Church & Dwight Co Inc (CHD)
OvervaluedFundamental
67
Price
$105.19
Market Cap
$24.91B
Part 1 · What the company is worth
Overview
Church & Dwight manufactures and markets household and personal care products through three operating segments. The Consumer Domestic segment encompasses household products (deodorizing, cleaning, laundry solutions) and personal care products (condoms, oral care, skin care, hair care, gummy dietary supplements). Consumer International operates across Australia, Canada, France, Germany, Japan, Mexico, China, and the UK, exporting to over 130 markets. The Specialty Products Division produces animal nutrition products, specialty chemicals (including sodium bicarbonate for industrial applications), and commercial cleaning products. The company owns manufacturing facilities and trona reserves in Wyoming and Ohio that supply the bulk of its sodium bicarbonate raw material, providing supply security and cost advantages.
How it makes money
Church & Dwight generates revenue through brand-driven consumer products sold via a diversified distribution network including supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, specialty retailers, and e-commerce channels. The company emphasizes seven power brands (ARM & HAMMER, OXICLEAN, VITAFUSION/L'IL CRITTERS, BATISTE, WATERPIK, THERABREATH, and HERO) which collectively represent approximately 70% of net sales and profits, providing a concentrated revenue base from recognized consumer brands with established market positions.
Revenue by segment
Household products including deodorizing, cleaning and laundry solutions marketed under the ARM & HAMMER, OXICLEAN, and related brands; and personal care products including condoms (TROJAN), oral care (SPINBRUSH, THERABREATH), pregnancy tests (FIRST RESPONSE), hair care (BATISTE), depilatories (NAIR), and gummy dietary supplements (VITAFUSION, L'IL CRITTERS) sold primarily to U.S. consumers through major retail channels.
International sales of household and personal care products across developed markets in Australia, Canada, France, Germany, Japan, Mexico, China, and the United Kingdom, with no single product line exceeding 20% of international segment sales. Represents geographic diversification of the company's consumer brand portfolio and exports to more than 130 countries.
Animal nutrition products for livestock and poultry; specialty chemicals including sodium bicarbonate for industrial, pharmaceutical, and food applications; and commercial and professional cleaning products. This segment leverages the company's vertically integrated sodium bicarbonate production capability and serves business-to-business markets.
Competitive moat
Brand · WideChurch & Dwight possesses enduring brand strength and market leadership positions across multiple consumer product categories. ARM & HAMMER's trademark has been in continuous use since 1867, establishing historical brand equity. The company holds dominant market positions including TROJAN (#1 condom brand), WATERPIK (#1 water flosser), NAIR (#1 depilatory), ZICAM (#1 cold shortening brand), and BATISTE (world's #1 dry shampoo). These brands compete in large categories with significant consumer recognition, enabling price-setting power and distribution leverage. The company's ownership of trona reserves in Wyoming and integrated sodium bicarbonate manufacturing provide supply chain advantages unavailable to competitors.
What drives demand
DefensiveChurch & Dwight's overall business is generally non-seasonal, as household and personal care products are consumed consistently throughout the year. However, individual product lines exhibit targeted seasonality: SPINBRUSH and WATERPIK experience higher demand in fall months (holiday season), NAIR and related depilatories peak in spring and summer, VITAFUSION, L'IL CRITTERS, and ZICAM show slightly elevated demand in Q4 during cold and flu season, and animal nutrition products from the SPD segment show seasonal strength in warmer months. Demand is sensitive to consumer spending and economic conditions, with potential cyclicality in recessionary periods, though consumer staples character provides resilience.
Customer concentration
Top customers account for 44% of revenue
Church & Dwight faces significant customer concentration risk, with Walmart Inc. and its affiliates representing 23% of consolidated net sales in 2024. The four largest customers collectively account for approximately 44% of consolidated net sales. No other customer accounts for 10% or more of sales. This concentration creates dependency on major retail customers, who exercise substantial pricing power and can influence product placement, promotional support, and terms. The company acknowledges facing 'pricing pressure from our retail customers, particularly from high-volume retail customers including internet-based retailers' who have increasingly sought pricing concessions.
The case for
Buyers argue that Church & Dwight operates a diversified portfolio of market-leading consumer brands with strong competitive positions and pricing power, generating consistent cash flows from defensive household and personal care categories. The company's ownership of raw material assets (trona reserves) provides structural cost advantages and supply security unavailable to competitors. Seven power brands representing 70% of sales offer scale, operating efficiency, and cross-selling opportunities. Recent international expansion through acquisitions (such as Graphico in Japan) and broad geographic distribution across 130+ countries provide growth levers. Strong brand heritage—particularly ARM & HAMMER with continuous trademark use since 1867—creates consumer loyalty and supports premium positioning. The company's proven acquisition and integration track record demonstrates management capability to create shareholder value through strategic M&A within consumer staples.
The case against
Sellers fear that Church & Dwight faces severe customer concentration risk, with Walmart alone accounting for 23% of sales and the top four customers representing 44%, creating exposure to retail pricing pressure and potential distribution loss. Intense competition from multinational rivals with superior financial resources—including Procter & Gamble, Clorox, and Colgate-Palmolive—along with emerging digital-native and private-label competitors, threatens market share and pricing power. Secular shifts toward e-commerce and direct-to-consumer models challenge traditional retail relationships on which the company depends. Commodity cost volatility in raw materials and transportation, coupled with limited pricing power against concentrated retail customers, constrains margin expansion. Regulatory complexity across multiple jurisdictions (FDA, FTC, CPSC oversight) creates compliance costs and operational uncertainty. The company's reliance on established, mature brand categories in developed markets limits organic growth runway, making acquisition-fueled growth dependent on integration execution and valuation discipline.
Generated with artificial intelligence on September 21, 2026, shared with all users
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 18, 2026, shared with all users
P&G is the first competitor named in Church & Dwight's own 10-K and fights for the same US shelf space in laundry detergent (Tide versus Arm & Hammer and Xtra), oral care and personal care.
Clorox is the closest rival by size and profile, competing on the same US household aisle in laundry additives, cleaners and cat litter (Fresh Step versus Arm & Hammer).
Colgate-Palmolive competes head-on in oral care against Arm & Hammer toothpaste, Spinbrush and TheraBreath, and in home care and pet products sold through the same retailers.
Kenvue competes in consumer self-care, where its Listerine, Neutrogena and cold-and-allergy brands sit against TheraBreath, Hero acne treatment and Zicam.
Reckitt competes across cleaning and health-and-hygiene categories where Church & Dwight also sells, from surface cleaners to sexual wellness products rivaling Trojan.
Unilever competes in personal care and home care worldwide, with dry shampoo, deodorant and laundry brands aimed at the same shoppers as Batiste and Arm & Hammer.
Balance Sheet & Liquidity
Revenue
$6.23B
Trailing 12 months (through 6/30/2026)
Net Income
$745M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$1.09B
Total Equity
$4.00B
Total Liabilities
$4.91B
Current Ratio
1.15
Interest Coverage
11.26
Debt/EBITDA
1.87
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$80.35
Current Price
$105.19
Margin of Safety
-30.9%
Fair Value Range
$56.30 - $104.41
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
33.82
ROE
18.4%
P/B Ratio
5.74
P/FCF
22.79
Gross Margin
45.6%
ROIC
11.1%
Profitability Radar
Value Creation (Economic Moat)
ROIC
11.1%
WACC
7.5%
ROIC − WACC
+3.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (18)
- EPS shows upward trend
- Price CAGR 8.79%
- ROIC 11.0%
- Gross margin 45.6%
- P/FCF 22.79
- Debt/equity ratio
- Operating margin 17.5%
- Positive free cash flow
- CapEx intensity
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- ROE 17.8%
- Earnings quality (operating cash flow / net income) 1.65
- Share dilution -1.2%
- Net margin trend 12.0% vs 8.7%
- Piotroski F-Score 6/9
Failed (7)
- EPS CAGR 0.49%
- P/B ratio 5.74
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- Revenue growth 5Y 4.8%
- Earnings surprise, average 2.5%
Unavailable (2)
- Dividend payout –
- PEG ratio (needs P/E > 0 and growth > 0)
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Richard A. Dierker | President, CEO & Director | 45 |
| Mr. Lee B. McChesney | CFO & Executive VP | 53 |
| Mr. Patrick D. de Maynadier Esq., J.D. | Executive VP, General Counsel & Secretary | 65 |
| Mr. Michael G. Read | Executive Vice President of International | 50 |
| Mr. Charles R. Raup | Executive VP & President of US Domestic | 57 |
| Mr. Joseph James Longo | VP, Chief Accounting Officer & Corporate Controller | 54 |
| Mr. Carlos G. Linares | Executive VP, CTO & Global New Product Innovation | 61 |
| Ms. Stacey Ramstedt | Senior VP & Chief Marketing Officer | - |
| Ms. Rene M. Hemsey | Executive VP & Chief Human Resources Officer | 57 |
| Mr. Brian Buchert | Executive VP of Strategy, M&A and Business Partnerships | - |
Audit Risk
4
Board Risk
4
Compensation Risk
2
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-12
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-31
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-07-31
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much CHD moves, measured on its daily prices.
More volatile than 14% of the tracked stocks (90-day volatility).
- Volatility 30d
- 20.1%
- Volatility 90d
- 22.6%
- Beta vs S&P 500 (1y)
- -0.07Correlation -0.04
- Max drawdown (12m)
- -13.8%
- ATR (14d, % of price)
- 1.97%
Earnings reactions
How CHD moved around its past quarterly results.
Next earnings release
Oct 30, 2026 · In 6 days · Before the open
EPS estimate: 0.90Revenue estimate: $1.6B
What usually happens
- Over the last 12 releases the stock moved a median of 1.9% the next day, up or down.
- Next-day moves: up 5, down 7 (out of 12).
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026 | Before the open | 0.91 | 0.89 | -1.7% | -2.0% | +1.2% | +5.8% |
| May 1, 2026 | Before the open | 0.94 | 0.95 | +1.0% | +1.5% | -1.1% | -3.3% |
| Jan 30, 2026 | Before the open | 0.84 | 0.86 | +1.8% | +4.9% | +4.7% | +9.4% |
| Oct 31, 2025 | Before the open | 0.74 | 0.81 | +8.8% | +6.3% | +7.2% | +5.4% |
| Aug 1, 2025 | Before the open | n/a | n/a | n/a | -0.8% | +0.3% | -1.2% |
| May 1, 2025 | Before the open | n/a | n/a | n/a | -6.4% | -7.0% | -7.4% |
| Jan 31, 2025 | Before the open | n/a | n/a | n/a | -0.1% | -1.5% | -1.6% |
| Nov 1, 2024 | Before the open | n/a | n/a | n/a | +5.8% | +4.8% | +4.0% |
| Aug 2, 2024 | Before the open | n/a | n/a | n/a | -3.1% | -1.5% | +2.2% |
| May 2, 2024 | Before the open | n/a | n/a | n/a | -0.2% | -0.4% | +0.5% |
| Feb 2, 2024 | Before the open | n/a | n/a | n/a | 0.0% | -2.4% | -1.8% |
| Nov 3, 2023 | Before the open | n/a | n/a | n/a | -7.2% | -5.6% | -2.5% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on CHD and what the price did next.
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for CHD.