Church & Dwight

CHD · NYSE · Consumer Staples · Financials, fiscal 2016 to 2025

CHD · Last close · October 26, 2026

$105.38

Church & Dwight's revenue rose 1.6% to $6.2 billion in fiscal 2025. Its operating margin was 17.4%, up from 13.2% a year earlier. Free cash flow was $1.1 billion, up 11.9%. It paid out $1.2 billion in dividends and buybacks, 109% of free cash flow. The diluted share count fell 1.1%.

CHURCH & DWIGHT CO., INC. Latest fiscal year ended December 31, 2025 10-K filed February 12, 2026 · 0001193125-26-048139 Updated October 9, 2026

Revenue

$6.2B

1.6%

Operating margin

17.4%

4.2 pts

Net income

$737M

25.9%

Free cash flow

$1.1B

11.9%

Return on capital

14.6%

3.7 pts

Market cap

$25.1B

Oct 26 close

P/E

33.8x

On $3.12 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Church & Dwight does

Church & Dwight makes household and personal care products. Its best-known brand is ARM & HAMMER, which began with baking soda in 1846 and now covers laundry detergent, cat litter, deodorizers and toothpaste. Other brands include OXICLEAN, BATISTE, HERO, THERABREATH, TROJAN, NAIR, WATERPIK and ZICAM. It sells through supermarkets, mass merchandisers, wholesale clubs, drugstores, discount stores, pet stores and online.

It has three segments. Consumer Domestic made up 77% of its sales in 2025, Consumer International 18%, and the Specialty Products Division 5%. The Specialty Products Division sells to businesses and covers animal nutrition, specialty chemicals and commercial products. Its laundry detergents are its largest consumer business.

The company makes baking soda at its own plants in Wyoming and Ohio, and it uses outside contract manufacturers for some products. It has also been exiting some businesses, including Spinbrush and its VITAFUSION and L'IL CRITTERS vitamins.

Its biggest risks, as it describes them

Losing a principal customer, since a few retailers account for a large part of its sales; Walmart is the largest.
Rising costs of raw materials and packaging that it may not be able to pass on in higher prices.
Shoppers turning to lower-priced private label products and stronger competitors.
Higher prices from inflation or tariffs reducing demand for its products.
Acquisitions and sales of businesses that may not work out as planned.

From Church & Dwight's annual report on Form 10-K, filed February 12, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share grew 6.3% a year and net income 5.4% a year, as buybacks cut the share count by 7%.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Valuation

Two ways to value Church & Dwight yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Church & Dwight's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Church & Dwight's fiscal 2025 free cash flow of $1.1B, net cash of −$1.8B at December 31, 2025 and 244 million diluted shares, from its filings. The scenarios are fitted to Church & Dwight: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 4.9% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 7% for a stable business (Household Products); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Church & Dwight's own revenue growth, as above. Cautious: growth of 2.5% then 2% a year, 2% after year 10, a 8% discount rate. Base: growth of 5% then 4% a year, 2.5% after year 10, a 7% discount rate. Optimistic: growth of 7.5% then 5% a year, 3% after year 10, a 6% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $105.38
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Church & Dwight's earnings per share of $3.12 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 24×, the middle of Church & Dwight's own P/E today, its peers' median and its sector's median (the Consumer Staples median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 8%, 7% and 6%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: Reynolds Consumer Products, Central Garden & Pet, Energizer, Spectrum Brands.

Earnings growth in the years ahead (% a year) Starts at Church & Dwight's revenue growth over the last 3 years, 4.9% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $105.38
Value at this multiple, against the last close: —
Church & Dwight's P/E at the last close: 33.8×

Company	Last close	Earnings per share	P/E today
Church & DwightCHD	$105.38	$3.12	33.8×
Spectrum BrandsSPB	$80.20	$3.17	25.3×
Central Garden & PetCENT	$45.28	$2.70	16.8×
Reynolds Consumer ProductsREYN	$23.01	$1.57	14.7×
EnergizerENR	$22.29	$3.32	6.7×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	241	270	344	964	409
Debt incl. finance leases	2,563	2,674	2,406	2,205	2,205
Net debt (negative means net cash)	2,322	2,403	2,062	1,240	1,796
Net debt to EBITDA	1.8x	2.9x	1.6x	1.2x	1.4x
Debt to equity	0.8x	0.8x	0.6x	0.5x	0.6x
Interest coverage	19.8x	6.7x	9.5x	8.5x	11.3x
Current ratio	0.6x	1.2x	1.1x	1.7x	1.1x
Quick ratio	0.3x	0.6x	0.6x	1.2x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Church & Dwight shares on the open market, and 9 insiders sold $12.1 million.

Date	Insider	Trade	Shares	Price	Value	Filing
Aug 26, 2026	Carlos G. LinaresEVP Chief Tech&Global New Prod	Sold	15,375	$103.00	$1.6 million	Form 4
Aug 25, 2026	Rene HemseyEVP, Chief HR Officer	Sold	5,000	$102.26	$511,300	Form 4
Aug 24, 2026	Carlos G. LinaresEVP Chief Tech&Global New Prod	Sold	15,375	$102.00	$1.6 million	Form 4
Aug 11, 2026	Bradley C IrwinDirector	Sold	4,300	$102.69	$441,567	Form 4
Aug 5, 2026	Arthur B WinkleblackDirector	Sold	13,200	$102.83	$1.4 million	Form 4
Jun 16, 2026	Carlos G. LinaresEVP Chief Tech&Global New Prod	Sold	10,000	$99.71	$997,100	Form 4
Jun 11, 2026	Robert K ShearerDirector	Sold	8,600	$97.97	$842,542	Form 4
Jun 10, 2026	Ravichandra Krishnamurty SaligramDirector	Sold	12,960	$98.00	$1.3 million	Form 4
Jun 10, 2026	Brian D BuchertEVP of Strategy, M&a, and BP	Sold	10,160	$98.15	$997,204	Form 4
May 13, 2026	Penry W PriceDirector	Sold	5,960	$94.86	$565,366	Form 4
Mar 12, 2026	Penry W PriceDirector	Sold	7,000	$100.58	$704,060	Form 4
Feb 4, 2026	Janet S. VergisDirector	Sold	12,960	$101.00	$1.3 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Pass	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Pass	Pass	Pass
Current ratio rose	Fail	Pass	Fail
Share count didn't rise	Fail	Pass	Pass
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Pass	Fail
F-score	7 of 9	8 of 9	6 of 9
Accruals ratio	−3.2%	−6.5%	−5.4%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Church & Dwight side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Church & Dwight	FY25	1.6%	17.4%	17.6%	14.6%	1.4x	6
Reynolds Consumer Products	FY25	0.7%	—	8.5%	9.9%	2.4x	5	Compare
Central Garden & Pet	FY25	−2.2%	8.0%	9.3%	9.7%	0.9x	8	Compare
Energizer	FY25	2.3%	—	2.1%	11.1%	5.8x	7	Compare
Spectrum Brands	FY25	−5.2%	4.5%	5.9%	5.3%	2.0x	6	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	3,493	3,776	4,146	4,358	4,896	5,190	5,376	5,868	6,107	6,203
Revenue growth	2.9%	8.1%	9.8%	5.1%	12.3%	6.0%	3.6%	9.2%	4.1%	1.6%
Gross profit	1,591	1,730	1,841	1,984	2,214	2,264	2,250	2,588	2,790	2,775
Research and development	63	71	90	94	103	105	110	122	140	146
Operating income	724	733	792	840	1,030	1,079	598	1,057	807	1,078
Net income	459	743	569	616	786	828	414	756	585	737
Diluted EPS (US$)	1.75	2.90	2.27	2.44	3.12	3.32	1.68	3.05	2.37	3.02
Diluted shares (millions)	262	256	251	252	252	250	246	248	247	244
Cash flow
Cash from operations	655	682	764	864	990	994	885	1,031	1,156	1,215
Capital expenditure	50	45	60	74	99	119	179	224	180	122
Free cash flow	606	636	703	791	891	875	706	807	976	1,093
Dividends paid	183	190	213	224	237	248	255	266	277	287
Share buybacks	400	400	200	250	300	500	0	300	0	900
Acquisitions	305	1,260	50	475	513	556	547	0	20	656
Stock-based compensation	16	18	23	21	22	24	32	64	59	58
Balance sheet at fiscal year end
Cash and short-term investments	188	279	317	156	183	241	270	344	964	409
Debt incl. finance leases	1,120	2,374	2,107	2,063	2,164	2,563	2,674	2,406	2,205	2,205
Total assets	4,354	6,015	6,069	6,657	7,414	7,996	8,346	8,569	8,883	8,912
Total liabilities	2,376	3,797	3,615	3,990	4,394	4,763	4,856	4,714	4,522	4,910
Shareholders' equity	1,978	2,218	2,454	2,668	3,020	3,233	3,490	3,855	4,361	4,002
Margins and ratios
Gross margin	45.5%	45.8%	44.4%	45.5%	45.2%	43.6%	41.9%	44.1%	45.7%	44.7%
Operating margin	20.7%	19.4%	19.1%	19.3%	21.0%	20.8%	11.1%	18.0%	13.2%	17.4%
Net margin	13.1%	19.7%	13.7%	14.1%	16.1%	15.9%	7.7%	12.9%	9.6%	11.9%
Free cash flow margin	17.3%	16.9%	17.0%	18.1%	18.2%	16.9%	13.1%	13.8%	16.0%	17.6%
Return on capital	16.7%	20.3%	14.6%	15.2%	17.4%	16.4%	8.3%	14.0%	10.8%	14.6%
Return on equity	22.9%	35.4%	24.3%	24.1%	27.6%	26.5%	12.3%	20.6%	14.2%	17.6%
Return on assets	10.7%	14.3%	9.4%	9.7%	11.2%	10.7%	5.1%	8.9%	6.7%	8.3%
Net debt to EBITDA	1.1x	2.4x	1.9x	1.9x	1.6x	1.8x	2.9x	1.6x	1.2x	1.4x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Church & Dwight's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Church & Dwight.