How did Berkshire Hathaway acquire Duracell from Procter and Gamble?

In 2014-2016, Warren Buffett and Procter & Gamble completed an innovative tax-free transaction: Berkshire held approximately $4.7 billion of Procter & Gamble common stock (accumulated over many years); P&G wanted to divest Duracell as part of its portfolio simplification strategy (P&G was focusing on core brands like Tide, Pampers, and Gillette); instead of selling Duracell for cash (which would trigger capital gains taxes for P&G on the asset sale), P&G exchanged Duracell for Berkshire's P&G shares; Berkshire received Duracell's business (valued at approximately $4.7 billion); P&G received back its own shares which it could retire, reducing share count and boosting EPS; both parties avoided the taxes that a cash transaction would have triggered. Buffett's rationale: Berkshire received a durable consumer brand with strong cash flow in a tax-efficient transaction; Duracell fits Berkshire's preference for consumer brands with pricing power similar to See's Candies and Dairy Queen. The deal closed in February 2016.

What is Energizer's Rayovac brand and how does it complement the Energizer brand?

Energizer Holdings owns both the Energizer brand (premium positioning) and Rayovac brand (value positioning) following Energizer's 2018-2019 acquisition of the Spectrum Brands battery and lighting business for approximately $2 billion. Rayovac brand positioning: originally a Wisconsin battery company (founded 1906), Rayovac built a reputation as a value alternative to Duracell and Energizer; particularly strong in Europe (especially Germany and Eastern Europe) and Latin America; Rayovac's lower price point makes it competitive against private label batteries. Dual-brand strategy: Energizer uses the Energizer brand for premium shelf placement at higher margins and Rayovac for value and secondary shelf positions; in markets where Rayovac is stronger (Europe, Latin America), Rayovac leads; the dual brand prevents a competitor from occupying the value shelf tier while Energizer only has a premium option. The acquisition also included the VARTA consumer battery brand (licensed for use outside of Europe — VARTA AG is a separate German company) and Rayovac's lighting products.

What are specialty batteries and why are they a growth segment for Energizer?

Specialty batteries are non-standard battery formats outside the commodity AA/AAA/C/D/9V segment: Coin cell batteries (CR2032, CR2025, CR2016) — used in key fobs, glucose monitors, hearing aids, watches, computer BIOS backup, and wearables; the coin cell market is growing as IoT devices, medical wearables, and key fobs proliferate; Energizer's Ultimate Lithium coin cells command premium pricing. Hearing aid batteries (PR44, PR41 zinc-air batteries) — traditional zinc-air batteries for hearing aids; while rechargeable hearing aids are growing, millions of hearing aids still use disposable zinc-air; elderly population growth supports this segment. Lithium specialty batteries (CR123A, CR2) — used in cameras, tactical flashlights, gun sights; higher energy density than alkaline; relatively small but premium-priced market. Specialty batteries are growing faster than commodity alkaline because: rechargeable technology has not fully displaced them in all applications; new connected devices (IoT sensors, medical devices) create new demand; specialty formats command higher prices and margins than commodity AA/AAA cells.

brimindinvest.com / compare / enr-vs-dux-batteryLIVE

ENR

Energizer Holdings, Inc. · Consumer Staples - Batteries & Lighting

$21.52

+35.09% this month

VERSUS

⟷

COMPARE

BRK.B

Berkshire Hathaway Inc. (Owner of Duracell) · Diversified - Financial Services, Insurance, Consumer Products

N/A

N/A this month

Scoreboard verdict

Across AI score, momentum, valuation, upside, operating margin

ENR

0

BRK.B

0

MIXED SETUP

Comparison scoreboard

MIXED SETUP

AI Score

ENR 24.3

BRK.B N/A

1Y Return

ENR +14.22%

BRK.B N/A

Fwd P/E

ENR 5.89

BRK.B N/A

Target Up.

ENR -3.97%

BRK.B N/A

Op. Margin

ENR N/A

BRK.B N/A

Metrics last refreshed: 6/20/2026

Quick take

ENR vs Duracell (BRK.B) Battery Comparison: AI Score, Valuation, Performance and Upside

ENR (Energizer Holdings) and Duracell represent the two dominant alkaline battery brands globally — Energizer is a publicly traded company with the Energizer and Rayovac brands and a levered balance sheet from acquisitions, competing against Duracell, owned by Berkshire Hathaway since 2016 and not independently investable. Both face long-term battery category volume headwinds from rechargeable electronics while competing primarily on brand strength and retail shelf positioning.

Energizer vs Duracell is the fundamental consumer battery brand rivalry — publicly traded pure-play battery and auto care company (Energizer's dual-brand portfolio with leverage from acquisitions seeking debt reduction while sustaining market share) versus the #1 battery brand owned by Berkshire Hathaway (Duracell's market-leading alkaline battery franchise with unlimited financial support from Buffett's permanent capital, not independently investable) — a category duopoly navigating rechargeable technology headwinds.

Live analysis · updated 6/20/2026

ENR and BRK.B are closely matched — they split the tracked metrics evenly.

Normalized 1Y performance

ENR

BRK.B

Not enough data to chart yet.

Recent returns

ENR

BRK.B

Analyst price targets & sentiment

ENR · 6 analysts

Price target range

analyst low$18.00
analyst high$28.00
analyst mean$20.67
current price$21.52

-4.0% upside to analyst mean

BRK.B

Price target data unavailable

N/A

Who should consider this stock?

ENR may suit investors who:

→Want concentrated exposure to the consumer alkaline battery category — Energizer is essentially a pure-play consumer battery company (plus auto care), giving battery category investors direct exposure not available through Duracell's Berkshire parent
→Believe Energizer's deleveraging trajectory will improve financial flexibility and create shareholder value as debt from Rayovac and auto care acquisitions is reduced, eventually enabling larger capital returns to shareholders
→Value ENR's defensive consumer staples characteristics — battery purchases are relatively non-cyclical; households continue buying batteries through recessions; the category is stable if slowly declining in volume

BRK.B may suit investors who:

→Want exposure to Duracell's battery market leadership bundled within Berkshire Hathaway's diversified portfolio — BRK.B provides Duracell exposure alongside GEICO, BNSF, and Berkshire's massive equity investment portfolio
→Value Warren Buffett's capital allocation and Berkshire's permanent-capital business model as providing superior long-term returns versus leveraged consumer product companies like Energizer
→Prefer the diversification of Berkshire's holding company structure (100+ businesses plus equity portfolio) over Energizer's concentrated battery-and-auto-care exposure

Performance & AI score

Metric	ENR	BRK.B
AI score	24.3	N/A
AI rank	#3208	N/A
Latest close	$21.52	N/A
1M return	+35.09%	N/A
6M return	+8.47%	N/A
1Y return	+14.22%	N/A

$10,000 invested — hypothetical growth (dividends reinvested)

How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?

Period	ENR	BRK.B
1Y ago	$12.13K (+21.3%) started 2025-06-18	N/A
5Y ago	$7.82K (-21.8%) started 2021-06-18	N/A
10Y ago	$8.64K (-13.6%) started 2016-06-20	N/A

Hypothetical — past performance does not guarantee future results.

Valuation & upside potential

Metric	ENR	BRK.B
Market cap	$1.47B	N/A
Trailing P/E	7.88	N/A
Forward P/E	5.89	N/A
Price/Sales	0.49	2.84
EV/Revenue	1.55	N/A
Analyst target	$20.67	N/A
Target upside	-3.97%	N/A

Growth, profitability & risk

Metric	ENR	BRK.B
Revenue growth	-3.00%	N/A
Earnings growth	-62.20%	N/A
EPS growth	-62.20%	N/A
FCF margin	+7.21%	N/A
Operating margin	N/A	N/A
Profit margin	6.55%	N/A
ROIC proxy	127.06%	N/A
Return on equity	127.06%	N/A
Dividend yield	6.01%	N/A
Beta	0.77	0.14
Debt/equity	1966.86	N/A
Current ratio	2.05	N/A
Quick ratio	0.83	N/A

Drawdown & downside risk

Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.

1Y risk snapshot

ENR max drawdown43.62%

BRK.B max drawdownN/A

ENR max wkly drop27.09%

BRK.B max wkly dropN/A

5Y risk snapshot

ENR max drawdown56.12%

BRK.B max drawdownN/A

ENR max wkly drop27.09%

BRK.B max wkly dropN/A

10Y risk snapshot

ENR max drawdown67.46%

BRK.B max drawdownN/A

ENR max wkly drop27.09%

BRK.B max wkly dropN/A

Performance metrics by period

Period	Metric	ENR	BRK.B
1Y	Growth	+14.22%	N/A
	CAGR	+14.23%	N/A
	Sharpe ratio	0.43	N/A
	Max drawdown	43.62%	N/A
	Max daily drop	18.49%	N/A
	Max wkly drop	27.09%	N/A
5Y	Growth	-37.79%	N/A
	CAGR	-9.06%	N/A
	Sharpe ratio	-0.22	N/A
	Max drawdown	56.12%	N/A
	Max daily drop	18.49%	N/A
	Max wkly drop	27.09%	N/A
10Y	Growth	-41.39%	N/A
	CAGR	-5.21%	N/A
	Sharpe ratio	-0.09	N/A
	Max drawdown	67.46%	N/A
	Max daily drop	18.49%	N/A
	Max wkly drop	27.09%	N/A

Business comparison

Category	ENR	BRK.B
Company	Energizer Holdings, Inc.	Berkshire Hathaway Inc. (Owner of Duracell)
Sector	Consumer Staples - Batteries & Lighting	Diversified - Financial Services, Insurance, Consumer Products
Industry	N/A	N/A
Core business	Energizer Holdings manufactures and markets batteries, portable lights, and auto care products. Energizer's battery brands include Energizer (AA, AAA, C, D, 9V, coin cell, specialty batteries), Rayovac (value-positioned battery brand strong in Europe and Latin America), and VARTA consumer batteries (licensed brand). Energizer also sells auto care products (Armor All, STP, A/C Pro) acquired from Spectrum Brands in 2019. Energizer manufactures primarily alkaline batteries (dominant chemistry for consumer devices), specialty lithium batteries, and rechargeable NiMH batteries.	Berkshire Hathaway is Warren Buffett's diversified holding company — operating businesses include GEICO (auto insurance), BNSF Railway, Berkshire Hathaway Energy, Dairy Queen, See's Candies, and numerous industrial companies, alongside an equity investment portfolio (Apple, American Express, Coca-Cola, Bank of America). Duracell is one of Berkshire's wholly-owned consumer businesses, acquired from Procter & Gamble in 2016 in exchange for Berkshire's P&G shares (a tax-efficient structure). Duracell is the #1 battery brand in the U.S. by market share and sells globally. As a wholly-owned subsidiary, Duracell's standalone financial performance is not separately reported.
Investor focus	Investors track Energizer's organic volume trends (battery market share vs. Duracell and private label), pricing power (ability to pass raw material and shipping cost increases to retailers), auto care segment performance, and the long-term debt reduction trajectory from leverage taken on for the Rayovac and auto care acquisitions.	For BRK.B investors, Duracell is a small component of Berkshire's vast diversified portfolio. Duracell's competitive performance against Energizer is not directly observable from Berkshire's consolidated financials. BRK.B investors focus on insurance underwriting profitability, investment portfolio performance (particularly the Apple holding), and capital allocation by Warren Buffett and the Berkshire management team.

ENR strengths

→Dual battery brand portfolio (Energizer + Rayovac) serves both premium and value segments — Energizer brand targets premium positioning; Rayovac serves price-sensitive consumers; together they address nearly every retail price point in the battery category
→Battery market characteristics favor branded incumbents — batteries are low-involvement purchases; consumers default to familiar brands they trust; shelf positioning at major retailers (Walmart, Target, Costco, Home Depot) is difficult to displace once established
→Auto care portfolio adds diversified consumer products revenue — STP, Armor All, and A/C Pro are well-known auto care brands adding revenue and distribution leverage to Energizer's core battery business

BRK.B strengths

→Duracell's #1 market share in U.S. alkaline batteries — Duracell has maintained premium market share through consistent marketing and product quality reputation; Duracell commands the highest retail shelf presence in the battery category
→Berkshire Hathaway ownership provides unlimited financial support — Berkshire's $140B+ cash position and Buffett's long-term orientation means Duracell is never pressured to sacrifice long-term brand investment for short-term profits
→Global distribution network and retailer relationships — Duracell's decades in consumer products created strong retailer shelf placement agreements and distribution partnerships globally

Risks to watch — ENR

→Battery category volume is declining as device batteries evolve — wireless earbuds, smart speakers, and modern electronics use rechargeable lithium batteries rather than disposable alkalines; the alkaline battery market's addressable device universe is shrinking for higher-end devices
→Duracell's Berkshire Hathaway ownership provides financial stability that limits Energizer's pricing discipline — Duracell can absorb margin pressure without shareholder concern; Energizer's levered balance sheet limits its ability to engage in prolonged pricing wars
→High leverage from acquisitions limits financial flexibility — Energizer's debt from the Rayovac and auto care acquisitions constrains capital allocation; servicing debt limits share buybacks, dividends, and strategic investment capacity

Risks to watch — BRK.B

→Duracell's standalone performance is not publicly reported — Berkshire combines Duracell into its Manufacturing, Service and Retailing segment; investors in BRK.B cannot directly evaluate Duracell's competitive performance vs. Energizer
→Same long-term battery category volume headwinds affect Duracell — the rechargeable device trend reducing alkaline battery demand affects Duracell identically to Energizer; category headwinds are not company-specific
→Private label battery growth at Amazon and retailers — store-brand batteries (Amazon Basics, Costco Kirkland) undercut branded battery prices; private label share has grown, pressuring both Duracell and Energizer

Frequently asked questions

The global consumer alkaline battery market was approximately $12-15 billion annually in recent years. Market characteristics: AA and AAA cells are the dominant formats, used in TV remotes, computer mice, toys, flashlights, and clocks; brand concentration — Duracell (#1), Energizer (#2), and private label (Amazon Basics, store brands) collectively hold nearly the entire market. Changes over the past decade: rechargeable shift — smartphones replaced cameras (AA-powered), wireless earbuds replaced AA-powered portable speakers, smart speakers use USB-C charging; the overall device pool using disposable batteries has shrunk for premium electronics. However, budget electronics (toys, remotes, smoke detectors) remain heavily AA/AAA dependent. Volume trend: global alkaline battery volume has declined slowly (approximately 1-3% annually in developed markets); emerging markets partially offset developed market declines. Pricing: Duracell and Energizer have successfully maintained premium pricing through marketing; private label growth at Amazon and warehouse clubs has created some share pressure at the value tier.

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+1.1%HOLD

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