NASDAQ: KMB · Household Products
Kimberly-Clark
Kimberly-Clark, founded in 1872 and based in Irving, Texas, makes personal care and tissue products sold in more than 175 countries under brands such as Huggies, Kleenex, Scott, Kotex, Cottonelle, Depend and Pull-Ups, which hold No. 1 or No. 2 share positions in about 70 countries. After moving its International Family Care and Professional business into a joint venture with Suzano (Suzano bought 51% for about $1.7 billion; closed July 1, 2026), it reports two segments: North America ($10,753 million of 2025 net sales) and International Personal Care ($5,694 million). 2025 net sales from continuing operations were $16,447 million and net income $2,021 million; Walmart was about 16% of sales. Kimberly-Clark agreed in November 2025 to acquire consumer health company Kenvue for 0.14625 shares plus $3.50 cash per Kenvue share — about 280 million new shares and $6.7 billion of cash — with closing expected in the second half of 2026.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 13:52 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-1210-Q (quarter ended 2026-09-30) · filed 2026-11-05Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
01
At a glanceFrom SEC data
Eight headline measures, each placed among the companies covered on this site.
- Revenue growthCAGRSmooths out year-to-year swings into "grew X% a year on average." Makes growth pace comparable across companies of very different sizes.
- -2.1%
- Operating marginOperating marginHow many cents of operating profit are left per dollar of revenue. Reflects pricing power and cost structure.
- 14.3%
- ROIC minus WACCROIC − WACC spreadThe difference between ROIC and WACC. Consistently positive implies value creation; consistently negative implies value destruction.
- +15.5 pts
- Net debt ÷ EBITDAEBITDAOperating income with D&A added back. A rough proxy for cash-generating power that’s less distorted by capital intensity, depreciation method, or financing/tax differences than net income.
- 2.1x
- Cash conversionOperating CF ÷ net income (cash conversion)How much of reported profit shows up as actual cash. 1x or higher means profit is backed by cash.
- 1.37x
- Dividend raisesDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year).
- 2 of 5
- P/E todayP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing.
- 10.9x
- Betaβ (beta)How much a stock moves, on average, for a 1% move in the overall market. Above 1 means more volatile than the market, which raises the return shareholders require. This site computes it from about 2.5 years (roughly 130 weeks) of weekly returns, built from Yahoo Finance daily prices, regressed against an S&P 500 ETF (SPY) as the market proxy, then applies the well-known long-run mean-reversion adjustment (0.67 × β + 0.33) as the WACC default.
- 0.40
Higher than 4% of 372 non-financial companies
Average yearly growth over the years shown
Higher than 36% of 311 non-financial companies
Latest fiscal year (FY2025)
Higher than 81% of 311 non-financial companies
Return on capital above (or below) its estimated cost
Higher than 56% of 304 non-financial companies
Below 0 means more cash than debt
Higher than 39% of 349 non-financial companies
Operating cash flow ÷ net income
Years the dividend per share rose, of the last 5
Latest close 2026-11-04; trailing 12 months to 2026-09-30
Above 1 = moves more than the market
Each marker shows where this company sits among the non-financial companies covered on this site, not all listed companies (left = lowest, right = highest). A high position is not automatically good — for net debt ÷ EBITDA, higher means more debt. Details and formulas are in the sections below and in How to read this.
02
Valuation todayFrom SEC data
Price-based measures at the latest close, next to the same measures at the last fiscal year-end.
Share price$108.38close on 2026-11-04
Market cap$35.97B
- P/EP/EShare price ÷ EPS — how many years of current earnings the stock price represents. This site uses the period-end figure as reported in the filing. today
- 10.9x
- P/BP/BShare price ÷ book value per share. Below 1x means the market values the company below its accounting net worth. This site uses the closing price nearest the fiscal year-end and highlights sub-1x readings. today
- 23.9x
- EV/EBITDAEV/EBITDAEnterprise value (≈ market cap + interest-bearing debt − cash) as a multiple of EBITDA — roughly, "how many years of EBITDA to buy the whole company." Lower is generally viewed as cheaper, and it’s more comparable than P/E across companies with different debt loads or depreciation policies. This site excludes noncontrolling interests from the EV calculation. today
- 13.5x
- FCF yieldFree cash flow (FCF)Operating CF minus capital expenditures — cash generated by the business after funding its own investment, available for dividends, buybacks, acquisitions, or debt paydown. Acquisitions and securities purchases (also in investing CF) are not subtracted, so FCF can be positive in a year when total investing CF exceeds operating CF. today
- 4.6%
- Dividend yieldDividend per shareTotal annual dividend paid per share (sum of all declared payments for the year). today
- 4.7%
At FY2025 year-end: 16.6x
Earnings: trailing 12 months to 2026-09-30
At FY2025 year-end: 22.3x
Book value at FY2025 year-end
At FY2025 year-end: 12.7x
EBITDA for FY2025
At FY2025 year-end: 4.9%
Free cash flow for FY2025
Dividends per share for FY2025
“Today” uses the latest closing price (2026-11-04, Yahoo Finance daily closing prices) and shares outstanding at the last fiscal year-end. The rest of this page — including the financial table and ROIC vs. WACC — uses fiscal year-end prices. These are reference figures, not a judgment of whether the stock is cheap or expensive.
03
What changed since last earningsFrom SEC data
The latest reported quarter against the same quarter a year earlier, the balance sheet against the previous quarter-end, and what management said in its latest earnings release.
Quarter ended Sep 30, 2026.
- Revenue$4.15B → $4.13B (vs. a year earlier)→ −0.4%$4.15B → $4.13B (vs. a year earlier)
- Operating margin15.0% → 12.5% (vs. a year earlier)↓ −2.5 pts15.0% → 12.5% (vs. a year earlier)
- Net income$446M → $1.79B (vs. a year earlier)↑ +302.0%$446M → $1.79B (vs. a year earlier)
- Diluted EPS$1.34 → $5.37 (vs. a year earlier)↑ +300.7%$1.34 → $5.37 (vs. a year earlier)
- Cash$956M → $1.87B (vs. previous quarter-end)↑ +96.0%$956M → $1.87B (vs. previous quarter-end)
Source: Form 10-Q ↗ (SEC XBRL). Long-term debt is the tagged long-term debt figure and leaves out short-term borrowings.
From the earnings release of Nov 5, 2026.
Management outlook → Reaffirmed
Reaffirmed 2026 standalone outlook. Source sentence
Kimberly-Clark Announces Third Quarter Results, Reaffirms 2026 Standalone Outlook
Key changes
Q3 net sales $4.1B, down 0.4%. Source sentence
Delivered net sales of $4.1 billion, down 0.4 percent, while organic sales declined 1.3 percent.
Adjusted gross margin 35.5%, down 130 basis points. Source sentence
Gross margin was 34.9 percent; adjusted gross margin was 35.5 percent, down 130 basis points versus the prior year.
Written by AI. A line appears only if its figures and direction match the quoted sentence, which an automatic check confirms. Companies' outlooks are their own and may not be met. Read the release ↗
04
Company profileFrom SEC dataShow
- Legal name
- KIMBERLY CLARK CORP
- Headquarters
- IRVING, TX
- Incorporated in
- Delaware
- Fiscal year end
- 12/31
- Exchange & ticker
- NASDAQ: KMB
- Industry
- Household Products
- CIK
- 55785
Workforce (as of FY2025 year-end)
Employees
36,000
Source: Form 10-K (FY2025) cover page and business description
05
Earnings calendarFrom SEC dataShow
When the company reports each quarter: the quarter-end date, the day results were released, and when the 10-Q or 10-K was filed.
Next report
Q4 FY2026
Quarter end: December 2026. In past years, Q4 results were released 24–28 days after quarter end (Jan 27, 2026; Jan 28, 2025; Jan 24, 2024). No date has been announced in the sources this site uses.
Reporting pattern
- Fiscal year ends around December 31.
- Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
- Earnings releases came 22–36 days after quarter end over the last 12 quarters.
| Quarter | Quarter ended | Earnings release (8-K) | Report filed (10-Q / 10-K) |
|---|---|---|---|
| Q3 FY2026 | Sep 30, 2026 | Nov 5, 2026 (+36 days) | Nov 5, 2026 10-Q (+36 days) |
| Q2 FY2026 | Jun 30, 2026 | Aug 4, 2026 (+35 days) | Aug 4, 2026 10-Q (+35 days) |
| Q1 FY2026 | Mar 31, 2026 | Apr 28, 2026 (+28 days) | Apr 28, 2026 10-Q (+28 days) |
| Q4 FY2025 | Dec 31, 2025 | Jan 27, 2026 (+27 days) | Feb 12, 2026 10-K (+43 days) |
| Q3 FY2025 | Sep 30, 2025 | Oct 30, 2025 (+30 days) | Oct 30, 2025 10-Q (+30 days) |
| Q2 FY2025 | Jun 30, 2025 | Aug 1, 2025 (+32 days) | Aug 1, 2025 10-Q (+32 days) |
| Q1 FY2025 | Mar 31, 2025 | Apr 22, 2025 (+22 days) | Apr 22, 2025 10-Q (+22 days) |
| Q4 FY2024 | Dec 31, 2024 | Jan 28, 2025 (+28 days) | Feb 13, 2025 10-K (+44 days) |
| Q3 FY2024 | Sep 30, 2024 | Oct 22, 2024 (+22 days) | Oct 22, 2024 10-Q (+22 days) |
| Q2 FY2024 | Jun 30, 2024 | Jul 23, 2024 (+23 days) | Jul 23, 2024 10-Q (+23 days) |
| Q1 FY2024 | Mar 31, 2024 | Apr 23, 2024 (+23 days) | Apr 23, 2024 10-Q (+23 days) |
| Q4 FY2023 | Dec 31, 2023 | Jan 24, 2024 (+24 days) | Feb 8, 2024 10-K (+39 days) |
Source: SEC EDGAR filing history. Release dates are the dates the earnings release was furnished to the SEC on Form 8-K (Item 2.02), which is normally the day results are announced. For a quarter whose 10-Q or 10-K isn’t filed yet, the date is the latest Item 2.02 8-K since the previous report, which may be a preliminary or other results-related update. Fiscal years are labeled by the calendar year in which they end.
06
Flagship products & servicesSite analysis
North America / IPC
Huggies and Pull-Ups
Baby diapers, training pants and wipes.
North America
Kleenex, Scott, Cottonelle, Viva
Facial tissue, bath tissue and paper towels.
North America / IPC
Kotex, Poise, Depend, Intimus
Feminine care and adult incontinence products.
Joint venture
IFP joint venture with Suzano
Former international family care and professional business; Kimberly-Clark keeps 49%.
From the Form 10-K, FY2025.
U.S., worldwide and country/regional share of flagship products/services
Only shares the company itself states (in its filings or press releases, sometimes citing a research firm) are shown. Scope and timing vary by figure — treat these as approximate.
Personal care and tissue
Consumer products
U.S. share
—
Not disclosedWorldwide share
No. 1 or No. 2 in ~70 countries
Company-disclosedBrands “hold No. 1 or No. 2 share positions in approximately 70 countries.”
07
Recent strategic focusSite analysis
Recent developments.
Kenvue acquisition
Merger agreement signed November 2, 2025; shareholders of both companies approved it on January 29, 2026; HSR waiting period expired February 4, 2026; closing expected in the second half of 2026 pending foreign approvals.
Source: Form 10-Q (quarter ended 2026-06-30)
IFP joint venture
Suzano acquired 51% of the IFP joint venture for about $1.7B; completed July 1, 2026; Kimberly-Clark keeps 49%.
Source: Form 10-Q (quarter ended 2026-06-30)
Financing
Priced $4.9B of senior notes in October 2026 and launched exchange offers for up to $7.0B of Kenvue notes.
Source: Form 8-K (2026-10-20) — Item 8.01 $4.9 billion senior notes offering
First half 2026
Net sales $8,352M versus $8,217M; net income attributable to Kimberly-Clark $1,010M versus $1,076M.
Source: Form 10-Q (quarter ended 2026-06-30)
Capex ÷ D&A (FY2025)
1.41x
Well above depreciation — expansion-stage investment
formulacapital expenditures ÷ depreciation & amortization
e.g.$1,138M ÷ $805M = 1.41x
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
R&D-to-revenue ratio (FY2025)
2.0%
formularesearch & development expense ÷ revenue × 100
e.g.$326M ÷ $16,447M × 100 = 2.0%
Where the money goes, over time
Unit: $M. Capex went from $766M in FY2023 to $1.14B in FY2025
- Capex
- R&D
formulacapital expenditures ÷ depreciation & amortization
termsCapital expenditures (capex) · Depreciation & amortization (D&A)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
08
Key figures at a glanceFrom SEC data
FY2023–FY2025, 3 years.
Revenue (FY2025)
$16.45B
As reported in the 10-K
Revenue CAGR (2 years)
-2.1%▼caution
formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1
e.g.($16,447M ÷ $17,146M) ^ (1÷2) − 1 = -2.1%
termsCAGR · ^ (exponent) · Revenue (net sales)
Operating margin (FY2025)
14.3%▲favorable
+3.0pt vs. 2 years ago
formulaoperating income ÷ revenue × 100
e.g.$2,351M ÷ $16,447M × 100 = 14.3%
ROE (FY2025)
172.6%▲favorable
3-year average: 234.6%
As reported in the 10-K
P/B (FY2025 end)
22.29x
formulafiscal year-end closing price ÷ book value per share
e.g.$100.89 ÷ $4.53 = 22.29x
Period-end (fiscal year-end) value, not today's P/B
EV/EBITDA (FY2025 end)
12.7x
formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)
e.g.($33,485M + $7,168M − $688M) ÷ ($2,351M + $805M) = 12.7x
termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)
Period-end (fiscal year-end) value, not today's multiple
- ▼
Revenue grew -2.1% a year over 2 years (a shrinking trend)
From $17.15B in FY2023 to $16.45B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.
- ▲
Operating margin improved: 11.2% → 14.3%
How much operating profit is left per $100 of revenue. It moved +3.0 points over 2 years — pricing power, cost control, and product mix all show up here.
- ▼
Equity ratio is 8.8% (relatively heavy reliance on debt)
The share of total assets funded by equity rather than debt. 50%+ is often read as low bankruptcy risk, though the right level varies by industry (real estate and leasing run lower, for instance).
- ▲
Free cash flow was positive in 3 of 3 years
Operating cash flow minus capital expenditures: the cash left over after funding the business’s own investment, available for dividends, buybacks, acquisitions, or debt paydown. A negative year can mean heavy investment, or weak core earnings — worth distinguishing.
- ▲
ROE averaged 234.6% over 3 years (latest: 172.6%)
How much profit was generated on shareholders’ equity. Roughly 10%+ is often cited as solid for a U.S. company, though this varies a lot by industry and capital intensity.
09
Business modelSite analysis
Business Model Canvas
The whole company in nine blocks. Left side: how it delivers (partners, activities, resources, costs). Right side: who it serves and how it earns. Every entry comes from the company’s filings shown on this page.
08 · who helps
Key partners
- Suzano
07 · what it does
Key activities
- North America: diapers, tissue, feminine and adult care
- International Personal Care: personal care outside North America
- 49% stake in the IFP joint venture with Suzano (from July 2026)
06 · what it draws on
Key resources
- About 36,000 employees (incl. the IFP business at end-2025)
- Fibers, nonwovens and absorbency technologies
- Brands such as Huggies, Kleenex, Kotex and Depend
02 · why customers buy
Value propositions
- Absorbent and tissue products (Huggies, Kleenex, Kotex).
04 · how it keeps them
Customer relationships
- Retail and distributor relationships behind its brands.
03 · how it reaches them
Channels
- Directly to supermarkets, mass merchandisers, drugstores and e-commerce; distributors for professional products.
01 · who it serves
Customer segments
- Retailers and distributors (Walmart ≈16% of 2025 net sales)
- Consumers in more than 175 countries
09 · where money goes
Cost structure
FY2025, share of revenue ($16.45B)
- Cost of revenue64.0%
- Research & development2.0%
- Other operating costs19.7%
Operating profit left: 14.3% of revenue. Depreciation & amortization (inside the costs above): $805M. Capital spending: $1.14B.
Source: Form 10-K income statement and cash-flow statement (SEC XBRL).
05 · how money comes in
Revenue streams
- North America $10,753M (2025)
- International Personal Care $5,694M
Value propositions, channels and customer relationships: Form 10-K (FY2025)
Manufactures absorbent and tissue products from fibers and nonwovens and sells them through retailers, distributors and e-commerce to consumers worldwide.
01 what it draws on
Inputs & resources
- About 36,000 employees (incl. the IFP business at end-2025)
- Fibers, nonwovens and absorbency technologies
- Brands such as Huggies, Kleenex, Kotex and Depend
02 what it does
Activities
- North America: diapers, tissue, feminine and adult care
- International Personal Care: personal care outside North America
- 49% stake in the IFP joint venture with Suzano (from July 2026)
03 who it serves
Customers
- Retailers and distributors (Walmart ≈16% of 2025 net sales)
- Consumers in more than 175 countries
04 how money comes in
How it earns
- North America $10,753M (2025)
- International Personal Care $5,694M
How the business makes money
- Segment operating profit 2025: North America $2,553M, International Personal Care $796M.
- Brands hold No. 1 or No. 2 share positions in about 70 countries.
- Dividends per share rose every year from $4.28 (2020) to $5.04 (2025).
Government & regulation around the business
Non-market factors from the company’s filings: what governments and regulators fund, buy, set, approve or restrict, and which part of the flow above each one touches.
Kimberly-Clark expects tariff-affected input costs to be in line with 2025.
Trade & export rules
Tariffs and trade rules
Expects 2026 net input costs, including tariffs, broadly in line with fiscal 2025.
Constrains the businessTouches: Inputs & resourcesSource: Form 10-K (FY2025)
Revenue by segment (FY2025)
Unit: $M — bar length = revenue, (%) = share of total company revenue
North America
10,753 (65%)International Personal Care
5,694 (35%)
Source: Form 10-K (FY2025) Segment net sales; total $16,447M from continuing operations.
10
Contract structureSite analysisShow
Short-term or spot sales carry different earnings quality than long-term or auto-renewing contracts — this shows how the company actually contracts with its customers.
11
Alliances & capital tiesSite analysisShow
Equity stakes, joint ventures, and strategic partnerships disclosed across the 10-K, 8-Ks, and proxy statement.
Joint venture
Suzano
IFP joint venture: Suzano bought 51% for about $1.7B (closed July 1, 2026); Kimberly-Clark holds 49%.
12
Customers & suppliersSite analysis
Who the company sells to and buys from. Companies rarely name either, so named counterparties come only from the company's own filings and press releases; otherwise this lists the concentration figures the 10-K discloses.
Customers
Retailers, distributors and e-commerce customers.
Named by the company
- Walmart — About 16% of 2025 net sales from continuing operations.Form 10-K (FY2025)
Suppliers
Pulp, polymers and nonwoven materials suppliers.
Named by the company
No material supplier is named.
13
Competitors & peersSite analysis
Competitors the 10-K names, and the peer group the company itself chose in its proxy statement. Nothing here is this site's own pick.
The 10-K says competitors include global, regional and local manufacturers, including lower-priced private label, without naming them.
Competitors named in the 10-K
Peer group the company chose
Compensation peer group, from the proxy statement. Peers are companies the board considers comparable — for example when setting executive pay — not necessarily direct competitors.
2025 executive compensation peer group from the 2026 proxy statement.
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Company names link to this site’s analysis where one exists; “site ↗” opens the company’s own website.
14
Six years of financialsFrom SEC data
Each chart's axis holds a single unit (never mixing dollars, %, and $/share). The table's per-period header links to the filing the numbers came from.
Revenue over time
Unit: $M
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit over time (operating → net)
Unit: $M
- Operating income
- Pretax income
- Net income
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Margins over time
Unit: %
- Operating margin
- Net margin
formulaoperating income ÷ revenue × 100
formulanet income attributable to the company ÷ revenue × 100
Cash flow over time
Unit: $M (below zero = cash went out)
- Operating CF
- Investing CF
- Free CF
formulacash flow from operations − capital expenditures
termsFree cash flow (FCF) · Cash flow from operations (operating CF) · Capital expenditures (capex)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Financial stability & capital efficiency
Unit: %
- Equity ratio
- ROE
formulatotal equity ÷ total assets × 100 (as reported in the 10-K)
termsStockholders’ equity · Total assets
formulanet income ÷ average equity (beginning + ending, ÷2) × 100 (as reported in the 10-K)
termsNet income (attributable to the company) · Stockholders’ equity
Earnings per share (EPS) and dividend per share
Unit: $
- EPS
- Dividend per share
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
| Line item | FY202310-K on EDGAR ↗ | FY202410-K on EDGAR ↗ | FY202510-K on EDGAR ↗ |
|---|---|---|---|
| Income statement ($M) | |||
| Revenue | 17,146 | 16,805 | 16,447 |
| Operating income | 1,928 | 2,700 | 2,351 |
| Pretax income | 2,021 | 2,927 | 2,052 |
| Net income (attributable) | 1,764 | 2,545 | 2,021 |
| Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100 | — | -2.0% | -2.1% |
| Operating margincalcoperating income ÷ revenue × 100 | 11.2% | 16.1% | 14.3% |
| Net margincalcnet income attributable to the company ÷ revenue × 100 | 10.3% | 15.1% | 12.3% |
| Balance sheet ($M) | |||
| Total assets | 17,344 | 16,546 | 17,098 |
| Total equity | 1,068 | 975 | 1,630 |
| Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable | 7,984 | 7,418 | 7,168 |
| Equity ratio | 5.3% | 5.1% | 8.8% |
| ROE | 241.3% | 290.0% | 172.6% |
| Cash flow ($M) | |||
| Operating CF | 3,542 | 3,234 | 2,777 |
| Investing CF | -418 | -100 | -951 |
| Financing CF | -2,374 | -3,166 | -2,179 |
| Free cash flowcalccash flow from operations − capital expenditures | 2,776 | 2,513 | 1,639 |
| Cash and equivalents | 1,093 | 1,010 | 688 |
| Per share & other | |||
| EPS ($) | 5.21 | 7.55 | 6.07 |
| BVPS ($) | 2.72 | 2.53 | 4.53 |
| Dividend per share ($) | 4.72 | 4.88 | 5.04 |
| Payout ratiocalcdividend per share ÷ diluted EPS × 100 | 90.6% | 64.6% | 83.0% |
| P/E (x) | 23.3 | 17.4 | 16.6 |
| EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization) | 17.8 | 14.3 | 12.7 |
| P/B (x)calcfiscal year-end closing price ÷ book value per share | 44.75 | 51.76 | 22.29 |
P/B and EV/EBITDA use each period’s period-end (fiscal year-end) figures, not the current share price. Figures without a "calc" tag are as reported in the Form 10-K (the consolidated financial statements and, for older years, earlier 10-Ks), pulled automatically from SEC EDGAR. Where a later filing restated a prior period, the restated figure is used.
Last 8 quarters
Three-month figures from 10-Q filings. Change is versus the same quarter a year earlier. Newest quarter on top.
| Quarter ended | Revenue | Operating income | Net income | Diluted EPS |
|---|---|---|---|---|
| 2026-09-30 | $4.13B-0.4% | $516M-16.9% | $1.79B+302.0% | $5.37 |
| 2026-06-30 | $4.19B+0.6% | $633M+6.9% | $345M-32.2% | $1.04 |
| 2026-03-31 | $4.16B+2.7% | $753M+19.3% | $665M+17.3% | $2.00 |
| 2025-12-31 † | $4.08B-0.6% | $507M+79.8% | $499M+11.6% | $1.50 |
| 2025-09-30 | $4.15B | $621M | $446M | $1.34 |
| 2025-06-30 | $4.16B | $592M | $509M | $1.53 |
| 2025-03-31 | $4.05B | $631M | $567M | $1.70 |
| 2024-12-31 † | $4.1B | $282M | $447M | $1.34 |
† Fourth quarter = the 10-K’s annual figure minus the first three quarters; quarterly EPS isn’t derived this way because share counts change during the year.
Data left out of this analysis
- FY2020: FY2020 figures include the International Family Care and Professional (IFP) business, which was moved to discontinued operations ahead of its July 2026 transfer to a joint venture with Suzano, and were not restated, so they are not comparable.
- FY2021: FY2021 figures include the International Family Care and Professional (IFP) business, which was moved to discontinued operations ahead of its July 2026 transfer to a joint venture with Suzano, and were not restated, so they are not comparable.
- FY2022: FY2022 figures include the International Family Care and Professional (IFP) business, which was moved to discontinued operations ahead of its July 2026 transfer to a joint venture with Suzano, and were not restated, so they are not comparable.
15
Is ROIC above WACC?From SEC data
ROIC (the return on money invested in the business) above WACC (the cost of raising that money) means the company is creating value. WACC is an estimate, so its assumptions can be adjusted below.
ROIC (FY2025)
21.9%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
e.g.$2,351M × (1 − 20%) ÷ $8,596M × 100 = 21.9%
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
WACC (this site’s estimate)
6.39%
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
e.g.Equity weight: $33.49B ÷ ($33.49B + $7.17B) = 82.4%
e.g.Debt weight: $7.17B ÷ ($33.49B + $7.17B) = 17.6%
e.g.WACC: 7.2% × 82.4% + 3.6% × (1 − 20%) × 17.6% = 6.39%
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.3%–7.8% and ROIC − WACC runs +14.1 to +16.6 points. The sign holds across this range. This describes the latest year and does not predict future value creation.
WACC 6.39% is this site’s estimate under the assumptions below (not a figure the company has published)
- Risk-free rate
- 4.95% (10-year Treasury, 2026-11-03)
- β
- 0.40 (price-derived adjusted beta, but correlation with the market is low (R² 0.01), so reliability is limited)
- Equity risk premium
- 5.5%
- Cost of equity
- 7.15%
- Cost of debt
- 3.57%
- Tax rate
- 20% (effective rate, FY2023–FY2025)
- Capital structure (equity : debt)
- 82% : 18%
ROIC over time, vs. WACC
Unit: % — bars = each period's ROIC, horizontal line = latest WACC. Bars above the line are green, below are red
- ROIC (above WACC)
- ROIC (below WACC)
- WACC 6.39%
formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)
termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity
formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight
termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization
Try different WACC assumptions
β and the equity risk premium are estimates with a real range of plausible values — move the sliders to check whether ROIC > WACC still holds. The risk-free rate starts at the 10-year Treasury yield on 2026-11-03 (U.S. Treasury).
Initial β: 0.40 (price-derived adjusted beta. Raw β 0.10, R² 0.01, 129 weeks)
formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)
e.g.0.67 × 0.103 + 0.33 = 0.399
termsβ (beta)
Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.
formularisk-free rate + β × equity risk premium
e.g.5.0% + 0.4 × 5.5% = 7.2%
termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)
formulafiscal year-end closing price × shares outstanding (= market cap)
formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)
16
What the price implies (DCF)From SEC data
A company's value can be written as its free cash flow divided by (cost of capital − perpetual growth). Working that backwards from the market's valuation shows how much growth the share price assumed — compared here with the company's actual past growth.
Growth the price implies (price on 2026-11-04)
2.5%
Perpetual FCF growth: g = r − FCF ÷ EV = 6.4% − 3.9%
Past FCF growth (FY2023–FY2025)
-23.2%
Compound annual rate, 2 years
Past revenue growth (FY2023–FY2025)
-2.1%
Compound annual rate, 2 years
Inputs (FY2025): free cash flow $1.64B (operating CF − capex); enterprise value $42.45B = market cap $35.97B (latest close, 2026-11-04) + debt $7.17B − cash and short-term investments $688M; r = WACC of 6.4% using this page’s default assumptions (β 0.40, risk-free 5.0%, market premium 5.5%).
Three WACC scenarios
The same calculation under cautious, base and optimistic cost-of-capital assumptions (risk-free rate fixed at the 10-year Treasury yield). Pick one to load it into the sliders below.
Try your own assumptions
V = FCF ÷ (r − g). It starts at the implied growth rate, where the theoretical value equals today’s enterprise value.
Theoretical enterprise value
$42.03B
FCF $1.64B ÷ (6.4% − 2.5%)
Theoretical ÷ actual enterprise value
0.99x
Below 1x: these assumptions value the business below the market did
How sensitive the answer is
Theoretical ÷ actual enterprise value for each combination of r and g.
| g \ r | 4.4% | 5.4% | 6.4% | 7.4% | 8.4% |
|---|---|---|---|---|---|
| 0% | 0.88x | 0.71x | 0.60x | 0.52x | 0.46x |
| 2% | 1.61x | 1.14x | 0.88x | 0.71x | 0.60x |
| 4% | 9.65x | 2.76x | 1.61x | 1.14x | 0.88x |
| 6% | — | — | 9.65x | 2.76x | 1.61x |
| 8% | — | — | — | — | 9.65x |
A simplified model for seeing what the market price assumes, not a forecast or a target price. It treats free cash flow as growing at one constant rate forever; the result swings widely with small changes in r and g, and is undefined when g reaches r. Free cash flow here is operating cash flow minus capex, which is after interest — a full DCF of enterprise value would use cash flow before interest. Market cap uses the latest close (2026-11-04) × shares at fiscal year-end; free cash flow and WACC inputs are from the latest fiscal year.
17
Earnings qualityFrom SEC dataShow
The same reported profit can mean different things depending on whether it's backed by cash, driven by the core business, or the result of a one-off item. Four checks below.
- ✓
Operating CF ÷ net income: averages 1.55x
Profit is backed by cash coming in.
- ✓
Accrual ratio (latest): -4.5%
A small share of profit rests on accounting estimates.
- ✓
Core-earnings share (operating income ÷ pretax income): 115%
Most profit comes from core operations.
- ✓
Days sales outstanding: 45 → 40 days
No major slowdown in collecting on sales.
Operating CF vs. net income
Unit: $M — operating CF above net income means profit is backed by cash
- Operating CF
- Net income
formulacash flow from operations ÷ net income attributable to the company
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formula(net income − operating CF) ÷ average total assets × 100
termsNet income (attributable to the company) · Cash flow from operations (operating CF) · Total assets
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Profit bridge (FY2025)
Unit: $M — what moved profit from operating income to net income
- Profit (each stage)
- Pushed profit up
- Pushed profit down
formulaoperating income ÷ income before income taxes × 100
termsOperating income · Income before income taxes (pretax income)
Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-12
Receivables & inventory days
Unit: days — days grow when receivables or inventory build up faster than sales
- Days sales outstanding
- Days inventory outstanding
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
termsInventory · Cost of revenue (COGS)
Worked examples (latest period)
formulacash flow from operations ÷ net income attributable to the company
e.g.$2,777M ÷ $2,021M = 1.37x
termsCash flow from operations (operating CF) · Net income (attributable to the company)
formulaoperating income ÷ income before income taxes × 100
e.g.$2,351M ÷ $2,052M × 100 = 115%
termsOperating income · Income before income taxes (pretax income)
formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365
e.g.($1,728M + $1,892M) ÷ 2 ÷ $16,447M × 365 = 40 days
formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365
e.g.($1,452M + $1,475M) ÷ 2 ÷ $10,524M × 365 = 51 days
termsInventory · Cost of revenue (COGS)
18
Who holds the sharesFrom SEC dataShow
How much of the stock large institutional investors report owning on SEC Form 13F, how much the directors and executive officers hold (and how much of the vote they control), and roughly how much is left for individual investors. Shown next to beta so the holder mix can be read alongside how much the stock swings.
Institutions, insiders and everyone else, 13F holdings as of 2026-06-30
“Everyone else” is what remains after shares reported on Form 13F and shares held by directors and executive officers: mostly individual investors, plus non-insider families or foundations and smaller or foreign institutions. The figures have different dates and 13F reports count some shares twice — read it as an approximate split.
- Held by 13F filers
- 96.9%
- Directors & officers (shares)
- <1%
- Everyone else (est.)
- 3.1%
- Directors & officers (voting power)
- <1%
- Institutional-ownership rank
- 96 of 416
- Beta (adjusted)
- 0.40
individuals and other non-13F holders
no separate voting figure; shown as shares
1 = most institutional; 23% of covered companies have more
above 1 = swings more than the market
- 322.3M shares reported by 1,708 13F filers ÷ 332.6M shares outstanding on 2026-07-28. Option positions are excluded.
- Directors and executive officers as a group, from the proxy statement’s beneficial-ownership table; includes shares they can acquire within 60 days.
- A large “everyone else” share can still reflect a family, trust or foundation stake held outside the board; check the proxy statement’s 5% holders.
Sources: SEC Form 13F data set (holdings as of 2026-06-30) · Form DEF 14A filed 2026-03-23 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-28)
19
Strengths & weaknessesSite analysis
Strengths
1. Leading brands
Brands hold No. 1 or No. 2 share positions in about 70 countries.
Evidence: Form 10-K (FY2025)
2. Steady dividend growth
Dividends per share rose every year from $4.28 (2020) to $5.04 (2025).
Evidence: Form 10-K (FY2025)
3. Improving margins
Gross profit rose to $3,137M in the first half of 2026 from $2,965M on similar sales.
Evidence: Form 10-Q (quarter ended 2026-06-30)
Weaknesses
1. Customer concentration
Walmart was about 16% of net sales in 2024 and 2025.
Evidence: Form 10-K (FY2025)
2. Thin equity
Stockholders’ equity was only $1.6B at end-2025 against about $7.2B of debt.
Evidence: Form 10-K (FY2025)
3. Large acquisition risk
The Kenvue deal requires about 280 million new shares and $6.7B of cash, funded partly by new debt.
Evidence: Form 10-Q (quarter ended 2026-06-30)
20
What draws investors to itSite analysis
Why the stock can look attractive to investors — each point paired with what has to hold for it to stay true, and the opposing view. This is this site's analysis, not a recommendation to buy or sell.
P/E (FY2025)
16.6x
Price at fiscal year-end ÷ diluted EPS
Dividend yield (FY2025)
5.00%
Dividends per share ÷ fiscal year-end price
Payout ratio (FY2025)
83%
Dividends per share ÷ diluted EPS
FCF yield (FY2025)
4.9%
(Operating CF − capex) ÷ market cap
1. Consumer health expansion
Kenvue, described in the merger filings as a global consumer health leader, would add a consumer health business.
- What has to hold
- Integration delivers synergies.
- The other side
- Higher debt and dilution.
Evidence: Form 10-Q (quarter ended 2026-06-30)
2. Dividend record
Dividend raised every year 2020–2025.
- What has to hold
- Cash flow covers dividend and deal.
- The other side
- Payout already high.
Evidence: Form 10-K (FY2025)
FY2020–22 are left out because they were not restated for the IFP business moved to discontinued operations.
21
ResilienceSite analysisShow
How well the company could absorb a bad year: its financial buffer, how its revenue and profit held up in the worst year on record, and what the 10-K says about the business's exposure to shocks. Figures and filing statements only — no overall rating.
1. Financial buffer (FY2025)
Cash & short-term investments ÷ debt due within a year
1.0x
$688M vs. $694M
Interest coverage (operating income ÷ interest expense)
9.2x
$2.35B vs. $256M
Free cash flow ÷ dividends paid
1.0x
$1.64B vs. $1.66B (FCF = operating CF − capex)
2. Worst year in the record, and the recovery
| Figure | Worst year-over-year change | Back to the prior level? |
|---|---|---|
| Revenue | -2.1% in FY2025 ($16.81B → $16.45B) | Not yet, as of FY2025 |
| Operating income | -12.9% in FY2025 ($2.7B → $2.35B) | Not yet, as of FY2025 |
Covers only the 3 fiscal years on record (FY2023–FY2025), which may not include a full recession — the worst year here isn’t necessarily how the company would fare in a severe downturn.
3. Business resilience (from the 10-K)
Stable sales base
Continuing net sales stayed between $16.4B and $17.1B in 2023–2025.
Source: Form 10-K (FY2025)
22
Legal & regulatory mattersSite analysisShow
Lawsuits, government investigations, enforcement actions and settlements the company discloses — where each stands, what is at stake, and what comes next. From the 10-K's Legal Proceedings and contingencies note, the latest 10-Q, and 8-Ks.
Kimberly-Clark resolved a DOJ investigation into surgical gowns sold by its former health care business through a 2025 Deferred Prosecution Agreement, and settled a related qui tam case. It also faces stockholder suits tied to the Kenvue merger and a long-running Brazilian tax dispute.
2 open matters · 2 settled or closed
Kenvue merger stockholder complaints
PendingLawsuitStockholders v. Kimberly-Clark
Stockholder complaints have been filed and more may be filed against the company and its board in connection with the Kenvue mergers.
Brazil goodwill amortization tax dispute
On appealTax disputeBrazilian tax authorities v. Kimberly-Clark Brazil
Dispute over tax deductions for goodwill amortization; a first instance judge ruled for the company, and an appeal is pending; resolution expected to take years.
DOJ surgical gown investigation
ResolvedGovernment investigationU.S. DOJ v. Kimberly-Clark
DOJ investigated potential criminal and civil violations of the Food, Drug, and Cosmetic Act concerning surgical gowns of the former health care business (Halyard); resolved by a Deferred Prosecution Agreement in Q3 2025.
Halyard qui tam matter
SettledLawsuitRelator v. Kimberly-Clark
Settled in Q2 2025 for an amount that did not materially affect results.
Company statement: Other proceedings are described as ordinary-course and not expected to be material.
Based on Form 10-K (FY2025) — Legal Matters, reviewed 2026-10-26. Routine ordinary-course claims are not listed. “Major” is this site’s judgment of which matters could materially affect results.
23
Risks (including geopolitical)Site analysis
Starting from the 10-K's Risk Factors section, organized by category — geopolitical, currency, raw materials, regulatory, disaster, and more — with impact and likelihood assessed by this site.
Risk map
Vertical = impact on results, horizontal = likelihood. Upper right = most severe. Numbers match the list below (placement is this site’s own assessment).
Likelihood →
"Company disclosure" vs. "this site’s assessment"
The description and mitigation for each risk are this site’s summary of the 10-K’s "Risk Factors" section. Impact and likelihood are this site’s own assessment, not the company’s — where the company discloses its own likelihood assessment, that is noted in the summary.
Impact is judged from how large the affected business is relative to total revenue/profit, and from the risk’s track record of moving results in the past. Likelihood is judged from the filing’s wording and the current business environment (already occurring, or recurring). See the rating criteria.
- 1M&A & integration
Kenvue acquisition
- Company disclosure (summarized from the 10-K)
- Closing, financing and integration of Kenvue; a $1.1B termination fee may apply in certain cases.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact High / Likelihood Med
- 2Competition & technology shift
Private label competition
- Company disclosure (summarized from the 10-K)
- Competes with global, regional and private label manufacturers that sell at lower prices.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood High
- 3Customer/supplier concentration
Retailer concentration
- Company disclosure (summarized from the 10-K)
- Walmart represents about 16% of net sales.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Med / Likelihood Med
- 4Raw materials & energy
Pulp and input costs
- Company disclosure (summarized from the 10-K)
- Pulp, polymer and energy costs affect margins.
- Company’s stated mitigation
- Commodity Price Risk We use derivative instruments, such as commodity forward and price swap contracts, to hedge a portion of our exposure to market risk arising from changes in prices of certain commodities.
- This site’s assessment
- Impact Med / Likelihood High
- 5Law & regulation
Former health care business
- Company disclosure (summarized from the 10-K)
- Resolved a DOJ investigation of surgical gowns from its former health care business through a Deferred Prosecution Agreement in 2025.
- Company’s stated mitigation
- Not stated in the filings.
- This site’s assessment
- Impact Low / Likelihood Low
24
What changed in the risk factorsFrom SEC data
Paragraphs in the latest 10-K's Risk Factors that have little overlap with the year before, and paragraphs that were dropped.
New or substantially reworded (8)
K-C stockholders and Kenvue stockholders, in each case as of immediately prior to the mergers, will have reduced ownership in the combined company and less influence over management.
We anticipate issuing approximately 280 million shares of common stock pursuant to the Merger Agreement. Read more
The actual number of shares of common stock to be issued pursuant to the Merger Agreement will be determined at the closing of the mergers based on the number of shares of Kenvue common stock outstanding immediately prior to the first merger. The issuance of these new shares could have the effect of depressing the market price of our common stock, through dilution of earnings per share or otherwise. Any dilution of, or delay of any accretion to, our earnings per share could cause the price of our common stock to decline or increase at a reduced rate.
Immediately after the closing of the mergers, it is expected that K-C stockholders as of immediately prior to the mergers will own approximately 54%, and Kenvue stockholders as of immediately prior to the mergers will own approximately 46%, of the issued and outstanding shares of K-C common stock, in each case calculated based on the fully diluted market capitalizations of K-C and Kenvue as of the date of signing of the Merger Agreement. As a result, current K-C stockholders and current Kenvue stockholders will have less influence on the management and policies of the combined company than they currently have on the management and policies of K-C and Kenvue, respectively.
The mergers may not be completed and the Merger Agreement may be terminated in accordance with its terms.
The mergers are subject to a number of conditions that must be satisfied or waived prior to the closing of the mergers, including, among other things, (i) the receipt of regulatory approvals, (ii) the absence of any legal restraint in effect that would prevent, make illegal, enjoin or prohibit the consummation of the mergers, (iii) the truth and accuracy of the representations and warranties made as of the date the Merger Agreement was entered into and as of the date the mergers are completed, subject to materiality standards, and (iv) the performance by all parties to the Merger Agreement in all material respects of all obligations required to be performed at or prior to closing. These conditions to the consummation of the mergers may not be satisfied or waived in a timely manner or at all, and, accordingly, the mergers may be delayed or may not be completed.
In addition, if the first merger is not completed by November 2, 2026 (subject to automatic extension to the extent the only conditions not satisfied are those related to certain regulatory approvals or the absence of a legal restraint prohibiting the closing), either K-C or Kenvue may choose not to proceed with the mergers by terminating the Merger Agreement, and the parties can mutually decide to terminate the Merger Agreement at any time, before or after stockholder approval. In addition, K-C and Kenvue may elect to terminate the Merger Agreement in certain other circumstances, including, among other things, (i) failing to cure the breach of a representation, warranty or
covenant without which a closing condition would not be satisfied, or (ii) a final and non-appealable legal restraint enjoining or otherwise prohibiting the consummation of the mergers.
Failure to complete the mergers, or a delay in the closing of the mergers, could negatively impact our business, results of operations, financial condition and stock price.
No longer in the text (3)
We face various risks related to health epidemics, pandemics and similar outbreaks, which may have material adverse effects on our business, financial position, results of operations and cash flows.
Our business and financial results may be negatively impacted by health epidemics, pandemics and similar outbreaks. Read more
The COVID-19 pandemic has had and could continue to have negative impacts on our business, including causing significant volatility in demand for our products, changes in consumer behavior and preference, disruptions in our manufacturing and supply chain operations, disruptions to our cost saving programs, limitations on our employees’ ability to work and travel, significant changes in the economic or political conditions in markets in which we operate and related currency and commodity volatility. Despite our efforts to manage these impacts, their ultimate impact also depends on factors beyond our knowledge or control, including the duration and severity of any such outbreak and actions taken to contain its spread and mitigate its public health effects.
We may acquire or divest product lines or businesses, which could impact our results.
36 more paragraphs differ; the filings below have the full text.
Matched automatically, quoted as filed, and may include rewording of an existing risk. Compares Item 1A of the 10-K filed Feb 12, 2026 ↗ with the 10-K filed Feb 13, 2025 ↗.
25
What to watch going forwardSite analysis
- Closing and integration of Kenvue.
- Debt after the $4.9B notes offering.
- Performance of the IFP joint venture.
- North America volume trends.
26
Source documentsShow
This page's financial figures come from the Form 10-Ks listed below. Check the original filings for full detail.
Last updated
Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 13:52 (SEC EDGAR) · Source 10-K filed: February 12, 2026
Built on10-K FY2025 · filed 2026-02-12Proxy statement (2026)
Next update expectedAfter FY2026’s 10-K is filed (roughly 60–90 days after fiscal year end (sooner for larger filers)), financials and analysis will be refreshed.
This page is this site’s own analysis based on public information, and does not represent Kimberly-Clark’s views. It is not a recommendation to buy or sell any security, and this site does not guarantee the accuracy of any figure or statement here. Always verify against the original source documents before making an investment decision.