CLOROX CO /DE/ (CLX): what the price assumes

boothcheck covers CLOROX CO /DE/ (CLX) but does not put one priced-in number on it: here the defensible answer is the evidence rather than a point estimate. boothcheck publishes no house fair value, target price, or buy/sell rating. Narrative composed 2026-07-25.

Generated: 2026-08-30 · Source: https://boothcheck.com/report/CLX

Headline

What The Price Assumes (Inversion)

The assumption today's price embeds, recovered by inverting the valuation.

The price sits below what even a 5%/yr operating-profit decline would warrant; the inversion reports a bound, not a solved growth path.

Solve inputs: computed at a 6.2% cost of capital with 4% terminal growth over a 5-year stage.

How unusual the bet is: n/a

Valuation X-Ray

Every valuation family lands below the price. The price therefore sits beyond what those standard frames encode.

How the valuation models price the stock relative to the market price. Price/FV above 1.0 means the market pays more than that lens defends (expensive); at or below 1.0 the lens can defend the price.

Families that call it expensive: Earnings, Relative, Growth

The models below discount at their own flat-beta convention rates (cost of equity 9.3%, WACC 6.9%); the inversion above states its own rate.

Per-Model Detail (n=10)

Economic-Unit Decomposition (Sum Of The Parts)

One or more material disclosed units has unresolved economics. Unknown/general is not evidence of homogeneity: segment SOTP is primary but incomplete, consolidated cash flow may remain only a secondary cross-check when every unit shares an enterprise basis, and one sector multiple or target margin is withheld.

No total common-equity value is stated. One or more material units lack a supported unit value. The displayed values are an indicative subtotal; consolidated debt and cash cannot be applied to a fraction of the company.

Solvency

Bullet Takeaways

• Most of the reported sales decline this fiscal year is mechanical rather than commercial: management attributes about 7.5 points of the roughly 9% organic decline to retailers drawing down inventory they had stocked ahead of the company's ERP transition a year earlier.
• Retail concentration is the structural exposure that does not go away: net sales to Walmart and its affiliates were 27% of consolidated net sales in fiscal 2025, 25% in 2024 and 26% in 2023, and the five largest customers together took nearly half.
• The Purell brand arrived on April 1, 2026 through the completed acquisition of GOJO Industries, financed with new credit facilities of 1.0 billion and 1.25 billion dollars, and the integration is the next thing to judge management on.

Bull Case

The fear is easy to state. A shelf full of familiar household brands, sold mostly to a handful of enormous retailers who now put their own labels next to them, with revenue going backwards. The 10-K does not soften it, listing the channels the company sells through and noting they are increasingly offering "private label" brands that are typically sold at lower prices and compete with the Company's products in certain categories. If that is what is happening, no multiple is low enough.

The data says something more specific is happening. Management's own outlook attributes about 7.5 points of the roughly 9% organic sales decline expected for fiscal 2026 to a single mechanical cause: retailers built about two weeks of extra inventory at the end of fiscal 2025 ahead of the company's enterprise resource planning transition, then drew it back down. That reversal is worth roughly 90 cents of earnings per share and about 30% of the year's diluted earnings, and it is not a statement about how many bottles of bleach households bought. Strip it out and the picture in the quarter just reported was ordinary rather than alarming: net sales of 1.67 billion dollars, flat against the year-ago quarter, organic sales down 1%, and diluted earnings per share of 1.54 dollars, up 3% from 1.50 dollars.

What sits underneath is a portfolio with genuine category positions and, unusually for a company this size, real product breadth inside each one. The Household segment carries bags and wraps under the Glad brand; cat litter primarily under the Fresh Step and Scoop Away brands; and grilling products under the Kingsford brand, while Lifestyle consists of food, water-filtration and natural personal care products marketed and sold in the United States. These are categories where the store brand has existed for decades and the branded product still holds its shelf. The company reported a gross margin of 43.2% in its most recent quarter, which is not the profile of a business being commoditized; CHD, the closest peer by size at 6.205 billion dollars of trailing revenue, runs a 17.3% operating margin, and KMB earns 14.1% on 16.556 billion dollars.

The Purell acquisition, completed April 1, 2026, is the clearest signal of where management thinks the next dollar earns most. It adds a brand with genuine professional and institutional distribution to a portfolio that is heavily consumer, and it was bought with debt facilities rather than equity, so the shareholder count did not move to pay for it. Shares outstanding have in fact drifted down about 0.4% a year over the past four years. Trailing earnings of 6.16 dollars a share against a price near 95.51 dollars put the stock in the lower half of its peer multiple range, which for a company whose reported decline is largely a timing artifact is the whole argument.

Bear Case

Look at where the cash has gone this year. Net cash from operations for the first nine months of fiscal 2026 was 282 million dollars against 687 million dollars a year earlier, a 59% decline that management attributes primarily to the payment terminating the Glad joint venture agreement. In the same window the company signed and closed the GOJO purchase, arranging a 1.0 billion dollar 364-day revolving facility and a 1.25 billion dollar delayed-draw term facility to fund it. And through all of it the dividend kept running: 4.93 dollars a share against trailing earnings of 6.16 dollars. A payout near four-fifths of profits is defensible for a stable staple. It is a different proposition when the operating base is being rebuilt and the balance sheet is simultaneously absorbing an acquisition.

The customer side is where the leverage against the company sits. The 10-K states plainly that The Company's five largest customers accounted for nearly half of the Company's consolidated net sales for each of the fiscal years 2025, 2024 and 2023, and Walmart alone was 27% of consolidated net sales in fiscal 2025. When one buyer is more than a quarter of your business and five buyers are half, price negotiations are not really negotiations. Gross margin is already moving the wrong way: down 140 basis points to 43.2% in the most recent quarter, with the full year now guided down 250 to 300 basis points.

The organizational churn is worth noticing rather than dismissing. In June 2026 the company announced a simplified operating structure, consolidating all business units under a newly appointed chief operating officer and moving the other group president into a chief growth and strategy role. Reorganizations of that kind usually follow performance rather than precede it, and this one arrives after an ERP transition, a joint venture unwind, a divestiture and an acquisition inside roughly two years. Each was defensible on its own; together they describe a company doing a great deal of structural work while its top line shrinks.

Which brings the price into it. The methods used to triangulate this business all land below where the shares trade, and the dividend arithmetic shows why in the cleanest possible way. Value the payout on the assumption that it never grows again and the result sits far under the current quote. Assume it grows about 5% a year for five years and 3.5% a year thereafter and the result lands essentially on the current price. That is the whole bet in one line: today's price requires the dividend to keep growing at something close to its historical pace, which requires earnings to grow, which requires the top line to stop shrinking for reasons that are not about last year's inventory. Meanwhile CL grew revenue 4.3% and PG 3.3% over their trailing years while CLX went backwards. If the recovery does not arrive, the multiple has nothing underneath it except the payout, and the payout is already consuming most of the earnings.

Valuation

Trailing earnings of 6.16 dollars a share against a price near 95.51 puts Clorox toward the cheaper end of its cohort, and the priced-in read agrees, placing the multiple in the lower half of the peer range and describing the price as sitting below what even a business with modestly declining profits would warrant. That read comes with a caveat worth stating: it rests on a trailing profit base that this year's inventory reversal has distorted, so treat it as a direction rather than a measurement.

The methods themselves are less forgiving, and they are worth reading as a group rather than one at a time. Not one of the four families reaches where the shares trade today. Quoted stock sits about 28% above where the peer-multiple lens lands, and about 43% above where the earnings-power methods land once trailing profit is capitalized at the return an investor would demand for this kind of risk. The methods that project the business forward land furthest below of all, and the reason is not subtle: they are fed a shrinking top line, so extending the recent trajectory produces a smaller company. When every family sits under the price and the gap widens as the method looks further forward, the market is paying for a recovery that none of the backward-looking frames can see.

The dividend brackets that recovery precisely. Value the payout of 4.93 dollars a share assuming it never grows again and the result sits well below the current quote. Assume roughly 5% growth for five years followed by 3.5% in perpetuity and the result arrives essentially at today's price. Nothing else in the valuation is as clean as that pair, and it means the question a buyer is actually answering is narrow: can this company grow its dividend at roughly its accustomed pace? Not whether it is a good business, and not what the terminal multiple should be.

The comparison set frames the difficulty honestly. CHD is almost exactly the same size, 6.205 billion dollars of trailing revenue, and grew 2.2% while earning a 17.3% operating margin. KVUE, a larger and more recently separated peer, earns 17.2% with revenue essentially flat. NWL sits at the other end of the same industry with a 0.7% operating margin and revenue down 4.1%, which is what the market prices when it stops believing a brand portfolio can hold its shelf. Clorox trades closer to the middle than to either extreme.

On the balance sheet, trailing profits cover interest about eight and a half times, liquid assets stand near 1.19 billion dollars, and the share count has drifted slightly lower rather than higher over the past four years. That is a company with room to be patient, but not unlimited room, since the new facilities arranged for the Purell purchase add to what has to be serviced. The decisive number in the next twelve months is not a multiple. It is whether organic sales turn positive once the inventory comparison stops distorting them.

Catalysts

The reported quarter for the three months ended March 31, 2026 gave a mixed baseline. Net sales of 1.67 billion dollars were flat against the year-ago quarter, with organic sales down 1%. Gross margin fell 140 basis points to 43.2%, which the company attributed to higher manufacturing and logistics costs and unfavorable mix, partly offset by cost savings. Diluted earnings per share rose 3% to 1.54 dollars from 1.50 dollars. Year-to-date net cash provided by operations was 282 million dollars against 687 million dollars a year earlier, a 59% decline the company attributed primarily to the Glad joint venture agreement termination payment. Chair and CEO Linda Rendle described results as mixed, with slower-than-anticipated market share recovery in parts of the portfolio.

The full-year outlook was updated at the same time and is dominated by one transitory item. The company now expects fiscal 2026 net sales down about 6%, including slightly less than 3 points of positive impact from the GOJO acquisition, with organic sales down about 9%. Roughly 7.5 points of that organic decline comes from retailers unwinding inventory they had built ahead of the ERP transition at the end of fiscal 2025. Management sizes that reversal at about 90 cents of earnings per share, or a year-over-year reduction of roughly 30% to fiscal 2026 diluted earnings per share. Gross margin is now expected down 250 to 300 basis points for the year. The fiscal fourth quarter is the last period that comparison distorts.

Two structural events bracket the quarter. The GOJO purchase agreement was signed March 6, 2026 and funded through a 1.0 billion dollar 364-day revolving credit agreement and a 1.25 billion dollar delayed-draw term credit agreement, both arranged with JPMorgan Chase, Citibank and Wells Fargo; the deal closed April 1, 2026, bringing the Purell brand and GOJO's health and hygiene lines into the portfolio. Then on June 17, 2026 the company announced a simplified operating structure, appointing Chris Hyder executive vice president and chief operating officer with all business units reporting to him, and moving Nina Barton to chief growth and strategy officer. Purell integration progress and the first clean organic sales comparison are the two things the next report can actually settle.

Peer Cohorts (Per Segment, With Filing Citations)

Health and Wellness (reported)

• CL (COLGATE-PALMOLIVE COMPANY)
• FY2025 10-K: …dishwashing liquids, Ajax, Fabuloso and Murphy household cleaners and Suavitel, Soupline, Fluffy and Cuddly fabric conditioners. Sales of Oral, Personal and Home Care products accounted for 44%, 17% and 16%, respectively, of our total worldwide Net sales in 2025. Geographically, Oral Care is a substantial part of our…
• FY2025 10-K: …organic sales, which was primarily due to organic sales growth in the toothpaste and manual toothbrush categories. Operating profit in Africa/Eurasia increased 1% in 2025 to $255, while as a percentage of Net sales it decreased by 130 bps to 21.8%. This decrease in Operating profit as a percentage of Net sales was…
• CHD (CHURCH & DWIGHT CO., INC.)
• FY2025 10-K: 23%, 7% and 8%, respectively, of our 2025 international net sales in this segment. No product line accounts for more than 20% of our total international net sales. Some of our U.S. power brands such as ARM & HAMMER®, BATISTE®, HERO®, THERABREATH®, OXICLEAN®, TOUCHLAND® and WATERPIK® are distributed in many of our…
• FY2025 10-K: Breath, and (3) investing in our international businesses with a focus on M&A to grow from $1 billion to $2 billion. Our global product portfolio consists of both premium (66% of total worldwide consumer revenue in 2025) and value (34% of total worldwide consumer revenue in 2025) brands, which we believe enables us to…
• PG (PROCTER & GAMBLE CO)
• FY2025 10-K: …Skin and Personal Care into individual operating segments, Skin Care and Personal Care. This transition included separation of the management team, strategic decision-making, innovation plans, financial targets, budgets and management reporting. Net sales and long-lived assets in the United States and internationally…
• FY2025 10-K: …partially offset by increased productivity savings. SG&A as a percentage of net sales increased due to an increase in overhead spending and a reduction in net sales. The lower effective tax rate was driven by favorable geographic mix. GROOMING ($ millions) 2025 2024 Change vs. 2024 Volume N/A N/A 2% Net sales $6,662…
• KMB (KIMBERLY-CLARK CORPORATION)
• FY2025 10-K: …designed to create a fast, adaptable, integrated supply chain with greater visibility that can deliver continuous improvement; and • Wiring our organization for growth to drive agility, speed, and focused execution that extends our competitive advantages further into the future. Distribution and Customers Our…
• FY2025 10-K: Baby and Child Care and Family Care categories. Increased purchases of private label products could reduce net sales of our higher-margin products which would negatively impact our profitability. While the global marketplace in which we operate has always been highly competitive, we continue to experience increased…
• ECL (ECOLAB INC.)
• FY2025 10-K: …to countries where we have a sizable presence. ​ Ecolab also provides market-competitive benefits based on country-specific needs and government requirements. While our benefits packages vary by market, they are designed to attract top talent and build long-term connections with our associates. Aligned to the…
• FY2025 10-K: …high quality outcomes to commercial segments in the geographies it serves. As we expand the use of smart, connected devices, we believe our Pest Intelligence model will further contribute to our high-quality outcomes. ​ Global Life Sciences ​ This reportable segment consists of the Life Sciences operating segment. ​…

Household (reported)

• CL (COLGATE-PALMOLIVE COMPANY)
• FY2025 10-K: …us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-31 0000021665 cl:HomeCareMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-12-31 0000021665 cl:HomeCareMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember…
• FY2025 10-K: 12-31 0000021665 country:US cl:PetNutritionMember 2025-01-01 2025-12-31 0000021665 us-gaap:OperatingSegmentsMember srt:NorthAmericaMember cl:OralPersonalAndHomeCareMember 2024-01-01 2024-12-31 0000021665 us-gaap:OperatingSegmentsMember srt:LatinAmericaMember cl:OralPersonalAndHomeCareMember 2024-01-01 2024-12-31…
• CHD (CHURCH & DWIGHT CO., INC.)
• FY2025 10-K: …in the Consumer Domestic Segment. (2) 2024 results include the VMS non-cash intangible and PP&E impairment charges of $357.1 in SG&A expenses, of which $327.4 was recorded in the Consumer Domestic segment and $29.7 was recorded in the Consumer International segment. Product line revenues for external customers for…
• FY2025 10-K: …us to devote greater focus to our portfolio's faster growing value and premium product lines. Consumer Domestic Our founders first marketed sodium bicarbonate, otherwise known as baking soda, in 1846 for use in home baking. Today, this product has a wide variety of uses in the home, including as a refrigerator and…
• PG (PROCTER & GAMBLE CO)
• FY2025 10-K: …innovation) was offset by declines in Greater China and Asia Pacific (both due to market contraction). Organic sales increased low single digits driven by low single-digit increases in North America and Europe, partially offset by a high single-digit decline in IMEA. Global market share of the fabric care category…
• FY2025 10-K: …us-gaap:ProductConcentrationRiskMember pg:BabyCareMember us-gaap:SalesRevenueNetMember pg:BabyFeminineFamilyCareSegmentMember 2023-07-01 2024-06-30 0000080424 us-gaap:OperatingSegmentsMember us-gaap:ProductConcentrationRiskMember pg:BabyCareMember us-gaap:SalesRevenueNetMember pg:BabyFeminineFamilyCareSegmentMember…
• KMB (KIMBERLY-CLARK CORPORATION)
• FY2025 10-K: …0000055785 false 2025 FY http://fasb.org/us-gaap/2025#CostOfGoodsAndServicesSold http://www.kimberly-clark.com/20251231#MarketingResearchAndGeneralExpense P5Y http://fasb.org/us-gaap/2025#OtherAssets http://fasb.org/us-gaap/2025#OtherAssets http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent…
• FY2025 10-K: …2025-01-01 2025-12-31 0000055785 country:CN us-gaap:ForeignCountryMember srt:MaximumMember 2025-01-01 2025-12-31 0000055785 currency:KRW us-gaap:ForeignCountryMember srt:MinimumMember 2025-01-01 2025-12-31 0000055785 currency:KRW us-gaap:ForeignCountryMember srt:MaximumMember 2025-01-01 2025-12-31 0000055785…
• REYN (REYNOLDS CONSUMER PRODUCTS INC.)
• FY2025 10-K: …to our trademarks, service marks and trade names. Overview Our mission is to simplify daily life so consumers can enjoy what matters most. We are a market-leading consumer products company with a presence in 95% of households across the United States. We produce and sell products that people use in their homes for…
• FY2025 10-K: …a presence in 95% of households across the United States. We produce and sell products that people use in their homes for cooking, serving, cleanup and storage. We sell our products under iconic brands such as Reynolds and Hefty and also under store brands that are strategically important to our retail partners.…
• NWL (NEWELL BRANDS INC.)
• FY2025 10-K: …announced a recall in the U.S. and Canada of certain of its Oster French Door Countertop Ovens in the H&CS segment. The Company determined that the recalled product may present users with a potential safety concern, as the doors could unexpectedly close and pose a burn hazard to users, and the recall offers a repair…
• FY2025 10-K: …2025-01-01 2025-12-31 0000814453 nwl:HomeFragranceMember nwl:HomeAndCommercialMember 2024-01-01 2024-12-31 0000814453 nwl:HomeFragranceMember nwl:HomeAndCommercialMember 2023-01-01 2023-12-31 0000814453 nwl:BabyMember nwl:LearningAndDevelopmentMember 2025-01-01 2025-12-31 0000814453 nwl:BabyMember…

Lifestyle (reported)

• CL (COLGATE-PALMOLIVE COMPANY)
• FY2025 10-K: …srt:MinimumMember cl:StrategicGrowthAndProductivityProgramMember 2025-12-31 0000021665 srt:AsiaPacificMember srt:MaximumMember cl:StrategicGrowthAndProductivityProgramMember 2025-12-31 0000021665 cl:AfricaEurasiaMember srt:MinimumMember cl:StrategicGrowthAndProductivityProgramMember 2025-12-31 0000021665…
• FY2025 10-K: …us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember 2023-01-01 2023-12-31 0000021665 cl:HomeCareMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember 2025-01-01 2025-12-31 0000021665 cl:HomeCareMember us-gaap:ProductConcentrationRiskMember us-gaap:SalesRevenueNetMember…
• CHD (CHURCH & DWIGHT CO., INC.)
• FY2025 10-K: IRST RESPONSE® home pregnancy and ovulation test kits; NAIR® depilatories; ORAJEL® oral analgesic; XTRA® laundry detergent; and ZICAM® cold shortening and relief products. Seven of those brands are designated as "power brands" because they compete in large categories, and we believe they have the potential for…
• FY2025 10-K: Net Sales - Consumer Domestic December 31, 2025 Product volumes sold 0.0 % Pricing/Product mix (0.5 %) Acquisitions (1) 2.2 % Exit of product lines (2) (0.8 %) Net Sales increase 0.9 % (1) The Touchland acquisition is included in our results since July 16, 2025, the date of acquisition. (2) In the second quarter of…
• EL (Estee Lauder Companies Inc)
• FY2025 10-K: …candles and soaps that are based on a particular fragrance. Hair Care - Our hair care products include shampoos, conditioners, styling products, treatment, finishing sprays and hair color products. Other - The other category includes royalty revenue from our licensing of the TOM FORD trademark to third parties since…
• FY2025 10-K: …The brand is known for its iconic Crème de la Mer moisturizer, serums and lotions, as well as other skin care and foundation products that are created around the original "Miracle Broth." Acquired in 1997, Aveda sells high-performance, naturally-derived hair care products, as well as skin care, makeup and fragrance.…
• COTY (COTY INC.)
• FY2025 10-K: …direct-to-consumer business presents challenges for logistics and fulfillment as well as additional regulatory compliance. If we are not successful in our efforts to expand distribution channels, including growing our e-commerce activities, we will not be able to compete effectively. In addition, our entry into new…
• FY2025 10-K: …agile innovation, social media advocacy, and expansion into body mists and masstige fragrances. Skincare remains a strategic focus, but achieving scale takes time, and we will pursue this while remaining very mindful of the investment demand. We also continue to advance key sustainability priorities. Strategic…
• KVUE (Kenvue Inc.)
• FY2025 10-K: …revenue with $15.1 billion in Net sales in the fiscal year 2025. By combining the power of science with meaningful consumer insights and our digital strategy, we empower consumers to live healthier lives every day. Built on more than a century of heritage and trusted by generations, our differentiated portfolio of…
• FY2025 10-K: …2) global CPG companies that operate in similar or adjacent categories, 3) regional companies that operate in our categories within the markets in which we compete, 4) generic OTC manufacturers and retailers', including our customers', private-label brands in both traditional retail and online, and 5) emerging…
• MKC (McCORMICK & COMPANY, INCORPORATED)
• FY2025 10-K: …sold directly to customers as well as through brokers, wholesalers, and distributors. In the Consumer segment, products are then sold to consumers under a number of brands through a variety of retail channels, including grocery, mass merchandise, warehouse clubs, discount and drug stores, and e-commerce. In the…
• FY2025 10-K: …of such loss can be reasonably estimated. At November 30, 2025 and 2024, no material reserves were recorded. The determination of probability and the estimation of the actual amount of any such loss are inherently unpredictable, and it is therefore possible that the eventual outcome of such claims and litigation…

Core business (reported)

• CHD (CHURCH & DWIGHT CO., INC.)
• FY2025 10-K: …in a reportable segment. Commercial & Professional We also provide a line of cleaning and deodorizing products for use in commercial and industrial applications such as office buildings, hotels, restaurants and other facilities. 6 COMPETITION We compete in the household and personal care consumer product categories,…
• FY2025 10-K: …in the Consumer Domestic Segment. (2) 2024 results include the VMS non-cash intangible and PP&E impairment charges of $357.1 in SG&A expenses, of which $327.4 was recorded in the Consumer Domestic segment and $29.7 was recorded in the Consumer International segment. Product line revenues for external customers for…
• CL (COLGATE-PALMOLIVE COMPANY)
• FY2025 10-K: 2024 was primarily due to decreases in Oral Care and Personal Care organic sales. The decrease in Oral Care was primarily due to an organic sales decline in the toothpaste category, partially offset by organic sales growth in the manual toothbrush category. The decrease in Personal Care was primarily due to an organic…
• FY2025 10-K: …omni-channel demand generation; leading in capabilities such as data, analytics and AI; and evolving our high-impact, inclusive culture are the keys to accelerating growth going forward. Our commitment to these priorities, the strength of our brands, our resilient global supply chain, the breadth of our global…
• PG (PROCTER & GAMBLE CO)
• FY2025 10-K: …innovation) was offset by declines in Greater China and Asia Pacific (both due to market contraction). Organic sales increased low single digits driven by low single-digit increases in North America and Europe, partially offset by a high single-digit decline in IMEA. Global market share of the fabric care category…
• FY2025 10-K: …increase, partially offset by unfavorable foreign exchange. The unit volume increase was due to increases in North America (due to share growth) and Latin America (due to market growth). Organic sales increased mid-single digits due to double-digit growth in Latin America, mid-single-digit growth in Europe and low…
• REYN (REYNOLDS CONSUMER PRODUCTS INC.)
• FY2025 10-K: …for a significant portion of our revenue. In 2025, sales to our top ten customers accounted for 74% of our total revenue. Three customers each accounted for sales greater than 10% of our total net revenue in 2025. Customers A, B and C accounted for 31%, 17% and 11%, respectively, of our total revenue. Customer A and…
• FY2025 10-K: …customer support team, including category management, production planning, demand planning and transportation planning teams, as well as dedicated customer service representatives. We utilize two routes of distribution to deliver our products to our customers in cases where customer pickup is not their preferred…
• KMB (KIMBERLY-CLARK CORPORATION)
• FY2025 10-K: Baby and Child Care and Family Care categories. Increased purchases of private label products could reduce net sales of our higher-margin products which would negatively impact our profitability. While the global marketplace in which we operate has always been highly competitive, we continue to experience increased…
• FY2025 10-K: …global strategies to drive growth and profitability. These strategies include global plans for branding and product positioning, technology, research and development programs, cost reductions including supply chain management, and capacity and capital investments for each of these businesses. The primary measure of…
• UL (UNILEVER PLC)
• FY2025 20-F: Strategic Report Unilever Annual Report on Form 20-F 2025 43 OUR PERFORMANCE UNDERLYING OPERATING PROFIT AND UNDERLYING OPERATING MARGIN Underlying operating profit and underlying operating margin mean operating profit and operating margin before the impact of non- underlying items within operating profit. Underlying…
• FY2025 20-F: …models. For example, by producing key materials like surfactants and designing fragrances in-house, we are improving supply resilience and securing long-term cost benefits. We are also co-locating distribution centres with factories, enabling faster, more direct deliveries to customers. This year, we opened a new…
• KVUE (Kenvue Inc.)
• FY2025 10-K: …2) global CPG companies that operate in similar or adjacent categories, 3) regional companies that operate in our categories within the markets in which we compete, 4) generic OTC manufacturers and retailers', including our customers', private-label brands in both traditional retail and online, and 5) emerging…
• FY2025 10-K: Care (Digestive Health, Smoking Cessation, Eye Care, and Other) Skin Health and Beauty Face and Body Care Hair, Sun, and Other Essential Health Oral Care Baby Care Other Essential Health (Women's Health, Wound Care, and Other) The Company's product categories as a percentage of Net sales for the fiscal twelve months…
• EL (Estee Lauder Companies Inc)
• FY2025 10-K: …subsidies in China. 41 Table of Contents OPERATING RESULTS Year Ended June 30, ($ in millions) 2025 2024 As Reported: Operating (loss) income $ (785) $ 970 $ Change from prior year (1,755) (539) % Change from prior year (100+)% (36) % Operating Margin (5.5) % 6.2 % Non-GAAP Financial Measure (1) : % Change in…
• FY2025 10-K: Product Categories and Geographic Regions exclude the fiscal 2025 and fiscal 2024 impacts of returns/(return adjustments) associated with restructuring and other activities of approximately $(3) million and $1 million, respectively. Product Categories Reported net sales for our product categories for the years ended…

Methodology Note

• Priced-in inversion: the valuation is inverted on the current price to recover the operating-income growth, duration, and steady-state margin the price embeds (ROE for financials, FFO growth for REITs).
• Valuation x-ray: the valuation models, grouped into four families (asset, earnings, relative, growth). Each model is expressed as a price/FV ratio (distance from price), not a point fair-value estimate. The spread across families is the disagreement.
• Economic-unit decomposition (SOTP): each disclosed business unit is assigned its native valuation basis before any multiple is applied. Operating units are valued on enterprise value; funded financial units are valued on their own common equity, because their borrowings fund earning assets rather than levering the parent. A company total is stated only once every material unit carries a supported value and the parent capital bridge reconciles.
• Solvency: net cash/debt, net-debt-to-NOPAT, interest coverage, and share-count CAGR from EDGAR financials (net debt / FFO and fixed-charge coverage for REITs; regulatory-capital framing for financials).
• Peer cohorts: per-segment comparables with deep-linkable SEC filing citations.

Fundamentals sourced from SEC EDGAR filings. Current price from Databento. The priced-in inversion and valuation x-ray are computed by the boothcheck engine; narrative composed by AI from the structured data.