The business behind the dividend
| Measure | KMB | Median | Formula |
|---|---|---|---|
| Return on equity | 134.6% | 11.7% | Net income ÷ shareholders’ equity |
| Return on capital employed | 27.1% | 10.1% | Operating income ÷ (equity + total debt) |
| Owner earnings | $1.69bn | $632.00m | Net income + depreciation & amortisation − capital expenditure |
| Free cash flow | $1.64bn | $746.10m | Operating cash flow − capital expenditure |
| Operating margin | 14.3% | 15.0% | Operating income ÷ revenue |
| Net margin | 12.3% | 10.2% | Net income ÷ revenue |
| Debt to equity | 4.77x | 0.79x | Total debt ÷ shareholders’ equity |
| Interest cover | 9.18x | 4.43x | Operating income ÷ interest expense |
| Current ratio | 0.75x | 1.25x | Current assets ÷ current liabilities |
| Long-term debt to working capital | — | — | Long-term debt ÷ (current assets − current liabilities) |
| Cash conversion | 1.37x | 1.78x | Operating cash flow ÷ net income |
Not computed here: Long-term debt to working capital — why a blank is not a zero.
Ten years of it
The same measures, for every year the filings support. One year is a fact; a row is a business.
| Measure | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | Median |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Return on equity | 134.6% | 303.0% | 192.8% | 353.6% | 352.9% | 375.7% | — | — | 362.2% | — | 352.9% |
| Return on capital employed | 27.1% | 32.7% | 21.7% | 29.9% | 28.2% | 36.1% | 38.8% | 31.1% | 41.7% | 46.3% | 31.1% |
| Operating margin | 14.3% | 16.1% | 11.2% | 13.3% | 13.2% | 16.9% | 16.2% | 12.1% | 18.3% | 18.5% | 14.3% |
| Net margin | 12.3% | 15.1% | 10.3% | 9.6% | 9.3% | 12.3% | 11.7% | 7.6% | 12.4% | 11.8% | 11.7% |
| Debt to equity | 4.77x | 8.83x | 8.73x | 15.40x | 16.68x | 13.36x | — | — | 11.80x | — | 11.80x |
| Current ratio | 0.75x | 0.80x | 0.82x | 0.78x | 0.82x | 0.80x | 0.73x | 0.77x | 0.89x | 0.87x | 0.80x |
| Cash conversion | 1.37x | 1.27x | 2.01x | 1.41x | 1.50x | 1.59x | 1.27x | 2.11x | 1.29x | 1.49x | 1.41x |
How it compares in consumer staples
Among the 38 consumer staples companies here measured on free cash flow, Kimberly Clark pays out less than 4 of them. The median for that group is 65.1%, against this company’s 101.3%.
Closest on free cash flow
- Keurig Dr Pepper (KDP) 83.1%
- Kenvue (KVUE) 91.8%
- Pepsico (PEP) 99.6%
- Hormel Foods (HRL) 118.5%
Same sector and same denominator, so the figures are comparable. All 43 in consumer staples →