Kenvue vs Procter & Gamble
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KIRA’s take AI analyst
I put Kenvue and Procter & Gamble side by side, using each one’s latest annual report. Here is what stands out:
- 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 24.1x against 22.4x for Kenvue.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Kenvue
KVUE
1/10
Gross margin
Procter & Gamble
PG
8/10
Revenue growthOperating marginNet marginFCF marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | KVUE FY25 | PG FY26 |
|---|---|---|
| Size | ||
| Market cap | $37.5B | $385.0B |
| 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 | 22.4x | 24.1x |
| Piotroski F-score | 6 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.