Description

Kenvue Under Pressure: Why TOMS Capital Might Be Right About A Breakup!

Kenvue Inc. — the consumer health spin-off from Johnson & Johnson — is finding itself under the activist microscope once again. Just weeks after averting a proxy battle with Starboard Value by appointing its CEO, Jeffrey Smith, to the board, Kenvue is now facing fresh pressure from TOMS Capital Investment Management. The New York-based hedge fund has taken a stake in the $45 billion company and is urging management to explore a full sale or break up certain assets. While the exact size of TOMS’ stake remains undisclosed, its demands echo a growing sentiment that Kenvue, despite its iconic brands like Tylenol, Listerine, and Band-Aid, may be underachieving relative to its portfolio potential. This development comes amid a year of transformation at Kenvue, marked by deep operational restructuring and a renewed focus on profitable growth. The company’s recent presentation at the 2025 CAGNY Conference highlighted sweeping internal changes, but activists appear unconvinced — raising the question: does TOMS Capital have a point?

Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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