Kenvue Inc. (KVUE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+46.8%

$28.35

vs $19.31 price

Levered DCF

$42.90

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.23

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	22.32×	39.22×	23.92×	24.91×	24.45×	-57.23×	35.39×
P/B	3.06×	4.2×	3.55×	2.58×	2.49×	2.77×	0×
P/S	2.18×	2.62×	2.58×	3.45×	3.38×	3.51×	3.55×
EV / EBITDA	13.77×	19.53×	14.76×	18.08×	13.73×	13.44×	0×
Gross margin	58.1%	58.0%	56.0%	55.4%	55.9%	54.2%	53.5%
Operating margin	17.9%	11.9%	16.3%	17.9%	19.4%	-6.8%	12.9%
Net margin	9.7%	6.7%	10.8%	13.8%	13.8%	-6.1%	10.0%
Current ratio	0.96×	0.96×	1.12×	1.5×	1.22×	0.61×	0×
Debt / equity	0.79×	0.9×	0.75×	0.45×	0.01×	0×	0×
Interest coverage	7.13×	4.27×	7.02×	0×	0×	0×	0×
Dividend yield	4.8%	3.8%	36.6%	0.0%	0.0%	0.0%	0.0%
Payout ratio	107.6%	150.7%	874.6%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	13.7%	10.7%	14.8%	10.3%	10.2%	-4.8%	0.0%
Return on invested capital	8.8%	6.2%	8.3%	8.9%	8.7%	-3.9%	0.0%
Return on assets	5.4%	4.0%	6.0%	7.6%	7.4%	-3.0%	0.0%
Free cash flow yield	5.2%	3.3%	6.8%	4.2%	0.1%	6.2%	5.3%
Earnings yield	4.5%	2.5%	4.2%	4.0%	4.1%	-1.7%	2.8%
Enterprise value	$40.4B	$48.2B	$46.9B	$59.3B	$50.2B	$50.2B	$0
Net debt / EBITDA	2.54×	3.1×	2.22×	2.38×	-0.17×	-0.17×	0×
Cash conversion cycle (days)	21	26	28	78	50	60	0