Johnson & Johnson JNJ

Health CarePharmaceuticalsUnited States of America

Last close 273.20 USD on Nov 1, 2026, +34.1% year to date

Quant rating

Quant rating B Rank 207 of 565 in Health Care

Growth C 281 of 565
Valuation C 274 of 565
Quality A 49 of 565
Revisions D 502 of 565
Momentum B 152 of 565

Wall Street consensus Buy (2.08)Average target 274.76 USD +0.6%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 657.7B
Enterprise value: 685.1B
52-week range: 185.14 – 282.00
3-year range: 142.06 – 282.00
Dividend yield: 1.96%
Beta (5 years): 0.21
Shares outstanding: 2,407M
Next earnings: Jan 26, 2027

About the company

Johnson & Johnson and its subsidiaries are engaged in the research and development, manufacture, and sale of a range of products in the healthcare field. Its segments include Innovative Medicine and MedTech. The Innovative Medicine segment focuses on various therapeutic areas, oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases and cardiovascular and metabolism. Its products include CARVYKTI (ciltacabtagene autoleucel), DARZALEX (daratumumab), DARZALEX FASPRO (daratumumab and hyaluronidase-fihj), ERLEADA (apalutamide), among others. The MedTech segment develops and manufactures a broad portfolio of products used in cardiovascular, orthopedics, surgery, and vision supporting physicians, hospitals, eye care professionals and healthcare systems across a range of acute and elective procedures. The Cardiovascular portfolio includes electrophysiology products. It is also focused on proprietary Firelink degrader antibody conjugate platform.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	94,193	88,821	85,159	79,990	78,740	–
Revenue growth	6.0%	4.3%	6.5%	1.6%	−4.7%	2.7%
EPS (basic, normalized)	10.79	9.98	9.92	10.15	9.80	–
EPS growth	8.1%	0.6%	−2.3%	3.6%	–	–
Gross margin	68.0%	69.1%	69.2%	69.3%	70.3%	69.2%
Net margin	29.5%	15.8%	15.6%	20.5%	22.6%	20.8%
ROE	36.3%	20.1%	18.3%	21.7%	25.9%	24.5%

Balance sheet, last quarter
Cash & short-term investments (mil)	17,228
Current ratio	1.02x
Long-term debt (mil)	35,799
Net debt (mil)	27,423
Total equity (mil)	81,529
Net debt / equity	0.34x
Net debt / EBITDA	0.69x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	94,193	+6.0%	7.3x	39,526	+26.4%	17.3x	10.79	+8.1%	25.3x
2026	101,224	+7.5%	6.8x	36,517	−7.6%	18.8x	11.12	+3.1%	24.6x
2027	107,725	+6.4%	6.4x	38,364	+5.1%	17.9x	11.60	+4.3%	23.6x
2028	116,443	+8.1%	5.9x	44,743	+16.6%	15.3x	13.92	+20.0%	19.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	101,224	0.0%	0.0%	+0.3%	11.12	−0.7%	−4.6%	−3.9%
2027	107,725	−0.9%	−0.7%	−0.1%	11.60	−7.7%	−8.9%	−8.8%
2028	116,443	−0.5%	0.0%	+0.8%	13.92	−2.7%	−2.0%	−0.5%

Earnings surprises EPS beat in 4 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026	Sep 2026
Sales reported (mil)	22,447	22,471	22,520	21,893	23,743	23,993	24,564	24,062	25,310	25,399
Sales mean (mil)	22,306	22,164	22,420	21,561	22,841	23,748	24,159	23,630	25,049	25,279
Surprise	+0.6%	+1.4%	+0.4%	+1.5%	+3.9%	+1.0%	+1.7%	+1.8%	+1.0%	+0.5%
EPS reported	2.82	2.42	2.04	2.77	2.77	2.80	2.46	2.70	2.90	2.59
EPS mean	2.70	2.21	2.01	2.59	2.68	2.76	2.44	2.66	2.85	2.54
Surprise	+4.4%	+9.4%	+1.7%	+7.0%	+3.3%	+1.6%	+0.9%	+1.3%	+1.9%	+2.1%

Peer comparison Pharmaceuticals

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
JNJ Johnson & Johnson	657.7B	0.69x	29.5%	8.07x	24.6x	23.6x	18.8x	17.9x
ABBV AbbVie Inc.	521.1B	2.63x	6.8%	−87.80x	21.1x	18.3x	18.0x	15.7x
Mean		1.66x	18.2%	−39.87x	22.8x	20.9x	18.4x	16.8x
Median		1.66x	18.2%	−39.87x	22.8x	20.9x	18.4x	16.8x

Technical analysis

1M+0.5%
3M+2.9%
1Y+49.4%
3Y+104.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Johnson & Johnson, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	94,193	88,821	85,159	79,990	78,740	82,584
Cost of revenue	30,165	27,436	26,244	24,596	23,402	28,327
Gross profit	64,028	61,385	58,915	55,394	55,338	54,257
Selling, general & administrative expenses	23,676	22,869	21,512	20,246	20,118	22,084
Research & development	14,665	17,232	15,085	14,135	14,277	12,159
Interest expense (income), operating	−231	−63.0	477	772	346	−410
Unusual expense (income)	−5,207	6,880	8,711	3,158	1,109	4,428
Other operating expenses	−1,456	−2,220	−1,932	−2,276	310	−501
Operating income	32,581	16,687	15,062	19,359	19,178	16,497
Net interest income (expense)	–	–	–	–	–	–
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	32,581	16,687	15,062	19,359	19,178	16,497
Provision for taxes	4,777	2,621	1,736	2,989	1,377	2,083
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	27,804	14,066	13,326	16,370	17,801	14,414
Extraordinary items	−1,000	0	21,827	1,571	3,077	300
Net income	26,804	14,066	35,153	17,941	20,878	14,714
EBIT, normalized	27,143	23,904	24,550	23,589	20,833	20,915
EBITDA, normalized	34,646	31,243	31,653	30,559	28,223	28,215
Basic EPS, normalized	10.79	9.98	9.92	10.15	9.80	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Johnson & Johnson, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	20,102	24,522	22,927	23,519	31,608	25,185
Receivables	17,178	14,842	14,873	16,160	15,283	13,576
Total inventory	14,191	12,444	11,181	12,483	10,387	9,344
Prepaid expenses	4,153	4,085	4,514	3,132	3,701	3,132
Other current assets	0	0	0	0	0	0
Total current assets	55,624	55,893	53,495	55,294	60,979	51,237
Property, plant & equipment	24,469	21,618	20,898	20,903	19,862	19,766
Goodwill	48,772	44,200	36,558	45,231	35,246	36,393
Intangibles	50,403	37,618	34,175	48,325	46,392	53,402
Long-term investments	665	451	4,473	576	1,884	1,481
Note receivable	–	–	–	–	–	–
Other long-term assets	19,277	20,324	17,959	17,049	17,655	12,615
Total assets	199,210	180,104	167,558	187,378	182,018	174,894
Liabilities
Accounts payable	11,991	10,311	9,632	11,703	11,055	9,505
Payable/accrued	–	–	–	–	–	–
Accrued expenses	32,252	30,255	30,206	29,201	29,293	28,965
Short-term debt	6,495	4,234	1,982	11,220	1,635	832
Current portion of long-term debt	2,000	1,749	1,469	1,551	2,131	1,799
Other current liabilities	1,388	3,772	2,993	2,127	1,112	1,392
Total current liabilities	54,126	50,321	46,282	55,802	45,226	42,493
Long-term debt	39,438	30,651	25,881	26,888	29,985	32,635
Minority interest	–	–	–	–	–	–
Other liabilities	24,102	27,642	26,621	27,884	32,784	36,488
Total liabilities	117,666	108,614	98,784	110,574	107,995	111,616
Shareholders' equity
Preferred stock	0	0	–	0	0	0
Common stock	3,120	3,120	3,120	3,120	3,120	3,120
Additional paid-in capital	–	–	–	–	–	–
Retained earnings (accumulated deficit)	168,978	155,791	153,843	128,345	123,060	113,890
Treasury stock	−75,624	−75,680	−75,662	−41,694	−39,099	−38,490
Other equity	−14,930	−11,741	−12,527	−12,967	−13,058	−15,242
Total equity	81,544	71,490	68,774	76,804	74,023	63,278
Total liabilities & shareholders' equity	199,210	180,104	167,558	187,378	182,018	174,894

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Johnson & Johnson, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	26,804	14,066	35,153	17,941	20,878	14,714
Depreciation, depletion & amortization	7,503	7,339	7,486	6,970	7,390	7,231
Deferred taxes	1,538	−2,183	−4,194	−1,663	−2,079	−1,141
Non-cash items	1,403	3,207	−18,161	1,957	1,459	42.0
Changes in working capital	−12,718	1,837	2,507	−4,011	−4,238	2,690
Cash from operations	24,530	24,266	22,791	21,194	23,410	23,536
Investing activities
Capital expenditures	−4,832	−4,424	−4,543	−4,009	−3,652	−3,347
Other investing cash flows	−18,756	−14,175	5,421	−8,362	−5,031	−17,478
Cash from investing	−23,588	−18,599	878	−12,371	−8,683	−20,825
Financing activities
Financing cash flow items	−260	−736	−1,602	65.0	395	−627
Cash dividends paid	−12,381	−11,823	−11,770	−11,682	−11,032	−10,481
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	7,102	9,427	−2,453	2,746	−3,410	4,988
Cash from financing	−5,539	−3,132	−15,825	−8,871	−14,047	−6,120
Foreign exchange effects	201	−289	−112	−312	−178	89.0
Net change in cash	−4,396	2,246	7,732	−360	502	−3,320
Free cash flow	19,698	19,842	18,248	17,185	19,758	20,189

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.