CHD · CIK 313927
What Church & Dwight Co., Inc. told the SEC could break it.
Church & Dwight's register is dominated by concentration on both ends of its business. Its sales lean heavily on a few retailers — four customers were about 44% of consolidated net sales in 2025, with Walmart alone around 23% — so its fortunes are tied to those relationships. Its supply chain is similarly narrow: it relies on contract manufacturers and suppliers, including sole sources for certain raw materials, packaging, components and finished products, where qualifying alternatives takes time and money. Tariffs add cost pressure, raising 2025 manufacturing costs and prompting it to stop importing substantially all Waterpik flossers and other products from China into the US, alongside pricing and inventory actions.
3 self-disclosed vulnerabilities, pulled from its own filings — each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- Walmart and top-four customershigh
A group of four customers was ~44% of consolidated net sales in 2025, of which Walmart (and affiliates) alone was ~23% — heavy retail-customer concentration.
“A group of four customers accounted for approximately 44 % , 43 % and 44 % of consolidated net sales in 2025, 2024, and 2023, respectively , of which a single customer ( Walmart Inc. and its affiliates ) accounted for approximately 23 % , 23 % and 23 % in 2025, 2024 and 2023, respectively.”
SEC filing →As of 2026
Sole-source dependency
- sole-source contract manufacturers and raw-material/packaging suppliershigh
Church & Dwight relies on contract manufacturers and suppliers — including sole-source suppliers for certain raw materials, packaging, product components and finished products — where qualifying alternatives takes time/investment.
“We rely on a number of contract manufacturers and suppliers for certain of our commodities and raw materials, including sole source suppliers for certain of our raw materials, packaging, product components, finished products and other necessary supplies.”
SEC filing →As of 2026
Regulatory & policy
- import tariffs (China-sourced Waterpik and products)medium
Tariffs raised manufacturing costs in 2025 (net of mitigation); Church & Dwight is ceasing import of substantially all Waterpik flossers and other products from China into the U.S. and using pricing/inventory/exemption actions to mitigate exposure.
“alternative sources of supply, most notably ceasing the import of substantially all Waterpik flossers and other products from China into the U.S., potentially increasing prices, adjusting inventories, lobbying and seeking exemptions with respect to tariffs. While the tariffs remain fluid, we are focused on managing these challenges.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings — including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“A group of four customers accounted for approximately 44 % , 43 % and 44 % of consolidated net sales in 2025, 2024, and 2023, respectively , of which a single customer ( Walmart Inc. and its affiliates ) accounted for approximately 23 % , 23 % and 23 % in 2025, 2024 and 2023, respectively.”
Cited →
Its suppliers
Tata Chemicals (Soda Ash) Partners
“The partnership agreement and other supply agreements between Tata Chemicals (Soda Ash) Partners and us are terminable upon two years notice by either of us. We believe that sufficient alternative sources of soda ash supply are available.”
Cited →
In the MyPRIA app, this is checked against the companies you actually own.
← World Watch