Business Description
Church & Dwight Co., Inc. develops, manufactures, and markets household, personal care, and specialty products. It operates through three segments: Consumer Domestic, Consumer International, and Specialty Products Division. The company offers cat litters, carpet deodorizers, laundry detergents, and baking soda, as well as other baking soda based products under the ARM & HAMMER brand; condoms, lubricants, and vibrators under the TROJAN brand; stain removers, cleaning solutions, laundry detergents, and bleach alternatives under the OXICLEAN brand; battery-operated and manual toothbrushes under the SPINBRUSH brand; home pregnancy and ovulation test kits under the FIRST RESPONSE brand; depilatories under the NAIR brand; oral analgesics under the ORAJEL brand; laundry detergents under the XTRA brand; gummy dietary supplements under the L'IL CRITTERS and VITAFUSION brands; dry shampoos under the BATISTE brand; water flossers and replacement showerheads under the WATERPIK brand; FLAWLESS products; cold shortening and relief products under the ZICAM brand; and oral care products under the THERABREATH brand. Its specialty products include animal productivity products, such as MEGALAC rumen bypass fat, a supplement that enables cows to maintain energy levels during the period of high milk production; BIO-CHLOR and FERMENTEN, which are used to reduce health issues associated with calving, as well as provides needed protein; and CELMANAX refined functional carbohydrate, a yeast-based prebiotic. The company offers sodium bicarbonate; and cleaning and deodorizing products. It sells its consumer products through supermarkets, mass merchandisers, wholesale clubs, drugstores, convenience stores, home stores, dollar and other discount stores, pet and other specialty stores, and websites and other e-commerce channels; and specialty products to industrial customers and livestock producers through distributors. The company was founded in 1846 and is headquartered in Ewing, New Jersey.
Business History
Generated: Jun 7, 2026 5:18pmPrice Overview
Last updated: Jun 7, 2026 5:15pm (19d ago)Price History (1 Year)
Revenue & Net Income Trend
| Period | Revenue | Net Income | Net Margin | YoY/QoQ |
|---|
Key Metrics
EPS (Diluted): 3.04
Total Equity: $4.00B
Shares: 244,300,000
Total Debt: $2.21B
Cash: $409.00M
EBITDA: $1.30B
Total Debt: $2.21B
Cash: $409.00M
Revenue: $6.20B
Revenue: $6.20B
Revenue: $6.20B
Total Equity: $4.00B
Tax Rate: 23.0%
Equity: $4.00B
Total Debt: $2.21B
Cash: $409.00M
Current Liabilities: $1.50B
Long-Term Debt: $2.21B
Total Debt: $2.21B
Total Equity: $4.00B
Shares: 244,300,000
Shares: 244,300,000
CapEx: -$122.40M
Shares: 244,300,000
Stock Price: $96.74
Net Income: $736.80M
Industry Benchmarks
Deep Analysis
Pre-flight intelligence scans the company first, then routes to the right analytical methods.
Income Statement (Annual)
Last updated: Jun 7, 2026 5:21pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $5.2B | $5.4B | $5.9B | $6.1B | $6.2B |
| Cost of Revenue | $2.9B | $3.1B | $3.3B | $3.3B | $3.4B |
| Gross Profit | $2.3B | $2.3B | $2.6B | $2.8B | $2.8B |
| Operating Expenses | $1.2B | $1.7B | $1.5B | $2.0B | $1.7B |
| Operating Income | $1.1B | $597.8M | $1.1B | $807.1M | $1.1B |
| Net Income | $827.5M | $413.9M | $755.6M | $585.3M | $736.8M |
| EBITDA | $1.3B | $831.9M | $1.3B | $1.1B | $1.3B |
| EPS | $3.38 | $1.70 | $3.09 | $2.39 | $3.04 |
| EPS (Diluted) | — | — | — | — | — |
Balance Sheet (Annual)
Last updated: Jun 7, 2026 5:15pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Cash & Equivalents | $240.6M | $270.3M | $344.5M | $964.1M | $409.0M |
| Total Current Assets | $1.2B | $1.4B | $1.5B | $2.2B | $1.6B |
| Total Assets | $8.0B | $8.3B | $8.6B | $8.9B | $8.9B |
| Current Liabilities | $2.1B | $1.2B | $1.4B | $1.3B | $1.5B |
| Long-Term Debt | $1.6B | $2.6B | $2.2B | $2.2B | $2.2B |
| Total Liabilities | $4.8B | $4.9B | $4.7B | $4.5B | $4.9B |
| Total Equity | $3.2B | $3.5B | $3.9B | $4.4B | $4.0B |
| Retained Earnings | $5.4B | $5.5B | $6.0B | $6.3B | $6.8B |
Cash Flow (Annual)
Last updated: Jun 7, 2026 5:21pm (19d ago)| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Operating Cash Flow | $993.8M | $885.2M | $1.0B | $1.2B | $1.2B |
| Capital Expenditure | -$118.8M | -$178.8M | -$223.5M | -$179.8M | -$122.4M |
| Free Cash Flow | $875.0M | $706.4M | $807.1M | $976.4M | $1.1B |
| Acquisitions (net) | -$556.0M | -$546.8M | $0 | -$13.3M | $19.0M |
| Debt Repayment | — | — | — | — | — |
| Dividends Paid | — | — | — | — | — |
| Stock Buybacks | -$500.0M | $0 | -$300.1M | $0 | -$900.0M |
| Net Change in Cash | $57.5M | $29.7M | $74.2M | $619.6M | -$555.1M |
Analyst Estimates (Annual)
Last updated: Jun 7, 2026 5:15pm (19d ago)| Metric | 2027 | 2028 | 2029 | 2030 |
|---|---|---|---|---|
| Revenue |
$6.4B $6.3B – $6.6B
|
$6.6B $6.6B – $6.6B
|
$7.0B $6.9B – $7.1B
|
$7.2B $7.2B – $7.4B
|
| EBITDA |
$1.3B $1.3B – $1.3B
|
$1.4B $1.3B – $1.4B
|
$1.4B $1.4B – $1.4B
|
$1.5B $1.5B – $1.5B
|
| Net Income |
$983.8M $943.4M – $1.0B
|
$1.0B $1.0B – $1.1B
|
$1.1B $1.1B – $1.2B
|
$1.2B $1.2B – $1.2B
|
| EPS | — | — | — | — |
Growth Trends (YoY %)
Last updated: Jun 7, 2026 5:21pm (19d ago)| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue Growth | +3.6% | +9.2% | +4.1% | +1.6% |
| Gross Profit Growth | -0.6% | +15.0% | +7.8% | -0.5% |
| Operating Income Growth | -44.6% | +76.9% | -23.7% | +33.5% |
| Net Income Growth | -50.0% | +82.6% | -22.5% | +25.9% |
| EBITDA Growth | -36.3% | +56.7% | -16.3% | +19.2% |
Insider Trading (Recent)
Last updated: Jun 7, 2026 5:20pm (19d ago)All SEC Form 4 codes
- P Purchase
- Open-market or private purchase of shares.
- S Sale
- Open-market or private sale of shares.
- A Award / grant
- Grant or award of securities (RSUs, options, etc.) under Rule 16b-3.
- D Return to issuer
- Securities disposed back to the company under Rule 16b-3.
- F In-kind (tax)
- Shares withheld or delivered to pay the option-exercise price or tax — not an open-market sale.
- I Discretionary
- Discretionary transaction under an employee plan — Rule 16b-3(f).
- M Option exercise
- Exercise or conversion of a derivative (option/RSU) into shares — exempt.
- C Conversion
- Conversion of a derivative security into the underlying shares.
- E Short expiration
- Expiration of a short derivative position.
- H Long expiration
- Expiration or cancellation of a long derivative position with value received.
- O OTM exercise
- Exercise of an out-of-the-money derivative.
- X ITM exercise
- Exercise of an in-the-money or at-the-money derivative.
- G Gift
- Bona fide gift of securities.
- L Small acquisition
- Small acquisition under Rule 16a-6.
- W Inheritance
- Acquisition or disposition by will or the laws of descent.
- Z Voting trust
- Deposit into or withdrawal from a voting trust.
- J Other
- Other acquisition or disposition (explained in a Form 4 footnote).
- K Equity swap
- Transaction in an equity swap or similar instrument.
- U Tender / buyout
- Disposition via tender of shares in a change-of-control transaction.
Compensation-plan codes (A, D, F, M) are routine and rarely directional. Open-market P (buy) and S (sale) carry the most signal.
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-06-25 | Raup Charles R | F-InKind | 853.00 | $98.15 | $83,722 |
| 2026-06-16 | Linares Carlos G. | M-Exempt | 10,000.00 | $50.28 | $502,800 |
| 2026-06-16 | Linares Carlos G. | M-Exempt | 10,000.00 | $50.28 | $502,800 |
| 2026-06-16 | Linares Carlos G. | S-Sale | 10,000.00 | $99.71 | $997,067 |
| 2026-06-15 | Dierker Richard A | A-Award | 43.99 | $0.00 | $0 |
| 2026-06-15 | Buchert Brian D | A-Award | 5.56 | $0.00 | $0 |
| 2026-06-11 | SHEARER ROBERT K | M-Exempt | 8,600.00 | $77.33 | $665,038 |
| 2026-06-11 | SHEARER ROBERT K | S-Sale | 8,600.00 | $97.97 | $842,543 |
| 2026-06-11 | SHEARER ROBERT K | M-Exempt | 8,600.00 | $77.33 | $665,038 |
| 2026-06-10 | Buchert Brian D | M-Exempt | 10,160.00 | $49.62 | $504,139 |
| 2026-06-10 | Buchert Brian D | S-Sale | 10,160.00 | $98.15 | $997,153 |
| 2026-06-10 | Buchert Brian D | M-Exempt | 10,160.00 | $49.62 | $504,139 |
| 2026-06-10 | Saligram Ravichandra Krishnamurty | M-Exempt | 12,960.00 | $49.62 | $643,075 |
| 2026-06-10 | Saligram Ravichandra Krishnamurty | S-Sale | 12,960.00 | $98.00 | $1.3M |
| 2026-06-10 | Saligram Ravichandra Krishnamurty | M-Exempt | 12,960.00 | $49.62 | $643,075 |
| 2026-05-29 | Saligram Ravichandra Krishnamurty | G-Gift | 24.00 | $0.00 | $0 |
| 2026-05-29 | Saligram Ravichandra Krishnamurty | G-Gift | 25.00 | $0.00 | $0 |
| 2026-05-29 | Saligram Ravichandra Krishnamurty | G-Gift | 45.00 | $0.00 | $0 |
| 2026-05-29 | Dierker Richard A | A-Award | 45.23 | $0.00 | $0 |
| 2026-05-29 | Buchert Brian D | A-Award | 5.72 | $0.00 | $0 |
Dividend History (Last 20)
Last updated: Jun 7, 2026 5:15pm (19d ago)| Date | Dividend | Declaration | Record | Payment |
|---|---|---|---|---|
| 2026-05-15 | $0.31 | 2026-04-29 | 2026-05-15 | 2026-06-01 |
| 2026-02-13 | $0.31 | 2026-01-30 | 2026-02-13 | 2026-03-02 |
| 2025-11-14 | $0.30 | 2025-10-27 | 2025-11-14 | 2025-12-01 |
| 2025-08-15 | $0.30 | 2025-07-30 | 2025-08-15 | 2025-09-02 |
| 2025-05-15 | $0.30 | 2025-04-30 | 2025-05-15 | 2025-06-02 |
| 2025-02-14 | $0.30 | 2025-01-31 | 2025-02-14 | 2025-03-03 |
| 2024-11-15 | $0.28 | 2024-10-30 | 2024-11-15 | 2024-12-02 |
| 2024-08-15 | $0.28 | 2024-07-31 | 2024-08-15 | 2024-09-03 |
| 2024-05-14 | $0.28 | 2024-05-01 | 2024-05-15 | 2024-06-03 |
| 2024-02-14 | $0.28 | 2024-02-02 | 2024-02-15 | 2024-03-01 |
| 2023-11-14 | $0.27 | 2023-11-01 | 2023-11-15 | 2023-12-01 |
| 2023-08-14 | $0.27 | 2023-07-26 | 2023-08-15 | 2023-09-01 |
| 2023-05-12 | $0.27 | 2023-04-26 | 2023-05-15 | 2023-06-01 |
| 2023-02-14 | $0.27 | 2023-02-03 | 2023-02-15 | 2023-03-01 |
| 2022-11-14 | $0.26 | 2022-10-26 | 2022-11-15 | 2022-12-01 |
| 2022-08-12 | $0.26 | 2022-07-27 | 2022-08-15 | 2022-09-01 |
| 2022-05-13 | $0.26 | 2022-04-27 | 2022-05-16 | 2022-06-01 |
| 2022-02-14 | $0.26 | 2022-01-28 | 2022-02-15 | 2022-03-01 |
| 2021-11-12 | $0.25 | 2021-10-27 | 2021-11-15 | 2021-12-01 |
| 2021-08-13 | $0.25 | 2021-07-28 | 2021-08-16 | 2021-09-01 |
Narrative Economics
market-narrative step).
Delvantic AI Findings
Looking at the raw quarterlies first: revenue went $1.51B → $1.58B → $1.47B → $1.51B → $1.59B → $1.64B → $1.47B across the last seven prints. That's not a "steady" growth trend — that's flat-to-noisy with seasonal lumpiness, and the most recent Q (Mar 2026 at $1.47B) is dead flat versus Mar 2025 ($1.47B). Zero YoY growth on the latest comparable quarter. Net income at $216M in Q1'26 vs $220M Q1'25 — also flat. The "recent_earnings_yoy: 25.9%" in the momentum block looks like it's anchored to the Q4'24 print which was suppressed; on a like-for-like basis CHD is not growing. Full-year 2025 revenue of $6.20B vs 2024's $6.11B is 1.5% growth — below CPG inflation pass-through, implying volume decline. That matches the bear narrative cleanly.
The valuation math is unforgiving. At $96.74, P/E of 31x TTM and EV/EBITDA of ~19x for a business growing revenue 1.5% and earnings essentially zero is rich even for staples. PG trades around 25x with comparable growth and better scale; CLX is in the high teens. The synthesis fair value of ~$65 implies ~17x earnings, which is actually fair-to-generous for a no-growth household products name with $1.09B FCF (yielding ~4.8% at that price vs 4.7% at current). FCF CAGR of 16.4% is real and the cash conversion (OCF $1.22B on $737M NI) is high quality — but you're paying a 21x FCF multiple at current price for a business whose top line isn't moving. I don't buy the "hidden compounder" narrative when the compounding stopped two years ago.
Where I'd push back on the prior models: the Market Forces call of "deteriorating, losing to private label" is plausible but unsupported by the data shown — gross margin held at 44.7% and operating margin expanded to 17.4% in 2025 from 13.2% in 2024, which is the opposite of a brand under private-label assault (you'd see gross compression first). More likely CHD is doing what mature CPG does: trading volume for price/mix and cutting SG&A. That's sustainable for 2-3 years, not a decade. The narrative layer's "47% premium is story" framing is directionally right but I'd argue the premium is also rate-driven — staples re-rated as bond proxies. If 10Y stays at 4.5%+, multiple compression to 22-24x P/E (~$70-75) is the realistic path, not a snap to $65. The insider activity is genuinely neutral-to-slightly-negative (the M-Exempt/S-Sale pattern is routine option exercise-and-sell, not conviction buying), and the absence of any open-market insider purchases at these levels is itself a signal.
A contrarian would argue: CHD's category mix (cat litter via ARM & HAMMER, condoms via TROJAN, vitamins) is genuinely defensive and the FCF yield north of 4.5% with a 1.4% dividend and buybacks gives you a ~6-7% shareholder yield even with zero growth — not terrible in a recession. Operating margin expansion suggests management has pricing/cost discipline that the bears underweight. And the balance sheet data is suspiciously incomplete (no total debt shown), which matters — if net debt is modest, the EV/EBITDA of 19x overstates the equity risk. But none of this gets you to $97; it gets you to "don't short it." I agree with the synthesis verdict directionally but think $65 is too punitive — fair value is more like $72-78, putting CHD ~20-25% overvalued, not 32%. The data thinness on balance sheet items (no debt, no equity figure) and the stale 2024 quarter that's distorting YoY comparisons are real cautions. Bottom line: prior models converge on overvalued and I agree, but the magnitude is overstated and the timeline to mean-revert depends entirely on rates and whether 2026 organic growth re-accelerates above 3%.
GPT Critique
Upon examining the raw data, several key observations emerge. Church & Dwight's quarterly revenues have indeed displayed a pattern of stagnation, with recent figures showing minimal growth. The revenue for the first quarter of 2026 stands at $1.47 billion, identical to the same quarter in 2025, highlighting a lack of year-over-year growth. This stasis is evident in the annual figures as well, with 2025's revenue of $6.20 billion representing only a 1.5% increase from 2024 - a rate that does not even keep pace with typical consumer product inflation, suggesting possible declines in sales volumes. Additionally, Church & Dwight's current valuation appears stretched, with a P/E ratio of 31.2x and an EV/EBITDA ratio of about 19x, which seem excessive given the company's modest top-line growth and the overall competitive landscape in the consumer defensive sector.
Opus accurately identifies the lack of growth momentum, characterizing the company's recent revenue trajectory as "flat-to-noisy with seasonal lumpiness." I agree with this assessment, particularly as the recent earnings YoY growth figure of 25.9% is misleading when considering the depressed Q4 2024 baseline. Opus's valuation concerns are well-founded; the company's premium valuation multiples contrast sharply with its stagnant revenue growth. Where I diverge is in the interpretation of market forces. Opus suggests a narrative of "deterioration" in market share due to private labels, but the stable gross margins and expanding operating margins imply otherwise. These financial metrics suggest that Church & Dwight might be successfully managing its cost structure and product mix, rather than losing out significantly to lower-cost competitors.
Opus points to the potential for multiple compression if interest rates remain elevated, suggesting a more realistic P/E range of 22-24x, translating to a stock price around $70-75. I concur with this view, but I am less convinced by Opus's assertion that the current valuation premium is primarily rate-driven. While interest rates play a role, the premium also likely reflects investor confidence in Church & Dwight's historically stable cash flows and brand strength as defensive qualities amid economic uncertainty.
A careful skeptic might argue that Church & Dwight's defensive product portfolio, encompassing staple brands like ARM & HAMMER and TROJAN, provides a solid buffer against broader economic downturns. They might posit that the company's ability to maintain healthy margins indicates resilience and pricing power, potentially justifying a higher valuation than peers. Furthermore, the absence of detailed debt and equity figures in the balance sheet data could mask a stronger financial position than perceived, thus mitigating perceived risk and supporting the current valuation.