Tearsheet

Kenvue (KVUE)

Market Price (12/5/2025): $16.94 | Market Cap: $32.5 Bil
Sector: Consumer Staples | Industry: Personal Care Products

Kenvue (KVUE)

Market Price (12/5/2025): $16.94
Market Cap: $32.5 Bil
Sector: Consumer Staples
Industry: Personal Care Products

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 9.7%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%, FCF Yield is 5.3%	Weak multi-year price returns 2Y Excs Rtn is -60%	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
2	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31%
3	Low stock price volatility Vol 12M is 35%
4	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 9.7%, Dividend Yield is 5.1%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 5.5%, FCF Yield is 5.3%
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	Valuation becoming less expensive P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -31%
3	Low stock price volatility Vol 12M is 35%
4	Megatrend and thematic drivers Megatrends include Health & Wellness Trends, and Aging Population & Chronic Disease. Themes include Nutritional Supplements, Organic & Natural Products, Show more.
5	Weak multi-year price returns 2Y Excs Rtn is -60%
6	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%

Valuation, Metrics & Events

	12/5/25	2024	2023	2022	2021
Share Price CYE	$16.94	$20.50	$19.88
Market Cap CYE ($ Bil)	32.5	39.3	38.1	-	-
Total Debt ($ Bil)	9.1	8.7	8.4	0.1	0.1
Total Cash ($ Bil)	1.1	1.1	1.4	1.2	0.7
Enterprise Value ($ Bil)	40.5	48.0	46.5
Valuation Ratios
P/S TTM	2.1	2.6	2.6	0.0	0.0
P/EBIT TTM	13.2	22.1	15.6	0.0	0.0
P/E TTM	21.7	39.7	23.9	0.0	0.0
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.0	0.9	1.6
P/EBIT TTM (Sector)	9.2	10.6	10.9	10.9	12.4
P/E TTM (Sector)	13.8	14.9	15.4	14.0	17.0

	12/5/25	2024	2023
Share Price CYE	$16.94	$20.50	$19.88
Market Cap CYE ($ Bil)	32.5	39.3	38.1
Total Debt ($ Bil)	9.1	8.7	8.4
Total Cash ($ Bil)	1.1	1.1	1.4
Enterprise Value ($ Bil)	40.5	48.0	46.5
Valuation Ratios
P/S TTM	2.1	2.6	2.6
P/EBIT TTM	13.2	22.1	15.6
P/E TTM	21.7	39.7	23.9
Sector Ratios
P/S TTM (Sector)	1.0	1.0	1.0
P/EBIT TTM (Sector)	9.2	10.6	10.9
P/E TTM (Sector)	13.8	14.9	15.4

	KVUE	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	15.0
Rev Chg Q	-3.5%	7.1%
Rev Chg LTM	-2.9%	6.1%
Rev Chg 3Y Avg	0.2%	5.5%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	2.6
CFO LTM ($ Bil)	2.1
Net Inc LTM ($ Bil)	1.4
Op Mgn LTM	17.6%	18.8%
CFO/Rev LTM	14.2%	20.5%
Net Inc Mgn	9.5%	13.1%
VALUATION	MODERATE
P/S	2.1	3.2
P/CFO	14.5	15.8
P/FCF	18.9	20.5
P/E	21.7	23.5
STABILITY	FAIR
Debt/Equity	0.29	0.20
Cash/Assets	0.04	0.07

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Metric	Value	Date	Source
People Served	approximately 1.2 billion	12312024	Link
Countries of Operation	>165	12312024	Link
New Product Innovations Each Year Since 2020	>100	12312022	Link
Reduction in Scope 1 and 2 emissions	37%	12312024	Link
Use of renewable electricity across global operations	72%	12312024	Link
Packaging transitioned to be recyclable or refillable	69%	12312024	Link
Reduction in the use of virgin plastic in packaging	21.4%	12312024	Link
Total donations to support communities in need	more than $56 million	12312024	Link

Recent
11/12/2025	Dividend	Amount: $0.21 Payment On: 11/26/2025
Upcoming
2/05/2026	Earnings Release	Rev: - EPS: -

KVUE Stock

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Generated Analysis | Feedback

Here are the key points explaining Kenvue's stock movement from approximately 8/31/2025 to today:

1. Disappointing Q3 2025 Financial Results and Outlook. Kenvue reported a revenue miss for Q3 2025, with revenue decreasing by 3.5% year-over-year to $3.76 billion, falling short of analyst estimates. The company also reaffirmed its full-year 2025 outlook, projecting low-single-digit declines in net and organic sales and a decrease in adjusted operating income margin, with its FY2025 EPS guidance of $1.00-$1.05 being below analyst expectations of $1.14.

2. Escalating Tylenol Litigation Concerns. Kenvue faced increasing investor apprehension due to ongoing lawsuits and public assertions linking its Tylenol product to neurodevelopmental disorders, such as autism, particularly when used during pregnancy. These concerns led to significant stock drops, including a more than 9% decline on September 5, 2025, and a further 9% drop around September 22, 2025, following anticipated reports and negative coverage. The Texas Attorney General also filed a lawsuit in late October 2025, attempting to block a substantial shareholder dividend amidst these allegations, though a judge later allowed the payout.

3. Broadened Talc Litigation Exposure. The company's stock was negatively impacted by its continued exposure to talc-related litigation. In October 2025, Kenvue was served with a significant UK lawsuit involving thousands of claimants alleging cancer caused by asbestos contamination in talc-based baby powder. This followed an August 2025 ruling that rejected its former parent company's attempt to prevent Kenvue from being added as a defendant in existing federal multidistrict litigation concerning talcum powder products.

4. Numerous Analyst Downgrades and Price Target Reductions. Throughout the period, several financial analysts expressed diminished confidence in Kenvue's prospects by downgrading the stock and/or significantly lowering their price targets. For example, Canaccord Genuity downgraded Kenvue to a "hold" and cut its price target from $26 to $15 on October 29, 2025. These revisions reflected concerns over operational challenges, weaker financial guidance, and the mounting legal uncertainties.

5. Concerns Over High Dividend Payout Ratio. Despite declaring a quarterly dividend, Kenvue's dividend payout ratio was notably high, exceeding 100% or 110.7% according to various reports. This elevated payout ratio, coupled with the projected declines in sales and operating income, raised questions among investors about the long-term sustainability of the dividend, potentially contributing to a negative sentiment towards the stock.

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Stock Movement Drivers

Fundamental Drivers

The -16.2% change in KVUE stock from 9/4/2025 to 12/4/2025 was primarily driven by a -17.2% change in the company's P/E Multiple.

	9042025	12042025	Change
Stock Price ($)	20.29	16.99	-16.24%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15141.00	15006.00	-0.89%
Net Income Margin (%)	9.37%	9.55%	1.97%
P/E Multiple	27.45	22.74	-17.16%
Shares Outstanding (Mil)	1919.00	1918.00	0.05%
Cumulative Contribution			-16.24%

LTM = Last Twelve Months as of date shown

Market Drivers

9/4/2025 to 12/4/2025

	Return	Correlation
KVUE	-16.2%
Market (SPY)	5.4%	9.7%
Sector (XLP)	-2.7%	38.8%

Fundamental Drivers

The -19.8% change in KVUE stock from 6/5/2025 to 12/4/2025 was primarily driven by a -40.8% change in the company's P/E Multiple.

	6052025	12042025	Change
Stock Price ($)	21.18	16.99	-19.78%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15302.00	15006.00	-1.93%
Net Income Margin (%)	6.90%	9.55%	38.38%
P/E Multiple	38.39	22.74	-40.76%
Shares Outstanding (Mil)	1914.00	1918.00	-0.21%
Cumulative Contribution			-19.78%

LTM = Last Twelve Months as of date shown

Market Drivers

6/5/2025 to 12/4/2025

	Return	Correlation
KVUE	-19.8%
Market (SPY)	15.7%	12.7%
Sector (XLP)	-3.0%	39.8%

Fundamental Drivers

The -23.6% change in KVUE stock from 12/4/2024 to 12/4/2025 was primarily driven by a -43.2% change in the company's P/E Multiple.

	12042024	12042025	Change
Stock Price ($)	22.24	16.99	-23.60%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	15459.00	15006.00	-2.93%
Net Income Margin (%)	6.88%	9.55%	38.75%
P/E Multiple	40.03	22.74	-43.19%
Shares Outstanding (Mil)	1915.00	1918.00	-0.16%
Cumulative Contribution			-23.60%

LTM = Last Twelve Months as of date shown

Market Drivers

12/4/2024 to 12/4/2025

	Return	Correlation
KVUE	-23.6%
Market (SPY)	13.7%	13.6%
Sector (XLP)	-3.0%	45.9%

Fundamental Drivers

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Market Drivers

12/5/2023 to 12/4/2025

	Return	Correlation
KVUE	-8.8%
Market (SPY)	53.3%	13.9%
Sector (XLP)	16.7%	45.6%

Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
KVUE Return	-	-	-	-	3%	-17%	-15%
Peers Return	13%	28%	2%	33%	-17%	-15%	39%
S&P 500 Return	16%	27%	-19%	24%	23%	17%	112%
Monthly Win Rates [3]
KVUE Win Rate	-	-	-	43%	50%	40%
Peers Win Rate	45%	53%	35%	54%	45%	36%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
KVUE Max Drawdown	-	-	-	-	-16%	-32%
Peers Max Drawdown	-35%	-9%	-30%	-16%	-29%	-38%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: PG, EL, KVUE, ELF, COTY.
[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 12/4/2025 (YTD)

How Low Can It Go

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

Unique Key	Event	XLP	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-17.5%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	21.2%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	682 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-24.9%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	33.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	154 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.6%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	19.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	404 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-33.4%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	50.2%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	605 days	1480 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 Generated 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 Generated 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 Generated 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.

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Johnson & Johnson (JNJ)

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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 Generated 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 Generated 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.

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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.

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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)

	KVUE	Better Performance than KVUE
Metric	Value	INDUSTRY: Personal Care Products
Rev Chg LTM	-2.9%	ELF (18.6%), PG (1.2%)
Rev Chg 3Y Avg	0.2%	ELF (49.3%), COTY (3.1%), PG (1.8%)
Op Mgn LTM	17.6%	PG (24.1%)
CFO/Rev LTM	14.2%	PG (22.3%)
FCF/Rev LTM	10.9%	PG (17.6%)
Total Yield	9.7%
P/S	2.1	COTY (0.6)
P/Op Inc	11.8	COTY (7.4)

	KVUE	Better Performance than KVUE
Metric	Value	SECTOR: Consumer Staples
Rev Chg LTM	-2.9%	COST (8.2%), PM (7.5%), WMT (4.2%), KO (2.8%), PG (1.2%)
Rev Chg 3Y Avg	0.2%	PM (8.0%), COST (6.6%), WMT (5.7%), KO (4.0%), PG (1.8%)
Op Mgn LTM	17.6%	MO (59.0%), PM (37.1%), KO (31.3%), BUD (26.1%), PG (24.1%)
CFO/Rev LTM	14.2%	MO (43.8%), PM (28.8%), MNST (27.3%), PG (22.3%), KO (16.0%)
FCF/Rev LTM	10.9%	MO (43.1%), PM (25.3%), MNST (24.4%), PG (17.6%), KO (11.7%)
Total Yield	9.7%	GIS (15.2%), MO (14.1%), TGT (13.3%), BF-B (10.0%), KMB (9.9%)
P/S	2.1	KR (0.3), TGT (0.4), WMT (1.1), COST (1.5), BUD (2.0)
P/Op Inc	11.8	KHC (6.3), BUD (7.7), TGT (8.3), MO (9.3), KDP (10.0)

	KVUE	Better Performance than KVUE
Metric	Value	ALL OTHER SECTORS
Rev Chg LTM	-2.9%	NVDA (71.6%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%), AAPL (6.0%)
Rev Chg 3Y Avg	0.2%	NVDA (92.0%), MSFT (13.2%), AMZN (11.3%), GOOGL (11.0%), AAPL (1.8%)
Op Mgn LTM	17.6%	NVDA (58.1%), MSFT (46.3%), AVGO (39.0%), GOOGL (32.2%), AAPL (31.9%)
CFO/Rev LTM	14.2%	MSFT (50.0%), NVDA (46.6%), GOOGL (39.3%), AAPL (26.6%), AMZN (18.1%)
FCF/Rev LTM	10.9%	NVDA (43.6%), AVGO (41.6%), MSFT (26.6%), AAPL (23.5%), GOOGL (19.1%)
Total Yield	9.7%	MRK (13.0%), T (11.0%), RY (10.3%), XOM (10.3%), WFC (9.9%)
P/S	2.1	UNH (0.7), VZ (1.4), XOM (1.4), CVX (1.6), T (1.6)
P/Op Inc	11.8	VZ (5.9), T (8.3), HCA (9.2), MRK (9.4), PFE (9.4)

		Best Bets In Consumer Staples Sector
	KVUE	MO	PM	MNST	PG	STZ	CL	HSY	KO	COCO	KVUE
What You Pay
P/E	21.7	12.7	29.3	38.1	21.5	19.4	22.3	24.8	21.9	34.9	21.7
P/EBIT	13.3	9.5	16.5	29.0	16.4	11.2	15.4	19.9	16.3	32.8	13.3
What You Get
Rev Chg Q	-3.5%	0.2%	9.4%	16.8%	3.0%	-15.0%	1.0%	26.0%	5.1%	37.2%	-3.5%
Rev Chg LTM	-2.9%	-0.2%	7.5%	7.6%	1.2%	-5.6%	0.1%	2.5%	2.8%	23.1%	-2.9%
Rev Chg 3Y Avg	0.2%	-0.9%	8.0%	8.6%	1.8%	0.7%	4.2%	5.2%	4.0%	13.3%	0.2%
FCF/Rev 3Y Avg	11.9%	42.7%	24.9%	22.0%	18.0%	17.0%	15.4%	13.9%	13.9%	13.1%	11.9%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 8.7%, alpha of 1.4%, and sharpe of 0.5

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	With Kenvue Stock Surging, Have You Considered The Downside?	Return
2	Triggers That Could Ignite the Next Rally In Kenvue Stock
3	Why Kenvue Stock Moved: KVUE Stock Has Lost 17% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
4	Kenvue (KVUE) Valuation Ratios Comparison	Financials
5	Kenvue (KVUE) Operating Cash Flow Comparison	Financials
6	Kenvue (KVUE) Net Income Comparison	Financials
7	Kenvue (KVUE) Operating Income Comparison	Financials
8	Kenvue (KVUE) Revenue Comparison	Financials
9	Fundamental Metrics: ...
10	ARTICLES
11	Kenvue Stock vs Competition: Who Wins?		November 8th, 2025
12	What Could Send Kenvue Stock Soaring		November 7th, 2025
13	S&P 500 Movers \| Winners: IDXX, KVUE, INCY \| Losers: DD, KMB, MRNA		November 4th, 2025
14	Buy The Dip In Kenvue Stock?		October 24th, 2025
15	S&P 500 Movers \| Winners: JBHT, MU, ON \| Losers: KVUE, FFIV, HPE		October 17th, 2025

	Title
0	DASHBOARDS
1	With Kenvue Stock Surging, Have You Considered The Downside?
2	Triggers That Could Ignite the Next Rally In Kenvue Stock
3	Why Kenvue Stock Moved: KVUE Stock Has Lost 17% Since 2024 Fiscal End, Primarily Due To Unfavorable Change In Price To Sales Multiple (P/S)
4	Kenvue (KVUE) Valuation Ratios Comparison
5	Kenvue (KVUE) Operating Cash Flow Comparison
6	Kenvue (KVUE) Net Income Comparison
7	Kenvue (KVUE) Operating Income Comparison
8	Kenvue (KVUE) Revenue Comparison
9	Fundamental Metrics: ...
10	ARTICLES
11	Kenvue Stock vs Competition: Who Wins?
12	What Could Send Kenvue Stock Soaring
13	S&P 500 Movers \| Winners: IDXX, KVUE, INCY \| Losers: DD, KMB, MRNA
14	Buy The Dip In Kenvue Stock?
15	S&P 500 Movers \| Winners: JBHT, MU, ON \| Losers: KVUE, FFIV, HPE

Trade Ideas

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

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.8%	3.8%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.1%	-2.1%	-2.1%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| 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	3.4%	3.4%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| 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	7.2%	7.2%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.4%	1.4%	-5.1%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
BF-B_11302025_Dip_Buyer_ValueBuy	11302025	BF-B	Brown-Forman	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	3.8%	3.8%	0.0%
CPB_11302025_Dip_Buyer_ValueBuy	11302025	CPB	Campbell's	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-2.1%	-2.1%	-2.1%
ENR_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	ENR	Energizer	Dip Buy	DB \| 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	3.4%	3.4%	-5.3%
FLO_11212025_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	11212025	FLO	Flowers Foods	Dip Buy	DB \| 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	7.2%	7.2%	-1.6%
CLX_11142025_Dip_Buyer_FCFYield	11142025	CLX	Clorox	Dip Buy	DB \| FCFY OPMDip Buy with High FCF Yield and High Margin Buying dips for companies with high FCF yield and meaningfully high operating margin	1.4%	1.4%	-5.1%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
LXP	LXP Industrial Trust	2.8	406.1%	25.7%
OLMA	Olema Pharmaceuticals	2.4	237.1%	374.1%
COGT	Cogent Biosciences	5.4	178.2%	404.0%
CDTX	Cidara Therapeutics	5.9	119.6%	720.3%
SGML	Sigma Lithium	1.1	113.2%	-11.1%
IRWD	Ironwood Pharmaceuticals	0.6	99.5%	-15.8%
ALMS	Alumis	0.6	82.4%	5.6%
NPCE	NeuroPace	0.6	80.5%	51.7%
BW	Babcock & Wilcox Enterprises	0.7	80.5%	311.6%
CBLL	CeriBell	0.7	75.4%	-26.0%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
CCOI	Cogent Communications	0.9	-53.0%	-74.0%
UP	Wheels Up Experience	0.5	-48.0%	-60.0%
TLRY	Tilray Brands	7.7	-41.8%	-45.7%
AMSC	American Superconductor	1.4	-41.4%	34.0%
CTEV	Claritev	0.6	-41.2%
BTDR	Bitdeer Technologies	2.5	-40.7%	-41.6%
FRMI	Fermi	11.1	-40.2%
JANX	Janux Therapeutics	1.0	-39.3%	-69.4%
ARDT	Ardent Health	1.2	-39.1%	-48.1%
SMR	NuScale Power	3.4	-35.9%	27.4%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
USAR	USA Rare Earth	1.8	24.7%	58557.7%
PATH	UiPath	9.9	24.4%	45.4%
ASTS	AST SpaceMobile	17.6	18.2%	244.3%
FLNC	Fluence Energy	3.1	17.6%	47.0%
SAIC	Science Applications International	4.8	16.3%	-7.7%
AEVA	Aeva Technologies	0.9	16.0%	234.3%
AXGN	Axogen	1.5	16.0%	99.4%
SANA	Sana Biotechnology	1.3	15.9%	217.8%
OKLO	Oklo	15.6	15.6%	425.9%
RGTI	Rigetti Computing	9.0	15.4%	97.0%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
HOV	Hovnanian Enterprises	0.7	-22.5%	-22.4%
SYM	Symbotic	6.6	-17.4%	155.1%
BBW	Build-A-Bear Workshop	0.6	-15.5%	7.1%
DJCO	Daily Journal	0.6	-11.9%	-22.5%
PVH	PVH	3.7	-11.9%	-26.9%
SNOW	Snowflake	78.7	-11.4%	52.0%
QURE	uniQure	1.2	-10.8%	28.8%
MBX	MBX Biosciences	1.0	-10.0%	65.7%
WLY	John Wiley & Sons	1.8	-8.6%	-18.7%
LUMN	Lumen Technologies	8.7	-8.3%	65.3%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TLRY	Tilray Brands	7.7	601.0%	-45.7%
HPP	Hudson Pacific Properties	6.1	591.8%	-36.1%
AEVA	Aeva Technologies	0.9	50.8%	234.3%
MPLT	MapLight Therapeutics	0.8	41.2%
USAR	USA Rare Earth	1.8	40.6%	58557.7%
PATH	UiPath	9.9	36.0%	45.4%
EVEX	Eve	1.6	34.4%	-7.4%
TMC	TMC The Metals	2.9	33.8%	596.4%
TE	T1 Energy	0.8	33.1%
INDI	Indie Semiconductor	0.9	32.1%	13.8%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
JANX	Janux Therapeutics	1.0	-52.7%	-69.4%
CTEV	Claritev	0.6	-32.7%
SYM	Symbotic	6.6	-30.7%	155.1%
FULC	Fulcrum Therapeutics	0.5	-22.6%	86.4%
HOV	Hovnanian Enterprises	0.7	-22.0%	-22.4%
VTYX	Ventyx Biosciences	0.6	-19.9%	265.3%
SIG	Signet Jewelers	3.5	-17.8%	7.2%
CMCL	Caledonia Mining	0.5	-17.8%	175.7%
QURE	uniQure	1.2	-17.7%	28.8%
URGN	UroGen Pharma	1.2	-17.5%	128.0%

Peer Comparisons for Kenvue

Peers to compare with:

Financials

	KVUE	PG	EL	ELF	COTY	Median
Name	Kenvue	Procter .	Estee La.	e.l.f. B.	Coty
Mkt Price	16.99	145.36	103.82	81.62	3.39	81.62
Mkt Cap	32.6	340.4	37.4	4.6	3.0	32.6
Rev LTM	15,006	84,933	14,326	1,343	5,799	14,326
Op Inc LTM	2,641	20,509	1,141	156	476	1,141
FCF LTM	1,639	14,943	670	135	299	670
FCF 3Y Avg	1,832	15,127	184	89	324	324
CFO LTM	2,136	18,923	1,272	160	490	1,272
CFO 3Y Avg	2,308	18,616	1,788	101	545	1,788

Growth & Margins

	KVUE	PG	EL	ELF	COTY	Median
Name	Kenvue	Procter .	Estee La.	e.l.f. B.	Coty
Rev Chg LTM	-2.9%	1.2%	-8.2%	18.6%	-5.7%	-2.9%
Rev Chg 3Y Avg	0.2%	1.8%	-6.8%	49.3%	3.1%	1.8%
Rev Chg Q	-3.5%	3.0%	-11.9%	9.0%	-5.6%	-3.5%
QoQ Delta Rev Chg LTM	-0.9%	0.8%	-3.1%	2.2%	-1.6%	-0.9%
Op Mgn LTM	17.6%	24.1%	8.0%	11.6%	8.2%	11.6%
Op Mgn 3Y Avg	16.8%	23.6%	9.7%	13.3%	9.4%	13.3%
QoQ Delta Op Mgn LTM	0.2%	-0.1%	-1.1%	-0.4%	-0.8%	-0.4%
CFO/Rev LTM	14.2%	22.3%	8.9%	11.9%	8.5%	11.9%
CFO/Rev 3Y Avg	15.0%	22.2%	11.6%	10.1%	9.2%	11.6%
FCF/Rev LTM	10.9%	17.6%	4.7%	10.1%	5.2%	10.1%
FCF/Rev 3Y Avg	11.9%	18.0%	1.4%	9.1%	5.5%	9.1%

Valuation

	KVUE	PG	EL	ELF	COTY	Median
Name	Kenvue	Procter .	Estee La.	e.l.f. B.	Coty
Mkt Cap	32.6	340.4	37.4	4.6	3.0	32.6
P/S	2.1	4.2	2.2	5.2	0.6	2.2
P/EBIT	13.3	16.4	-46.5	43.5	-23.2	13.3
P/E	21.7	21.5	-28.1	71.6	-9.2	21.5
P/CFO	14.6	19.0	25.0	43.9	7.2	19.0
Total Yield	9.7%	4.7%	-3.6%	1.4%	-10.9%	1.4%
Dividend Yield	5.1%	0.0%	0.0%	0.0%	0.0%	0.0%
FCF Yield 3Y Avg	4.9%	4.1%	1.0%	1.3%	5.3%	4.1%
D/E	0.3	0.1	0.3	0.0	1.2	0.3
Net D/E	0.3	0.1	0.2	0.0	1.1	0.2

Returns

	KVUE	PG	EL	ELF	COTY	Median
Name	Kenvue	Procter .	Estee La.	e.l.f. B.	Coty
1M Rtn	7.7%	-1.2%	12.2%	-31.0%	-11.5%	-1.2%
3M Rtn	-16.2%	-8.0%	19.2%	-39.0%	-22.6%	-16.2%
6M Rtn	-19.8%	-9.5%	55.1%	-29.5%	-30.7%	-19.8%
12M Rtn	-23.6%	-14.8%	33.2%	-40.2%	-55.8%	-23.6%
3Y Rtn	-	5.2%	-52.6%	51.3%	-57.1%	-23.7%
1M Excs Rtn	6.5%	-2.5%	10.9%	-32.3%	-12.8%	-2.5%
3M Excs Rtn	-13.4%	-14.3%	11.0%	-44.9%	-28.2%	-14.3%
6M Excs Rtn	-35.2%	-24.9%	39.6%	-45.0%	-46.1%	-35.2%
12M Excs Rtn	-40.5%	-30.4%	25.7%	-51.0%	-69.1%	-40.5%
3Y Excs Rtn	-	-65.5%	-122.2%	-21.2%	-127.8%	-93.9%

Financials

Annual
Quarterly

$ Mil \| FY: 12/29	LTM	2024	2023	2022	2021	2020	2019
Period End	9/28/2025	12/29/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/3/2025	2/24/2025	3/1/2024	5/4/2023	2/3/2023	5/4/2023	2/3/2023
Key Financials
Total Revenue	15,006	15,455	15,444	14,950	15,054	14,467	14,324
EBITDA	2,916	2,468	3,175	3,281	3,656	3,734	3,108
Operating Income	2,641	2,635	2,484	2,688	3,034	2,988	2,399
Net Income	1,433	1,030	1,664	2,064	2,078	-879	1,435
EPS	0.75	0.54	0.90	1.09	1.10	-0.47	0.76
Growth Rates
Total Revenue Growth	-2.9%	0.1%	3.3%	-0.7%	4.1%	1.0%	-
EBITDA Growth	12.2%	-22.3%	-3.2%	-10.3%	-2.1%	20.1%	-
Operating Income Growth	3.9%	6.1%	-7.6%	-11.4%	1.5%	24.6%	-
Net Income Growth	34.7%	-38.1%	-19.4%	-0.7%	336.4%	-161.3%	-
Margins
EBITDA Margin	19.4%	16.0%	20.6%	21.9%	24.3%	25.8%	21.7%
Operating Income Margin	17.6%	17.0%	16.1%	18.0%	20.2%	20.7%	16.7%
Net Income Margin	9.5%	6.7%	10.8%	13.8%	13.8%	-6.1%	10.0%
Cash & Debt
Total Cash	1,139	1,070	1,382	1,231	740	618	�
Total Debt	9,109	8,719	8,427	116	129	0	0
Net Debt / (Cash)	7,970	7,649	7,045	-1,115	-611	-618	�
Cash Flows
Net Cash from Operations	2,136	1,769	3,168	2,525	334	3,397	2,998
Free Cash from Operations	1,639	1,335	2,699	2,150	39	3,168	2,709
Returns to Shareholders
Dividends	1,576	1,552	14,554	-0	-0	-0	-0
Share Repurchases	318	235	7	-0	-0	-0	-0

$ Mil \| FY: 12/29	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/28/2025	6/29/2025	3/30/2025	12/29/2024	9/29/2024	6/30/2024	3/31/2024	12/31/2023	10/1/2023	7/2/2023	4/2/2023	12/31/2022
Filing Date	11/3/2025	8/7/2025	5/8/2025	2/24/2025	11/7/2024	8/6/2024	5/9/2024	3/1/2024	11/3/2023	8/2/2023	6/2/2023	5/4/2023
Key Financials Quarterly
Total Revenue	3,764	3,839	3,741	3,662	3,899	4,000	3,894	3,666	3,915	4,011	3,852	3,767
Ebitda	774	837	701	604	867	312	685	735	838	840	762	678
Operating Income	713	752	618	558	706	712	659	466	708	680	631	542
Net Income	398	420	322	293	383	58	296	327	438	430	469	361
EPS	0.21	0.22	0.17	0.15	0.20	0.03	0.15	0.17	0.23	0.23	0.25	0.19
Key Financials TTM
Total Revenue TTM	15,006	15,141	15,302	15,455	15,459	15,475	15,486	15,444	15,545	15,419	15,212	14,950
Ebitda TTM	2,916	3,009	2,484	2,468	2,599	2,570	3,098	3,175	3,118	3,170	3,266	3,282
Operating Income TTM	2,641	2,634	2,594	2,635	2,543	2,545	2,513	2,485	2,561	2,609	2,706	2,688
Net Income TTM	1,433	1,418	1,056	1,030	1,064	1,119	1,491	1,664	1,698	1,846	2,020	2,079
Growth Rates Quarterly
Total Revenue Growth	-3.5%	-4.0%	-3.9%	-0.1%	-0.4%	-0.3%	1.1%	-2.7%	3.3%	5.4%	7.3%	0.9%
EBITDA Growth	-10.7%	168.3%	2.3%	-17.8%	3.5%	-62.9%	-10.1%	8.4%	-5.8%	-10.3%	-2.1%	11.9%
Operating Income Growth	1.0%	5.6%	-6.2%	19.7%	-0.3%	4.7%	4.4%	-14.0%	-6.3%	-12.5%	2.9%	1.7%
Net Income Growth	3.9%	624.1%	8.8%	-10.4%	-12.6%	-86.5%	-36.9%	-9.4%	-25.3%	-28.8%	-11.2%	-21.2%
Margins Quarterly
EBITDA Margin	20.6%	21.8%	18.7%	16.5%	22.2%	7.8%	17.6%	20.0%	21.4%	20.9%	19.8%	18.0%
Operating Income Margin	18.9%	19.6%	16.5%	15.2%	18.1%	17.8%	16.9%	12.7%	18.1%	17.0%	16.4%	14.4%
Net Income Margin	10.6%	10.9%	8.6%	8.0%	9.8%	1.5%	7.6%	8.9%	11.2%	10.7%	12.2%	9.6%
Cash & Debt
Total Cash	1,139	1,070	1,057	1,070	1,057	1,014	1,155	1,382	1,062	1,231	1,691	1,231
Total Debt	9,109	8,744	8,853	8,719	8,827	8,606	8,697	8,427	8,350	8,603	7,793	116
Net Debt / (Cash)	7,970	7,674	7,796	7,649	7,770	7,592	7,542	7,045	7,288	7,372	6,102	-1,115
Cash Flows Quarterly
FCF from Operations	294	621	428	793	249	440	287	950	674	742	802	644
Cash Flows TTM
FCF from Operations TTM	2,136	2,091	1,910	1,769	1,926	2,351	2,653	3,168	2,862	2,924	2,989	2,525
Returns to Shareholders Quarterly
Dividends	398	393	392	393	393	383	383	383	383	13,788	0	0
Share Repurchases	70	64	63	121	23	-0	91	7	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	11.8%	11.8%	9.8%	11.0%	10.3%	14.4%	10.3%	9.6%	12.0%	10.2%	7.4%	8.1%
Return on Invested Capital (ROIC) TTM
ROIC TTM	10.8%	10.4%	10.7%	11.2%	10.4%	11.2%	10.5%	10.6%	10.5%	10.7%	7.9%	11.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Self Care	6,451	6,030	5,643	5,235	4,820
Essential Health	4,615	4,570	4,870	4,782	4,896
Skin Health and Beauty	4,378	4,350	4,541	4,450	4,608
Total	15,444	14,950	15,054	14,467	14,324

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
Self Care	2,299	2,088	1,952	1,702	1,410
Essential Health	1,011	1,111	1,224	1,014	921
Skin Health and Beauty	679	708	878	1,281	1,177
Other operating expense (income), net	10	23	-15	-3,871	-618
Impairment charges	0
Founder Shares	-9	0	0
Restructuring and operating model optimization initiatives	-32	-100	-116
Conversion of stock-based awards	-55	0	0
General corporate/unallocated expenses	-296	-298	-272	-277	-258
Depreciation	-305	-296	-317
Amortization of intangible assets	-322	-348	-414
Separation-related costs	-468	-213	0
Depreciation and amortization				-746	-709
Restructuring expense				-82	-77
Total	2,512	2,675	2,920	-979	1,846

Price Behavior

Price Behavior

Market Price	$16.99
Market Cap ($ Bil)	32.6
First Trading Date	05/04/2023
Distance from 52W High	-28.3%
	50 Days	200 Days
DMA Price	$15.92	$20.12
DMA Trend	down	down
Distance from DMA	6.7%	-15.5%
	3M	1YR
Volatility	53.6%	34.8%
Downside Capture	143.16	45.78
Upside Capture	21.48	13.26
Correlation (SPY)	9.7%	13.4%

KVUE Betas & Captures as of 11/30/2025

	1M	2M	3M	6M	1Y	3Y
Beta	0.52	0.40	0.39	0.41	0.24	0.14
Up Beta	-1.84	-1.11	-0.59	0.06	0.13	0.09
Down Beta	-0.85	0.48	0.09	0.17	0.31	-0.08
Up Capture	327%	101%	17%	6%	6%	6%
Bmk +ve Days	12	25	38	73	141	426
Stock +ve Days	12	19	28	56	115	297
Down Capture	25%	63%	130%	123%	56%	70%
Bmk -ve Days	7	16	24	52	107	323
Stock -ve Days	7	22	34	68	131	333

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

1Y 5Y 10Y

Based On 1-Year Data

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Based On 5-Year Data

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Based On 10-Year Data

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Short Interest

Short Interest: As Of Date	11142025
Short Interest: Shares Quantity	27,024,106
Short Interest: % Change Since 10312025	3.4%
Average Daily Volume	63,005,083
Days-to-Cover Short Interest	1
Basic Shares Quantity	1,918,000,000
Short % of Basic Shares	1.4%

Returns Analyses

	Title
0	With Kenvue Stock Surging, Have You Considered The Downside?

SEC Filings

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Report Date	Filing Date	Filing
9302025	11032025	10-Q 9/28/2025
6302025	8072025	10-Q 6/29/2025
3312025	5082025	10-Q 3/30/2025
12312024	2242025	10-K 12/29/2024
9302024	11072024	10-Q 9/29/2024
6302024	8062024	10-Q 6/30/2024
3312024	5092024	10-Q 3/31/2024
12312023	3012024	10-K 12/31/2023
9302023	11032023	10-Q 10/1/2023
6302023	8022023	10-Q 7/2/2023
3312023	6022023	10-Q 4/2/2023
12312022	5042023	424B4 12/31/2022
12312021	2032023	S-1/A 12/31/2021

External Quote Links

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4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
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Kenvue (KVUE)

Market Price (12/5/2025): $16.94 | Market Cap: $32.5 BilSector: Consumer Staples | Industry: Personal Care Products

Kenvue (KVUE)

Market Price (12/5/2025): $16.94Market Cap: $32.5 BilSector: Consumer StaplesIndustry: Personal Care Products

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Self Care

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Market Price (12/5/2025): $16.94 | Market Cap: $32.5 Bil
Sector: Consumer Staples | Industry: Personal Care Products

Market Price (12/5/2025): $16.94
Market Cap: $32.5 Bil
Sector: Consumer Staples
Industry: Personal Care Products