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Diversified healthcare company selling pharmaceuticals (oncology, immunology) and medical devices/technology.
Diversified healthcare company selling pharmaceuticals (oncology, immunology) and medical devices/technology.
Sells patented medicines through payers and hospitals, and medical devices mostly for surgery, orthopaedics and cardiovascular care. Since the 2023 separation of its consumer health unit into Kenvue it has been a pharmaceuticals-and-medtech company, with a large share of drug sales from a few big products in immunology and cancer.
Moat: wide (scale, IP / patents, distribution). Massive R&D and commercial scale across drugs and devices with entrenched hospital relationships.
Headquarters: New Brunswick, New Jersey, United States · Founded: 1886 · Employees: 140,800
Size Johnson & Johnson (JNJ) is a United States Health Care company (Pharmaceuticals: Major) with a market value of $665B, the 19th largest of 3,117 United States companies the cockpit tracks. Shares closed at $276.22 on 6 Nov 2026.
Performance Over six months the shares gained 25.5%, against +18.3% for the median peer and -1.1% for the United States market (cap-weighted) — 4th highest of 9 in its peer set.
Growth Revenue grew 7.8% over the last twelve months (peer median +4.9%); the operating margin is 25.9% (peer median 30.6%).
Valuation It trades at 24.5× forward earnings against a peer median of 18.3× (2nd most expensive of 9).
Price implies For today's price to make sense, revenue must grow about 3% a year for seven years (Req g). Recent delivered growth is +3%, so the hurdle is +1 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 12.3 points above its cost of capital (6.3% WACC).
Credit Johnson & Johnson has 40 bonds outstanding ($39.7B), rated AAA by the agencies and trading like AA+ at a weighted spread of 42 bp.
Short interest Short interest is 0.7% of the free float (15 Oct 2026).
Next results Next results expected around 26 Jan 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $99.3B | $94.2B | $88.8B | $85.2B | $80.1B |
| Revenue growth | — | +6% | +4% | +6% | — |
| Gross profit | $67.2B | $64.6B | $61.0B | $58.7B | $55.7B |
| EBITDA | $33.8B | $33.6B | $28.2B | $29.6B | $28.2B |
| Net income | $16.1B | $26.8B | $14.1B | $14.2B | $17.9B |
| Free cash flow | $20.6B | $19.7B | $19.8B | $18.2B | $17.2B |
| Capital expenditure | $6.18B | $4.83B | $4.42B | $4.54B | $4.01B |
| Total debt | $44.7B | $49.3B | $37.8B | $30.4B | $40.7B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Johnson & Johnson JNJ | $665B | +26% | +8% | 26% | 24.5× | 3.5% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| AbbVie ABBV | $515B | +45% | +11% | 36% | 18.4× | -0.1% |
| Medtronic MDT | $130B | +35% | +10% | 20% | 16.9× | 8.6% |
| Merck & MRK | $362B | +33% | +5% | 18% | 17.4× | 4.1% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | JNJ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.7% | +9.3% | 4th lowest of 9 |
| 6-month return | +25.5% | +18.3% | 4th highest of 9 |
| Distance from 52-week high | -2.0% | -6.5% | 2nd highest of 9 |
| Revenue growth (TTM) | +7.8% | +4.9% | 3rd highest of 9 |
| Operating margin | 25.9% | 30.6% | 3rd lowest of 9 |
| Forward P/E | 24.5× | 18.3× | 2nd most expensive of 9 |
| Growth the price implies (Req g, 7 yrs) | 3.5% | 1.3% | 4th most demanding of 9 |
| Growth delivered (Del g) | +2.7% | +8.9% | 3rd lowest of 9 |
| Hurdle (Req g minus delivered) | +0.8 pp | -5.6 pp | 2nd most demanding of 9 |
| ROIC minus cost of capital | +12.3 pp | +15.4 pp | 5th highest of 9 |
| EV / EBITDA | 20.5× | 15.4× | 2nd most expensive of 8 |
| Net debt / EBITDA | 0.8× | 1.2× | 2nd least indebted of 8 |
| Bond spread | 42 bp | 61 bp | tightest of 9 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Johnson & Johnson JNJ | United States | $665B | +26% | +8% | 26% | 24.5× | 3.5% | +2.7% |
| AbbVie ABBV | United States | $515B | +45% | +11% | 36% | 18.4× | -0.1% | +6.0% |
| Roche RO.SW | Switzerland | $385B | +22% | -1% | 31% | 19.6× | 0.9% | +1.1% |
| Merck & MRK | United States | $362B | +33% | +5% | 18% | 17.4× | 4.1% | +9.3% |
| Lilly (Eli) LLY | United States | $1.27T | +43% | +46% | 51% | 28.9× | 5.9% | +21.6% |
| Novartis NOVN.SW | Switzerland | $298B | +15% | -4% | 30% | 18.4× | 1.7% | -0.2% |
| AstraZeneca AZN.L | United Kingdom | $291B | +1% | +5% | 23% | 18.3× | 14.5% | +15.7% |
| Novo Nordisk A/S NOVO-B.CO | Denmark | $190B | -7% | +6% | 48% | 11.9× | 0.1% | +19.5% |
| Pfizer PFE | United States | $168B | +14% | +1% | 26% | 10.4× | -4.3% | +8.5% |
Johnson & Johnson has 40 bonds outstanding with $39.7B face value. The agencies rate it AAA; its bonds trade like AA+. Weighted yield 4.81%, a spread of 42 bp over government bonds.