Church & Dwight

The balance sheet is conservative for a consumer staples consolidator.

As of September 30, 2025, total debt was about 2.2 billion with cash of about 305 million; the maturity ladder is long-dated with multiple fixed-rate notes into the 2030s and 2040s. 2024 cash from operations was about 1.16 billion and 2025 outlook is about 1.2 billion, supporting interest coverage, dividends, and buybacks.

The company repurchased about 600 million of shares year-to-date by Q3 2025, and announced a 4 percent dividend increase in early 2025. Credit quality and leverage are consistent with low-2x or better net debt to EBITDA. We view liquidity and free cash flow durability as strong, even under adverse scenarios.