# Church & Dwight (CHD) Sector: Household and personal care products | Field | Value | |---|---| | Price | $112.02 | | Market cap | $26B | | Intrinsic value source | Analysts | | Data as of | 2026-11-12 | | Next earnings | 2027-01-29 (estimate) | Analysts: Leaning bullish Picks: Research only Discount category: Far above intrinsic value ## In short Investors pay a premium for the steady volume growth and the brands of Church & Dwight, and only organic sales growth near the 2026 rate with rising margins through 2027 can earn this price. ## Themes and gap - Themes: Weak consumer (weak-consumer), Tariffs and trade (trade-tariffs) - Gap type: Can close (closable) - Why: The investor meeting in January 2027 and the Q4 report in early February 2027 show whether volume growth and margin gains continue in 2027. ## About Church & Dwight Co., Inc. (Church & Dwight) is a consumer products company based in Ewing, New Jersey, founded in 1846. It is the leading US maker of sodium bicarbonate, known as baking soda. It sells household and personal care products under brands such as ARM & HAMMER, OXICLEAN, TROJAN, THERABREATH, WATERPIK, BATISTE, NAIR, ORAJEL, HERO, TOUCHLAND and MISS MOUTH'S. It has three divisions: Consumer Domestic, with net sales of $1,225 million in Q3 2026, Consumer International, with $297 million, and Specialty Products, with $80 million. Net sales in Q3 2026 were $1,602 million, and net income was $212.2 million. Rick Dierker is Chief Executive Officer. Church & Dwight files 10-K and 10-Q reports with the SEC, and its common stock trades on the New York Stock Exchange in US dollars. ## Thesis The price of Church & Dwight rests on its record of steady growth in volume. In Q3 2026, organic sales grew 5.1%, mostly from volume growth of 4.6%, and gross margin rose 170 basis points to 46.8%. The company says that this is its third quarter in a row of industry-leading organic sales growth. Reported net sales rose only 1.0%, because it left several small businesses in 2025. Investors pay for the strength of the power brands, ARM & HAMMER, THERABREATH and WATERPIK, and for the buying of HERO, TOUCHLAND and MISS MOUTH'S. Three things must be true for the price to hold or rise. Organic sales must keep growing near 5% in 2027, led by volume and not by price. Gross margin must keep rising while transport costs and inflation rise because of the conflict in the Middle East. The brands bought in 2025 and 2026 must keep growing so that they add to earnings. The next tests are the investor meeting in January 2027, where the company will give its first formal update on its 2030 growth initiatives, and the Q4 report with the 2027 outlook, expected in early February 2027. ## Checkpoints - Jan 29, 2027 (estimate): Q4 2026 results and the 2027 outlook. Status: Pending. Watch: The 2027 outlook calls for organic sales growth of 4% or more and adjusted EPS growth of 7% or more, and this passes; a lower outlook fails. - Jan 2027 (estimate): Investor meeting on the 2030 growth initiatives. Status: Pending. Watch: Church & Dwight sets 2030 goals for organic sales growth and EPS growth at or above its recent rates, and this passes; lower goals fail. - May 2027 (estimate): Q1 2027 results. Status: Pending. Watch: Organic sales grow 4% or more with volume growth and gross margin rises again, and this passes; a fall in volume or margin fails. ## Balance sheet - Cash: $447M - Debt: $2.2B - Net debt: $1.8B - Undrawn credit line: $2.0B, to July 2030 - Debt due within 12 months: $425M - Last debt due: 2052 At September 30, 2026, Church & Dwight had cash and cash equivalents of $446.9 million and long-term debt with a principal of $2,225.0 million, which is five series of senior notes. The notes are $425.0 million at 3.15% due August 1, 2027, $400.0 million at 2.3% due December 15, 2031, $500.0 million at 5.6% due November 15, 2032, $400.0 million at 3.95% due August 1, 2047 and $500.0 million at 5.00% due June 15, 2052. The 2027 notes are a current liability. The company had about $1,993.0 million available through its $2,000.0 million revolving credit facility, which matures on July 17, 2030, and its $2,000.0 million commercial paper program. Cash from operations was $841 million in the first nine months of 2026, and the company expects about $1.175 billion for the year. It expects capital expenditure of about $125 million. It pays a quarterly dividend of $0.31 per share. As of 2026-09-30. Sources: - https://www.sec.gov/Archives/edgar/data/313927/000119312526441040/chd-20260930.htm - https://www.sec.gov/Archives/edgar/data/313927/000119312526439864/chd-ex99_1.htm ## Dividends - Dividend yield: 1.1% (last 12 months, at the current price) - Paid per share, last 12 months: $1.219 (4 payments) - Current annual rate: $1.232 ($0.308 x 4 a year) - Payout ratio: 39% of the earnings of the last fiscal year (the year ended 2025-12-31) - Latest ex-dividend date: 2026-08-14, $0.308 per share - Growth from 2020 to 2025: 4.2% a year - Growth from 2015 to 2025: 5.8% a year Dividends per share by year: 2016: $0.7105, 2017: $0.76, 2018: $0.872, 2019: $0.912, 2020: $0.96, 2021: $1.012, 2022: $1.052, 2023: $1.092, 2024: $1.136, 2025: $1.18. Source: company filings and market data, read on 2026-11-13. ## Recent events - 2026-10-30: Church & Dwight reported Q3 2026 results. Net sales rose 1.0% to $1,602 million, organic sales rose 5.1% and adjusted EPS rose 13.6% to $0.92. It raised its 2026 outlook for organic sales growth to about 5% and tightened the outlook for adjusted EPS growth to about 7%. - 2026-10-30: The board approved a new share repurchase program of up to $1 billion, with no end date. It replaces the earlier program. At September 30, 2026, total debt was $2.2 billion and cash was $447 million. - 2026-10-27: The board elected Jonathon Nudi, the CEO of Masco Corporation, as an independent director from January 1, 2027. The board will have 12 members. - 2026-05-28: Church & Dwight bought the MISS MOUTH'S brand of stain removers. It paid $300.0 million in cash and deferred $25.0 million of the price. - 2025-12-09: Church & Dwight agreed to sell its VITAFUSION and L'IL CRITTERS vitamin brands and two factories to Piping Rock Health Products. The deal closed in December 2025 and brought net cash of $160.3 million. ## Latest news and filings - Last earnings: 2026-10-30 (8-K: https://www.sec.gov/Archives/edgar/data/313927/000119312526439864/) - Next earnings: 2027-01-29 (expected; the company has not confirmed it) | Filed | Form | Headline | Period end | XBRL document | Link | | --- | --- | --- | --- | --- | --- | | 2026-10-30 | 10-Q | Quarterly report for the period ended Sep 30, 2026 | 2026-09-30 | chd-20260930 | https://www.sec.gov/Archives/edgar/data/313927/000119312526441040/chd-20260930.htm | | 2026-10-30 | 8-K | Earnings release | | chd-20261030 | https://www.sec.gov/Archives/edgar/data/313927/000119312526439864/ | | 2026-10-29 | 8-K | Change of directors or officers | | | https://www.sec.gov/Archives/edgar/data/313927/000119312526437814/d178220d8k.htm | | 2026-07-31 | 10-Q | Quarterly report for the period ended Jun 30, 2026 | 2026-06-30 | chd-20260630 | https://www.sec.gov/Archives/edgar/data/313927/000119312526327567/chd-20260630.htm | | 2026-07-31 | 8-K | Earnings release | | chd-20260731 | https://www.sec.gov/Archives/edgar/data/313927/000119312526326749/ | | 2026-05-05 | 8-K | Shareholder vote results | | | https://www.sec.gov/Archives/edgar/data/313927/000119312526206807/d87663d8k.htm | | 2026-05-01 | 10-Q | Quarterly report for the period ended Mar 31, 2026 | 2026-03-31 | chd-20260331 | https://www.sec.gov/Archives/edgar/data/313927/000119312526200630/chd-20260331.htm | | 2026-05-01 | 8-K | Earnings release | | chd-20260501 | https://www.sec.gov/Archives/edgar/data/313927/000119312526199066/ | | 2026-02-12 | 10-K | Annual report for the period ended Dec 31, 2025 | 2025-12-31 | chd-20251231 | https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm | | 2026-01-30 | 8-K | Earnings release | | chd-20260130 | https://www.sec.gov/Archives/edgar/data/313927/000119312526030474/ | Every filing on SEC EDGAR (CIK 313927): https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000313927&type=&dateb=&owner=include&count=40 ## Risks - Medium: Costs are rising. The company says that inflation, transport rates and tariffs are higher because of the conflict in the Middle East, and it must offset them with volume, productivity and mix to keep its gross margin. - Medium: Consumer spending is under pressure. Church & Dwight sells many products at value prices, and a weak consumer can move buyers to private labels or to cheaper brands. - Medium: A large part of growth comes from a few brands, such as THERABREATH, and from acquisitions. A mistake in an acquisition, or a slowdown in one power brand, would cut growth. - Low: The company has several debts that mature. The 3.15% notes of $425 million are due on August 1, 2027, and a new buyback program of up to $1 billion could add to its borrowing. ## Links - Page: https://picks.utilarium.app/company/CHD/ - History of changes: https://picks.utilarium.app/company/CHD/history/ - JSON with full history: https://picks.utilarium.app/data/company/CHD.json > Picks is a personal record of stock picks. 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