Consumer Staples · Personal Care Products · US stock · price as of 16 Oct 2026
Key indicators
Price
$18.91
52-week range
$13.22 – $19.67
Market cap
$36.4B
P/E (trailing)
21.9×
EV / EBITDA
11.5×
Free-cash-flow yield
5.3%
Dividend yield
5.5%
Revenue (last 12 months)
$15.4B
Revenue growth (3y a year)
0.4%
Operating margin
17.1%
Return on invested capital
18.1%
Net debt / EBITDA
0.1×
Fair value
Blended fair value$24.01 range $23 – $25
Versus priceFair+27% to fair value
Peer multiples
$20.74
Fundamentals-adjusted multiple
$26.90
10-year DCF (market-scaled)
$24.40
Earnings power value (floor, not blended)
$11.76
Model uncertainty
Medium
X-Ray Score
47/ 100 · High confidence · ahead of 38% of sector peers
Valuation65
Growth25
Profitability52
Financial health46
Dividends32
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
Kenvue is a consumer health company that was separated from Johnson & Johnson. It makes everyday products for self care, skin health, baby care and oral care under familiar names such as Tylenol, Neutrogena, Aveeno, Listerine and Band-Aid. These goods reach shoppers through supermarkets, pharmacies, mass retailers and online stores around the world, and the company is organised into self care, skin health and beauty, and essential health divisions.
Kenvue earns revenue from consumer products that it supplies to retail partners. In the last twelve months sales came to $15.4 billion, and they grew by only 0.4% a year across the last three years. The operating margin is 17.1%, and the business earns a profit of 18% on the capital invested in it. It carries net debt of 0.1 times EBITDA. The company pays a dividend with a yield of 5.5%.
StocksXray gives Kenvue Inc. an X-Ray Score of 47 out of 100 (high confidence), ahead of 38% of the S&P 500 stocks in its sector. Its strongest lens is valuation (65) and its weakest is growth (25).
Our fair value blend is $24.01 (range $22.95 to $24.92). At $18.91 the stock trades 21% below that blend, so the label is "Fair" with medium model uncertainty. Fair value is a range, not a price target.
XStocksXray
Kenvue Inc. (KVUE)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2023
FY2024
FY2025
Now
Price
–
–
$18.98
$19.74
$16.41
$18.91
Market cap
–
–
$35.1B
$38.0B
$31.6B
$36.4B
P/E
–
–
21.1×
36.6×
21.6×
21.9×
EV / revenue
–
–
2.7×
2.5×
2.1×
2.4×
EV / EBITDA
–
–
13.4×
15.6×
10.8×
11.5×
Price / free cash flow
–
–
13.0×
28.4×
18.3×
19.0×
Free-cash-flow yield
–
–
7.7%
3.5%
5.5%
5.3%
Price / book
–
–
3.1×
3.9×
2.9×
3.4×
Dividend yield
–
–
2.11%
4.10%
5.03%
5.52%
Fundamentals checklist ● 4 Good · ● 6 Average · ● 6 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−2.5%Bad
Free-cash-flow yield5.3%Average
Risk models
Altman Z score1.3×Bad
Piotroski F-Score6 of 9Average
Growth
EPS growth (3y)−14.1%Bad
Free-cash-flow growth (3y)−7.1%Bad
Revenue growth (3y)0.4%Average
Growth consistency40%Bad
Balance sheet
Current ratio1.0×Average
Net debt / EBITDA0.1×Good
Interest cover6.2×Bad
Valuation
Fair value vs price1.3×Average
EBIT / EV yield7.2%Good
Profitability
Return on invested capital18.1%Good
Operating margin17.1%Good
Gross profitability33.5%Average
Red flags
Dividend may be at risk — Dividends exceed free cash flow
XStocksXray
Kenvue Inc. (KVUE)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY23
FY24
FY25
LTM
Revenue
15,054
14,950
15,444
15,455
15,124
15,408
Gross profit
8,419
8,285
8,643
8,959
8,792
8,966
Operating income
2,920
2,675
2,512
1,841
2,414
2,630
Net income
2,078
2,064
1,664
1,030
1,470
1,658
Diluted EPS ($)
1.21
1.20
0.90
0.54
0.76
0.86
Free cash flow
39
2,150
2,699
1,335
1,722
1,914
Gross margin
55.9%
55.4%
56.0%
58.0%
58.1%
58.2%
Operating margin
19.4%
17.9%
16.3%
11.9%
16.0%
17.1%
Net margin
13.8%
13.8%
10.8%
6.7%
9.7%
10.8%
Balance sheet
FY22
FY23
FY23
FY24
FY25
LTM
Total assets
–
27,316
27,851
25,601
27,076
26,735
Cash
740
1,231
1,382
1,070
1,062
1,110
Total debt
–
0
8,287
1,550
1,450
1,405
Equity
20,491
19,970
11,211
9,668
10,765
10,553
Dividend per share ($)
–
–
0.40
0.81
0.83
0.83
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value blends three models and carries a typical error of about 40%, so treat it as a range. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.