Forecast

Financial forecast

Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.

Kenvue (KVUE)

Price updated 06 Nov 2026 09:56; TTM through 30 Sep 2026; TTM financials updated 06 Nov 2026 13:10.

Starts from TTM through 30 Sep 2026 financials in USD and a share price of USD 19.31. Growth begins at 2.6% a year (the valuation's blended assumption) and fades to 2.4% by year 10. Margins held at EBITDA 21.0%, net 10.9%, free cash flow 16.4% of revenue. Bear and bull move starting growth by 2.9 points and long-run growth by 1 point.

Margins drift toward their 4-year average over 5 years (free cash flow), because today's margin is far above the company's own average.
Year 1 uses analyst consensus revenue growth (2.4%); year 2 is halfway back to the model's own path.
USD 18.62Model fair value (Dividend discount model); range USD 14.25 to USD 26.64
-4%Fair value vs today's price
HighModel confidence
75%Share of the gap to fair value the price closes by year 5

Confidence: Free-cash-flow DCF agrees; trailing-twelve-month data; profit and cash flow steady for 3 years.

5.8%/yrModel-implied annual total return over 10 years, base case (price plus dividends). Raw model level; the screener shows a calibrated ranking instead
USD 19.78BRevenue in year 10 (base)
USD 2.15BNet income in year 10 (base)
USD 2.48BFree cash flow in year 10 (base)
USD 1.12Dividend per share in year 10 (base)
USD 23.94Implied share price in year 10 (base), today USD 19.31
6.7%Year-10 free cash flow per share vs today's price

Dividend per share over time

USD 0.00 USD 0.34 USD 0.67 USD 1.01 USD 1.35 FY2024 FY2025 TTM through 30 Sep 2026 +1 +2 +3 +4 +5 +6 +7 +8 +9 +10
Solid: reported Dashed: base projection Shaded: bear to bull range
Dividend per share in year 10 by scenario
CaseStarting growthYear 10Annual growth
Bear -0.5% USD 0.92 -2.9%
Base 2.4% USD 1.12 -1.0%
Bull 5.2% USD 1.35 0.9%

Base case by year

YearGrowthRevenueEBITDANet incomeFree cash flowEPSFCF / shareDividend / shareBook / shareImplied price
TTM through 30 Sep 2026– USD 15.53BUSD 3.26BUSD 1.69BUSD 2.54B 0.881.321.245.2819.31
Year 12.4% USD 15.90BUSD 3.34BUSD 1.73BUSD 2.48B 0.901.290.905.2819.66
Year 22.5% USD 16.29BUSD 3.42BUSD 1.77BUSD 2.41B 0.921.250.925.2820.04
Year 32.5% USD 16.70BUSD 3.51BUSD 1.82BUSD 2.35B 0.941.220.945.2820.43
Year 42.5% USD 17.12BUSD 3.60BUSD 1.86BUSD 2.27B 0.971.180.975.2820.83
Year 52.5% USD 17.54BUSD 3.68BUSD 1.91BUSD 2.20B 0.991.140.995.2821.23
Year 62.5% USD 17.98BUSD 3.78BUSD 1.96BUSD 2.25B 1.021.171.025.2821.76
Year 72.4% USD 18.42BUSD 3.87BUSD 2.00BUSD 2.30B 1.041.201.045.2822.29
Year 82.4% USD 18.86BUSD 3.96BUSD 2.05BUSD 2.36B 1.071.231.075.2822.83
Year 92.4% USD 19.32BUSD 4.06BUSD 2.10BUSD 2.42B 1.091.261.095.2823.38
Year 102.4% USD 19.78BUSD 4.16BUSD 2.15BUSD 2.48B 1.121.291.125.2823.94

EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.