# Kimberly-Clark (KMB.US)

Canonical: https://gigainvestors.com/s/KMB

Analysis as of: 2026-10-16T07:29:38.893Z. Financial observations: FY1996–FY2026.

Listing currency: USD. Reporting currency: USD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $104.07 per share; close as of 2026-10-15.

Estimated value: low $56.32 per share, central $63.93 per share, high $74.07 per share. Buy at or below the central value $63.93 per share. Valuation as of 2026-10-16T07:29:38.893Z; scenarios are not confidence intervals.

Expected annual return: 7.2% at the stated quote. About 7.2% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.15×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.18×

- FY2018: 0.12×

- FY2019: 0.16×

- FY2020: 0.17×

- FY2021: 0.13×

- FY2022: 0.13×

- FY2023: 0.11×

- FY2024: 0.16×

- FY2025: 0.14×

- LTM to Jun 2026: 0.12×

### moat: pass

- ROIC, median of available years: 34.3%

- ROIC, second-lowest year: 30.3%

- Typical minus recent gross margin: -0.6 pp

- Typical gross margin (annual median): 35.0%

- Recent gross margin (lower of latest and 3-year median): 35.6%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.5%

- ROIC including acquisitions, ten-year median: 22.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 45.8%

- FY2017: 42.4%

- FY2018: 32.0%

- FY2019: 39.4%

- FY2020: 36.6%

- FY2021: 29.0%

- FY2022: 31.8%

- FY2023: 30.6%

- FY2024: 44.3%

- FY2025: 30.3%

### economics: pass

- Owner earnings / net income, 5-yr: 0.96×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.7B

- Net income, five-year total: $10B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.8 pp

- Working capital / revenue, change between three-year averages: -5.2 pp

- Working capital / revenue, final three-year average: 0.9%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.93×

- FY2022: 1.00×

- FY2023: 1.00×

- FY2024: 1.02×

- FY2025: 0.84×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 42.4% vs 30.6%

- Per-share earnings: 5.99 to 6.07 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.9%

- Ordinary dilution, 5-year annual growth: -0.5%

- Market cap gain: -$7.2B

- Cumulative retained earnings: $3.8B

- Diluted shares, 10-year annual growth: -0.9%

- Diluted shares, 5-year annual growth: -0.5%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 0.2%

- Per-share value change: $0.08

- Per-share value, starting three-year median: $5.99

- Per-share value, ending three-year median: $6.07

- Buybacks concentrated in cheaper years (correlation): 0.24

- Average buyback yield: 1.4%

- Buyback history: 10 years

- Debt-funded buybacks: No

- Acquisition spending: $3.2B

- Cumulative net income, 10 years: $20B

- ROIC, first three-year median: 42.4%

- ROIC, last three-year median: 30.6%

Chart: Earnings per share; fiscal year observations.

- FY2016: $5.99

- FY2017: $6.40

- FY2018: $4.03

- FY2019: $6.24

- FY2020: $6.87

- FY2021: $5.35

- FY2022: $5.72

- FY2023: $5.20

- FY2024: $7.55

- FY2025: $6.07

### accounting: pass

- Sloan accruals: -4.4%

- Receivables to sales index (DSRI): 1.10×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 5.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.37×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.28×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.3%

- FY2017: -4.3%

- FY2018: -10.7%

- FY2019: -3.8%

- FY2020: -7.9%

- FY2021: -5.1%

- FY2022: -4.4%

- FY2023: -10.3%

- FY2024: -4.2%

- FY2025: -4.4%

## Holders

- [Andrew Adams](https://gigainvestors.com/MPF): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 28% since Apr 2023 · "These input-cost pressures are now fully incorporated into the company's outlook." (finance.yahoo.com, Sep 2026) · sales -3.8%

Story as of 2026-10-16T09:59:01.266Z; price observation 2026-10-15.

Price needs cash profits to grow 7.6% a year for ten years

- 2025-04-22: Kimberly-Clark Cuts Profit Outlook as New Tariff Costs Mount ([finance.yahoo.com](https://finance.yahoo.com/m/2a6d3c9a-904a-367c-bd27-1b0ff46d712d/kimberly-clark-cuts-profit.html))

- 2026-04-28: Kimberly-Clark Q1 Earnings Beat Estimates, Sales Up 2.7% Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kimberly-clark-q1-earnings-beat-151500136.html))

- 2026-08-14: KMB Cuts 2026 Outlook as China Diaper Disruption Clouds Growth View ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kmb-cuts-2026-outlook-china-160400736.html))

### Sales · FY2025–2026

sales -3.8%; source https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm; observed 2026-02-12.

- FY2017: $18B 

- FY2018: $18B 

- FY2019: $18B 

- FY2020: $19B 

- FY2021: $19B 

- FY2022: $20B 

- FY2023: $20B 

- FY2024: $20B 

- FY2025: $17B 

- FY2026: $17B 

### Gross margin · FY2025

gross margin 35.6%; source https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm; observed 2026-02-12.

- FY2016: 36.8% 

- FY2017: 36.1% 

- FY2018: 30.3% 

- FY2019: 32.7% 

- FY2020: 35.6% 

- FY2021: 30.8% 

- FY2022: 30.8% 

- FY2023: 34.4% 

- FY2024: 35.8% 

- FY2025: 35.6% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in household & personal products; annual sales are USD 17.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm (filed 2026-02-12); FY2025: revenue 17216000000; grossProfit 6130000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KMB.US: Kimberly-Clark Corporation, together with its subsidiaries, manufactures and markets personal care products in the United States. It operates in two segments, North America and International Personal Care. The North America segment offers disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, reusable underwear, facial and bathroom tissue, paper towels, napkins, wipers, tissue, towels, soaps and sanitizers, and other related products under the Huggies, Pull-Ups, Goodnites, Kotex, Poise, Depend, Kleenex, Scott, Cottonelle, Viva, Wypall, and other brand names. Its International Personal Care segment provides baby and child care, adult care and feminine care, including disposable diapers, training and youth pants, swimpants, baby wipes, feminine and incontinence care products, reusable underwear, and other related products under the Huggies, Kotex, Goodfeel, Intimus, Depend, and other brand names. The company sells its household use products directly to supermarkets, mass merchandisers, drugstores, warehouse clubs, variety and department stores, and other retail outlets, as well as through other distributors and e-commerce. It also sells its professional use products through distributors directly to manufacturing, lodging, office building, food service, and high-volume public facilities, as well as through e-commerce. Kimberly-Clark Corporation was founded in 1872 and is headquartered in Dallas, Texas.

### Why customers stay

Margins ranged from 34.4% to 35.8% during 2023–25; it earns 34.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: grossProfit / revenue = 35.8%.

- Source: https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm (filed 2026-02-12); FY2025: grossProfit / revenue = 35.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); 10-year return on capital observations [[2016,0.45783436681824435],[2017,0.42422103111335596],[2018,0.32006347090176934],[2019,0.3944196722353801],[2020,0.3659171479186893],[2021,0.29025195122496883],[2022,0.31826522048233263],[2023,0.3064812975835816],[2024,0.4433331831516269],[2025,0.3033181753157266]]; median 0.34299030941022934. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 141 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2016: growth capex 0; upkeep 771000000; owner earnings 2101576385.759351. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2017: growth capex 22025764.551825404; upkeep 762974235.4481746; owner earnings 2239025764.5518255. Growth capex / owner earnings = 0.0098372090667899.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2018: growth capex 0; upkeep 877000000; owner earnings 1415000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2019: growth capex 0; upkeep 1209000000; owner earnings 1870316340.4642694. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2020: growth capex 277702409.7639358; upkeep 939297590.2360642; owner earnings 2208702409.763936. Growth capex / owner earnings = 0.12573102131654593.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2021: growth capex 122099449.82964063; upkeep 884900550.1703594; owner earnings 1695099449.8296406. Growth capex / owner earnings = 0.07203084741836932.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2022: growth capex 122000000; upkeep 754000000; owner earnings 1934000000. Growth capex / owner earnings = 0.06308169596690796.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2023: growth capex 13000000; upkeep 753000000; owner earnings 1762000000. Growth capex / owner earnings = 0.0073779795686719635.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); FY2024: growth capex 0; upkeep 721000000; owner earnings 2604231962.761831. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm (filed 2026-02-12); FY2025: growth capex 0; upkeep 1138000000; owner earnings 1688000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Dividend observations: [[2016,1311000000],[2017,1359000000],[2018,1386000000],[2019,1408000000],[2020,1451000000],[2021,1516000000],[2022,1558000000],[2023,1588000000],[2024,1628000000],[2025,1660000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm (filed 2026-02-12); FY2025: cash repurchases 141000000 USD.

### Are managers owners

Insiders own 0.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KMB.US SharesStats.PercentInsiders = 0.709 percentage points; cache date 2026-10-16.

### What could break it

"Our international operations are subject to foreign market risks" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm (filed 2026-02-12); Our international operations are subject to foreign market risks

### What the price says

The price assumes cash profits grow 7.6% yearly over ten years; actual growth was 10%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-12); Ten-year compound average after fade. Initial solved rate 0.1226056347403407. Price 104.07; FX 1; discount 0.1; same compounder ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.9612687905370831 → FY2025 5.066026410564226. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $114.41 per share

- 2016-11: $115.61 per share

- 2016-12: $114.12 per share

- 2017-01: $121.13 per share

- 2017-02: $132.55 per share

- 2017-03: $131.63 per share

- 2017-04: $129.75 per share

- 2017-05: $129.73 per share

- 2017-06: $129.11 per share

- 2017-07: $123.16 per share

- 2017-08: $123.29 per share

- 2017-09: $117.68 per share

- 2017-10: $112.51 per share

- 2017-11: $119.76 per share

- 2017-12: $120.66 per share

- 2018-01: $117.00 per share

- 2018-02: $110.92 per share

- 2018-03: $110.13 per share

- 2018-04: $103.54 per share

- 2018-05: $100.85 per share

- 2018-06: $105.34 per share

- 2018-07: $113.86 per share

- 2018-08: $115.54 per share

- 2018-09: $113.64 per share

- 2018-10: $104.30 per share

- 2018-11: $115.37 per share

- 2018-12: $113.94 per share

- 2019-01: $111.38 per share

- 2019-02: $116.83 per share

- 2019-03: $123.90 per share

- 2019-04: $128.38 per share

- 2019-05: $127.89 per share

- 2019-06: $133.28 per share

- 2019-07: $135.65 per share

- 2019-08: $141.11 per share

- 2019-09: $142.05 per share

- 2019-10: $132.88 per share

- 2019-11: $136.34 per share

- 2019-12: $137.55 per share

- 2020-01: $143.24 per share

- 2020-02: $131.19 per share

- 2020-03: $127.87 per share

- 2020-04: $138.48 per share

- 2020-05: $141.44 per share

- 2020-06: $141.35 per share

- 2020-07: $152.04 per share

- 2020-08: $157.76 per share

- 2020-09: $147.66 per share

- 2020-10: $132.59 per share

- 2020-11: $139.31 per share

- 2020-12: $134.83 per share

- 2021-01: $132.10 per share

- 2021-02: $128.33 per share

- 2021-03: $139.05 per share

- 2021-04: $133.32 per share

- 2021-05: $130.63 per share

- 2021-06: $133.78 per share

- 2021-07: $135.72 per share

- 2021-08: $137.81 per share

- 2021-09: $132.44 per share

- 2021-10: $129.49 per share

- 2021-11: $130.31 per share

- 2021-12: $142.92 per share

- 2022-01: $137.65 per share

- 2022-02: $130.15 per share

- 2022-03: $123.16 per share

- 2022-04: $138.83 per share

- 2022-05: $133.02 per share

- 2022-06: $135.15 per share

- 2022-07: $131.79 per share

- 2022-08: $127.52 per share

- 2022-09: $112.54 per share

- 2022-10: $124.46 per share

- 2022-11: $135.63 per share

- 2022-12: $135.75 per share

- 2023-01: $130.01 per share

- 2023-02: $125.05 per share

- 2023-03: $134.22 per share

- 2023-04: $144.89 per share

- 2023-05: $134.28 per share

- 2023-06: $138.06 per share

- 2023-07: $129.10 per share

- 2023-08: $128.83 per share

- 2023-09: $120.85 per share

- 2023-10: $119.64 per share

- 2023-11: $123.73 per share

- 2023-12: $121.51 per share

- 2024-01: $120.97 per share

- 2024-02: $121.17 per share

- 2024-03: $129.35 per share

- 2024-04: $136.53 per share

- 2024-05: $133.30 per share

- 2024-06: $138.20 per share

- 2024-07: $135.05 per share

- 2024-08: $144.66 per share

- 2024-09: $142.28 per share

- 2024-10: $134.18 per share

- 2024-11: $139.35 per share

- 2024-12: $131.04 per share

- 2025-01: $129.97 per share

- 2025-02: $142.01 per share

- 2025-03: $142.22 per share

- 2025-04: $131.78 per share

- 2025-05: $143.76 per share

- 2025-06: $128.92 per share

- 2025-07: $124.62 per share

- 2025-08: $129.14 per share

- 2025-09: $124.34 per share

- 2025-10: $119.71 per share

- 2025-11: $109.12 per share

- 2025-12: $100.89 per share

- 2026-01: $99.99 per share

- 2026-02: $111.44 per share

- 2026-03: $96.47 per share

- 2026-04: $98.43 per share

- 2026-05: $97.60 per share

- 2026-06: $109.77 per share

- 2026-07: $109.31 per share

- 2026-08: $107.95 per share

- 2026-09: $97.43 per share

- 2026-10: $98.29 per share

## Annual estimated value (USD per share)

- FY2016: low $45.13 per share, central $51.23 per share, high $59.35 per share

- FY2017: low $58.23 per share, central $66.30 per share, high $77.06 per share

- FY2018: low $44.72 per share, central $50.82 per share, high $58.94 per share

- FY2019: low $61.91 per share, central $70.54 per share, high $82.04 per share

- FY2020: low $73.53 per share, central $83.81 per share, high $97.51 per share

- FY2021: low $66.32 per share, central $75.60 per share, high $87.95 per share

- FY2022: low $65.25 per share, central $74.37 per share, high $86.51 per share

- FY2023: low $65.20 per share, central $73.91 per share, high $85.51 per share

- FY2024: low $70.16 per share, central $83.82 per share, high $97.44 per share

- FY2025: low $57.51 per share, central $65.40 per share, high $75.92 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:35:23.348Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/55785/000162828026007567/kmb-20251231.htm); period 2025-12-31, filed 2026-02-12.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.