# Church & Dwight Company (CHD.US)

Canonical: https://gigainvestors.com/s/CHD

Analysis as of: 2026-10-16T07:27:24.091Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $103.08 per share; close as of 2026-10-15.

Estimated value: low $37.51 per share, central $42.61 per share, high $49.39 per share. Buy at or below the central value $42.61 per share. Valuation as of 2026-10-16T07:27:24.091Z; scenarios are not confidence intervals.

Expected annual return: 5.8% at the stated quote. About 5.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 0 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 0

- Years with a net loss: 0

- Operating margin variation: 0.17×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.19×

- FY2018: 0.19×

- FY2019: 0.19×

- FY2020: 0.21×

- FY2021: 0.21×

- FY2022: 0.11×

- FY2023: 0.18×

- FY2024: 0.13×

- FY2025: 0.17×

- LTM to Mar 2026: 0.17×

### moat: pass

- ROIC, median of available years: 25.1%

- ROIC, second-lowest year: 18.5%

- Typical minus recent gross margin: -0.2 pp

- Typical gross margin (annual median): 44.9%

- Recent gross margin (lower of latest and 3-year median): 45.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.1%

- ROIC including acquisitions, ten-year median: 15.0%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2017: 31.1%

- FY2018: 27.8%

- FY2019: 25.2%

- FY2020: 28.0%

- FY2021: 25.1%

- FY2022: 13.0%

- FY2023: 22.4%

- FY2024: 18.5%

- FY2025: 26.2%

- LTM to Mar 2026: 24.2%

### economics: pass

- Owner earnings / net income, 5-yr: 1.10×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $3.6B

- Net income, five-year total: $3.3B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: 0.1 pp

- Working capital / revenue, change between three-year averages: 0.9 pp

- Working capital / revenue, final three-year average: 7.8%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.12×

- FY2022: 1.10×

- FY2023: 1.00×

- FY2024: 1.10×

- FY2025: 1.17×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 31.1% vs 22.4%

- Per-share earnings: 1.75 to 3.02 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -0.6%

- Market cap gain: $8.9B

- Cumulative retained earnings: $3.8B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.6%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 7.0%

- Per-share value change: $1.26

- Per-share value, starting three-year median: $1.75

- Per-share value, ending three-year median: $3.02

- Buybacks concentrated in cheaper years (correlation): 0.69

- Average buyback yield: 2.3%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Acquisition spending: $4.1B

- Cumulative net income, 10 years: $6.5B

- ROIC, first three-year median: 31.1%

- ROIC, last three-year median: 22.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: $1.75

- FY2017: $2.90

- FY2018: $2.27

- FY2019: $2.44

- FY2020: $3.12

- FY2021: $3.32

- FY2022: $1.68

- FY2023: $3.05

- FY2024: $2.37

- FY2025: $3.02

### accounting: pass

- Sloan accruals: -5.4%

- Receivables to sales index (DSRI): 0.97×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 4.8%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.53×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -4.5%

- FY2017: 1.0%

- FY2018: -3.2%

- FY2019: -3.7%

- FY2020: -2.8%

- FY2021: -2.1%

- FY2022: -5.6%

- FY2023: -3.2%

- FY2024: -6.4%

- FY2025: -5.4%

## Holders

- [Terry Smith](https://gigainvestors.com/FS): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Price needs cash profits to grow 12.1% a year for ten years · sales +0%

Story as of 2026-10-16T09:58:29.933Z; price observation 2026-10-15.

Price needs cash profits to grow 12.1% a year for ten years

- 2026-07-31: CHD Q2 Earnings Match Estimates, Sales Beat on Strong Organic Growth ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/chd-q2-earnings-match-estimates-145700022.html))

### Sales · FY2025–2026

sales +0%; source https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm; observed 2026-02-12.

- FY2017: $3.8B 

- FY2018: $4.1B 

- FY2019: $4.4B 

- FY2020: $4.9B 

- FY2021: $5.2B 

- FY2022: $5.4B 

- FY2023: $5.9B 

- FY2024: $6.1B 

- FY2025: $6.2B 

- FY2026: $6.2B 

### Gross margin · FY2026

gross margin 45.1%; source https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm; observed 2026-02-12.

- FY2017: 45.8% 

- FY2018: 44.4% 

- FY2019: 45.5% 

- FY2020: 45.2% 

- FY2021: 43.6% 

- FY2022: 41.9% 

- FY2023: 44.1% 

- FY2024: 45.7% 

- FY2025: 44.7% 

- FY2026: 45.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in household & personal products; annual sales are USD 6.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm (filed 2026-02-12); FY2025: revenue 6203200000; grossProfit 2774800000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHD.US: Church & Dwight Co., Inc. develops, manufactures, and markets household, personal care, and specialty products. It operates in three segments: Consumer Domestic, Consumer International, and Specialty Products Division. The company offers baking soda, cat litters, laundry detergents, carpet deodorizers, and other baking soda-based products under the ARM & HAMMER brand; stain removers, cleaning solutions, laundry detergents, and bleach alternatives under the OXICLEAN brand; dry shampoos under the BATISTE brand; water flossers under the WATERPIK brand; oral care products under the THERABREATH brand; acne treatment products under the HERO brand; hand sanitizers under the TOUCHLAND brand; and condoms, lubricants, and vibrators under the TROJAN brand. It also provides home pregnancy and ovulation test kits under the FIRST RESPONSE brand; depilatories under the NAIR; oral analgesics under the ORAJEL brand; laundry detergents under the XTRA brand; and cold shortening and relief products under the ZICAM brand. In addition, the company's specialty products include animal and food productivity products, such as ARM & HAMMER baking soda as a feed additive to help dairy cow; BIO-CHLOR and FERMENTEN used to reduce health issues associated with calving, as well as needed protein; CELMANAX refined functional carbohydrate, a yeast-based prebiotic; and CERTILLUS a probiotics products used in the poultry, dairy, beef, and swine industries. Additionally, it offers sodium bicarbonate; and cleaning and deodorizing products. The company 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, websites and other e-commerce channels; and specialty products to industrial customers and livestock producers through distributors. Church & Dwight Co., Inc. was founded in 1846 and is headquartered in Ewing, New Jersey.

### Why customers stay

Margins ranged from 44.1% to 45.7% during 2023–25; it earns 25.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 44.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 45.7%.

- Source: https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 44.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2017,0.3111913357400722],[2018,0.27790946020316515],[2019,0.25181167541953037],[2020,0.28028391896283944],[2021,0.2507295247041889],[2022,0.12989346070646407],[2023,0.2241236466192727],[2024,0.18540043980813464],[2025,0.26168076202400936],[2026,0.24205922603385707]]; median 0.25127060006185964. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 900 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 49800000; owner earnings 516800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 0; upkeep 45000000; owner earnings 823800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 60400000; owner earnings 649300000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 73700000; owner earnings 718600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 0; upkeep 98900000; owner earnings 876700000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 0; upkeep 118800000; owner earnings 927800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 0; upkeep 178800000; owner earnings 454100000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 26400000; upkeep 197100000; owner earnings 755600000. Growth capex / owner earnings = 0.03493912122816305.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 179800000; owner earnings 644600000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 122400000; owner earnings 861800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,183000000],[2017,190400000],[2018,213300000],[2019,224100000],[2020,237300000],[2021,247500000],[2022,255000000],[2023,266500000],[2024,277000000],[2025,287200000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 900000000 USD.

### Are managers owners

Insiders own 0.2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CHD.US SharesStats.PercentInsiders = 0.196 percentage points; cache date 2026-10-16.

### What could break it

"Loss of any of our principal customers could significantly decrease our sales and profitability." (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm (filed 2026-02-12); Loss of any of our principal customers could significantly decrease our sales and profitability.

### What the price says

The price assumes cash profits grow 12.1% yearly over ten years; actual growth was 7.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.16194737972910433. Price 103.08; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.6826347305389222 → FY2025 3.527629963160049. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $48.26 per share

- 2016-11: $43.79 per share

- 2016-12: $44.19 per share

- 2017-01: $45.22 per share

- 2017-02: $49.84 per share

- 2017-03: $49.87 per share

- 2017-04: $49.53 per share

- 2017-05: $51.66 per share

- 2017-06: $51.88 per share

- 2017-07: $53.35 per share

- 2017-08: $50.17 per share

- 2017-09: $48.45 per share

- 2017-10: $45.17 per share

- 2017-11: $47.09 per share

- 2017-12: $50.17 per share

- 2018-01: $48.85 per share

- 2018-02: $49.19 per share

- 2018-03: $50.36 per share

- 2018-04: $46.20 per share

- 2018-05: $46.95 per share

- 2018-06: $53.16 per share

- 2018-07: $55.90 per share

- 2018-08: $56.58 per share

- 2018-09: $59.37 per share

- 2018-10: $59.37 per share

- 2018-11: $66.19 per share

- 2018-12: $65.76 per share

- 2019-01: $64.61 per share

- 2019-02: $65.80 per share

- 2019-03: $71.23 per share

- 2019-04: $74.95 per share

- 2019-05: $74.41 per share

- 2019-06: $73.06 per share

- 2019-07: $75.44 per share

- 2019-08: $79.78 per share

- 2019-09: $75.24 per share

- 2019-10: $69.94 per share

- 2019-11: $70.24 per share

- 2019-12: $70.35 per share

- 2020-01: $74.22 per share

- 2020-02: $69.52 per share

- 2020-03: $64.18 per share

- 2020-04: $69.99 per share

- 2020-05: $75.07 per share

- 2020-06: $77.30 per share

- 2020-07: $96.33 per share

- 2020-08: $95.83 per share

- 2020-09: $93.71 per share

- 2020-10: $88.39 per share

- 2020-11: $87.77 per share

- 2020-12: $87.23 per share

- 2021-01: $84.43 per share

- 2021-02: $78.75 per share

- 2021-03: $87.35 per share

- 2021-04: $85.74 per share

- 2021-05: $85.73 per share

- 2021-06: $85.22 per share

- 2021-07: $86.58 per share

- 2021-08: $83.66 per share

- 2021-09: $82.57 per share

- 2021-10: $87.36 per share

- 2021-11: $89.38 per share

- 2021-12: $102.50 per share

- 2022-01: $102.65 per share

- 2022-02: $97.85 per share

- 2022-03: $99.38 per share

- 2022-04: $97.56 per share

- 2022-05: $90.06 per share

- 2022-06: $92.66 per share

- 2022-07: $87.97 per share

- 2022-08: $83.71 per share

- 2022-09: $71.44 per share

- 2022-10: $74.13 per share

- 2022-11: $81.87 per share

- 2022-12: $80.61 per share

- 2023-01: $80.86 per share

- 2023-02: $83.78 per share

- 2023-03: $88.41 per share

- 2023-04: $97.12 per share

- 2023-05: $92.45 per share

- 2023-06: $100.23 per share

- 2023-07: $95.67 per share

- 2023-08: $96.77 per share

- 2023-09: $91.63 per share

- 2023-10: $90.94 per share

- 2023-11: $96.63 per share

- 2023-12: $94.56 per share

- 2024-01: $99.85 per share

- 2024-02: $100.12 per share

- 2024-03: $104.31 per share

- 2024-04: $107.89 per share

- 2024-05: $107.01 per share

- 2024-06: $103.68 per share

- 2024-07: $98.01 per share

- 2024-08: $101.88 per share

- 2024-09: $104.72 per share

- 2024-10: $99.91 per share

- 2024-11: $110.13 per share

- 2024-12: $104.71 per share

- 2025-01: $105.52 per share

- 2025-02: $111.20 per share

- 2025-03: $110.09 per share

- 2025-04: $99.34 per share

- 2025-05: $98.31 per share

- 2025-06: $96.11 per share

- 2025-07: $93.77 per share

- 2025-08: $93.16 per share

- 2025-09: $87.63 per share

- 2025-10: $87.69 per share

- 2025-11: $85.16 per share

- 2025-12: $83.85 per share

- 2026-01: $96.25 per share

- 2026-02: $104.86 per share

- 2026-03: $93.32 per share

- 2026-04: $97.06 per share

- 2026-05: $95.63 per share

- 2026-06: $96.88 per share

- 2026-07: $98.81 per share

- 2026-08: $99.78 per share

- 2026-09: $94.22 per share

- 2026-10: $103.08 per share

## Annual estimated value (USD per share)

- FY2016: low $19.65 per share, central $22.30 per share, high $25.82 per share

- FY2017: low $29.15 per share, central $42.16 per share, high $49.41 per share

- FY2018: low $36.46 per share, central $52.76 per share, high $61.85 per share

- FY2019: low $39.58 per share, central $57.62 per share, high $67.67 per share

- FY2020: low $46.82 per share, central $68.15 per share, high $80.04 per share

- FY2021: low $54.52 per share, central $79.29 per share, high $93.10 per share

- FY2022: low $46.90 per share, central $60.27 per share, high $70.38 per share

- FY2023: low $57.66 per share, central $83.70 per share, high $98.22 per share

- FY2024: low $48.03 per share, central $66.22 per share, high $77.13 per share

- FY2025: low $36.90 per share, central $41.83 per share, high $48.39 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:33:04.068Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.