Church & Dwight

CHD’s long record of accretive bolt-ons is a key part of its playbook; six of seven historical power brands were acquired, and in 2025 Touchland was added as the 8th power brand.

The company also demonstrated discipline by announcing the sale of VitaFusion and L’il Critters after underperformance and by exiting Flawless, Spinbrush and Waterpik showerheads. This refocus should bolster gross margin, mitigate tariff exposure and free management attention.

Offsetting this strength, the 2022 Flawless impairment is a reminder that not all deals work. Shareholder returns are balanced between dividends and opportunistic buybacks. Net, we view capital allocation as above average with recent actions improving the portfolio’s quality and growth runway.