Kenvue Inc. KVUE
Kenvue remains a hold after Q2 2026 results narrowly missed estimates ($0.31 vs. $0.32 consensus) as inflation, tariffs, and FX squeezed margins despite a third consecutive quarter of organic sales growth. The pending Kimberly-Clark acquisition anchors the stock near $19.23 — above both the 50-day ($18.71) and 200-day ($17.62) moving averages — but valuation is roughly in line with peers (P/E 22.0 vs. median 21.9; EV/EBITDA 14.0 vs. median 15.0), and smart money has turned slightly negative (-0.0975 as of Q1 2026).
FY2025 operating income recovered to $2.70B from $1.84B in FY2024, yet revenue declined to $15.12B from $15.46B, and insider selling by the General Counsel (full common-stock liquidation in May) and CFO (June) tempers enthusiasm ahead of deal closure.
What could go wrong
- Deal break risk. The pending Kimberly-Clark acquisition could face regulatory or shareholder hurdles; a breakup would remove the price floor and expose standalone valuation.
- Margin compression. Q2 2026 margins narrowed due to inflation, tariffs, and FX; if these cost pressures persist, FY2025 operating income recovery to $2.70B could stall.
- Revenue stagnation. FY2025 revenue of $15.12B declined from $15.46B in FY2024 and $15.44B in FY2023, suggesting growth is pricing-driven and vulnerable to volume softness.
- Insider signal. General Counsel fully liquidated common stock in May 2026 and CFO sold 3,700 shares in June; smart money score turned negative at -0.0975.
What would change my mind
Where this comes from: Zacks news article, 2026-08-06 · Business Wire press release, 2026-08-06 · FMP fundamentals FY2025/FY2024 · FMP fundamentals FY2025/FY2024. Orin's read on KVUE; not advice.
Twelve months actual closes to 2026-09-23 · actual filings
50-day average 200-day average · volume below
On file
All KVUE filingsLargest holders · 13F Q2 2026
Money flow| Filer | Position | Of fund |
|---|---|---|
| Fmr | $3.0B | 0.1% of fund |
| Vanguard Capital Management | $2.4B | 0.1% of fund |
| State Street | $2.3B | 0.1% of fund |
| Vanguard Portfolio Management | $1.8B | 0.1% of fund |
| Geode Capital Management | $990.2M | 0.1% of fund |
| Pentwater Capital Management | $977.1M | 6.0% of fund |
104 filers · quarter ended Q2 2026 · positions, not flows
Insiders, last 24 months: 174 Form 4 filings, net $135.6M. Of the 50 on hand, 0 were open-market purchases and 2 sales— the rest are grants, option exercises and tax withholding.
Ask Orin about KVUE
Orin answers questions about KVUE from its filings, transcripts and numbers — with the source behind every claim. Your own desk starts with 3 free days, card required.
Start 3 free days →Where it trades
| Metric | Now | Own median | Sector |
|---|---|---|---|
| P/E | 20.3× | 24.5× | 38.3× |
| EV/EBITDA | 13.0× | 14.8× | — |
| P/S | 2.20× | 2.62× | — |
| P/B | 3.2× | 3.1× | — |
Its P/E sits below all 5 of the last 5 years (−1.08σ from its own mean).
7.5%
free-cash-flow growth every year for 10 years, discounted at 10%, is what today’s price implies — starting from $1.7B of trailing free cash flow. It is an assumption the market is making, not a forecast Orin is making.
What Wall Street published
$20
$19 – $20 · +10% against today's price
- 4 buy or overweight
- 10 hold
- 0 underweight or sell
The analysts’ consensus and their own ratings, not Orin’s. A target is a twelve-month opinion published by the firm that wrote it.
Against the companies it is compared to
| Company | Market cap | P/E | EV/EBITDA | Gross | Net | ROE |
|---|---|---|---|---|---|---|
| KVUEKenvue Inc. | $34B | 20.3× | 13.0× | 58.2% | 10.8% | 16% |
| ADMArcher-Daniels-Midland Company | $40B | 22.5× | 8.9× | 6.9% | 2.2% | 8% |
| CHDChurch & Dwight Co., Inc. | $23B | 30.8× | 20.5× | 45.6% | 12.0% | 18% |
| ELThe Estée Lauder Companies Inc. | $36B | 197.7× | 48.8× | 75.5% | 1.2% | 5% |
| HSYThe Hershey Company | $34B | 22.8× | 14.9× | 38.1% | 12.2% | 32% |
| KDPKeurig Dr Pepper Inc. | $43B | 31.9× | 21.0× | 49.4% | 7.1% | 6% |
| KHCThe Kraft Heinz Company | $28B | — | — | 32.8% | -13.6% | -8% |
| KMBKimberly-Clark Corporation | $32B | 16.6× | 12.4× | 36.7% | 11.8% | 123% |
| SYYSysco Corporation | $37B | 21.0× | 13.1× | 18.5% | 2.1% | 75% |
The median is of the 7 peers listed above and nothing else — check it against the column. This company trades 11.0% below it. The peer set is the vendor’s, so a company can appear here that a person would not have chosen.
What it has traded at
What its sector has traded at
Two scales, drawn separately on purpose: a sector median and one company’s multiple are not the same number and putting them on one axis invites a comparison neither series supports.
Discounted cash flow
| Model | Fair value | Against | Computed |
|---|---|---|---|
| Standard DCF | $32 | $18.09 · +77% | 2026-06-10 |
| Levered DCF | $46 | $18.09 · +156% | 2026-06-10 |
The vendor’s intrinsic-value models. Treat them as a low-growth anchor — for a fast grower the market routinely pays well above a DCF. These were computed against the price in the “against” column, not today’s.
Every estimate on one scale
The vertical rule is the current price. Ranges and point estimates are the backend’s, published as they were calculated; an arrow means the estimate sits beyond this scale, and its number is on the right.