TakeoverPE & activists

KVUEKenvue Inc.

Perfumes, Cosmetics & Other Toilet Preparations · $37.1B market cap · 22,000 employees

0.1×

Less likely than average to be taken private

Top 55% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

1of 15 firedHow well they predict deals →
14 other checks
  • 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
  • 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
  • Recurring revenueNo
    2 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    $110M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Dec 16, 2025DEFM14AKimberly-Clark Corporation$3.5021.6%
Nov 3, 20258-KKimberly-Clark Corporation——

Key numbers

Revenue
$15.1BFY2022: $15.1BFY2023: $15.4BFY2024: $15.5BFY2025: $15.1B
2.1% YoY
Operating margin
16.0%FY2022: 19.4%FY2023: 16.3%FY2024: 11.9%FY2025: 16.0%
34% YoY
EBITDA
$3.0BFY2022: $3.7BFY2023: $3.1BFY2024: $2.5BFY2025: $3.0B
21% YoY
Net debt / EBITDA
2.4×
$7.2B net debt

Financials

MetricFY2022FY2023FY2024FY2025YoYTrend
Revenue$15.1B$15.4B$15.5B$15.1B 2.1% FY2022: $15.1BFY2023: $15.4BFY2024: $15.5BFY2025: $15.1B
Operating income$2.9B$2.5B$1.8B$2.4B 31% FY2022: $2.9BFY2023: $2.5BFY2024: $1.8BFY2025: $2.4B
Net income$2.1B$1.7B$1.0B$1.5B 43% FY2022: $2.1BFY2023: $1.7BFY2024: $1.0BFY2025: $1.5B
Operating cash flow$334M$3.2B$1.8B$2.2B 24% FY2022: $334MFY2023: $3.2BFY2024: $1.8BFY2025: $2.2B
Capex$295M$469M$434M$475M 9.4% FY2022: $295MFY2023: $469MFY2024: $434MFY2025: $475M
Stock-based comp$141M$188M$254M$136M 46% FY2022: $141MFY2023: $188MFY2024: $254MFY2025: $136M
Buybacks—$7M$235M$197M 16% FY2023: $7MFY2024: $235MFY2025: $197M
Dividends$0$766M$1.6B$1.6B 1.9% FY2022: $0FY2023: $766MFY2024: $1.6BFY2025: $1.6B

13D filers

None on file.

Insider trading

+$110Mnet buying by insiders, open market, last 12 months
Bought $111M · 2 tradesSold $747K · 2 trades

Pay vs performance

YearCEO total compComp actually paidTSR (indexed)Peer TSR
FY2025——70117
FY2024——85113
FY2023——8297