Edgewell Sells Feminine Care Unit for $340M, Focuses on Shave & Skin

TL;DR

**EPC is shedding its Feminine Care business to double down on shaving and skincare, a move that could sharpen focus but also highlights the intense competition in its core markets.**

AI Summary

Edgewell Personal Care Company (EPC) reported a market value of voting and non-voting common equity held by non-affiliates of $1,436,230,216 as of March 31, 2025, with 46,464,244 shares outstanding as of October 31, 2025. The company operates in three segments: Wet Shave, Sun and Skin Care, and Feminine Care, holding the number two global market share position in wet shaving. A significant strategic change is the Board of Directors' approval on November 6, 2025, to sell its Feminine Care segment for $340.0 million, subject to adjustment. EPC has expanded its men's grooming and skincare portfolio through acquisitions like Bulldog (2016), Jack Black (2018), and Cremo (2020), and strengthened its women's Wet Shave with Billie (2021). Key risks include intense competition from global manufacturers like Procter & Gamble and new DTC entrants, fluctuations in raw material prices, and the ability to manage evolving global financial risks.

Why It Matters

Edgewell's divestiture of its Feminine Care segment for $340 million signals a strategic pivot, allowing the company to concentrate resources on its highly competitive Wet Shave and growing Sun and Skin Care businesses. For investors, this could streamline operations and potentially improve profitability in core segments, but also removes a revenue stream. Employees in the Feminine Care division face uncertainty, while those in other segments may see increased investment. Customers could experience more focused innovation in Edgewell's remaining brands, but also a shift in the competitive landscape for feminine care products, impacting choices and pricing.

Risk Assessment

Risk Level: high — The personal care product categories are 'highly competitive' with 'large manufacturers with global operations and new entrants attempting to disrupt the market' vying for 'increasingly limited retail shelf space.' This intense competition, coupled with 'fluctuations in the price and supply of raw materials and costs of labor, warehousing and transportation,' creates significant operational and financial risks for Edgewell Personal Care Company.

Analyst Insight

Investors should closely monitor Edgewell's reinvestment strategy for the $340 million from the Feminine Care divestiture, focusing on how it strengthens the Wet Shave and Sun and Skin Care segments against fierce competition. Evaluate the company's ability to innovate and capture market share in these core areas, especially given the 'highly competitive' nature of the industry.

Revenue Breakdown

Key Numbers

• $1,436,230,216 — Aggregate market value of common equity held by non-affiliates (as of March 31, 2025)
• 46,464,244 — Shares of common stock outstanding (as of October 31, 2025)
• $340.0M — Sale price of Feminine Care segment (approved on November 6, 2025)
• 2003 — Year of Schick-Wilkinson Sword acquisition (expanded wet shave portfolio)
• 2007 — Year of Playtex Products, Inc. acquisition (expanded branded consumer products)
• 2015 — Year of Household Products business separation (Edgewell retained Personal Care business)
• 2021 — Year of Billie, Inc. acquisition (strengthened women's Wet Shave and grooming)
• 20 — Number of countries with operations (products available in more than 50 countries)

Key Players & Entities

• EDGEWELL PERSONAL CARE Co (company) — registrant
• The Procter & Gamble Company (company) — principal competitor in global wet shave
• The Bic Group (company) — competitor in disposable wet shave segment
• Dorco (company) — competitor in private label wet shave segment
• Harry's (company) — newer entrant to Wet Shave market
• Bayer AG (company) — competitor in sun and skin care markets
• Kenvue (company) — competitor in sun and skin care markets
• Ralston Purina Company (company) — former parent company
• Pfizer, Inc. (company) — seller of Schick-Wilkinson Sword business in 2003
• Johnson & Johnson (company) — seller of Stayfree, Carefree, and o.b. brands in 2013

FAQ

Risk Factors

• Intense Competition [high — market]: The company faces significant competition from global manufacturers such as Procter & Gamble, as well as emerging direct-to-consumer (DTC) entrants. This competitive landscape can impact market share and pricing power.
• Raw Material Price Fluctuations [medium — financial]: Edgewell Personal Care is exposed to volatility in the prices of raw materials essential for its product manufacturing. Significant price increases could negatively affect gross margins and profitability.
• Global Financial Risk Management [medium — financial]: The company must effectively manage evolving global financial risks, which could include currency fluctuations, interest rate changes, and geopolitical instability impacting international operations and profitability.
• Supply Chain Disruptions [medium — operational]: Disruptions in the global supply chain, whether due to geopolitical events, natural disasters, or other factors, could impact the company's ability to manufacture and distribute its products efficiently.
• Product Safety and Compliance [medium — regulatory]: Ensuring product safety and compliance with varying regulations across the approximately 20 countries of operation is critical. Non-compliance or product recalls could lead to significant financial and reputational damage.

Industry Context

Edgewell Personal Care operates in the highly competitive global personal care market, particularly strong in the wet shaving segment where it holds the second-largest global market share. The industry is characterized by established global players like Procter & Gamble, alongside a growing number of agile direct-to-consumer (DTC) brands. Key trends include evolving consumer preferences towards specialized grooming and skincare, and a growing emphasis on sustainability and ingredient transparency.

Regulatory Implications

The company must navigate a complex web of regulations across its global operations, covering product safety, labeling, and marketing claims. Compliance with these diverse regulatory environments is crucial to avoid penalties, product recalls, and reputational damage. Changes in regulations, particularly concerning ingredients or product standards, could necessitate costly product reformulation or process adjustments.

What Investors Should Do

1. Monitor the execution of the Feminine Care segment divestiture.
2. Assess the impact of competitive pressures on market share and margins.
3. Analyze the company's strategy for managing raw material cost volatility.
4. Evaluate the success of recent acquisitions in driving growth.

Key Dates

• 2000-04-01: Became an independent publicly-owned company — Marked the beginning of Edgewell Personal Care's independent operational and strategic journey.
• 2003-XX-XX: Acquisition of Schick-Wilkinson Sword (SWS) — Significantly expanded the company's wet shave portfolio, establishing a strong global presence in this segment.
• 2007-XX-XX: Acquisition of Playtex Products, Inc. — Broadened the company's branded consumer products, adding well-known brands in feminine care and sun care.
• 2015-XX-XX: Separation of Household Products business — Allowed Edgewell to focus exclusively on its Personal Care business, streamlining its strategic direction.
• 2021-XX-XX: Acquisition of Billie, Inc. — Strengthened the women's Wet Shave and grooming portfolio, aligning with evolving consumer preferences.
• 2025-11-06: Board approval to sell Feminine Care segment — Represents a significant strategic shift, divesting a segment for $340.0 million to focus on core growth areas.

Glossary

DTC

Direct-to-Consumer. Refers to companies that sell products directly to their end customers, bypassing traditional retail intermediaries. (A key competitive threat mentioned, indicating a shift in consumer purchasing habits and a challenge to established brands.)

Spin-off

A corporate action where a company divides a subsidiary or business unit into a separate, independent company. Shareholders of the parent company receive shares in the new entity. (Edgewell itself was formed through a spin-off from Ralston Purina and later spun off its Household Products business, highlighting its history of strategic restructuring.)

Gross Margin

The difference between revenue and cost of goods sold, expressed as a percentage of revenue. It indicates the profitability of a company's core operations before accounting for operating expenses. (A key indicator of operational efficiency and pricing power, crucial for assessing the company's profitability.)

Operating Margin

A profitability ratio that shows how much profit a company makes from its core business operations, expressed as a percentage of revenue. (Measures the efficiency of a company's operations and its ability to control costs relative to its revenue.)

Year-Over-Year Comparison

Information comparing key metrics to the previous year, such as revenue growth, margin changes, and the emergence of new risks, is not available in the provided text. The filing details historical context and forward-looking statements regarding the sale of the Feminine Care segment, but lacks year-over-year comparative financial data.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share EPC New York Stock Exchange
• $340 — ts Feminine Care reportable segment for $340.0, subject to a purchase price adjustme

Filing Documents

• epc-20250930.htm (10-K) — 2343KB
• a41epcexlist-descriptionof.htm (EX-4.1) — 80KB
• a107-edgewellreceivablepur.htm (EX-10.7) — 21KB
• a108edgewellreceivablepurc.htm (EX-10.8) — 22KB
• a109edgewellreceivablepurc.htm (EX-10.9) — 28KB
• a1010edgewellreceivablepur.htm (EX-10.10) — 21KB
• a1011edgewellreceivablepur.htm (EX-10.11) — 20KB
• a1030executiveseverancepla.htm (EX-10.30) — 53KB
• a1034revisedofferletterjes.htm (EX-10.34) — 24KB
• a10352ndar2018planwithrela.htm (EX-10.35) — 518KB
• a191edgewellinsidertrading.htm (EX-19.1) — 51KB
• epc10k93025ex211.htm (EX-21.1) — 42KB
• epc10k93025ex231.htm (EX-23.1) — 2KB
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Risk Factors. 12

Item 1A. Risk Factors. 12

Unresolved Staff Comments. 21

Item 1B. Unresolved Staff Comments. 21

Cybersecurity

Item 1C. Cybersecurity. 22

Properties. 24

Item 2. Properties. 24

Legal Proceedings. 24

Item 3. Legal Proceedings. 24

Mine Safety Disclosures. 24

Item 4. Mine Safety Disclosures. 24 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 25

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. 25

[Reserved] 26

Item 6. [Reserved] 26

Management's Discussion and Analysis of Financial Condition and Results of Operations. 27

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations. 27

Quantitative and Qualitative Disclosures About Market Risk. 42

Item 7A. Quantitative and Qualitative Disclosures About Market Risk. 42

Financial Statements and Supplementary Data. 43

Item 8. Financial Statements and Supplementary Data. 43

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 88

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 88

Controls and Procedures. 88

Item 9A. Controls and Procedures. 88

Other Information. 88

Item 9B. Other Information. 88

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 88

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections. 88 PART III

Directors, Executive Officers and Corporate Governance. 89

Item 10. Directors, Executive Officers and Corporate Governance. 89

Executive Compensation. 89

Item 11. Executive Compensation. 89

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 89

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. 89

Certain Relationships and Related Transactions, and Director Independence. 89

Item 13. Certain Relationships and Related Transactions, and Director Independence. 89

Principal Accounting Fees and Services. 89

Item 14. Principal Accounting Fees and Services. 89 Part IV

Exhibit and Financial Statement Schedules. 90

Item 15. Exhibit and Financial Statement Schedules. 90

Form 10-K Summary. 93

Item 16. Form 10-K Summary. 93 Signatures 94 Exhibit Index 91 Presentation of Information Unless the context requires otherwise, references to "Edgewell Personal Care Company," "Edgewell," "we," "us," "our" and "the Company" refer to Edgewell Personal Care Company, and its consolidated subsidiaries. Trademarks and Trade Names We own or have rights to use trademarks and trade names that we use in conjunction with the operation of our business, which appear throughout this Annual Report on Form 10-K. Solely for convenience, we only use the or symbols the first time any trademark or trade name is mentioned. We may also refer to brand names, trademarks, service marks and trade names of other companies and organizations, and these brand names, trademarks, service marks and trade names are the property of their respective owners. Industry and Market Data Unless we indicate otherwise, we base the information concerning our industry contained or incorporated by reference herein on our general knowledge of and expectations concerning the industry. Our market position, market share and industry market size are based on our estimates using internal data and data from various industry analyses, our internal research and adjustments and assumptions that we believe to be reasonable. We have not independently verified data from industry analyses and cannot guarantee its accuracy or completeness. In addition, we believe that data regarding the industry, market size and our market position and market share within such industry provides general guidance but are inherently imprecise. Further, our estimates and assumptions involve risks and uncertainties and are subject to change based on various factors, including those discussed in the "Risk Factors" section of this document. These and other factors could cause results to differ materially from those expressed in the estimates and assumptions. Retail sales for purposes of market size, market position and market share info

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The Private Securities Litigation Reform Act of 1995 provides a safe harbor for forward-looking statements made by or on behalf of Edgewell Personal Care Company or any of our businesses. These forward-looking statements include, but are not limited to, statements concerning our expectations regarding our future results of operations and financial condition; our product offerings; our ability to attract and retain customers; our strategy, including our anticipated disposition of the Feminine Care business and the timing of the closing of the transaction; future share repurchases and dividends; our expectations regarding consumer demand and the timing and amount of orders from our largest retail customers; the effect of macroeconomic factors, including supply chain disruptions, tariffs, and inflationary pressures; expectations regarding restructuring initiatives; anticipated trends, growth rates, and challenges in our business and in the markets in which we operate. Additional forward-looking statements may appear throughout this report, including, without limitation, the following sections: Business, Management's Discussion and Analysis, Risk Factors, and the Notes to the Consolidated Financial Statements. Forward-looking statements generally can be identified by the use of words or phrases such as "believe," "expect," "expectation," "anticipate," "may," "could," "intend," "estimate," "plan," "target," "predict," "likely," "will," "should," "forecast," "outlook," "strategy," or other similar words or phrases. These statements are not based on historical facts, but instead reflect our expectations, estimates or projections concerning future results or events, including, without limitation, the future earnings and performance of the Company or any of our

Business

Item 1. Business. (in millions, except per share data) Overview Edgewell Personal Care Company, and its subsidiaries, is one of the world's largest manufacturers and marketers of personal care products in the Wet Shave, Sun and Skin Care, and Feminine Care segments. With operations in approximately 20 countries, our products are widely available in more than 50 countries. History and Development We were incorporated in the State of Missouri on September 23, 1999 and, prior to April 2000, were a wholly-owned subsidiary of Ralston Purina Company. On April 1, 2000, all of the outstanding shares of our common stock were distributed to shareholders of Ralston Purina Company and we became an independent publicly-owned company. During the years that followed, we implemented a strategy of acquiring several personal care brands, which created the foundation for the company we are today. In 2003, we completed the acquisition of the Schick-Wilkinson Sword business ("SWS") from Pfizer, Inc., the second largest manufacturer and marketer of men's and women's wet shave products in the world at that time. Our portfolio of wet shave products includes: Hydro and Quattro men's shaving systems; Hydro Silk, Quattro for Women, Intuition and Silk Effects Plus women's shaving systems; and the Hydro, Quattro, Xtreme 3, Slim Twin, Slim Triple, Skintimate and Extra3 disposables. SWS has over 100 years of history in the shaving products industry with a reputation for high quality and innovation in shaving technology. SWS products are sold throughout the world. In 2007, we acquired Playtex Products, Inc. ("Playtex"), a leading manufacturer and marketer of well-recognized brands such as Playtex feminine care products, Wet Ones pre-moistened wipes, and Banana Boat and Hawaiian Tropic sun care products, thereby expanding our branded consumer products portfolio. In 2009, we completed the acquisition of the Edge and Skintimate shave preparation brands from S.C. Johnson & Son, Inc., adding m

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