Church & Dwight Isn't Immune to Heightened Competitive Pressures and Macro Uncertainty

We’ve long held no-moat Church & Dwight lacks the scale, resources, and negotiating prowess of its larger peers—an unenviable position, particularly amid intense competition and persistent cost pressures. Although more than one-third of Church's mix skews toward value offerings, which inherently appeal to cash-constrained consumers, we're skeptical that this offers insulation over the longer term. We think its more discretionary category mix makes Church susceptible to consumers trading out when their financial position warrants.