Stock Analysis on Net
Stock Analysis on Net

Kimberly-Clark Corp. (NYSE:KMB)

This company has been moved to the archive! The financial data has not been updated since April 23, 2021.

Common-Size Income Statement 
Quarterly Data

Kimberly-Clark Corp., common-size consolidated income statement (quarterly data)

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3 months ended: Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016
Net sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of products sold -66.50 -65.59 -66.05 -61.47 -64.24 -65.83 -66.49 -67.65 -69.18 -69.31 -69.10 -68.40 -72.01 -65.12 -64.25 -63.90 -63.15 -63.07 -63.65 -63.73 -63.38
Gross profit 33.50% 34.41% 33.95% 38.53% 35.76% 34.17% 33.51% 32.35% 30.82% 30.69% 30.90% 31.60% 27.99% 34.88% 35.75% 36.10% 36.85% 36.93% 36.35% 36.27% 36.62%
Marketing, research and general expenses -17.18 -20.60 -19.62 -18.30 -17.43 -18.74 -17.56 -17.65 -16.60 -16.81 -16.35 -16.75 -22.81 -16.56 -17.52 -18.49 -18.14 -18.07 -18.13 -18.46 -18.43
Other income and (expense), net -0.08 1.67 -0.11 -0.17 -0.28 0.96 3.77 -0.11 -0.09 0.11 0.04 -0.22 0.04 -0.59 0.17 -0.07 -0.11 -0.40 -0.02 0.46 -0.22
Operating profit 16.23% 15.49% 14.22% 20.06% 18.05% 16.39% 19.72% 14.58% 14.14% 13.99% 14.60% 14.64% 5.22% 17.72% 18.41% 17.55% 18.60% 18.46% 18.20% 18.27% 17.96%
Nonoperating expense -0.13 -0.27 -0.85 -0.13 -0.22 -1.27 -0.24 -0.24 -0.24 -1.93 -0.65 -0.78 -0.19 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest income 0.02 0.04 0.04 0.04 0.04 0.07 0.06 0.04 0.06 0.07 0.04 0.07 0.04 0.07 0.06 0.04 0.04 0.04 0.04 0.07 0.09
Interest expense -1.33 -1.32 -1.32 -1.41 -1.22 -1.37 -1.42 -1.46 -1.40 -1.42 -1.40 -1.48 -1.40 -1.57 -1.68 -1.87 -1.85 -1.78 -1.76 -1.77 -1.70
Income before income taxes and equity interests 14.80% 13.94% 12.09% 18.56% 16.65% 13.81% 18.13% 12.93% 12.56% 10.70% 12.59% 12.45% 3.68% 16.22% 16.79% 15.72% 16.80% 16.73% 16.48% 16.56% 16.35%
Provision for income taxes -3.10 -3.43 -2.43 -4.31 -3.93 -2.38 -4.14 -2.87 -3.09 -1.99 -3.01 -3.00 -2.20 -3.12 -4.83 -4.44 -4.62 -5.96 -4.94 -4.73 -4.62
Income before equity interests 11.70% 10.50% 9.65% 14.25% 12.72% 11.43% 13.99% 10.06% 9.48% 8.71% 9.58% 9.45% 1.48% 13.09% 11.96% 11.29% 12.18% 10.76% 11.54% 11.84% 11.73%
Share of net income of equity companies 0.82 0.79 0.66 0.76 0.76 0.70 0.67 0.72 0.58 0.50 0.50 0.65 0.57 0.55 0.52 0.57 0.65 0.64 0.72 0.76 0.78
Net income 12.52% 11.29% 10.31% 15.00% 13.48% 12.13% 14.66% 10.77% 10.06% 9.21% 10.08% 10.10% 2.05% 13.64% 12.48% 11.86% 12.83% 11.40% 12.26% 12.60% 12.51%
Net income attributable to noncontrolling interests -0.21 -0.14 -0.23 -0.24 -0.30 -0.20 -0.19 -0.22 -0.26 -0.22 -0.24 -0.22 -0.08 -0.17 -0.26 -0.20 -0.27 -0.29 -0.28 -0.26 -0.34
Net income attributable to Kimberly-Clark Corporation 12.31% 11.15% 10.08% 14.77% 13.18% 11.94% 14.46% 10.56% 9.80% 9.00% 9.84% 9.88% 1.97% 13.47% 12.22% 11.66% 12.56% 11.11% 11.97% 12.34% 12.18%

Based on: 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-K (reporting date: 2017-12-31), 10-Q (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31).

Cost of Products Sold
The cost of products sold as a percentage of net sales shows a rising trend from 2016 through early 2018, increasing from around -63.38% up to approximately -72.01%. This indicates a growing cost burden relative to sales during that period. From mid-2018 onwards, the cost decreases somewhat, fluctuating between roughly -61.47% and -66.5%, suggesting some improvement in cost control or changes in pricing strategies after the peak in 2018.
Gross Profit
Gross profit margin declined significantly from 2016 levels near 36% to a low around 27.99% in early 2018, corresponding inversely with the rise in cost of products sold. After this low point, gross profit margins gradually recovered, reaching levels near 33.5% by early 2021. This progression indicates an initial compression of margins followed by a partial restoration of profitability at the gross level.
Marketing, Research and General Expenses
These expenses as a percent of net sales remain relatively stable with slight fluctuations, mostly between -16% and -20%. A notable spike is observed in early 2018 with expenses hitting nearly -22.81%, but otherwise, the ratio hovers near the high teens. This steadiness implies consistent investment in selling and administrative functions across the periods analyzed.
Other Income and (Expense), Net
Other income and expenses fluctuate with mostly marginal values around zero, including some quarters of small positive or negative impacts. A few quarters show notable positive spikes, especially in late 2019 and late 2020, reflecting occasional one-time gains or losses that affect operating income but do not form a consistent trend.
Operating Profit
Operating profit as a percentage of net sales largely mirrors gross profit trends, with margins sitting around 18% in 2016 and 2017, dropping steeply to about 5.22% in early 2018, and then recovering steadily to around 16.2% by early 2021. This suggests that the firm experienced considerable operating margin compression in 2018 but has since worked towards regaining operating efficiency or pricing power.
Nonoperating Expense
Nonoperating expenses appeared from 2018 onwards, consistently negative though relatively small in magnitude, typically less than 2% of net sales. This inclusion represents incremental costs not related to main operations, such as financing or miscellaneous expenses.
Interest Income and Expense
Interest income is consistently low and stable around 0.04% to 0.09% of net sales throughout the years. Interest expense averages between -1.3% and -1.8%, showing a slight downward trend over time, signaling modest reductions in interest burden relative to sales, potentially from improved debt management.
Income Before Income Taxes and Equity Interests
This metric follows operating profit trends with a sharp drop in early 2018 to about 3.68%, followed by a recovery towards 14.8% by early 2021. The pattern indicates that income before taxes was significantly pressured during the 2018 period but improved as cost or operational issues were addressed.
Provision for Income Taxes
Tax provisions vary substantially, generally ranging between approximately -1.99% and -5.96%. The provision dips to unusually low rates in late 2018 and early 2019, suggesting either changes in tax law, earnings composition, or tax planning effectiveness during those periods.
Net Income and Attribution
Net income margins broadly follow the pre-tax income trend, dipping sharply in early 2018 and then rebounding through 2019 to 2021. Net income attributable to Kimberly-Clark Corporation shows similar fluctuations, from around 12% in 2016 down to low single digits in early 2018, then rising to above 12% by early 2021. The share of net income from equity companies remains fairly stable, contributing roughly 0.5% to 0.8% to net income levels each quarter.
Summary of Trends
Overall, the data reveals a period of margin compression and increased cost pressure culminating around 2018, with corresponding declines in profitability measures including gross profit, operating profit, and net income. Following this period, incremental improvements are apparent, pointing to initiatives that stabilized costs and boosted earnings margins. Expenses for marketing and general admin as a proportion of sales show consistency, while nonoperating expenses and interest charges are relatively minor factors. Income tax rates show variability that may influence net profitability across quarters.