Johnson & Johnson (JNJ) 10-Year Financial Performance & Capital Metrics

JNJ •

HealthcareLarge PharmaLarge diversified branded pharma

AboutJohnson & Johnson, together with its subsidiaries, researches and develops, manufactures, and sells various products in the healthcare field worldwide, but strategically separated its Consumer Health business into Kenvue Inc. in 2023 to focus on its higher-growth, innovation-driven segments; the former Consumer Health brands (including TYLENOL, LISTERINE, and BAND-AID) are now owned by Kenvue. The company's core focus is now split between its Innovative Medicine (formerly Pharmaceutical) segment, which offers prescription products for complex diseases such as rheumatoid arthritis, various cancers, HIV/AIDS, and neurodegenerative disorders; and its MedTech (Medical Devices) segment, which provides advanced technology solutions including electrophysiology products, neurovascular care products, orthopaedics (hips, knees, spine), advanced surgery solutions, and disposable contact lenses under the ACUVUE brand. Company's two remaining segments primarily serve hospitals, healthcare professionals, wholesalers, and retailers, continuing its mission of advancing human health since its founding in 1886 and its current basing in New Brunswick, New Jersey.Show more

Revenue $88.82B +4.3%
EBITDA $29.49B -4.6%
Net Income $14.07B -60.0%
EPS (Diluted) 5.79 -57.8%
Gross Margin 69.07% +0.4%
EBITDA Margin 33.2% -8.5%
Operating Margin 24.94% -9.3%
Net Margin 15.84% -61.6%
ROE 20.06% -58.5%
ROIC 20.73% +6.2%
Debt/Equity 0.51 +20.1%
Interest Coverage 29.34 -3.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 36 years of consecutive increases
✓Excellent 3Y average ROE of 30.7%
✓FCF machine: 22.3% free cash flow margin
✓Momentum leader: RS Rating 85 (top 15%)
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 5.1% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.8%

5Y1.6%

3Y4.1%

TTM3.75%

Profit (Net Income) CAGR

10Y-1.48%

5Y-1.43%

3Y-12.33%

TTM78.58%

EPS CAGR

10Y0.16%

5Y0.56%

3Y-9.49%

TTM78.93%

ROCE

10Y Avg16.91%

5Y Avg16.58%

3Y Avg17.27%

Latest17.64%

Peer Comparison

Large diversified branded pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LLYEli Lilly and Company	941.74B	1052.20	89.85	32%	30.99%	77.2%	0.04%	2.36
AZNAstraZeneca PLC	323.16B	208.45	63.75	8.63%	17.41%	20.99%	3.64%	0.61
JNJJohnson & Johnson	598.69B	248.43	42.91	4.3%	27.26%	31.69%	3.31%	0.51
CELG-RIBristol-Myers Squibb Company Ce		0.10	-0.02	7.32%	12.57%	32.47%		3.12
BMYBristol-Myers Squibb Company	127.01B	62.37	-14.14	7.32%	12.57%	32.47%	10.98%	3.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	70.07B	71.89B	76.45B	81.58B	82.06B	82.58B	78.74B	79.99B	85.16B	88.82B
Revenue Growth %	-5.73%	2.59%	6.34%	6.71%	0.59%	0.64%	-4.65%	1.59%	6.46%	4.3%
Cost of Goods Sold+	21.54B	21.79B	25.44B	27.09B	27.56B	28.43B	23.4B	24.6B	26.55B	27.47B
COGS % of Revenue	30.73%	30.31%	33.28%	33.21%	33.58%	34.42%	29.72%	30.75%	31.18%	30.93%
Gross Profit+	48.54B	50.1B	51.01B	54.49B	54.5B	54.16B	55.34B	55.39B	58.61B	61.35B
Gross Margin %	69.27%	69.69%	66.72%	66.79%	66.42%	65.58%	70.28%	69.25%	68.82%	69.07%
Gross Profit Growth %	-5.91%	3.22%	1.82%	6.82%	0.02%	-0.63%	2.18%	0.1%	5.8%	4.68%
Operating Expenses+	30.25B	29.21B	32.11B	33.31B	33.53B	34.42B	34.4B	34.38B	35.2B	39.2B
OpEx % of Revenue	43.17%	40.63%	42.01%	40.84%	40.86%	41.68%	43.68%	42.98%	41.33%	44.13%
Selling, General & Admin	21.2B	20.07B	21.52B	22.54B	22.18B	22.08B	20.12B	20.25B	20.11B	21.97B
SG&A % of Revenue	30.26%	27.91%	28.15%	27.63%	27.03%	26.74%	25.55%	25.31%	23.62%	24.73%
Research & Development	9.05B	9.14B	10.59B	10.78B	11.36B	12.34B	14.28B	14.13B	15.09B	17.23B
R&D % of Revenue	12.91%	12.72%	13.86%	13.21%	13.84%	14.94%	18.13%	17.67%	17.71%	19.4%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	18.29B	20.89B	18.9B	21.18B	20.97B	19.73B	20.94B	21.01B	23.41B	22.15B
Operating Margin %	26.1%	29.06%	24.72%	25.96%	25.55%	23.89%	26.6%	26.27%	27.49%	24.94%
Operating Income Growth %	-13.47%	14.23%	-9.54%	12.05%	-0.97%	-5.9%	6.13%	0.33%	11.4%	-5.38%
EBITDA+	22.04B	24.64B	24.54B	28.1B	27.98B	26.96B	28.33B	27.98B	30.89B	29.49B
EBITDA Margin %	31.45%	34.28%	32.1%	34.45%	34.1%	32.65%	35.98%	34.98%	36.28%	33.2%
EBITDA Growth %	-11.97%	11.84%	-0.43%	14.53%	-0.44%	-3.63%	5.08%	-1.24%	10.41%	-4.55%
D&A (Non-Cash Add-back)	3.75B	3.75B	5.64B	6.93B	7.01B	7.23B	7.39B	6.97B	7.49B	7.34B
EBIT	19.75B	20.53B	18.61B	19B	17.65B	16.7B	19.36B	19.64B	15.83B	17.44B
Net Interest Income+	-424M	-358M	-549M	-394M	39M	-90M	-130M	214M	489M	577M
Interest Income	128M	368M	385M	611M	357M	111M	53M	490M	1.26B	1.33B
Interest Expense	552M	726M	934M	1B	318M	201M	183M	276M	772M	755M
Other Income/Expense	907M	-1.09B	-1.22B	-3.18B	-3.64B	-3.24B	-1.76B	-1.65B	-8.35B	-5.46B
Pretax Income+	19.2B	19.8B	17.67B	18B	17.33B	16.5B	19.18B	19.36B	15.06B	16.69B
Pretax Margin %	27.39%	27.55%	23.12%	22.06%	21.12%	19.98%	24.36%	24.2%	17.69%	18.79%
Income Tax+	3.79B	3.26B	16.37B	2.7B	2.21B	1.78B	1.38B	2.99B	1.74B	2.62B
Effective Tax Rate %	80.27%	83.52%	7.36%	84.99%	87.25%	89.19%	108.86%	92.68%	233.39%	84.29%
Net Income+	15.41B	16.54B	1.3B	15.3B	15.12B	14.71B	20.88B	17.94B	35.15B	14.07B
Net Margin %	21.99%	23.01%	1.7%	18.75%	18.42%	17.82%	26.52%	22.43%	41.28%	15.84%
Net Income Growth %	-5.6%	7.34%	-92.14%	1076.69%	-1.16%	-2.68%	41.89%	-14.07%	95.94%	-59.99%
Net Income (Continuing)	15.41B	16.54B	1.3B	15.3B	15.12B	14.71B	17.8B	16.37B	13.33B	14.07B
Discontinued Operations	0	0	0	0	0	0	3.08B	1.57B	21.83B	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.48	5.93	0.47	5.61	5.63	5.51	7.81	6.73	13.72	5.79
EPS Growth %	-3.86%	8.21%	-92.07%	1093.62%	0.36%	-2.13%	41.74%	-13.83%	103.86%	-57.8%
EPS (Basic)	5.57	6.08	0.48	5.75	5.74	5.59	7.93	6.83	13.88	5.84
Diluted Shares Outstanding	2.81B	2.79B	2.75B	2.73B	2.68B	2.67B	2.67B	2.66B	2.56B	2.43B
Basic Shares Outstanding	2.76B	2.71B	2.68B	2.66B	2.63B	2.63B	2.63B	2.61B	2.53B	2.41B
Dividend Payout Ratio	53.04%	52.12%	687.92%	62.06%	65.59%	71.23%	52.84%	65.11%	33.48%	84.05%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	60.21B	65.03B	43.09B	46.03B	45.27B	51.24B	60.98B	55.29B	53.49B	55.89B
Cash & Short-Term Investments	38.38B	41.91B	18.3B	19.69B	19.29B	25.18B	31.61B	22.28B	22.93B	24.52B
Cash Only	13.73B	18.97B	17.82B	18.11B	17.3B	13.98B	14.49B	12.89B	21.86B	24.11B
Short-Term Investments	24.64B	22.93B	472M	1.58B	1.98B	11.2B	17.12B	9.39B	1.07B	417M
Accounts Receivable	10.73B	11.7B	13.49B	14.1B	14.48B	13.58B	18.98B	16.91B	14.87B	18.93B
Days Sales Outstanding	55.91	59.4	64.41	63.08	64.41	60	88	77.18	63.75	77.78
Inventory	8.05B	8.14B	8.77B	8.6B	9.02B	9.34B	10.39B	10.27B	11.18B	12.44B
Days Inventory Outstanding	136.49	136.42	125.76	115.86	119.48	119.98	162.01	152.38	153.7	165.34
Other Current Assets	0	0	0	950M	94M	0	-3.7B	5.83B	0	0
Total Non-Current Assets+	73.2B	76.18B	114.22B	106.92B	112.45B	123.66B	121.04B	132.08B	114.06B	124.21B
Property, Plant & Equipment	15.9B	15.91B	17B	17.04B	17.66B	18.77B	18.96B	17.98B	19.9B	20.52B
Fixed Asset Turnover	4.41x	4.52x	4.50x	4.79x	4.65x	4.40x	4.15x	4.45x	4.28x	4.33x
Goodwill	21.63B	22.8B	31.91B	30.45B	33.64B	36.39B	35.25B	36.05B	36.56B	44.2B
Intangible Assets	25.76B	26.88B	53.23B	47.61B	47.64B	53.4B	46.39B	38.49B	34.17B	37.62B
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	4.41B	4.43B	4.97B	4.18B	5.7B	6.56B	10.22B	30.62B	14.15B	11.41B
Total Assets+	133.41B	141.21B	157.3B	152.95B	157.73B	174.89B	182.02B	187.38B	167.56B	180.1B
Asset Turnover	0.53x	0.51x	0.49x	0.53x	0.52x	0.47x	0.43x	0.43x	0.51x	0.49x
Asset Growth %	2.34%	5.84%	11.4%	-2.76%	3.12%	10.88%	4.07%	2.94%	-10.58%	7.49%
Total Current Liabilities+	27.75B	26.29B	30.54B	31.23B	35.96B	42.49B	45.23B	55.8B	46.28B	50.32B
Accounts Payable	6.67B	6.92B	7.31B	7.54B	8.54B	9.51B	11.05B	9.89B	9.63B	10.31B
Days Payables Outstanding	113.01	115.89	104.88	101.55	113.17	122.04	172.42	146.75	132.4	137
Short-Term Debt	7B	4.68B	3.91B	2.8B	1.2B	2.63B	3.77B	12.76B	3.45B	5.98B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	750M	971M	1.85B	818M	2.27B	3.48B	3.59B	6.64B	3.99B	4.13B
Current Ratio	2.17x	2.47x	1.41x	1.47x	1.26x	1.21x	1.35x	0.99x	1.16x	1.11x
Quick Ratio	1.88x	2.16x	1.12x	1.20x	1.01x	0.99x	1.12x	0.81x	0.91x	0.86x
Cash Conversion Cycle	79.38	79.94	85.28	77.38	70.72	57.94	77.58	82.81	85.04	106.12
Total Non-Current Liabilities+	34.51B	44.5B	66.61B	61.97B	62.29B	69.12B	62.77B	54.77B	52.5B	58.29B
Long-Term Debt	12.86B	22.44B	30.68B	27.68B	26.49B	32.63B	29.98B	26.89B	25.88B	30.65B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	2.56B	2.91B	8.37B	7.51B	5.96B	7.21B	7.49B	3.99B	3.19B	2.45B
Other Non-Current Liabilities	19.09B	19.15B	27.56B	26.78B	29.84B	29.27B	25.3B	23.89B	23.43B	25.19B
Total Liabilities	62.26B	70.79B	97.14B	93.2B	98.26B	111.62B	108B	110.57B	98.78B	108.61B
Total Debt+	19.86B	27.13B	34.58B	30.48B	27.7B	35.27B	33.75B	39.64B	29.33B	36.63B
Net Debt	6.13B	8.15B	16.76B	12.37B	10.39B	21.28B	19.26B	26.75B	7.47B	12.53B
Debt / Equity	0.28x	0.39x	0.57x	0.51x	0.47x	0.56x	0.46x	0.52x	0.43x	0.51x
Debt / EBITDA	0.90x	1.10x	1.41x	1.08x	0.99x	1.31x	1.19x	1.42x	0.95x	1.24x
Net Debt / EBITDA	0.28x	0.33x	0.68x	0.44x	0.37x	0.79x	0.68x	0.96x	0.24x	0.42x
Interest Coverage	33.13x	28.78x	20.23x	21.07x	65.94x	98.17x	114.44x	76.13x	30.32x	29.34x
Total Equity+	71.15B	70.42B	60.16B	59.75B	59.47B	63.28B	74.02B	76.8B	68.77B	71.49B
Equity Growth %	-	-1.03%	-14.57%	-0.68%	-0.47%	6.4%	16.98%	3.76%	-10.46%	3.95%
Book Value per Share	25.29	25.25	21.91	21.90	22.16	23.69	27.68	28.83	26.86	29.43
Total Shareholders' Equity	71.15B	70.42B	60.16B	59.75B	59.47B	63.28B	74.02B	76.8B	68.77B	71.49B
Common Stock	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B
Retained Earnings	103.88B	110.55B	101.79B	106.22B	110.66B	113.89B	123.06B	128.34B	153.84B	155.79B
Treasury Stock	-22.68B	-28.35B	-31.55B	-34.36B	-38.42B	-38.49B	-39.1B	-41.69B	-75.66B	-75.68B
Accumulated OCI	-13.16B	-14.9B	-13.2B	-15.22B	-15.89B	-15.24B	-13.06B	-12.97B	-12.53B	-11.74B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.28B	18.77B	21.06B	22.2B	23.42B	23.54B	23.41B	21.19B	22.79B	24.27B
Operating CF Margin %	27.51%	26.11%	27.54%	27.21%	28.54%	28.5%	29.73%	26.5%	26.76%	27.32%
Operating CF Growth %	4.37%	-2.66%	12.2%	5.44%	5.47%	0.51%	-0.54%	-9.47%	7.54%	6.47%
Net Income	15.41B	16.54B	1.3B	15.3B	15.12B	14.71B	20.88B	17.94B	13.33B	14.07B
Depreciation & Amortization	3.75B	3.75B	5.64B	6.93B	7.01B	7.23B	7.39B	6.97B	7.49B	7.34B
Stock-Based Compensation	874M	878M	962M	978M	977M	1B	1.14B	1.14B	1.16B	1.18B
Deferred Taxes	-270M	-341M	2.41B	-1.02B	-2.48B	-1.14B	-2.08B	-1.66B	-4.19B	-2.18B
Other Non-Cash Items	-1.82B	-291M	-495M	10M	-1.08B	-963M	324M	819M	2.5B	2.03B
Working Capital Changes	1.34B	-1.77B	11.24B	3M	3.87B	2.69B	-4.24B	-4.01B	2.51B	1.84B
Change in Receivables	-433M	-1.06B	-633M	-1.19B	-289M	774M	-2.4B	-1.29B	-624M	-406M
Change in Inventory	-449M	-249M	581M	-644M	-277M	-265M	-1.25B	-2.53B	-1.32B	-1.13B
Change in Payables	-3M	-39.2B	2.73B	-12.97B	4.06B	5.14B	2.44B	1.1B	2.35B	1.62B
Cash from Investing+	-7.74B	-4.76B	-14.87B	-3.17B	-6.19B	-20.82B	-8.68B	-12.37B	878M	-18.6B
Capital Expenditures	-3.46B	-3.23B	-3.28B	-3.67B	-3.5B	-3.35B	-3.65B	-4.01B	-4.54B	-4.42B
CapEx % of Revenue	4.94%	4.49%	4.29%	4.5%	4.26%	4.05%	4.64%	5.01%	5.33%	4.98%
Acquisitions	-954M	-4.51B	-35.15B	-899M	-5.81B	-7.32B	-60M	-17.65B	0	-15.15B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.36B	1.14B	1.6B	2.74B	3.31B	-1.2B	417M	65M	-3.06B	235M
Cash from Financing+	-10.85B	-8.55B	-7.67B	-18.51B	-18.02B	-6.12B	-14.05B	-8.87B	-15.82B	-3.13B
Debt Issued (Net)	1.38B	7.88B	6.75B	-3.95B	-2.88B	7.09B	-990M	7.45B	-2.73B	10.05B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-8.17B	-8.62B	-8.94B	-9.49B	-9.92B	-10.48B	-11.03B	-11.68B	-11.77B	-11.82B
Share Repurchases	-5.29B	-8.98B	-6.36B	-5.87B	-6.75B	-3.22B	-3.46B	-6.04B	-5.05B	-2.43B
Other Financing	948M	1.17B	874M	801M	1.53B	487M	1.43B	1.39B	-508M	1.07B
Net Change in Cash	-791M	5.24B	-1.15B	283M	-802M	-3.32B	502M	-360M	7.73B	2.25B
Free Cash Flow+	15.82B	15.54B	17.78B	18.53B	19.92B	20.19B	19.76B	17.18B	18.25B	19.84B
FCF Margin %	22.57%	21.62%	23.25%	22.71%	24.27%	24.45%	25.09%	21.48%	21.43%	22.34%
FCF Growth %	7.18%	-1.74%	14.39%	4.24%	7.48%	1.36%	-2.13%	-13.02%	6.19%	8.74%
FCF per Share	5.62	5.57	6.48	6.79	7.42	7.56	7.39	6.45	7.13	8.17
FCF Conversion (FCF/Net Income)	1.25x	1.13x	16.20x	1.45x	1.55x	1.60x	1.12x	1.18x	0.65x	1.73x
Interest Paid	515M	730M	960M	1.05B	995M	841M	941M	933M	1.77B	1.91B
Taxes Paid	-2.87B	2.84B	3.31B	4.57B	4.19B	4.62B	4.77B	5.22B	8.57B	6.71B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.87%	23.37%	1.99%	25.51%	25.36%	23.97%	30.41%	23.79%	48.29%	20.06%
Return on Invested Capital (ROIC)	18.14%	20.11%	18.23%	21.31%	22.15%	19.17%	17.66%	16.01%	19.53%	20.73%
Gross Margin	69.27%	69.69%	66.72%	66.79%	66.42%	65.58%	70.28%	69.25%	68.82%	69.07%
Net Margin	21.99%	23.01%	1.7%	18.75%	18.42%	17.82%	26.52%	22.43%	41.28%	15.84%
Debt / Equity	0.28x	0.39x	0.57x	0.51x	0.47x	0.56x	0.46x	0.52x	0.43x	0.51x
Interest Coverage	33.13x	28.78x	20.23x	21.07x	65.94x	98.17x	114.44x	76.13x	30.32x	29.34x
FCF Conversion	1.25x	1.13x	16.20x	1.45x	1.55x	1.60x	1.12x	1.18x	0.65x	1.73x
Revenue Growth	-5.73%	2.59%	6.34%	6.71%	0.59%	0.64%	-4.65%	1.59%	6.46%	4.3%

US Stock Screener

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Johnson & Johnson (JNJ) 10-Year Financial Performance & Capital Metrics

JNJ •

HealthcareLarge PharmaLarge diversified branded pharma

Revenue $88.82B +4.3%
EBITDA $29.49B -4.6%
Net Income $14.07B -60.0%
EPS (Diluted) 5.79 -57.8%
Gross Margin 69.07% +0.4%
EBITDA Margin 33.2% -8.5%
Operating Margin 24.94% -9.3%
Net Margin 15.84% -61.6%
ROE 20.06% -58.5%
ROIC 20.73% +6.2%
Debt/Equity 0.51 +20.1%
Interest Coverage 29.34 -3.3%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Dividend Aristocrat: 36 years of consecutive increases
✓Excellent 3Y average ROE of 30.7%
✓FCF machine: 22.3% free cash flow margin
✓Momentum leader: RS Rating 85 (top 15%)
✓High quality earnings: Operating CF exceeds net income
✓Share count reduced 5.1% through buybacks

✗Weaknesses

No significant weaknesses identified

Price & Volume

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Growth Metrics

Revenue CAGR

10Y1.8%

5Y1.6%

3Y4.1%

TTM3.75%

Profit (Net Income) CAGR

10Y-1.48%

5Y-1.43%

3Y-12.33%

TTM78.58%

EPS CAGR

10Y0.16%

5Y0.56%

3Y-9.49%

TTM78.93%

ROCE

10Y Avg16.91%

5Y Avg16.58%

3Y Avg17.27%

Latest17.64%

Peer Comparison

Large diversified branded pharma

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LLYEli Lilly and Company	941.74B	1052.20	89.85	32%	30.99%	77.2%	0.04%	2.36
AZNAstraZeneca PLC	323.16B	208.45	63.75	8.63%	17.41%	20.99%	3.64%	0.61
JNJJohnson & Johnson	598.69B	248.43	42.91	4.3%	27.26%	31.69%	3.31%	0.51
CELG-RIBristol-Myers Squibb Company Ce		0.10	-0.02	7.32%	12.57%	32.47%		3.12
BMYBristol-Myers Squibb Company	127.01B	62.37	-14.14	7.32%	12.57%	32.47%	10.98%	3.12

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	70.07B	71.89B	76.45B	81.58B	82.06B	82.58B	78.74B	79.99B	85.16B	88.82B
Revenue Growth %	-5.73%	2.59%	6.34%	6.71%	0.59%	0.64%	-4.65%	1.59%	6.46%	4.3%
Cost of Goods Sold+	21.54B	21.79B	25.44B	27.09B	27.56B	28.43B	23.4B	24.6B	26.55B	27.47B
COGS % of Revenue	30.73%	30.31%	33.28%	33.21%	33.58%	34.42%	29.72%	30.75%	31.18%	30.93%
Gross Profit+	48.54B	50.1B	51.01B	54.49B	54.5B	54.16B	55.34B	55.39B	58.61B	61.35B
Gross Margin %	69.27%	69.69%	66.72%	66.79%	66.42%	65.58%	70.28%	69.25%	68.82%	69.07%
Gross Profit Growth %	-5.91%	3.22%	1.82%	6.82%	0.02%	-0.63%	2.18%	0.1%	5.8%	4.68%
Operating Expenses+	30.25B	29.21B	32.11B	33.31B	33.53B	34.42B	34.4B	34.38B	35.2B	39.2B
OpEx % of Revenue	43.17%	40.63%	42.01%	40.84%	40.86%	41.68%	43.68%	42.98%	41.33%	44.13%
Selling, General & Admin	21.2B	20.07B	21.52B	22.54B	22.18B	22.08B	20.12B	20.25B	20.11B	21.97B
SG&A % of Revenue	30.26%	27.91%	28.15%	27.63%	27.03%	26.74%	25.55%	25.31%	23.62%	24.73%
Research & Development	9.05B	9.14B	10.59B	10.78B	11.36B	12.34B	14.28B	14.13B	15.09B	17.23B
R&D % of Revenue	12.91%	12.72%	13.86%	13.21%	13.84%	14.94%	18.13%	17.67%	17.71%	19.4%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	18.29B	20.89B	18.9B	21.18B	20.97B	19.73B	20.94B	21.01B	23.41B	22.15B
Operating Margin %	26.1%	29.06%	24.72%	25.96%	25.55%	23.89%	26.6%	26.27%	27.49%	24.94%
Operating Income Growth %	-13.47%	14.23%	-9.54%	12.05%	-0.97%	-5.9%	6.13%	0.33%	11.4%	-5.38%
EBITDA+	22.04B	24.64B	24.54B	28.1B	27.98B	26.96B	28.33B	27.98B	30.89B	29.49B
EBITDA Margin %	31.45%	34.28%	32.1%	34.45%	34.1%	32.65%	35.98%	34.98%	36.28%	33.2%
EBITDA Growth %	-11.97%	11.84%	-0.43%	14.53%	-0.44%	-3.63%	5.08%	-1.24%	10.41%	-4.55%
D&A (Non-Cash Add-back)	3.75B	3.75B	5.64B	6.93B	7.01B	7.23B	7.39B	6.97B	7.49B	7.34B
EBIT	19.75B	20.53B	18.61B	19B	17.65B	16.7B	19.36B	19.64B	15.83B	17.44B
Net Interest Income+	-424M	-358M	-549M	-394M	39M	-90M	-130M	214M	489M	577M
Interest Income	128M	368M	385M	611M	357M	111M	53M	490M	1.26B	1.33B
Interest Expense	552M	726M	934M	1B	318M	201M	183M	276M	772M	755M
Other Income/Expense	907M	-1.09B	-1.22B	-3.18B	-3.64B	-3.24B	-1.76B	-1.65B	-8.35B	-5.46B
Pretax Income+	19.2B	19.8B	17.67B	18B	17.33B	16.5B	19.18B	19.36B	15.06B	16.69B
Pretax Margin %	27.39%	27.55%	23.12%	22.06%	21.12%	19.98%	24.36%	24.2%	17.69%	18.79%
Income Tax+	3.79B	3.26B	16.37B	2.7B	2.21B	1.78B	1.38B	2.99B	1.74B	2.62B
Effective Tax Rate %	80.27%	83.52%	7.36%	84.99%	87.25%	89.19%	108.86%	92.68%	233.39%	84.29%
Net Income+	15.41B	16.54B	1.3B	15.3B	15.12B	14.71B	20.88B	17.94B	35.15B	14.07B
Net Margin %	21.99%	23.01%	1.7%	18.75%	18.42%	17.82%	26.52%	22.43%	41.28%	15.84%
Net Income Growth %	-5.6%	7.34%	-92.14%	1076.69%	-1.16%	-2.68%	41.89%	-14.07%	95.94%	-59.99%
Net Income (Continuing)	15.41B	16.54B	1.3B	15.3B	15.12B	14.71B	17.8B	16.37B	13.33B	14.07B
Discontinued Operations	0	0	0	0	0	0	3.08B	1.57B	21.83B	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	5.48	5.93	0.47	5.61	5.63	5.51	7.81	6.73	13.72	5.79
EPS Growth %	-3.86%	8.21%	-92.07%	1093.62%	0.36%	-2.13%	41.74%	-13.83%	103.86%	-57.8%
EPS (Basic)	5.57	6.08	0.48	5.75	5.74	5.59	7.93	6.83	13.88	5.84
Diluted Shares Outstanding	2.81B	2.79B	2.75B	2.73B	2.68B	2.67B	2.67B	2.66B	2.56B	2.43B
Basic Shares Outstanding	2.76B	2.71B	2.68B	2.66B	2.63B	2.63B	2.63B	2.61B	2.53B	2.41B
Dividend Payout Ratio	53.04%	52.12%	687.92%	62.06%	65.59%	71.23%	52.84%	65.11%	33.48%	84.05%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	60.21B	65.03B	43.09B	46.03B	45.27B	51.24B	60.98B	55.29B	53.49B	55.89B
Cash & Short-Term Investments	38.38B	41.91B	18.3B	19.69B	19.29B	25.18B	31.61B	22.28B	22.93B	24.52B
Cash Only	13.73B	18.97B	17.82B	18.11B	17.3B	13.98B	14.49B	12.89B	21.86B	24.11B
Short-Term Investments	24.64B	22.93B	472M	1.58B	1.98B	11.2B	17.12B	9.39B	1.07B	417M
Accounts Receivable	10.73B	11.7B	13.49B	14.1B	14.48B	13.58B	18.98B	16.91B	14.87B	18.93B
Days Sales Outstanding	55.91	59.4	64.41	63.08	64.41	60	88	77.18	63.75	77.78
Inventory	8.05B	8.14B	8.77B	8.6B	9.02B	9.34B	10.39B	10.27B	11.18B	12.44B
Days Inventory Outstanding	136.49	136.42	125.76	115.86	119.48	119.98	162.01	152.38	153.7	165.34
Other Current Assets	0	0	0	950M	94M	0	-3.7B	5.83B	0	0
Total Non-Current Assets+	73.2B	76.18B	114.22B	106.92B	112.45B	123.66B	121.04B	132.08B	114.06B	124.21B
Property, Plant & Equipment	15.9B	15.91B	17B	17.04B	17.66B	18.77B	18.96B	17.98B	19.9B	20.52B
Fixed Asset Turnover	4.41x	4.52x	4.50x	4.79x	4.65x	4.40x	4.15x	4.45x	4.28x	4.33x
Goodwill	21.63B	22.8B	31.91B	30.45B	33.64B	36.39B	35.25B	36.05B	36.56B	44.2B
Intangible Assets	25.76B	26.88B	53.23B	47.61B	47.64B	53.4B	46.39B	38.49B	34.17B	37.62B
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	4.41B	4.43B	4.97B	4.18B	5.7B	6.56B	10.22B	30.62B	14.15B	11.41B
Total Assets+	133.41B	141.21B	157.3B	152.95B	157.73B	174.89B	182.02B	187.38B	167.56B	180.1B
Asset Turnover	0.53x	0.51x	0.49x	0.53x	0.52x	0.47x	0.43x	0.43x	0.51x	0.49x
Asset Growth %	2.34%	5.84%	11.4%	-2.76%	3.12%	10.88%	4.07%	2.94%	-10.58%	7.49%
Total Current Liabilities+	27.75B	26.29B	30.54B	31.23B	35.96B	42.49B	45.23B	55.8B	46.28B	50.32B
Accounts Payable	6.67B	6.92B	7.31B	7.54B	8.54B	9.51B	11.05B	9.89B	9.63B	10.31B
Days Payables Outstanding	113.01	115.89	104.88	101.55	113.17	122.04	172.42	146.75	132.4	137
Short-Term Debt	7B	4.68B	3.91B	2.8B	1.2B	2.63B	3.77B	12.76B	3.45B	5.98B
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	750M	971M	1.85B	818M	2.27B	3.48B	3.59B	6.64B	3.99B	4.13B
Current Ratio	2.17x	2.47x	1.41x	1.47x	1.26x	1.21x	1.35x	0.99x	1.16x	1.11x
Quick Ratio	1.88x	2.16x	1.12x	1.20x	1.01x	0.99x	1.12x	0.81x	0.91x	0.86x
Cash Conversion Cycle	79.38	79.94	85.28	77.38	70.72	57.94	77.58	82.81	85.04	106.12
Total Non-Current Liabilities+	34.51B	44.5B	66.61B	61.97B	62.29B	69.12B	62.77B	54.77B	52.5B	58.29B
Long-Term Debt	12.86B	22.44B	30.68B	27.68B	26.49B	32.63B	29.98B	26.89B	25.88B	30.65B
Capital Lease Obligations	0	0	0	0	0	0	0	0	0	0
Deferred Tax Liabilities	2.56B	2.91B	8.37B	7.51B	5.96B	7.21B	7.49B	3.99B	3.19B	2.45B
Other Non-Current Liabilities	19.09B	19.15B	27.56B	26.78B	29.84B	29.27B	25.3B	23.89B	23.43B	25.19B
Total Liabilities	62.26B	70.79B	97.14B	93.2B	98.26B	111.62B	108B	110.57B	98.78B	108.61B
Total Debt+	19.86B	27.13B	34.58B	30.48B	27.7B	35.27B	33.75B	39.64B	29.33B	36.63B
Net Debt	6.13B	8.15B	16.76B	12.37B	10.39B	21.28B	19.26B	26.75B	7.47B	12.53B
Debt / Equity	0.28x	0.39x	0.57x	0.51x	0.47x	0.56x	0.46x	0.52x	0.43x	0.51x
Debt / EBITDA	0.90x	1.10x	1.41x	1.08x	0.99x	1.31x	1.19x	1.42x	0.95x	1.24x
Net Debt / EBITDA	0.28x	0.33x	0.68x	0.44x	0.37x	0.79x	0.68x	0.96x	0.24x	0.42x
Interest Coverage	33.13x	28.78x	20.23x	21.07x	65.94x	98.17x	114.44x	76.13x	30.32x	29.34x
Total Equity+	71.15B	70.42B	60.16B	59.75B	59.47B	63.28B	74.02B	76.8B	68.77B	71.49B
Equity Growth %	-	-1.03%	-14.57%	-0.68%	-0.47%	6.4%	16.98%	3.76%	-10.46%	3.95%
Book Value per Share	25.29	25.25	21.91	21.90	22.16	23.69	27.68	28.83	26.86	29.43
Total Shareholders' Equity	71.15B	70.42B	60.16B	59.75B	59.47B	63.28B	74.02B	76.8B	68.77B	71.49B
Common Stock	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B	3.12B
Retained Earnings	103.88B	110.55B	101.79B	106.22B	110.66B	113.89B	123.06B	128.34B	153.84B	155.79B
Treasury Stock	-22.68B	-28.35B	-31.55B	-34.36B	-38.42B	-38.49B	-39.1B	-41.69B	-75.66B	-75.68B
Accumulated OCI	-13.16B	-14.9B	-13.2B	-15.22B	-15.89B	-15.24B	-13.06B	-12.97B	-12.53B	-11.74B
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	19.28B	18.77B	21.06B	22.2B	23.42B	23.54B	23.41B	21.19B	22.79B	24.27B
Operating CF Margin %	27.51%	26.11%	27.54%	27.21%	28.54%	28.5%	29.73%	26.5%	26.76%	27.32%
Operating CF Growth %	4.37%	-2.66%	12.2%	5.44%	5.47%	0.51%	-0.54%	-9.47%	7.54%	6.47%
Net Income	15.41B	16.54B	1.3B	15.3B	15.12B	14.71B	20.88B	17.94B	13.33B	14.07B
Depreciation & Amortization	3.75B	3.75B	5.64B	6.93B	7.01B	7.23B	7.39B	6.97B	7.49B	7.34B
Stock-Based Compensation	874M	878M	962M	978M	977M	1B	1.14B	1.14B	1.16B	1.18B
Deferred Taxes	-270M	-341M	2.41B	-1.02B	-2.48B	-1.14B	-2.08B	-1.66B	-4.19B	-2.18B
Other Non-Cash Items	-1.82B	-291M	-495M	10M	-1.08B	-963M	324M	819M	2.5B	2.03B
Working Capital Changes	1.34B	-1.77B	11.24B	3M	3.87B	2.69B	-4.24B	-4.01B	2.51B	1.84B
Change in Receivables	-433M	-1.06B	-633M	-1.19B	-289M	774M	-2.4B	-1.29B	-624M	-406M
Change in Inventory	-449M	-249M	581M	-644M	-277M	-265M	-1.25B	-2.53B	-1.32B	-1.13B
Change in Payables	-3M	-39.2B	2.73B	-12.97B	4.06B	5.14B	2.44B	1.1B	2.35B	1.62B
Cash from Investing+	-7.74B	-4.76B	-14.87B	-3.17B	-6.19B	-20.82B	-8.68B	-12.37B	878M	-18.6B
Capital Expenditures	-3.46B	-3.23B	-3.28B	-3.67B	-3.5B	-3.35B	-3.65B	-4.01B	-4.54B	-4.42B
CapEx % of Revenue	4.94%	4.49%	4.29%	4.5%	4.26%	4.05%	4.64%	5.01%	5.33%	4.98%
Acquisitions	-954M	-4.51B	-35.15B	-899M	-5.81B	-7.32B	-60M	-17.65B	0	-15.15B
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	3.36B	1.14B	1.6B	2.74B	3.31B	-1.2B	417M	65M	-3.06B	235M
Cash from Financing+	-10.85B	-8.55B	-7.67B	-18.51B	-18.02B	-6.12B	-14.05B	-8.87B	-15.82B	-3.13B
Debt Issued (Net)	1.38B	7.88B	6.75B	-3.95B	-2.88B	7.09B	-990M	7.45B	-2.73B	10.05B
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	-8.17B	-8.62B	-8.94B	-9.49B	-9.92B	-10.48B	-11.03B	-11.68B	-11.77B	-11.82B
Share Repurchases	-5.29B	-8.98B	-6.36B	-5.87B	-6.75B	-3.22B	-3.46B	-6.04B	-5.05B	-2.43B
Other Financing	948M	1.17B	874M	801M	1.53B	487M	1.43B	1.39B	-508M	1.07B
Net Change in Cash	-791M	5.24B	-1.15B	283M	-802M	-3.32B	502M	-360M	7.73B	2.25B
Free Cash Flow+	15.82B	15.54B	17.78B	18.53B	19.92B	20.19B	19.76B	17.18B	18.25B	19.84B
FCF Margin %	22.57%	21.62%	23.25%	22.71%	24.27%	24.45%	25.09%	21.48%	21.43%	22.34%
FCF Growth %	7.18%	-1.74%	14.39%	4.24%	7.48%	1.36%	-2.13%	-13.02%	6.19%	8.74%
FCF per Share	5.62	5.57	6.48	6.79	7.42	7.56	7.39	6.45	7.13	8.17
FCF Conversion (FCF/Net Income)	1.25x	1.13x	16.20x	1.45x	1.55x	1.60x	1.12x	1.18x	0.65x	1.73x
Interest Paid	515M	730M	960M	1.05B	995M	841M	941M	933M	1.77B	1.91B
Taxes Paid	-2.87B	2.84B	3.31B	4.57B	4.19B	4.62B	4.77B	5.22B	8.57B	6.71B

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	21.87%	23.37%	1.99%	25.51%	25.36%	23.97%	30.41%	23.79%	48.29%	20.06%
Return on Invested Capital (ROIC)	18.14%	20.11%	18.23%	21.31%	22.15%	19.17%	17.66%	16.01%	19.53%	20.73%
Gross Margin	69.27%	69.69%	66.72%	66.79%	66.42%	65.58%	70.28%	69.25%	68.82%	69.07%
Net Margin	21.99%	23.01%	1.7%	18.75%	18.42%	17.82%	26.52%	22.43%	41.28%	15.84%
Debt / Equity	0.28x	0.39x	0.57x	0.51x	0.47x	0.56x	0.46x	0.52x	0.43x	0.51x
Interest Coverage	33.13x	28.78x	20.23x	21.07x	65.94x	98.17x	114.44x	76.13x	30.32x	29.34x
FCF Conversion	1.25x	1.13x	16.20x	1.45x	1.55x	1.60x	1.12x	1.18x	0.65x	1.73x
Revenue Growth	-5.73%	2.59%	6.34%	6.71%	0.59%	0.64%	-4.65%	1.59%	6.46%	4.3%

Johnson & Johnson (JNJ) 10-Year Financial Performance & Capital Metrics

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Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

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Profit & Loss

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Dividend History

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Price History

Revenue History

Financial Ratios

Johnson & Johnson (JNJ) 10-Year Financial Performance & Capital Metrics

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare JNJ vs Peers

vs LLY

vs AZN

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios