Kenvue

KVUE · NYSE · Consumer Staples · Financials, fiscal 2021 to 2025

KVUE · Last close · October 26, 2026

$19.50

Kenvue's revenue fell 2.1% to $15.1 billion in fiscal 2025. Its operating margin was 16.0%, up from 11.9% a year earlier. Free cash flow was $1.7 billion, up 29.0%. It paid out $1.8 billion in dividends and buybacks, 103% of free cash flow.

Kenvue Inc. Latest fiscal year ended December 28, 2025 10-K filed February 20, 2026 · 0001944048-26-000030 Updated October 9, 2026

Revenue

$15.1B

2.1%

Operating margin

16.0%

4.1 pts

Net income

$1.5B

42.7%

Free cash flow

$1.7B

29.0%

Return on capital

10.0%

2.4 pts

Market cap

$37.5B

Oct 26 close

P/E

22.4x

On $0.87 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Kenvue does

Kenvue sells consumer health products. Its brands include Tylenol and Zyrtec, Listerine, Neutrogena, Aveeno, Johnson's, Band-Aid and Nicorette. Its portfolio has three product groups: Self Care, Skin Health and Beauty, and Essential Health. Its products are marketed in more than 165 countries across North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

Kenvue earns its revenue by selling these products. Net sales were $15.1 billion in fiscal 2025. Kenvue says it is the world's largest pure-play consumer health company by revenue, and that it focuses only on consumer health. It says it competes in highly competitive markets, and that it depends increasingly on key retailers, e-commerce and other new retail channels.

Kenvue was part of Johnson & Johnson (J&J). J&J transferred its consumer health business to Kenvue in April 2023, and Kenvue sold shares to the public in an initial public offering in May 2023. J&J completed its exit as owner in August 2023 through an exchange offer. On November 2, 2025, Kenvue agreed to combine with Kimberly-Clark. Kenvue's shareholders approved it on January 29, 2026, and the deal still needed other closing conditions, including foreign regulatory approvals.

Its biggest risks, as it describes them

The Kimberly-Clark deal may not close, may be delayed, or may not deliver the benefits expected.
Damage to its brands or reputation, and strong competition in its product markets.
Not keeping up with changing consumer preferences, or marketing that fails to work.
Reliance on third parties, including manufacturers, and disruptions at its own or suppliers' plants.
Growing dependence on a few key retail customers and changes in the retail landscape.

From Kenvue's annual report on Form 10-K, filed February 20, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue

US$ billions, fiscal years

Margins

Percent of revenue

GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2021 to 2025, earnings per share fell 11.0% a year and net income 8.3% a year, as new shares raised the share count by 12% and diluted each share's earnings.

Net income

US$ billions, fiscal years; loss years in red.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Cash flow

Free cash flow

US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, billions

Valuation

Two ways to value Kenvue yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Kenvue's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Kenvue's fiscal 2025 free cash flow of $1.7B, net cash of −$7.5B at December 28, 2025 and 1,924 million diluted shares, from its filings. The scenarios are fitted to Kenvue: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 0.4% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 8%: 7% for a stable business (Personal Care Products), plus 1 point for unsteady results (revenue fell in two of the last five years); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings

Starting free cash flow, US$ millions

Cash from operations minus capital spending in fiscal 2025.

Net cash, US$ millions

Cash and short-term investments minus debt and finance leases at December 28, 2025. Negative means net debt.

Diluted shares, millions

Weighted-average diluted shares in fiscal 2025.

Your assumptions

Start from

Fitted to Kenvue's own revenue growth, as above. Cautious: growth of -1.5% then 0% a year, 2% after year 10, a 9% discount rate. Base: growth of 0.5% then 1.5% a year, 2.5% after year 10, a 8% discount rate. Optimistic: growth of 2.5% then 3% a year, 3% after year 10, a 7% discount rate.

Free cash flow growth, years 1 to 5 (% a year)

Free cash flow growth, years 6 to 10 (% a year)

Growth after year 10 (% a year)Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.

Discount rate (% a year)The yearly return an investor wants for the risk. A higher rate gives a lower value.

Value per share on these assumptions

—

Last close, October 26, 2026: $19.50
Value on these assumptions, against the last close: —

Cash flows in years 1 to 10, valued today: —
Everything after year 10, valued today: —
Plus net cash: —
Share of value from after year 10: —

Projected free cash flow

US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.

Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.

How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Kenvue's earnings per share of $0.87 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 23.5×, the average of the Consumer Staples median and Kenvue's own P/E today for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 9%, 8% and 7%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Earnings per share, US$

Diluted earnings per share over the four quarters to June 28, 2026, from the 10-Qs and 10-K.

P/E multiple

P/E today is the last close divided by the latest earnings per share, the four quarters' where available.

Earnings growth in the years ahead (% a year) Starts at Kenvue's revenue growth over the last 3 years, 0.4% a year, as the base scenario does.

Earnings per share in the years ahead, US$

Year 1Year 2Year 3Year 4Year 5

Type your own estimate for any year; the years after it carry on at the growth rate.

Apply the multiple to earnings

A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.

Discount rate (% a year) The yearly return an investor wants for the risk, as in the cash flow model.

Value per share today at this multiple

—

Last close, October 26, 2026: $19.50
Value at this multiple, against the last close: —
Kenvue's P/E at the last close: 22.4×

How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	740	1,231	1,382	1,070	1,062
Debt incl. finance leases	—	0	8,287	8,605	8,521
Net debt (negative means net cash)	—	−1,231	6,905	7,535	7,459
Net debt to EBITDA	—	−0.4x	2.2x	3.1x	2.5x
Debt to equity	—	0.0x	0.7x	0.9x	0.8x
Interest coverage	—	—	10.1x	4.3x	5.6x
Current ratio	—	1.5x	1.1x	1.0x	1.0x
Quick ratio	—	0.9x	0.8x	0.7x	0.7x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, 1 insider bought $111.0 million of Kenvue shares on the open market, and 2 insiders sold $746,763.

Date	Insider	Trade	Shares	Price	Value	Filing
Jun 10, 2026	Heather HowlettCFO & CAO	Sold	3,700	$18.11	$67,007	Form 4
May 8, 2026	Matthew OrlandoGeneral Counsel	Sold	38,491	$17.66	$679,756	Form 4
Dec 12, 2025	Jeffrey C SmithDirector	Bought	3,200,000	$17.37	$55.6 million	Form 4
Dec 11, 2025	Jeffrey C SmithDirector	Bought	3,177,694	$17.43	$55.4 million	Form 4

Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	—	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	—	Fail	Fail
Current ratio rose	Fail	Fail	Fail
Share count didn't rise	Fail	Fail	Fail
Gross margin rose	Pass	Pass	Pass
Revenue rose relative to assets	—	Fail	Pass
F-score	—	4 of 9	6 of 9
Accruals ratio	−5.5%	−2.8%	−2.8%

The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Kenvue side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Kenvue	FY25	−2.1%	16.0%	11.4%	10.0%	2.5x	6
Estée Lauder Companies	FY26	5.0%	5.2%	8.7%	4.9%	2.4x	6	Compare
Haleon	FY25	−1.8%	21.9%	21.0%	7.9%	2.6x	7	Compare
Coty	FY26	−1.5%	−1.4%	6.0%	−0.9%	7.3x	3	Compare
Unilever	FY25	−3.8%	17.9%	13.7%	15.2%	2.1x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

5 years of figures

Fiscal year	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	15,054	14,950	15,444	15,455	15,124
Revenue growth	—	−0.7%	3.3%	0.1%	−2.1%
Gross profit	8,419	8,285	8,643	8,959	8,792
Research and development	355	375	399	408	382
Operating income	2,920	2,675	2,512	1,841	2,414
Net income	2,078	2,064	1,664	1,030	1,470
Diluted EPS (US$)	1.21	1.20	0.90	0.54	0.76
Diluted shares (millions)	1,716	1,716	1,850	1,923	1,924
Cash flow
Cash from operations	334	2,525	3,168	1,769	2,197
Capital expenditure	295	375	469	434	475
Free cash flow	39	2,150	2,699	1,335	1,722
Dividends paid	0	0	766	1,552	1,581
Share buybacks	0	0	7	235	197
Acquisitions	0	0	0	0	0
Stock-based compensation	141	137	188	254	136
Balance sheet at fiscal year end
Cash and short-term investments	740	1,231	1,382	1,070	1,062
Debt incl. finance leases	—	0	8,287	8,605	8,521
Total assets	—	27,316	27,851	25,601	27,076
Total liabilities	—	7,346	16,640	15,933	16,311
Shareholders' equity	20,491	19,970	11,211	9,668	10,765
Margins and ratios
Gross margin	55.9%	55.4%	56.0%	58.0%	58.1%
Operating margin	19.4%	17.9%	16.3%	11.9%	16.0%
Net margin	13.8%	13.8%	10.8%	6.7%	9.7%
Free cash flow margin	0.3%	14.4%	17.5%	8.6%	11.4%
Return on capital	—	—	10.4%	7.6%	10.0%
Return on equity	—	—	10.7%	9.9%	14.4%
Return on assets	—	—	6.0%	3.9%	5.6%
Net debt to EBITDA	—	−0.4x	2.2x	3.1x	2.5x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Kenvue's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Kenvue.