A Business at a Glance
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Kenvue Inc.
KVUE
$37.3B
Mkt Cap
$19.28
+2.01%
Kenvue Inc. (KVUE) has a current P/E ratio of 25.4, compared to its historical median P/E of 22.4. The stock is currently considered Fair based on its historical valuation range.
Kenvue Inc. (KVUE) has a 5-year average return on invested capital (ROIC) of 9.8%. This is below average and may indicate limited pricing power.
Kenvue Inc. (KVUE) has a market capitalization of $37.0B. It is classified as a large-cap stock.
Yes, Kenvue Inc. (KVUE) pays a dividend with a trailing twelve-month yield of 4.29%. The company also returns capital through share buybacks, with a buyback yield of 0.36%.
Based on historical P/E analysis, Kenvue Inc. (KVUE) appears fair. The current P/E of 25.4 is 13% above its historical median of 22.4. The estimated fair value CAGR (P/E method) is -12.0%.
Kenvue Inc. (KVUE) operates in the Perfumes, Cosmetics & Other Toilet Preparations industry, within the Consumer Defensive sector.
Kenvue Inc. (KVUE) reported annual revenue of $15.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
Kenvue is the world's largest pure-play consumer health company, generating $15.1 billion in net sales in fiscal year 2025 through three reportable segments: Self Care (including cough, cold, allergy, pain care, and smoking cessation products), Skin Health and Beauty (face, body, hair, and sun care), and Essential Health (oral care, baby care, wound care, and menstrual health). The company operates a portfolio of iconic, science-backed brands including Tylenol®, Aveeno®, Neutrogena®, Johnson's®, Listerine®, BAND-AID®, Nicorette®, and Zyrtec®, which are recommended by healthcare professionals and marketed across more than 165 countries. Kenvue's business model combines in-house manufacturing (approximately 60% of sales volume) with an extensive network of third-party suppliers, supported by a distribution network primarily operated through partnerships with expert third-party operators, providing operational flexibility and capital efficiency. The company differentiates through deep consumer insights, precision marketing, digital capabilities, and a global team of approximately 1,600 scientists, doctors, pharmacists, and engineers driving continuous innovation across formulation science, regulatory affairs, clinical operations, and packaging. Kenvue's competitive moat is built on its century-old heritage, trusted brand portfolio, scientific expertise, healthcare professional endorsements, and global scale enabling efficient marketing and supply chain optimization across diverse geographic markets and consumer segments.
【Navigating near-term headwinds】 Management expects organic sales to decline in the low single digits for the full year 2025, reflecting destocking in Asia-Pacific, strategic price investments in the U.S., and softer category dynamics, with stronger performance anticipated in the back half as these headwinds lap and innovation contributions accelerate. Adjusted operating margin is expected to contract versus 2024 due to strategic price investments, fixed cost deleverage, and inflationary pressures, with tariffs representing an estimated gross annualized impact of approximately $150 million, though the company is implementing mitigation actions including accelerated productivity initiatives, alternate sourcing, and revenue growth management. The company is taking urgent actions to curtail discretionary spending and accelerate productivity measures while maintaining elevated brand support, with a focus on higher return-on-investment investments and improving the integrated business planning process to enhance demand forecasting consistency. Management remains committed to executing its three strategic priorities—reaching more consumers, freeing up resources to invest behind brands, and fostering a performance-driven culture—while continuing to realize benefits from the Vue Forward restructuring program and modernizing supply chain systems and processes.
| Metric | Target | Period |
|---|---|---|
| Organic sales growth | low single-digit decline | FY2025 |
| Adjusted diluted EPS | $1.00–$1.05 | FY2025 |
| Tariff impact (gross annualized) | approximately $150 million | FY2025 |
Organic sales growth (FY2025): “For 2025, we currently expect organic sales to be down low single digits with about neutral impact from currency.”
Adjusted diluted EPS (FY2025): “Taking these factors into account and maintaining the same below-the-line assumptions gets us to a full-year adjusted diluted EPS in the range of $1 to $1.05, including a low single-digit drag from currency.”
Tariff impact (gross annualized) (FY2025): “the tariff backdrop remains very fluid, but based on what is currently in effect, we expect gross annualized impact to be around $150 million, and below that in 2025, given the timing of tariffs.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q1 FY2025 Earnings Call, Q4 FY2024 Earnings Call, Q3 FY2024 Earnings Call, Q2 FY2024 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 |
|---|---|---|---|---|---|
| Revenue | 15.3B | 15.1B | 15.5B | 15.4B | 15.1B |
| Net Income | 1.6B | 1.5B | 1.0B | 1.7B | 2.1B |
| EPS | $0.85 | $0.76 | $0.54 | $0.90 | $1.21 |
| Free Cash Flow | 1.8B | 1.7B | 1.3B | 2.7B | 39M |
| ROIC | 11.6% | 10.2% | 7.7% | 10.0% | 11.1% |
| Gross Margin | 58.4% | 58.1% | 58.0% | 56.0% | 55.9% |
| Debt/Equity | 0.67 | 0.81 | 0.90 | 0.75 | - |
| Dividends/Share | $0.83 | $0.83 | $0.81 | $0.40 | $0.00 |
| Operating Income | 2.6B | 2.4B | 1.8B | 2.5B | 2.9B |
| Operating Margin | 17.2% | 16.0% | 11.9% | 16.3% | 19.4% |
| ROE | 15.3% | 14.4% | 9.9% | 10.5% | 10.7% |
| Shares Outstanding | 1,920M | 1,934M | 1,907M | 1,849M | 1,717M |
| Metric | |||||
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | 15.1B | 15.4B | 15.5B | 15.1B | 15.3B |
| Gross Margin | 55.9% | 56.0% | 58.0% | 58.1% | 58.4% |
| R&D | 355M | 399M | 408M | 382M | 367M |
| SG&A | 5.5B | 6.1B | 6.3B | 6.1B | 6.0B |
| EBIT | 2.9B | 2.5B | 1.8B | 2.4B | 2.6B |
| Op. Margin | 19.4% | 16.3% | 11.9% | 16.0% | 17.2% |
| Net Income | 2.1B | 1.7B | 1.0B | 1.5B | 1.6B |
| Net Margin | 13.8% | 10.8% | 6.7% | 9.7% | 10.6% |
| Non-Recurring | 117M | 0 | 185M | 307M | 301M |
| Returns on Capital | |||||
| ROIC | 11.1% | 10.0% | 7.7% | 10.2% | 11.6% |
| ROE | 10.7% | 10.5% | 9.9% | 14.4% | 15.3% |
| ROA | N/A | 6.0% | 3.9% | 5.6% | 6.0% |
| Cash Flow | |||||
| Op. Cash Flow | 334M | 3.2B | 1.8B | 2.2B | 2.3B |
| Free Cash Flow | 39M | 2.7B | 1.3B | 1.7B | 1.8B |
| Owner Earnings | -538M | 2.4B | 893M | 1.5B | 1.6B |
| CapEx | 295M | 469M | 434M | 475M | 435M |
| Maint. CapEx | 731M | 627M | 622M | 557M | 564M |
| Growth CapEx | 0 | 0 | 0 | 0 | 0 |
| D&A | 731M | 627M | 622M | 557M | 564M |
| CapEx/OCF | N/A | 14.9% | 24.5% | 21.6% | 19.3% |
| Capital Allocation | |||||
| Dividends Paid | 0 | 766M | 1.6B | 1.6B | 1.6B |
| Dividend Yield | N/A | 2.0% | 4.2% | 4.1% | 4.3% |
| Share Buybacks | 0 | 7.0M | 235M | 197M | 134M |
| Buyback Yield | 0.0% | N/A | 0.6% | 0.6% | 0.4% |
| Stock-Based Comp | 141M | 188M | 254M | 136M | 121M |
| Debt Repayment | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||
| Net Debt | N/A | 7.0B | 7.6B | 7.6B | 6.0B |
| Cash & Equiv. | 740M | 1.4B | 1.1B | 1.1B | 1.1B |
| Long-Term Debt | N/A | 7.7B | 7.8B | 7.8B | 7.1B |
| Debt/Equity | N/A | 0.75 | 0.90 | 0.81 | 0.67 |
| Interest Coverage | N/A | 10.0 | 4.3 | 5.6 | 6.1 |
| Equity | 20.5B | 11.2B | 9.7B | 10.8B | 10.6B |
| Total Assets | N/A | 27.9B | 25.6B | 27.1B | 26.9B |
| Total Liabilities | N/A | 16.6B | 15.9B | 16.3B | 16.2B |
| Intangibles | N/A | 9.6B | 8.5B | 8.7B | 8.5B |
| Retained Earnings | N/A | 429M | -93M | -204M | -128M |
| Working Capital | N/A | 657M | -214M | -248M | -101M |
| Current Assets | N/A | 6.1B | 5.5B | 5.7B | 5.8B |
| Current Liabilities | N/A | 5.5B | 5.7B | 5.9B | 5.9B |
| Per Share Data | |||||
| EPS | 1.21 | 0.90 | 0.54 | 0.76 | 0.85 |
| Owner EPS | -0.31 | 1.27 | 0.47 | 0.78 | 0.82 |
| Book Value | 11.93 | 6.06 | 5.07 | 5.57 | 5.53 |
| Cash Flow/Share | 0.19 | 1.71 | 0.93 | 1.14 | 1.14 |
| Dividends/Share | 0.00 | 0.40 | 0.81 | 0.83 | 0.83 |
| Shares Out. | 1.7B | 1.8B | 1.9B | 1.9B | 1.9B |
| Valuation | |||||
| P/E Ratio | N/A | 16.3 | 37.8 | 22.4 | 22.8 |
| P/FCF | N/A | 13.4 | 29.2 | 19.1 | 20.3 |
| EV/EBIT | N/A | 14.9 | 25.5 | 16.9 | 16.4 |
| Price/Book | N/A | 3.0 | 4.0 | 3.1 | 3.5 |
| Price/Sales | N/A | 2.4 | 2.4 | 2.5 | 2.4 |
| FCF Yield | N/A | 8.0% | 3.4% | 5.2% | 4.9% |
| Market Cap | 0 | 33.7B | 39.0B | 32.9B | 37.0B |
| Avg. Price | 0.00 | 20.43 | 19.37 | 19.73 | 19.28 |
| Year-End Price | 0.00 | 19.60 | 20.44 | 16.99 | 19.28 |
Kenvue Inc. passes 5 of 9 quality checks, suggesting mixed fundamentals.
Kenvue Inc. trades at 25.4x trailing earnings, compared to its 15-year median P/E of 22.4x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 21.5x vs a median of 19.1x. The company's 5-year average ROIC is 9.8% with a gross margin of 57.0%. Total shareholder yield (dividends + buybacks) is 4.6%. At current prices, the estimated annualized return to fair value is -7.3%.
Kenvue Inc. (KVUE) has a net profit margin of 9.7%. This is a modest margin.
Kenvue Inc. (KVUE) generated $1.7 billion in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Kenvue Inc. (KVUE) has a debt-to-equity ratio of 0.81. This indicates moderate leverage.
Kenvue Inc. (KVUE) reported earnings per share (EPS) of $0.76 in its most recent fiscal year.
Kenvue Inc. (KVUE) has a return on equity (ROE) of 14.4%. This indicates moderate shareholder returns.
Kenvue Inc. (KVUE) has a 5-year average gross margin of 57.0%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 4 years of financial data for Kenvue Inc. (KVUE), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Kenvue Inc. (KVUE) has a book value per share of $5.57, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects organic sales to decline in the low single digits for the full year 2025, reflecting destocking in Asia-Pacific, strategic price investments in the U.S., and softer category dynamics, with stronger performance anticipated in the back half as these headwinds lap and innovation contributions accelerate. Adjusted operating margin is expected to contract versus 2024 due to strategic price investments, fixed cost deleverage, and inflationary pressures, with tariffs representing an estimated gross annualized impact of approximately $150 million, though the company is implementing mitigation actions including accelerated productivity initiatives, alternate sourcing, and revenue growth management. The company is taking urgent actions to curtail discretionary spending and accelerate productivity measures while maintaining elevated brand support, with a focus on higher return-on-investment investments and improving the integrated business planning process to enhance demand forecasting consistency. Management remains committed to executing its three strategic priorities—reaching more consumers, freeing up resources to invest behind brands, and fostering a performance-driven culture—while continuing to realize benefits from the Vue Forward restructuring program and modernizing supply chain systems and processes.
Based on recent SEC filings and earnings calls, Kenvue Inc. (KVUE) has provided the following forward guidance: Organic sales growth: low single-digit decline (FY2025); Adjusted diluted EPS: $1.00–$1.05 (FY2025); Tariff impact (gross annualized): approximately $150 million (FY2025).