At a glance
Kenvue Inc. is worth $37.11B, about 25 times its fiscal 2025 earnings. Revenue fell 2.1% to $15.12B in fiscal 2025, with 9.7% kept as profit; over 4 years it has grown 0.1% a year. It pays a 5.44% dividend yield, and returned $4.34B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +43.8% over the past year with dividends reinvested, against +11.5% for the S&P 500.
The business in plain English
Kenvue makes and markets everyday health and personal care products that need no prescription. It describes itself as the world's largest pure-play consumer health company by revenue, meaning consumer health is its only business. Its brands include Tylenol, Zyrtec, Listerine, Neutrogena, Aveeno, BAND-AID Brand, Johnson's and Nicorette, marketed in more than 165 countries. Kenvue was Johnson & Johnson's consumer health arm before listing on the New York Stock Exchange in May 2023.
It earns money by supplying these brands to retailers, including online stores, and it relies on marketing and on recommendations from healthcare professionals. Net sales were $15.1 billion in the fiscal year ended December 28, 2025, and 16% of sales was left as operating profit before interest and taxes. Self Care, the largest segment at 42.2% of sales ($6.4 billion), covers pain, cough, cold and allergy medicines and quit-smoking aids. Essential Health, at 30.6%, includes Listerine, Johnson's baby products, BAND-AID bandages and Stayfree. Skin Health and Beauty, at 27.2%, includes Neutrogena, Aveeno and OGX.
North America brought in 48% of fiscal 2025 sales; Europe, the Middle East and Africa, 24.6%; Asia-Pacific, 18.3%; and Latin America, 9.1%. On November 2, 2025, Kenvue agreed to combine with Kimberly-Clark. If the deal closes, Kenvue shareholders would receive Kimberly-Clark stock.
Price history
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KVUE +43.8% over the year to Oct 30, 2026, total return with dividends reinvested.
How it makes money
By business segment
| Self Care | $6.38B | 42.2% |
| Essential Health | $4.63B | 30.6% |
| Skin Health and Beauty | $4.11B | 27.2% |
By geography
| North America | $7.26B | 48% |
| Europe, Middle East, and Africa | $3.72B | 24.6% |
| Asia-Pacific | $2.77B | 18.3% |
| Latin America | $1.37B | 9.1% |
Latest results
- In Q3 FY2026 (ended Sep 27, 2026), revenue was $3.89B, up 3.2% from a year earlier, and net income was $430.0M (+8.0%).
- For fiscal 2025, revenue was $15.12B (-2.1% year over year; +0.1% a year from FY2021 to FY2025) with a 9.7% net margin.
Financial health check
| Revenue growth a year (FY2021–FY2025) | +0.1% watch |
|---|---|
| Operating margin | 16% good |
| Free cash flow margin | 11.4% good |
| Return on equity (FY2025) | 13.7% watch |
| Return on assets (FY2025) | 5.4% watch |
| Net cash (cash minus debt) | $-7.17B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $15.05B | $2.08B | $39.0M |
| FY2022 | $14.95B | $2.06B | $2.15B |
| FY2023 | $15.44B | $1.66B | $2.70B |
| FY2024 | $15.46B | $1.03B | $1.33B |
| FY2025 | $15.12B | $1.47B | $1.72B |
Valuation snapshot
| Market value | $37.11B |
|---|---|
| P/E ratio | 25.4 |
| Dividend yield | 5.44% |
Rank among 1514 US companies
Market value at each year end
Kenvue’s market value went from $41.23B at the end of 2023 to $37.11B on Oct 30, 2026, down 10%; since the end of 2025 it is up 12%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 30, 2026 | $37.11B | +12.3% |
| 2025 | $33.05B | -19.3% |
| 2024 | $40.93B | -0.7% |
| 2023 | $41.23B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| KVUE price data to Oct 30, 2026 | +17.2% | +43.8% | +5.9% | — | — |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.2% |
| 2025 | -15.8% |
| 2024 | +3.1% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 1 sales ($67K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Jun 10, 2026 | Heather Howlett CFO & CAO | sell | $67K |
Who owns it
Large shareholders (13G filings)
| FMR LLC | 8.2% | Jun 30, 2026 |
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Massachusetts Financial Services Company | 4.8% | Jun 30, 2025 |
| T. Rowe Price Associates, Inc. | 1% | Dec 31, 2025 |
ETFs with the most weight in KVUE
| IPO Renaissance IPO ETF | 10.95% |
| FPX First Trust US Equity Opportunities ETF | 3.91% |
| TBG TBG Dividend Focus ETF | 3.59% |
| DIVP Cullen Enhanced Equity Income ETF | 3.44% |
| BAMV Brookstone Value Stock ETF | 3.35% |
| DIVZ Opal Dividend Income ETF | 3.07% |
| XLP Consumer Staples Select Sector SPDR Fund | 2.6% |
| MVAL VanEck Morningstar Wide Moat Value ETF | 2.59% |
What could go wrong
- The Kimberly-Clark deal could fail or slip. Kenvue agreed to combine with Kimberly-Clark on November 2, 2025. As of the February 20, 2026 annual report, some foreign approvals were pending. A failed or delayed deal could hurt the business and stock price.
- Deal value rides on Kimberly-Clark's stock. Each Kenvue share would receive a fixed number of Kimberly-Clark shares, so the payout's value moves with that stock. The combined company may also fail to deliver its projected cost savings.
- Safety questions over acetaminophen and talc. Kenvue warns that concerns over ingredients such as acetaminophen (used in Tylenol) and talc could bring lawsuits, regulatory action, recalls or reformulations. It singles out Baby Powder, sold outside the United States and Canada.
- Competition from store brands and generics. Kenvue faces multinational rivals, regional firms, private-label (store-brand) products and generics in every segment. Shoppers can often choose a cheaper store-brand pain reliever or allergy pill with the same active ingredient.
- Growing reliance on key retail customers. Kenvue depends increasingly on key customers in developed markets. Changes in those retailers' policies, or the shift toward e-commerce and other channels, could hurt its sales.
- Cost savings may fall short. Kenvue relies on its Our Vue Forward restructuring program to cut costs and fund brand investment. If savings fall short, profits could suffer. Sales grew just 0.1% a year from fiscal 2021 to 2025.
Recent events
- Major agreement ended; Acquisition or sale of assets completed; Listing notice from the exchange; Change to shareholder rights; Change in control; Executive or board change; Bylaws or fiscal year changed; Other company announcement
- Quarterly results released
- Major agreement signed
- Quarterly results released
- Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released; Restructuring or exit costs
- Executive or board change
- Shareholder vote results; Investor presentation or announcement
For income and retirement investors
Kenvue started paying dividends after its 2023 listing. Dividends per share were $0.40 in fiscal 2023, a partial year, then $0.81 in 2024 and $0.825 in 2025, which is a short record of increases. The payout leaves little room: fiscal 2025 dividends equaled 107.6% of earnings, more than the company earned, and 91.8% of free cash flow (cash left after running and investing in the business). Buybacks were small ($197 million in fiscal 2025), and the share count rose 0.3% from May 2023 to July 2026.
Kenvue shares did not trade in the 2008, 2020 or 2022 downturns. As of October 28, 2026, their deepest fall since listing was 44% from a peak. The price dropped 15.8% in 2025 and rose 17.4% in 2026 through that date. If the Kimberly-Clark deal closes, holders would own Kimberly-Clark stock, so future income would depend on that company's dividend. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Kenvue make money?
Kenvue makes money from non-prescription health and personal care brands such as Tylenol, Zyrtec, Listerine, Neutrogena and BAND-AID Brand, distributed through retailers and online stores. Net sales were $15.1 billion and net income $1.47 billion in the fiscal year ended December 28, 2025. Self Care (over-the-counter medicines and related products) brought in 42.2% of sales; Essential Health, including oral and baby care, 30.6%; and Skin Health and Beauty, 27.2%. North America provided 48% of sales.
Is Kenvue merging with Kimberly-Clark?
Yes. The two agreed to combine on November 2, 2025. On January 29, 2026, Kenvue shareholders approved the deal and Kimberly-Clark shareholders approved issuing the shares for it. The US antitrust waiting period expired on February 4, 2026. As of the annual report filed February 20, 2026, some foreign regulatory approvals were still needed. If the deal closes, each Kenvue share would receive a fixed number of Kimberly-Clark shares, so their value would move with Kimberly-Clark's stock price.
Does Kenvue raise its dividend every year?
Through fiscal 2025, yes, but the record is short. Kenvue listed in 2023, and dividends per share were $0.40 in fiscal 2023, a partial year, then $0.81 in 2024 and $0.825 in 2025. Fiscal 2025 dividends equaled 107.6% of earnings and 91.8% of free cash flow (cash left after running and investing in the business), which leaves little room for error. If the Kimberly-Clark deal closes, holders would depend on Kimberly-Clark's dividend instead.
Does Johnson & Johnson still own Kenvue?
No. Kenvue was Johnson & Johnson's consumer health business until J&J separated it. Kenvue listed on the New York Stock Exchange in May 2023. In August 2023, J&J let its shareholders swap J&J stock for Kenvue shares. In May 2024, it used its remaining Kenvue shares to retire some of its own debt, which left it with none. Large holders reported in regulatory filings include FMR LLC, with 8.2% as of June 30, 2026, and Vanguard Capital Management, with 7.5% as of March 31, 2026.
How has Kenvue stock done since its IPO?
It has lost a little ground overall. As of October 28, 2026, the share price was down 5.2% since trading began after the May 2023 initial public offering (IPO), despite a 41.3% gain over the year to that date. The price rose 3.1% in 2024, fell 15.8% in 2025 and was up 17.4% for 2026 through October 28. Its deepest fall from a peak since listing was 44%. These are price changes only and leave out dividends.