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Kenvue Inc. (KVUE)

Kenvue sells consumer health products: over-the-counter medicines, skin and hair care, and everyday personal care. It describes itself as the world's largest pure-play consumer health company by revenue. Its brands include Aveeno, BAND-AID, Johnson's, Listerine, Neutrogena, Nicorette, Tylenol and Zyrtec, marketed in more than 165 countries. The financial year ends in late December. There are three reportable segments, and four regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

Kenvue Inc.

Kenvue sells consumer health products: over-the-counter medicines, skin and hair care, and everyday personal care. It describes itself as the world's largest pure-play consumer health company by revenue. Its brands include Aveeno, BAND-AID, Johnson's, Listerine, Neutrogena, Nicorette, Tylenol and Zyrtec, marketed in more than 165 countries. The financial year ends in late December. There are three reportable segments, and four regions: North America, Asia Pacific, Europe, the Middle East and Africa, and Latin America.

Self Care

Cough, cold and allergy, pain care, and other self care covering digestive health, smoking cessation and eye care. The major brands are Benadryl, Calpol, Motrin, Nicorette, Rhinocort, Tylenol, Zarbee's and Zyrtec. The filing describes these as giving consumers access to healthcare through over-the-counter medicines and naturally inspired products, extended by connected health offerings including digital diagnostics and telemedicine.

Skin Health and Beauty

Face and body care, plus hair, sun and other products, under Aveeno, Dr.Ci:Labo, Le Petit Marseillais, Lubriderm, Neutrogena, OGX and Rogaine. The company describes the approach as dermatological, built on partnerships with skin experts and science, with the endorsement of healthcare professionals.

Essential Health

Oral care, baby care, and other essential health covering women's health and wound care, under BAND-AID, Carefree, Desitin, Johnson's, Listerine, o.b. tampons and Stayfree.

How it got here, and where it is going

Johnson & Johnson announced in November 2021 that it would separate its consumer health business. Kenvue was incorporated in Delaware in February 2022 as a wholly owned subsidiary to be the parent of that business, took over substantially all of its assets and liabilities in April 2023, went public on the New York Stock Exchange in May 2023, and became fully independent in August 2023 when Johnson & Johnson completed an exchange offer letting its shareholders swap its shares for Kenvue shares. A further debt-for-equity exchange in May 2024 left Johnson & Johnson holding no Kenvue shares. Since then the company has exited the transition services and transition manufacturing agreements with its former parent and stood up its own systems, with a restructuring programme it calls Our Vue Forward aimed at productivity and cost savings.

On 2 November 2025 Kenvue agreed to merge with Kimberly-Clark. Kenvue shareholders approved the merger agreement and Kimberly-Clark shareholders approved the share issuance at special meetings on 29 January 2026, and the United States antitrust waiting period expired on 4 February 2026. The filing states that completion still depends on other customary conditions, including a number of foreign regulatory approvals.

Making and moving the products

In-house manufacturing delivered approximately 60 percent of sales volume in fiscal 2025, with the rest supplied by outside manufacturers. Most raw and packaging materials are bought from third parties and available from several sources; some key materials come from single or limited sources, though the filing states no single supplier provides a large part of total requirements, and certain commodity inputs move with market prices. Most distribution centres are run in partnership with third-party operators, and all of them, in-house or external, have to meet the company's quality standards and are audited.

Competition and people

Competitors are consumer healthcare businesses, some independent and some inside larger pharmaceutical groups, global consumer packaged goods companies in similar or adjacent categories, regional companies, generic over-the-counter manufacturers and retailers' own private-label brands both in shops and online, and newer niche brands selling through retail, online or direct to consumers. There were approximately 22,000 employees at the end of fiscal 2025, approximately 23 percent in North America, 28 percent in EMEA, 30 percent in Asia Pacific and 19 percent in Latin America, approximately 99 percent of them full-time, with manufacturing staff making up 23 percent of the workforce.

From Kenvue's annual report on Form 10-K for the year ended 28 December 2025. The filing

Compare with another name What $10,000 in Kenvue became

Latest results

Latest quarterQ3 FY2026ended 27 September 2026 · 10-Q filed 30 October 2026
Revenue
$3.9 billion
+3.2% on the year · -1.7% on the quarter
Q4 FY2024Q3 FY2026
Net income
$430 million
+8.0% on the year · -5.7% on the quarter
Q4 FY2024Q3 FY2026
Diluted EPS
$0.22
+4.8% on the year · -8.3% on the quarter
Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

Last full yearFY2025ended 28 December 2025 · 10-K filed 20 February 2026
Revenue
$15.1 billion
-2.1% on the year
FY2021FY2025
Net income
$1.5 billion
+42.7% on the year
FY2021FY2025
Diluted EPS
$0.76
+40.7% on the year
FY2021FY2025

this yearthe year beforeHover a bar for its figure.

The years before, in wordsKenvue (KVUE) reported revenue of $15.1 billion for fiscal 2025, the year ended 28 December 2025, down 2.1% on the year before. Net income was $1.5 billion and diluted earnings per share $0.76. Revenue was $15.5 billion in fiscal 2024, $15.4 billion in fiscal 2023, $14.9 billion in fiscal 2022 and $15.1 billion in fiscal 2021. Net income in the same years was $1.0 billion, $1.7 billion, $2.1 billion and $2.1 billion. Over the twelve months to 27 September 2026, Kenvue reported revenue of $15.5 billion and net income of $1.7 billion. Kenvue declared $0.82 a share in dividends over the last four quarters and had 1.92 billion shares outstanding at the latest filed count. At 27 September 2026 it carried $8.2 billion of debt and $1.0 billion of cash. At the close of 6 November 2026 the market cap of Kenvue was $37.1 billion, 21.9 times its earnings over the last twelve months.

Ratios

From the filings

ROE16.6%
ROCE14.7%
Operating margin17.4%
Net margin10.9%
FCF margin15.1%
Interest cover6.4x
Debt to equity0.81x
Cash conversion1.62x
Share count, last 12 months0.3%
Sales CAGR, 3 years0.4%
Profit CAGR, 3 years-10.7%
EPS, TTM$0.88

At the close of 6 November 2026

Price$19.31
Market cap$37.1 billion
Stock P/E21.9x
Price to book3.6x
EV / EBITDA13.5x
Dividend yield4.3%
Market cap / sales2.4x
52-week high$19.88
52-week low$16.06
Price, 1 year17.3%
Price CAGR, 3 years-0.5%
Price CAGR, 5 yearsn/a

29 ready-made ratios, from FCF yield to net debt to EBITDA, wait on the Formulas page, each with what it tells you. Browse and add them →

Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the total debt Kenvue Inc. states in its own filing, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.
KVUEgreeksoup.ai
Daily prices to 6 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Before the quarters on file begin, P/E, price to book and market cap to sales stand on each annual report from the day it was filed. Drawn in your browser; the range and overlay you pick are remembered here only.

Quarterly results

Q1 FY2022 †Q2 FY2022 †Q3 FY2022Q4 FY2022Q1 FY2023 †Q2 FY2023Q3 FY2023Q4 FY2023Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue3,5903,8043,7893,7673,8524,0113,9153,6663,8944,0003,8993,6623,7413,8393,7643,7803,9093,9553,886
Cost of revenue1,6341,6461,6641,7211,7271,7861,6651,6231,6521,6351,6171,5921,5731,5781,5381,6431,6071,6541,572
Gross profit1,9562,1582,1252,0462,1252,2252,2502,0432,2422,3652,2822,0702,1682,2612,2262,1372,3022,3012,314
Gross margin54%57%56%54%55%55%57%56%58%59%59%57%58%59%59%57%59%58%60%
R&D88.094.090.010389.099.078.013310010597.010699.091.094.098.084.094.096.0
SG&A1,3501,3751,3761,5321,5021,5221,5311,5861,5731,6411,5901,5251,5371,5041,5121,5351,4531,5371,569
Operating income611770763531640702710460550154654483558692629535767699706
Operating margin17%20%20%14%17%18%18%13%14%4%17%13%15%18%17%14%20%18%18%
Interest expense0.00.00.00.01.053.010096.0109106108108107107107109106103104
Pre-tax income61277573851260963958535742765.0577346458588526427672598609
Tax rate16%22%21%29%23%33%25%8%31%11%34%15%30%29%24%23%29%24%29%
Net income51260458636146943043832729658.0383293322420398330474456430
Net margin14%16%15%10%12%11%11%9%8%1%10%8%9%11%11%9%12%12%11%
Diluted EPS$0.31$0.35$0.34$0.21$0.27$0.23$0.23$0.17$0.15$0.03$0.20$0.15$0.17$0.22$0.21$0.17$0.25$0.24$0.22
Operating cash flow338807736644802742674950287440249793428621294854489688700
Capital expenditure37.076.010315955.077.011422315390.059.013217988.098.011013964.080.0
Free cash flow301731633485747665560727134350190661249533196744350624620
Buybacksn/an/an/an/a0.00.00.07.091.00.023.012163.064.070.00.00.00.00.0
Dividends paid0.00.00.00.00.00.0383383383383393393392393398398398398403
Shares outstanding1,915m1,915m1,915m1,915m1,716m1,915m1,915m1,915m1,915m1,915m1,916m1,914m1,919m1,919m1,916m1,916m1,920m1,920m1,921m
Filing10-K10-Q10-Q10-K10-K10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Income statement (profit and loss)

FY2021 †FY2022 †FY2023FY2024FY2025TTM
Revenue15,05414,95015,44415,45515,12415,530
Cost of revenue6,6356,6656,8016,4966,3326,476
Gross profit8,4198,2858,6438,9598,7929,054
Gross margin55.9%55.4%56.0%58.0%58.1%58.3%
Research and development355375399408382372
Selling, general and administrative5,4845,6336,1416,3296,0886,094
Operating income2,9202,6752,5121,8412,4142,707
Operating margin19.4%17.9%16.3%11.9%16.0%17.4%
Interest expense0.00.0250431430422
Pre-tax income2,9252,6372,1901,4151,9992,306
Income tax847573526385529616
Effective tax rate29.0%21.7%24.0%27.2%26.5%26.7%
Net income2,0782,0641,6641,0301,4701,690
Net margin13.8%13.8%10.8%6.7%9.7%10.9%
Diluted EPS$1.21$1.20$0.90$0.54$0.76$0.88
Filing10-K10-K10-K10-K10-K
From each year's 10-K, linked; TTM is the last four quarters.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Revenue by segment FY2022 to FY2025

FY2022FY2023FY2023FY2024FY2025Share
of the parts, latest year
Self Care5,6436,0306,4516,5276,37842.2%
Essential Health4,8704,5704,6154,6884,63230.6%
Skin Health and Beauty4,5414,3504,3784,2404,11427.2%
Self CareEssential HealthSkin Health and Beauty
15.1FY202214.9FY202315.4FY202315.5FY202415.1FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Profit by segment FY2022 to FY2025

The adjusted operating income each segment reports. Costs Kenvue does not charge to a segment are left out, so the segments can add up to more than the company's own adjusted operating income.

FY2022FY2023FY2023FY2024FY2025Margin
FY2025
Self Care1,9522,0882,2992,1732,10933.1%
Essential Health1,2241,1111,0111,1621,17625.4%
Skin Health and Beauty87870867960747711.6%
Self CareEssential HealthSkin Health and Beauty
4,054FY20223,907FY20233,989FY20233,942FY20243,762FY2025

$ million; the figure over a bar is all the segments together. Hover a block for its profit, sales and margin.

FY2025Share of salesShare of profit
Self Care42%56%
Essential Health31%31%
Skin Health and Beauty27%13%

Each column adds to 100%. A segment with a bigger share of the profit than of the sales makes more on each dollar it sells.

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where every segment with sales that year has an adjusted operating income figure. A margin is a segment's adjusted operating income over its own sales.

Revenue by region FY2022 to FY2025

FY2022FY2023FY2023FY2024FY2025Share
of the parts, latest year
North America7,2847,4187,6107,5797,25948.0%
Europe, Middle East, and Africa3,4363,1883,3883,5593,72124.6%
Asia-Pacific3,2763,1463,1072,9742,77518.3%
Latin America1,0581,1981,3391,3431,3699.1%
North AmericaEurope, Middle East, and AfricaAsia-PacificLatin America
15.1FY202214.9FY202315.4FY202315.5FY202415.1FY2025

$ billion; hover a block for its figure and share

From the company's 10-Ks, in its own words (latest 10-K).
Read moreEach year's figures come from the most recent 10-K that includes that year. A year is shown only where the parts add up to the revenue above. Fiscal years are labelled by the year they end in.

Cash flow

FY2021 †FY2022 †FY2023FY2024FY2025TTM
Operating cash flow3342,5253,1681,7692,1972,731
Capital expenditure295375469434475393
Free cash flow39.02,1502,6991,3351,7222,338
Free cash flow margin0.3%14.4%17.5%8.6%11.4%15.1%
Cash from investing-171-390-488-425-436-399
Cash from financing0.0-1,583-2,527-1,565-1,837-2,430
Depreciation and amortisation731644627622557565
Share-based compensation141137188254136120
Buybacksn/a0.07.02351970.0
Dividends paid0.00.07661,5521,5811,597
Dividend per sharen/an/a$0.40$0.81$0.82n/a
Diluted shares, weighted1,716m1,716m1,850m1,923m1,924m1,926m
Shares outstanding at period endn/a1,915m1,915m1,914m1,916m1,921m
Filing10-K10-K10-K10-K10-K
Cash paid in the year, from the cash flow statement.
Read moreThe dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet

FY2021 †FY2022 †FY2023FY2024FY2025TTM
Funded by
Shareholders' equity20,49119,97011,2119,66810,76510,162
Debtn/a0.08,2868,6078,5248,206
Operating lease liabilitiesn/a81.097.076.010794.0
Other liabilitiesn/a7,2658,2577,2507,6808,209
Total liabilities and equityn/a27,31627,85125,60127,07626,671
Owned
Fixed assetsn/a1,8202,0421,8492,2122,233
Goodwill9,8109,1859,2718,8439,5099,251
Intangible assetsn/a9,8539,6198,4748,6948,330
Cash and equivalents7401,2311,3821,0701,0621,039
Receivablesn/a2,1222,0732,1652,3822,504
Inventoryn/a2,2261,8511,5911,6661,815
Other assetsn/a8791,6131,6091,5511,499
Total assetsn/a27,31627,85125,60127,07626,671
Filing10-K10-K10-K10-K10-K
At the fiscal year end; the TTM column is the latest quarter end.
Read moreBoth totals are the company's own. Other liabilities is the filed total less the rows above it: payables, deferred revenue, taxes, borrowings the rows above do not carry and the rest; other assets is the same on the other side. Investments add the current and non-current lines as filed. Debt is the company's own stated total where it files one, otherwise its long-term debt with the current maturities, never parts added together. A row is left blank in a year where the lines shown overlap and the remainder would fall below nil.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compoundedn/an/a0.4%3.5%
Profit growth, compoundedn/an/a-10.7%17.9%
Return on equity, averagen/a11.9%13.1%13.7%
Yearly growth, compounded; TTM is the last four quarters against the four before.
Read moreReturn on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Questions

What was Kenvue's revenue in fiscal 2025?

Kenvue (KVUE) reported revenue of $15.1 billion for fiscal 2025, the year ended 28 December 2025, down 2.1% on the year before.

How much did Kenvue earn in fiscal 2025?

Net income was $1.5 billion for fiscal 2025, and diluted earnings per share $0.76.

What is Kenvue's P/E ratio?

At the close of 6 November 2026, Kenvue traded at 21.9 times its earnings over the twelve months to 27 September 2026.

What is Kenvue's market cap?

The market cap of Kenvue was $37.1 billion at the close of 6 November 2026.

Does Kenvue pay a dividend?

Yes. Kenvue declared $0.82 a share in dividends over the four quarters to 27 September 2026.

Peers: Consumer Goods

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TTM
Debt to equityDiv. yield
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Haleon plc HLN *$40.9 billion18.4310.1%21.9%-1.8%0.522.0%
Estee Lauder Companies Inc. EL$39.9 billion109.019.1%6.7%5.8%1.801.3%
Kenvue Inc. KVUE$37.1 billion21.9416.6%17.4%3.5%0.814.3%
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TTM
Debt to equityDiv. yield
Procter & Gamble Co. PG$383.3 billion24.9129.0%22.6%3.5%0.702.6%
Unilever plc UL *$143.9 billion13.6861.0%17.9%-3.8%1.683.5%
Ecolab Inc. ECL$84.3 billion40.9120.0%16.7%9.3%1.271.0%
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Haleon plc HLN *$40.9 billion18.4310.1%21.9%-1.8%0.522.0%
Estee Lauder Companies Inc. EL$39.9 billion109.019.1%6.7%5.8%1.801.3%
Kenvue Inc. KVUE$37.1 billion21.9416.6%17.4%3.5%0.814.3%
SharkNinja, Inc. SN$31.4 billion37.4126.7%15.6%n/a0.22n/a
Church & Dwight Co. Inc. CHD$25.8 billion33.6417.3%18.0%1.7%0.491.1%
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Hooker Furnishings Corp. HOFT$156 millionn/an/an/an/a0.004.0%
LiveWire Group, Inc. LVWR$112 millionn/an/a-212.1%33.4%n/an/a
7 companies share its SEC industry code (Perfumes, Cosmetics & Other Toilet Preparations); the rest are the names nearest in size in its wider industry, Consumer Goods, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

The public record on KVUE

Dividends$0.825 a share in FY2025
Filings21 in twelve months: 12 current reports (8-K), about 4 results of operations; 3 officer or director change; 2 change to security holders' rights; 2 other events; 2 shareholder vote
Planned insider sales2 Form 144 notices in twelve months, $746,679; latest 10 June 2026
Options tapeput/call 0.43 by open interest at the 6 November 2026 close
13F holders1,019 funds reported a position for the quarter to 30 June 2026; largest FMR LLC
Insider trading2 sales and 2 purchases on Form 4 in twelve months
Congress3 House trades disclosed in six months
Short interest55.7 million shares short, 2.71 days to cover at 15 October 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Filings

FilingPeriodFiledWhere
10-Q27 September 202630 October 2026EDGAR
10-Q28 June 20266 August 2026EDGAR
10-Q29 March 20267 May 2026EDGAR
10-K28 December 202520 February 2026EDGAR
10-Q28 September 20253 November 2025EDGAR
10-Q29 June 20257 August 2025EDGAR
10-Q30 March 20258 May 2025EDGAR
10-K29 December 202424 February 2025EDGAR
10-Q29 September 20247 November 2024EDGAR
10-Q30 June 20246 August 2024EDGAR

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