Explain this page
Arphra AIPlain-English read on Kenvue Inc.’s valuationRatios & metrics
Profitability, returns on capital, growth, and credit — all derived from the historical income statement, balance sheet, and cash flow rows in our data warehouse.
Quality composite
CMixed
A snapshot of the latest fiscal year’s margins, returns on capital, balance-sheet strength and efficiency, computed from the income statement, balance sheet and cash-flow rows. Source income / balance / cash_flow.
Profitability
Gross margin58.1%
Operating margin17.9%
Net margin9.7%
ROE13.7%
ROA5.4%
ROIC10.9%
Liquidity & leverage
Current ratio0.96×
Quick ratio0.68×
Debt / equity0.79×
Net debt / EBITDA2.54×
Interest coverage7×
Efficiency & per-share
Asset turnover0.56×
Inventory days96
Days sales out.0
FCF / share$0.90
Book value / share$5.60
Valuation multiples
Price- and EV-based multiples plus shareholder yields. Snapshot at each fiscal year-end from key_metrics (FMP).
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Headline | |||||||||
| Market cap | — | — | — | $40.56B | $32.95B | — | — | — | — |
| Enterprise value | — | — | — | $48.21B | $40.42B | — | — | — | — |
| Multiples | |||||||||
| P / E | — | — | — | — | — | — | — | — | — |
| P / B | — | — | — | — | — | — | — | — | — |
| EV / EBITDA | — | — | — | — | — | — | — | — | — |
| EV / Sales | — | — | — | 3.12 | 2.67 | — | — | — | — |
| EV / FCF | — | — | — | 36.11 | 23.47 | — | — | — | — |
| Yields | |||||||||
| Earnings yield | — | — | — | +2.54% | +4.46% | — | — | — | — |
| Free cash flow yield | — | — | — | +3.29% | +5.23% | — | — | — | — |
| Dividend yield | — | — | — | — | — | — | — | — | — |
Profitability
Margin structure across the last 5 fiscal years
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Margins | |||||||||
| Gross margin | +55.93% | +55.42% | +55.96% | +57.97% | +58.13% | +58.43% | +57.65% | +57.10% | +57.38% |
| Operating margin | +19.40% | +17.89% | +16.27% | +11.91% | +17.88% | +15.69% | +14.95% | +15.68% | +15.60% |
| EBITDA margin | +24.29% | +21.95% | +20.56% | +15.97% | +19.41% | +18.64% | +18.97% | +18.76% | +18.72% |
| EBIT margin | +19.43% | +17.64% | +16.50% | +11.94% | +15.72% | +14.92% | +14.42% | +14.62% | +14.46% |
| Pre-tax margin | +19.43% | +17.64% | +14.18% | +9.16% | +13.22% | +12.09% | +12.52% | +12.06% | +12.15% |
| Net margin | +13.80% | +13.81% | +10.77% | +6.66% | +9.72% | +9.27% | +9.11% | +9.02% | +9.01% |
| Cost structure | |||||||||
| Cost of revenue / sales | +44.07% | +44.58% | +44.04% | +42.03% | +41.87% | +42.92% | +43.34% | +41.87% | +41.59% |
| R&D intensity | 0.00% | 0.00% | 0.00% | 0.00% | +2.53% | +0.85% | +0.83% | +0.85% | +0.86% |
| SG&A intensity | +36.43% | +37.68% | +39.76% | +39.00% | +40.25% | +39.62% | +39.67% | +38.96% | +39.34% |
| Effective tax rate | +28.96% | +21.73% | +24.02% | +27.21% | +26.46% | +26.25% | +24.66% | +26.27% | +26.13% |
Returns on capital
ROE / ROA / ROC / ROIC over the relevant capital base, plus the 3-step DuPont decomposition of ROE.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Returns | |||||||||
| Return on equity (ROE) | +10.19% | +10.34% | +14.84% | +10.65% | +13.66% | +13.78% | +13.26% | +13.49% | +12.83% |
| Return on assets (ROA) | +7.44% | +7.56% | +5.97% | +4.02% | +5.43% | +5.44% | +5.32% | +5.01% | +5.18% |
| Return on capital (ROC) | +14.22% | +9.22% | +12.79% | +10.01% | +14.02% | +12.84% | +11.95% | +12.67% | +12.47% |
| Return on invested capital (ROIC) | +10.12% | +7.11% | +8.47% | +5.60% | +7.62% | +7.59% | +7.28% | +7.28% | +7.20% |
| Asset turnover | +53.90% | +54.73% | +55.45% | +60.37% | +55.86% | +58.71% | +58.37% | +55.56% | +57.53% |
| DuPont · ROE decomposition | |||||||||
| Net margin | +13.80% | +13.81% | +10.77% | +6.66% | +9.72% | +9.27% | +9.11% | +9.02% | +9.01% |
| Asset turnover (× revenue / assets) | +53.90% | +54.73% | +55.45% | +60.37% | +55.86% | +58.71% | +58.37% | +55.56% | +57.53% |
| Equity multiplier (× assets / equity) | +136.91% | +136.79% | +248.43% | +264.80% | +251.52% | +253.20% | +249.24% | +269.30% | +247.62% |
Activity & efficiency
Turnover ratios and days-outstanding — how efficiently the business converts assets and working capital into sales and cash.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Turnover | |||||||||
| Asset turnover | 0.54 | 0.55 | 0.55 | 0.60 | 0.56 | 0.59 | 0.58 | 0.56 | 0.58 |
| Fixed-asset turnover | 8.24 | 8.21 | 7.56 | 8.36 | 6.84 | — | — | — | — |
| Inventory turnover | 3.90 | 2.99 | 3.67 | 4.08 | 3.80 | — | — | — | — |
| Receivables turnover | 6.46 | 6.51 | 5.85 | 5.81 | — | — | — | — | — |
| Payables turnover | 3.63 | 3.64 | 2.73 | 2.88 | 2.56 | — | — | — | — |
| Days outstanding | |||||||||
| Days sales outstanding (DSO) | 56.52 | 56.08 | 62.39 | 62.80 | — | — | — | — | — |
| Days inventory outstanding (DIO) | 93.63 | 121.90 | 99.34 | 89.40 | 96.03 | — | — | — | — |
| Days payables outstanding (DPO) | 100.51 | 100.16 | 133.58 | 126.65 | 142.55 | — | — | — | — |
| Cash conversion cycle | 49.64 | 77.82 | 28.15 | 25.54 | -46.52 | — | — | — | — |
Cash flow quality
How well reported earnings translate into operating and free cash flow, plus reinvestment intensity.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Operating CF / Net income | 0.16 | 1.22 | 1.90 | 1.72 | 1.49 | 1.68 | 1.73 | 1.69 | 1.74 |
| FCF / Net income | 0.02 | 1.04 | 1.62 | 1.30 | 1.17 | 1.38 | 1.37 | 1.42 | 1.43 |
| FCF margin | +0.26% | +14.38% | +17.48% | +8.64% | +11.39% | +12.80% | +12.46% | +12.81% | +12.86% |
| OCF margin | +2.22% | +16.89% | +20.51% | +11.45% | +14.53% | +15.56% | +15.76% | +15.23% | +15.70% |
| CapEx / Revenue | +1.96% | +2.51% | +3.04% | +2.81% | +3.14% | +3.03% | +2.95% | +3.06% | +2.94% |
| CapEx / D&A | 0.40 | 0.58 | 0.75 | 0.70 | 0.85 | — | — | — | — |
| Stock-based comp / Revenue | +0.94% | +0.92% | +1.22% | +1.64% | +0.90% | — | — | — | — |
Per-share & shareholder yield
EPS, book value, sales, cash flow and dividends per share — plus payout / retention.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| EPS · diluted | 1.10 | 1.08 | 0.87 | 0.54 | 0.76 | 1.19 | 1.26 | 1.32 | 1.40 |
| EPS · basic | 1.10 | 1.08 | 0.90 | 0.54 | 0.77 | 1.22 | 1.29 | 1.34 | 1.42 |
| Book value / share | 10.80 | 10.43 | 5.85 | 5.03 | 5.60 | 5.44 | 5.70 | 5.76 | 6.17 |
| Tangible BV / share | -0.06 | 0.49 | -4.01 | -3.98 | -3.87 | 5.44 | 5.70 | 5.76 | 6.17 |
| Sales / share | 7.97 | 7.81 | 8.06 | 8.04 | 7.86 | 8.09 | 8.29 | 8.62 | 8.79 |
| Operating CF / share | 0.18 | 1.32 | 1.65 | 0.92 | 1.14 | 1.26 | 1.31 | 1.31 | 1.38 |
| Free cash flow / share | 0.02 | 1.12 | 1.41 | 0.69 | 0.90 | 1.04 | 1.03 | 1.10 | 1.13 |
| Dividends / share | 0.00 | 0.00 | 7.60 | 0.81 | 0.82 | 3.13 | 3.08 | 3.27 | 3.31 |
| Payout ratio | 0.00% | 0.00% | +874.64% | +150.68% | +107.55% | +417.60% | +407.72% | +420.81% | +418.70% |
| Retention ratio | +100.00% | +100.00% | -774.64% | -50.68% | -7.55% | -317.60% | -307.72% | -320.81% | -318.70% |
Growth
Year-over-year change for headline P&L lines, plus through-cycle CAGR
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E | 8y CAGR |
|---|---|---|---|---|---|---|---|---|---|---|
| Top-line | ||||||||||
| Revenue · YoY | — | -0.69% | +3.30% | +0.07% | -2.14% | +3.40% | +2.45% | +3.35% | +2.66% | +1.53% |
| Gross profit · YoY | — | -1.59% | +4.32% | +3.66% | -1.86% | +3.93% | +1.08% | +2.36% | +3.17% | +1.86% |
| Profit | ||||||||||
| Operating income · YoY | — | -8.39% | -6.09% | -26.71% | +46.88% | -9.26% | -2.39% | +8.42% | +2.11% | -1.20% |
| EBITDA · YoY | — | -10.26% | -3.23% | -22.27% | +18.92% | -0.68% | +4.26% | +2.19% | +2.44% | -1.72% |
| Net income · YoY | — | -0.67% | -19.38% | -38.10% | +42.72% | -1.35% | +0.68% | +2.27% | +2.54% | -3.75% |
| Operating | ||||||||||
| EBIT · YoY | — | -9.85% | -3.38% | -27.55% | +28.82% | -1.85% | -1.01% | +4.78% | +1.52% | -2.15% |
| R&D · YoY | — | — | — | — | — | -65.32% | -0.05% | +6.65% | +4.02% | — |
| Per-share | ||||||||||
| EPS · diluted · YoY | — | -1.82% | -19.44% | -37.93% | +40.74% | +57.18% | +5.27% | +5.04% | +5.94% | +3.05% |
| EPS · basic · YoY | — | -1.82% | -16.67% | -40.00% | +42.59% | +58.54% | +5.85% | +3.90% | +5.90% | +3.26% |
Credit & leverage
Balance-sheet health + interest coverage + liquidity. Coverage ratios use period-end debt and trailing interest expense.
ActualEstimate
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Leverage | |||||||||
| Total debt | $129M | $9.05B | $8.43B | $8.72B | $8.52B | $8.59B | $9.03B | $9.43B | $9.34B |
| Net debt | -$611M | $7.82B | $7.05B | $7.65B | $7.46B | $7.43B | $7.81B | $8.16B | $8.07B |
| Net debt / EBITDA | -0.17 | 2.38 | 2.22 | 3.10 | 2.54 | 2.55 | 2.57 | 2.63 | 2.54 |
| Debt / equity | 0.01 | 0.45 | 0.75 | 0.90 | 0.79 | 0.82 | 0.82 | 0.85 | 0.78 |
| Debt / assets | +0.46% | +33.12% | +30.26% | +34.06% | +31.48% | +32.24% | +32.90% | +31.65% | +31.60% |
| Equity / assets | +73.04% | +73.11% | +40.25% | +37.76% | +39.76% | +39.49% | +40.12% | +37.13% | +40.38% |
| Coverage | |||||||||
| EBITDA / interest expense | — | — | 8.87 | 5.73 | 7.74 | 7.28 | 7.55 | 7.59 | 7.24 |
| Operating income / interest | — | — | 7.02 | 4.27 | 7.13 | 6.12 | 5.95 | 6.35 | 6.03 |
| Interest expense | $0 | $0 | $358M | $431M | $379M | $400.62M | $402.34M | $409.15M | $439.74M |
| Liquidity | |||||||||
| Current ratio | 1.22 | 1.50 | 1.12 | 0.96 | 0.96 | — | — | — | — |
| Quick ratio | 0.76 | 0.90 | 0.73 | 0.65 | 0.18 | — | — | — | — |
| Cash ratio | 0.18 | 0.31 | 0.25 | 0.19 | 0.18 | — | — | — | — |
| Working capital | $885M | $1.95B | $657M | -$214M | -$248M | — | — | — | — |
| Working capital / revenue | +5.88% | +13.05% | +4.25% | -1.38% | -1.64% | — | — | — | — |
Sourced from key_metrics + financial_ratios (loaded by load_fundamentals_extended.py).
Valuation
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| P / E | — | — |
| P / B | — | — |
| EV / EBITDA | — | — |
| EV / Sales | 2.67x | 3.12x |
| Earnings yield | 4.5% | 2.5% |
| FCF yield | 5.2% | 3.3% |
Returns
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Gross margin | — | — |
| Operating margin | — | — |
| Net margin | — | — |
| ROE | 13.7% | 10.7% |
| ROA | 5.4% | 4.0% |
| ROIC | 8.8% | 6.2% |
Leverage & liquidity
| Metric | FY 2025 | FY 2024 |
|---|---|---|
| Debt / equity | — | — |
| Net debt / EBITDA | 2.54 | 3.10 |
| Interest coverage | — | — |
| Current ratio | 0.96x | 0.96x |
| Quick ratio | — | — |
Methodology. ROE / ROA / ROC use period-end balance-sheet denominators (no average-of- period smoothing). ROIC = Operating Income × (1 − inferred effective tax rate) over invested capital, with the effective tax inferred from net-to-operating income when both are positive and a 25% default otherwise. Net debt / EBITDA, debt ratios, and interest-coverage ratios are calculated point-in-time at each fiscal year-end. TTM = trailing 4 quarters (income / cash flow summed, balance sheet = most-recent quarterly snapshot). Through-cycle CAGR in the Growth panel uses the geometric mean of first-to-last period growth across the window (positive values only).