VOL. XCIV, NO. 247
★ WIDE MOAT STOCKS & COMPETITIVE ADVANTAGES ★
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Wednesday, December 31, 2025
Colgate-Palmolive Company
CL · New York Stock Exchange
Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.
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Overview
Colgate-Palmolive is a global consumer products company with four major product categories: Oral Care, Personal Care, Home Care, and Pet Nutrition (Hill's). The core moat is demand-side brand trust and category leadership in Oral Care, supported by broad global distribution. In Pet Nutrition, access to veterinarian and specialty retail channels supports premium, recommendation-driven demand. The main pressures are retailer bargaining power, private label competition, and aggressive promotion/innovation cycles in crowded categories.
Primary segment
Oral Care
Market structure
Oligopoly
Market share
41.4% (reported)
HHI: —
Coverage
4 segments · 7 tags
Updated 2025-12-31
Segments
Oral Care
Oral care products (toothpaste, manual toothbrushes, mouthwash)
Revenue
43%
Structure
Oligopoly
Pricing
moderate
Share
41.4% (reported)
Peers
Personal Care
Personal care (liquid hand soap, bar soap, body wash, deodorants, skin health, hair care)
Revenue
18%
Structure
Competitive
Pricing
weak
Share
—
Peers
Home Care
Home care (dishwashing liquids, household cleaners, fabric conditioners)
Revenue
17%
Structure
Competitive
Pricing
weak
Share
—
Peers
Pet Nutrition
Specialty pet nutrition (therapeutic and wellness pet food; Hill's)
Revenue
22%
Structure
Oligopoly
Pricing
moderate
Share
—
Peers
Moat Claims
Oral Care
Oral care products (toothpaste, manual toothbrushes, mouthwash)
Revenue share uses rounded FY2024 mix reported in the Form 10-K (Oral Care = 43% of total net sales).
Brand Trust
Demand
Brand Trust
Strength: 5/5 · Durability: durable · Confidence: 4/5 · 1 evidence
Category-leading brands and consistent performance claims support repeat purchase and premium positioning in core oral care categories.
Erosion risks
- Private label and value-brand share gains
- Retailer bargaining power and shelf-space constraints
- Competitor innovation narrowing perceived performance differences
Leading indicators
- Global toothpaste and manual toothbrush share trend
- Oral Care organic sales growth and volume
- Promotional intensity and price/mix vs peers
Counterarguments
- In many markets oral care is promotion-driven and easy to switch
- Retailers can shift shelf space toward private label/value offerings
Personal Care
Personal care (liquid hand soap, bar soap, body wash, deodorants, skin health, hair care)
Revenue share uses rounded FY2024 mix reported in the Form 10-K (Personal Care = 18% of total net sales).
Brand Trust
Demand
Brand Trust
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Brand portfolios (e.g., Palmolive/Softsoap/Protex) support retailer placement and consumer preference in select categories (notably hand soap).
Erosion risks
- Category commoditization and frequent trade-down cycles
- Private label and local-brand competition
- Ad-driven brand fatigue and rising customer acquisition costs
Leading indicators
- Share trend in liquid hand soap and core Personal Care categories
- Gross margin and promo levels in key markets
- Digital share-of-voice vs peers
Counterarguments
- Many Personal Care subcategories have low switching costs
- Brand advantages can be competed away with promotion and innovation
Home Care
Home care (dishwashing liquids, household cleaners, fabric conditioners)
Revenue share uses rounded FY2024 mix reported in the Form 10-K (Home Care = 17% of total net sales).
Distribution Control
Supply
Distribution Control
Strength: 3/5 · Durability: medium · Confidence: 3/5 · 1 evidence
Broad global distribution across retailers, wholesalers, and distributors supports availability and shelf presence for home care brands (e.g., Ajax/Fabuloso/Suavitel).
Erosion risks
- Retail consolidation and tougher trade terms
- Private label expansion in cleaning categories
- Competitors outspending on promotion and innovation
Leading indicators
- Distribution points and shelf space in key geographies
- Promo intensity and net price realization
- Category growth and volume trends
Counterarguments
- Retail distribution is generally accessible to large competitors
- Shelf position can be bought with trade spend rather than earned by moat
Pet Nutrition
Specialty pet nutrition (therapeutic and wellness pet food; Hill's)
Revenue share uses rounded FY2024 mix reported in the Form 10-K (Pet Nutrition = 22% of total net sales).
Distribution Control
Supply
Distribution Control
Strength: 4/5 · Durability: medium · Confidence: 4/5 · 1 evidence
Veterinarian channel access plus authorized pet supply retail distribution supports premium positioning and recommendation-driven demand.
Erosion risks
- Competitive intensity from large incumbents and well-funded challengers
- Retailer/private label expansion in pet food
- Channel shifts toward DTC and price transparency reducing premium pricing
Leading indicators
- Hill's volume and price/mix trends
- Penetration in veterinary and pet specialty channels
- Repeat purchase indicators and churn proxies (subscription retention where available)
Counterarguments
- Large rivals can also access vet/specialty channels and outspend on marketing
- For many consumers, switching pet food is easy outside prescription/therapeutic use cases
Evidence
global leadership in the toothpaste
Management states global leadership in toothpaste (and manual toothbrush) categories, supporting a demand-side brand moat in Oral Care.
41.4%
Disclosed as the company's share of the global toothpaste market for full-year 2024.
global leadership in liquid hand soap
Management cites global leadership in liquid hand soap, consistent with meaningful brand strength in that category.
sold to a variety of retailers
The filing describes broad multi-channel distribution, a key requirement for scaling home care brands.
veterinarians and eCommerce retailers
The filing describes Pet Nutrition sales through veterinarians and eCommerce, supporting a channel-based distribution moat.
Risks & Indicators
Erosion risks
- Private label and value-brand share gains
- Retailer bargaining power and shelf-space constraints
- Competitor innovation narrowing perceived performance differences
- Category commoditization and frequent trade-down cycles
- Private label and local-brand competition
- Ad-driven brand fatigue and rising customer acquisition costs
Leading indicators
- Global toothpaste and manual toothbrush share trend
- Oral Care organic sales growth and volume
- Promotional intensity and price/mix vs peers
- Share trend in liquid hand soap and core Personal Care categories
- Gross margin and promo levels in key markets
- Digital share-of-voice vs peers
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