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NYSE: KVUE · Personal Care Products

Kenvue

Kenvue, based in Summit, New Jersey, was separated from Johnson & Johnson through a 2023 IPO and describes itself as the world’s largest pure-play consumer health company by revenue, with brands including Tylenol, Listerine, Neutrogena, Aveeno, BAND-AID, Johnson’s, Nicorette and Zyrtec. Fiscal 2025 net sales fell 2.1% to $15,124 million — Self Care $6,378 million, Essential Health $4,632 million, Skin Health and Beauty $4,114 million — while net income rose to $1,470 million. Its top 10 customers make up about 41% of sales. In November 2025 it agreed to be acquired by Kimberly-Clark for stock and cash, with closing expected in the second half of 2026. It faces lawsuits, including one by the Texas Attorney General (October 2025), alleging Tylenol use in pregnancy is linked to autism and ADHD, after similar claims by U.S. federal officials in September 2025.

Last updated

Analysis last edited: November 6, 2026 · Financial data fetched: October 26, 2026 15:13 (SEC EDGAR) · Source 10-K filed: February 20, 2026

Built on10-K FY2025 · filed 2026-02-2010-Q (quarter ended 2026-09-27) · filed 2026-10-30Proxy 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 growth
0.1%

Higher than 6% of 372 non-financial companies

Average yearly growth over the years shown

Operating margin
16.0%

Higher than 41% of 311 non-financial companies

Latest fiscal year (FY2025)

ROIC minus WACC
+3.4 pts

Higher than 51% of 311 non-financial companies

Return on capital above (or below) its estimated cost

Net debt ÷ EBITDA
2.5x

Higher than 65% of 304 non-financial companies

Below 0 means more cash than debt

Cash conversion
1.49x

Higher than 47% of 349 non-financial companies

Operating cash flow ÷ net income

Dividend raises
2 of 5

Years the dividend per share rose, of the last 5

P/E today
21.9x

Latest close 2026-10-30; trailing 12 months to 2026-09-27

Beta
0.34

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$19.31close on 2026-10-30

Market cap$37B

P/E today
21.9x

At FY2025 year-end: 22.6x

Earnings: trailing 12 months to 2026-09-27

P/B today
3.4x

At FY2025 year-end: 3.1x

Book value at FY2025 year-end

EV/EBITDA today
15.0x

At FY2025 year-end: 13.6x

EBITDA for FY2025

FCF yield today
4.7%

At FY2025 year-end: 5.2%

Free cash flow for FY2025

Dividend yield today
4.3%

Dividends per share for FY2025

“Today” uses the latest closing price (2026-10-30, 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 27, 2026.

  • Revenue↑ +3.2%$3.76B → $3.89B (vs. a year earlier)
  • Operating margin↑ +1.5 pts16.7% → 18.2% (vs. a year earlier)
  • Net income↑ +8.0%$398M → $430M (vs. a year earlier)
  • Diluted EPS↑ +4.8%$0.21 → $0.22 (vs. a year earlier)
  • Cash↓ −6.4%$1.11B → $1.04B (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 Oct 30, 2026.

Key changes

  • Net sales up 3.2%. Source sentence
    Net sales increased 3.2% vs the prior year period, reflecting Organic sales growth of 2.9% and a foreign currency benefit of 0.3%.
  • Operating margin 18.2% versus 16.7%. Source sentence
    Operating income margin was 18.2% vs 16.7% in the prior year period.

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
Kenvue Inc.
Headquarters
SUMMIT, NJ
Incorporated in
Delaware
Fiscal year end
01/03
Exchange & ticker
NYSE: KVUE
Industry
Personal Care Products
CIK
1944048

Workforce (as of FY2025 year-end)

  • Employees

    22,000

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 39–51 days after quarter end (Feb 17, 2026; Feb 6, 2025; Feb 8, 2024). No date has been announced in the sources this site uses.

Reporting pattern

  • Fiscal year ends around January 3.
  • Reports four times a year: three quarterly reports (10-Q) and an annual report (10-K) for Q4.
  • Earnings releases came 33–51 days after quarter end over the last 12 quarters.
QuarterQuarter endedEarnings release (8-K)Report filed (10-Q / 10-K)
Q3 FY2026Sep 27, 2026Oct 30, 2026 (+33 days)Oct 30, 2026 10-Q (+33 days)
Q2 FY2026Jun 28, 2026Aug 6, 2026 (+39 days)Aug 6, 2026 10-Q (+39 days)
Q1 FY2026Mar 29, 2026May 7, 2026 (+39 days)May 7, 2026 10-Q (+39 days)
Q4 FY2025Dec 28, 2025Feb 17, 2026 (+51 days)Feb 20, 2026 10-K (+54 days)
Q3 FY2025Sep 28, 2025Nov 3, 2025 (+36 days)Nov 3, 2025 10-Q (+36 days)
Q2 FY2025Jun 29, 2025Aug 7, 2025 (+39 days)Aug 7, 2025 10-Q (+39 days)
Q1 FY2025Mar 30, 2025May 8, 2025 (+39 days)May 8, 2025 10-Q (+39 days)
Q4 FY2024Dec 29, 2024Feb 6, 2025 (+39 days)Feb 24, 2025 10-K (+57 days)
Q3 FY2024Sep 29, 2024Nov 7, 2024 (+39 days)Nov 7, 2024 10-Q (+39 days)
Q2 FY2024Jun 30, 2024Aug 6, 2024 (+37 days)Aug 6, 2024 10-Q (+37 days)
Q1 FY2024Mar 31, 2024May 7, 2024 (+37 days)May 9, 2024 10-Q (+39 days)
Q4 FY2023Dec 31, 2023Feb 8, 2024 (+39 days)Mar 1, 2024 10-K (+61 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

  • Self Care

    Tylenol, Zyrtec, Nicorette

    Pain relief, allergy and smoking cessation products.

  • Skin Health and Beauty

    Neutrogena, Aveeno

    Face, body and sun care.

  • Essential Health

    Listerine, BAND-AID, Johnson’s

    Oral care, wound care and baby care.

From the Form 10-K, FY2025, year ended 2025-12-28.

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.

  • Consumer health

    Global consumer health

    U.S. share

    —

    Not disclosed

    Worldwide share

    Largest pure-play by revenue

    Company-disclosed

    “The world’s largest pure-play consumer health company by revenue.”

Sources:

Company-stated rank from the 10-K.

07

Recent strategic focusSite analysis

Recent developments.

  1. Sale to Kimberly-Clark

    Agreed in November 2025 to be acquired by Kimberly-Clark; closing expected in the second half of 2026. Kenvue holders are expected to own about 46% of the combined company. On September 28, 2026 Kimberly-Clark launched offers to exchange Kenvue's senior notes for up to $7.0B of new K-C notes and cash, and Kenvue says the combination is nearing completion.

    Source: Form 10-Q (quarter ended 2026-09-27); Q3 2026 earnings release

  2. Q3 2026

    Net sales +3.2% (organic +2.9%), the fourth straight quarter of growth, led by Self Care and Essential Health; operating margin 18.2% (vs 16.7%); diluted EPS $0.22 (+5%), adjusted $0.29 (+4%).

    Source: Q3 2026 earnings release

Capex ÷ D&A (FY2025)

0.85x

Roughly matches depreciation — mostly maintenance/replacement

formulacapital expenditures ÷ depreciation & amortization

e.g.$475M ÷ $557M = 0.85x

termsCapital expenditures (capex) · Depreciation & amortization (D&A)

R&D-to-revenue ratio (FY2025)

2.5%

formularesearch & development expense ÷ revenue × 100

e.g.$382M ÷ $15,124M × 100 = 2.5%

termsResearch & development (R&D) · Revenue (net sales)

Where the money goes, over time

Unit: $M. Capex went from $295M in FY2021 to $475M 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 2026-02-20

08

Key figures at a glanceFrom SEC data

FY2021–FY2025, 5 years.

Revenue (FY2025)

$15.12B

As reported in the 10-K

Revenue CAGR (4 years)

+0.1%

formula(last-period revenue ÷ first-period revenue) ^ (1 ÷ years) − 1

e.g.($15,124M ÷ $15,054M) ^ (1÷4) − 1 = 0.1%

termsCAGR · ^ (exponent) · Revenue (net sales)

Operating margin (FY2025)

16.0%▼caution

-3.4pt vs. 4 years ago

formulaoperating income ÷ revenue × 100

e.g.$2,414M ÷ $15,124M × 100 = 16.0%

termsOperating income · Revenue (net sales)

ROE (FY2025)

14.4%▲favorable

5-year average: 11.1%

As reported in the 10-K

P/B (FY2025 end)

3.06x

formulafiscal year-end closing price ÷ book value per share

e.g.$17.19 ÷ $5.62 = 3.06x

termsP/B · BVPS

Period-end (fiscal year-end) value, not today's P/B

EV/EBITDA (FY2025 end)

13.6x

formula(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)

e.g.($32,938M + $8,524M − $1,062M) ÷ ($2,414M + $557M) = 13.6x

termsEV/EBITDA · Market capitalization · Interest-bearing debt · EBITDA · Depreciation & amortization (D&A)

Period-end (fiscal year-end) value, not today's multiple

  • ―

    Revenue grew +0.1% a year over 4 years (modest growth)

    From $15.05B in FY2021 to $15.12B in FY2025. The annualized rate (CAGR) makes it possible to compare growth pace across companies of different sizes.

  • ▼

    Operating margin declined: 19.4% → 16.0%

    How much operating profit is left per $100 of revenue. It moved -3.4 points over 4 years — pricing power, cost control, and product mix all show up here.

  • ―

    Equity ratio is 39.8% (a middling level)

    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 5 of 5 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 11.1% over 5 years (latest: 14.4%)

    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

Develops, markets and sells over-the-counter medicines, skin care and essential health products through retailers, pharmacies and e-commerce, relying on brand trust and healthcare professional recommendations.

How money and goods flow at Kenvue
  1. 01 what it draws on

    Inputs & resources

    • About 22,000 employees (23% North America, 28% EMEA, 30% APAC, 19% LATAM)
    • Iconic brands with more than a century of heritage
    • Science and healthcare professional relationships
  2. 02 what it does

    Activities

    • Self Care: pain care, cough/cold/allergy, smoking cessation
    • Skin Health and Beauty: face, body and sun care
    • Essential Health: oral care, baby care, wound care
  3. 03 who it serves

    Customers

    • Mass merchants, drugstores, grocers and e-commerce (top 10 ≈41% of sales)
  4. 04 how money comes in

    How it earns

    • Self Care $6,378M (2025)
    • Essential Health $4,632M
    • Skin Health and Beauty $4,114M

How the business makes money

  • U.S. net sales were $6,460M of $15,124M in 2025.
  • Dividends paid of $1,581M in 2025.
  • About 99% of employees are full-time.

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.

Kenvue faces price controls in some markets and FDA device rules.

  • Regulated prices & reimbursement

    Price controls

    Subject to price control laws in some markets.

    Constrains the businessTouches: How it earns

    Source: Form 10-K (FY2025)

  • Approvals & licenses

    FDA clearance

    Some products may require FDA 510(k) clearance.

    Constrains the businessTouches: Activities

    Source: Form 10-K (FY2025)

  • Trade & export rules

    Tariffs and trade rules

    Offset inflation and tariffs through price increases.

    Constrains the businessTouches: Inputs & resources

    Source: Form 10-K (FY2025)

Revenue by segment (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • Self Care

    6,378 (42%)
  • Essential Health

    4,632 (31%)
  • Skin Health and Beauty

    4,114 (27%)

Source: Form 10-K (FY2025, year ended 2025-12-28) Segment net sales; total $15,124M.

10

Where it earnsSite analysis

Many U.S.-listed companies earn most of their revenue outside the U.S. — this breaks down revenue by country/region so it's clear where the business actually makes its money.

Largest market (FY2025)

International — 57% of revenue

Revenue by country / region (FY2025)

Unit: $M — bar length = revenue, (%) = share of total company revenue

  • United States

    6,460 (43%)
  • International

    8,664 (57%)

Source: Form 10-K (FY2025, year ended 2025-12-28) U.S. net sales as disclosed; international = total minus U.S.

11

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.

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, pharmacies and e-commerce platforms.

Named by the company

Top 10 customers represented about 41% of net sales in each of 2023–2025; none is named.

Suppliers

Contract manufacturers and ingredient 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 describes competitors as consumer healthcare businesses, global CPG companies, regional companies and 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.

Peer companies from the 2026 proxy statement.

Source: Proxy statement (2026)

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 2026-02-20

Profit over time (operating → net)

Unit: $M

  • Operating income
  • Pretax income
  • Net income

Source: each period's Form 10-K (SEC EDGAR). Latest: filed 2026-02-20

Margins over time

Unit: %

  • Operating margin
  • Net margin

formulaoperating income ÷ revenue × 100

termsOperating income · Revenue (net sales)

formulanet income attributable to the company ÷ revenue × 100

termsNet income (attributable to the company)

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 2026-02-20

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 2026-02-20

Line itemFY2021In next year’s 10-KFY2022In next year’s 10-KFY202310-K on EDGAR ↗FY202410-K on EDGAR ↗FY202510-K on EDGAR ↗
Income statement ($M)
Revenue15,05414,95015,44415,45515,124
Operating income2,9202,6752,5121,8412,414
Pretax income2,9252,6372,1901,4151,999
Net income (attributable)2,0782,0641,6641,0301,470
Revenue growthcalc(this year’s revenue − last year’s revenue) ÷ last year’s revenue × 100—-0.7%3.3%0.1%-2.1%
Operating margincalcoperating income ÷ revenue × 10019.4%17.9%16.3%11.9%16.0%
Net margincalcnet income attributable to the company ÷ revenue × 10013.8%13.8%10.8%6.7%9.7%
Balance sheet ($M)
Total assets—27,31627,85125,60127,076
Total equity20,49119,97011,2119,66810,765
Interest-bearing debtSum of short- and long-term borrowings, notes/bonds payable—08,2878,6078,524
Equity ratio—73.1%40.3%37.8%39.8%
ROE10.1%10.2%10.7%9.9%14.4%
Cash flow ($M)
Operating CF3342,5253,1681,7692,197
Investing CF-171-390-488-425-436
Financing CF0-1,583-2,527-1,565-1,837
Free cash flowcalccash flow from operations − capital expenditures392,1502,6991,3351,722
Cash and equivalents7401,2311,3821,0701,062
Per share & other
EPS ($)1.211.200.900.540.76
BVPS ($)——5.855.055.62
Dividend per share ($)——0.400.810.83
Payout ratiocalcdividend per share ÷ diluted EPS × 100——44.4%150.0%108.6%
P/E (x)——23.939.922.6
EV/EBITDA (x)calc(market cap + interest-bearing debt − cash and equivalents) ÷ (operating income + depreciation & amortization)——15.319.813.6
P/B (x)calcfiscal year-end closing price ÷ book value per share——3.684.263.06

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 endedRevenueOperating incomeNet incomeDiluted EPS
2026-09-27$3.89B+3.2%$706M+12.2%$430M+8.0%$0.22
2026-06-28$3.96B+3.0%$699M+1.0%$456M+8.6%$0.24
2026-03-29$3.91B+4.5%$767M+37.5%$474M+47.2%$0.25
2025-12-28 †$3.78B+3.2%$535M+10.8%$330M+12.6%—
2025-09-28$3.76B$629M$398M$0.21
2025-06-29$3.84B$692M$420M$0.22
2025-03-30$3.74B$558M$322M$0.17
2024-12-29 †$3.66B$483M$293M—

† 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.

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)

9.6%

formulaoperating income × (1 − tax rate) ÷ invested capital × 100 *invested capital = interest-bearing debt + total equity (average of beginning/ending)

e.g.$2,414M × (1 − 25.5%) ÷ $18,782M × 100 = 9.6%

termsOperating income · Effective tax rate · Invested capital · Interest-bearing debt · Total equity

WACC (this site’s estimate)

6.19%

formulacost of equity × equity weight + cost of debt × (1 − tax rate) × debt weight

e.g.Equity weight: $32.94B ÷ ($32.94B + $8.52B) = 79.4%

e.g.Debt weight: $8.52B ÷ ($32.94B + $8.52B) = 20.6%

e.g.WACC: 6.8% × 79.4% + 5.0% × (1 − 25.5%) × 20.6% = 6.19%

termsCost of equity · Equity weight (E/(D+E)) · Cost of debt · (1 − tax rate) · Debt weight (D/(D+E)) · Market capitalization

ROIC − WACC

+3.4pt▲favorable

Earning more than the cost of capital (ROIC > WACC in 5 of 5 years)

formulaROIC − WACC (positive means the business earns more than its cost of capital)

termsROIC · WACC

How firm is this? With the equity risk premium ±1 point and beta ±0.2, WACC runs 5.2%–7.5% and ROIC − WACC runs +2.1 to +4.4 points. The sign holds across this range. This describes the latest year and does not predict future value creation.

WACC 6.19% 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
0.34 (price-derived adjusted beta, but correlation with the market is low (R² 0.00), so reliability is limited)
Equity risk premium
5.5%
Cost of equity
6.82%
Cost of debt
5.04%
Tax rate
25.5% (effective rate, FY2023–FY2025)
Capital structure (equity : debt)
79% : 21%
→ Change assumptions and recalculate

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 6.19%

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: 0.34 (price-derived adjusted beta. Raw β 0.01, R² 0.00, 129 weeks)

formula0.67 × β + 0.33 (β = the slope of weekly stock returns regressed on weekly market returns)

e.g.0.67 × 0.010 + 0.33 = 0.337

termsβ (beta)

Period 2024-05-10–2026-11-04, using S&P 500 ETF (SPY) as the market proxy. Source: Yahoo Finance price history.

Cost of equity6.82%

formularisk-free rate + β × equity risk premium

e.g.5.0% + 0.34 × 5.5% = 6.8%

termsCAPM · Risk-free rate · β (beta) · Equity risk premium (market risk premium)

Market value of equity$32.94B

formulafiscal year-end closing price × shares outstanding (= market cap)

termsMarket capitalization · Market value of equity

Interest-bearing debt$8.52B
Cost of debt5.04%

formulainterest expense ÷ interest-bearing debt × 100 (clamped to 0–10%; falls back to the risk-free rate if there’s no debt)

termsInterest-bearing debt · Risk-free rate

Capital structure (equity weight : debt weight)79% : 21%

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 2026-10-30)

2.3%

Perpetual FCF growth: g = r − FCF ÷ EV = 6.2% − 3.9%

Past FCF growth (FY2021–FY2025)

+157.8%

Compound annual rate, 4 years

Past revenue growth (FY2021–FY2025)

+0.1%

Compound annual rate, 4 years

Inputs (FY2025): free cash flow $1.72B (operating CF − capex); enterprise value $44.46B = market cap $37B (latest close, 2026-10-30) + debt $8.52B − cash and short-term investments $1.06B; r = WACC of 6.2% using this page’s default assumptions (β 0.34, 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

$44.15B

FCF $1.72B ÷ (6.2% − 2.3%)

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 \ r4.2%5.2%6.2%7.2%8.2%
0%0.92x0.74x0.62x0.54x0.47x
2%1.76x1.21x0.92x0.74x0.62x
4%19.36x3.23x1.76x1.21x0.92x
6%——19.36x3.23x1.76x
8%————19.36x

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 (2026-10-30) × 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 1.30x

    Profit is backed by cash coming in.

  • ✓

    Accrual ratio (latest): -2.8%

    A small share of profit rests on accounting estimates.

  • ✓

    Core-earnings share (operating income ÷ pretax income): 121%

    Most profit comes from core operations.

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 2026-02-20

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 2026-02-20

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

termsAccounts receivable · Revenue (net sales)

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.$2,197M ÷ $1,470M = 1.49x

termsCash flow from operations (operating CF) · Net income (attributable to the company)

formulaoperating income ÷ income before income taxes × 100

e.g.$2,414M ÷ $1,999M × 100 = 121%

termsOperating income · Income before income taxes (pretax income)

formulaaverage receivables (opening + closing ÷ 2) ÷ revenue × 365

e.g.($2,165M + $2,382M) ÷ 2 ÷ $15,124M × 365 = 55 days

termsAccounts receivable · Revenue (net sales)

formulaaverage inventory (opening + closing ÷ 2) ÷ cost of revenue × 365

e.g.($1,591M + $1,666M) ÷ 2 ÷ $6,332M × 365 = 94 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
94.4%
Directors & officers (shares)
1.6%
Everyone else (est.)
4.0%

individuals and other non-13F holders

Directors & officers (voting power)
1.6%

no separate voting figure; shown as shares

Institutional-ownership rank
131 of 416

1 = most institutional; 31% of covered companies have more

Beta (adjusted)
0.34

above 1 = swings more than the market

  • 1,813.9M shares reported by 1,007 13F filers ÷ 1,920.8M shares outstanding on 2026-07-31. 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 2026-04-08 (beneficial ownership table) · Form 10-Q cover page (shares outstanding as of 2026-07-31)

19

Strengths & weaknessesSite analysis

Strengths

  1. 1. Global brand leader

    World’s largest pure-play consumer health company by revenue, per its 10-K.

    Evidence: Form 10-K (FY2025, year ended 2025-12-28)

  2. 2. Strong brands

    Portfolio of brands recommended by healthcare professionals.

    Evidence: Form 10-K (FY2025, year ended 2025-12-28)

  3. 3. Earnings recovery

    Net income rose to $1,470M in 2025 from $1,030M in 2024; first-half 2026 net income $930M versus $742M.

    Evidence: Form 10-Q (quarter ended 2026-06-28)

Weaknesses

  1. 1. Declining sales

    Net sales fell 2.1% in 2025; all three segments declined.

    Evidence: Form 10-K (FY2025, year ended 2025-12-28)

  2. 2. Customer concentration

    Top 10 customers represented about 41% of net sales in 2023–2025.

    Evidence: Form 10-K (FY2025, year ended 2025-12-28)

  3. 3. High payout

    Dividends paid ($1,581M) exceeded net income ($1,470M) in 2025.

    Evidence: Form 10-K (FY2025, year ended 2025-12-28)

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)

22.6x

Price at fiscal year-end ÷ diluted EPS

Dividend yield (FY2025)

4.80%

Dividends per share ÷ fiscal year-end price

Payout ratio (FY2025)

109%

Dividends per share ÷ diluted EPS

FCF yield (FY2025)

5.2%

(Operating CF − capex) ÷ market cap

  1. 1. Takeover value

    Shareholders receive Kimberly-Clark stock plus cash on closing.

    What has to hold
    Deal closes as planned.
    The other side
    Value depends on Kimberly-Clark’s share price.

    Evidence: Form 10-Q (quarter ended 2026-06-28)

  2. 2. Iconic brands

    Trusted OTC and skin care brands.

    What has to hold
    Brands regain growth.
    The other side
    Litigation and private label pressure.

    Evidence: Form 10-K (FY2025, year ended 2025-12-28)

FY2021–22 are carve-out figures from before the May 2023 IPO; share-based figures start in 2023.

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

0.7x

$1.06B vs. $1.45B

Interest coverage (operating income ÷ interest expense)

5.6x

$2.41B vs. $430M

Free cash flow ÷ dividends paid

1.1x

$1.72B vs. $1.58B (FCF = operating CF − capex)

2. Worst year in the record, and the recovery

FigureWorst year-over-year changeBack to the prior level?
Revenue-2.1% in FY2025 ($15.46B → $15.12B)Not yet, as of FY2025
Operating income-26.7% in FY2024 ($2.51B → $1.84B)Not yet, as of FY2025

Covers only the 5 fiscal years on record (FY2021–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

    Net sales stayed between $14.9B and $15.5B in every year 2021–2025.

    Source: Form 10-K (FY2025, year ended 2025-12-28)

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).

Impact
High
1
Med
25
34
Low
LowMedHigh

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.

  1. 1Law & regulation

    Acetaminophen (Tylenol) litigation

    Company disclosure (summarized from the 10-K)
    Lawsuits incl. the Texas AG allege prenatal Tylenol exposure is linked to autism/ADHD; FDA started a label change process in September 2025.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact High / Likelihood High
  2. 2M&A & integration

    Pending Kimberly-Clark acquisition

    Company disclosure (summarized from the 10-K)
    The merger is subject to closing conditions and creates uncertainty for employees and customers.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med
  3. 3Competition & technology shift

    Private label and competitors

    Company disclosure (summarized from the 10-K)
    Competes with consumer health businesses, global CPG companies, regional players and private label.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood High
  4. 4Customer/supplier concentration

    Retailer bargaining power

    Company disclosure (summarized from the 10-K)
    Large-format customers have significant bargaining strength.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood High
  5. 5Law & regulation

    Product safety (talc, phenylephrine)

    Company disclosure (summarized from the 10-K)
    Concerns about ingredients can lead to litigation, recalls or reformulation.
    Company’s stated mitigation
    Not stated in the filings.
    This site’s assessment
    Impact Med / Likelihood Med

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)

  • • If the Proposed Transaction is consummated, the combined company may not perform as expected and may fail to realize the projected benefits and cost savings of the Proposed Transaction, which could adversely affect the value of K-C common stock, which our current shareholders will own following the completion of the Proposed Transaction.

  • • The number of shares of K-C common stock issuable in the First Merger in respect of one share of our common stock is fixed and will not be adjusted. Read more

    Because the market price of K-C common stock may fluctuate, our shareholders cannot be sure of the market value of the stock consideration they will receive in exchange for their shares.

  • • If the Proposed Transaction fails to qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”), our shareholders may pay additional U.S. Read more

    federal income taxes.

  • • The Proposed Transaction may result in a loss of customers, distributors, service providers, suppliers, vendors, joint venture participants, and other business counterparties and may result in the termination of existing contracts.

  • If the Proposed Transaction is consummated, the combined company may not perform as we or the market expects and may fail to realize the projected benefits and cost savings of the Proposed Transaction, which could adversely affect the value of K-C common stock, which our shareholders will own following the completion of the Proposed Transaction.

  • The success of the Proposed Transaction will depend, in part, on K-C’s ability to realize the anticipated benefits and cost savings from combining our and K-C’s respective businesses, including operational and other synergies that we believe the combined company will be able to achieve. The anticipated benefits and cost savings of the Proposed Transaction may not be realized fully or at all, may take longer to realize than expected, or could have other adverse effects that we do not currently foresee. Risks associated with the combined company following the Proposed Transaction include:

  • • the integration process will require significant time and focus from management following the Proposed Transaction and may, for the combined company, result in the loss of key employees, the disruption of ongoing businesses, or inconsistencies in standards, controls, procedures, and policies;

  • • key employees might decide not to remain with the combined company after the Proposed Transaction is completed, and the loss of key personnel could adversely affect the combined company’s results of operations, financial condition, and growth prospects;

No longer in the text (4)

  • • We are subject to restrictions on our business, potential tax-related liabilities (such as joint and several liability with J&J for its U.S. Read more

    federal consolidated group tax return for periods prior to the date of the completion of the Exchange Offer) and potential tax-related indemnification obligations to J&J for taxes attributable to our business and, under certain circumstances, taxes arising in connection with the Separation and the subsequent distribution or other disposition by J&J of the shares of Kenvue common stock owned by J&J following the Kenvue IPO.

  • Our operations and presence in Russia and Ukraine are limited. Read more

    For quantification of the impact of Russian and Ukrainian operations and presence on our Net sales and assets, refer to the section titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations—Key Factors Affecting Our Results” in Part II, Item 7 included herein.

  • We cannot predict with certainty the long-term effect that the Separation will have on our brands and our reputation. Read more

    Although we typically rely on product branding more than corporate branding for marketing purposes, we have historically been able to capitalize on J&J’s market reputation, performance, and brand identity as part of our relationships with consumers, customers, and third-party partners. In connection with the Separation, we have incurred, and will continue to incur, substantial costs to rebrand our company as “Kenvue” and change the branding and trade dress for certain of our products around the world. Successful promotion of this rebranding will depend on the effectiveness of our marketing efforts and our ability to continue to provide reliable products to consumers and customers during the course of our transition. We have invested, and will continue to invest, to…

  • In particular, our day-to-day business operations, including a significant portion of the communications among our customers, manufacturers, suppliers and other third-party partners, rely on Technology Systems. Read more

    J&J’s Technology Systems are complex, and we expect the transfer of Technology Systems from J&J to us to continue to be complex, time-consuming, and costly. There is also a risk of data loss in the process of transferring Technology Systems. As a result of our reliance on Technology Systems, the cost of the information technology integration and transfer and any loss of key data could have an adverse effect on our business, results of operations, or financial condition.

50 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 20, 2026 ↗ with the 10-K filed Feb 24, 2025 ↗.

25

What to watch going forwardSite analysis

  • Closing of the Kimberly-Clark acquisition.
  • Tylenol litigation and FDA labeling decisions.
  • Organic sales trends by segment.

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 15:13 (SEC EDGAR) · Source 10-K filed: February 20, 2026

Built on10-K FY2025 · filed 2026-02-20Proxy 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 Kenvue’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.