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Robotics","tier":3,"returns_yearly":{"2024":-21.6,"2025":95.4,"2026":-38.8}},{"slug":"oklo","name":"Oklo","name_en":"Oklo","tier":3,"returns_yearly":{"2022":0.7,"2023":6.5,"2024":101,"2025":238,"2026":-42.5}},{"slug":"d-wave","name":"D-Wave Quantum","name_en":"D-Wave Quantum","tier":3,"returns_yearly":{"2022":-85.3,"2023":-38.9,"2024":854.5,"2025":211.3,"2026":-44.3}},{"slug":"shinko","name":"신코덴키","name_en":"Shinko Electric Industries","tier":3,"returns_yearly":null},{"slug":"siemens-eda","name":"Siemens EDA","name_en":"Siemens EDA","tier":3,"returns_yearly":null},{"slug":"jsr","name":"JSR","name_en":"JSR Corporation","tier":3,"returns_yearly":null},{"slug":"openai","name":"OpenAI","name_en":"OpenAI","tier":3,"returns_yearly":null}],"analysis":"소비자 건강 브랜드사 기업. 2026년 +12.4%다. 수요단(평균 +1.8%)·본주(+12.4%)·공급단(평균 +19.6%)이 비슷한 보폭이다. 전파가 한 바퀴 돈 동조 국면이라, 다음 구간은 사슬 방향보다 개별 실적이 가른다. 연결 노드 중 가장 앞선 곳은 존슨앤드존슨(+35.1%), 가장 처진 곳은 월마트(-3.2%)다. 격차가 사슬 논리로 설명되면 후자가 다음 전파 후보이고, 설명되지 않으면 그 연결 자체를 다시 봐야 한다.","analysis_en":"Kenvue Inc. operates across Consumer health brands. It is +12.4% in 2026. Demand side (avg +1.8%), the stock (+12.4%) and supply side (avg +19.6%) are moving in step. Propagation has completed a lap, so the next leg depends on individual results more than chain direction. Among connected nodes the furthest ahead is Johnson & Johnson (+35.1%) and the furthest behind is Walmart Inc (-3.2%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. It combines internal factories with contract manufacturing and spends on raw materials, packaging, transitional manufacturing, and cloud infrastructure.","analysis_asof":"2026-09-04"},"edges":[{"direction":"investor","counterparty":"킴벌리클라크","counterparty_slug":"kimberly-clark","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-11-03","basis":"켄뷰 인수 계약의 발표 기준 기업가치","value":48700000000,"period":"Proposed transaction announced 2025-11-03","basis_en":"Announced enterprise value of the proposed Kenvue acquisition","qualifier":"proposed_transaction_pending_close"},"note":"킴벌리클라크는 켄뷰의 발행주식 전부를 현금과 주식으로 인수하는 합병 계약을 체결했다. 거래는 아직 종결 전이므로 계약 기준 기업가치를 표시한다.","note_en":"Kimberly-Clark signed a merger agreement to acquire all outstanding Kenvue shares for cash and stock. Because the transaction has not yet closed, the metric reflects the announced enterprise value.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm","title":"Kenvue Inc. 2025 Form 10-K","title_en":"Kenvue Inc. 2025 Form 10-K","excerpt":"K-C는 켄뷰의 발행주식 전부를 인수하기로 했다.","excerpt_en":"K-C will acquire all of the outstanding shares of the Company."},{"stance":"confirms","publisher":"킴벌리클라크 투자자관계","publisher_en":"Kimberly-Clark Investor Relations","kind":"ir","lang":"en","published_at":"2025-11-03","url":"https://www.investor.kimberly-clark.com/news-releases/news-release-details/kimberly-clark-acquire-kenvue-creating-32-billion-global-health","title":"킴벌리클라크, 켄뷰 인수로 320억달러 규모 글로벌 건강·웰니스 기업 구축","title_en":"Kimberly-Clark to Acquire Kenvue, Creating a $32 Billion Global Health and Wellness Leader","excerpt":"킴벌리클라크는 켄뷰의 모든 발행주식을 인수한다고 발표했다.","excerpt_en":"Kimberly-Clark will acquire all of the outstanding shares of Kenvue common stock."},{"stance":"confirms","publisher":"뉴시스","publisher_en":"Newsis","kind":"news","lang":"ko","published_at":"2025-11-03","url":"https://mobile.newsis.com/view/NISX20251103_0003388569","title":"미 화장지 킴벌리-클라크, 밴드에이드·타이레놀 켄뷰 69조원 인수","title_en":"Kimberly-Clark to Acquire Band-Aid and Tylenol Maker Kenvue for KRW 69 Trillion","excerpt":"킴벌리-클라크가 켄뷰를 487억달러 상당의 현금 및 주식으로 인수한다.","excerpt_en":"Kimberly-Clark will acquire Kenvue for $48.7 billion in cash and stock."}]},{"direction":"revenue","counterparty":"Walmart Inc","counterparty_slug":"walmart","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-20","basis":"Walmart에 귀속되는 켄뷰 순매출 비중","value":null,"period":"FY2025","basis_en":"Share of Kenvue net sales attributable to Walmart","qualifier":"confirmed_no_disclosed_value"},"note":"켄뷰가 북미 상위 5대 고객군에 포함한다고 직접 밝힌 대형 소매 고객이다. 고객별 매출액은 공개되지 않았지만, 리테일 미디어 지출 분석에서도 Walmart가 켄뷰의 중심 유통 파트너임이 확인된다.","note_en":"Kenvue directly identifies Walmart as one of its five largest North American customers. Customer-specific revenue is not disclosed, while retail-media spending analysis independently confirms Walmart's central role in Kenvue's retail channel.","sources":[{"stance":"confirms","publisher":"센서타워","publisher_en":"Sensor Tower","kind":"research","lang":"en","published_at":"2025-11-25","url":"https://investgame.net/wp-content/uploads/2025/11/amazon_retail_media_report_1h_2025_v1_8625.pdf","title":"2025년 상반기 아마존 리테일 미디어 보고서","title_en":"H1 2025 Amazon Retail Media Report","excerpt":"켄뷰의 리테일 미디어 지출 구성은 Walmart 68%, Amazon 6%, Target 3%였다.","excerpt_en":"Kenvue: Amazon 6%, Walmart 68%, Target 3%, Other 23%."},{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2023-09-18","url":"https://www.sec.gov/Archives/edgar/data/1944048/000162828023032464/kenvues-4debtexchange424b3.htm","title":"Kenvue Inc. Form 424B3 Prospectus","title_en":"Kenvue Inc. Form 424B3 Prospectus","excerpt":"켄뷰는 Walmart를 북미 상위 5대 고객에 포함했다.","excerpt_en":"Kenvue’s top five customers in North America include mass retail customers such as Walmart."}]},{"direction":"revenue","counterparty":"Costco Wholesale","counterparty_slug":"costco","confidence":"high","metric":{"type":"revenue_share","unit":"%","as_of":"2026-02-20","basis":"Costco에 귀속되는 켄뷰 순매출 비중","value":null,"period":"FY2025","basis_en":"Share of Kenvue net sales attributable to Costco","qualifier":"confirmed_no_disclosed_value"},"note":"켄뷰가 북미 상위 5대 고객군의 도매·창고형 유통 고객으로 직접 지목한 상대다. Costco에 귀속되는 매출액이나 비중은 별도로 공개되지 않았다.","note_en":"Kenvue directly identifies Costco as a wholesale and club-channel customer among its five largest customers in North America. Revenue attributable to Costco is not separately disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2023-09-18","url":"https://www.sec.gov/Archives/edgar/data/1944048/000162828023032464/kenvues-4debtexchange424b3.htm","title":"Kenvue Inc. Form 424B3 Prospectus","title_en":"Kenvue Inc. Form 424B3 Prospectus","excerpt":"북미 상위 고객에는 Costco 같은 도매·창고형 고객이 포함된다.","excerpt_en":"wholesale/club customers such as Costco."}]},{"direction":"cost","counterparty":"존슨앤드존슨","counterparty_slug":"johnson-johnson","confidence":"high","metric":{"type":"amount","unit":"USD","as_of":"2026-02-20","basis":"전환 제조 계약에 따라 켄뷰가 존슨앤드존슨에 지급한 금액","value":null,"period":"FY2025","basis_en":"Amount paid by Kenvue to Johnson & Johnson under the transition manufacturing agreement","qualifier":"confirmed_no_disclosed_value"},"note":"분사 후 전환 제조 계약에 따라 존슨앤드존슨이 타이레놀, 모트린, 지르텍 등 일부 일반의약품과 부품을 켄뷰에 공급한다. 계약별 지급액은 공개되지 않았다.","note_en":"Under a post-separation transition manufacturing agreement, Johnson & Johnson supplies Kenvue with certain OTC products and components, including Tylenol, Motrin, and Zyrtec. Payments under the agreement are not separately disclosed.","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회","publisher_en":"U.S. Securities and Exchange Commission","kind":"filing","lang":"en","published_at":"2026-02-20","url":"https://www.sec.gov/Archives/edgar/data/1944048/000194404826000030/kvue-20251228.htm","title":"Kenvue Inc. 2025 Form 10-K","title_en":"Kenvue Inc. 2025 Form 10-K","excerpt":"존슨앤드존슨은 전환 제조 계약에 따라 켄뷰에 일부 제조 서비스를 제공한다.","excerpt_en":"J&J is providing us with certain manufacturing services pursuant to the Transition Manufacturing Agreement."}]},{"direction":"cost","counterparty":"마이크로소프트","counterparty_slug":"microsoft","confidence":"high","metric":{"type":"contract_value","unit":"USD","as_of":"2025-04-16","basis":"Microsoft Azure 및 관련 서비스의 5년 협업 계약 금액","value":null,"period":"2025-2030 collaboration","basis_en":"Value of the five-year collaboration for Microsoft Azure and related services","qualifier":"confirmed_no_disclosed_value"},"note":"켄뷰는 5년 협업을 통해 Microsoft Azure 사용을 확대하고 데이터 분석과 인공지능 기능을 상업·운영·공급망 업무에 적용한다. 계약 금액은 공개되지 않았다.","note_en":"Kenvue is expanding its use of Microsoft Azure through a five-year collaboration covering analytics and AI across commercial, operational, and supply-chain workflows. The contract value is not disclosed.","sources":[{"stance":"confirms","publisher":"켄뷰 투자자관계","publisher_en":"Kenvue Investor Relations","kind":"ir","lang":"en","published_at":"2025-04-16","url":"https://investors.kenvue.com/financial-news/news-details/2025/Kenvue-Announces-5-Year-Collaboration-with-Microsoft-to-Transform-Digital-Operations/default.aspx","title":"켄뷰, 디지털 운영 혁신을 위한 마이크로소프트와의 5년 협업 발표","title_en":"Kenvue Announces 5-Year Collaboration with Microsoft to Transform Digital Operations","excerpt":"켄뷰는 향후 5년간 Microsoft Azure 사용을 확대할 계획이다.","excerpt_en":"Over the next five years, Kenvue will scale its use of Microsoft Azure."}]},{"direction":"cost","counterparty":"J.B. Chemicals & Pharmaceuticals","counterparty_slug":null,"confidence":"mid","metric":{"type":"amount","unit":"USD","as_of":"2025-02-10","basis":"켄뷰가 로젠지 위탁생산에 지급한 금액","value":null,"period":"FY2025","basis_en":"Amount paid by Kenvue for contract manufacturing of lozenges","qualifier":"confirmed_no_disclosed_value"},"note":"J.B. Chemicals & Pharmaceuticals는 켄뷰의 위탁개발생산 파트너로 러시아 사업을 지원하고 유럽용 Zarbee's 로젠지를 생산한다고 밝혔다. 켄뷰의 지급액은 공개되지 않았다.","note_en":"J.B. Chemicals & Pharmaceuticals identifies Kenvue as a CDMO customer in Russia and says it manufactures Zarbee's lozenges for Kenvue's European business. Kenvue's payments are not disclosed.","sources":[{"stance":"confirms","publisher":"J.B. Chemicals & Pharmaceuticals","publisher_en":"J.B. Chemicals & Pharmaceuticals","kind":"ir","lang":"en","published_at":"2025-02-10","url":"https://jbpharma.com/download/q3-fy25-earnings-call-transcript/?wpdmdl=10232","title":"J.B. Chemicals & Pharmaceuticals 2025 회계연도 3분기 실적발표 콜","title_en":"J.B. Chemicals & Pharmaceuticals Q3 FY2025 Earnings Conference Call","excerpt":"회사는 켄뷰를 위해 로젠지를 제조한다고 밝혔다.","excerpt_en":"We are the company who are manufacturing lozenges for them."}]}]}