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.

Analysis of Goodwill and Intangible Assets

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Adjustments to Financial Statements: Removal of Goodwill

Kimberly-Clark Corp., adjustments to financial statements

US$ in millions

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Adjustment to Total Assets
Total assets (as reported) 17,523 15,283 14,518 15,151 14,602
Less: Goodwill 1,895 1,467 1,474 1,576 1,480
Total assets (adjusted) 15,628 13,816 13,044 13,575 13,122
Adjustment to Total Kimberly-Clark Corporation Stockholders’ Equity
Total Kimberly-Clark Corporation stockholders’ equity (as reported) 626 (33) (287) 629 (102)
Less: Goodwill 1,895 1,467 1,474 1,576 1,480
Total Kimberly-Clark Corporation stockholders’ equity (adjusted) (1,269) (1,500) (1,761) (947) (1,582)

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

Kimberly-Clark Corp., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Goodwill (Summary)

Kimberly-Clark Corp., adjusted financial ratios

Microsoft Excel
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
Total Asset Turnover
Reported total asset turnover 1.09 1.21 1.27 1.21 1.25
Adjusted total asset turnover 1.22 1.34 1.42 1.35 1.39
Financial Leverage
Reported financial leverage 27.99 — — 24.09 —
Adjusted financial leverage — — — — —
Return on Equity (ROE)
Reported ROE 375.72% — — 362.16% —
Adjusted ROE — — — — —
Return on Assets (ROA)
Reported ROA 13.42% 14.11% 9.71% 15.04% 14.83%
Adjusted ROA 15.05% 15.61% 10.81% 16.78% 16.51%

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

Financial ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Kimberly-Clark Corp. adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Kimberly-Clark Corp. adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.

Kimberly-Clark Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net sales 19,140 18,450 18,486 18,259 18,202
Total assets 17,523 15,283 14,518 15,151 14,602
Activity Ratio
Total asset turnover1 1.09 1.21 1.27 1.21 1.25
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net sales 19,140 18,450 18,486 18,259 18,202
Adjusted total assets 15,628 13,816 13,044 13,575 13,122
Activity Ratio
Adjusted total asset turnover2 1.22 1.34 1.42 1.35 1.39

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

2020 Calculations

1 Total asset turnover = Net sales ÷ Total assets
= 19,140 ÷ 17,523 = 1.09

2 Adjusted total asset turnover = Net sales ÷ Adjusted total assets
= 19,140 ÷ 15,628 = 1.22

Activity ratio Description The company
Adjusted total asset turnover An activity ratio calculated as total revenue divided by adjusted total assets. Kimberly-Clark Corp. adjusted total asset turnover ratio deteriorated from 2018 to 2019 and from 2019 to 2020.

Adjusted Financial Leverage

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Total assets 17,523 15,283 14,518 15,151 14,602
Total Kimberly-Clark Corporation stockholders’ equity 626 (33) (287) 629 (102)
Solvency Ratio
Financial leverage1 27.99 — — 24.09 —
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Adjusted total assets 15,628 13,816 13,044 13,575 13,122
Adjusted total Kimberly-Clark Corporation stockholders’ equity (1,269) (1,500) (1,761) (947) (1,582)
Solvency Ratio
Adjusted financial leverage2 — — — — —

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

2020 Calculations

1 Financial leverage = Total assets ÷ Total Kimberly-Clark Corporation stockholders’ equity
= 17,523 ÷ 626 = 27.99

2 Adjusted financial leverage = Adjusted total assets ÷ Adjusted total Kimberly-Clark Corporation stockholders’ equity
= 15,628 ÷ -1,269 = —

Adjusted Return on Equity (ROE)

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Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kimberly-Clark Corporation 2,352 2,157 1,410 2,278 2,166
Total Kimberly-Clark Corporation stockholders’ equity 626 (33) (287) 629 (102)
Profitability Ratio
ROE1 375.72% — — 362.16% —
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Kimberly-Clark Corporation 2,352 2,157 1,410 2,278 2,166
Adjusted total Kimberly-Clark Corporation stockholders’ equity (1,269) (1,500) (1,761) (947) (1,582)
Profitability Ratio
Adjusted ROE2 — — — — —

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

2020 Calculations

1 ROE = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Total Kimberly-Clark Corporation stockholders’ equity
= 100 × 2,352 ÷ 626 = 375.72%

2 Adjusted ROE = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Adjusted total Kimberly-Clark Corporation stockholders’ equity
= 100 × 2,352 ÷ -1,269 = —

Adjusted Return on Assets (ROA)

Microsoft Excel
Dec 31, 2020 Dec 31, 2019 Dec 31, 2018 Dec 31, 2017 Dec 31, 2016
As Reported
Selected Financial Data (US$ in millions)
Net income attributable to Kimberly-Clark Corporation 2,352 2,157 1,410 2,278 2,166
Total assets 17,523 15,283 14,518 15,151 14,602
Profitability Ratio
ROA1 13.42% 14.11% 9.71% 15.04% 14.83%
Adjusted for Goodwill
Selected Financial Data (US$ in millions)
Net income attributable to Kimberly-Clark Corporation 2,352 2,157 1,410 2,278 2,166
Adjusted total assets 15,628 13,816 13,044 13,575 13,122
Profitability Ratio
Adjusted ROA2 15.05% 15.61% 10.81% 16.78% 16.51%

Based on: 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31).

2020 Calculations

1 ROA = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Total assets
= 100 × 2,352 ÷ 17,523 = 13.42%

2 Adjusted ROA = 100 × Net income attributable to Kimberly-Clark Corporation ÷ Adjusted total assets
= 100 × 2,352 ÷ 15,628 = 15.05%

Profitability ratio Description The company
Adjusted ROA A profitability ratio calculated as net income divided by adjusted total assets. Kimberly-Clark Corp. adjusted ROA improved from 2018 to 2019 but then slightly deteriorated from 2019 to 2020.