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KIMBERLY-CLARK CORP (KMB)

適正価値
Consumer DefensiveHousehold & Personal ProductsUnited States

ファンダメンタル

59

株価

$95.29

時価総額

$32.27B

パート1 · 企業の価値

概要

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.

収益の仕組み

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.

セグメント別売上高

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.

競争優位性(moat)

ブランド · 狭い

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.

需要を左右する要因

ディフェンシブ

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.

主なリスク

  • 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.

顧客集中度

主要顧客が売上高の16%を占める

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.

強気材料

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.

弱気材料

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月19日 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.

貸借対照表と流動性

売上高

$16.58B

直近12か月(2026/6/30まで)

純利益

$1.96B

直近12か月(2026/6/30まで)

フリーキャッシュフロー

$1.64B

自己資本合計

$1.50B

負債合計

$15.47B

流動比率

0.91

利払い倍率

9.18

負債/EBITDA

2.06

一株当たり利益(EPS)

売上高と純利益

フリーキャッシュフロー

収益内訳

財務推移表

利益率の推移

負債の推移

負債の重さ

成長率グリッド

成長率 — 売上高

適正価値の推定

一般的なケース適正価値

適正価値

$102.73

現在株価

$95.29

安全マージン

+7.2%

適正価値レンジ

$66.78 - $138.69

使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。

推定方法

アナリストの目標株価:$116.33
ディスカウンテッド・キャッシュフロー(DCF):$151.08
利益倍率(P/E):$67.30
グレアムの成長公式:$37.85
収益力価値(EPV):$74.48
正当化されたP/B:$134.15
配当割引モデル(ゴードン):$130.06
P/FFO(運用から生まれる資金):$135.96
中間サイクル利益:$117.10
売上高倍率:$58.94
アナリスト・コンセンサス:買い (10B / 10H / 1S)
直近の決算サプライズ:+4.20%

バリュエーション指標

P/E レシオ

16.57

ROE

134.6%

P/B レシオ

18.52

P/FCF

17.80

粗利益率

36.8%

ROIC

18.6%

収益性レーダー

価値創造(経済的モート)

ROIC

18.6%

WACC

7.2%

ROIC − WACC

+11.4 pp

ROICが資本コストを上回っています。企業は株主のために価値を創出しています。

ファンダメンタル分析基準

合格(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

不合格(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%

データなし(2)

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

Piotroski F-スコア

5/9

まちまちのシグナル:一部の領域に注意が必要

score
criteria

利益の質

1.70

高品質:利益はキャッシュに裏付けられている

株式希薄化

-1.2%

株式を買い戻している。株主に友好的

機関投資家の保有

ガバナンス

経営陣

氏名役職年齢
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

監査リスク

3

取締役会リスク

5

報酬リスク

6

株主権利リスク

4

パート2 · 株価と買い時

この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容:テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。

書類

  • 年次報告書(10-K)

    事業内容、財務実績、リスクをまとめた年次の概要。

    提出日: 2026-02-12

    書類を見る
  • 四半期報告書(10-Q)

    直近3か月間の業績に関する最新情報。

    提出日: 2026-08-04

    書類を見る
  • 臨時報告書(8-K)

    経営陣の交代や重要な発表など、大きな出来事に関するお知らせ。

    提出日: 2026-10-01

    書類を見る

via SEC EDGAR

業績推移

via SEC EDGAR

Latest News

Recent headlines for KMB, sourced from Markets Gazette.

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