Kimberly-Clark stock forecast
Kimberly-Clark's weighted forecast is $87.70 by October 2027 and $103.46 by October 2029. It hinges on China demand, Kenvue savings, cash generation and deleveraging.
Where could Kimberly-Clark's shares be by October 2029?
Kimberly-Clark’s weighted path points to near-term downside followed by a modest recovery. The weighted price is $87.70 by October 2027, down 12% including dividends. It is $94.26 by October 2028, down 1%. By October 2029, it reaches $103.46, up 13%.
The bear-to-bull range by October 2029 runs from $63.41 to $155.69. Today’s price is $105.41. The bear case has a 32% probability, the base case 49%, and the bull case 19%, because the acquisition creates both meaningful synergy potential and substantial execution risk.
| Case | Probability | October 2027 | October 2028 | October 2029 |
|---|---|---|---|---|
| Bear | 32 % | 70.23 (-29 %) | 64.56 (-29 %) | 63.41 (-26 %) |
| Base | 49 % | 91.36 (-8 %) | 100.09 (+5 %) | 109.35 (+19 %) |
| Bull | 19 % | 107.71 (+7 %) | 129.24 (+33 %) | 155.69 (+64 %) |
| Weighted | 100 % | 87.70 (-12 %) | 94.26 (-1 %) | 103.46 (+13 %) |
What this means. The weighted row is the probability-based average of the bear, base, and bull cases, so it can be below today's share price even though the bull case is higher.
What has to go right, and what could go wrong for Kimberly-Clark?
The base earnings row assumes revenue grows gradually and net margin improves from 11.3% to 12.1%. The bear case keeps revenue nearly flat and margins around 10%, because China weakness, pricing pressure, interest and integration disruption offset scale. The bull case raises revenue and margin more quickly, requiring China stabilization and prompt savings. Management targets $2.1 billion of annual benefits. It expects $2.5 billion of implementation costs during the first two years. Those facts support partial rather than immediate synergy delivery.
| October 2027 | October 2028 | October 2029 | |
|---|---|---|---|
| Earnings | 3,616 (3,200 / 3,776) | 3,838 (3,185 / 4,150) | 4,066 (3,267 / 4,498) |
| Shares (millions) | 614 (615 / 614) | 614 (617 / 610) | 614 (618 / 607) |
| Dividends per share | 5.16 (5.04 / 5.28) | 5.28 (5.04 / 5.56) | 5.40 (5.04 / 5.84) |
| Price to earnings | 15.50 (13.50 / 17.50) | 16.00 (12.50 / 19.00) | 16.50 (12.00 / 21.00) |
How much cash does Kimberly-Clark really make?
Investment also rose. Continuing-business capital spending increased from $605 million in 2024 to $1,020 million in 2025. Stock pay was $130 million in 2025. It does not consume cash immediately, but it gives employees a claim on the company, so an owner-focused cash measure may deduct it.
| 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|
| − Capital spending | 1,020 | 605 | 666 | 742 |
| − Stock pay | 130 | 122 | 160 | 143 |
What does an investor pay today for Kimberly-Clark?
At $105.41, a 20.1x trailing P/E implies $5.24 of trailing EPS. The 14.3x forward P/E implies $7.37 of future EPS. That forward denominator is roughly 41% higher, but the difference may reflect adjustments, reporting changes, and acquisition timing rather than underlying growth. At 12x, $7.37 of EPS supports roughly $88. To support $105.41 at that multiple requires $8.78 of EPS.