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Corporation","tier":2,"returns_yearly":{"2021":-2.2,"2022":-28.7,"2023":29.1,"2024":-11.8,"2025":-17.3,"2026":-22.3}},{"slug":"adobe","name":"어도비","name_en":"Adobe Inc.","tier":2,"returns_yearly":{"2021":13.4,"2022":-40.7,"2023":77.3,"2024":-25.5,"2025":-21.3,"2026":-23.9}},{"slug":"autodesk","name":"오토데스크","name_en":"Autodesk, Inc.","tier":2,"returns_yearly":{"2021":-7.9,"2022":-33.5,"2023":30.3,"2024":21.4,"2025":0.1,"2026":-26.4}},{"slug":"coupang","name":"Coupang","name_en":"Coupang","tier":2,"returns_yearly":{"2022":-49.9,"2023":10.1,"2024":35.8,"2025":7.3,"2026":-35.2}},{"slug":"fair-isaac","name":"페어 아이작","name_en":"Fair Isaac Corporation","tier":2,"returns_yearly":{"2021":-15.1,"2022":38,"2023":94.5,"2024":71,"2025":-15.1,"2026":-44.9}},{"slug":"intuit","name":"인튜이트","name_en":"Intuit Inc.","tier":2,"returns_yearly":{"2021":70.3,"2022":-39.1,"2023":61.8,"2024":1.2,"2025":6.1,"2026":-53.7}},{"slug":"corteva","name":"코르테바","name_en":"Corteva, Inc.","tier":2,"returns_yearly":{"2021":23.6,"2022":25.6,"2023":-17.5,"2024":20.2,"2025":18.9,"2026":-80.1}},{"slug":"anthropic","name":"Anthropic","name_en":"Anthropic","tier":2,"returns_yearly":null},{"slug":"amazon","name":"아마존","name_en":"Amazon","tier":1,"returns_yearly":{"2021":2.4,"2022":-49.6,"2023":80.9,"2024":44.4,"2025":5.2,"2026":12}},{"slug":"walmart","name":"Walmart Inc","name_en":"Walmart Inc","tier":1,"returns_yearly":{"2021":2,"2022":-0.5,"2023":12.9,"2024":74,"2025":24.5,"2026":0.6}}],"benefiting":[],"analysis":"생활용품·퍼스널케어 기업. 2026년 +18.6%다. 본주(+18.6%)와 수요단(평균 +4.4%)이 같은 보폭으로 움직인다. 연결 노드 중 가장 앞선 곳은 아마존(+12%), 가장 처진 곳은 월마트(-3.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Church & Dwight Co., Inc. operates across Household and personal care brands. It is +18.6% in 2026. The stock (+18.6%) and its demand side (avg +4.4%) are moving in step. Among connected nodes the furthest ahead is Amazon (+12%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It spends on soda ash inputs and logistics technology and expands its portfolio by acquiring growth brands.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investment","counterparty":"Touchland","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-12","basis":"Touchland 인수 순현금 지급액과 2025년 매출 조건부 지급액의 합계","value":815000000,"period":"acquisition_completed_2025-07-16","basis_en":"Total of net cash paid at closing and the 2025 sales-based contingent payment for Touchland","qualifier":"cash_paid_plus_contingent_payment"},"note":"처치 앤 드와이트는 2025년 7월 손 소독제 브랜드 Touchland 인수를 완료했다. 순현금 지급액 6억5,600만 달러와 2025년 매출 조건부 지급액 1억5,900만 달러를 합친 현금 대가는 8억1,500만 달러다.","note_en":"Church & Dwight completed its acquisition of hand sanitizer brand Touchland in July 2025. Cash consideration totaled US$815 million, comprising US$656 million paid net of cash acquired and a US$159 million sales-based contingent payment.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm","title":"처치 앤 드와이트 2025 회계연도 10-K","title_en":"Church & Dwight Co., Inc. 2025 Annual Report on Form 10-K","excerpt":"회사는 Touchland 인수 종결 때 취득 현금을 제외하고 6억5,600만 달러를 지급했다.","excerpt_en":"We paid $656.0 million, net of cash acquired, at closing."},{"stance":"confirms","publisher":"처치 앤 드와이트 투자자관계","publisher_en":"Church & Dwight Investor Relations","kind":"ir","lang":"en","published_at":"2025-05-12","url":"https://investors.churchdwight.com/Investors/news/news-details/2025/Church--Dwight-to-Acquire-the-Touchland-Brand-for-700-million-Plus-Earn-out/default.aspx","title":"처치 앤 드와이트, Touchland 브랜드를 7억 달러와 조건부 대가에 인수","title_en":"Church & Dwight to Acquire the Touchland Brand for $700 Million Plus Earn-out","excerpt":"회사는 종결 시 7억 달러와 2025년 매출 달성에 따른 최대 1억8,000만 달러 지급 조건으로 Touchland 인수 계약을 발표했다.","excerpt_en":"The total purchase price is up to $880 million."}]},{"direction":"investment","counterparty":"Hero Cosmetics","counterparty_slug":null,"confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2023-02-16","basis":"Hero Cosmetics 인수 종결 시 취득 현금을 제외한 순현금 지급액","value":546800000,"period":"acquisition_completed_2022-10-13","basis_en":"Cash paid at closing for Hero Cosmetics, net of cash acquired","qualifier":null},"note":"처치 앤 드와이트는 2022년 10월 여드름 패치 브랜드 Hero Cosmetics를 인수했다. 인수 후 북미 유통채널을 50% 확대했고, 순현금 기준 인수가격은 5억4,680만 달러였다.","note_en":"Church & Dwight acquired acne patch brand Hero Cosmetics in October 2022. It expanded North American distribution by 50% after the acquisition, and paid US$546.8 million net of cash acquired.","sources":[{"stance":"confirms","publisher":"SK증권","publisher_en":"SK Securities","kind":"research","lang":"ko","published_at":"2023-07-14","url":"https://www.sks.co.kr/data1/research/qna_file/20230714064400554_0_ko.pdf","title":"티앤엘: 변함없는 호실적 이어질 전망","title_en":"T&L: Strong Results Expected to Continue","excerpt":"SK증권은 C&D의 Hero 인수 후 북미 유통채널이 50% 확대됐고 티앤엘의 패치 공급도 늘었다고 분석했다.","excerpt_en":"SK Securities found that C&D expanded Hero's North American distribution channels by 50% after the acquisition."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2023-02-16","url":"https://www.sec.gov/Archives/edgar/data/313927/000095017023003066/chd-20221231.htm","title":"처치 앤 드와이트 2022 회계연도 10-K","title_en":"Church & Dwight Co., Inc. 2022 Annual Report on Form 10-K","excerpt":"회사는 Hero Cosmetics 지분 전부를 인수하고 종결 시 취득 현금을 제외한 5억4,680만 달러를 지급했다.","excerpt_en":"We paid $546.8 million, net of cash acquired, at closing."}]},{"direction":"cost","counterparty":"Tata Chemicals","counterparty_slug":null,"confidence":"high","metric":{"type":"count","unit":"metric_ton","as_of":"2026-02-12","basis":"Tata Chemicals 계열 원료 파트너십에서 구매하기로 한 연간 나트륨계 원료 물량","value":240000,"period":"annual_supply_commitment","basis_en":"Annual volume of sodium-based raw materials committed for purchase from the Tata Chemicals-affiliated partnership","qualifier":null},"note":"처치 앤 드와이트는 Tata Chemicals 계열 파트너십을 통해 소다회 원료 대부분을 조달한다. 파트너십은 트로나를 채굴·가공해 소다회를 공급하며 연간 24만 톤 구매 약정이 있다.","note_en":"Church & Dwight sources most of its soda ash requirements through a partnership with Tata Chemicals. The partnership mines and processes trona into soda ash under an annual 240,000-ton purchase commitment.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm","title":"처치 앤 드와이트 2025 회계연도 10-K","title_en":"Church & Dwight Co., Inc. 2025 Annual Report on Form 10-K","excerpt":"회사는 원료 파트너십을 통해 나트륨계 원료 대부분을 구매하며 연간 24만 톤 구매를 약정했다.","excerpt_en":"The Company has an annual commitment to purchase 240,000 tons."},{"stance":"confirms","publisher":"Tata Chemicals","publisher_en":"Tata Chemicals","kind":"filing","lang":"en","published_at":"2022-05-25","url":"https://www.tatachemicals.com/upload/content_pdf/4-tata-chemicals-north-america-inc-march-2022.pdf","title":"Tata Chemicals North America 연결재무제표와 독립감사보고서","title_en":"Tata Chemicals North America Inc. and Subsidiaries Consolidated Financial Statements and Independent Auditors' Report","excerpt":"ALCAD는 Tata Chemicals의 소다회 파트너십과 처치 앤 드와이트가 절반씩 보유하며 생산된 소다회는 처치 앤 드와이트에 독점 공급된다.","excerpt_en":"ALCAD is an equally-owned joint venture between Tata Chemicals (Soda Ash) Partners and Church & Dwight."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"high","metric":{"type":"revenue_share","unit":"percent","as_of":"2026-02-12","basis":"Walmart Inc 및 계열사가 차지한 연결 순매출 비중","value":23,"period":"FY2025","basis_en":"Share of consolidated net sales generated by Walmart Inc. and its affiliates","qualifier":null},"note":"월마트와 그 계열사는 처치 앤 드와이트의 최대 고객이다. FY2025 연결 순매출의 약 23%가 이 고객에서 발생해 단일 유통사 의존도가 높다.","note_en":"Walmart and its affiliates are Church & Dwight's largest customer. They generated approximately 23% of FY2025 consolidated net sales, creating substantial dependence on one retailer.","sources":[{"stance":"confirms","publisher":"Eightx","publisher_en":"Eightx","kind":"analysis","lang":"en","published_at":"2026-06-26","url":"https://eightx.co/blog/church-and-dwight-teardown","title":"처치 앤 드와이트 분석: 반복되는 손상차손","title_en":"Church & Dwight (CHD) Teardown: The Write-Down Habit","excerpt":"분석은 월마트가 FY2023부터 FY2025까지 매년 연결 순매출의 약 23%를 차지했다고 재확인했다.","excerpt_en":"Walmart accounted for approximately 23% of consolidated net sales in each of FY2025, FY2024, and FY2023."},{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-12","url":"https://www.sec.gov/Archives/edgar/data/313927/000119312526048139/chd-20251231.htm","title":"처치 앤 드와이트 2025 회계연도 10-K","title_en":"Church & Dwight Co., Inc. 2025 Annual Report on Form 10-K","excerpt":"Walmart Inc와 그 계열사는 2025년 연결 순매출의 약 23%를 차지했다.","excerpt_en":"Walmart Inc. and its affiliates accounted for approximately 23% in 2025."}]},{"direction":"revenue","counterparty":"아마존","counterparty_slug":"amazon","confidence":"mid","metric":{"type":"revenue_growth","unit":"percent","as_of":"2025-07-17","basis":"Amazon.ca TheraBreath 캠페인의 비교 기간 대비 달러 매출 증가율","value":44,"period":"2024-07-01/2024-12-31","basis_en":"Growth in TheraBreath dollar sales on Amazon.ca versus the comparison period during the campaign","qualifier":null},"note":"처치 앤 드와이트는 Amazon.ca에서 TheraBreath를 직접 판매하고 Amazon Ads와 연계한 전환 캠페인을 운영했다. 2024년 하반기 캠페인에서 달러 매출이 비교 기간보다 44% 증가했다.","note_en":"Church & Dwight sells TheraBreath through Amazon.ca and ran a conversion campaign integrated with Amazon Ads. Dollar sales increased 44% during the second-half 2024 campaign versus the comparison period.","sources":[{"stance":"confirms","publisher":"아마존 광고","publisher_en":"Amazon Ads","kind":"analysis","lang":"en","published_at":"2025-07-17","url":"https://advertising.amazon.com/library/case-studies/couch-to-cart","title":"소파에서 장바구니까지: 처치 앤 드와이트와 Wavemaker의 풀퍼널 성장","title_en":"From Couch to Cart: How Church & Dwight and Wavemaker Drove Full-Funnel Success","excerpt":"Amazon.ca 캠페인 기간 TheraBreath의 달러 매출은 비교 기간보다 44% 증가했다.","excerpt_en":"TheraBreath reported a 44% increase in dollar sales."}]},{"direction":"cost","counterparty":"OneTrack","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2026-01-27","basis":"York 물류시설에 도입한 OneTrack 운영 인텔리전스 서비스 비용","value":null,"period":"relationship_observed_2026-01-27","basis_en":"Cost of OneTrack operational intelligence services deployed at the York distribution facility","qualifier":"confirmed_no_disclosed_value"},"note":"처치 앤 드와이트는 미국 내 물량의 절반을 출하하는 York 물류시설에 OneTrack의 운영 인텔리전스 시스템을 도입했다. 서비스 계약액은 공개되지 않았다.","note_en":"Church & Dwight deployed OneTrack's operational intelligence system at its York distribution facility, which ships half of U.S. domestic volume. The service contract value was not disclosed.","sources":[{"stance":"confirms","publisher":"OneTrack","publisher_en":"OneTrack","kind":"analysis","lang":"en","published_at":"2026-01-27","url":"https://www.onetrack.ai/case-studies/church-dwight/","title":"처치 앤 드와이트가 OneTrack으로 5개월 만에 투자수익을 낸 방법","title_en":"How Church & Dwight Saw ROI in 5 Months with OneTrack","excerpt":"처치 앤 드와이트는 York 물류시설에 OneTrack 운영 인텔리전스를 도입해 안전과 물류 작업을 관리한다.","excerpt_en":"Church & Dwight deployed OneTrack with a focus on improving safety."}]}]}