Kenvue vs Procter & Gamble
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The short version
- Procter & Gamble is the larger business, with $87.0B of revenue in fiscal 2026 against $15.1B for Kenvue, about 5.8 times as much.
- Procter & Gamble grew revenue faster (3.3%, against −2.1%).
- Procter & Gamble kept more of each dollar of sales as operating profit (22.7% operating margin, against 16.0%).
- Procter & Gamble turned more of its sales into free cash flow (17.4% FCF margin, against 11.4%).
- Procter & Gamble earned a higher return on the capital invested in it (20.1%, against 10.0%).
- Investors pay more for each dollar of Procter & Gamble’s earnings: a P/E of 24.3x against 22.5x for Kenvue.
| Latest fiscal year | KVUE · FY25 | PG · FY26 |
|---|---|---|
| Size | ||
| Market cap | $37.6B | $387.6B |
| Revenue | $15.1B | $87.0B |
| Free cash flow | $1.7B | $15.1B |
| Net income | $1.5B | $16.0B |
| Growth | ||
| Revenue growth | −2.1% | 3.3% |
| 5-year growth | — | 2.7% |
| Share count change | 0.1% | −1.3% |
| Profitability | ||
| Gross margin | 58.1% | 50.2% |
| Operating margin | 16.0% | 22.7% |
| Net margin | 9.7% | 18.4% |
| FCF margin | 11.4% | 17.4% |
| Return on capital | 10.0% | 20.1% |
| Return on equity | 14.4% | 30.1% |
| Balance sheet | ||
| Net debt | $7.5B | $24.2B |
| Net debt / EBITDA | 2.5x | 1.1x |
| Dividends and buybacks | $1.8B | $15.3B |
| Valuation & quality | ||
| P/E | 22.5x | 24.3x |
| Piotroski F-score | 6 | 6 |
Revenue
FY17
KVUE —
PG $65.1B
FY18
KVUE —
PG $66.8B
FY19
KVUE —
PG $67.7B
FY20
KVUE —
PG $71.0B
FY21
KVUE $15.1B
PG $76.1B
FY22
KVUE $15.0B
PG $80.2B
FY23
KVUE $15.4B
PG $82.0B
FY24
KVUE $15.5B
PG $84.0B
FY25
KVUE $15.1B
PG $84.3B
FY26
KVUE —
PG $87.0B
KVUE
PG
Operating margin
FY17
KVUE —
PG 21.2%
FY18
KVUE —
PG 20.0%
FY19
KVUE —
PG 8.1%
FY20
KVUE —
PG 22.1%
FY21
KVUE 19.4%
PG 23.6%
FY22
KVUE 17.9%
PG 22.2%
FY23
KVUE 16.3%
PG 22.1%
FY24
KVUE 11.9%
PG 22.1%
FY25
KVUE 16.0%
PG 24.3%
FY26
KVUE —
PG 22.7%
KVUE
PG
Free cash flow
FY17
KVUE —
PG $9.4B
FY18
KVUE —
PG $11.2B
FY19
KVUE —
PG $11.9B
FY20
KVUE —
PG $14.3B
FY21
KVUE $39.0M
PG $15.6B
FY22
KVUE $2.2B
PG $13.6B
FY23
KVUE $2.7B
PG $13.8B
FY24
KVUE $1.3B
PG $16.5B
FY25
KVUE $1.7B
PG $14.0B
FY26
KVUE —
PG $15.1B
KVUE
PG
Return on capital
FY17
KVUE —
PG 13.1%
FY18
KVUE —
PG 12.2%
FY19
KVUE —
PG 4.7%
FY20
KVUE —
PG 18.7%
FY21
KVUE —
PG 21.9%
FY22
KVUE —
PG 21.0%
FY23
KVUE 10.4%
PG 20.2%
FY24
KVUE 7.6%
PG 20.2%
FY25
KVUE 10.0%
PG 21.6%
FY26
KVUE —
PG 20.1%
KVUE
PG
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.