Tearsheet

Kenvue (KVUE)


Market Price (12/25/2025): $17.04 | Market Cap: $32.7 Bil
Sector: Consumer Staples | Industry: Personal Care Products

Kenvue (KVUE)


Market Price (12/25/2025): $17.04
Market Cap: $32.7 Bil
Sector: Consumer Staples
Industry: Personal Care Products

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.


0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%
Weak multi-year price returns
2Y Excs Rtn is -59%
Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.2%, Rev Chg QQuarterly Revenue Change % is -3.5%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 2.1 Bil
  Key risks
KVUE key risks include [1] significant legal liabilities from litigation over its Tylenol, Show more.
2 Low stock price volatility
Vol 12M is 35%
  
3 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Nutritional Supplements, Organic & Natural Products, Show more.
  
0 Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.1%, Dividend Yield is 4.8%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.0%
1 Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 11%, CFO LTM is 2.1 Bil
2 Low stock price volatility
Vol 12M is 35%
3 Megatrend and thematic drivers
Megatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Nutritional Supplements, Organic & Natural Products, Show more.
4 Weak multi-year price returns
2Y Excs Rtn is -59%
5 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -2.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is 0.2%, Rev Chg QQuarterly Revenue Change % is -3.5%
6 Key risks
KVUE key risks include [1] significant legal liabilities from litigation over its Tylenol, Show more.

Valuation, Metrics & Events

KVUE Stock


Why The Stock Moved


Qualitative Assessment

AI Analysis | Feedback

The period from August 31, 2025, to December 25, 2025, for Kenvue (KVUE) was marked by several factors that contributed to its stock movement. Here are key points explaining the stock's performance: **1. Weakened Sales Outlook and Missed Revenue Expectations.** Kenvue lowered its full-year 2025 sales and earnings guidance in August 2025, anticipating net sales to decline in the low single digits, a reversal from earlier forecasts of a 1%-3% increase. This outlook was influenced by softer consumer spending and margin pressure. The company also reported Q2 2025 revenue of $3.84 billion, missing analyst estimates of $4.18 billion, with organic sales declining by 4.2%. In Q3 2025, Kenvue's revenue again missed expectations, coming in at $3.76 billion against an anticipated $3.83 billion, representing a 3.5% year-over-year decrease in net sales and a 4.4% decline in organic sales. **2. Analyst Downgrades and Price Target Cuts.** Following Kenvue's lowered guidance and missed earnings, several analysts trimmed their price targets and lowered ratings on the stock. For instance, in August 2025, Jefferies lowered its price target to $25 from $26, while Canaccord Genuity reduced its target to $26 from $29. By October and November 2025, firms like Citigroup and UBS Group further decreased their price targets, and Edward Jones cut Kenvue from a "strong-buy" to a "hold" rating. The consensus rating from analysts remained a "Hold" with an average 12-month target of $20.23 by December 2025, indicating limited upside. **3. Continued Operational Challenges and Margin Pressure.** Kenvue attributed performance issues in Q2 2025 to a soft allergy and sun care season, along with weaker consumption and shifts in trade inventory. The company also faced margin compression and persistent execution issues in North America. While gross profit margins expanded in Q3 2025 due to productivity gains, adjusted operating income margin still declined year-over-year. **4. High Dividend Payout Ratio Raising Sustainability Concerns.** Kenvue maintained a quarterly dividend of $0.2075 per share, offering a yield of approximately 4.9%. However, the dividend payout ratio was notably high at 110.67%, which raised concerns among investors about the long-term sustainability of the dividend if earnings did not grow as expected. **5. Leadership Changes and Strategic Review.** Kenvue underwent leadership changes with CEO Thibaut Mongon being replaced by Kirk Perry as interim chief in July 2025, and Amit Banati joining as CFO in May 2025. In November 2025, Kirk Perry was named permanent CEO. The company also announced a strategic review, which some investors believed could lead to a sale of all or part of the business. While leadership changes can sometimes signal positive future direction, in this period, they were accompanied by challenging financial performance and guidance, potentially adding to market uncertainty. Show more

Stock Movement Drivers

Fundamental Drivers

The 3.4% change in KVUE stock from 9/24/2025 to 12/24/2025 was primarily driven by a 2.2% change in the company's P/E Multiple.
924202512242025Change
Stock Price ($)16.6517.213.36%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)15141.0015006.00-0.89%
Net Income Margin (%)9.37%9.55%1.97%
P/E Multiple22.5323.032.22%
Shares Outstanding (Mil)1919.001918.000.05%
Cumulative Contribution3.36%

LTM = Last Twelve Months as of date shown

Market Drivers

9/24/2025 to 12/24/2025
ReturnCorrelation
KVUE3.4% 
Market (SPY)4.4%11.4%
Sector (XLP)-0.5%33.8%

Fundamental Drivers

The -16.9% change in KVUE stock from 6/25/2025 to 12/24/2025 was primarily driven by a -38.6% change in the company's P/E Multiple.
625202512242025Change
Stock Price ($)20.7117.21-16.90%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)15302.0015006.00-1.93%
Net Income Margin (%)6.90%9.55%38.38%
P/E Multiple37.5423.03-38.63%
Shares Outstanding (Mil)1914.001918.00-0.21%
Cumulative Contribution-16.90%

LTM = Last Twelve Months as of date shown

Market Drivers

6/25/2025 to 12/24/2025
ReturnCorrelation
KVUE-16.9% 
Market (SPY)14.0%11.0%
Sector (XLP)-2.0%38.1%

Fundamental Drivers

The -16.9% change in KVUE stock from 12/24/2024 to 12/24/2025 was primarily driven by a -38.2% change in the company's P/E Multiple.
1224202412242025Change
Stock Price ($)20.7017.21-16.87%
Change Contribution ByLTMLTM
Total Revenues ($ Mil)15459.0015006.00-2.93%
Net Income Margin (%)6.88%9.55%38.75%
P/E Multiple37.2623.03-38.18%
Shares Outstanding (Mil)1915.001918.00-0.16%
Cumulative Contribution-16.87%

LTM = Last Twelve Months as of date shown

Market Drivers

12/24/2024 to 12/24/2025
ReturnCorrelation
KVUE-16.9% 
Market (SPY)15.8%13.1%
Sector (XLP)0.2%44.5%

Fundamental Drivers

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Market Drivers

12/25/2023 to 12/24/2025
ReturnCorrelation
KVUE-12.7% 
Market (SPY)48.9%12.8%
Sector (XLP)14.9%45.2%

Return vs. Risk


Price Returns Compared

 202020212022202320242025Total [1]
Returns
KVUE Return3%-17%-14%
Peers Return20%18%-13%-5%2%-3%16%
S&P 500 Return16%27%-19%24%23%18%115%

Monthly Win Rates [3]
KVUE Win Rate43%50%42% 
Peers Win Rate58%57%40%47%60%37% 
S&P 500 Win Rate58%75%42%67%75%73% 

Max Drawdowns [4]
KVUE Max Drawdown-16%-32% 
Peers Max Drawdown-19%-10%-28%-18%-12%-21% 
S&P 500 Max Drawdown-31%-1%-25%-1%-2%-15% 


[1] Cumulative total returns since the beginning of 2020
[2] Peers: PG, CL, CHD, KMB, EL.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/24/2025 (YTD)

How Low Can It Go

KVUE has limited trading history. Below is the Consumer Staples sector ETF (XLP) in its place.

Unique KeyEventXLPS&P 500
2022 Inflation Shock2022 Inflation Shock  
2022 Inflation Shock% Loss% Loss-17.5%-25.4%
2022 Inflation Shock% Gain to Breakeven% Gain to Breakeven21.2%34.1%
2022 Inflation ShockTime to BreakevenTime to Breakeven682 days464 days
2020 Covid Pandemic2020 Covid Pandemic  
2020 Covid Pandemic% Loss% Loss-24.9%-33.9%
2020 Covid Pandemic% Gain to Breakeven% Gain to Breakeven33.2%51.3%
2020 Covid PandemicTime to BreakevenTime to Breakeven154 days148 days
2018 Correction2018 Correction  
2018 Correction% Loss% Loss-16.6%-19.8%
2018 Correction% Gain to Breakeven% Gain to Breakeven19.9%24.7%
2018 CorrectionTime to BreakevenTime to Breakeven404 days120 days
2008 Global Financial Crisis2008 Global Financial Crisis  
2008 Global Financial Crisis% Loss% Loss-33.4%-56.8%
2008 Global Financial Crisis% Gain to Breakeven% Gain to Breakeven50.2%131.3%
2008 Global Financial CrisisTime to BreakevenTime to Breakeven605 days1,480 days

Compare to

In The Past

SPDR Select Sector Fund's stock fell -17.5% during the 2022 Inflation Shock from a high on 4/20/2022. A -17.5% loss requires a 21.2% gain to breakeven.

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About Kenvue (KVUE)

We are the world’s largest pure-play consumer health company by revenue with $15.0 billion in net sales in 2022. We combine the power of science with meaningful human insights and digital-first capabilities, which we believe empowers approximately 1.2 billion people to live healthier lives every day. Our differentiated portfolio of iconic brands—including Tylenol, Neutrogena, Listerine, Johnson’s, Band-Aid, Aveeno, Zyrtec and Nicorette—is built for moments that uniquely matter to our consumers and, we believe, drives positive health outcomes around the world. We are a global leader at the intersection of healthcare and consumer goods, with a portfolio of iconic brands, operating in some of the most attractive categories in consumer health from both a growth and profitability perspective. Our consumer health portfolio includes self care, skin care and beauty and essential personal care products, which reflect categories that we believe allow consumers across the world to realize the extraordinary power of everyday care. We hold leadership positions across a $369 billion consumer health market that we expect to grow at a compounded annual growth rate (“CAGR”) of 3% to 4% globally through 2025. We are well positioned to capitalize on this large market opportunity through our holistic approach to delivering consumer health solutions. This approach starts with our distinctive understanding of various consumer needs, which allows us to apply our consumer insights across multiple categories and brands. These comprehensive solutions are backed by science and recommended by healthcare professionals, which further reinforces our consumers’ connections to our brands. Our portfolio of brands is widely recognized and represents a combination of global and regional brands, many of which hold leading positions in their respective categories. Ten of our brands had approximately $400 million or more in net sales in 2022, and we currently hold seven #1 brand positions across major categories globally, in addition to many #1 brand positions locally across our four regions. In 2022, our net sales were well balanced and scaled across three segments: Self Care (40%), Skin Health and Beauty (29%) and Essential Health (31%). --- Our global footprint is also well balanced geographically with approximately half of our net sales generated outside North America in 2022. The breadth and scale of our portfolio allows us to dynamically capitalize on and respond to current trends impacting our categories and geographic markets. Our breadth and scale also provide us with a strong platform to broaden and enhance our portfolio in the future. Our global scale and brand portfolio are complemented by our well-developed capabilities and accelerated through our digital-first approach, allowing us to deliver better consumer health experiences. Our marketing organization leverages our e-commerce, precision marketing and broader digital capabilities to develop unique consumer insights and further enhance the relevance of our brands. Our research and development (“R&D”) organization leverages these consumer insights and places human empathy at the heart of our product development process. We combine that perspective with deep, multi-disciplinary scientific expertise, and engagement with healthcare professionals, to drive innovative new products, solutions and experiences. Our marketing and innovation capabilities are further complemented by our end-to-end, digitally connected supply chain ecosystem which is designed to optimize the flexibility and agility of our route-to-market. Our sourcing, manufacturing and demand planning capabilities are continuously optimized to meet evolving market dynamics. We also aim to leverage our flexible distribution network, consumer health thought leadership and data-driven customer partnerships to continue to drive joint value creation for us and our retail customers. Underpinned by our comprehensive environmental, social and governance (“ESG”) strategy, our core capabilities are supported by our commitment to building a resilient and sustainable business that creates value for all our stakeholders over the long term. The strength of our business has created a compelling financial profile characterized by net sales growth and strong profitability. We were incorporated in Delaware on February 23, 2022 in connection with the Separation and were formed to ultimately hold, directly or indirectly, and conduct certain operational activities in anticipation of the planned separation of, the Consumer Health Business. Prior to the completion of this offering, we are a wholly owned subsidiary of Johnson & Johnson. Our principal executive offices are located at 199 Grandview Road, Skillman, NJ.

AI Analysis | Feedback

Kenvue is like Procter & Gamble, but exclusively focused on everyday health and personal care products.

Kenvue is like Colgate-Palmolive, but with a broader portfolio that includes major over-the-counter medicines and skincare brands.

Kenvue is essentially Johnson & Johnson's well-known consumer health division, now operating as an independent public company.

AI Analysis | Feedback

  • Tylenol: A leading brand of acetaminophen-based medication for pain and fever relief.
  • Motrin: An ibuprofen-based medication primarily for pain relief and fever reduction.
  • Zyrtec: An antihistamine brand providing relief from various allergy symptoms.
  • Listerine: A widely recognized brand of antiseptic mouthwash for oral hygiene.
  • Neutrogena: A diverse range of skincare, sun care, and cosmetic products.
  • Aveeno: Skincare products developed with natural ingredients, often for sensitive skin.
  • Johnson's Baby: A comprehensive line of baby care products, including lotions, washes, and powders.
  • Band-Aid: Adhesive bandages and wound care products for minor cuts and scrapes.
  • Pepcid: A medication used to relieve and prevent heartburn due to acid indigestion.

AI Analysis | Feedback

Kenvue (KVUE) primarily sells its consumer health products to other companies, specifically large retailers and e-commerce platforms, who then distribute and sell these products to individual consumers.

According to Kenvue's 2023 Annual Report (10-K filing), its major customers, which represent a significant portion of its net sales, include:

  • Walmart Inc. (NYSE: WMT)
  • CVS Health Corporation (NYSE: CVS)
  • The Kroger Co. (NYSE: KR)
  • Walgreens Boots Alliance, Inc. (NASDAQ: WBA)
  • Target Corporation (NYSE: TGT)
  • Amazon.com, Inc. (NASDAQ: AMZN)

Walmart Inc. alone accounted for approximately 16% of Kenvue's consolidated net sales in 2023, while the next five largest customers (CVS Health Corporation, The Kroger Co., Walgreens Boots Alliance, Inc., Target Corporation, and Amazon.com, Inc.) collectively accounted for approximately 25% of consolidated net sales.

AI Analysis | Feedback

  • Johnson & Johnson (JNJ)

AI Analysis | Feedback

Kirk Perry, Chief Executive Officer and Director

Kirk Perry was appointed Interim Chief Executive Officer of Kenvue in July 2025 and permanently to the role effective November 2, 2025. He is also a current Kenvue director. Perry brings over 30 years of experience in global consumer-packaged goods, technology, and business transformation. Prior to Kenvue, he held leadership roles at Google, where he served as President, Brand Solutions, and at Procter & Gamble, where he worked for 24 years in various capacities, including President of Global Family Care and Vice President of North America Fabric Care. His career reflects a strong background in leading major consumer and technology businesses.

Amit Banati, Chief Financial Officer

Amit Banati serves as the Chief Financial Officer of Kenvue. He previously held the position of Executive Vice President and Chief Financial Officer for Johnson & Johnson Consumer Health. Before his time at Johnson & Johnson, Banati was the President of Asia Pacific for Mondelēz International, where he managed a significant portfolio of brands across various markets. His experience also includes roles as Chief Financial Officer for Cadbury plc's Asia Pacific and Africa regions, and various finance and management positions at Procter & Gamble.

Luani Alvarado, Chief People Officer

Luani Alvarado is the Chief People Officer for Kenvue, where she leads the company's talent, diversity, equity, and inclusion strategy. Her responsibilities encompass People Experience, Inclusion, Talent Development, Compensation, Health & Well-Being, HR Business Partners, and Operations. Before Kenvue, Alvarado served as Global Leader, Human Resources, for Johnson & Johnson Consumer Health. She played a key role in developing and implementing a new operating model for Johnson & Johnson Consumer Health and has experience in the Chemical, Pharmaceuticals, Medical Technology, and Consumer industries.

Caroline Tillett, PhD, Chief Scientific Officer

Dr. Caroline Tillett is the Chief Scientific Officer for Kenvue, overseeing the company's Research & Development organization, which includes New Product & Packaging Development, Sustainability, Medical Safety, and Regulatory Affairs. She is responsible for setting the strategy for Kenvue's innovation pipeline across its Skin Health & Beauty, Self Care, and Essential Health segments. With over 20 years of experience in consumer health, Dr. Tillett previously served as Global Head, R&D, for Johnson & Johnson Consumer Health and as interim Global Head of Consumer R&D at GSK.

Matt Orlando, General Counsel

Matt Orlando is the General Counsel for Kenvue, leading the Legal, Compliance, Privacy, Global Security, and Brand Protection organizations. He previously served as Corporate Secretary and Worldwide Vice President, Corporate Governance, for Johnson & Johnson, acting as a liaison to the Johnson & Johnson Board of Directors. Throughout his more than 15 years at Johnson & Johnson, Orlando held various legal leadership roles, including General Counsel, Global Consumer Medical Devices. Prior to Johnson & Johnson, he worked for the pharmaceutical company UCB in Brussels and law firms in Australia.

AI Analysis | Feedback

The public company Kenvue (KVUE) faces several key risks to its business, primarily stemming from legal and regulatory challenges, intense competition, and a decline in profitability.

  1. Legal and Regulatory Challenges: Kenvue is currently navigating significant legal and regulatory hurdles, most notably concerning its flagship product, Tylenol (acetaminophen), and products containing phenylephrine. The company faces lawsuits and increasing scrutiny over an alleged link between prenatal Tylenol use and autism/ADHD, as well as the FDA's advisory panel ruling that orally administered phenylephrine, an ingredient in many nasal decongestants, is ineffective. These challenges have led to stock price drops, reputational damage, and potential liabilities estimated to range from $500 million to $1.5 billion. Ongoing litigation, including a lawsuit from the Texas Attorney General and a U.K. lawsuit related to talc-related cancer risks, continues to erode investor confidence and consume management's focus.
  2. Competition from Private Label Brands and Limited Organic Growth Potential: Kenvue operates in mature consumer health categories, leading to increased competition from store brands and private label alternatives. This competition can put pressure on the company's margins and market share. The mature nature of its product categories means Kenvue often relies more on price increases rather than volume growth for expansion, which can limit its organic growth potential.
  3. Declining Profitability and Increased Operating Expenses: Recent financial analyses indicate a significant decline in Kenvue's net income, operating cash flow, and key profitability margins in 2024. This compression in profitability is attributed to a substantial increase in operating expenses. Additionally, the company's dividend payout ratio exceeding both net income and free cash flow raises concerns about the long-term sustainability of its dividend if financial performance does not improve as projected.

AI Analysis | Feedback

The rapid advancement and increasing consumer adoption of AI-driven personalized health and beauty solutions. This trend supports the emergence of specialized direct-to-consumer (DTC) brands and platforms that offer highly customized products and recommendations based on individual biometric data, genetic profiles, or real-time health monitoring. This directly challenges Kenvue's traditional model of mass-market, standardized products across self-care, skin health, and essential health categories, potentially eroding market share among consumers seeking tailored and data-backed solutions over broad-appeal brands.

AI Analysis | Feedback

Kenvue operates within the consumer health market, which was valued at approximately $369 billion globally in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 3% to 4% globally through 2025. The company's main product segments are Self Care, Skin Health and Beauty, and Essential Health.

Self Care

  • Pain Relief (including brands like Tylenol and Motrin): The global pain relief medication market was valued at USD 107.54 billion in 2024 and is projected to reach USD 231.54 billion by 2035, growing at a CAGR of 7.22% from 2025 to 2035.
    • The global acetaminophen market (Tylenol is an acetaminophen product) was estimated at USD 10.4 billion in 2024 and is expected to grow to USD 16.6 billion in 2034, with a CAGR of 4.5% from 2025 to 2034. The U.S. acetaminophen market alone was valued at USD 4.1 billion in 2024.
    • The global topical pain relief market was valued at USD 11.0 billion in 2024 and is estimated to reach USD 17.3 billion by 2033, exhibiting a CAGR of 5.1% from 2025-2033. North America dominates this market, holding a market share of over 35.0% in 2024.
  • Allergy Relief (including brands like Zyrtec): The global antihistamine market was valued at approximately USD 3.2 billion in 2022 and is projected to grow at a CAGR of around 5% over the next five years. The U.S. is the largest market, accounting for roughly 60% of global sales in the antihistamine segment.

Skin Health and Beauty

  • Skin Care Products (including brands like Neutrogena and Aveeno): The global skincare products market was valued at USD 171.05 billion in 2024 and is projected to reach USD 260.61 billion by 2033, growing at a CAGR of 4.79% during the forecast period (2025–2033). Asia-Pacific dominated this market, holding a 35% share in 2024. The U.S. beauty market (which includes skincare) is valued at $42 billion.

Essential Health

  • Oral Care (including brands like Listerine): The global mouthwash market was valued at USD 2.26 billion in 2024 and is poised to grow to USD 3.76 billion by 2032, with a CAGR of 6.55% during the forecast period (2025-2032). North America holds the largest share of the mouthwash market.
  • Baby Care (including brands like Johnson's Baby): No specific addressable market size for "baby care" as a standalone market was found.
  • Wound Care (including brands like Band-Aid): No specific addressable market size for "wound care" related to Kenvue's products was found.

AI Analysis | Feedback

Expected Drivers of Future Revenue Growth for Kenvue (KVUE)

Over the next two to three years, Kenvue's revenue growth is expected to be driven by several key strategic initiatives and market dynamics, prior to its anticipated acquisition by Kimberly-Clark in the second half of 2026.

  • Value Realization through Pricing and Mix: Kenvue has demonstrated an ability to drive organic growth through value realization, which includes price increases and a favorable product mix. In the third quarter of 2024, value realization contributed 2.5% to organic growth, stemming from a combination of carry-over pricing and new price actions. This strategy is expected to continue contributing to revenue growth.

  • Strategic Reinvestment in Iconic Brands and Marketing: The company is leveraging productivity and efficiency benefits from its "Our Vue Forward" initiative, aiming to deliver $350 million in annual savings by 2026. These savings are being reinvested behind its iconic brands to foster sustainable and profitable growth, driving market share gains in segments like Self Care and broad-based growth in Essential Health.

  • New Product Innovation and Portfolio Modernization: Kenvue plans to sustain growth through ongoing investments in innovation and strategic marketing. This includes the launch of new products, such as Tylenol Easy To Swallow, to enhance market penetration and consumer loyalty. The company is also exploring leveraging artificial intelligence (AI) for a faster research and development cycle in consumer health products, aiming to modernize its global brand portfolio through digital innovation.

  • Targeted Segment Growth and Recovery: While some segments have faced challenges, Kenvue is focusing on driving growth in specific areas. The Essential Health segment exhibited growth in the third quarter of 2024, and the company is working on building a strong foundation in its Skin Health and Beauty segment, where early signs of recovery are emerging.

AI Analysis | Feedback

Share Repurchases

  • Kenvue's Board of Directors authorized a share repurchase program for up to 27 million shares on October 26, 2023, with no expiration date.
  • The purpose of this program is to offset dilution resulting from the vesting or exercise of equity awards under Kenvue's equity incentive plan.
  • As of September 28, 2025, Kenvue had repurchased 20,387,000 shares totaling $439.14 million under the authorized program.

Share Issuance

  • Kenvue completed its Initial Public Offering (IPO) on May 4, 2023, issuing 198,734,444 shares of common stock at $22.00 per share, which raised $3.8 billion.
  • Following the IPO, Johnson & Johnson initially retained approximately 89.6% of Kenvue's total outstanding shares.
  • Johnson & Johnson completed its full separation from Kenvue through a share exchange in July/August 2023, reducing its ownership to 9.5% of outstanding shares.

Inbound Investments

  • In March 2025, activist investment firm Starboard acquired a stake in Kenvue, which resulted in Starboard's CEO joining Kenvue's board of directors.

Capital Expenditures

  • Kenvue reported capital expenditures of $375 million in fiscal year 2022 and $469 million in fiscal year 2023.
  • For fiscal year 2024, capital expenditures were $434 million, with an expected $482.3 million for fiscal year 2025.
  • Primary cash requirements for 2024 and 2025 are expected to include capital expenditures, supporting working capital, restructuring and integration efforts, and general operational needs.

Better Bets than Kenvue (KVUE)

Trade Ideas

Select ideas related to KVUE. For more, see Trefis Trade Ideas.

Unique KeyDateTickerCompanyCategoryTrade Strategy6M Fwd Rtn12M Fwd Rtn12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy11302025BF-BBrown-FormanDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-6.5%-6.5%-7.4%
CPB_11302025_Dip_Buyer_ValueBuy11302025CPBCampbell'sDip BuyDB | P/E OPMDip Buy with Low PE and High Margin
Buying dips for companies with tame PE and meaningfully high operating margin
-8.1%-8.1%-9.2%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025ENREnergizerDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
13.2%13.2%-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG11212025FLOFlowers FoodsDip BuyDB | FCF Yield | Low D/EDip Buy with High Free Cash Flow Yield
Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap
5.2%5.2%-1.6%
CLX_11142025_Dip_Buyer_FCFYield11142025CLXCloroxDip BuyDB | FCFY OPMDip Buy with High FCF Yield and High Margin
Buying dips for companies with high FCF yield and meaningfully high operating margin
-5.3%-5.3%-6.0%

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Peer Comparisons for Kenvue

Peers to compare with:

Financials

KVUEPGCLCHDKMBELMedian
NameKenvue Procter .Colgate-.Church &.Kimberly.Estee La. 
Mkt Price17.21144.4980.2585.46101.08107.4893.27
Mkt Cap33.0338.465.020.933.638.836.2
Rev LTM15,00684,93319,9996,06618,88314,32616,944
Op Inc LTM2,64120,5094,3461,0793,1601,1412,900
FCF LTM1,63914,9433,3709312,1026701,870
FCF 3Y Avg1,83215,1273,0288652,4561842,144
CFO LTM2,13618,9233,9201,0732,8721,2722,504
CFO 3Y Avg2,30818,6163,6591,0593,2211,7882,764

Growth & Margins

KVUEPGCLCHDKMBELMedian
NameKenvue Procter .Colgate-.Church &.Kimberly.Estee La. 
Rev Chg LTM-2.9%1.2%0.1%1.1%-3.1%-8.2%-1.4%
Rev Chg 3Y Avg0.2%1.8%4.2%4.6%-2.1%-6.8%1.0%
Rev Chg Q-3.5%3.0%1.0%-0.3%-1.6%-11.9%-1.0%
QoQ Delta Rev Chg LTM-0.9%0.8%0.3%-0.1%-0.4%-3.1%-0.2%
Op Mgn LTM17.6%24.1%21.7%17.8%16.7%8.0%17.7%
Op Mgn 3Y Avg16.8%23.6%21.2%18.3%15.2%9.7%17.6%
QoQ Delta Op Mgn LTM0.2%-0.1%-0.1%-1.2%0.3%-1.1%-0.1%
CFO/Rev LTM14.2%22.3%19.6%17.7%15.2%8.9%16.4%
CFO/Rev 3Y Avg15.0%22.2%18.7%18.0%16.5%11.6%17.2%
FCF/Rev LTM10.9%17.6%16.9%15.3%11.1%4.7%13.2%
FCF/Rev 3Y Avg11.9%18.0%15.4%14.7%12.5%1.4%13.6%

Valuation

KVUEPGCLCHDKMBELMedian
NameKenvue Procter .Colgate-.Church &.Kimberly.Estee La. 
Mkt Cap33.0338.465.020.933.638.836.2
P/S2.24.03.33.41.82.73.0
P/EBIT14.115.415.526.911.0-56.814.7
P/E23.020.222.439.813.8-34.221.3
P/CFO15.517.916.619.511.730.517.2
Total Yield9.1%5.0%7.2%3.2%12.1%-2.9%6.1%
Dividend Yield4.8%0.0%2.8%0.7%4.9%0.0%1.7%
FCF Yield 3Y Avg4.9%4.1%4.4%3.8%5.6%1.0%4.2%
D/E0.30.10.10.10.20.20.2
Net D/E0.20.10.10.10.20.20.1

Returns

KVUEPGCLCHDKMBELMedian
NameKenvue Procter .Colgate-.Church &.Kimberly.Estee La. 
1M Rtn2.7%-1.7%1.4%3.3%-2.6%15.5%2.0%
3M Rtn3.4%-4.5%-0.4%-1.3%-17.4%26.4%-0.8%
6M Rtn-16.9%-7.8%-7.4%-9.7%-19.4%39.6%-8.8%
12M Rtn-16.9%-12.2%-11.0%-18.7%-20.4%45.7%-14.5%
3Y Rtn-2.1%8.5%7.9%-17.4%-52.9%2.1%
1M Excs Rtn-0.7%-5.1%-2.0%-0.1%-6.0%12.1%-1.4%
3M Excs Rtn2.8%-9.3%-3.6%-5.1%-20.9%23.5%-4.3%
6M Excs Rtn-29.5%-20.5%-20.3%-22.3%-31.4%24.2%-21.4%
12M Excs Rtn-34.6%-28.6%-27.6%-35.3%-36.8%30.2%-31.6%
3Y Excs Rtn--78.0%-71.1%-70.7%-98.1%-133.5%-78.0%

Financials

Segment Financials

Revenue by Segment
$ Mil20242023202220212020
Self Care6,4516,0305,6435,2354,820
Essential Health4,6154,5704,8704,7824,896
Skin Health and Beauty4,3784,3504,5414,4504,608
Total15,44414,95015,05414,46714,324


Operating Income by Segment
$ Mil20242023202220212020
Self Care2,2992,0881,9521,7021,410
Essential Health1,0111,1111,2241,014921
Skin Health and Beauty6797088781,2811,177
Other operating expense (income), net1023-15-3,871-618
Impairment charges0    
Founder Shares-900  
Restructuring and operating model optimization initiatives-32-100-116  
Conversion of stock-based awards-5500  
General corporate/unallocated expenses-296-298-272-277-258
Depreciation-305-296-317  
Amortization of intangible assets-322-348-414  
Separation-related costs-468-2130  
Depreciation and amortization   -746-709
Restructuring expense   -82-77
Total2,5122,6752,920-9791,846


Price Behavior

Price Behavior
Market Price$17.21 
Market Cap ($ Bil)33.0 
First Trading Date05/04/2023 
Distance from 52W High-27.4% 
   50 Days200 Days
DMA Price$16.25$19.73
DMA Trenddownindeterminate
Distance from DMA5.9%-12.8%
 3M1YR
Volatility46.6%34.7%
Downside Capture74.4343.34
Upside Capture74.6918.63
Correlation (SPY)11.7%13.0%
KVUE Betas & Captures as of 11/30/2025

 1M2M3M6M1Y3Y
Beta0.520.400.390.410.240.14
Up Beta-1.84-1.11-0.590.060.130.09
Down Beta-0.850.480.090.170.31-0.08
Up Capture327%101%17%6%6%6%
Bmk +ve Days12253873141426
Stock +ve Days12192856115297
Down Capture25%63%130%123%56%70%
Bmk -ve Days7162452107323
Stock -ve Days7223468131333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
null
Based On 5-Year Data
null
Based On 10-Year Data
null

Short Interest

Short Interest: As Of Date12152025
Short Interest: Shares Quantity68,422,867
Short Interest: % Change Since 113020256.1%
Average Daily Volume37,066,141
Days-to-Cover Short Interest1.85
Basic Shares Quantity1,918,000,000
Short % of Basic Shares3.6%

Earnings Returns History

Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
11/3/202512.3%17.5%19.6%
8/7/20251.5%2.2%-12.3%
5/8/20254.1%1.3%-5.1%
2/6/2025-4.5%2.1%14.0%
11/7/20242.1%3.7%2.4%
8/6/202414.7%15.9%24.9%
5/7/20246.4%7.8%0.6%
2/8/2024-5.8%-6.0%-1.4%
...
SUMMARY STATS   
# Positive676
# Negative434
Median Positive5.2%3.7%8.3%
Median Negative-4.9%-4.3%-7.0%
Max Positive14.7%17.5%24.9%
Max Negative-5.8%-6.0%-12.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
93020251103202510-Q 9/28/2025
6302025807202510-Q 6/29/2025
3312025508202510-Q 3/30/2025
12312024224202510-K 12/29/2024
93020241107202410-Q 9/29/2024
6302024806202410-Q 6/30/2024
3312024509202410-Q 3/31/2024
12312023301202410-K 12/31/2023
93020231103202310-Q 10/1/2023
6302023802202310-Q 7/2/2023
3312023602202310-Q 4/2/2023
123120225042023424B4 12/31/2022
123120212032023S-1/A 12/31/2021