Health Care · Pharmaceuticals · US stock · price as of 22 Oct 2026
Key indicators
Price
$267.61
52-week range
$184.66 – $281.07
Market cap
$653.0B
P/E (trailing)
31.0×
EV / EBITDA
20.1×
Free-cash-flow yield
3.4%
Dividend yield
2.0%
Revenue (last 12 months)
$97.9B
Revenue growth (3y a year)
5.6%
Operating margin
26.8%
Return on invested capital
19.3%
Net debt / EBITDA
0.8×
Fair value
Fair value (average of valid models)$243.64 middle half of models $218 – $263
Versus priceFair−9% to fair value
P/E multiple
$258.29
P/B multiple
$233.76
P/S multiple
$215.15
EV/EBITDA multiple
$250.46
EV/EBIT multiple
$263.26
EV/revenue multiple
$228.82
10-year DCF, EBITDA exit
$262.14
5-year DCF, EBITDA exit
$271.58
10-year DCF, revenue exit
$257.36
5-year DCF, revenue exit
$265.16
10-year DCF, growth exit
$159.46
5-year DCF, growth exit
$147.66
Dividend discount, stable
$220.66
Dividend discount, multi-stage
$450.87
Earnings power value
$169.96
Model uncertainty
High
X-Ray Score
49/ 100 · High confidence · ahead of 50% of sector peers
Valuation38
Growth58
Profitability57
Financial health47
Dividends42
Five-year price chart navy: price · brown: 200-day average · blue band: fair value range
Executive summary
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%.
StocksXray gives Johnson & Johnson an X-Ray Score of 49 out of 100 (high confidence), ahead of 50% of the S&P 500 stocks in its sector. Its strongest lens is growth (58) and its weakest is valuation (38).
Our fair value (the average of the valid models) is $243.64 (range $217.91 to $262.70). At $267.61 the stock trades 10% above that value, so the label is "Fair" with high model uncertainty. Fair value is a range, not a price target.
XStocksXray
Johnson & Johnson (JNJ)
Valuation history multiples at each fiscal year-end price; the last column uses today's price and the last twelve months
FY2022
FY2023
FY2023
FY2024
FY2025
Now
Price
$149.75
$158.70
$145.08
$138.51
$204.34
$267.61
Market cap
$400.4B
$422.8B
$371.5B
$336.5B
$496.4B
$653.0B
P/E
19.2×
23.6×
10.6×
23.9×
18.5×
31.0×
EV / revenue
5.1×
5.5×
4.5×
3.9×
5.6×
7.0×
EV / EBITDA
15.1×
16.6×
16.3×
14.1×
12.8×
20.1×
Price / free cash flow
20.3×
24.6×
20.4×
17.0×
25.2×
29.4×
Free-cash-flow yield
4.9%
4.1%
4.9%
5.9%
4.0%
3.4%
Price / book
5.4×
5.5×
5.4×
4.7×
6.1×
7.7×
Dividend yield
2.80%
2.80%
3.24%
3.54%
2.52%
1.97%
Fundamentals checklist ● 6 Good · ● 8 Average · ● 2 Bad · each check graded against the sector
Cash quality
Earnings backed by cash−3.3%Average
Free-cash-flow yield3.4%Average
Risk models
Altman Z score4.6×Good
Piotroski F-Score4 of 9Bad
Growth
EPS growth (3y)17.9%Good
Free-cash-flow growth (3y)4.7%Average
Revenue growth (3y)5.6%Average
Growth consistency100%Good
Balance sheet
Current ratio1.1×Bad
Net debt / EBITDA0.8×Good
Interest cover25.9×Average
Valuation
Fair value vs price0.9×Average
EBIT / EV yield3.8%Average
Profitability
Return on invested capital19.3%Good
Operating margin26.8%Good
Gross profitability33.1%Average
XStocksXray
Johnson & Johnson (JNJ)
Financials US$ millions, from SEC filings; last column is the last twelve months
Income statement
FY22
FY23
FY23
FY24
FY25
LTM
Revenue
78,740
79,990
85,159
88,821
94,193
97,929
Gross profit
55,338
55,394
58,606
61,350
63,937
66,501
Operating income
19,361
19,635
15,834
17,442
33,552
26,208
Net income
20,878
17,941
35,153
14,066
26,804
21,037
Diluted EPS ($)
7.81
6.73
13.72
5.79
11.03
8.64
Free cash flow
19,758
17,185
18,248
19,842
19,698
22,244
Gross margin
70.3%
69.3%
68.8%
69.1%
67.9%
67.9%
Operating margin
24.6%
24.5%
18.6%
19.6%
35.6%
26.8%
Net margin
26.5%
22.4%
41.3%
15.8%
28.5%
21.5%
Balance sheet
FY22
FY23
FY23
FY24
FY25
LTM
Total assets
182,018
187,378
167,558
180,104
199,210
201,061
Cash
14,487
12,889
21,859
24,105
19,709
20,422
Total debt
35,882
41,193
30,801
38,383
49,933
49,036
Equity
74,023
76,804
68,774
71,490
81,544
84,971
Dividend per share ($)
4.19
4.45
4.70
4.91
5.14
5.24
Revenue and net income US$ billions: navy revenue, teal net income
Every number comes from SEC filings, end-of-day prices and the StocksXray models described on the methodology page. The X-Ray Score ranks each metric against the company's own sector. Fair value is the average of up to 15 valuation models, most of them anchored to the company's own multiples, so it stays near the price and should be read as a range, not a point. Analyst ratings, price targets and earnings-call summaries are not part of this report. Educational research, not financial advice; read the disclaimer.
