# Kenvue (KVUE.US)

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

Analysis as of: 2026-10-16T07:29:43.373Z. Financial observations: FY2019–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: $18.67 per share; close as of 2026-10-15.

Estimated value: low $10.76 per share, central $12.19 per share, high $14.09 per share. Buy at or below the central value $12.19 per share. Valuation as of 2026-10-16T07:29:43.373Z; scenarios are not confidence intervals.

Expected annual return: 7.5% at the stated quote. About 7.5% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 7 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.66×

Chart: Operating margin; fiscal year observations.

- FY2019: 0.13×

- FY2020: -0.07×

- FY2021: 0.19×

- FY2022: 0.18×

- FY2023: 0.16×

- FY2024: 0.12×

- FY2025: 0.18×

- LTM to Jun 2026: 0.20×

### moat: pass

- ROIC, median of available years: 18.3%

- ROIC, second-lowest year: 11.3%

- Typical minus recent gross margin: -2.0 pp

- Typical gross margin (annual median): 55.9%

- Recent gross margin (lower of latest and 3-year median): 58.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.5%

- ROIC including acquisitions, ten-year median: 8.3%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2020: -10.0%

- FY2021: 20.8%

- FY2022: 11.3%

- FY2023: 21.2%

- FY2024: 15.8%

- FY2025: 22.8%

- LTM to Jun 2026: 25.9%

### economics: pass

- Owner earnings / net income, 5-yr: 1.14×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $9.4B

- Net income, five-year total: $8.3B

- Working capital / revenue, annual change: -0.6 pp

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

- FY2022: 1.13×

- FY2023: 1.09×

- FY2024: 1.18×

- FY2025: 1.06×

- LTM to Jun 2026: 0.86×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- Per-share earnings: 0.76 to 0.76 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 0.4%

- Diluted shares, 5-year annual growth: 0.4%

- Per-share value growth: 0.1%

- Per-share value change: $0.00

- Per-share value, starting three-year median: $0.76

- Per-share value, ending three-year median: $0.76

- Buybacks concentrated in cheaper years (correlation): 1.00

- Average buyback yield: 0.6%

- Buyback history: 2 years

- Debt-funded buybacks: Yes

- ROIC, last three-year median: 21.2%

Chart: Earnings per share; fiscal year observations.

- FY2019: $0.76

- FY2020: -$0.47

- FY2021: $1.21

- FY2022: $1.20

- FY2023: $0.90

- FY2024: $0.54

- FY2025: $0.76

### accounting: pass

- restructuring or one-time charges in at least three of five years

- Sloan accruals: -2.7%

- Receivables to sales index (DSRI): 1.08×

- Restructuring years, last five: 3

- Stock compensation / operating cash flow: 6.2%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.49×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 1.69×

Chart: Sloan accruals; fiscal year observations.

- FY2020: -14.7%

- FY2021: 6.2%

- FY2022: -1.7%

- FY2023: -5.4%

- FY2024: -2.9%

- FY2025: -2.7%

## Holders

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

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

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

## Price story

Down 29% since Jun 2023 · "Kenvue misses quarterly estimates as inflation, tariffs squeeze margins" (finance.yahoo.com, Aug 2026) · sales -2.1%

Story as of 2026-10-16T09:59:02.609Z; price observation 2026-10-15.

Price needs cash profits to grow 6.4% a year for ten years

- 2025-05-08: Kenvue Boosts 2025 Sales Growth View ([finance.yahoo.com](https://finance.yahoo.com/m/1fbe6448-f104-3cba-aa99-90228ed1bb18/kenvue-boosts-2025-sales.html))

- 2025-08-07: Kenvue shares fall as Q2 results miss estimates, company cuts guidance ([finance.yahoo.com](https://finance.yahoo.com/news/kenvue-shares-fall-q2-results-113015107.html))

- 2025-10-12: Moody’s Ratings Downgrades Kenvue Inc. (KVUE) Outlook from “Stable” to “Negative” ([finance.yahoo.com](https://finance.yahoo.com/news/moody-ratings-downgrades-kenvue-inc-124147873.html))

- 2025-11-09: Kenvue (KVUE) Jumps 17% on Strong Earnings, Kimberly-Clark $48.7-Billion Merger ([finance.yahoo.com](https://finance.yahoo.com/news/kenvue-kvue-jumps-17-strong-174221186.html))

- 2026-02-18: Kenvue Surges as Earnings Beat, Kimberly-Clark Merger Gains Steam ([finance.yahoo.com](https://finance.yahoo.com/news/kenvue-surges-earnings-beat-kimberly-131023108.html))

- 2026-08-06: Kenvue misses quarterly estimates as inflation, tariffs squeeze margins ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/kenvue-misses-quarterly-estimates-inflation-114707391.html))

### Sales · FY2024–2025

sales -2.1%; source https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm; observed 2026-02-20.

- FY2019: $14B 

- FY2020: $14B 

- FY2021: $15B 

- FY2022: $15B 

- FY2023: $15B 

- FY2024: $15B 

- FY2025: $15B 

### Gross margin · FY2025

gross margin 58.1%; source https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm; observed 2026-02-20.

- FY2019: 53.5% 

- FY2020: 54.2% 

- FY2021: 55.9% 

- FY2022: 55.4% 

- FY2023: 56.0% 

- FY2024: 58.0% 

- FY2025: 58.1% 

## Owner memo

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

### How it makes money

Operates in household & personal products; annual sales are USD 15.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm (filed 2026-02-20); FY2025: revenue 15124000000; grossProfit 8792000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KVUE.US: Kenvue Inc. operates as a consumer health company in the United States, rest of North America, Europe, the Middle East, Africa, the Asia-Pacific, and Latin America. It operates in three segments: Self Care, Skin Health and Beauty, and Essential Health. The company offers over-the-counter medicine for cough, cold and allergy, pain care, digestive health, smoking cessation, and eye care, as well as other naturally inspired and self-care products, digital diagnostics, and telemedicine; face and body care, hair, sun, and other care products; oral and baby care, women's health, wound care, and other essential health products; tampons; cosmetics; and vitamins and supplements. It sells its products under the Benadryl, Calpol, Motrin, Nicorette, Rhinocort, Tylenol, Zarbee's Naturals, and Zyrtec; Aveeno, Dr.Ci:Labo, Le Petit Marseillais, Lubriderm, Neutrogena, OGX, and Rogaine; BAND-AID, Carefree, Desitin, Johnson's, Listerine, o.b., and Stayfree; and ORSL, Clean & Clear, Versalie, Benylin, Daktarin, Imodium, Johnson's Baby, Johnson's Adult, Maui Moisture, Microlax, Motilium, Neosporin, Neostrata, Pepcid, Pulmicort, Regaine, Sudafed, and Visine/Vispring/Visclear brands. Kenvue Inc. was incorporated in 2022 and is headquartered in Summit, New Jersey.

### Why customers stay

Margins ranged from 56% to 58.1% during 2023–25; it earns 18.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: grossProfit / revenue = 56%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: grossProfit / revenue = 58%.

- Source: https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm (filed 2026-02-20); FY2025: grossProfit / revenue = 58.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); 7-year return on capital observations [[2020,-0.10002715985514744],[2021,0.20790217110120895],[2022,0.11256682202404981],[2023,0.21242751109789784],[2024,0.15814159461783334],[2025,0.2280837597050418]]; median 0.18302188285952115. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Can it raise prices

Prices and product mix lifted sales 0.1%; sales volumes fell.

- Source: https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm (filed 2026-02-20); [p0] nd packaging materials from single-source suppliers or a limited number of suppliers; however, no single supplier provides a significant portion of our total material requirements. Certain raw and packaging material commodities are subject to market price variations. For further information regarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination provides us with significant operational flexibility enhancing our ability to respond to demand while optimizing capital allocation. Warehousing and Distribution Capabilities Our distribution network is designed to respond to increasingly complex consumer and customer demand. The majority of our distribution centers are operated in partnership with expert third-party operators in order to leverage their scale, expertise, and technology platforms. In all cases, whether in-house or external, our distribution centers must comply with our rigorous quality compliance standards and are subject to our audit process. Quality Control and Compliance With a rigorous approach to product safety and quality control, we have a strong culture of quality across our end-to-end organization enhanced by rigorous compliance procedures. We invest in quality systems and data analytics platforms to further drive proactive quality ma

[p1] owever, no single supplier provides a significant portion of our total material requirements. Certain raw and packaging material commodities are subject to market price variations. For further information regarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination provides us with significant operational flexibility enhancing our ability to respond to demand while optimizing capital allocation. Warehousing and Distribution Capabilities Our distribution network is designed to respond to increasingly complex consumer and customer demand. The majority of our distribution centers are operated in partnership with expert third-party operators in order to leverage their scale, expertise, and technology platforms. In all cases, whether in-house or external, our distribution centers must comply with our rigorous quality compliance standards and are subject to our audit process. Quality Control and Compliance With a rigorous approach to product safety and quality control, we have a strong culture of quality across our end-to-end organization enhanced by rigorous compliance procedures. We invest in quality systems and data analytics platforms to further drive proactive quality management and improve the effectiveness of our quality control system. Suppliers are key

[p2] nd packaging materials from single-source suppliers or a limited number of suppliers; however, no single supplier provides a significant portion of our total material requirements. Certain raw and packaging material commodities are subject to market price variations. For further information regarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination pr egarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination provides us with significant operational flexibility enhancing our ability to respond to demand while optimizing capital allocation. Warehousing and Distribution Capabilities Our distribution network is designed to respond to increasingly complex consumer and customer demand. The maj

[p3] owever, no single supplier provides a significant portion of our total material requirements. Certain raw and packaging material commodities are subject to market price variations. For further information regarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination pr egarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination provides us with significant operational flexibility enhancing our ability to respond to demand while optimizing capital allocation. Warehousing and Distribution Capabilities Our distribution network is designed to respond to increasingly complex consumer and customer demand. The majority of our distribution centers are operated in partnership with expert third-party o

[p4] olume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination pr egarding the impact of changes in commodity prices, see Part I, Item 1A, “Risk Factors—Risks Related to Our Operations—Volatility in the cost or availability of raw materials and other inputs for our products, including due to military conflicts, has adversely affected, and could in the future continue to adversely affect us.” Manufacturing Footprint Our in-house manufacturing footprint delivered approximately 60% of our sales volume during the fiscal year 2025, with the remaining sales volume being supplied by an extensive network of external manufacturing facilities operated by trusted third-party suppliers. This combination provides us with significant operational flexibility enhancing our ability to respond to demand while optimizing capital allocation. Warehousing and Distribution Capabilities Our distribution network is designed to respond to increasingly complex consumer and customer demand. The majority of our distribution centers are operated in partnership with expert third-party operators in order to leverage their scale, expertise, and technology platforms. In all cases, whether in-house or external, our distribution centers must comply with our rigorous quality compliance standards and are subject to our audit process. Quality Control and Compliance With a rigorous approach to product safety and quality control, we have a strong culture of quality across our that operate in similar or adjacent categories, 3) regional companies that operate in our categories within the markets in which we compete, 4) generic OTC manufacturers and retailers’, including our customers’, private-label brands in both tradition

[p5] ld significantly reduce the excess between fair v ming as compared to the prior fiscal year in China, as well as lower seasonal incidences impacting Allergy Care, pediatric Pain Care, and Cough and Cold. Favorable value realization was driven by new pricing actions, partially offset by strategic price investments, primarily in Skin Health and Beauty. For additional information about the Net sales of our three reportable business segments, see “—Segment Results” below. The following table presents a reconciliation of the change in U.S. GAAP Net sales to the change in Organic sales for the fiscal twelve months ended December 28, 2025 as compared to the fiscal twelve months ended December 29, 2024: Fiscal Twelve Months Ended December 28, 2025 vs. December 29, 2024 Reported Net Sales Change Impact of Foreign Currency Acquisitions and Divestitures Organic Sales Change Total Organic Sales Change Price/Mix(1) Volume Total (2.1) % 0.2 % (0.1) % (2.2) % 0.1 % (2.3) % (1) Also referred to as value realization. Cost of Sales Cost of sales were $6.3 billion and $6.5 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $164 million, or 2.5%. Gross profit margin expanded 10 basis points to 58.1% for the fiscal twelve months ended December 28, 2025 as compared to 58.0% for the fiscal twelve months ended December 29, 2024. Changes in Cost of sales were primarily due to volum of Sales Cost of sales were $6.3 billion and $6.5 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $164 million, or 2.5%. Gross profit margin expanded 10 basis points to 58.1% for the fiscal twelve months ended December 28, 2025 as compared to 58.0% for the fiscal twelve months ended December 29, 2024. Changes in Cost of sales were primarily du

[p6]  v ming as compared to the prior fiscal year in China, as well as lower seasonal incidences impacting Allergy Care, pediatric Pain Care, and Cough and Cold. Favorable value realization was driven by new pricing actions, partially offset by strategic price investments, primarily in Skin Health and Beauty. For additional information about the Net sales of our three reportable business segments, see “—Segment Results” below. The following table presents a reconciliation of the change in U.S. GAAP Net sales to the change in Organic sales for the fiscal twelve months ended December 28, 2025 as compared to the fiscal twelve months ended December 29, 2024: Fiscal Twelve Months Ended December 28, 2025 vs. December 29, 2024 Reported Net Sales Change Impact of Foreign Currency Acquisitions and Divestitures Organic Sales Change Total Organic Sales Change Price/Mix(1) Volume Total (2.1) % 0.2 % (0.1) % (2.2) % 0.1 % (2.3) % (1) Also referred to as value realization. Cost of Sales Cost of sales were $6.3 billion and $6.5 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $164 million, or 2.5%. Gross profit margin expanded 10 basis points to 58.1% for the fiscal twelve months ended December 28, 2025 as compared to 58.0% for the fiscal twelve months ended December 29, 2024. Changes in Cost of sales were primarily due to volum of Sales Cost of sales were $6.3 billion and $6.5 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $164 million, or 2.5%. Gross profit margin expanded 10 basis points to 58.1% for the fiscal twelve months ended December 28, 2025 as compared to 58.0% for the fiscal twelve months ended December 29, 2024. Changes in Cost of sales were primarily due to volume-related Net sales decreases. Change

[p7] o the fiscal twelve months ended December 29, 2024: Fiscal Twelve Months Ended December 28, 2025 vs. December 29, 2024 Reported Net Sales Change Impact of Foreign Currency Acquisitions and Divestitures Organic Sales Change Total Organic Sales Change Price/Mix(1) Volume Total (2.1) % 0.2 % (0.1) % (2.2) % 0.1 % (2.3) % (1) Also referred to as value realization. Cost of Sales Cost of sales were $6.3 billion and $6.5 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $164 million, or 2.5%. Gross profit margin expanded 10 basis points to 58.1% for the fiscal twelve months ended December 28, 2025 as compared to 58.0% for the fiscal twelve months ended December 29, 2024. Changes in Cost of sales were primarily due to volum of Sales Cost of sales were $6.3 billion and $6.5 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $164 million, or 2.5%. Gross profit margin expanded 10 basis points to 58.1% for the fiscal twelve months ended December 28, 2025 as compared to 58.0% for the fiscal twelve months ended December 29, 2024. Changes in Cost of sales were primarily due to volume-related Net sales decreases. Changes in both Cost of sales and gross profit margin were also driven by gains attributable to the realization of benefits associated with our supply chain optimization initiatives, 63 partially offset by net input cost inflation and the impact of tariffs imposed on goods imported into the United States. Changes in both Cost of sales and gross profit margin were also impacted by a reduction in stock-based compensation expense attributable to a refinement to the methodology of our stock-based compensation expense allocations, forfeitures of unvested stock-based awards, and the vesting of stock-based award

[p8] ensation expense attributable to forfeitures of u ilds in the prior year. Volume-related decreases were partially offset by growth in Smoking Cessation in Europe, Middle East, and Africa. Favorable value realization was primarily attributable to new pricing actions, partially offset by strategic price investments. Self Care Segment Adjusted Operating Income The Self Care Segment adjusted operating income decreased by $64 million, or 2.9%, to $2,109 million for the fiscal twelve months ended December 28, 2025 as compared to the fiscal twelve months ended December 29, 2024. The decrease was primarily driven by volume-related Net sales decreases, volume deleverage at internal manufacturing sites, unfavorable changes in foreign currency exchange rates, net input cost inflation, and the impact of tariffs imposed on goods imported into the United States, partially offset by lower expenses related to brand support, the realization of benefits associated with our supply chain optimization initiatives, and savings from Our Vue Forward resulting in administrative expense reductions. Skin Health and Beauty Segment Skin Health and Beauty Segment Net Sales The Skin Health and Beauty Segment Net sales were $4.1 billion and $4.2 billion for the fiscal twelve months ended December 28, 2025 and December 29, 2024, respectively, a decrease of $126 million, or 3.0%. Excluding the impact of the reduction in Net sales related to divestitures o eleration and competitive pressures in Oral Care in North America, partially offset by growth across product categories in Latin America. Favorable value realization was primarily attributable to new pricing actions, partially offset by strategic price investments. Essential Health Segment Adjusted Operating Income The Essential Health Segment adjusted operating income increased by $14 million, or 1.2

### Where the cash goes

Paid dividends in 3 of 7 years; bought back USD 197 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2019: growth capex 0; upkeep 289000000; owner earnings 1855000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2021: growth capex 0; upkeep 295000000; owner earnings 2514000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2022: growth capex 0; upkeep 375000000; owner earnings 2333000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2023: growth capex 0; upkeep 469000000; owner earnings 1822000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); FY2024: growth capex 0; upkeep 434000000; owner earnings 1218000000. Growth capex / owner earnings = 0.

- Source: https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm (filed 2026-02-20); FY2025: growth capex 0; upkeep 475000000; owner earnings 1552000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Dividend observations: [[2019,0],[2020,0],[2021,0],[2022,0],[2023,14554000000],[2024,1552000000],[2025,1581000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm (filed 2026-02-20); FY2025: cash repurchases 197000000 USD.

### Are managers owners

Insiders own 0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); KVUE.US SharesStats.PercentInsiders = 0.076 percentage points; cache date 2026-10-16.

### What could break it

"Legal proceedings related to talc or talc-containing products, such as Johnson’s" (SEC filing, Feb 2026)

- Source: https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm (filed 2026-02-20); Legal proceedings related to talc or talc-containing products, such as Johnson’s

### What the price says

The price assumes cash profits grow 6.4% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-20); Ten-year compound average after fade. Initial solved rate 0.07874579807796278. Price 18.67; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

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

- 2023-05: $25.09 per share

- 2023-06: $26.42 per share

- 2023-07: $23.68 per share

- 2023-08: $23.05 per share

- 2023-09: $20.08 per share

- 2023-10: $18.60 per share

- 2023-11: $20.44 per share

- 2023-12: $21.53 per share

- 2024-01: $20.76 per share

- 2024-02: $19.00 per share

- 2024-03: $21.46 per share

- 2024-04: $18.82 per share

- 2024-05: $19.30 per share

- 2024-06: $18.18 per share

- 2024-07: $18.49 per share

- 2024-08: $21.95 per share

- 2024-09: $23.13 per share

- 2024-10: $22.93 per share

- 2024-11: $24.08 per share

- 2024-12: $21.35 per share

- 2025-01: $21.29 per share

- 2025-02: $23.60 per share

- 2025-03: $23.98 per share

- 2025-04: $23.60 per share

- 2025-05: $23.87 per share

- 2025-06: $20.93 per share

- 2025-07: $21.44 per share

- 2025-08: $20.71 per share

- 2025-09: $16.23 per share

- 2025-10: $14.37 per share

- 2025-11: $17.35 per share

- 2025-12: $17.25 per share

- 2026-01: $17.40 per share

- 2026-02: $19.12 per share

- 2026-03: $17.24 per share

- 2026-04: $17.53 per share

- 2026-05: $17.28 per share

- 2026-06: $19.11 per share

- 2026-07: $19.24 per share

- 2026-08: $18.88 per share

- 2026-09: $17.66 per share

- 2026-10: $17.76 per share

## Annual estimated value (USD per share)

- FY2023: low $12.40 per share, central $14.03 per share, high $16.19 per share

- FY2024: low $10.76 per share, central $12.19 per share, high $14.09 per share

- FY2025: low $10.53 per share, central $11.93 per share, high $13.79 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 2026-10-15T06:35:27.877Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm); period 2025-12-28, filed 2026-02-20.

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.