Johnson & Johnson (JNJ)
Health Care · Pharmaceuticals · US stock · S&P 500 component
$267.61
▲ +9.83 (3.81%)
Fair valueFair
$244 −9.0% to fair value
$122fair band $207–$295$365
Day's range
$259.04 – $269.67
52-week range
$184.66 – $281.07
About Johnson & Johnson
Johnson & Johnson is a health care company focused on innovative medicines and medical technology. Its pharmaceutical business develops drugs for areas such as cancer, immunology and neuroscience, while its medtech business sells surgical, orthopaedic, cardiovascular and vision products. Revenue comes from sales to hospitals, pharmacies and wholesalers, and results depend on patent life, regulatory decisions and legal matters such as product claims.
The company reported trailing revenue of $97.9 billion and three-year growth of 5.6% a year. Profitability figures show an operating margin of 26.8% and a return on invested capital of 19%. Its net debt to EBITDA ratio stands at 0.8 times. The dividend yield is 2.0%. Its X-Ray Score is 49 out of 100.
Price chart
52-wk range $184.66 – $281.07Volume 9,711,497Daily, split-adjusted
Vitals
Market cap$653.0B
52-week range$184.66 – $281.07
Volume (last day)9,711,497
P/E (TTM)31.0
EBIT / EV yield3.8%
Free-cash-flow yield3.4%
Dividend yield2.0%
Revenue (TTM)$97.9B
Net income (TTM)$21.0B
Operating margin26.8%
Return on capital19.3%
Debt incl. leases$49.0B
Cash & securities$20.8B
Debt = borrowings plus lease liabilities. Cash & securities = cash, equivalents and short-term marketable securities (long-term securities are not counted, so net cash can be understated for companies that hold large long-term investments). Net debt = debt minus cash & securities. Source: latest SEC 10-Q/10-K. EBIT / EV yield = operating profit divided by market cap plus net debt.
Fair value estimate
$244middle half of models $218 – $263
Fair
−9.0% to fair value
Average of the 15 valuation models that pass our checks: multiples, discounted cash flow, dividend discount and earnings power value. A model more than 100% above or 60% below the price is left out as unrealistic. Model uncertainty is High, based on how far apart the models are. Undervalued or Overvalued means the gap to fair value is more than 17.5%.
Price $268
Undervalued < $207Fair $207 – $295Overvalued > $295
P/E multiple
$258
P/B multiple
$234
P/S multiple
$215
EV/EBITDA multiple
$250
EV/EBIT multiple
$263
EV/revenue multiple
$229
10-year DCF, EBITDA exit
$262
5-year DCF, EBITDA exit
$272
10-year DCF, revenue exit
$257
5-year DCF, revenue exit
$265
10-year DCF, growth exit
$159
5-year DCF, growth exit
$148
Dividend discount, stable
$221
Dividend discount, multi-stage
$451
Earnings power value
$170
Growth the price implies
17.6%/yr
A model estimate, not a price target or recommendation. Inputs: risk-free 5.13%, equity risk premium 4.30% (Damodaran). How it works.
What this means
Average business, fairly priced
The price sits inside our fair-value band. A high score does not guarantee a good outcome; it shifts the odds a little. Use the checklist as a prompt for your own research.
Before you invest · decision checklist
Ticked boxes are filled in from our data; the rest are yours to answer.
The five-lens scan
Every score explained in one sentence, ranked against Health Care peers. Open a lens to see the numbers behind it.
Strong: 70 to 100Fair: 50 to 69Weak: under 50No score: not enough data
Valuation
Weak
38/100
Expensive against its sector on earnings and cash flow.
See the numbers →
EBIT / EV yield3.8%
Free-cash-flow yield3.4%
Fair value vs price0.9×
Growth
Fair
58/100
Growing at a typical pace for its sector.
See the numbers →
Revenue growth (3y)5.6%
EPS growth (3y)17.9%
Growth consistency100%
Profitability
Fair
57/100
Returns on capital are typical for its sector.
See the numbers →
Return on invested capital19.3%
Operating margin26.8%
Gross profitability33.1%
Financial health
Weak
48/100
Balance sheet is more stretched than most peers.
See the numbers →
Piotroski F-Score4 / 9
Net debt / EBITDA0.8×
Interest cover25.9×
Dividends
Weak
42/100
Dividend is modest or less certain than peers.
See the numbers →
Dividend yield2.0%
Dividends vs free cash flow58%
Dividend growth2.0%
Quarterly results: last 6 quarters
+2.4%
Mar '25
+5.8%
Jun '25
+6.8%
Sep '25
+9.1%
Dec '25
+9.9%
Mar '26
+6.6%
Jun '26
Revenue against the same quarter a year earlier. Latest quarter revenue $25.3B, diluted EPS $2.27.
Compare with peers
ZTS Zoetis Inc.69 LLY ELI LILLY & Co62 BMY Bristol Myers Squibb C...60 MRK Merck & Co., Inc.33Other Pharmaceuticals companies by X-Ray Score.
SWOT analysis: Johnson & Johnson
Strengthsinside the company
- Return on invested capital is 19.3%, against a median of 12.7% for industry peers.
- Operating margin of 26.8% is well above the 19.6% median of industry peers, a sign of pricing power or lower costs.
- Earnings per share have compounded at 17.9% a year over three years.
- Operating profit covers interest 26x, so debt costs are a small drag.
Weaknessesinside the company
- No clear weakness in the figures we track.
Opportunitiesvaluation and setting
- Trades at 31.0x earnings, 22% below the 40.0x median of industry peers.
- Price momentum is strong on the weekly and monthly signals (trends can reverse).
Threatsvaluation and setting
- Valuation uncertainty is high: the models give widely different values, so the fair value range is wide.
Written by fixed rules from the figures on this page and the peer table below: filings, our fair value, the sector climate and the price trend. It summarises the data, it is not a forecast or advice.
Compare JNJ with peers and sector
Medians of 6 Pharmaceuticals peers and of 59 Health Care stocks in our universe.
Largest peers (X-Ray Score): LLY 62, MRK 33, PFE 31, BMY 60, ZTS 69, VTRS 25.
| Metric | JNJ | Peers | Sector |
|---|---|---|---|
| X-Ray Score (out of 100) | 49 | 47 | 49 |
| Valuation | 38 | 55 | 55 |
| Growth | 58 | 33 | 47 |
| Profitability | 57 | 51 | 49 |
| Financial health | 47 | 41 | 48 |
| Dividends | 42 | 56 | 52 |
Sector leaders: highest X-Ray Score in Health Care
JNJ ranks #30 of 60 in Health Care and #4 of 7 in Pharmaceuticals by X-Ray Score. A higher score is stronger on our five pillars; it is a ranking of facts, not a forecast.
Green means better than the peer median, red worse (only where a higher or lower figure is clearly better). A dash means too few companies report the figure. P/E, EV/EBITDA and price changes are not graded: a different level is not good or bad by itself.
Factor ratings for JNJ
Each factor is rated by where JNJ stands among the 60 Health Care stocks in our universe.
Rating against the sector
Goodthe top third of these stocks
Averagethe middle third of these stocks
Badthe bottom third of these stocks
"Beats" is the share of those stocks it is ahead of.
Against its own history
The last columns set today's figure against the company's own median of its last five financial years:
▲ Betterbetter than its usual level
▼ Worseworse than its usual level
≈ In linewithin its usual range
For valuation factors Good means cheaper than most of the sector and Better means cheaper than usual for this company, which is not the same as a bargain.
In total: 8 Good · 8 Average · 7 Bad of 23
Growth: 1 · 2 · 0
Profitability: 4 · 1 · 0
Financial strength: 2 · 0 · 2
Valuation: 0 · 3 · 2
Cash flow: 1 · 2 · 1
Efficiency: 0 · 0 · 2
| Factor | JNJ | Rating | Sector median | Own 5-year median | Against own history |
|---|---|---|---|---|---|
| Growth | |||||
| Revenue growth, 3 years a year | +5.6% | Average beats 53% | +5.5% | – | – |
| Revenue growth, last year | +6.0% | Average beats 41% | +7.1% | +4.3% | ≈ In line |
| EPS growth, 3 years a year | +17.9% | Good beats 73% | +5.0% | – | – |
| Profitability | |||||
| Gross margin | 67.9% | Average beats 61% | 65.0% | 69.1% | ≈ In line |
| Operating margin | 26.8% | Good beats 81% | 16.4% | 24.5% | ≈ In line |
| Net margin | 21.5% | Good beats 80% | 11.1% | 26.5% | ▼ Worse |
| Return on invested capital | 19.3% | Good beats 73% | 12.2% | – | – |
| Return on equity | 24.8% | Good beats 76% | 13.7% | 28.2% | ▼ Worse |
| Financial strength | |||||
| Net debt / EBITDA | 0.8x | Good beats 75% | 2.0x | 0.6x | ≈ In line |
| Interest cover | 25.9x | Good beats 67% | 9.4x | 34.6x | ▼ Worse |
| Current ratio | 1.09 | Bad beats 19% | 1.52 | 1.11 | ≈ In line |
| Piotroski F-score | 4 / 9 | Bad beats 10% | 6 / 9 | – | – |
| Valuation | |||||
| P/E ratio | 31.0x | Average beats 42% | 28.2x | 21.9x | ▼ Worse |
| Price / book | 7.7x | Bad beats 25% | 3.7x | 6.1x | ▼ Worse |
| Price / sales | 6.7x | Bad beats 24% | 3.7x | 5.4x | ▼ Worse |
| EV / EBITDA | 20.1x | Average beats 38% | 17.6x | 17.3x | ▼ Worse |
| Free cash flow yield | 3.4% | Average beats 34% | 4.4% | 4.3% | ≈ In line |
| Cash flow | |||||
| Free cash flow margin | 22.7% | Good beats 71% | 16.3% | 21.5% | ≈ In line |
| Cash from operations / net income | 1.31 | Bad beats 30% | 1.61 | 1.12 | ▲ Better |
| Free cash flow growth, 3 years a year | +4.7% | Average beats 52% | +4.3% | – | – |
| Accruals (lower is better) | −3.3% | Average beats 42% | −3.9% | – | – |
| Efficiency | |||||
| Inventory turnover | 2.1x | Bad beats 31% | 2.9x | 2.3x | ≈ In line |
| Days sales outstanding | 71 days | Bad beats 29% | 62 days | 64 days | ▼ Worse |
These ratings compare companies with each other and describe the past; they are not a forecast, a recommendation or part of the X-Ray Score. A factor is left out when its data is missing or meaningless (for example a P/E on negative earnings). A dash in the history columns means fewer than three usable years.
Fundamentals checklist
● 6 Good · ● 8 Average · ● 2 BadCash quality
Earnings backed by cashAverage
Free-cash-flow yieldAverage
Risk models
Altman Z''Good
Piotroski F-ScoreBad
Growth
EPS growth (3y)Good
Free-cash-flow growth (3y)Average
Revenue growth (3y)Average
Growth consistencyGood
Balance sheet
Current ratioBad
Net debt / EBITDAGood
Interest coverAverage
Valuation
Fair value vs priceAverage
EBIT / EV yieldAverage
Profitability
Return on invested capitalGood
Operating marginGood
Gross profitabilityAverage
Each check is graded against the company's sector, not a fixed number. Checklist score 54/100.
Financials
| FY22 | FY23 | FY23 | FY24 | FY25 | |
|---|---|---|---|---|---|
| Revenue | $78.7B | $80.0B | $85.2B | $88.8B | $94.2B |
| Operating income | $19.4B | $19.6B | $15.8B | $17.4B | $33.6B |
| Net income | $20.9B | $17.9B | $35.2B | $14.1B | $26.8B |
| Operating cash flow | $23.4B | $21.2B | $22.8B | $24.3B | $24.5B |
| Operating margin | 24.6% | 24.5% | 18.6% | 19.6% | 35.6% |
| Free cash flow | $19.8B | $17.2B | $18.2B | $19.8B | $19.7B |
| Diluted EPS | $7.81 | $6.73 | $13.72 | $5.79 | $11.03 |
Fiscal years, from SEC filings.
Technical summary
Daily
Bullish
11 bullish · 2 neutral · 3 bearish
Weekly
Strongly bullish
11 bullish · 1 neutral · 0 bearish
Monthly
Strongly bullish
7 bullish · 0 neutral · 1 bearish
Moving averages (daily)
| SMA 10 | 257.5 | Bullish |
| EMA 10 | 258.9 | Bullish |
| SMA 20 | 259.4 | Bullish |
| EMA 20 | 259.8 | Bullish |
| SMA 50 | 265.0 | Bullish |
| EMA 50 | 260.8 | Bullish |
| SMA 100 | 256.8 | Bullish |
| EMA 100 | 255.5 | Bullish |
| SMA 200 | 243.4 | Bullish |
| EMA 200 | 241.1 | Bullish |
Oscillators (daily)
| RSI (14) | 57.27 | Neutral |
| MACD (12, 26) | -1.63 | Bearish |
| Momentum (12) | 5.04 | Bullish |
| Stochastic %K (14) | 91.59 | Bearish |
| Williams %R (14) | -8.41 | Bearish |
| CCI (20) | 81.25 | Neutral |
Pivot points (classic, last session)
S3 250.6 | S2 254.8 | S1 261.2 | Pivot 265.4 | R1 271.8 | R2 276.1 | R3 282.5 |
Signals describe what the chart is doing, not what to do. Moving averages: price above the average is bullish. Oscillators use the usual thresholds (RSI 30/70, Stochastic 20/80, CCI ±100, Williams %R −80/−20; MACD and momentum above zero are bullish). Weekly and monthly views use closing prices only.
Dividends
Paid, last 12 months
5.28 USD
Yield on today's price
1.97%
Frequency
Quarterly
Next ex-dividend date
24 Nov 2026
| Ex-dividend date | Amount per share |
|---|---|
| (upcoming) | 1.3400 |
| 1.3400 | |
| 1.3400 | |
| 1.3000 | |
| 1.3000 | |
| 1.3000 | |
| 1.3000 | |
| 1.2400 | |
| 1.2400 | |
| 1.2400 | |
| 1.2400 | |
| 1.1900 |
Ex-dividend dates and amounts from EODHD. Shown as declared, before tax.
ETFs that hold JNJ
| ETF | Share of the fund |
|---|---|
| IHE iShares U.S. Pharmaceuticals | 22.44% |
| XLV Health Care Select Sector SPDR | 10.64% |
| IYH iShares U.S. Healthcare | 10.17% |
| FHLC Fidelity MSCI Health Care Index | 8.93% |
| VHT Vanguard Health Care | 8.47% |
| CURE Direxion Daily Healthcare Bull 3X | 7.07% |
| IXJ iShares Global Healthcare | 7.04% |
| PPH VanEck Pharmaceutical | 4.35% |
The eight funds with the largest weight in JNJ among the ETFs we cover, from each fund's latest SEC Form N-PORT (quarter-end positions, so they can be months old). All ETFs.
JNJ stock splits
JNJ has split its stock 3 times since 1992. The latest was a 2-for-1 split on 13 Jun 2001.
Full JNJ stock split history →JNJ SEC filings
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Director or officer change
8-KSEC EDGAR
Regulation FD disclosure
8-KSEC EDGAR
Regulation FD disclosure
10-QSEC EDGAR
Quarterly report
8-KSEC EDGAR
Results of operations
8-KSEC EDGAR
Shareholder vote results
Where the numbers come from
Statements SEC EDGAR filings (10-K, 10-Q), quarters derived from year-to-date figures.
Prices end-of-day closes, split-adjusted.
Industry inputs beta, multiples and equity risk premium from Damodaran Online (NYU Stern).
StocksXray is for education only and is not financial advice. Scores and fair values are model estimates from public filings and carry uncertainty.