Owner Scorecard


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An industry chapter · Personal Care Products

Personal Care Products

14 members, 4452 to YSG, A to Z by ticker.

Gross profitability
median 42% — gross profit as a share of total assets, each member's median across its readable years; read on 14 of 14 members
Capital intensity
median 2.2% — capital expenditure as a share of revenue, each member's median across its readable years; read on 14 of 14 members
Net cash
4 of the 14 members with a readable debt line hold more cash and short-term investments than total debt

Figures describe the list as a group, from each member's own filed record; they name no member and form no rank. A member missing an input is absent from that median, never counted against the others.

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4452 Kao

Kao is one of Japan's large consumer-products makers. It sells everyday household and personal-care goods -- the kind of soaps, detergents, shampoos, skin- and hair-care items, and cosmetics that get used up and rebought -- and alongside them runs a chemicals business that supplies other manufacturers rather than the shopper. It earns its keep the way branded-staples firms do: making each item for a little, selling it for somewhat more, and leaning on the habit of buying the same thing again.

Owner earnings 2018–2025 ¥115.3B¥160.6B¥155.3B¥115.6B¥65.4B¥148.3B¥144.2B¥138.5B

Retained capital Retained ¥80.7B of earnings over 2018–2025; annual owner earnings fell ¥80M.

Balance sheet Net cash, +¥89.6B · dividend paid 8 of 8 yrs, never cut

4911 Shiseido

An asset-light business: the value sits in intellectual property and people, not plant, so the question is how durable the advantage is, not how high the margin.

Owner earnings 2016–2025 ¥27.8B¥59.4B¥12.0B(¥16.6B)¥7.7B¥59.0B¥10.4B¥62.3B¥23.5B¥84.6B

Retained capital Retained ¥37.0B of earnings over 2016–2025; annual owner earnings grew ¥23.8B, ¥0.64 per ¥1 retained.

Balance sheet Net debt against an operating loss, ¥231.3B · dividend paid 10 of 10 yrs, cut at least once

CL Colgate-Palmolive Co.

Colgate-Palmolive makes and sells branded everyday goods — toothpaste and the rest of oral care, where the Colgate name holds a leading position around the world, alongside soaps and personal care, dish and surface cleaners, and Hill's pet nutrition. It sells through retailers into many countries, and earns its money on the steady, repeat purchase of those familiar items rather than on any single sale. The economics turn on moving a great many small, ordinary products, day after day, at a price above what they cost to make.

Owner earnings 2016–2025 $2.7B$2.5B$2.6B$2.8B$3.3B$2.8B$2.0B$3.0B$3.5B$3.6B

Retained capital Retained $9.8B of earnings over 2016–2025; annual owner earnings grew $800M, $0.08 per $1 retained.

Balance sheet Modest net debt, $6.6B · buybacks at an average near $76.99

COTY Coty Inc.

Coty Inc. is one of the world's largest beauty companies with an iconic portfolio of brands across fragrance, color cosmetics, and skin and body care.

Owner earnings 2017–2025 $325M($33M)$213M($318M)$145M$553M$403M$369M$278M

Retained capital Paid out $6.4B more than it earned over 2017–2025; annual owner earnings grew $181M.

Balance sheet Heavy net debt, $3.8B · dividend paid 4 of 9 yrs, cut at least once

EL Estee Lauder Companies Inc. (The)

Lauder, is one of the world's leading manufacturers, marketers and sellers of quality skin care, makeup, fragrance and hair care products.

Owner earnings 2017–2025 $1.3B$1.9B$2.0B$1.7B$3.0B$2.3B$987M$1.4B$670M

Retained capital Paid out $2.9B more than it earned over 2017–2025; annual owner earnings fell $694M.

Balance sheet Net debt against an operating loss, $3.9B · dividend paid 9 of 9 yrs, cut at least once

ELF e.l.f. Beauty

Beauty" and together with our subsidiaries is a multi-brand beauty company that offers inclusive, accessible, clean, vegan and cruelty free cosmetics and skin care products.

Owner earnings 2016–2026 ($7M)$5M$47M$35M$23M$15M$100M$62M$115M$190M

Retained capital Retained $303M of earnings over 2016–2026; annual owner earnings grew $108M, $0.36 per $1 retained.

Balance sheet Heavy net debt, $552M · buybacks at an average near $14.00

EPC Edgewell Personal Care

Edgewell Personal Care Company, is one of the world's largest manufacturers and marketers of personal care products in the Wet Shave, Sun and Skin Care, and Feminine Care segments.

Owner earnings 2017–2025 $245M$197M$133M$185M$172M$46M($266M)($288M)$41M

Retained capital Paid out $538M more than it earned over 2017–2025; annual owner earnings fell $362M.

Balance sheet Heavy net debt, $1.5B · buybacks at an average near $45.65 · dividend paid 5 of 9 yrs, never cut

HLF Herbalife Ltd.

Herbalife is a global health and wellness company, that, for 46 years, has empowered millions of people to reach their nutrition, health and wellness goals using our science-backed products and the individual coaching provided by our network of independent members.

Owner earnings 2016–2025 $224M$495M$564M$351M$517M$309M$196M$223M$163M$253M

Retained capital Paid out $886M more than it earned over 2016–2025; annual owner earnings fell $215M.

Balance sheet Meaningful net debt, $1.6B · buybacks at an average near $42.77 · no dividend paid

HLN Haleon plc

Revenue is EMEA & LatAm (42%), North America (35%) and Asia Pacific (23%).

Owner earnings 2020–2025 £1.2B£1.2B£1.9B£1.9B£2.1B£2.3B

Retained capital Paid out £56M more than it earned over 2020–2025; annual owner earnings grew £660M.

Balance sheet Meaningful net debt, £6.4B · dividend paid 6 of 6 yrs, cut at least once

IPAR Inter Parfums

We operate in the fragrance business, and manufacture, market and distribute a wide array of prestige fragrances, and fragrance related products.

Owner earnings 2016–2025 $51M$33M$59M$73M$54M$107M$50M$99M$183M$190M

Retained capital Retained $426M of earnings over 2016–2025; annual owner earnings grew $110M, $0.26 per $1 retained.

Balance sheet Net cash, +$159.6B · dividend paid 10 of 10 yrs, cut at least once

KVUE Kenvue Inc.

Our global scale and the breadth of our brand portfolio are complemented by our well-developed capabilities and accelerated through our digital strategy, allowing us to dynamically capitalize on and respond to current trends impacting our categories and geographic markets.

Owner earnings 2022–2025 $39M$2.7B$1.3B$1.7B

Retained capital Retained $1.9B of earnings over 2022–2025; annual owner earnings grew $561M, $0.29 per $1 retained.

Balance sheet Meaningful net debt, $7.5B · buybacks at an average near $21.56 · dividend paid 3 of 4 yrs, never cut

ODD ODDITY Tech Ltd.

We Are We are a consumer tech platform that is built to transform the global beauty and wellness market.

Owner earnings 2021–2025 $8M$37M$85M$134M$84M

Retained capital Retained $159M of earnings over 2021–2025; annual owner earnings grew $58M, $0.36 per $1 retained.

Balance sheet Net cash, +$409M

OLPX Olaplex Holdings Inc.

OLAPLEX has evolved from a handful of products capable of treating severely damaged hair to a broader range designed to provide healthy hair from root to tip.

Owner earnings 2020–2025 $129M$199M$255M$177M$142M$58M

Retained capital Retained $106M of earnings over 2020–2025; annual owner earnings fell $68M, $-0.65 per $1 retained.

Balance sheet Heavy net debt, $34M · dividend paid 1 of 6 yrs, cut at least once

YSG Yatsen Holding Limited

A consumer-brand business, where the durable asset is the brand and the pricing power it commands.

Owner earnings 2018–2025 (CN¥97M)(CN¥19M)(CN¥1.1B)(CN¥1.2B)CN¥85M(CN¥151M)(CN¥282M)(CN¥137M)

Retained capital not read

Balance sheet Net cash, debt-free, +CN¥1.0B

The same four lines for every member, in strict ticker order; a figure that could not be read renders as "not read," never as a mark against the record beside it. The header describes the list and names no member; the entries carry no ranking and form no score. What a chapter cannot carry — understanding of the business, and a price — is yours.