Kimberly Clark Corp. (KMB) intrinsic value & 10-year financials
Kimberly Clark Corp. (KMB) has a Graham intrinsic value of $46.08 per share. At $105.57 on Oct 17, 2026, the stock trades 129% above that value. Over the last 10 fiscal years revenue shrank 1.1% a year to $16.4B, with an average return on invested capital of 30.2%.
- Graham intrinsic value
- $46.08
- Share price (Oct 17, 2026)
- $105.57
- Price vs Graham value
- 129% above
- Market cap
- $35.2B
- Revenue (FY2025)
- $16.4B
- Revenue growth (10-yr CAGR)
- -1.1%
- ROIC (10-yr avg)
- 30.2%
- Free cash flow (FY2025)
- $1.6B
KMB 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $16.4B | $2.0B | $6.07 | $1.6B | 14.3% | 24.3% |
| FY2024 | $20.1B | $2.5B | $7.55 | $2.5B | 16.0% | 34.9% |
| FY2023 | $20.4B | $1.8B | $5.21 | $2.8B | 11.5% | 23.4% |
| FY2022 | $20.2B | $1.9B | $5.72 | $1.9B | 13.3% | 25.3% |
| FY2021 | $19.4B | $1.8B | $5.35 | $1.7B | 13.2% | 23.6% |
| FY2020 | $19.1B | $2.4B | $6.87 | $2.5B | 16.9% | 33.7% |
| FY2019 | $18.4B | $2.2B | $6.24 | $1.5B | 16.2% | 37.4% |
| FY2018 | $18.5B | $1.4B | $4.03 | $2.1B | 12.1% | 25.7% |
| FY2017 | $18.3B | $2.3B | $6.40 | $2.1B | 18.0% | 37.1% |
| FY2016 | $18.2B | $2.2B | $5.99 | $2.5B | 18.2% | 36.5% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Kimberly-Clark is facing top-line stagnation, with revenue contracting over the decade.
Kimberly-Clark has earned high returns on invested capital, averaging 30.2% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Kimberly-Clark has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Kimberly-Clark is modeled at 0.1% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $46.08 per share.