Church & Dwight vs Spectrum Brands
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The short version
- Church & Dwight is the larger business, with $6.2B of revenue in fiscal 2025 against $2.8B for Spectrum Brands, about 2.2 times as much.
- Church & Dwight grew revenue faster (1.6%, against −5.2%).
- Church & Dwight kept more of each dollar of sales as operating profit (17.4% operating margin, against 4.5%).
- Church & Dwight turned more of its sales into free cash flow (17.6% FCF margin, against 5.9%).
- Church & Dwight earned a higher return on the capital invested in it (14.6%, against 5.3%).
- Investors pay more for each dollar of Church & Dwight’s earnings: a P/E of 33.7x against 25.2x for Spectrum Brands.
| Latest fiscal year | CHD · FY25 | SPB · FY25 |
|---|---|---|
| Size | ||
| Market cap | $25.1B | $1.8B |
| Revenue | $6.2B | $2.8B |
| Free cash flow | $1.1B | $165M |
| Net income | $737M | $99.9M |
| Growth | ||
| Revenue growth | 1.6% | −5.2% |
| 5-year growth | 4.9% | 1.4% |
| Share count change | −1.1% | −15.1% |
| Profitability | ||
| Gross margin | 44.7% | 36.7% |
| Operating margin | 17.4% | 4.5% |
| Net margin | 11.9% | 3.6% |
| FCF margin | 17.6% | 5.9% |
| Return on capital | 14.6% | 5.3% |
| Return on equity | 17.6% | 4.9% |
| Balance sheet | ||
| Net debt | $1.8B | $458M |
| Net debt / EBITDA | 1.4x | 2.1x |
| Dividends and buybacks | $1.2B | $375M |
| Valuation & quality | ||
| P/E | 33.7x | 25.2x |
| Piotroski F-score | 6 | 6 |
Revenue
FY16
CHD $3.5B
SPB $3.0B
FY17
CHD $3.8B
SPB $3.7B
FY18
CHD $4.1B
SPB $3.8B
FY19
CHD $4.4B
SPB $3.8B
FY20
CHD $4.9B
SPB $2.6B
FY21
CHD $5.2B
SPB $3.0B
FY22
CHD $5.4B
SPB $3.1B
FY23
CHD $5.9B
SPB $2.9B
FY24
CHD $6.1B
SPB $3.0B
FY25
CHD $6.2B
SPB $2.8B
CHD
SPB
Operating margin
FY16
CHD 20.7%
SPB 11.0%
FY17
CHD 19.4%
SPB 7.8%
FY18
CHD 19.1%
SPB 5.9%
FY19
CHD 19.3%
SPB −4.0%
FY20
CHD 21.0%
SPB 0.3%
FY21
CHD 20.8%
SPB 3.2%
FY22
CHD 11.1%
SPB 0.7%
FY23
CHD 18.0%
SPB −7.0%
FY24
CHD 13.2%
SPB 5.8%
FY25
CHD 17.4%
SPB 4.5%
CHD
SPB
Free cash flow
FY16
CHD $606M
SPB $852M
FY17
CHD $637M
SPB $758M
FY18
CHD $703M
SPB $267M
FY19
CHD $791M
SPB −$39.3M
FY20
CHD $891M
SPB $246M
FY21
CHD $875M
SPB $245M
FY22
CHD $706M
SPB −$118M
FY23
CHD $807M
SPB −$469M
FY24
CHD $976M
SPB $119M
FY25
CHD $1.1B
SPB $165M
CHD
SPB
Return on capital
FY16
CHD 16.7%
SPB 4.7%
FY17
CHD 20.3%
SPB 3.0%
FY18
CHD 14.6%
SPB 2.6%
FY19
CHD 15.2%
SPB −2.6%
FY20
CHD 17.4%
SPB 0.2%
FY21
CHD 16.4%
SPB 2.1%
FY22
CHD 8.3%
SPB 0.5%
FY23
CHD 14.0%
SPB −5.0%
FY24
CHD 10.9%
SPB 4.5%
FY25
CHD 14.6%
SPB 5.3%
CHD
SPB
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.