JNJ
SP100NYSEJohnson & Johnson
Healthcare · Drug Manufacturers - General · United States
Johnson & Johnson, together with its subsidiaries, engages in the research and development, manufacture, and sale of a range of products in the healthcare field worldwide. It operates in two segments, Innovative Medicine and MedTech. The Innovative Medicine segment offers products for various therapeutic areas, such as oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism distributed through retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use. The MedTech segment provides a portfolio of products used in the surgery, orthopedic, cardiovascular, and vision fields distributed through wholesalers, hospitals and retailers, and used in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics. This segment also offers products and enabling technologies that support joint reconstruction, trauma, spine, sports related injuries, and others, as well as open, laparoscopic, and robotic surgical procedures; instrumentation, energy devices, stapling systems, wound closure, biosurgery products, and digital and robotic technologies; breast aesthetics and reconstruction; contact lenses under the ACUVUE brand; intraocular lenses for cataract surgery, and other products used in cataract and refractive procedures under the TECNIS brand. The company was founded in 1886 and is based in New Brunswick, New Jersey.
www.jnj.com ↗Shares trade at a premium 30.5× trailing earnings, easing to 20.7× on forward estimates. Profitability shows a net margin of 21.8% and return on equity of 26.4%. Leverage is modest at 1.0× net debt/EBITDA. Revenue grew 9.9% year-on-year. It yields 2.0% in dividends. The mean analyst target of USD257.50 sits 2.1% below the current price (Buy, 22 analysts).
business model
Johnson & Johnson is a diversified healthcare company focused on innovative pharmaceuticals and medical technology after spinning off its consumer-health business (Kenvue). It develops, manufactures, and sells prescription drugs and medical devices worldwide, funding a large R&D pipeline from a broad base of branded products.
revenue segments
J&J reports two segments: Innovative Medicine (pharmaceuticals across immunology, oncology, neuroscience, cardiovascular, pulmonary hypertension, and other therapeutic areas) and MedTech (surgery, orthopaedics, cardiovascular/electrophysiology, and vision). Innovative Medicine is the larger revenue and profit contributor.
key dependencies
The business depends on its drug pipeline and successful launches, patent-protected exclusivity on key products, R&D productivity, regulatory approvals, reimbursement and drug-pricing policy, and procedure volumes for MedTech. Loss of exclusivity on major drugs (notably Stelara facing biosimilars) is a key dynamic.
competitors
Competitors include large pharmaceutical firms such as Pfizer, Merck, AbbVie, Bristol Myers Squibb, and Roche in drugs, and Medtronic, Abbott, Stryker, Boston Scientific, and Intuitive Surgical in medical technology.
moat
J&J's advantages include a diversified portfolio that reduces single-product dependence, strong brands and physician relationships, deep R&D and manufacturing scale, patent protection, and an AAA-rated balance sheet supporting sustained investment and acquisitions.
risks
Risks include patent cliffs and biosimilar/generic competition, drug-pricing reform (including Medicare negotiation under the Inflation Reduction Act), pipeline and clinical-trial failures, and significant litigation exposure—most notably talc-related lawsuits—as well as regulatory and reimbursement pressures.
Financials & metrics
as of 27 Aug 2026Price is closer to the high end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
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Full financial statements
Income statement
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total revenue | $94.19B | $88.82B | $85.16B | $79.99B | — |
| Cost of revenue | $30.26B | $27.47B | $26.55B | $24.60B | — |
| Gross profit | $63.94B | $61.35B | $58.61B | $55.39B | — |
| Operating expense | $38.34B | $40.10B | $36.60B | $34.38B | — |
| R&D | $14.66B | $17.23B | $15.09B | $14.13B | — |
| Operating income | $25.60B | $21.25B | $22.01B | $21.01B | — |
| Interest expense | $971.00M | $755.00M | $772.00M | $276.00M | — |
| Pretax income | $32.58B | $16.69B | $15.06B | $19.36B | — |
| Tax provision | $5.78B | $2.62B | $1.74B | $2.99B | — |
| Net income | $26.80B | $14.07B | $35.15B | $17.94B | — |
| EBITDA | $41.05B | $24.78B | $23.32B | $26.61B | — |
| Diluted EPS | $11.03 | $5.79 | $13.72 | $6.73 | — |
Balance sheet
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Total assets | $199.21B | $180.10B | $167.56B | $187.38B | — |
| Current assets | $55.62B | $55.89B | $53.49B | $55.29B | — |
| Cash & equivalents | $19.71B | $24.11B | $21.86B | $12.89B | — |
| Inventory | $14.19B | $12.44B | $11.18B | $10.27B | — |
| Total liabilities | $117.67B | $108.61B | $98.78B | $110.57B | — |
| Current liabilities | $54.13B | $50.32B | $46.28B | $55.80B | — |
| Total debt | $47.93B | $36.63B | $29.33B | $39.64B | — |
| Long-term debt | $39.44B | $30.65B | $25.88B | $26.89B | — |
| Shareholders' equity | $81.54B | $71.49B | $68.77B | $76.80B | — |
| Retained earnings | — | — | $153.84B | $128.34B | $123.06B |
| Working capital | $1.50B | $5.57B | $7.21B | -$508.00M | — |
Cash flow
| Line item | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating cash flow | $24.53B | $24.27B | $22.79B | $21.19B | — |
| Investing cash flow | -$23.59B | -$18.60B | $878.00M | -$12.37B | — |
| Financing cash flow | -$5.54B | -$3.13B | -$15.82B | -$8.87B | — |
| Capital expenditure | -$5.22B | -$6.21B | -$5.01B | -$4.01B | — |
| Free cash flow | $19.31B | $18.06B | $17.78B | $17.18B | — |
| Dividends paid | -$12.38B | -$11.82B | -$11.77B | -$11.68B | — |
| Share buybacks | -$5.95B | -$2.43B | -$5.05B | -$6.04B | — |
| End cash position | $19.71B | $24.11B | $21.86B | $14.13B | — |
Reported figures from public filings via Yahoo Finance. Line coverage varies by company. Not investment advice.
Dividends
Analyst assessment
as of 27 Aug 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.
Technicals
as of 26 Aug 2026News
Sector peers
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