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Stocks KMB DCF valuation

DCF valuation

What is Kimberly Clark Corp worth?

With the base-case assumptions below, a discounted cash flow model on Kimberly Clark Corp's reported free cash flow gives $44.39 per share. The share price was $111.62 on November 10, 2026, 151% above that value.

Inputs from the filings

Free cash flow, fiscal 2025
$1.64B
Average free cash flow, last 5 years
$2.1B
Cash
$1.87B
balance sheet of September 30, 2026
Debt
$5.87B
balance sheet of September 30, 2026
Diluted shares, fiscal 2025
333,200,000
Revenue growth per year, last 5 years
-3.0%

Three sets of assumptions

CaseGrowth yrs 1-5Growth yrs 6-10After year 10Discount rateValue per shareValue vs price
Bear-8.0%-3.0%2.0%10.0%$23.56-79%
Base-3.0%-0.0%2.5%9.0%$44.39-60%
Bull2.0%2.5%3.0%8.0%$83.27-25%

Sensitivity: base case value per share

Discount rate down the side, growth after year 10 across the top. Everything else as in the base case.

1.5%2.0%2.5%3.0%3.5%
7.0%$58.48$62.66$67.77$74.15$82.36
8.0%$48.06$50.77$53.97$57.82$62.51
9.0%$40.40$42.26$44.39$46.89$49.83
10.0%$34.53$35.85$37.34$39.05$41.01
11.0%$29.88$30.85$31.92$33.14$34.51

Where the presets come from

Base: years 1 to 5 grow at Kimberly Clark Corp's revenue growth rate over the last 5 fiscal years (-3.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.

Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.

Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.

This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.

Adjust the assumptions

Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.

Adjust the assumptions

Kimberly Clark Corp company page