CHURCH & DWIGHT CO INC /DE/ (CHD)

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AI: Overvalued

Price checkAt $101.30, the shares demand more growth than today's cash return comfortably supports.

MarketScreener recorded the last NYSE close before the research time at $101.30 on August 14. Management’s revised 2026 adjusted earnings outlook, excluding specified acquisition and project costs, implies roughly $3.74-$3.81 a share, making the price 26.6-27.1 times earnings. Forecast operating cash of $1.175 billion minus about $130 million of investment spending leaves roughly $1.045 billion of free cash flow—cash left after running and investing in the business. That is only a 4.3% return on the estimated $24.1 billion market value, supporting an overvalued verdict.

Big pictureSales and cash have grown steadily, but accounting earnings remain uneven.

Revenue increased from $4.90 billion in 2020 to $6.20 billion in 2025, while operating cash rose from $990 million to $1.22 billion. Free cash flow increased from about $891 million to $1.09 billion, showing durable cash generation from frequently purchased household and personal-care products that are less economically sensitive than discretionary goods. However, operating income fell from $1.08 billion in 2021 to $598 million in 2022 before recovering, and 2025 underlying sales growth was only 0.7% as the vitamin business and portfolio exits weighed on results.

Business strengthEveryday brands support resilience, while recent spending has reduced the company's cash cushion.

At June 2026, current assets of $1.52 billion covered $1.33 billion of current liabilities, and forecast operating cash comfortably supports $2.26 billion of debt. However, cash was only $255 million, leaving net debt near $2.00 billion, versus $1.24 billion at the end of 2024. Church & Dwight spent $900 million on buybacks and $287 million on dividends during 2025, slightly exceeding free cash flow. Weighted diluted shares, including potential employee awards, fell from 247.2 million in first-half 2025 to 238.2 million in 2026, so buybacks more than offset $42.6 million of first-half stock compensation.

What could change the storyFaster brand growth could justify the premium, but weaker demand would expose it.

The bull case strengthened when second-quarter underlying sales grew 5.8%, including 4.3% higher volume, while international growth reached 9.1%. Management now expects 4%-5% full-year underlying growth, a 1.0-1.2 percentage-point adjusted gross-margin improvement and 6%-8% adjusted earnings growth. Sustaining those rates beyond 2026, while Miss Mouth’s expands at double-digit rates, could justify the premium. The bear case emerges if growth returns toward 2025’s 0.7% while marketing stays above 11% of sales and acquired-brand costs remain high. At roughly 27 times earnings, the price allows little room for that slowdown.

$101.30 price considered

AI: News

Outlook raised after strong quarterStrong product demand beat company expectations, leading management to raise its full-year growth forecasts.

On July 31, second-quarter sales rose 1.6% to $1.53 billion, while sales excluding acquisitions, disposals and currency movements grew 5.8%, led by 4.3% higher volume. Adjusted profit per share was $0.89, down from $0.94 as marketing and acquired-brand costs increased. Management raised 2026 underlying sales growth to 4%-5% and operating cash guidance to $1.175 billion. MT Newswires reported shares up 1.9% on August 3 following analyst reviews, although broader trading means the move cannot be attributed solely to earnings.

Miss Mouth’s acquiredChurch & Dwight paid a substantial price for a fast-growing online stain-remover brand.

Announced May 29 and closed May 28, the $325 million cash acquisition added Amazon’s leading stain-remover brand. Miss Mouth’s generated about $80 million of 2025 sales and $28 million of earnings before interest, tax, depreciation and amortization, implying a purchase price near 11.6 times that operating measure. Management expects double-digit sales growth but no benefit to 2026 earnings per share after transition, financing and marketing costs; it expects improved cash earnings in 2027. The deal increases growth potential while reducing balance-sheet flexibility.

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Free cash flow

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	$6.20B	$6.11B	$5.87B	$5.38B	$5.19B	$4.90B	$4.36B	$4.15B	$3.78B	$3.49B	—	—	—	—	—	—	—	—
Gross profit	$2.77B	$2.79B	$2.59B	$2.25B	$2.26B	$2.21B	$1.98B	$1.84B	$1.73B	$1.59B	$1.51B	$1.45B	$1.44B	$1.29B	$1.21B	$1.16B	$1.10B	$971.7M
Research & development	$145.6M	$139.7M	$122.4M	$110.0M	$105.2M	$102.6M	$93.6M	$89.7M	$70.8M	$63.2M	$64.7M	$59.8M	$61.8M	$54.8M	$55.1M	$53.7M	$55.1M	—
Operating income	$1.08B	$807.1M	$1.06B	$597.8M	$1.08B	$1.03B	$840.2M	$791.7M	$732.7M	$724.2M	$674.2M	$641.2M	$622.2M	$545.1M	$492.6M	$445.0M	$412.9M	$340.3M
EBITDAderived	$1.32B	$1.05B	$1.28B	$816.8M	$1.30B	$1.22B	$1.02B	$932.8M	$858.1M	$831.8M	$775.2M	$732.4M	$712.7M	$630.1M	$569.7M	$516.6M	$498.3M	—
Net income	$736.8M	$585.3M	$755.6M	$413.9M	$827.5M	$785.9M	$615.9M	$568.6M	$743.4M	$459.0M	$410.4M	$413.9M	$394.4M	$349.8M	$309.6M	$270.7M	$243.5M	$195.2M
Basic EPSper diluted share	$3.04	$2.39	$3.09	$1.70	$3.38	$3.18	$2.50	$2.32	$2.97	$1.78	$1.57	$1.53	$2.85	$2.50	$2.16	$1.91	$1.73	$2.88
Diluted EPSper diluted share	$3.02	$2.37	$3.05	$1.68	$3.32	$3.12	$2.44	$2.27	$2.90	$1.75	$1.54	$1.51	$2.79	$2.45	$2.12	$1.87	$1.70	$2.78

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys10$2.91M disclosed value

Sells (SEC code S)39$103.47M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 16, 2026Form 4	Linares Carlos G.EVP Chief Tech&Global New Prod	SellCommon Stock	10.0K	$99.71	$997.1K	4.7K
Jun 11, 2026Form 4	SHEARER ROBERT KDirector	SellCommon Stock	8.6K	$97.97	$842.5K	30.7K
Jun 10, 2026Form 4	Buchert Brian DEVP of Strategy, M&A, and BP	SellCommon Stock	10.2K	$98.15	$997.2K	1.3K
Jun 10, 2026Form 4	Saligram Ravichandra KrishnamurtyDirector	SellCommon Stock · indirect	13.0K	$98.00	$1.27M	13.7K
May 13, 2026Form 4	Price Penry WDirector	SellCommon Stock	6.0K	$94.86	$565.4K	30.1K

Review ownership filings at SEC.gov ↗

CHURCH & DWIGHT CO INC /DE/ (CHD)

Financial charts

Financial statements

Insider buys & sells