JNJ

JOHNSON & JOHNSON ↗ website

CIK: 0000200406 · Healthcare / Drug Manufacturers - General · 66d ago

$254.41 -1.94 (-0.76%)

Market Cap $613B P/E 29.8 EV/EBITDA 16.0x P/B 7.2 Div Yield 2.09% 52W $170 – $275

Loading chart…

Growth

Compounded Sales Growth

10 Years	3%
5 Years	3%
3 Years	6%
TTM	8%

Compounded Profit Growth

10 Years	6%
5 Years	13%
3 Years	14%
TTM	-4%

Fundamental Growth Decomposition ⓘ

Window:

Returns / Quality

Avg ROIC (All-Capital)

10 Years	23%
5 Years	22%
3 Years	22%
Last Year	21%

Return on Equity

10 Years	26%
5 Years	31%
3 Years	35%
Last Year	33%

Capital Allocation

Capital Return Ratio (vs OE)

10 Years	88%
5 Years	66%
3 Years	62%
Last Year	68%

Dividend Growth (DPS)

10 Years	6%
5 Years	5%
3 Years	5%

Performance

Stock Price CAGR

10 Years	11%
5 Years	11%
3 Years	19%
1 Year	46%

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Capital Allocation (USD millions / %)
Operating cash flow	18,767	21,056	22,201	23,416	23,536	23,410	21,194	22,791	24,266	24,530
− Capex	3,22617.2%	3,27915.6%	3,67016.5%	3,49814.9%	3,34714.2%	3,65215.6%	4,00918.9%	4,54319.9%	4,42418.2%	4,83219.7%
− Acquisitions	4,50924.0%	35,151166.9%	8994.0%	5,81024.8%	7,32331.1%	600.3%	17,65283.3%	00.0%	15,14662.4%	17,54171.5%
= Reinvested in the business	7,73541.2%	38,430182.5%	4,56920.6%	9,30839.8%	10,67045.3%	3,71215.9%	21,661102.2%	4,54319.9%	19,57080.6%	22,37391.2%
R&D expense (memo, in opex)	9,14348.7%	10,59450.3%	10,77548.5%	11,35548.5%	12,15951.7%	00.0%	00.0%	4832.1%	1,8417.6%	1090.4%
Free cash flow	15,541	17,777	18,531	19,918	20,189	19,758	17,185	18,248	19,842	19,698
− Dividends	8,62155.5%	8,94350.3%	9,49451.2%	9,91749.8%	10,48151.9%	11,03255.8%	11,68268.0%	11,77064.5%	11,82359.6%	12,38162.9%
− Buybacks	8,97957.8%	6,35835.8%	5,86831.7%	6,74633.9%	3,22116.0%	3,45617.5%	6,03535.1%	5,05427.7%	2,43212.3%	5,95330.2%
= Returned to shareholders	17,600113.2%	15,30186.1%	15,36282.9%	16,66383.7%	13,70267.9%	14,48873.3%	17,717103.1%	16,82492.2%	14,25571.8%	18,33493.1%
+ Δ Total debt	N/A	7,455	-4,101	-2,784	9,369	-1,183	5,311	-10,392	7,582	11,550
= Residual (not a cash reconciliation)	N/A	-25,220	-1,831	-5,339	8,533	4,027	-12,873	-8,968	-1,977	-4,627
NOPAT	17,039	7,435	17,783	18,065	17,541	19,245	17,536	19,040	17,714	20,870
Invested capital (ops)	28,837	31,950	32,195	32,615	32,181	33,577	32,400	36,320	37,493	42,547
Reinvestment rate %	N/A	41.9%	1.4%	2.3%	-2.5%	7.3%	-6.7%	20.6%	6.6%	24.2%
ROIC (Ops) % ⓘ	59.1%	24.5%	55.4%	55.7%	54.1%	58.5%	53.2%	55.4%	48.0%	52.1%
Invested capital (All-Capital)	55,637	76,445	70,545	67,880	75,158	78,297	94,478	76,648	85,351	111,375
ROIC (All-Capital) % ⓘ	30.6%	11.3%	24.2%	26.1%	24.5%	25.1%	20.3%	22.3%	21.9%	21.2%
Capital return ratio %	N/A	931.3%	83.8%	88.5%	68.0%	61.9%	84.0%	46.6%	86.8%	67.7%
Acquisition intensity %	3.2%	22.3%	0.6%	3.7%	4.2%	0.0%	9.4%	0.0%	8.4%	8.8%
Profit & Loss (USD millions)
Revenue	71,890	76,450	81,581	82,059	82,584	78,740	79,990	85,159	88,821	94,193
Revenue growth %	N/A	6.3%	6.7%	0.6%	0.6%	-4.7%	1.6%	6.5%	4.3%	6.0%
Gross profit	50,101	51,011	54,490	54,503	54,157	55,338	55,394	58,606	61,350	63,937
Gross margin %	69.7%	66.7%	66.8%	66.4%	65.6%	70.3%	69.3%	68.8%	69.1%	67.9%
Gross profit growth %	N/A	1.8%	6.8%	0.0%	-0.6%	2.2%	0.1%	5.8%	4.7%	4.2%
Operating income	20,400	18,588	20,924	20,704	19,667	20,734	20,738	21,520	21,015	25,368
Operating margin %	28.4%	24.3%	25.6%	25.2%	23.8%	26.3%	25.9%	25.3%	23.7%	26.9%
Operating income growth %	N/A	-8.9%	12.6%	-1.1%	-5.0%	5.4%	0.0%	3.8%	-2.3%	20.7%
EBITDA	24,154	24,230	27,853	27,713	26,898	28,124	27,708	29,006	28,354	32,871
EBITDA growth %	N/A	0.3%	15.0%	-0.5%	-2.9%	4.6%	-1.5%	4.7%	-2.2%	15.9%
EBITDA margin %	33.6%	31.7%	34.1%	33.8%	32.6%	35.7%	34.6%	34.1%	31.9%	34.9%
Interest expense	726	934	1,005	318	201	183	276	772	755	971
Interest coverage (x)	33.3x	25.9x	27.7x	87.1x	133.8x	153.7x	100.4x	37.6x	37.6x	33.9x
Net income	16,540	1,300	15,297	15,119	14,714	20,878	17,941	35,153	14,066	26,804
Net margin %	23.0%	1.7%	18.8%	18.4%	17.8%	26.5%	22.4%	41.3%	15.8%	28.5%
Net income growth %	N/A	-92.1%	1076.7%	-1.2%	-2.7%	41.9%	-14.1%	95.9%	-60.0%	90.6%
EPS (diluted, $)	5.93	0.47	5.61	5.63	5.51	7.81	6.73	13.72	5.79	11.03
EPS growth %	N/A	-92.1%	1093.6%	0.4%	-2.1%	41.7%	-13.8%	103.9%	-57.8%	90.5%
Balance Sheet (USD millions)
Total assets	141,208	157,303	152,954	157,728	174,894	182,018	187,378	167,558	180,104	199,210
Total debt	27,126	34,581	30,480	27,696	37,065	35,882	41,193	30,801	38,383	49,933
Shareholders' equity	70,418	60,160	59,752	59,471	63,278	74,023	76,804	68,774	71,490	81,544
Cash & equivalents	41,907	18,296	19,687	19,287	25,185	31,608	23,519	22,927	24,522	20,102
Shares outstanding (M)	2,789	2,745	2,729	2,684	2,671	2,674	2,664	2,560	2,429	2,429
Cash Flow (USD millions)
Operating cash flow	18,767	21,056	22,201	23,416	23,536	23,410	21,194	22,791	24,266	24,530
Capex	3,226	3,279	3,670	3,498	3,347	3,652	4,009	4,543	4,424	4,832
Free cash flow	15,541	17,777	18,531	19,918	20,189	19,758	17,185	18,248	19,842	19,698
FCF margin %	21.6%	23.3%	22.7%	24.3%	24.4%	25.1%	21.5%	21.4%	22.3%	20.9%
FCF growth %	N/A	14.4%	4.2%	7.5%	1.4%	-2.1%	-13.0%	6.2%	8.7%	-0.7%
Owner Earnings	N/A	1,643	18,341	18,833	20,140	23,416	21,099	36,092	16,428	27,072
Owner Earnings margin %	N/A	2.1%	22.5%	23.0%	24.4%	29.7%	26.4%	42.4%	18.5%	28.7%
Owner Earnings growth %	N/A	N/A	1016.3%	2.7%	6.9%	16.3%	-9.9%	71.1%	-54.5%	64.8%
Unlevered Owner Earnings	17,567	9,798	21,042	21,576	21,425	22,983	20,497	21,983	20,629	23,541
Investing cash flow	-4,761	-14,868	-3,167	-6,194	-20,825	-8,683	-12,371	878	-18,599	-23,588
Financing cash flow	-8,551	-7,673	-18,510	-18,015	-6,120	-14,047	-8,871	-15,825	-3,132	-5,539
Dividends paid	8,621	8,943	9,494	9,917	10,481	11,032	11,682	11,770	11,823	12,381
Share buybacks	8,979	6,358	5,868	6,746	3,221	3,456	6,035	5,054	2,432	5,953
Buyback yield %	3.7%	2.1%	2.1%	2.1%	0.9%	0.9%	1.5%	1.4%	0.7%	1.2%
D&A	3,754	5,642	6,929	7,009	7,231	7,390	6,970	7,486	7,339	7,503
CFO / Op. Income %	92.0%	113.3%	106.1%	113.1%	119.7%	112.9%	102.2%	105.9%	115.5%	96.7%
Working Capital (USD millions)
Accounts receivable	11,699	13,490	14,098	14,481	13,576	15,283	14,039	14,873	14,842	17,178
Inventory	8,144	8,765	8,599	9,020	9,344	10,387	10,268	11,181	12,444	14,191
Accounts payable	6,918	7,310	7,537	8,544	9,505	11,055	9,889	9,632	10,311	11,991
Net PPE	15,912	17,005	17,035	17,658	18,766	18,962	17,982	19,898	20,518	23,169
Key Ratios
ROE %	23.5%	2.2%	25.6%	25.4%	23.3%	28.2%	23.4%	51.1%	19.7%	32.9%
ROA %	11.7%	0.8%	10.0%	9.6%	8.4%	11.5%	9.6%	21.0%	7.8%	13.5%
ROCE %	17.8%	14.7%	17.2%	17.0%	14.9%	15.2%	15.8%	17.7%	16.2%	17.5%
Debt / Equity	0.39	0.57	0.51	0.47	0.59	0.48	0.54	0.45	0.54	0.61
Net Debt / EBITDA (x)	-0.6x	0.7x	0.4x	0.3x	0.4x	0.2x	0.6x	0.3x	0.5x	0.9x
Debtor days	59	64	63	64	60	71	64	64	61	67
Inventory days	136	126	116	119	120	162	152	154	165	171
Days payable (DPO)	116	105	102	113	122	172	147	132	137	145
Cash conv. cycle	80	85	77	71	58	60	70	85	89	93

Metric	FY24 Q2 Jun 24	FY24 Q3 Sep 24	FY24 Q4 Dec 24	FY25 Q1 Mar 25	FY25 Q2 Jun 25	FY25 Q3 Sep 25	FY25 Q4 Dec 25	FY26 Q1 Mar 26
Profit & Loss (USD millions)
Revenue	22,447	22,471	22,520	21,893	23,743	23,993	24,564	24,062
Gross profit	15,578	15,508	15,392	14,536	16,115	16,690	16,596	15,956
Gross margin %	69.4%	69.0%	68.3%	66.4%	67.9%	69.6%	67.6%	66.3%
Operating income	—	—	—	—	—	—	—	—
Net income	4,686	2,694	3,431	10,999	5,537	5,152	5,116	5,235
Net margin %	20.9%	12.0%	15.2%	50.2%	23.3%	21.5%	20.8%	21.8%
EPS (diluted, $)	1.93	1.11	1.41	4.54	2.29	2.12	2.11	2.14
Balance Sheet (USD millions, end of quarter)
Total assets	181,088	178,287	180,104	193,671	193,389	192,816	199,210	200,894
Total debt	41,491	35,751	38,383	52,252	50,761	45,795	49,933	54,987
Shareholders' equity	71,538	70,158	71,490	78,109	78,473	79,277	81,544	81,186
Cash & equivalents	25,475	20,297	24,522	38,780	18,880	18,562	20,102	22,051
Cash Flow (USD millions)
Operating cash flow	5,633	7,993	6,983	4,174	3,878	9,169	7,309	2,514
Capex	976	1,029	1,612	795	1,043	1,157	1,837	1,049
Free cash flow	4,657	6,964	5,371	3,379	2,835	8,012	5,472	1,465

JNJ

Annual Reports (10-K)

Quarterly Reports (10-Q)

Earnings & Financial Updates

M&A and Capital Events

Governance Alerts

Quick Links

The Picture

Edit Value