Kenvue Inc. (KVUE)
Kenvue makes consumer-health brands including Tylenol, Band-Aid, Listerine, and Neutrogena.
KVUE vs PM: how the two businesses compare
- Bigger business: PM, with $40.6B of yearly revenue, about 2.7× KVUE's $15.1B.
- More profitable: PM keeps 28 cents of each sales dollar as profit, against 10 cents at KVUE.
- More cash from each sale: PM turns 30 cents of each sales dollar into operating cash flow, against 15 cents at KVUE.
From each company's latest annual SEC filing. Fiscal years can end on different dates.
Philip Morris International (PM) is the larger business by reported revenue: $40.6B in its fiscal year ended Dec 2025, about 2.7× KVUE's $15.1B (fiscal year ended Dec 2025). KVUE's net margin was 9.7% and PM's 27.9%. The SEC classifies them differently (Perfumes, Cosmetics & Other Toilet Preparations; Cigarettes); what connects them is shared exposure to the International markets research theme, not a common industry.
Figures come from each company's own SEC filings. This page compares the businesses; it is not a price target or a verdict.
- Consumer Staples
- Different
- Separate classifications
- Different
- KVUE January 3 · PM December 31
- Feb 20, 2026
KVUE vs PM: quick comparison
| Company fact | KVUE | PM |
|---|---|---|
| Company | Kenvue Inc. | Philip Morris International Inc. |
| Exchange | NYSE | NYSE |
| Headquarters | — | Stamford, Connecticut |
| Founded | — | 2008 |
| SEC industry | Perfumes, Cosmetics & Other Toilet Preparations | Cigarettes |
| Fiscal year-end | January 3 | December 31 |
| Latest annual filing | 10-K · 2026-02-20 | 10-K · 2026-02-06 |
KVUE vs PM: audited financials
- Scale: PM's $40.6B of revenue is about 2.7× KVUE's $15.1B.
- Net margin: PM kept 27.9% of revenue as net income versus 9.7% at KVUE.
- Cash conversion: operating cash flow equalled KVUE 14.5% of revenue, or 1.49× net income; PM 30.1% of revenue, or 1.08× net income. A ratio well above 1× usually reflects non-cash charges or working-capital release; well below 1× can reflect working-capital build or non-cash gains.
- Periods: the fiscal years end 3 days apart (2025-12-28 and 2025-12-31), so these annual figures cover close to the same months.
| Metric | KVUE | PM |
|---|---|---|
| Revenue | $15.1B2024-12-30 to 2025-12-28 · SEC filing | $40.6B2025-01-01 to 2025-12-31 · SEC filing |
| Net income | $1.5B2024-12-30 to 2025-12-28 · SEC filing | $11.3B2025-01-01 to 2025-12-31 · SEC filing |
| Operating cash flow | $2.2B2024-12-30 to 2025-12-28 · SEC filing | $12.2B2025-01-01 to 2025-12-31 · SEC filing |
| Diluted EPS | $0.762024-12-30 to 2025-12-28 · SEC filing | $7.262025-01-01 to 2025-12-31 · SEC filing |
| Net margin | 9.7%2024-12-30 to 2025-12-28 · SEC filing | 27.9%2025-01-01 to 2025-12-31 · SEC filing |
KVUE: FY ending 2025-12-28 · PM: FY ending 2025-12-31. Figures as tagged in each issuer's SEC XBRL filing; fiscal calendars may not align.
Where KVUE and PM overlap, and where they don't
Overlap
- Shared research theme: International markets.
- Nearly aligned fiscal calendars: KVUE's year ends January 3 and PM's December 31.
Differences
- Different SEC industries: KVUE files as Perfumes, Cosmetics & Other Toilet Preparations; PM as Cigarettes.
- Scale: PM reported about 2.7× the annual revenue of KVUE.
- Profitability: net margin of 9.7% for KVUE versus 27.9% for PM.
Overlap is drawn from SEC classifications and Yield Theory research themes. It is not evidence that the companies sell to the same customers or compete product for product.
Philip Morris International Inc. (PM)
Philip Morris International sells tobacco products outside the United States and is shifting toward smoke-free alternatives such as its IQOS heated-tobacco system. That transition is central to its long-term growth narrative.
What moves each company
Company-specific drivers maintained by Yield Theory. Use them to decide which filing deserves deeper work; they are not predictions.
What moves KVUE
We have not yet published a company-specific driver list for KVUE. The primary source is Item 1 (Business) and Item 1A (Risk Factors) of its 10-K filed 2026-02-20.
What moves PM
- Smoke-free product volume and revenue mix shift, led by IQOS and ZYN nicotine pouches
- Regulatory treatment of reduced-risk nicotine products across international markets
- Currency translation, given an entirely non-US revenue base
- Pricing power in combustible cigarettes as global volumes decline
The investment question
You now know PM reports about 2.7× KVUE's revenue, and PM keeps more of each dollar as net income. Those are the facts. The investment question is what each share price already assumes about their exposure to international markets, including “Smoke-free product volume and revenue mix shift, led by IQOS and ZYN nicotine pouches” at PM, and which evidence in the next filings would prove that assumption wrong.
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Read the full researchSEC filing comparison and disclosure evidence
Start with primary filings because fiscal calendars and accounting presentation can make superficially similar quarters incomparable. KVUE's fiscal year ends January 3, while PM's ends December 31. Normalize the reporting periods before comparing growth, margins, capital intensity, or guidance.
The current verified House and Senate snapshot contains 19 matched transaction rows for KVUE and 12 matched transaction rows for PM. These delayed, range-based disclosures can identify a filing to inspect; they do not establish motive, conviction, or a real-time trading signal.
KVUE primary filings
PM primary filings
What this comparison cannot tell you
This page does not contain licensed live prices, a valuation model, earnings estimates, portfolio constraints, or a forecast of future returns. SEC classifications can be broad, company descriptions can lag strategic change, and the latest annual filing may predate a material acquisition or divestiture. Read subsequent quarterly and current reports before making a decision.
A stronger business is not automatically the better stock. Starting valuation, expectations, capital structure, cyclicality, dilution, and the probability of each thesis determine the investment outcome. Use this comparison to frame the work, then verify the numbers in the linked filings and current company disclosures.
KVUE vs PM FAQs
Are KVUE and PM direct competitors?
Not necessarily. Kenvue files as Perfumes, Cosmetics & Other Toilet Preparations and Philip Morris International as Cigarettes. The pair is compared because both map to the International markets research theme, not because the filings show head-to-head competition.
Is KVUE or PM the bigger company by revenue?
Philip Morris International (PM) is the larger business by reported revenue: $40.6B in its fiscal year ended Dec 2025, about 2.7× KVUE's $15.1B (fiscal year ended Dec 2025). KVUE's net margin was 9.7% and PM's 27.9%. The SEC classifies them differently (Perfumes, Cosmetics & Other Toilet Preparations; Cigarettes); what connects them is shared exposure to the International markets research theme, not a common industry. Each figure is the annual amount tagged in the company's own SEC XBRL filing; market value depends on live prices, which this page does not publish.
Which is better, KVUE or PM?
There is no context-free winner. Compare the operating exposures, filing evidence, valuation, balance sheet, and risks against the specific thesis you are testing. This page deliberately does not turn a static profile into a buy or sell recommendation.
Does this KVUE vs PM comparison include live prices?
No. Yield Theory does not republish unlicensed real-time market data. The financial figures on this page are the audited annual numbers Kenvue Inc. and Philip Morris International Inc. tagged in their SEC XBRL filings. Use a regulated broker or licensed quote provider for current prices and valuation multiples.
Where does the company information come from?
Company classifications, fiscal year-ends, and filing links come from the SEC EDGAR submissions API snapshot refreshed 2026-11-09. Business summaries and research themes are maintained by Yield Theory.
Data snapshot: SEC EDGAR submissions API, refreshed 2026-11-09. Independent educational research; not investment advice.
Which business differences matter to the investment thesis?
KVUE vs PM compares reported results. The reports below show how we connect operating evidence to an investment thesis, its assumptions, catalysts, and risks. $39/month or $249/year.
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