Kenvue
KVUE NYSE Personal Care Products Financials FY2021–FY2025
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.
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.
- Legal name
- Kenvue Inc.
- Fiscal year ends
- December 28, 2025
- Latest annual report
- 10-K · Feb 20, 2026
- Accession · CIK
- 0001944048-26-000030
0001944048
Revenue and margins
Kenvue had $15.1B of revenue in fiscal 2025, down 2.1% on the year before.
Net income and earnings per share
From fiscal 2021 to 2025, diluted EPS grew −11.0% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $1.7B in fiscal 2025, 11.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Kenvue returned $1.8B to shareholders in fiscal 2025, 103% of free cash flow. The diluted share count rose 0.1%.
Value Kenvue yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$7.5B and divides by 1,924.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 22.5x · peers 69.2x · sector 24.7x.
Balance sheet
Cash, debt and the ratios that show how comfortably Kenvue can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $740M | $1.2B | $1.4B | $1.1B | $1.1B |
| Debt incl. finance leases | — | $0.0M | $8.3B | $8.6B | $8.5B |
| Net debt / EBITDA | — | −0.4x | 2.2x | 3.1x | 2.5x |
| Debt / 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 |
| Total assets | — | $27.3B | $27.9B | $25.6B | $27.1B |
| Total liabilities | — | $7.3B | $16.6B | $15.9B | $16.3B |
| Shareholders' equity | $20.5B | $20.0B | $11.2B | $9.7B | $10.8B |
| Net debt (− = net cash) | — | −$1.2B | $6.9B | $7.5B | $7.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$111M
1 insider
Sold, 12 months
$0.7M
2 insiders
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jun 10, 2026 | Heather HowlettCFO & CAO | Sold | 3,700 | $18.11 | $0.1M | Form 4 |
| May 8, 2026 | Matthew OrlandoGeneral Counsel | Sold | 38,491 | $17.66 | $0.7M | Form 4 |
| Dec 12, 2025 | Jeffrey C SmithDirector | Bought | 3,200,000 | $17.37 | $55.6M | Form 4 |
| Dec 11, 2025 | Jeffrey C SmithDirector | Bought | 3,177,694 | $17.43 | $55.4M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | — | ✕ | ✓ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | — | ✕ | ✕ |
| Current ratio rose | ✕ | ✕ | ✕ |
| Share count didn't rise | ✕ | ✕ | ✕ |
| Gross margin rose | ✓ | ✓ | ✓ |
| Revenue rose relative to assets | — | ✕ | ✓ |
| F-score | — / 9 | 4 / 9 | 6 / 9 |
| Accruals ratio | −5.5% | −2.8% | −2.8% |
| Altman Z'' | 1.52 | 1.05 | 1.21 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Kenvue KVUE | $37.6B | −2.1% | 16.0% | 11.4% | 10.0% | 22.5x | 6 | |
| Estée Lauder Companies EL | $39.6B | 5.1% | 5.2% | 8.7% | 4.9% | — | 6 | Compare → |
| Coty COTY | $2.8B | −1.5% | −1.4% | 6.0% | −1.0% | — | 3 | Compare → |
| Procter & Gamble PG | $387.6B | 3.3% | 22.7% | 17.4% | 20.1% | 24.3x | 6 | Compare → |
| e.l.f. Beauty ELF | $6.8B | 24.6% | 4.5% | 11.6% | 3.8% | 114.2x | 4 | Compare → |
5 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Income statement | |||||
| Revenue | $15.1B | $15.0B | $15.4B | $15.5B | $15.1B |
| Gross profit | $8.4B | $8.3B | $8.6B | $9.0B | $8.8B |
| Research and development | $355M | $375M | $399M | $408M | $382M |
| Operating income | $2.9B | $2.7B | $2.5B | $1.8B | $2.4B |
| Interest expense | $0.0M | $0.0M | $250M | $431M | $430M |
| Pretax income | $2.9B | $2.6B | $2.2B | $1.4B | $2.0B |
| Income tax | $847M | $573M | $526M | $385M | $529M |
| Net income | $2.1B | $2.1B | $1.7B | $1.0B | $1.5B |
| Diluted EPS | $1.21 | $1.20 | $0.90 | $0.54 | $0.76 |
| Diluted shares | 1.72B | 1.72B | 1.85B | 1.92B | 1.92B |
| Cash flow | |||||
| Cash from operations | $334M | $2.5B | $3.2B | $1.8B | $2.2B |
| Capital expenditure | $295M | $375M | $469M | $434M | $475M |
| Free cash flow | $39.0M | $2.2B | $2.7B | $1.3B | $1.7B |
| Depreciation and amortization | $731M | $644M | $627M | $622M | $557M |
| Stock-based compensation | $141M | $137M | $188M | $254M | $136M |
| Acquisitions | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Share buybacks | $0.0M | $0.0M | $7.0M | $235M | $197M |
| Dividends paid | $0.0M | $0.0M | $766M | $1.6B | $1.6B |
| Dividends and buybacks | $0.0M | $0.0M | $773M | $1.8B | $1.8B |
| Balance sheet | |||||
| Cash and short-term investments | $740M | $1.2B | $1.4B | $1.1B | $1.1B |
| Total debt | — | $0.0M | $8.3B | $8.6B | $8.5B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $121M | $135M |
| Current assets | — | $5.9B | $6.1B | $5.5B | $5.7B |
| Current liabilities | — | $3.9B | $5.5B | $5.7B | $5.9B |
| Inventory | $0.0M | $2.2B | $1.9B | $1.6B | $1.7B |
| Property and equipment, net | — | $1.8B | $2.0B | $1.8B | $2.2B |
| Total assets | — | $27.3B | $27.9B | $25.6B | $27.1B |
| Total liabilities | — | $7.3B | $16.6B | $15.9B | $16.3B |
| Shareholders' equity | $20.5B | $20.0B | $11.2B | $9.7B | $10.8B |
| Margins | |||||
| Gross margin | 55.9% | 55.4% | 56.0% | 58.0% | 58.1% |
| Operating margin | 19.4% | 17.9% | 16.3% | 11.9% | 16.0% |
| EBITDA margin | 24.3% | 22.2% | 20.3% | 15.9% | 19.6% |
| Net margin | 13.8% | 13.8% | 10.8% | 6.7% | 9.7% |
| FCF margin | 0.3% | 14.4% | 17.5% | 8.6% | 11.4% |
| Returns | |||||
| Return on capital | — | — | 10.4% | 7.6% | 10.0% |
| Return on capital employed | — | — | 11.0% | 8.7% | 11.8% |
| Return on equity | — | — | 10.7% | 9.9% | 14.4% |
| Return on assets | — | — | 6.0% | 3.9% | 5.6% |
| Growth | |||||
| Revenue growth | — | −0.7% | 3.3% | 0.1% | −2.1% |
| Net income growth | — | −0.7% | −19.4% | −38.1% | 42.7% |
| EPS growth | — | −0.8% | −25.0% | −40.0% | 40.7% |
| FCF growth | — | 5,412.8% | 25.5% | −50.5% | 29.0% |
| Share count change | — | −0.0% | 7.8% | 4.0% | 0.1% |
| Financial health | |||||
| Net debt / EBITDA | — | −0.4x | 2.2x | 3.1x | 2.5x |
| Debt / 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 |
| Capital allocation | |||||
| Capex / revenue | 2.0% | 2.5% | 3.0% | 2.8% | 3.1% |
| Stock comp / revenue | 0.9% | 0.9% | 1.2% | 1.6% | 0.9% |
| Payouts / FCF | 0.0% | 0.0% | 28.6% | 133.9% | 103.3% |
| Quality scores | |||||
| Piotroski F-score | — | — | — | 4.0 | 6.0 |
| Altman Z'' | — | 4.0 | 1.5 | 1.1 | 1.2 |
| Accruals ratio | — | — | −5.5% | −2.8% | −2.8% |
Source: SEC EDGAR XBRL filings (CIK 0001944048). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.