Spectrum Brands has returned over a billion dollars to shareholders since 2023. Wall Street applauds the capital returns. But a deeper look reveals something troubling: the company has systematically repurchased shares at prices far above where the stock trades today, incinerating hundreds of millions in value while management collects eight-figure compensation packages.
The problems run deeper than poor timing. For fifteen consecutive years, this company has failed to generate returns above its cost of capital—a record of chronic value destruction that few public companies can match. Meanwhile, accounting practices raise red flags, a major acquisition brought mounting product liability exposure, and the boardroom is populated by insiders whose independence exists more on paper than in practice.
This is financial engineering masquerading as shareholder value. We explain why investors should look elsewhere.
SLG is an independent investment management and advisory firm serving ultra-high-net-worth individuals, families, and institutions.
