Selected Financial Data
since 2005
Income Statement
Kimberly-Clark Corp., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net sales | Operating profit | Net income attributable to Kimberly-Clark Corporation |
|---|---|---|---|
| Dec 31, 2020 | 19,140) | 3,244) | 2,352) |
| Dec 31, 2019 | 18,450) | 2,991) | 2,157) |
| Dec 31, 2018 | 18,486) | 2,229) | 1,410) |
| Dec 31, 2017 | 18,259) | 3,299) | 2,278) |
| Dec 31, 2016 | 18,202) | 3,317) | 2,166) |
| Dec 31, 2015 | 18,591) | 1,613) | 1,013) |
| Dec 31, 2014 | 19,724) | 2,521) | 1,526) |
| Dec 31, 2013 | 21,152) | 3,208) | 2,142) |
| Dec 31, 2012 | 21,063) | 2,686) | 1,750) |
| Dec 31, 2011 | 20,846) | 2,442) | 1,591) |
| Dec 31, 2010 | 19,746) | 2,773) | 1,843) |
| Dec 31, 2009 | 19,115) | 2,825) | 1,884) |
| Dec 31, 2008 | 19,415) | 2,547) | 1,690) |
| Dec 31, 2007 | 18,266) | 2,616) | 1,823) |
| Dec 31, 2006 | 16,747) | 2,102) | 1,500) |
| Dec 31, 2005 | 15,903) | 2,311) | 1,568) |
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), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2020 is characterized by an initial period of sustained revenue growth followed by a correction and subsequent stabilization. Net sales increased steadily from 15,903 million USD in 2005 to a peak of 21,152 million USD in 2013. This growth phase was followed by a decline through 2016, where sales dropped to 18,202 million USD. From 2017 onward, revenue remained relatively stagnant, fluctuating within a narrow range before reaching 19,140 million USD by the end of 2020.
- Operating Profitability and Volatility
- Operating profit exhibited significantly higher volatility than net sales. While revenue climbed steadily until 2013, operating profit fluctuated, reaching 3,208 million USD in 2013 before experiencing a sharp decline to 1,613 million USD in 2015. A rapid recovery occurred in 2016, with operating profit surging to 3,317 million USD, the highest level in the analyzed period. This indicates a period of significant cost restructuring or one-time operational impacts during the mid-2010s.
- Net Income Trends
- Net income attributable to the corporation largely mirrored the volatility seen in operating profits. A notable trough occurred in 2015, with net income falling to 1,013 million USD. This was followed by a strong rebound to 2,278 million USD in 2017. After a subsequent dip to 1,410 million USD in 2018, net income trended upward, closing the period at 2,352 million USD in 2020.
- Margin Analysis and Efficiency
- The relationship between net sales and profitability suggests shifts in operational efficiency. Between 2005 and 2013, the conversion of sales to operating profit remained relatively consistent. However, the divergence in 2015 and 2016 is stark; 2015 saw the lowest profitability relative to sales, while 2016 demonstrated superior margin expansion despite declining net sales. This suggests that profit growth in the latter half of the period was driven by cost management and efficiency gains rather than top-line revenue expansion.
By the end of the period, the financial profile shifted from a growth-oriented model to one focused on profitability optimization. Despite net sales in 2020 remaining below the 2013 peak, both operating profit and net income in 2020 exceeded their 2013 levels, indicating an improved capacity to generate earnings from a smaller revenue base.
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Balance Sheet: Assets
Kimberly-Clark Corp., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2020 | 5,174) | 17,523) |
| Dec 31, 2019 | 5,057) | 15,283) |
| Dec 31, 2018 | 5,041) | 14,518) |
| Dec 31, 2017 | 5,211) | 15,151) |
| Dec 31, 2016 | 5,115) | 14,602) |
| Dec 31, 2015 | 5,426) | 14,842) |
| Dec 31, 2014 | 5,559) | 15,526) |
| Dec 31, 2013 | 6,550) | 18,919) |
| Dec 31, 2012 | 6,589) | 19,873) |
| Dec 31, 2011 | 6,283) | 19,373) |
| Dec 31, 2010 | 6,328) | 19,864) |
| Dec 31, 2009 | 5,864) | 19,209) |
| Dec 31, 2008 | 5,813) | 18,089) |
| Dec 31, 2007 | 6,097) | 18,440) |
| Dec 31, 2006 | 5,270) | 17,067) |
| Dec 31, 2005 | 4,783) | 16,303) |
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), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset structure of Kimberly-Clark Corp. between 2005 and 2020 is characterized by an initial period of expansion, a significant mid-term contraction, and a recent recovery in total asset value. While total assets experienced high volatility, current assets remained relatively more stable, though they followed a similar long-term trajectory of growth and subsequent correction.
- Current Asset Trends
- Current assets demonstrated a consistent upward trajectory from 2005, rising from 4,783 million USD to a peak of 6,589 million USD in 2012. Following this peak, a notable reduction occurred in 2014, with values dropping to 5,559 million USD. From 2015 through 2020, current assets entered a stabilization phase, fluctuating within a narrow range between 5,041 million USD and 5,211 million USD.
- Total Asset Trajectory
- Total assets grew steadily from 16,303 million USD in 2005 to a peak of 19,873 million USD in 2012. A sharp contraction is observed between 2013 and 2016, during which total assets declined to a period low of 14,602 million USD. This downward trend plateaued between 2017 and 2019, before a significant increase was recorded in 2020, bringing total assets to 17,523 million USD.
- Asset Composition and Volatility
- The volatility of total assets significantly exceeded that of current assets. The sharp decline in total assets between 2013 and 2016 was more pronounced than the decline in current assets, suggesting that the contraction was primarily driven by a reduction in non-current assets. Consequently, the proportion of current assets relative to total assets increased during the 2014-2016 period before returning to levels similar to the 2005 baseline by 2020.
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Balance Sheet: Liabilities and Stockholders’ Equity
Kimberly-Clark Corp., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total debt | Total Kimberly-Clark Corporation stockholders’ equity | |
|---|---|---|---|
| Dec 31, 2020 | 6,443) | 8,364) | 626) |
| Dec 31, 2019 | 6,919) | 7,747) | (33) |
| Dec 31, 2018 | 6,536) | 7,455) | (287) |
| Dec 31, 2017 | 5,858) | 7,425) | 629) |
| Dec 31, 2016 | 5,846) | 7,572) | (102) |
| Dec 31, 2015 | 6,349) | 7,775) | (174) |
| Dec 31, 2014 | 6,226) | 6,956) | 729) |
| Dec 31, 2013 | 5,848) | 5,761) | 4,856) |
| Dec 31, 2012 | 6,091) | 6,185) | 4,985) |
| Dec 31, 2011 | 5,397) | 6,132) | 5,249) |
| Dec 31, 2010 | 5,338) | 5,464) | 5,917) |
| Dec 31, 2009 | 4,923) | 5,402) | 5,406) |
| Dec 31, 2008 | 4,752) | 5,965) | 3,878) |
| Dec 31, 2007 | 4,929) | 5,492) | 5,224) |
| Dec 31, 2006 | 5,016) | 3,602) | 6,097) |
| Dec 31, 2005 | 4,643) | 3,817) | 5,558) |
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), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2020 is characterized by a systematic increase in leverage and a significant erosion of stockholders' equity, indicating a profound shift in the capital structure over the fifteen-year period.
- Current Liabilities Trend
- Current liabilities exhibited a gradual and steady upward trend, increasing from 4,643 million US dollars in 2005 to 6,443 million US dollars by 2020. The growth remained relatively linear for much of the period, with a peak observed in 2019 at 6,919 million US dollars before a slight contraction in the final year of the analysis.
- Total Debt Accumulation
- Total debt experienced substantial growth, more than doubling from 3,817 million US dollars in 2005 to 8,364 million US dollars in 2020. A notable escalation occurred between 2006 and 2007, where debt rose from 3,602 million to 5,492 million US dollars. From 2014 onward, debt levels remained consistently high, generally exceeding 6,900 million US dollars, reflecting a long-term increase in the organization's borrowing.
- Stockholders' Equity Erosion
- Stockholders' equity demonstrated the most significant volatility, transitioning from a position of strength to frequent deficits. Starting at 5,558 million US dollars in 2005, equity remained relatively stable until 2013. A precipitous decline occurred in 2014, with equity falling to 729 million US dollars, subsequently entering negative territory in 2015 (-174 million US dollars), 2016 (-102 million US dollars), and 2018 (-287 million US dollars). Although a recovery to 626 million US dollars was noted by 2020, the overall trend represents a massive reduction in the book value of equity.
- Capital Structure Analysis
- The divergence between rising total debt and collapsing stockholders' equity suggests a strategic shift toward a highly leveraged balance sheet. The emergence of negative equity during the 2015-2019 period, coupled with the continuous increase in total debt, indicates that liabilities significantly exceeded assets at several intervals, a condition often associated with aggressive share buyback programs or significant dividend distributions exceeding retained earnings.
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Cash Flow Statement
Kimberly-Clark Corp., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Cash provided by operations | Cash used for investing | Cash used for financing |
|---|---|---|---|
| Dec 31, 2020 | 3,729) | (2,305) | (1,567) |
| Dec 31, 2019 | 2,736) | (1,042) | (1,792) |
| Dec 31, 2018 | 2,970) | (902) | (2,115) |
| Dec 31, 2017 | 2,929) | (851) | (2,421) |
| Dec 31, 2016 | 3,232) | (732) | (2,185) |
| Dec 31, 2015 | 2,306) | (1,050) | (1,298) |
| Dec 31, 2014 | 2,845) | (770) | (1,893) |
| Dec 31, 2013 | 3,040) | (844) | (2,185) |
| Dec 31, 2012 | 3,288) | (1,184) | (1,802) |
| Dec 31, 2011 | 2,288) | (681) | (1,741) |
| Dec 31, 2010 | 2,744) | (781) | (1,859) |
| Dec 31, 2009 | 3,481) | (1,288) | (1,788) |
| Dec 31, 2008 | 2,516) | (847) | (1,747) |
| Dec 31, 2007 | 2,429) | (898) | (1,427) |
| Dec 31, 2006 | 2,580) | (1,036) | (1,551) |
| Dec 31, 2005 | 2,312) | (596) | (1,930) |
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), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial performance from 2005 to 2020 demonstrates a consistent capacity to generate positive operating cash flows, which have historically exceeded the combined requirements for investing and financing activities. The overall cash flow profile reflects a mature operational stage characterized by steady liquidity generation and a disciplined approach to capital allocation.
- Operating Cash Flow Trends
- Cash provided by operations exhibited a general upward trajectory, growing from 2,312 million USD in 2005 to a period high of 3,729 million USD in 2020. Although the trend was marked by periodic fluctuations—most notably dips in 2011 and 2015—the company maintained a robust baseline, with annual cash generation never falling below 2,200 million USD during the analyzed timeframe.
- Investing Activity Patterns
- Cash used for investing remained consistently negative, reflecting ongoing capital expenditures. For the majority of the period, these outflows ranged between approximately 681 million USD and 1,288 million USD. However, a significant spike occurred in 2020, with outflows reaching 2,305 million USD, representing a substantial increase in investment intensity relative to the preceding fifteen years.
- Financing Activity Analysis
- Cash used for financing activities showed a persistent pattern of outflows, indicating a steady commitment to debt repayment or shareholder returns. These outflows generally fluctuated between 1,298 million USD and 2,421 million USD, with the peak expenditure occurring in 2017. The consistency of these outflows suggests a programmatic approach to capital return and liability management.
- Aggregate Cash Flow Dynamics
- A comparative analysis shows that operating cash flows consistently covered both investing and financing outflows for most of the period. The surge in investing activities in 2020 was largely offset by a corresponding peak in operating cash flows, maintaining the organization's ability to fund growth and obligations internally.
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Per Share Data
Kimberly-Clark Corp., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2020 | 6.90 | 6.87 | 4.28 |
| Dec 31, 2019 | 6.28 | 6.24 | 4.12 |
| Dec 31, 2018 | 4.05 | 4.03 | 4.00 |
| Dec 31, 2017 | 6.44 | 6.40 | 3.88 |
| Dec 31, 2016 | 6.03 | 5.99 | 3.68 |
| Dec 31, 2015 | 2.78 | 2.77 | 3.52 |
| Dec 31, 2014 | 4.07 | 4.04 | 3.36 |
| Dec 31, 2013 | 5.58 | 5.53 | 3.24 |
| Dec 31, 2012 | 4.45 | 4.42 | 2.96 |
| Dec 31, 2011 | 4.02 | 3.99 | 2.80 |
| Dec 31, 2010 | 4.47 | 4.45 | 2.64 |
| Dec 31, 2009 | 4.53 | 4.52 | 2.40 |
| Dec 31, 2008 | 4.06 | 4.04 | 2.32 |
| Dec 31, 2007 | 4.13 | 4.09 | 2.12 |
| Dec 31, 2006 | 3.27 | 3.25 | 1.96 |
| Dec 31, 2005 | 3.30 | 3.28 | 1.80 |
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), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per-share financial performance from 2005 to 2020 is characterized by volatile but generally increasing earnings alongside a strictly linear progression in dividend distributions.
- Earnings Per Share Trends
- Basic and diluted earnings per share exhibited significant fluctuations over the analyzed period. Earnings grew from 3.30 USD in 2005 to a peak of 5.58 USD in 2013, followed by a notable contraction that reached a period low of 2.78 USD in 2015. A subsequent recovery saw earnings rise to a historical high of 6.90 USD by 2020. The negligible variance between basic and diluted earnings per share suggests a stable equity structure with minimal dilution from convertible securities or stock options.
- Dividend Growth Stability
- Dividend payments demonstrate a consistent and uninterrupted annual increase. Starting at 1.80 USD in 2005, the dividend per share rose every year to reach 4.28 USD in 2020. This disciplined growth pattern persists independently of the volatility observed in annual earnings, indicating a corporate policy focused on steady shareholder returns.
- Dividend Coverage and Payout Correlation
- A divergence exists between the stability of dividends and the variability of earnings. In 2015, dividend payments of 3.52 USD exceeded the basic earnings per share of 2.78 USD, indicating that dividends were funded through retained earnings or other capital sources during that period. A similar tightening of coverage occurred in 2018, where dividends of 4.00 USD nearly equaled the basic earnings of 4.05 USD. In contrast, the final years of the period, specifically 2019 and 2020, showed a widening gap between earnings and dividends, providing a more robust coverage ratio.
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