KVUEKenvue Inc.

Perfumes, Cosmetics & Other Toilet Preparations

Revenue: $15.1B; 2.1% YoY
Operating margin: 16.0%; 34% YoY
EBITDA: $3.0B; 21% YoY
Market cap: $37.1B
Employees: 22,000; $687K revenue each
Net debt / EBITDA: 2.4×; $7.2B net debt
AI in 10-K: 2.5; mentions per 10K words

Takeover score 1 of 13

Fixable underperformance 1 of 7

TSR below peersYes
3 of 3 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
149% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
81% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
35% of assets
Over 40% of assets
Shareholder dissentNo
95% lowest support
Any vote under 80% support

Buyer economics 0 of 4

Low revenue per employeeNo
$687K · 63rd pct
Bottom quartile of its SIC industry
Quiet on AINo
2.5 per 10K words · 63rd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
2.4× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedNo
$37.1B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
$110M net
Net sales over $10M in 12 months

Financials

Metric	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$15.1B	$15.4B	$15.5B	$15.1B	2.1%
Operating income	$2.9B	$2.5B	$1.8B	$2.4B	31%
Net income	$2.1B	$1.7B	$1.0B	$1.5B	43%
Operating cash flow	$334M	$3.2B	$1.8B	$2.2B	24%
Capex	$295M	$469M	$434M	$475M	9.4%
Stock-based comp	$141M	$188M	$254M	$136M	46%
Buybacks	—	$7M	$235M	$197M	16%
Dividends	$0	$766M	$1.6B	$1.6B	1.9%

Deal filings

Filed	Form	Acquirer	Price	Premium
Dec 16, 2025	DEFM14A	Kimberly-Clark Corporation	$3.50	21.6%

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $111M · 2
Open-market sells, 12 mo: $747K · 2
Net: $110M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	70	117
FY2024	—	—	85	113
FY2023	—	—	82	97