Management maintains a conservative capital structure with a debt-to-equity ratio of 0.68 as of 2026Q1, supporting strategic flexibility despite the surge in net PPE to $54.7B.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Jan'23 | Jan'22 | Jan'21 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Total Current Assets | 59.17B | 55.62B | 55.89B | 53.49B | 55.29B | 60.98B | 51.24B | 45.27B | 46.03B | 43.09B | 65.03B | 60.21B | 59.31B | 56.41B | 46.12B | 54.32B | 47.31B | 39.54B | 34.38B | 29.95B | 22.98B | 31.48B | 27.32B | 23B | 19.27B | 18.47B | 16.69B | 13.2B | 11.49B | 10.56B | 9.37B |
| Cash & Short-Term Investments | 22.05B | 20.1B | 24.52B | 22.93B | 22.28B | 31.61B | 25.18B | 19.29B | 19.69B | 18.3B | 41.91B | 38.38B | 33.09B | 29.21B | 21.09B | 32.26B | 27.66B | 19.43B | 12.81B | 9.31B | 4.08B | 16.14B | 12.88B | 9.52B | 7.47B | 7.97B | 6.76B | 3.88B | 2.78B | 2.75B | 2.01B |
| Cash Only | 21.69B | 19.71B | 24.11B | 21.86B | 12.89B | 14.49B | 13.98B | 17.3B | 18.11B | 17.82B | 18.97B | 13.73B | 14.52B | 20.93B | 14.91B | 24.54B | 19.36B | 15.81B | 10.77B | 7.77B | 4.08B | 16.05B | 9.2B | 5.38B | 2.89B | 3.76B | 4.28B | 2.36B | 1.99B | 2.75B | 2.01B |
| Short-Term Investments | 363M | 393M | 417M | 1.07B | 9.39B | 17.12B | 11.2B | 1.98B | 1.58B | 472M | 22.93B | 24.64B | 18.57B | 8.28B | 6.18B | 7.72B | 8.3B | 3.62B | 2.04B | 1.54B | 1M | 83M | 3.68B | 4.15B | 4.58B | 4.21B | 2.48B | 1.52B | 789M | 0 | 0 |
| Accounts Receivable | 17.72B | 17.18B | 18.93B | 14.87B | 16.91B | 18.98B | 13.58B | 14.48B | 14.1B | 13.49B | 11.7B | 10.73B | 10.98B | 11.71B | 11.31B | 10.58B | 9.77B | 9.65B | 9.72B | 9.44B | 8.71B | 7.01B | 6.83B | 6.57B | 5.4B | 4.63B | 4.6B | 4.23B | 3.75B | 3.33B | 3.25B |
| Days Sales Outstanding | 66.62 | 66.57 | 77.78 | 63.75 | 77.18 | 88 | 60 | 64.41 | 63.08 | 64.41 | 59.4 | 55.91 | 53.94 | 59.95 | 61.4 | 59.39 | 57.93 | 56.88 | 55.65 | 56.42 | 59.63 | 50.65 | 52.66 | 57.32 | 54.29 | 52.29 | 57.57 | 55.17 | 57.07 | 53.7 | 54.89 |
| Inventory | 14.58B | 14.19B | 12.44B | 11.18B | 10.27B | 10.39B | 9.34B | 9.02B | 8.6B | 8.77B | 8.14B | 8.05B | 8.18B | 7.88B | 7.5B | 6.29B | 5.38B | 5.18B | 5.05B | 5.11B | 4.89B | 3.96B | 3.74B | 3.59B | 3.3B | 2.99B | 2.9B | 3.1B | 2.9B | 2.52B | 2.5B |
| Days Inventory Outstanding | 172.74 | 202.06 | 165.34 | 153.7 | 152.38 | 162.01 | 119.98 | 119.48 | 115.86 | 125.76 | 136.42 | 136.49 | 131.33 | 128.7 | 126.31 | 112.67 | 104.46 | 102.49 | 99.62 | 105.07 | 118.52 | 103.14 | 101.42 | 107.56 | 115.4 | 113.98 | 118.38 | 132.93 | 167.4 | 150.92 | 151.73 |
| Other Current Assets | 4.82B | 4.15B | 0 | 0 | 5.83B | -3.7B | 0 | 94M | 950M | 0 | 0 | 0 | 0 | 4.17B | 3.14B | 2.56B | 2.22B | 2.79B | 3.43B | 2.61B | 2.09B | 1.93B | 1.74B | 1.53B | 1.42B | 1.19B | 1.17B | 1.99B | 2.05B | 1.97B | 1.61B |
| Total Non-Current Assets | 141.72B | 143.59B | 124.21B | 114.06B | 132.08B | 121.04B | 123.66B | 112.45B | 106.92B | 114.22B | 76.18B | 73.2B | 71.81B | 76.28B | 75.23B | 59.33B | 55.6B | 55.14B | 50.53B | 51.01B | 47.58B | 27.38B | 26B | 25.27B | 21.29B | 20.02B | 17.55B | 15.96B | 15.81B | 10.89B | 10.64B |
| Property, Plant & Equipment | 54.7B | 23.17B | 20.52B | 19.9B | 17.98B | 18.96B | 18.77B | 17.66B | 17.04B | 17B | 15.91B | 15.9B | 16.13B | 16.71B | 16.1B | 14.74B | 14.55B | 14.76B | 14.37B | 14.19B | 13.04B | 10.83B | 10.44B | 9.85B | 8.71B | 7.72B | 7.41B | 6.72B | 6.39B | 5.81B | 5.65B |
| Fixed Asset Turnover | 2.52x | 4.07x | 4.33x | 4.28x | 4.45x | 4.15x | 4.40x | 4.65x | 4.79x | 4.50x | 4.52x | 4.41x | 4.61x | 4.27x | 4.18x | 4.41x | 4.23x | 4.19x | 4.44x | 4.31x | 4.09x | 4.66x | 4.54x | 4.25x | 4.17x | 4.19x | 3.94x | 4.17x | 3.75x | 3.89x | 3.83x |
| Goodwill | 48.56B | 48.77B | 44.2B | 36.56B | 36.05B | 35.25B | 36.39B | 33.64B | 30.45B | 31.91B | 22.8B | 21.63B | 21.83B | 22.8B | 22.42B | 16.14B | 15.29B | 14.86B | 13.72B | 14.12B | 13.34B | 5.99B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 49.06B | 50.4B | 37.62B | 34.17B | 38.49B | 46.39B | 53.4B | 47.64B | 47.61B | 53.23B | 26.88B | 25.76B | 27.22B | 27.95B | 28.75B | 18.14B | 16.72B | 16.32B | 13.98B | 14.64B | 15.35B | 6.18B | 11.84B | 11.54B | 9.25B | 9.08B | 7.54B | 7.57B | 7.36B | 3.26B | 3.11B |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | -17.32B | 14.37B | 11.41B | 14.15B | 30.62B | 10.22B | 6.56B | 5.7B | 4.18B | 4.97B | 4.43B | 4.41B | 3.23B | 4.95B | 3.42B | 3.77B | 3.94B | 3.69B | 2.63B | 3.17B | 2.64B | 3.24B | 3.17B | 3.19B | 3.1B | 2.93B | 2.37B | 1.67B | 2.05B | 1.82B | 1.88B |
| Total Assets | 200.89B | 199.21B | 180.1B | 167.56B | 187.38B | 182.02B | 174.89B | 157.73B | 152.95B | 157.3B | 141.21B | 133.41B | 130.36B | 132.68B | 121.35B | 113.64B | 102.91B | 94.68B | 84.91B | 80.95B | 70.56B | 58.86B | 53.32B | 48.26B | 40.56B | 38.49B | 34.24B | 29.16B | 27.29B | 21.45B | 20.01B |
| Asset Turnover | 0.49x | 0.47x | 0.49x | 0.51x | 0.43x | 0.43x | 0.47x | 0.52x | 0.53x | 0.49x | 0.51x | 0.53x | 0.57x | 0.54x | 0.55x | 0.57x | 0.60x | 0.65x | 0.75x | 0.75x | 0.76x | 0.86x | 0.89x | 0.87x | 0.90x | 0.84x | 0.85x | 0.96x | 0.88x | 1.05x | 1.08x |
| Asset Growth % | 29.28% | 10.61% | 7.49% | -10.58% | 2.94% | 4.07% | 10.88% | 3.12% | -2.76% | 11.4% | 5.84% | 2.34% | -1.75% | 9.34% | 6.78% | 10.43% | 8.69% | 11.51% | 4.89% | 14.74% | 19.86% | 10.4% | 10.47% | 19% | 5.37% | 12.39% | 17.43% | 6.86% | 27.22% | 7.21% | 11.96% |
| Total Current Liabilities | 57.72B | 54.13B | 50.32B | 46.28B | 55.8B | 45.23B | 42.49B | 35.96B | 31.23B | 30.54B | 26.29B | 27.75B | 25.09B | 25.68B | 24.26B | 22.81B | 23.07B | 21.73B | 20.85B | 19.84B | 19.16B | 12.63B | 13.93B | 13.45B | 11.45B | 8.04B | 7.25B | 7.45B | 8.29B | 5.28B | 5.18B |
| Accounts Payable | 10.46B | 11.99B | 10.31B | 9.63B | 9.89B | 11.05B | 9.51B | 8.54B | 7.54B | 7.31B | 6.92B | 6.67B | 7.63B | 6.27B | 5.83B | 5.72B | 5.62B | 5.54B | 7.5B | 6.91B | 5.69B | 4.32B | 5.23B | 4.97B | 3.62B | 2.84B | 2.12B | 2B | 1.88B | 1.75B | 1.74B |
| Days Payables Outstanding | 127.38 | 170.73 | 137 | 132.4 | 146.75 | 172.42 | 122.04 | 113.17 | 101.55 | 104.88 | 115.89 | 113.01 | 122.49 | 102.37 | 98.27 | 102.63 | 109.22 | 109.64 | 147.94 | 142.06 | 137.96 | 112.42 | 141.6 | 148.87 | 126.51 | 108.12 | 86.47 | 86.03 | 108.42 | 105.15 | 105.87 |
| Short-Term Debt | 17.46B | 8.49B | 5.98B | 3.45B | 12.76B | 3.77B | 2.63B | 1.2B | 2.8B | 3.91B | 4.68B | 7B | 3.64B | 4.85B | 4.68B | 6.66B | 7.62B | 6.32B | 3.73B | 2.46B | 4.58B | 668M | 280M | 1.14B | 2.12B | 565M | 1.49B | 1.81B | 2.75B | 714M | 872M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 29.8B | 4.53B | 4.13B | 3.99B | 6.64B | 3.59B | 3.48B | 2.27B | 818M | 1.85B | 971M | 750M | 11.06B | 10.99B | 10.27B | 7.25B | 6.61B | 7.82B | 7.77B | 8.73B | 7.5B | 0 | 1.51B | 0 | 710M | 537M | 322M | 3.65B | 3.66B | 2.82B | 2.57B |
| Current Ratio | 1.03x | 1.03x | 1.11x | 1.16x | 0.99x | 1.35x | 1.21x | 1.26x | 1.47x | 1.41x | 2.47x | 2.17x | 2.36x | 2.20x | 1.90x | 2.38x | 2.05x | 1.82x | 1.65x | 1.51x | 1.20x | 2.49x | 1.96x | 1.71x | 1.68x | 2.30x | 2.30x | 1.77x | 1.39x | 2.00x | 1.81x |
| Quick Ratio | 0.77x | 0.77x | 0.86x | 0.91x | 0.81x | 1.12x | 0.99x | 1.01x | 1.20x | 1.12x | 2.16x | 1.88x | 2.04x | 1.89x | 1.59x | 2.11x | 1.82x | 1.58x | 1.41x | 1.25x | 0.94x | 2.18x | 1.69x | 1.44x | 1.39x | 1.92x | 1.90x | 1.36x | 1.04x | 1.52x | 1.33x |
| Cash Conversion Cycle | 111.98 | 97.89 | 106.12 | 85.04 | 82.81 | 77.58 | 57.94 | 70.72 | 77.38 | 85.28 | 79.94 | 79.38 | 62.78 | 86.29 | 89.45 | 69.43 | 53.17 | 49.74 | 7.32 | 19.43 | 40.19 | 41.38 | 12.49 | 16.01 | 43.18 | 58.16 | 89.48 | 102.07 | 116.05 | 99.46 | 100.75 |
| Total Non-Current Liabilities | 61.99B | 63.54B | 58.29B | 52.5B | 54.77B | 62.77B | 69.12B | 62.29B | 61.97B | 66.61B | 44.5B | 34.51B | 36.28B | 32.95B | 32.26B | 33.75B | 23.26B | 22.36B | 21.55B | 17.8B | 12.08B | 7.52B | 7.58B | 7.95B | 6.41B | 6.21B | 6.59B | 5.5B | 4.92B | 3.81B | 3.99B |
| Long-Term Debt | 37.53B | 39.44B | 30.65B | 25.88B | 26.89B | 29.98B | 32.63B | 26.49B | 27.68B | 30.68B | 22.44B | 12.86B | 15.12B | 13.33B | 11.49B | 12.97B | 9.16B | 8.22B | 8.12B | 7.07B | 2.01B | 2.02B | 2.56B | 2.96B | 2.02B | 2.22B | 3.16B | 2.45B | 1.73B | 1.13B | 1.41B |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 23.59B | 6.79B | 2.45B | 3.19B | 3.99B | 7.49B | 7.21B | 5.96B | 7.51B | 8.37B | 2.91B | 2.56B | 3.15B | 3.99B | 3.14B | 1.8B | 1.45B | 1.42B | 1.43B | 1.49B | 1.32B | 211M | 403M | 780M | 643M | 493M | 255M | 287M | 578M | 175M | 170M |
| Other Non-Current Liabilities | 17.45B | 17.31B | 25.19B | 23.43B | 23.89B | 25.3B | 29.27B | 29.84B | 26.78B | 27.56B | 19.15B | 19.09B | 18.71B | 15.64B | 17.63B | 18.98B | 12.65B | 12.72B | 12B | 9.23B | 8.74B | 5.29B | 4.61B | 4.21B | 3.75B | 3.5B | 3.18B | 2.76B | 2.62B | 2.51B | 2.41B |
| Total Liabilities | 119.71B | 117.67B | 108.61B | 98.78B | 110.57B | 108B | 111.62B | 98.26B | 93.2B | 97.14B | 70.79B | 62.26B | 61.37B | 58.63B | 56.52B | 56.56B | 46.33B | 44.09B | 42.4B | 37.63B | 31.24B | 20.15B | 21.5B | 21.39B | 17.86B | 14.26B | 13.85B | 12.95B | 13.21B | 9.09B | 9.17B |
| Total Debt | 54.99B | 47.93B | 36.63B | 29.33B | 39.64B | 33.75B | 35.27B | 27.7B | 30.48B | 34.58B | 27.13B | 19.86B | 18.76B | 18.18B | 16.16B | 19.63B | 16.77B | 14.54B | 11.85B | 9.54B | 6.59B | 2.69B | 2.85B | 4.09B | 4.14B | 2.78B | 4.65B | 4.26B | 4.48B | 1.84B | 2.28B |
| Net Debt | 33.3B | 28.22B | 12.53B | 7.47B | 26.75B | 19.26B | 21.28B | 10.39B | 12.37B | 16.76B | 8.15B | 6.13B | 4.24B | -2.75B | 1.25B | -4.92B | -2.58B | -1.27B | 1.08B | 1.77B | 2.51B | -13.37B | -6.36B | -1.28B | 1.25B | -976M | 374M | 1.89B | 2.49B | -913M | 271M |
| Debt / Equity | 0.68x | 0.59x | 0.51x | 0.43x | 0.52x | 0.46x | 0.56x | 0.47x | 0.51x | 0.57x | 0.39x | 0.28x | 0.27x | 0.25x | 0.25x | 0.34x | 0.30x | 0.29x | 0.28x | 0.22x | 0.17x | 0.07x | 0.09x | 0.15x | 0.18x | 0.11x | 0.23x | 0.26x | 0.32x | 0.15x | 0.21x |
| Debt / EBITDA | 1.64x | 1.45x | 1.24x | 0.95x | 1.42x | 1.19x | 1.31x | 0.99x | 1.08x | 1.41x | 1.10x | 0.90x | 0.75x | 0.79x | 0.78x | 1.02x | 0.86x | 0.75x | 0.62x | 0.53x | 0.42x | 0.18x | 0.20x | 0.32x | 0.36x | 0.29x | 0.57x | 0.57x | 0.71x | 0.32x | 0.43x |
| Net Debt / EBITDA | 0.99x | 0.85x | 0.42x | 0.24x | 0.96x | 0.68x | 0.79x | 0.37x | 0.44x | 0.68x | 0.33x | 0.28x | 0.17x | -0.12x | 0.06x | -0.25x | -0.13x | -0.07x | 0.06x | 0.10x | 0.16x | -0.90x | -0.44x | -0.10x | 0.11x | -0.10x | 0.05x | 0.25x | 0.39x | -0.16x | 0.05x |
| Interest Coverage | 24.79x | 34.55x | 23.10x | 20.51x | 71.14x | 105.80x | 83.07x | 55.49x | 18.91x | 19.92x | 28.28x | 35.78x | 39.58x | 33.10x | 26.89x | 22.65x | 38.25x | 35.93x | 39.92x | 45.88x | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 81.19B | 81.54B | 71.49B | 68.77B | 76.8B | 74.02B | 63.28B | 59.47B | 59.75B | 60.16B | 70.42B | 71.15B | 0 | 74.05B | 64.83B | 57.08B | 56.58B | 50.59B | 42.51B | 43.32B | 39.32B | 38.71B | 31.81B | 26.87B | 22.7B | 24.23B | 20.39B | 16.21B | 14.08B | 12.36B | 10.84B |
| Equity Growth % | 40.69% | 14.06% | 3.95% | -10.46% | 3.76% | 16.98% | 6.4% | -0.47% | -0.68% | -14.57% | -1.03% | - | -100% | 14.23% | 13.57% | 0.89% | 11.84% | 19% | -1.87% | 10.18% | 1.57% | 21.68% | 18.4% | 18.38% | -6.34% | 18.82% | 25.79% | 15.17% | 13.9% | 14.06% | 19.8% |
| Book Value per Share | 33.20 | 33.57 | 29.43 | 26.86 | 28.83 | 27.68 | 23.69 | 22.16 | 21.90 | 21.91 | 25.25 | 25.29 | 24.36 | 25.74 | 23.05 | 20.57 | 20.29 | 18.14 | 14.99 | 14.88 | 13.27 | 12.89 | 10.66 | 8.55 | 7.43 | 7.87 | 6.58 | 5.27 | 4.97 | 4.51 | 3.97 |
| Total Shareholders' Equity | 81.19B | 81.54B | 71.49B | 68.77B | 76.8B | 74.02B | 63.28B | 59.47B | 59.75B | 60.16B | 70.42B | 71.15B | 69.75B | 74.05B | 64.83B | 57.08B | 56.58B | 50.59B | 42.51B | 43.32B | 39.32B | 38.71B | 31.81B | 26.87B | 22.7B | 24.23B | 20.39B | 16.21B | 14.08B | 12.36B | 10.84B |
| Common Stock | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 3.12B | 1.53B | 1.53B | 0 | 0 |
| Retained Earnings | 169.16B | 168.98B | 155.79B | 153.84B | 128.34B | 123.06B | 113.89B | 110.66B | 106.22B | 101.79B | 110.55B | 103.88B | 97.25B | 89.49B | 85.99B | 81.25B | 77.77B | 70.31B | 63.38B | 55.28B | 49.29B | 42.31B | 35.22B | 30.5B | 26.57B | 23.07B | 18.11B | 16.19B | 13.97B | 12.69B | 11.01B |
| Treasury Stock | -76.26B | -75.62B | -75.68B | -75.66B | -41.69B | -39.1B | -38.49B | -38.42B | -34.36B | -31.55B | -28.35B | -22.68B | -19.89B | -15.7B | -18.48B | -21.66B | -20.78B | -19.78B | -19.03B | -14.39B | -10.97B | -5.96B | -6B | -6.15B | -6.13B | -1.39B | -342M | -1.08B | -1.06B | 0 | 0 |
| Accumulated OCI | -14.83B | -14.93B | -11.74B | -12.53B | -12.97B | -13.06B | -15.24B | -15.89B | -15.22B | -13.2B | -14.9B | -13.16B | -10.72B | -2.86B | -5.81B | -5.63B | -3.53B | -3.06B | -4.96B | -693M | -2.12B | -755M | -526M | -608M | -867M | -560M | -496M | -437M | -366M | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Litigation and M&A Integration
According to recent financial filings, JNJ's total assets have grown from $167.6B in 2023Q4 to $200.9B by 2026Q1, reflecting a deliberate shift toward a more capital-intensive, high-margin portfolio following the Kenvue separation and the aggressive acquisition of specialized medical technology firms like Shockwave and Abiomed.
The expansion in the asset base appears to be driven by a strategic pivot toward higher-barrier-to-entry segments, which may enhance long-term competitive positioning. Investors should monitor whether this asset growth translates into sustained ROIC improvements as the company integrates these large-scale acquisitions into its existing MedTech ecosystem.
As reported in quarterly balance sheets, JNJ's debt-to-equity ratio has remained conservative, fluctuating between 0.43 and 0.68 over the last ten quarters, which suggests that management is utilizing its AAA-rated balance sheet to fund inorganic growth without compromising the company's overall financial stability.
The increase in total debt to $55.0B in 2026Q1 from $29.3B in 2023Q4 indicates a willingness to leverage the balance sheet to accelerate the MedTech portfolio transition. This debt profile appears manageable given the company's consistent cash generation, though it warrants further investigation regarding the interest coverage impact of recent rate environments.
Based on the provided data, net PPE has surged from $19.9B in 2023Q4 to $54.7B in 2026Q1, signaling a fundamental transformation in the company's operational footprint as it invests heavily in the specialized manufacturing facilities required for its expanded cardiovascular and interventional medical device business units.
This significant increase in fixed assets suggests a transition toward a more asset-heavy model compared to the previous consumer-focused structure. While this may provide a durable competitive moat through proprietary manufacturing capabilities, it also increases the company's exposure to operational risks and potential future impairment charges.
As evidenced by the balance sheet, JNJ maintains a current ratio consistently above 1.0, with cash reserves reaching $21.7B in 2026Q1, providing a substantial liquidity buffer that appears designed to absorb potential legal settlements and fund ongoing R&D requirements without disrupting core business operations.
The company's ability to maintain a stable current ratio despite significant M&A activity suggests disciplined working capital management. This liquidity position appears to be a strategic choice, ensuring the firm remains insulated from short-term market volatility while maintaining the flexibility to pursue further bolt-on acquisitions.
Based on reported figures, goodwill has risen from $36.6B in 2023Q4 to $48.6B in 2026Q1, which may indicate that a significant portion of the company's asset base is tied to the premium paid for recent acquisitions rather than tangible, income-generating physical assets.
This trend suggests that the company's future earnings quality is increasingly sensitive to the successful integration and performance of acquired entities. Investors should monitor for potential goodwill impairment risks if the anticipated synergies from the recent MedTech acquisitions fail to materialize as projected in the original deal models.
Quick answers to the most common questions about buying JNJ stock.
As of 2025, Johnson & Johnson (JNJ) had total assets of $199.21B including $55.62B in current assets.
Johnson & Johnson (JNJ) carries total debt of $47.93B, offset by $20.10B in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Johnson & Johnson (JNJ) has total shareholders' equity (book value) of $81.54B ($33.57 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Johnson & Johnson (JNJ) reported a current ratio of 1.03x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.