Johnson & Johnson
JNJHealthcare|Drug Manufacturers - General|USA
$240.97
-2.07 (-0.85%)
DCF (FCF)
$109.52
Earnings Power
$76.17
Financials
Financial Snapshot
Market Cap
$580.40B
Enterprise Value
$-27.83B
Revenue (TTM)
$94.19B
Net Income (TTM)
$26.80B
Cash & Equivalents
$20.11B
Net Cash/Share
$-40.52
Free Cash Flow (TTM)
$19.31B
Operating CF (TTM)
$24.53B
Debt/Equity
0.59
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $41.91B | $18.30B | $19.69B | $19.29B | $25.18B | $31.61B | $22.28B | $22.93B | $24.52B | $20.10B | $20.10B | |
| Operating Cash Flow | $18.77B | $21.06B | $22.20B | $23.42B | $23.54B | $23.41B | $21.19B | $22.79B | $24.27B | $24.53B | $24.53B | |
| Free Cash Flow | $15.54B | $17.78B | $18.53B | $19.92B | $20.19B | $19.76B | $17.18B | $17.78B | $18.06B | $19.31B | $19.31B | |
| Capital Expenditure | $-3.23B | $-3.28B | $-3.67B | $-3.50B | $-3.35B | $-3.65B | $-4.01B | $-5.01B | $-6.21B | $-5.22B | $-5.22B | |
| Financing Cash Flow | $-8.55B | $-7.67B | $-18.51B | $-18.02B | $-6.12B | $-14.05B | $-8.87B | $-15.82B | $-3.13B | $-5.54B | $-5.54B |
R&D Spending
R&D (TTM)
$14.66B
R&D Intensity
15.6%
R&D Growth YoY
+0.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.89B | $76.45B | $81.58B | $82.06B | $82.58B | $78.74B | $79.99B | $85.16B | $88.82B | $94.19B | $94.19B | |
| R&D Expense | $9.14B | $10.59B | $10.78B | $11.36B | $12.16B | $14.28B | $14.13B | $15.09B | $17.23B | $14.66B | $14.66B | |
| R&D % of Revenue | 12.7% | 13.9% | 13.2% | 13.8% | 14.7% | 18.1% | 17.7% | 17.7% | 19.4% | 15.6% | 15.6% | |
| SG&A | $20.07B | $21.52B | $22.54B | $22.18B | $22.08B | $20.12B | $20.25B | $21.51B | $22.87B | $23.68B | $23.68B |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $71.89B | $76.45B | $81.58B | $82.06B | $82.58B | $78.74B | $79.99B | $85.16B | $88.82B | $94.19B | $94.19B | |
| Cost of Goods Sold | $21.79B | $25.44B | $27.09B | $27.56B | $28.43B | $23.40B | $24.60B | $26.55B | $27.47B | $30.26B | $30.26B | |
| Gross Profit | $50.10B | $51.01B | $54.49B | $54.50B | $54.16B | $55.34B | $55.39B | $58.61B | $61.35B | $63.94B | $63.94B | |
| R&D | $9.14B | $10.59B | $10.78B | $11.36B | $12.16B | $14.28B | $14.13B | $15.09B | $17.23B | $14.66B | $14.66B | |
| SG&A | $20.07B | $21.52B | $22.54B | $22.18B | $22.08B | $20.12B | $20.25B | $21.51B | $22.87B | $23.68B | $23.68B | |
| Operating Income | $20.89B | $18.90B | $21.18B | $20.97B | $19.91B | $20.94B | $21.01B | $22.01B | $21.25B | $25.60B | $25.60B | |
| Interest Expense | $-726.0M | $-934.0M | $-1.00B | $-318.0M | $-201.0M | $-183.0M | $-276.0M | $-772.0M | $-755.0M | $-971.0M | $-971.0M | |
| Pretax Income | $19.80B | $17.67B | $18.00B | $17.33B | $16.50B | $19.18B | $19.36B | $15.06B | $16.69B | $32.58B | $32.58B | |
| Net Income | $16.54B | $1.30B | $15.30B | $15.12B | $14.71B | $20.88B | $17.94B | $35.15B | $14.07B | $26.80B | $26.80B | |
| EPS (Diluted) | 5.93 | 0.47 | 5.61 | 5.63 | 5.51 | 7.81 | 6.73 | 13.72 | 5.79 | 11.03 | 11.05 | |
| EBITDA | $24.28B | $24.25B | $25.93B | $24.66B | $23.93B | $26.75B | $26.61B | $23.32B | $24.78B | $41.05B | $41.05B | |
| Shares Out. (M) | 2788.90 | 2745.30 | 2728.70 | 2684.30 | 2670.70 | 2674.00 | 2663.90 | 2560.40 | 2429.40 | 2429.40 | 2443.20 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.97B | $17.82B | $18.11B | $17.30B | $13.98B | $14.49B | $12.89B | $21.86B | $24.11B | $19.71B | $19.71B | |
| Marketable Securities | $22.93B | $472.0M | $1.58B | $1.98B | $11.20B | $17.12B | $9.39B | $1.07B | $417.0M | $393.0M | $393.0M | |
| Total Current Assets | $65.03B | $43.09B | $46.03B | $45.27B | $51.24B | $60.98B | $55.29B | $53.49B | $55.89B | $55.62B | $55.62B | |
| Total Assets | $141.21B | $157.30B | $152.95B | $157.73B | $174.89B | $182.02B | $187.38B | $167.56B | $180.10B | $199.21B | $199.21B | |
| Total Current Liabilities | $26.29B | $30.54B | $31.23B | $35.96B | $42.49B | $45.23B | $55.80B | $46.28B | $50.32B | $54.13B | $54.13B | |
| Long-Term Debt | $22.44B | $30.68B | $27.68B | $26.49B | $32.63B | $29.98B | $26.89B | $25.88B | $30.65B | $39.44B | $39.44B | |
| Total Liabilities | $70.79B | $97.14B | $93.20B | $98.26B | $111.62B | $108.00B | $110.57B | $98.78B | $108.61B | $117.67B | $117.67B | |
| Stockholders' Equity | $70.42B | $60.16B | $59.75B | $59.47B | $63.28B | $74.02B | $76.80B | $68.77B | $71.49B | $81.54B | $81.54B | |
| Retained Earnings | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $18.77B | $21.06B | $22.20B | $23.42B | $23.54B | $23.41B | $21.19B | $22.79B | $24.27B | $24.53B | $24.53B | |
| Capital Expenditure | $-3.23B | $-3.28B | $-3.67B | $-3.50B | $-3.35B | $-3.65B | $-4.01B | $-5.01B | $-6.21B | $-5.22B | $-5.22B | |
| Free Cash Flow | $15.54B | $17.78B | $18.53B | $19.92B | $20.19B | $19.76B | $17.18B | $17.78B | $18.06B | $19.31B | $19.31B | |
| Investing Cash Flow | $-4.76B | $-14.87B | $-3.17B | $-6.19B | $-20.82B | $-8.68B | $-12.37B | $878.0M | $-18.60B | $-23.59B | $-23.59B | |
| Financing Cash Flow | $-8.55B | $-7.67B | $-18.51B | $-18.02B | $-6.12B | $-14.05B | $-8.87B | $-15.82B | $-3.13B | $-5.54B | $-5.54B | |
| Issuance of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.24B | $0.00 | $0.00 | $0.00 | |
| Repurchase of Stock | $-8.98B | $-6.36B | $-5.87B | $-6.75B | $-3.22B | $-3.46B | $-6.04B | $-5.05B | $-2.43B | $-5.95B | $-5.95B | |
| Issuance of Debt | $12.12B | $9.86B | $85.0M | $42.0M | $10.82B | $2.00B | $16.14B | $21.79B | $21.94B | $23.72B | $23.72B | |
| Payments of Debt | $-4.24B | $-3.11B | $-4.03B | $-2.92B | $-3.73B | $-2.99B | $-8.68B | $-24.52B | $-11.89B | $-14.09B | $-14.09B | |
| Stock Based Comp. | $878.0M | $962.0M | $978.0M | $977.0M | $1.00B | $1.14B | $1.14B | $1.16B | $1.18B | $1.35B | $1.35B | |
| Net Change in Cash | $5.24B | $-1.15B | $283.0M | $-802.0M | $-3.32B | $502.0M | $-360.0M | $7.73B | $2.25B | $-4.40B | $-4.40B |
Dilution Tracker
Shares Outstanding
2443M
5-Year Share Growth
-8.6%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 2788.90 | 2745.30 | 2728.70 | 2684.30 | 2670.70 | 2674.00 | 2663.90 | 2560.40 | 2429.40 | 2429.40 | 2443.20 | |
| YoY Change % | — | -1.6% | -0.6% | -1.6% | -0.5% | 0.1% | -0.4% | -3.9% | -5.1% | 0.0% | 0.6% | |
| Stock Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $4.24B | $0.00 | $0.00 | $0.00 | |
| Stock Repurchase | $-8.98B | $-6.36B | $-5.87B | $-6.75B | $-3.22B | $-3.46B | $-6.04B | $-5.05B | $-2.43B | $-5.95B | $-5.95B | |
| Stock Based Comp. | $878.0M | $962.0M | $978.0M | $977.0M | $1.00B | $1.14B | $1.14B | $1.16B | $1.18B | $1.35B | $1.35B |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 69.7% | 66.7% | 66.8% | 66.4% | 65.6% | 70.3% | 69.3% | 68.8% | 69.1% | 67.9% | 67.9% | |
| Operating Margin % | 29.1% | 24.7% | 26.0% | 25.6% | 24.1% | 26.6% | 26.3% | 25.8% | 23.9% | 27.2% | 27.2% | |
| Net Margin % | 23.0% | 1.7% | 18.8% | 18.4% | 17.8% | 26.5% | 22.4% | 41.3% | 15.8% | 28.5% | 28.5% | |
| EBITDA Margin % | 33.8% | 31.7% | 31.8% | 30.0% | 29.0% | 34.0% | 33.3% | 27.4% | 27.9% | 43.6% | 43.6% | |
| FCF Margin % | 21.6% | 23.3% | 22.7% | 24.3% | 24.4% | 25.1% | 21.5% | 20.9% | 20.3% | 20.5% | 20.5% | |
| ROE % | 23.4% | 2.0% | 25.5% | 25.4% | 24.0% | 30.4% | 23.8% | 48.3% | 20.1% | 35.0% | 34.5% | |
| ROA % | 12.0% | 0.9% | 9.9% | 9.7% | 8.8% | 11.7% | 9.7% | 19.8% | 8.1% | 14.1% | 14.0% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)21.81
Historical9.59 / 23.87 / 377.85
Industry Med.21.25
P/S6.21
Historical3.88 / 4.80 / 6.41
Industry Med.2.33
P/B7.12
Historical4.17 / 5.73 / 7.34
Industry Med.2.06
EV/EBITDA14.82
Historical10.85 / 15.49 / 21.79
Industry Med.13.04
EV/Revenue6.46
Historical4.01 / 4.84 / 6.74
Industry Med.2.48
P/FCF30.33
Historical16.13 / 21.16 / 31.69
Industry Med.23.48
Intrinsic Value Models
DCF (FCF Based)
$109.52
Peter Lynch Value
$108.22
Median P/S Value
$186.40
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | 19.43 | 297.28 | 23.00 | 25.91 | 28.56 | 21.90 | 26.25 | 11.42 | 24.98 | 18.76 | 21.81 | |
| PS Ratio | 4.47 | 5.02 | 4.32 | 4.77 | 5.09 | 5.81 | 5.88 | 4.71 | 3.96 | 5.34 | 6.23 | |
| PB Ratio | 4.43 | 6.23 | 5.75 | 6.46 | 6.55 | 6.08 | 6.01 | 5.49 | 4.87 | 6.11 | 7.11 | |
| EV/EBITDA | 12.23 | 16.13 | 13.66 | 15.92 | 17.74 | 16.89 | 18.01 | 16.45 | 14.54 | 12.82 | 14.82 | |
| EV/Revenue | 4.13 | 5.12 | 4.34 | 4.78 | 5.14 | 5.74 | 5.99 | 4.51 | 4.06 | 5.59 | 6.46 |
Analyst Estimates & Quality
Altman Z-Score
4.02
Safe
Piotroski F-Score
3
Weak
Beneish M-Score
-2.45
Unlikely Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $100,573M | $106,456M | $112,591M |
| Net Income | $27,915M | $30,239M | $33,083M |
| EPS | 9.44 | 10.15 | 11.38 |
| Book Value per Share | 36.30 | 41.83 | 49.20 |
| Operating Cash Flow per Share | 14.15 | 13.70 | 16.08 |
| Operating CF | $34,581.05M | $33,481.61M | $39,287.88M |
Dividends
Dividend/Share (TTM)
$5.14
Dividend Yield
2.16%
Yield 10Y Median
2.61%
Frequency
Quarterly
Recent Payments
| Ex-Date | Pay Date | Amount | Type |
|---|---|---|---|
| 2026-02-24 | 2026-03-10 | $1.3 | Cash Div. |
| 2025-11-25 | 2025-12-09 | $1.3 | Cash Div. |
| 2025-08-26 | 2025-09-09 | $1.3 | Cash Div. |
| 2025-05-27 | 2025-06-10 | $1.3 | Cash Div. |
| 2025-02-18 | 2025-03-04 | $1.24 | Cash Div. |
| 2024-11-26 | 2024-12-10 | $1.24 | Cash Div. |
| 2024-08-27 | 2024-09-10 | $1.24 | Cash Div. |
| 2024-05-20 | 2024-06-04 | $1.24 | Cash Div. |
| 2024-02-16 | 2024-03-05 | $1.19 | Cash Div. |
| 2023-11-20 | 2023-12-05 | $1.19 | Cash Div. |
| 2023-08-25 | 2023-09-07 | $1.19 | Cash Div. |
| 2023-05-22 | 2023-06-06 | $1.19 | Cash Div. |
| 2023-02-17 | 2023-03-07 | $1.13 | Cash Div. |
| 2022-11-21 | 2022-12-06 | $1.13 | Cash Div. |
| 2022-08-22 | 2022-09-06 | $1.13 | Cash Div. |
| 2022-05-23 | 2022-06-07 | $1.13 | Cash Div. |
| 2022-02-18 | 2022-03-08 | $1.06 | Cash Div. |
| 2021-11-22 | 2021-12-07 | $1.06 | Cash Div. |
| 2021-08-23 | 2021-09-07 | $1.06 | Cash Div. |
| 2021-05-24 | 2021-06-08 | $1.06 | Cash Div. |
Revenue Segments
By Business
| Segment | 2025 |
|---|---|
| Innovative Medicine | $60.40B |
| MedTech | $33.79B |
By Geography
| Segment | 2025 |
|---|---|
| United States | $53.75B |
| Asia-Pacific, Africa | $14.03B |
| Europe | $21.54B |
| Western Hemisphere excluding U.S. | $4.88B |