Filing Flows › Kenvue (KVUE) › Takeover & LBO
Is Kenvue (KVUE) a takeover target?
A leveraged buyout at today's price plus 30% ($25.10 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $13.91 a share (−28% against today's $19.31). Historically 1.9% of companies with its figures were bought within a year (0.38× the average). Latest signal (2026-11-02): The information set forth in the Introductory Note, Item 2.01, Item 3.03 and Item 5.02 of this Current Report is incorporated by reference into this Item 5.01. As a result of the First Merger, a change of control of the Company occurred on .
The buyout, step by step
| Entry | Amount | How |
|---|---|---|
| Offer price a share | $25.10 | today's $19.31 plus 30% |
| × shares | 1,926.0 million | |
| = Equity value | $48.3B | |
| + Debt refinanced | $8.2B | |
| − Cash | $1.0B | |
| = Enterprise value | $55.5B | 16.9× EBITDA of $3.3B |
| Fees | $1.1B | 2% of the price |
| New debt | $18.0B | 5.5× EBITDA at 7.65% a year; the limit that binds: 5.5× EBITDA |
| Buyer's own money | $38.6B | 68% of the cost |
5 years under the buyer
| Year | Revenue | EBITDA | Interest | Free cash flow | Debt left |
|---|---|---|---|---|---|
| Year 1 | $16.1B | $3.4B | $1.4B | $1.2B | $16.8B |
| Year 2 | $16.6B | $3.5B | $1.3B | $1.3B | $15.5B |
| Year 3 | $17.2B | $3.6B | $1.2B | $1.5B | $14.1B |
| Year 4 | $17.7B | $3.7B | $1.1B | $1.6B | $12.5B |
| Year 5 | $18.2B | $3.8B | $953M | $1.8B | $10.7B |
The exit and the buyer's return
| Exit | Amount | |
|---|---|---|
| Exit multiple | 13.5× EBITDA | today's trading multiple, before any premium |
| Enterprise value at exit | $52.0B | |
| − Debt left | $10.7B | |
| = Buyer's equity | $41.4B | |
| Money multiple | 1.07× | on $38.6B put in |
| Buyer's yearly return (IRR) | 1.4% |
Price against return
What the buyer makes at other premiums over today's $19.31; the IRR reaches 20% at $13.91 a share.
| Premium | Price a share | Buyer's IRR |
|---|---|---|
| 10% | $21.24 | 5.9% |
| 20% | $23.17 | 3.5% |
| 30% | $25.10 | 1.4% |
| 40% | $27.03 | −0.5% |
| 50% | $28.96 | −2.2% |
The figures used
| Figure | Amount | |
|---|---|---|
| Revenue, last 12 months | $15.5B | |
| EBITDA, last 12 months | $3.3B | 21.1% of revenue |
| Depreciation and amortization | $569M | |
| Capital spending | $393M | |
| Debt | $8.2B | |
| Cash | $1.0B | |
| Share price | $19.31 | on Oct 30, 2026 |
Fixed rules, the same as the interactive view's starting point: the shares are bought at today's price plus 30%, the company's debt is refinanced and fees take 2%. New debt is the least of 5.5× EBITDA, 65% of the price and the amount whose interest EBITDA covers 2 times, at 7.65% a year (SOFR 3.89% plus the high-yield B spread 3.26% plus 0.5%, rates of Oct 15, 2026). Revenue grows 3.5% in the first year — the company's own rate, held between −3% and +8% — fading to 3% by year 5; the EBITDA margin, depreciation and capital spending stay at today's share of revenue; working capital takes 10% of each year's added revenue; tax is 27% of profit after interest. Every dollar of free cash flow repays debt. After 5 years the buyer sells at today's multiple of EBITDA.
What a takeover could cost
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Kenvue would cost about $25.59 a share, $49.3B for all its shares.
| Premium | % | Price a share | All shares |
|---|---|---|---|
| Low end (a quarter of deals paid less) | 20% | $23.17 | $44.6B |
| Median | 32.5% | $25.59 | $49.3B |
| High end (a quarter paid more) | 51.8% | $29.31 | $56.5B |
The odds, from history
Historically 1.9% of companies with its figures were bought within a year (0.38× the average). Its figures put it in decile 1 of 10 (10 = the most likely to be bought). The odds come from a model of every merger proxy, tender-offer response and going-private statement filed on EDGAR since 2011, set against each company's size, margins, debt, cash flow and growth the year before.
Rumors and deal signals
- 2026-11-02 · 8-K deal · The information set forth in the Introductory Note, Item 2.01, Item 3.03 and Item 5.02 of this Current Report is incorporated by reference into this Item 5.01. As a result of the First Merger, a change of control of the Company occurred on
- 2025-12-16 · DEFM14A · Merger proxy (DEFM14A)
Kenvue's latest quarter
Kenvue, Q3 2026: revenue $3.9B (+3% year over year), operating margin 18.2%, net earnings $430M, operating cash flow $700M. The chart follows the revenue to costs, profit and cash.
Questions
Is Kenvue being acquired?
The latest signal on file is from 2026-11-02: The information set forth in the Introductory Note, Item 2.01, Item 3.03 and Item 5.02 of this Current Report is incorporated by reference into this Item 5.01. As a result of the First Merger, a change of control of the Company occurred on . A headline is not a deal; Filing Flows lists the news, 8-K filings and 13D filings about a sale.
Could private equity buy Kenvue?
A leveraged buyout at today's price plus 30% ($25.10 a share) would return about 1% a year to a private-equity buyer over 5 years; the most a buyer could pay for a 20% return is $13.91 a share (−28% against today's $19.31).
What would a takeover of Kenvue cost?
Takeovers on record paid a median premium of 32.5% over the share price before the deal (the middle half 20% to 51.8%), according to the 1,437 merger proxies and tender-offer responses on EDGAR that state a premium. At the median, Kenvue would cost about $25.59 a share, $49.3B for all its shares.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.