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KIMBERLY-CLARK CORP (KMB)

Juste valeur
Consumer DefensiveHousehold & Personal ProductsUnited States

Fondamental

59

Prix

$95.29

Capitalisation boursière

$32.27B

Partie 1 · Ce que vaut l'entreprise

Vue d'ensemble

Kimberly-Clark makes disposable personal-care and tissue products — diapers (Huggies), feminine and adult care, paper towels and toilet paper (Kleenex, Scott) — sold mainly through supermarkets, mass retailers and pharmacies. Its North America business is the larger and more profitable half; a separate International Personal Care unit sells largely the same categories outside the US and Canada. It is also folding in Kenvue (Tylenol, Band-Aid, Listerine) through a pending acquisition, and moving its non-US tissue business into a joint venture with Brazil's Suzano.

Comment l'entreprise gagne de l'argent

Kimberly-Clark sells everyday disposable products that customers repurchase every few weeks, so revenue depends on volume and price/mix rather than one-time big-ticket sales. It negotiates directly with a small number of very large retailers — Walmart alone is about 16% of net sales — who control shelf space and can push back hard on price increases, especially when store-brand alternatives sit right next to Kimberly-Clark's products. Profitability rises and falls largely with the cost of pulp, resin and other raw materials relative to what retailers accept in price increases.

Chiffre d'affaires par segment

North America65.85%

Personal care and tissue brands sold in the US and Canada, Kimberly-Clark's largest and most profitable market.

International Personal Care34.15%

Diapers, feminine and adult care products sold outside North America, largely in emerging markets.

Avantage concurrentiel

Marque · Étroit

Huggies, Kleenex and Scott are recognized household names that let Kimberly-Clark charge more than unbranded alternatives and secure shelf space with retailers. But private-label products sit right next to them at lower prices in every category it competes in, and large retailers hold real bargaining power over listing and price, so the brand premium is real but limited rather than dominant.

Ce qui stimule la demande

Défensif

Diapers, tissue and paper towels are bought regardless of the economic cycle, since consumers rarely cut back on basic hygiene products even in a downturn, which keeps volumes fairly stable. The bigger swing factor is the input-cost cycle — pulp, resin and energy prices — and retailers' willingness to accept the price increases needed to offset it, not end-consumer demand itself.

Principaux risques

  • Retailer bargaining power — A handful of very large retailers, led by Walmart, control the shelf space Kimberly-Clark depends on and can resist price increases or favor private-label alternatives.
  • Raw material cost volatility — Prices for pulp, resin, energy and other key inputs can rise sharply, and Kimberly-Clark may not be able to fully offset them through pricing without hurting volume.
  • Kenvue acquisition integration — The pending Kenvue acquisition will substantially increase debt and carries execution risk; the deal could also be delayed, face regulatory obstacles, or fail to deliver the expected synergies.
  • Private-label competition — Store-brand competitors, some with significantly lower development and manufacturing costs, offer comparable products at lower prices in nearly every category Kimberly-Clark serves.

Concentration des clients

Les principaux clients représentent 16% du chiffre d'affaires

Walmart alone accounted for approximately 16% of net sales from continuing operations in 2025, concentrated mostly in the North America segment; losing shelf space or favorable terms with a retailer this size would be difficult to replace elsewhere.

Les arguments en faveur

Buyers argue that Kleenex, Huggies and Scott are habitual purchases that hold their shelf position through economic cycles, that adding Kenvue's health-care brands diversifies the business beyond paper and diaper categories, and that shedding the lower-margin international tissue business into the Suzano joint venture should lift overall margins.

Les arguments contre

Sellers worry that the Kenvue deal loads the balance sheet with new debt right as Kimberly-Clark still has to prove the acquisition's synergies, that a handful of retailers led by Walmart can squeeze pricing whenever input costs rise, and that private-label alternatives keep gaining share in categories where the brand premium is hardest to defend.

Written by the editors, published on 18 août 2026

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 19 septembre 2026 with claude-haiku-4-5 — shared with all users

P/E: 21.9Score: 56Market cap: $346.41B

P&G goes head to head with Kimberly-Clark on supermarket shelves worldwide in disposable diapers (Pampers vs Huggies), feminine care (Always vs Kotex) and paper towels and toilet tissue (Bounty and Charmin vs Scott and Cottonelle).

Essity ABNot tracked

The Swedish hygiene group names Kimberly-Clark as a direct competitor in both personal care and tissue, and the two fight for the same customers in adult incontinence (TENA vs Depend) and in away-from-home washroom supplies sold to offices and hospitals (Tork vs Kimberly-Clark Professional).

Unicharm Corporation (ユニ・チャーム株式会社)Not tracked

Unicharm is the leading maker of baby diapers, feminine care and adult incontinence products across Japan, China and Southeast Asia, the same categories and the same fast-growing Asian consumers Kimberly-Clark targets with Huggies and Kotex.

Georgia-Pacific LLCNot tracked

Privately held by Koch Industries, Georgia-Pacific sells Angel Soft, Quilted Northern and Brawny in US supermarkets and Dixie and enMotion washroom systems to businesses, competing directly with Scott, Cottonelle and Kimberly-Clark Professional.

Ontex Group NVNot tracked

Ontex is one of the largest makers of private-label diapers, feminine pads and incontinence products for European and American retailers, the store-brand pressure Kimberly-Clark's 10-K singles out as a threat to its branded volumes.

Bilan & Liquidités

Chiffre d'affaires

$16.58B

12 derniers mois (au 30/06/2026)

Résultat net

$1.96B

12 derniers mois (au 30/06/2026)

Flux de trésorerie libre

$1.64B

Capitaux propres totaux

$1.50B

Passif total

$15.47B

Ratio de liquidité général

0.91

Couverture des intérêts

9.18

Dette/EBITDA

2.06

Bénéfice par action

Chiffre d'affaires & Résultat net

Flux de trésorerie libre

Décomposition du résultat

État historique

Marges dans le temps

La dette dans le temps

Le poids de la dette

Grille de la croissance

Croissance — Chiffre d'affaires

Estimation de la juste valeur

Cas généralJustement valorisé

Juste valeur

$102.73

Prix actuel

$95.29

Marge de sécurité

+7.2%

Fourchette de juste valeur

$66.78 - $138.69

Écart entre les méthodes de valorisation utilisées, pas un intervalle de confiance calibré statistiquement.

Méthodes d'estimation

Objectif de cours des analystes:$116.33
Flux de trésorerie actualisés (DCF):$151.08
Multiple de résultat (P/E):$67.30
Formule de croissance de Graham:$37.85
Valeur de la capacité bénéficiaire (EPV):$74.48
P/B justifié:$134.15
Actualisation des dividendes (Gordon):$130.06
P/FFO, les fonds provenant de l'exploitation:$135.96
Bénéfices de milieu de cycle:$117.10
Multiple sur le chiffre d'affaires:$58.94
Consensus des analystes:Acheter (10B / 10H / 1S)
Dernière surprise sur les résultats:+4.20%

Indicateurs de valorisation

Ratio P/E

16.57

ROE

134.6%

Ratio P/B

18.52

P/FCF

17.80

Marge brute

36.8%

ROIC

18.6%

Radar de rentabilité

Création de valeur (avantage concurrentiel)

ROIC

18.6%

WACC

7.2%

ROIC − WACC

+11.4 pp

Le ROIC dépasse le coût du capital — l'entreprise crée de la valeur pour les actionnaires.

Critères d'analyse fondamentale

Réussi (15)

  • EPS shows upward trend
  • ROIC 18.6%
  • Gross Margin 36.8%
  • P/FCF 17.80
  • Operating Margin 14.3%
  • Positive Free Cash Flow
  • Current Ratio
  • Interest Coverage
  • Debt/EBITDA
  • Return on Tangible Assets
  • ROE 122.6%
  • Earnings Surprise avg 2.9%
  • Earnings Quality (OCF/NI) 1.70
  • Share Dilution -1.2%
  • Piotroski F-Score 5/9

Échoué (11)

  • EPS CAGR 2.23%
  • Price CAGR -1.54%
  • P/B Ratio 18.52
  • Debt/Equity ratio
  • CapEx intensity
  • Low reliance on intangibles
  • Price below Graham Number
  • DCF valuation (Fairly valued)
  • Revenue Growth 5Y -3.0%
  • Analyst Consensus 48% Buy
  • Net Margin Trend 11.8% vs 14.8%

Indisponible (2)

  • Dividend Payout NaN%
  • PEG Ratio (need PE > 0 and growth > 0)

Score F de Piotroski

5/9

Signaux mixtes : certains domaines nécessitent attention

score
criteria

Qualité des bénéfices

1.70

Qualité élevée : bénéfices soutenus par la trésorerie

Dilution du capital

-1.2%

Rachat d'actions. Favorable aux actionnaires

Participations institutionnelles

Gouvernance

Équipe dirigeante

NomTitreÂge
Mr. Michael D. HsuChairman & CEO61
Mr. Russell C. TorresPresident & COO53
Mr. Nelson UrdanetaSenior VP, CFO & Interim Principal Accounting Officer,53
Mr. Jeffrey P. Melucci J.D.Chief Strategy, Business Development & Administrative Officer54
Mr. Francesco TintoChief Information & Global Business Services Officer-
Mr. Christopher M. Jakubik C.F.A.Investor Relations Contact-
Ms. Suzana BladesSenior VP & General Counsel-
Ms. Preeti BinoyHead Corporate Communications & Government Affairs - India-
Ms. Stacey J. Valy PanayiotouChief Human Resources Officer52
Mr. Ehab Abou-OafChief Executive Officer of Arbex58

Risque d'audit

3

Risque du conseil

5

Risque de rémunération

6

Risque droits des actionnaires

4

Partie 2 · Le prix et le moment d'entrer

Cette partie ne dit pas si l'entreprise vaut la peine : elle aide à choisir quand l'acheter, une fois que les fondamentaux vous ont convaincu. À l'intérieur : analyse technique, potentiel, baisses historiques, exposition gamma.

Documents

  • Rapport annuel (10-K)

    Un aperçu annuel de l'activité, des résultats financiers et des risques de l'entreprise.

    Déposé le 2026-02-12

    Voir le document
  • Rapport trimestriel (10-Q)

    Une mise à jour de la performance financière des trois derniers mois.

    Déposé le 2026-08-04

    Voir le document
  • Rapport d'événement important (8-K)

    Un avis concernant un événement important, comme un changement de direction ou une annonce majeure.

    Déposé le 2026-10-01

    Voir le document

via SEC EDGAR

Historique des résultats

via SEC EDGAR

Latest News

Recent headlines for KMB, sourced from Markets Gazette.

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