driven by an 8.4% organic decline in the Sun Care category, which was caused by wholesale shipment timing.[11] Retailers pulled forward their seasonal spring orders into the first fiscal quarter of 2026, leaving a temporary shipping void in the second quarter.[10, 11]
However, underlying consumer demand was highly robust, with aggregate U.S. Sun Care retail consumption growing 17%.[10] This strong demand allowed Edgewell to capture an additional 180 basis points of market value share, driven by Hawaiian Tropic, which offset minor volume declines in the Banana Boat brand.[10] This positive consumer takeaway suggests a strong shipping recovery in the third quarter of fiscal 2026, which is historically the company’s largest sales quarter.[10] Segment profit fell 6.3% to $47.7 million, with organic segment profit down 8.7% due to unfavorable product mix and higher promotional investments.[11]
Within the Sun and Skin Care segment, the Grooming division emerged as a powerful growth driver, with sales increasing 6.3%.[11] This expansion was propelled by double-digit volume growth in Cremo, a masstige grooming brand that continues to expand its retail footprint in mass merchants and drugstores.[10, 11] This premium brand expansion, along with specialty skin care offerings Jack Black and Bulldog, provides Edgewell with pricing power and higher average selling prices (ASPs), helping to mitigate the margin erosion seen in the entry-tier shaving and sun care segments.[23]
The primary driver of the discrepancy between Edgewell's weak GAAP earnings and its strong adjusted EBITDA performance is the company's multi-year supply chain consolidation program.[1, 9, 10] In fiscal 2026, Edgewell is entering the peak capital-intensity phase of this transformation, which is expected to result in approximately $90 million in total pre-tax restructuring and related charges for the full fiscal year.[1, 10]
The primary operational goal of this initiative is the consolidation of the company's Wet Shave manufacturing footprint.[9, 10] Edgewell is decommissioning two legacy, high-cost manufacturing facilities and transferring their entire production capacity into a single, highly automated greenfield plant.[10] This plant consolidation represents a near-term headwind, as the company must run duplicate production lines, incur plant transition costs, and pay severance and restructuring charges, which reached $32.1 million in the first half of fiscal 2026.[9, 10]
However, this transition is highly accretive to the steady-state business model.[3, 10] Once the legacy plants are completely decommissioned and the automated greenfield facility achieves full production utilization—expected in fiscal 2027 to 2028—the consolidation is projected to deliver substantial operational efficiencies.[10] Management has quantified these savings as a structural 200 basis point expansion to the corporate gross margin profile.[10] This projected gross margin expansion will significantly increase the company's structural cash-flow generation, helping to fund brand investments and accelerate debt paydowns.[3, 10]
A key element of Edgewell's defensive investment profile is its institutional corporate governance and executive incentive structure, which align management's interests with those of long-term shareholders.[30]
To ensure the Board of Directors maintains a strong long-term equity focus, the company enforces strict Non-Employee Director Stock Ownership Guidelines.[30] Non-employee directors are required to hold Edgewell common stock with a market value equal to at least five times their annual base cash retainer.[30] New directors are granted a five-year compliance window from their initial election date to meet this threshold.[30] To protect directors during market downturns, the Chairperson of the Corporate Governance Committee has the authority to grant temporary hardship relief, which includes extending the compliance timeframe or suspending the guidelines during periods of extreme stock price volatility.[30]
While the corporate proxy does not specify mandatory stock ownership guidelines for executive officers, actual executive holdings are substantial.[30] As of November 28, 2025, executive officers and directors as a group (16 persons) beneficially owned 1,423,558 shares, representing 3.0% of the total outstanding stock.[30]
Executive compensation for fiscal year 2025 was structured around several core performance metrics, with a heavy emphasis on performance-based variable pay to align incentives with operational goals.[30]
| Compensation Component | Structure and Performance Alignment |
|---|---|
| Base Salary | Fixed annual cash compensation designed to reflect scope of responsibility.[30] |
| Annual Cash Bonus | Performance-based incentives linked to annual financial targets, with select non-recurring promotions such as CFO Francesca Weissman’s promotion merit lump sum on December 1, 2024, and Jessica Spence’s sign-on bonus.[30] |
| Restricted Stock Equivalents (RSEs) | Time-vesting and performance-based equity grants valued under FASB ASC Section 718, designed to incentivize long-term shareholder value creation.[30] |
| Option Awards | Long-term equity options, which represented $0 of executive compensation in fiscal 2025 as the company shifted focus toward performance-based RSEs.[30] |
In late 2025, several key executive officers completed scheduled insider stock sales, which must be analyzed in the context of the subsequent June 2026 market re-rating.[13, 31]
| Executive / Title | Transaction Date | Shares Sold | Price Per Share | Total Transaction Value |
|---|---|---|---|---|
| Rod R. Little (CEO) | Nov 17, 2025 [31] | 27,167 [31] | \$18.39 [31] | \$499,601 [31] |
| Rod R. Little (CEO) | Nov 12, 2025 [31] | 20,615 [31] | \$18.76 [31] | \$386,665 [31] |
| Francesca Weissman (CFO) | Dec 04, 2025 [31] | 798 [31] | \$17.00 [31] | \$13,566 [31] |
| Francesca Weissman (CFO) | Nov 17, 2025 [31] | 958 [31] | \$18.39 [31] | \$17,618 [31] |
| Francesca Weissman (CFO) | Nov 12, 2025 [31] | 628 [31] | \$18.72 [31] | \$11,755 [31] |
| Paul Hibbert (former CSCO) | Nov 18, 2025 [31] | 4,600 [31] | \$18.39 [31] | \$84,594 [31] |
| Paul Hibbert (former CSCO) | Nov 12, 2025 [31] | 3,758 [31] | \$18.78 [31] | \$70,566 [31] |
| LaTanya Langley (CPO/CLO) | Nov 17, 2025 [31] | 2,873 [31] | \$18.39 [31] | \$52,834 [31] |
| LaTanya Langley (CPO/CLO) | Nov 12, 2025 [31] | 3,813 [31] | \$18.77 [31] | \$71,587 [31] |
| John M. Dunham (CAO) | Nov 20, 2025 [31] | 333 [31] | \$17.21 [31] | \$5,731 [31] |
| John M. Dunham (CAO) | Nov 12, 2025 [31] | 128 [31] | \$18.83 [31] | \$2,410 [31] |
| Jessica Spence (Pres. NA) | Nov 12, 2025 [31] | 2,390 [31] | \$18.83 [31] | \$45,004 [31] |
These non-10b5-1 executive transactions occurred at prices ranging from $17.00 to $18.83, near the stock's multi-year lows, driven by high commodity inflation and market skepticism about the Feminine Care business.[13, 17, 31] Rather than signaling structural problems, these transactions are standard liquidity events associated with annual option exercises and tax withholding on vested equity RSEs.[30] With the stock subsequently surging over 21% in June 2026 to reach $22.94, these historical sales highlight that executive equity was temporarily undervalued, creating an attractive entry window for institutional investors.[12, 13]
A comparative valuation analysis shows that Edgewell is trading at a significant discount to its consumer staples peers.[14] At its current price of $22.94, the company trades at a normalized P/E of 11.25x, which represents a 48.6% discount to Procter & Gamble's multiple of 21.90x.[12, 14] Similarly, the company's price-to-sales (P/S) ratio of 0.51x represents an 87.8% discount to Procter & Gamble's ratio of 4.19x, while its price-to-book (P/B) ratio of 0.73x indicates the stock is trading below the book value of its brand equities and tangible assets.[14]
This valuation gap is unjustified given that post-divestiture Edgewell has improved its margin profile and simplified its core operations.[1, 3] The company’s enterprise value of approximately $1.98 billion is supported by strong projected adjusted free cash flow of $80 million to $110 million and a target leverage ratio of 3.3x to 3.5x by the end of fiscal 2026.[11, 31]
| Wall Street Analyst / Firm | Recommendation | 12-Month Target Price | Valuation Rationale |
|---|---|---|---|
| Lauren Lieberman (Barclays) | Hold Consensus [32] | \$21.00 [33] | Focuses on near-term input cost inflation and regional volume softness.[28, 29] |
| Chris Carey (Wells Fargo) | Overweight [33] | \$22.00 [33] | Reflects structural post-divestiture margin accretion.[1] |
| Nik Modi (RBC Capital) | Outperform [33] | \$23.00 [33] | Driven by international Wet Shave resilience and Grooming volume momentum.[11] |
| Dara Mohsenian (Morgan Stanley) | Hold Consensus [32] | \$21.00 [33] | Reflects cautious consumer spending and high customer concentration.[28, 34] |
| This Analysis | Outperform | \$26.00 | Reflects the long-term cash generation of the plant consolidation and post-restructuring run-rate.[10] |
This target price of $26.00 is supported by a technical breakout.[13, 35] In June 2026, Edgewell emerged as one of the top monthly gainers in the consumer staples sector, rising 21.6% to $22.94 as of June 12, 2026.[12, 13] This surge was driven by a flight to safety amid technology sector volatility, combined with a 3% decline in crude oil prices, which directly lowers the cost of raw packaging materials (resins) and shipping freight for consumer goods companies.[13]
Technical indicators show a strong buy signal across short-, medium-, and long-term horizons, with the stock trading comfortably above its key moving averages:
$\text{Simple Moving Averages (June 2026): } \text{MA5: } \$23.15 < \text{MA20: } \$22.53 < \text{MA50: } \$21.38 < \text{MA100: } \$19.72 < \text{MA200: } \$19.17 \text{ [35]}$
This technical alignment, backed by institutional buying from American Century and Winton Group, suggests the stock is undergoing a structural re-rating.[13]
While there are risks associated with customer concentration—particularly with Walmart representing 17.4% of total net sales—and geopolitical instability in the Middle East, which represents a $3 million to $5 million margin risk, these concerns are fully incorporated into the current valuation.[10, 34] The potential upside from the company's plant consolidation and structural gross margin improvement is not yet reflected in the stock price.[10] Consequently, an Outperform rating is assigned to Edgewell with a 12-month target price of $26.00, representing a valuation of 14.0x applied to the midpoint of its stabilized fiscal 2026 adjusted EPS guidance of $1.90.[11, 14]
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