Overview Key strengths Key risks High brand equity with a leading global market position in oral care. Concentration in oral care. Demand for majority of products is non-cyclical. Current operating margin is well below historical levels. Little private-label competition in oral care space. Erosion of market share in oral care, notwithstanding recent improvement. Good track record of innovation and extensive geographic diversity. Less product diversity than peers. Solid and predictable cash flow. Aggressive share repurchases consume most of its free operating cash flow (FOCF). Moderate overall financial policies. The company?s business risk profile is underpinned by its strong operating efficiency, including EBITDA margins that have historically been well above those of its peers. However, Colgate's S&P Global Ratings-adjusted EBITDA margin
