JOHNSON & JOHNSON
$285.75
+2.23 (+0.79%) · delayed · Nov 13, 2026
Five-year price
52w $195.90 to $288.11
- Market cap
- $687.9B
- Enterprise value
- $709.6B
- P/E
- 25.9×
- 28.1× on 3y avg EPS
- EV / EBIT
- —
- FCF yield
- 2.9%
- ROIC
- —
- Debt / equity
- 0.51
- Piotroski F
- 4/9
Value scorecard · FY2025
Does it pass the value tests?
Quality
75
- –ROIC > 12% (5y avg)5y avg ROIC n/a
- ●ROE > 15% (5y avg)5y avg ROE 31.0%
- –Stable operating marginsMargin volatility n/a (σ, 5y)
- ●Earnings convert to cashFCF / net income 91% (5y avg)
- ○Growing revenueRevenue CAGR 5y 2.7%
- ●Shrinking share countDiluted shares -9.0% over 5y
Value
0
- ○P/E below 15P/E 25.9
- –EV/EBIT below 12EV/EBIT n/a
- ○FCF yield above 6%FCF yield 2.9%
- ○Price below Graham NumberGraham Number $91.69
- ○P/B below 3P/B 8.4
Safety
25
- ○Debt / equity below 0.5D/E 0.51
- ●Debt payable in < 4 yrs of earningsNet debt $21.7B
- –Interest coverage > 8xCoverage n/ax
- ○Current ratio > 1.5Current ratio 1.03
- ○Piotroski F-score ≥ 6F-score 4/9
Graham Defensive
43
- ●Adequate size (revenue > $2B)Revenue $94.2B
- ○Strong condition (current ratio ≥ 2)Current ratio 1.03
- ●Earnings stability (no loss, 10y)10 years of data
- ○Uninterrupted dividendsDividends paid every year on record
- ●Earnings growth ≥ 33% (10y, 3y avgs)EPS growth 154%
- ○Moderate P/E (≤ 15 on 3y avg EPS)P/E (3y avg) 28.1
- ○P/E × P/B ≤ 22.5Product 236.8
Valuation lab
What do you have to believe?
At $285.75, the market is pricing in about 13.4% annual free-cash-flow growth for the next decade (9% discount rate, 2.5% terminal growth).
Starting cash flow
Net debt $21.7B · 2407M shares · 5y revenue CAGR 2.7%
Intrinsic value
$124.95
Price
$285.75
Premium paid
129%
What the price implies
The market is paying for 13.4% annual cash-flow growth for 10 years at a 9.0% discount rate.
Terminal value share
55% of the value sits beyond year 10.
Financial statements
A decade of the record.
USD millions · fiscal years · source: SEC 10-K XBRL
| Line item | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 71,890 | 76,450 | 81,581 | 82,059 | 82,584 | 78,740 | 79,990 | 85,159 | 88,821 | 94,193 |
| Gross profit | 50,101 | 51,011 | 54,490 | 54,503 | 54,157 | 55,338 | 55,394 | 58,606 | 61,350 | 63,937 |
| Operating income | — | — | — | — | — | — | — | — | — | — |
| Operating margin | — | — | — | — | — | — | — | — | — | — |
| Pre-tax income | 19,803 | 17,673 | 17,999 | 17,328 | 16,497 | 19,178 | 19,359 | 15,062 | 16,687 | 32,581 |
| Income tax | 3,263 | 16,373 | 2,702 | 2,209 | 1,783 | 1,377 | 2,989 | 1,736 | 2,621 | 5,777 |
| Net income | 16,540 | 1,300 | 15,297 | 15,119 | 14,714 | 20,878 | 17,941 | 35,153 | 14,066 | 26,804 |
| EPS (diluted) | 5.93 | 0.47 | 5.61 | 5.63 | 5.51 | 7.81 | 6.73 | 13.72 | 5.79 | 11.03 |
| Diluted shares | 2,789 | 2,745 | 2,729 | 2,684 | 2,671 | 2,674 | 2,664 | 2,560 | 2,429 | 2,429 |
Who owns it