Khi được bạn cho phép, chúng tôi sử dụng phân tích giới hạn, chú trọng quyền riêng tư để hiểu hành trình nghiên cứu nào hiệu quả. Chúng tôi không dùng trình theo dõi quảng cáo hoặc ghi lại phiên. Bạn có thể thay đổi lựa chọn này trong Tùy chọn. Đọc Chính sách quyền riêng tư.
Quote this valuation with its source: Fair value, Potential value and the price at analysis.
FAQ
KMB — frequently asked questions
Is Kimberly-Clark Corporation overvalued?
In our latest published analysis dated 2026-10-05, KMB looks meaningfully undervalued. The price recorded at analysis is 94,4 USD versus our fair value of 122 USD; the high endpoint is presented separately as potential value of 163 USD. That implies roughly 29.0% upside to fair value at that date.
Our latest published report, analyzed 2026-10-05, gives KMB a fair value of 122 USD and a potential value of 163 USD. The conclusion is triangulated across multiple valuation models and weighted by reliability for Kimberly-Clark Corporation's archetype; it is a dated research output, not a live price.
Should I buy KMB now?
Our latest published rating for KMB, analyzed 2026-10-05, is Buy. Kimberly-Clark Corporation looks meaningfully undervalued at the analysis-date price of 94,4 USD versus fair value of 122 USD; potential value is 163 USD. This is research for educational purposes, not personalized investment advice.
What are the biggest risks for KMB?
The dedicated bear-case section in our report analyzed 2026-10-05 documents Kimberly-Clark Corporation's material risks, evidence, thresholds, and thesis-invalidation conditions. Scenario-specific explanations remain in that section so the report does not repeat or decontextualize them elsewhere.
What is KMB's rating?
Our latest published rating for KMB, analyzed 2026-10-05, is Buy, with a published moat assessment of 7/10 (Narrow). It reflects our fair value of 122 USD, the potential value of 163 USD, and the price recorded at analysis (94,4 USD).
Báo cáo này chưa được dịch. Hãy làm mới sau vài phút khi hàng đợi dịch xử lý xong.
§1 Tóm tắt điều hànhEN
Câu trả lời trong 30 giâyBuy
Giá so với giá trị
Giá
$94.36
Giá trị hợp lý
$121.76
Giá trị tiềm năng
$163.21
Tính đến
2026-10-02
Vì sao luận điểm có thể đúng
Accelerated delivery of gross productivity savings under the 2024 Transformation Initiative exceeding the $150M inflation baseline, paired with shipment re-convergence in North America and international share recovery, unlocking over $1.8B in annual free cash flow and driving valuation expansion toward the $163.21 ceiling.
Kimberly-Clark Corporation is rated Buy with a fair value of $121.76, providing 29.04% upside from the October 2, 2026 share price of $94.36. The turnaround is supported by dominant brand scale in North America, disciplined gross productivity savings neutralizing $150M in second-half cost headwinds, and an exceptional 137% operating cash flow conversion of GAAP net income in FY2025 that anchors defensive cash generation during transient retail destocking.4,5,7
Kimberly-Clark faces distinct operational and customer headwinds that explain recent valuation multiple compression. High mass-merchandiser customer concentration, with Walmart accounting for 16% of continuing net sales, grants retail partners leverage over promotional allowances as lower-income consumer sentiment weakens. In the second quarter of 2026, North American shipments lagged consumer takeaway by 170 basis points (shipments declining 1.4%) due to retail inventory recalibration and logistics disruptions from the Los Angeles Distribution Center fire. Furthermore, discrete social media misinformation concerning diaper quality in China created a 100 basis point headwind to full-year 2026 organic revenue growth, while management identified $150 million of gross input cost inflation in the second half of 2026. Under a severe downside stress where promotional concessions expand and retail pushback intensifies, operating margins and free cash flow generation could face prolonged impairment.
However, Kimberly-Clark's core franchise exhibits proven commercial resilience. The company possesses an established brand moat across Huggies, Kleenex, and Kotex. In North America, which produced $10,753 million in net revenue and $2,553 million in operating profit in FY2025, Kimberly-Clark gained market share across 70% of its sales base over the trailing twelve months, generating volume-plus-mix expansion in eight of the last ten quarters. In International Personal Care, FY2025 revenue of $5,694 million and operating profit of $796 million were reinforced by 2.5% organic sales growth year-to-date through June 2026. Government-certified testing has refuted the China quality claims, setting up volume normalization into 2027.5,8
From a cash and earnings standpoint, the 2024 Transformation Initiative defends operating profitability by pairing supply chain restructuring with gross productivity programs, keeping price-cost net neutral against the $150 million second-half inflation headwind. In FY2025, operating cash flow reached $2,777 million, converting 137% of GAAP net income ($2,021 million) and generating $1,639 million in free cash flow after $1,138 million in transformation capex. Total debt from continuing operations was reduced from $7,296 million at year-end 2025 to $6,539 million as of June 30, 2026.1,2,4,5,6,7
At the October 2, 2026 share price of $94.36, Kimberly-Clark trades at a 22.50% discount to our committee fair value of $121.76, offering 29.04% upside. This valuation reflects an implied 10-year earnings contraction rate of 1.12%, conflicting with verified consumer staple demand durability and consensus EPS growth to $7.38 in FY2026 and $7.47 in FY2027.1,4
Iconic household franchises like Huggies, Kleenex, and Kotex sustain brand equity that enabled share gains in 70% of North American sales. Management's gross productivity programs are committed to neutralizing $150M of H2 2026 input cost headwinds, defending operating profitability.5
FY2025 operating cash flow of $2,777M represented 137% conversion of GAAP net income ($2,021M), producing $1,639M in free cash flow after $1,138M in capex. Total debt was reduced from $7,296M at year-end 2025 to $6,539M as of June 30, 2026.2,4,6,7
Khuyến nghị của hãng
Buy rating affirmed. Market pricing excessively penalizes transient North American destocking and discrete international headwinds, creating a compelling risk-adjusted entry point anchored by high operating cash flow conversion and gross productivity savings under the 2024 Transformation Initiative.4
Tổng quan công ty
Kimberly-Clark Corporation (NYSE: KMB) is a global manufacturer of personal care, consumer tissue, and professional hygiene products serving consumers in more than 175 countries and territories. The company's brand portfolio includes iconic household names such as Huggies, Kleenex, Kotex, Scott, Cottonelle, Poise, Depend, Pull-Ups, Goodnites, and WypAll, holding number-one or number-two market share positions across approximately 70 countries.
The company operates through two ongoing principal reporting segments following the strategic transaction to separate its International Family Care and Professional (IFP) operations: North America (NA) and International Personal Care (IPC). In FY2025, the North America segment generated $10,753 million in net revenue and $2,553 million in operating profit, representing 65.4% of consolidated net sales. International Personal Care generated $5,694 million in net revenue and $796 million in operating profit.
Kimberly-Clark distributes its products across mass retail, supermarket, drugstore, warehouse club, and digital e-commerce channels. Walmart Inc. represents the company's largest single customer, accounting for approximately 16% of consolidated net sales in both FY2025 and FY2024, with revenue concentrated primarily within North America.
§2 Kịch bản tiêu cựcEN
In a severe compounding downturn, Kimberly-Clark experiences simultaneous volume degradation and cost pressure. Weakening lower-income consumer sentiment drives trade-down to private label, while retail inventory destocking causes North American shipments to lag consumption beyond the 170 bps observed in Q2 2026. Concurrently, $150M in second-half gross input cost headwinds cannot be fully neutralized by productivity savings or pricing actions, compressing operating margins below 13.5% from the FY2025 level of 14.29%. Operating cash flow shrinks from $2,777M, restricting free cash flow generation as $1,138M in capital expenditures and $6,539M in total debt constrain financial flexibility amidst ongoing corporate restructuring.
In the bear case, persistent consumer budget fatigue accelerates trade-down to private label, resulting in shelf-space contraction at key retail partners like Walmart. Sustained gross input cost inflation outpaces low-single-digit pricing realization, while lingering reputational headwinds in China diaper sales depress international segment earnings, compressing operating margins and capping intrinsic value.
Các cách luận điểm này có thể đổ vỡ
Severe Retail Pushback and Private Label Down-Trading Compress Operating Margins
Walmart accounts for approximately 16% of net sales, giving the retail giant significant pricing leverage. Under severe retail pushback or intensified private label substitution by value-seeking consumers, Kimberly-Clark faces promotional allowance expansion and an inability to offset input costs, triggering an operating margin drop below 13.5% (driver shock: -3pp margin) with an estimated -21.7% impact on fair value.5,8
FV impact
-4.6%
Tín hiệu cảnh báo sớm cần theo dõi
Năm diễn biến có thể làm suy yếu luận điểm đầu tư của chúng tôi.
Operating margin dropping below 13.50% indicates that gross productivity savings have failed to offset input cost inflation ($150M in H2 2026) or that promotional allowances have eroded product pricing.
Hiện tại:14.29% (FY2025)
Cảnh báo nếu< 13.50%
02
§3 Lợi thế cạnh tranhEN
Narrow
Kimberly-Clark possesses a narrow economic moat grounded in structural intangible brand assets and global scale cost advantages. The company's premier personal care portfolio—anchored by Huggies, Kleenex, and Kotex—holds No. 1 or No. 2 market share positions across approximately 70 countries. In North America, which generated $10,753M or 65.38% of consolidated FY2025 net sales and $2,553M in operating income, Kimberly-Clark expanded market share across 70% of its sales base on a trailing 12-month basis. Science-backed product differentiation and premium tiering enable the company to maintain pricing power and consumer loyalty across economic cycles.
The company's scale provides entrenched distribution density and critical retail shelf space, exemplified by long-standing relationships with mass retailers like Walmart, which represents 16% of consolidated net sales. This extensive footprint provides unmatched routing density and manufacturing scale that lower unit production and logistics costs relative to smaller peers. Under the 2024 Transformation Initiative, management is leveraging these structural efficiencies to deliver industry-leading gross productivity savings, maintaining pricing net of cost neutrality in the face of $150M in second-half gross input cost headwinds.
Moat durability is assessed over an explicit 10-year horizon (5 years in Stage I and 5 years in Stage II fade). While demographic shifts such as declining infant birth rates and retailer private-label competition cap moat expansion, structural brand equity in essential personal hygiene categories protects returns on invested capital well above capital costs. Independent third-party testing has effectively refuted transient reputational attacks in international markets, reaffirming the resilience of Kimberly-Clark's core brand franchises.
Lợi nhuận kinh tế
Kimberly-Clark generates an ROIC of 19.67%, comfortably exceeding its moderate weighted average cost of capital (WACC) of 6.66%. This positive spread of 13.01 percentage points demonstrates robust economic profit creation across its core personal care and tissue franchises.2
7/ 10
Narrow
Sources of advantage
01Intangible Assets (Brand Equity and Science-Backed IP) — Kimberly-Clark holds iconic global brands including Huggies, Kleenex, and Kotex with No. 1 or No. 2 share in roughly 70 countries, gaining market share across 70% of its North American sales base over the trailing twelve months and defending premium pricing through science-backed innovation.Wide
02Cost and Scale Advantage (Distribution Density and Retail Integration) — North American operational scale generating $10,753M in FY2025 net sales and a 16% revenue share with Walmart enables scale-driven gross productivity savings that offset $150M of H2 2026 gross input cost inflation.Moderate
Continuous marketing investment, product innovation, and joint category planning with Walmart drive volume-plus-mix expansion in 8 of the last 10 quarters.5
The highlighted cell is Fair value when every assumption sits at its base level ($121.76). Each row and column shows what Fair value becomes when one assumption moves.
Free cash flow to the firm stays positive in the first projected year at $1.4B after modeled reinvestment of $474.3M, with terminal value at 83.3% of enterprise value. A sudden drop in free cash flow is not projected unless capital spending relative to revenue, reinvestment, or gross margin resets materially.
In the base case, Kimberly-Clark delivers steady turnaround execution, with revenue expanding 0.96% in FY2026 ($16,605M) and 2.65% in FY2027 ($17,045M). Operating margins widen through FY2030 as the 2024 Transformation Initiative offsets input inflation and normalizes supply chain operations, supporting Fair value at $121.76.
Organic revenue growth accelerates across North America and International segments
Operating margin approaches peer levels driven by gross productivity over-delivery
§7 Cây quyết định lợi nhuậnEN
Vượt
Upgrade the rating; Examine operating margin progression toward peer levels and verify whether volume-plus-mix expansion is broadening across International Personal Care.
Confirms accelerated realization of gross productivity savings and faster-than-anticipated recovery from discrete international disruptions, demonstrating robust turnaround traction.
Đúng kỳ vọng
Maintain Buy; Verify progress on supply chain realignment and monitor retail shipment re-convergence with underlying consumption.
Kích hoạt: FY2026 revenue, adjusted operating margin, and adjusted EPS tracking in line with consensus expectations
Results align with the house forecast baseline, demonstrating that gross input cost headwinds are successfully mitigated by productivity savings and tariff refunds.
Hụt
Downgrade the rating; Re-evaluate position sizing, verify whether shipment lags reflect structural category share loss, and stress test balance sheet liquidity.
Indicates severe retail channel pushback, private-label market share losses, or inability to offset gross cost inflation, undermining core thesis assumptions.
Chất lượng lợi nhuận
Earnings quality is solid, underscored by robust operating cash flow of $2,777M delivering strong cash conversion of GAAP net income of $2,021M in FY2025. While second-quarter 2026 GAAP results included transformation charges and a discrete Brazil tax credit benefit, adjusted operating profit reflected genuine operational performance with positive year-over-year growth. The normalization of restructuring outlays and tariff refunds ensures reported earnings closely track underlying economic performance.7
Xu hướng dự báo
Consensus estimates stabilized following the Q2 2026 earnings release, with post-event revisions holding flat at $7.54 before settling at $7.38 for FY2026 diluted EPS and $7.47 for FY2027 diluted EPS. Revenue estimates similarly reconciled to $16,604M for FY2026 and $17,044M for FY2027, fully incorporating management's guidance revisions regarding the China disruption and input cost inflation.1
Chỉ số cần theo dõi trước khi công bố
01
Chỉ số:
North America Shipment Alignment with Underlying Consumption
Hiện tạiShipments declined 1.4% in Q2 consumer categories due to retail inventory changes and the Los Angeles DC fire.
Vì sao quan trọng
Confirms whether retail shipments re-converge with consumer consumption after lagging by 170 bps in Q2 2026.5
02
Chỉ số:
Gross Productivity Offsets Against Gross Input Cost Inflation
Hiện tạiManagement expects tariff refunds and transformation savings to offset the $150M gross cost headwind.
Cash generation remains the cornerstone of Kimberly-Clark's financial health. In FY2025, operating cash flow of $2,777M delivered 137.4% conversion of GAAP net income ($2,021M), producing $1,639M in free cash flow even while funding $1,138M in peak capital expenditures. In the first six months of 2026, cash provided by operations expanded to $1,653M from $1,097M in the prior year period. Over the 5-year house projection, free cash flow to firm is forecast to expand from $1,423M in FY2026 to $1,882M in FY2030, driven by operating margin expansion to 16.60% and capex normalization toward depreciation.6,7
Kimberly-Clark's ROIC of 19.67% reflects strong underlying capital productivity, which is set to improve further as operating margins expand from 14.80% in FY2026 to 16.60% by FY2030 under the transformation program.
Kimberly-Clark's ROIC of 19.67% comfortably exceeds its weighted average cost of capital (WACC) of 6.66%, producing a substantial economic profit spread of 13.01 percentage points.
FY2025 operating cash flow reached $2,777M, converting 137.4% of GAAP net income ($2,021M) and generating $1,639M in .
Doanh thu mới nhất16,4 T US$CAGR doanh thu −1,1%
Biên hoạt động14,3%10 kỳ tài chính
Dòng tiền tự do mới nhất1,6 T US$FY2025
Nợ ròng6,5 T US$FY2025
Phân tích báo cáo kết quả kinh doanhQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.30 thg 6, 2026
StockMarketAgent.AI
Doanh thu4,2 T US$Giá vốn doanh thu−2,6 T US$Lợi nhuận gộp1,6 T US$Chi phí hoạt động−1,2 T US$Lợi nhuận hoạt động448 Tr US$Các khoản ngoài hoạt động và thuế−103 Tr US$Lợi nhuận ròng345 Tr US$
Dữ liệu lịch sử tài chính
Doanh thu
4.189.000.000 US$
Giá vốn doanh thu
2.586.000.000 US$
Lợi nhuận gộp
1.603.000.000 US$
Chi phí hoạt động
1.155.000.000 US$
Lợi nhuận hoạt động
448.000.000 US$
Các khoản ngoài hoạt động và thuế
-103.000.000 US$
Lợi nhuận ròng
345.000.000 US$
Tổng quan bảng cân đối kế toánCách tài sản đã báo cáo được nắm giữ và tài trợ trong kỳ đã chọn.
StockMarketAgent.AI
Cơ cấu tài sảnNguồn tài trợ
Tổng tài sản17,1 T US$Tiền mặt688 Tr US$Tài sản ngắn hạn5,3 T US$Tổng nợ phải trả15,6 T US$Nợ ngắn hạn7,1 T US$Vốn chủ sở hữu1,6 T US$
Dữ liệu phân tích bảng cân đối kế toán
Tổng tài sản
17.098.000.000 US$
Tiền mặt
688.000.000 US$
Tài sản ngắn hạn
5.310.000.000 US$
Tổng nợ phải trả
15.574.000.000 US$
Nợ ngắn hạn
7.125.000.000 US$
Vốn chủ sở hữu
1.630.000.000 US$
Cầu nối dòng tiềnDòng tiền từ hoạt động chuyển thành dòng tiền tự do như thế nào trong FY2025.
StockMarketAgent.AI
Đối chiếu dòng tiền hoạt động
Lợi nhuận ròng2 T US$Khấu hao và phân bổ+805 Tr US$Thù lao bằng cổ phiếu+140 Tr US$Điều chỉnh hoạt động khác−189 Tr US$Dòng tiền hoạt động2,8 T US$
Đối chiếu tiền đầu kỳ đến cuối kỳ
Tiền đầu kỳ1 T US$Dòng tiền hoạt động+2,8 T US$Dòng tiền đầu tư−951 Tr US$Dòng tiền tài chính−2,2 T US$Ảnh hưởng tỷ giá+33 Tr US$Tiền cuối kỳ688 Tr US$
2,8 T US$ − 1,1 T US$Dòng tiền tự do 1,6 T US$
Dữ liệu cầu nối dòng tiền
Lợi nhuận ròng
2.021.000.000 US$
Dòng tiền vào từ hoạt động
2.966.000.000 US$
Khấu hao và phân bổ
805.000.000 US$
Thù lao bằng cổ phiếu
140.000.000 US$
Dòng tiền hoạt động
2.777.000.000 US$
Dòng tiền ra từ hoạt động
189.000.000 US$
Tiền sẵn có
3.831.000.000 US$
Tiền đầu kỳ
1.021.000.000 US$
Ảnh hưởng tỷ giá
33.000.000 US$
Dòng tiền ra từ đầu tư
951.000.000 US$
Dòng tiền ra từ tài chính
2.179.000.000 US$
Mua lại cổ phiếu
141.000.000 US$
Cổ tức đã trả
1.660.000.000 US$
Hoàn trả nợ ròng
275.000.000 US$
Hoạt động tài chính khác
103.000.000 US$
Tiền cuối kỳ
688.000.000 US$
Dòng tiền đầu tư
-951.000.000 US$
Dòng tiền tài chính
-2.179.000.000 US$
Doanh thu theo phân khúc hoạt độngTỷ trọng trong tổng doanh thu của 2025-12-31.
16,4 T US$Tổng doanh thu
Doanh thu theo phân khúc hoạt độngTỷ trọng
North America NA10,8 T US$65,4%−2,4% so với cùng kỳ
International Personal Care IPC5,7 T US$34,6%−0,9% so với cùng kỳ
Nguồn: SEC EDGAR · Nộp ngày 2026-02-12 · SEC EDGAR
Dữ liệu cơ cấu doanh thu: Doanh thu theo phân khúc hoạt động
Doanh thu theo phân khúc hoạt động
Doanh thu
Tỷ trọng
so với cùng kỳ
North America NA
10,8 T US$
65,4%
-2,4%
International Personal Care IPC
5,7 T US$
34,6%
-0,9%
Doanh thu và lợi nhuậnQuy mô kinh doanh chuyển thành lợi nhuận báo cáo như thế nào.
Tiền mặt và nợThanh khoản sẵn có so với tổng dư nợ.
Tạo dòng tiềnDòng tiền hoạt động so với dòng tiền tự do.
Khả năng sinh lờiDiễn biến biên gộp, biên hoạt động và biên ròng.
Dữ liệu tài chính tại thời điểm được dùng trong phân tích ngày 2026-10-05.
Dữ liệu lịch sử tài chính
Kỳ
Doanh thu
EBITDA
Lợi nhuận ròng
Dòng tiền hoạt động
Dòng tiền tự do
Capex
Khấu hao và phân bổ
Thù lao bằng cổ phiếu
Mua lại cổ phiếu
Cổ tức đã trả
Phát hành nợ ròng
Dòng tiền đầu tư
Dòng tiền tài chính
Tiền đầu kỳ
Tiền cuối kỳ
Tiền mặt và đầu tư
Tổng nợ
Biên hoạt động
ROIC
WACC
Chênh lệch ROIC−WACC
2016-12-31
18,2 T US$
4 T US$
2,2 T US$
3,2 T US$
2,5 T US$
771 Tr US$
705 Tr US$
77 Tr US$
739 Tr US$
1,3 T US$
—
-732 Tr US$
-2,2 T US$
—
923 Tr US$
923 Tr US$
7,4 T US$
18,6%
—
5,0%
—
2017-12-31
18,3 T US$
4 T US$
2,3 T US$
2,9 T US$
2,1 T US$
785 Tr US$
724 Tr US$
76 Tr US$
911 Tr US$
1,4 T US$
—
-851 Tr US$
-2,4 T US$
923 Tr US$
616 Tr US$
616 Tr US$
7,4 T US$
18,3%
—
5,1%
—
2018-12-31
18,5 T US$
3 T US$
1,4 T US$
3 T US$
2,1 T US$
877 Tr US$
882 Tr US$
41 Tr US$
800 Tr US$
1,4 T US$
—
-902 Tr US$
-2,1 T US$
616 Tr US$
539 Tr US$
539 Tr US$
7,5 T US$
12,1%
—
5,0%
—
2019-12-31
18,5 T US$
3,8 T US$
2,2 T US$
2,7 T US$
1,5 T US$
1,2 T US$
917 Tr US$
96 Tr US$
800 Tr US$
1,4 T US$
—
-1 T US$
-1,8 T US$
539 Tr US$
442 Tr US$
442 Tr US$
7,9 T US$
16,2%
—
4,3%
—
2020-12-31
19,1 T US$
4 T US$
2,4 T US$
3,7 T US$
2,5 T US$
1,2 T US$
796 Tr US$
147 Tr US$
700 Tr US$
1,5 T US$
—
-2,3 T US$
-1,6 T US$
442 Tr US$
303 Tr US$
603 Tr US$
8,4 T US$
16,9%
—
2,8%
—
2021-12-31
19,4 T US$
3,2 T US$
1,8 T US$
2,7 T US$
1,7 T US$
1 T US$
766 Tr US$
26 Tr US$
400 Tr US$
1,5 T US$
—
-1,1 T US$
-1,7 T US$
303 Tr US$
270 Tr US$
270 Tr US$
8,6 T US$
13,2%
—
3,4%
—
2022-12-31
20,2 T US$
3,4 T US$
1,9 T US$
2,7 T US$
1,9 T US$
876 Tr US$
754 Tr US$
150 Tr US$
100 Tr US$
1,6 T US$
-51 Tr US$
-785 Tr US$
-1,8 T US$
270 Tr US$
413 Tr US$
427 Tr US$
8,7 T US$
13,3%
—
5,7%
—
2023-12-31
17,1 T US$
2,3 T US$
1,8 T US$
3,5 T US$
2,8 T US$
766 Tr US$
753 Tr US$
169 Tr US$
225 Tr US$
1,6 T US$
-483 Tr US$
-418 Tr US$
-2,4 T US$
427 Tr US$
1,1 T US$
1,1 T US$
8,1 T US$
11,2%
—
5,6%
—
2024-12-31
16,8 T US$
4 T US$
2,5 T US$
3,2 T US$
2,5 T US$
721 Tr US$
781 Tr US$
131 Tr US$
1 T US$
1,6 T US$
-553 Tr US$
-100 Tr US$
-3,2 T US$
1,1 T US$
1 T US$
1,2 T US$
7,9 T US$
16,1%
—
6,3%
—
2025-12-31
16,4 T US$
3,1 T US$
2 T US$
2,8 T US$
1,6 T US$
1,1 T US$
805 Tr US$
140 Tr US$
141 Tr US$
1,7 T US$
-275 Tr US$
-951 Tr US$
-2,2 T US$
1 T US$
688 Tr US$
774 Tr US$
7,3 T US$
14,3%
—
5,6%
—
§9 So sánh định giá với các doanh nghiệp cùng ngành
Giá trị hợp lýReport-date price
Kimberly-Clark CorporationKMB
Giá / giá trị hợp lý
Giá trị hợp lý121,76 US$Report-date price94,36 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư58 / 100
The Clorox CompanyCLX
Giá / giá trị hợp lý
Giá trị hợp lý104,8 US$Report-date price83,1 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư53 / 100
Kenvue Inc.KVUE
Giá / giá trị hợp lý
Giá trị hợp lý18,17 US$Report-date price17,2 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư63 / 100
Kimberly-Clark CorporationKMB
Giá / giá trị hợp lý
Giá trị hợp lý121,76 US$Report-date price94,36 US$
Kimberly-Clark Corporation (KMB) trades at 13.1x forward earnings against a peer median of 18.6x. Its EV/EBITDA of 10.7x compares with a peer median of 14.7x. The comparison uses 4 peers: The Clorox Company, Kenvue Inc., The Estee Lauder Companies Inc. and Church & Dwight Co. Inc., as of 2026-10-05.
§10 Ngành và chu kỳEN
Pha chu kỳ
Expansion
Industry capex-to-depreciation stands at 1.07 and industry capex-to-revenue is 1.10%, reflecting measured industry reinvestment. Kimberly-Clark's FY2025 capex of $1,138M on revenue of $16,447M (6.92% capex/revenue) reflects elevated corporate transformation spend that is scheduled to moderate toward D&A ($805M).7
Chu kỳ tăng giá
During an industry expansion cycle, steady consumer disposable income growth enables premium brand trade-up across personal care categories. Robust demand allows manufacturers to execute positive price/mix realization while supply chains operate fluidly, aligning retail shipments with consumption and expanding operating margins toward the industry benchmark of 18.80%.
Chu kỳ giảm giá
During an industry contraction, inflationary cost pressures squeeze lower-income household budgets, accelerating trade-down to private label and prompting mass retailers to increase promotional pressure. Retailers engage in aggressive inventory destocking, causing shipments to lag consumption and leaving gross input cost headwinds (such as the $150M gross inflation in H2 2026) unmitigated.
Xu hướng dài hạn
Xu hướng
Tác động
Ghi chú
Consumer Demand for Science-Backed Premium Differentiation
positive
Consumers consistently prioritize proven skin-health and comfort features in personal care, enabling Kimberly-Clark to gain share across 70% of its North American portfolio and launch premium tiering.
Divergent Demographics: Declining Birth Rates vs Aging Populations
neutral
While global birth rate moderation constrains organic volume growth in infant care, rapid expansion in the aging demographic accelerates adult care demand (Poise, Depend), sustaining consolidated category growth around 2%.
Định vị
Kimberly-Clark holds a defensive, cash-generative market position anchored by North American personal care and consumer tissue ($10,753M in FY2025 net sales). The company is executing the 2024 Transformation Initiative to close the operating margin gap with peers such as Church & Dwight (CHD operating margin 18.06%) while managing channel concentration with Walmart.3,8
§11 Quản lý vị thếEN
Quy mô vị thế
3-4%
A moderate allocation of 3-4% balances Kimberly-Clark's defensive cash flow generation ($2,777M operating CF in FY2025) and 29.04% implied upside against ongoing turnaround execution risks and customer concentration with Walmart.7,8
Rủi ro
Risk management focuses on monitoring input cost volatility, customer concentration with Walmart (16% of sales), and supply chain execution under the 2024 Transformation Initiative. Position exposure is bounded by strict quarterly checkpoints and disciplined stop-loss evaluation at $83.00, ensuring portfolio capital is protected against potential structural margin degradation.
Đợt vào lệnh
Mức
Hành động
Lý do
Baseline entry range ($94.00 - $95.00)
Initiate baseline position (50% of intended allocation)
Share price of $94.36 as of October 2, 2026 offers a 22.50% discount to fair value ($121.76), providing an attractive margin of safety for a stable consumer staples cash generator.
Pullback toward recent support ($88.00 - $91.00)
Add second tranche (30% of intended allocation)
Deepens discount to fair value toward 25-28%, offering compelling asymmetry if driven by transient market-wide rather than thesis breakdown.
Đợt thoát lệnh
Mức
Hành động
$115.00 - $118.00
Trim 30% of position to lock in gains as shares approach consensus 12-month target ($116.20).
Review gross productivity delivery and downgrade stance if price-cost neutrality fails.
North America Shipment Lag vs Consumption
Lag exceeding 150 bps for two consecutive quarters
Re-assess retail inventory dynamics to verify whether volume softness reflects retailer destocking or permanent market share loss.
§12 Quan điểm nhà đầu tưEN
Fundamental & Core Turnaround
Buy
From a core turnaround and institutional compounder perspective, Kimberly-Clark offers high cash flow visibility and brand scale. Generating $2,777M in operating cash flow and $1,639M in free cash flow in FY2025, the business comfortably covers capital expenditures while funding restructuring. Market share gains across 70% of North American sales confirm brand health, making the forward valuation of 13.14x forward earnings an attractive entry point to capture 29.04% upside to $121.76.4,5,6,7
Bear Risk & Downside Sensitivity
Hold
From a downside risk-management view, near-term caution is warranted by customer concentration with Walmart (16% of revenue), second-half gross input cost inflation of $150M, and North American consumer shipments lagging consumption by 170 bps. If promotional allowances escalate and operating margins face sustained pressure, valuation multiples and cash flow generation would suffer meaningful contraction.5,8
Valuation & Total Return
Buy
From a total return and valuation perspective, Kimberly-Clark trades at $94.36 as of October 2, 2026 against a synthesized fair value of $121.76. Anchored on discounted cash flows ($103.66 midpoint) and forward earnings ($92.57 midpoint on FY2027 consensus EPS of $7.47), the equity offers 29.04% upside as capex normalizes from $1,138M toward D&A ($805M) and debt paydown reduces leverage on $6,539M in total obligations.1,2,4,7
§14 Khuyến nghị cuối cùngEN
Hành động
Mua
We recommend a Buy on Kimberly-Clark Corporation with a fair value of $121.76, representing 29.04% upside from the October 2, 2026 share price of $94.36.4
The investment thesis is driven by dominant personal care market leadership, market share gains in 70% of North American sales, and proven 137% operating cash flow conversion of GAAP net income in FY2025 ($2,777M OCF on $2,021M net income), which insulate shareholder returns as transitory supply and retail destocking frictions normalize.
§15Your notes
Capture your own thesis, position size, and follow-up questions. Stays on this device, only you can see it.
Private notes
Visible only to you. Synced to this device.
0 chars
Sources
The records this analysis drew on, as they stood when it was run.
Market and peer researchData as of 2026-10-05 · Published 2026-10-05 · Provider-adjusted · cited for 1 figuresCited in Ngành và chu kỳ, Lịch sử tài chính
Not every cited input appears here: internal calculations and intermediate model outputs have no external record, and some citations could not be matched to one.
Demographic Drag and Volume Contraction Drive Multi-Year Topline Decline
Historical top-line stagnation from $18,202M in FY2016 to $16,447M in FY2025 highlights persistent category volume pressure. If declining global birth rates accelerate and International Personal Care ($5,694M in FY2025 revenue) fails to inflect positively post-China disruption, 5-year revenue CAGR drops below -2.0% (driver shock: -5pp 5y CAGR), generating a -24.7% fair value impact.4,5,7,8
FV impact
-6.4%
Revenue and EPS growth 5 points lower for five years
Should brand equity across Huggies, Kleenex, and Kotex erode under consumer value-seeking pressure and EPS growth stagnate near 1.18% post-2026, market confidence in moat durability dissolves. A terminal multiple derating from 15.0x to below 14.0x NTM P/E (driver shock: -20% terminal multiple) inflicts a -20.0% impairment on fair value.1,5
FV impact
-3.8%
Terminal multiple 20% lower
Trigger
Within 18 months
North America Shipment vs Consumption Spread
A persistent lag between shipments and retail consumption indicates structural retailer destocking and permanent shelf-space losses rather than transient logistics friction.
Hiện tại:-170 bps (Q2 2026)
Cảnh báo nếuPersistent lag > 150 bps across two consecutive quarters
A decline in North America revenue share below 60.00% signals loss of retail channel dominance and shelf-space displacement at Walmart (16% of sales).
Hiện tại:65.38% ($10,753M of $16,447M in FY2025)
Cảnh báo nếu< 60.00%
04
China Diaper Organic Growth Impact
Failure of international sellout to inflect positively indicates lasting brand damage from social media allegations despite third-party safety certification.
Hiện tại:-100 bps (FY2026 organic headwind)
Cảnh báo nếuHeadwind > 150 bps or drag persisting into FY2027
Capex remaining persistently above 7.50% of revenue indicates cost overruns in supply chain restructuring and delays the expected normalization of free cash flow.
Pricing net of cost neutral discipline and the 2024 Transformation Initiative's gross productivity programs fully offset $150M in H2 2026 gross input cost inflation.5
Transitory Reputational and Supply Chain Shocks
low
6-18 months
Independent third-party certification confirmed product safety to resolve false China social media claims, while logistics recovery post-Los Angeles DC fire normalizes retail shipments.5
Discounted forecast-period cash flows (20,64 US$) plus discounted terminal value (103 US$) minus signed per current share (19,65 US$) equals the 104 US$ lens value shown above. Negative net debt is , so subtracting it raises value.
In the bull case, premium innovation tiering accelerates volume-plus-mix expansion across Huggies, Kleenex, and Kotex, while the resolution of false China quality allegations drives a sharper recovery in International Personal Care. Gross productivity savings exceed baseline cost inflation, expanding operating margins toward peer benchmarks and generating robust free cash flow to accelerate debt reduction and shareholder returns, supporting valuation toward $163.21.
Verifies that management maintains pricing net of cost neutrality against $150M in H2 2026 gross input cost inflation.5
03
Chỉ số:
China Diaper Business Stabilization and Recovery
Hiện tạiSellout has stabilized without sequential deterioration, supported by third-party product safety verification.
Vì sao quan trọng
Ensures the discrete 100 bps full-year organic growth headwind from false social media allegations resolves cleanly.5
Management maintains a disciplined capital allocation strategy focused on internal reinvestment, deleveraging, and dependable dividend distributions. Capital expenditures absorbed $1,138M in FY2025 to support the 2024 Transformation Initiative and supply chain automation. Total debt from continuing operations was reduced to $6,539M as of mid-2026 from $7,296M at FY2025 year-end. The company paid $843M in dividends during the first half of 2026 while temporarily halting share repurchases to preserve liquidity ahead of the pending Kenvue transaction.
High organic cash generation provides ample self-funding capacity to execute manufacturing and supply chain restructuring without increasing financial leverage.
Kimberly-Clark's FY2025 operating margin was 14.29% ($2,351M operating income on $16,447M net sales), trailing peer Church & Dwight's 18.06% and industry operating margin of 18.80%.
The 2024 Transformation Initiative's gross productivity savings provide an established pathway to expand operating margins toward 16.60% by FY2030.
Capex in FY2025 was $1,138M (6.92% of revenue), significantly exceeding D&A ($805M) and industry capex-to-revenue (1.10%).
As transformation capex scales down toward steady-state depreciation, reinvestment rates drop from 25% to 20%, directly accelerating free cash flow expansion.
The Estee Lauder Companies Inc.EL
Giá / giá trị hợp lý
Giá trị hợp lý51,63 US$Report-date price91,97 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư48 / 100
Church & Dwight Co., Inc.CHD
Giá / giá trị hợp lý
Giá trị hợp lý80,3 US$Report-date price97,9 US$
Ngày đánh giá
Hào kinh tếNarrow
Bảng điểm đầu tư64 / 100
Biên
KMB
Kimberly-Clark Corporation
$31.3B
13.1x
1.9x
10.7x
104.9%
—
CLX
The Clorox Company
$9.7B
12.9x
1.4x
13.5x
163.8%
12.9%
KVUE
Kenvue Inc.
$33.0B
13.9x
2.1x
11.6x
15.6%
19.4%
EL
The Estee Lauder Companies Inc.
$33.3B
23.5x
2.2x
15.9x
4.7%
7.0%
CHD
Church & Dwight Co. Inc.
$22.4B
23.4x
3.6x
18.1x
17.0%
18.1%
Mass Retailer Concentration and Supply Chain Synchronization
negative
Mass retailers, notably Walmart at 16% of sales, enforce strict inventory discipline, causing North American shipments to lag consumption by 170 bps during inventory adjustments.