Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Authors: Warren Buffett & Charlie Munger We come to Kenvue with sympathy: this is a company we should love. Tylenol, Band-Aid, Listerine, Neutrogena, Aveeno, Nicorette, Zyrtec, Johnson's — these are some of the most recognizable consumer health brands on the planet, and the kind of "shelf-space rent" businesses we have spent careers admiring. Charlie keeps reminding me that a great brand is a tax-deductible toll booth. By that test, Kenvue ought to be a paragon. It is not. After working through the March 29, 2026 Form 10-Q, the August 2023 separation history, and the pending Kimberly-Clark transaction, we have concluded that Kenvue is an average business carrying meaningful debt, persistent litigation tails, a structurally weakening Skin Health & Beauty franchise, and a reliance on legacy Johnson's® branding that is not actually theirs.
Recent filings analysed: 10-Q (2026-08-06), 8-K (2026-08-06), 8-K (2026-05-22), 8-K (2026-05-07).
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