Interprétation IA fondée sur des extraits vérifiés. Les déclarations de l’entreprise et les limites de couverture restent explicites.
Méthode quality-scores-2 : six catégories de même poids. Le score global exige une couverture complète. Les données manquantes ne valent pas zéro. Les évaluations qualitatives sont des interprétations sourcées, pas des probabilités. 6/6 · 19/10/2026
Moat50
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
structural advantage · 3/4 · Leading reported share positions, protected intellectual property and the spending required to establish brand recognition demonstrate a brand advantage. Relative costs and customer lock-in remain unproven.
durability · 2/4 · Established brand positions and continuing demand support persistence, but ongoing advertising requirements and realized acquisition impairments limit confidence in durability.
customer dependency · 1/4 · Volume elasticity and substantial dependence on a powerful retailer indicate fragile customer dependency. Leading shares support preference, but the evidence does not establish necessity or switching friction.
erosion resilience · 2/4 · Volume growth and realized productivity offset some pressure, while China sales disruption, weak pricing and historical brand impairments demonstrate meaningful erosion channels.
Pouvoir de fixation des prix44
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
realized pricing · 1/4 · Pricing supported 2023 earnings, but 2024 increases were primarily in hyperinflationary economies, 2025 pricing declined, and first-half 2026 pricing was unfavorable net of inflation. Recent realized pricing power is weak.
retention · 2/4 · 2025 and first-quarter 2026 volume gains indirectly demonstrate continuing demand. Earlier price elasticity and the China disruption show that demand is responsive rather than locked in; repeat-purchase rates are unavailable.
margin resilience · 2/4 · 2025 gross margin declined, followed by first-half 2026 adjusted margin improvement. Productivity and one-time tariff refunds contributed to recovery despite unfavorable pricing net of inflation, making resilience mixed rather than evidence of strong pricing.
contractual freedom · 2/4 · The disclosed practice of adjusting product prices establishes some pricing discretion, constrained by demand, competition and retailer bargaining power. No contractual cost pass-through or protected pricing terms are established.
Prévisibilité85
Five consecutive annual periods. Equal weights: nondeclining revenue frequency; revenue-growth volatility (5–40pp); positive FCF frequency; FCF-margin volatility (3–20pp). Stability indicator, not a growth forecast.
- Nondeclining revenue years (%)
- 50.00
- Revenue growth volatility (pp)
- 8.50
- Positive FCF years (%)
- 100.00
- FCF margin volatility (pp)
- 1.88
Solidité financière43
Equal-weight grades: debt/FCF (1–8x), net debt/earnings before interest and tax (0–5x), interest service (1–12x), current ratio (0.75–2x). Earnings use reported operating income, or reported pretax profit plus reported interest expense when operating income is unavailable. Interest service uses earnings/interest expense; if unavailable, it uses reported operating cash flow/cash interest paid, without relabeling cash paid as accrued expense. Nonpositive cash flow/earnings score 0 for their service component; reported zero interest with a positive numerator scores 100. Net cash scores 100 for net leverage. Missing disclosures remain unavailable. General nonfinancial-company rubric, not a credit rating; exceptional and nonoperating gains are not normalized out. IFRS finance-cost and cash-flow classifications retain their reported scope.
- debtFcfGrade
- 51.81
- netDebtEbitGrade
- 44.87
- interestCoverageGrade
- 74.40
- currentRatioGrade
- 0.00
- Debt / FCF (x)
- 4.37
- Net debt / operating income (x)
- 2.76
- Interest coverage (x)
- 9.18
- Current ratio (x)
- 0.75
Allocation du capital100
Three-year equal-weight indicators: pretax return on average invested capital (0–25%; equity + debt − cash, each year and its prior year), share-count growth (0–5%, lower better), share-based cost/revenue (2–20%, lower better), consolidated FCF/net income (0–1x). Return uses reported operating income or, if unavailable, EBIT calculated from reported pretax profit plus reported interest expense; exceptional/nonoperating gains are not normalized out. Share-based cost uses the reported cash-flow add-back or, if absent, separately reported recognized compensation expense; the latter never becomes an FCF adjustment. Nonpositive net income scores 0 for cash conversion; absent income/FCF stays unavailable. Nonpositive invested capital has no defined return and remains unavailable. Does not establish acquisition quality or buyback timing.
- 3-year pre-tax operating return (%)
- 33.43
- 3-year average dilution (%)
- -0.55
- 3-year average SBC / revenue (%)
- 0.78
- cashConversionGrade
- 100.00
Qualité du management63
Equal-weight average of four evidence-backed rubric grades (0–4), scaled to 100.
capital discipline · 2/4 · First-half 2026 cash generation funded substantial investment and dividends with no repurchases, but cash improvement benefited from insurance and working-capital timing. Past acquisition impairments and the large pending cash-and-stock commitment make allocation outcomes mixed; future acquisition returns remain unproven.
incentive alignment · 3/4 · Actual approved 2025 awards allocate 60% of target equity value to performance-based units with three-year financial conditions. This demonstrates meaningful alignment, tempered by time-based awards and discretion to adjust measures. Future vesting and executive ownership compliance are not established.
execution · 2/4 · Realized productivity savings and completed IFP separation demonstrate delivery, while missed 2025 incentive targets and extension of the transformation through 2028 temper the record. The reported 95% savings figure combines realized amounts with actions merely approved.
governance · 3/4 · Twelve of thirteen directors and the principal oversight committees are independent, with shareholder special-meeting and proxy-access rights. These disclosed structures support strong governance, tempered by combined chairman and CEO roles and limited evidence of oversight effectiveness.
Preuves
Our portfolio of brands, including Huggies, Kleenex, Scott, Kotex, Cottonelle, Poise, Depend, Andrex, Pull-Ups, GoodNites, Intimus, Plenitud, Sweety, Softex, Viva and WypAll, hold No.
Business: brand portfolio preceding market-position disclosure · Dépôt 12/02/2026
1 or No. 2 share positions in approximately 70 countries and encompass five global daily-need product categories: Baby & Child Care, Adult Care, Feminine Care, Family Care, and Professional.
Business: reported brand share positions and product categories · Dépôt 12/02/2026
Patents and Trademarks
We own various patents and trademarks registered domestically and in many foreign countries.
Business: patents and trademarks owned · Dépôt 12/02/2026
The principal methods and elements of competition include brand recognition and loyalty, product innovation, quality and performance, price, and marketing and distribution capabilities.
Competition: principal competitive factors · Dépôt 12/02/2026
The introduction of a new consumer product (whether improved or newly developed) usually requires substantial expenditures for advertising and marketing to gain recognition in the marketplace.
Risk factors: marketing expenditures required for product recognition · Dépôt 12/02/2026
Organic sales increased 1.7% driven by volume gains of 2.5%, partially offset by lower pricing.
MD&A: 2025 organic sales, volume and pricing · Dépôt 12/02/2026
Organic sales increased 2.5% primarily from volume gains of 2.6%.
MD&A: first-quarter 2026 organic sales and volume · Dépôt 28/04/2026
If a product gains consumer acceptance, it normally requires continued advertising and promotional support to maintain its relative market position.
Risk factors: ongoing advertising and promotional support · Dépôt 12/02/2026
With the consolidation of retail trade, both traditional retailers and e-tailers, we are dependent on key customers, and some of these customers, including large-format retailers and large e-tailers, may have significant bargaining power.
Risk factors: retailer concentration and bargaining power · Dépôt 12/02/2026
While we are effectively navigating the situation, the impact from the spread of false claims across social media significantly impacted our diaper sales in China in the second quarter of 2026 and is expected to further impact sales and profits in the near term.
MD&A: realized China diaper sales disruption · Dépôt 04/08/2026
These reviews and the subsequent revisions in the projections highlighted challenges for the Softex business arising from modified consumer shopping behavior in the post-COVID-19 period, inflationary pressures and other macroeconomic factors and increased competitive activity in the region.
Intangible asset impairments: Softex competitive and demand challenges · Dépôt 12/02/2026
As a result of separate management reviews, we also have revised internal financial projections associated with our acquisition of a controlling interest in Thinx as a result of performance below expectations due to the impact of modified consumer shopping behavior in the post-COVID-19 period.
Intangible asset impairments: Thinx performance below expectations · Dépôt 12/02/2026
As a result of the interim impairment assessments, we recognized impairment charges, principally arising from the impairment charge of $593 related to the Softex business, totaling $658 pre-tax ($483 after-tax) to write-down these intangible assets to their respective fair values aggregating to $188 as of June 30, 2023.
Intangible asset impairments: 2023 realized write-downs · Dépôt 12/02/2026
The increase was primarily due to one-time tariff refunds and gross productivity savings from integrated margin management of approximately $235, partially offset by supply chain related investments and unfavorable pricing net of cost inflation.
MD&A: first-half 2026 productivity, tariff refunds and unfavorable pricing net of inflation · Dépôt 04/08/2026
Results benefited from higher net selling prices, $325 of cost savings from our FORCE program, and improved product mix, partially offset by higher marketing, research and general expenses, unfavorable foreign currency effects, higher other manufacturing costs, lower volumes and higher input costs.
MD&A: 2023 realized pricing benefits, productivity savings and offsets · Dépôt 08/02/2024
The decrease in volumes primarily reflected expected elasticity from pricing actions.
MD&A: volume elasticity from pricing actions · Dépôt 08/02/2024
Excluding these items, organic growth was 3.2% driven by a 1.9% increase in price, primarily in hyperinflationary economies, coupled with volume and mix gains across all three reportable segments.
MD&A: 2024 price increases concentrated in hyperinflationary economies · Dépôt 13/02/2025
Gross and Operating Profits
Gross profit of $5.9 billion decreased 5.8%, while gross margin of 36.0% decreased 140 basis points.
MD&A: 2025 gross profit and gross margin decline · Dépôt 12/02/2026
Excluding these charges, adjusted gross margin increased 60 basis points to 38.3%.
MD&A: first-half 2026 adjusted gross margin improvement · Dépôt 04/08/2026
We adjust our product prices based on a number of variables including demand, the competitive environment, technological improvements, product innovations and changes in our raw material, distribution, energy and other input costs.
MD&A: product price-setting policy and constraints · Dépôt 12/02/2026
Our largest customer, Walmart Inc., represented approximately 16% in 2025 and 2024 and 15% in 2023 of our net sales from continuing operations.
Distribution and customers: Walmart sales concentration · Dépôt 12/02/2026
5 KIMBERLY-CLARK CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Six Months Ended June 30 (In millions) 2026 2025 Operating Activities Net income $ 1,025 $ 1,085 Depreciation and amortization 360 440 Stock-based compensation 64 73 Deferred income taxes (83) (30) Net (gains) losses on asset and business dispositions (7) 36 Equity companies' earnings (in excess of) less than dividends paid (65) (50) Operating working capital 399 (471) Postretirement benefits (2) 9 Other (38) 5 Cash Provided by Operations 1,653 1,097 Investing Activities Capital spending (776) (401) Proceeds from asset and business dispositions 28 12 Investments in time deposits (166) (227) Maturities of time deposits 132 282 Other 17 22 Cash Used for Investing (765) (312) Financing Activities Cash dividends paid (843) (824) Change in short-term debt (252) 51 Debt proceeds 1,329 — Debt repayments (400) (250) Proceeds from exercise of stock options — 36 Repurchases of common stock — (120) Cash dividends paid to noncontrolling interests (15) (18) Other (41) (58) Cash Used for Financing (222) (1,183) Effect of Exchange Rate Changes on Cash and Cash Equivalents (4) 34 Change in Cash and Cash Equivalents 662 (364) Cash and cash equivalents from continuing operations - beginning of period 688 1,010 Cash and cash equivalents from discontinued operations - beginning of period(a) 13 11 Cash and Cash Equivalents - Beginning of Period 701 1,021 Cash and cash equivalents from continuing operations - end of period 956 634 Cash and cash equivalents from discontinued operations - end of period(a) 407 23 Cash and Cash Equivalents - End of Period $ 1,363 $ 657 (a) Included in Current assets of discontinued operations.
Cash flow statement: first-half spending, financing and distributions · Dépôt 04/08/2026
The increase was driven primarily by an insurance recovery associated with the settlement of claims from a previous acquisition and favorable changes in operating working capital, due in part to timing and lower incentive payments in the current year.
Liquidity: insurance recovery and working-capital contribution to cash generation · Dépôt 04/08/2026
In total, we expect approximately 280 million shares of common stock to be issued and approximately $6.7 billion to be paid for the Merger Consideration.
Pending acquisition: expected share issuance and cash consideration · Dépôt 12/02/2026
Target grant values were approved in February 2025 and were divided into two types: •Performance-based restricted share units (60 percent of the target grant value) which will vest on the third anniversary of the grant date.
Compensation: approved 2025 performance-based equity grant allocation · Dépôt 23/03/2026
Grants of Plan-Based Awards in 2025
Estimated Future Payouts
Under Non-Equity
Incentive Plan Awards(1)
Estimated Future Payouts
Under Equity Incentive
Plan Awards(2)
All Other
Awards:
Stock or
(#)(3)
($)(4)
Grant Type
Threshold
Maximum
Threshold
Maximum
2,625,000
5,118,750
based RSU
5/1/2025
53,130
106,260
6,899,993
RSU
5/1/2025
35,420
4,599,995
930,000
1,813,500
based RSU
5/1/2025
16,170
32,340
2,099,998
RSU
5/1/2025
10,780
1,399,999
The number of performance-based restricted share units granted in 2025 that will ultimately vest on the third anniversary of the grant date could range from the threshold number to the maximum number depending on the extent to which the average annual organic sales growth and cumulative modified free cash flow performance objectives for those awards are met.
Compensation tables: actual 2025 grants and financial performance conditions · Dépôt 23/03/2026
Under the Committee’s exception guidelines regarding our annual and long-term equity incentive program measures, the Committee has adjusted in the past, and may adjust in the future, the calculation of financial measures for these incentive programs to eliminate the effect of the types of items or events described above.
Compensation: committee discretion to adjust incentive measures · Dépôt 23/03/2026
88 2026 Proxy Statement Proposal 4 – Stockholder proposal to require independent board chair In addition to the strong Independent Lead Director role, our Board structure and corporate governance practices demonstrate our commitment to effective governance and accountability to our stockholders, including: •a majority of our directors (12 out of 13) are independent; •all of the members and Chairs of the Audit Committee, Management Development and Compensation Committee and Nominating and Corporate Governance Committee are independent; •the Board and each Board committee have the authority to hire independent legal, financial or other advisors at the company's expense; •our independent directors hold regular meetings in executive sessions to discuss matters important to the company, including matters related to management; •our stockholders have access to strong stockholder rights, including the right to call a special meeting of stockholders and proxy access; and •we regularly engage with investors to understand their perspective on a variety of topics, including our approach to director refreshment, our corporate governance practices, and our executive compensation program.
Governance: board independence, committee independence and shareholder rights · Dépôt 23/03/2026
Chairman and CEO Positions The Board’s current view is that a combined Chairman and CEO position, coupled with a predominantly independent board and a proactive, independent Lead Director, promotes candid discourse, informed business considerations and responsible corporate governance.
Governance: combined chairman and CEO positions · Dépôt 23/03/2026
Performance Measure 2025 Results 2025 Target Organic sales growth* 1.1 % 2.5 % Adjusted EPS** $ 7.37 $ 7.56 * Organic sales growth and Adjusted EPS are non-GAAP financial measures.
Compensation: 2025 financial results against incentive targets · Dépôt 23/03/2026
During the second quarter of 2026, our Board of Directors approved an extension of the 2024 Transformation Initiative through the end of 2028.
Transformation initiative: board-approved extension through 2028 · Dépôt 04/08/2026
Note 11. Subsequent Events
On July 1, 2026, all consultation requirements and customary closing conditions set forth in the Purchase Agreement were satisfied and the IFP Transaction was completed for a cash purchase price of approximately $1.3 billion, subject to certain post-closing adjustments.
Subsequent events: July 1, 2026 completion of IFP transaction · Dépôt 04/08/2026
Completion of the Kenvue Acquisition, which is expected to take place in the second half of 2026, remains subject to the satisfaction of other customary closing conditions, as described in the Merger Agreement, including the receipt of foreign regulatory approvals.
Acquisitions: Kenvue closing still subject to conditions · Dépôt 04/08/2026
See Item 1A, "Risk Factors."
Competition
We have several major competitors in most of our markets, some of which are larger and more diversified than us.
Competition: unnamed major competitors, including larger businesses · Dépôt 12/02/2026
Through June 30, 2026, cumulative pre-tax charges for the 2024 Transformation Initiative were $913 ($706 after-tax), and approximately 95% of the total expected selling, general and administrative expense savings have been realized or approved for action program to date.
Transformation initiative: cumulative charges and savings realized or approved · Dépôt 04/08/2026
