Fundamentals · 2026-09-09S&P 500ANNUAL BASIS

Johnson & Johnson

JNJ stock analysis · Health Care · Pharmaceuticals

FY 2025-12-28ANNUAL FILINGS
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These are research estimates based on annual filings. Valuation uses a cash-flow proxy and explicit assumptions; prices are not live. Published valuations use annual periods first filed by the price date, with later restatements retained.
Reference share price · USD
$253.97HISTORICAL SNAPSHOT

As of · fund-implied per-share value

Fund holding value ÷ shares held. Not a live quote; not adjusted for later stock splits.

View SEC fund filing ↗
Estimated issuer market cap
$611.4B

Price × SEC outstanding shares. Shares measured 2026-04-17. Approximate; share and price dates can differ.

View share-count filing ↗
Momentum data and stock-split review

The current issuer FAQ directs investors to its stock-split history. That table enumerates splits and stock dividends from 1947 through the latest June 2001 two-for-one action. The same-ISIN endpoint interval is later than those events. Split multiplier 1 applies only to these dated fund observations; cash dividends are excluded. Fund values divided by held shares are indicative price-return proxies, not exchange closes or total returns.

Issuer action history 1 ↗ · Issuer action history 2 ↗

Fund valuation at 2025-06-30 ↗ · Fund valuation at 2026-05-31 ↗

Valuation

DCF value

$124.29

Equity cash-flow scenario · SEC outstanding shares at 2026-04-17 · -51.1% versus input cap

How this is calculated ↗
Valuation

Reverse DCF

23.1%

Annual basis · read assumptions below

How this is calculated ↗
Valuation

Relative valuation

-23.8%

5 industry peers · median 17.4×

How this is calculated ↗
Valuation

Historical multiples

22.8×

7 annual observations · snapshot P/E 22.8× · 0.0% versus history

How this is calculated ↗
Valuation

Free cash flow yield

3.2%

Annual basis · read assumptions below

How this is calculated ↗
Quality

ROIC / quality

Requires two adjacent years of positive average capital, equity, cash, debt and operating income.

Requires two adjacent years of positive average capital, equity, cash, debt and operating income.

How this is calculated ↗
Valuation

Value composite

Requires three valuation yields and at least five covered sector peers.

Requires three valuation yields and at least five covered sector peers.

How this is calculated ↗
Momentum

12–1 price momentum

47.5%

2025-06-30 → 2026-05-31 · Reviewed split basis · fund snapshot

How this is calculated ↗
Investment

Asset growth

10.6%

Annual basis · read assumptions below

How this is calculated ↗
Investment

Net payout yield

Requires reported dividends, repurchases and issuance; missing values are not zero.

Requires reported dividends, repurchases and issuance; missing values are not zero.

How this is calculated ↗
Quality

Accrual quality

1.2%

Parent-earnings fallback versus consolidated cash flow · scope limitation

How this is calculated ↗
Momentum

Fundamental momentum

Requires two adjacent years of revenue, operating income and cash flow.

Requires two adjacent years of revenue, operating income and cash flow.

How this is calculated ↗

Follow the cash

ANNUAL · USD

Operating cash flow and reinvestment over time

USD · bar maximum 24.5B2021-01-03: cfo $23,536,000,000.002021-01-03: capex $3,347,000,000.0020212022-01-02: cfo $23,410,000,000.002022-01-02: capex $3,652,000,000.0020222023-01-01: cfo $21,194,000,000.002023-01-01: capex $4,009,000,000.0020232023-12-31: cfo $22,791,000,000.002023-12-31: capex $4,543,000,000.0020232024-12-29: cfo $24,266,000,000.002024-12-29: capex $4,424,000,000.0020242025-12-28: cfo $24,530,000,000.002025-12-28: capex $4,832,000,000.002025
Operating cash flowCapital expenditure

Annual USD. Negative bars use a compressed lower scale. Hover or inspect the financial history table for exact values.

Make the assumptions yours

Personal inputs stay in this browser. Blank fields retain published inputs. Five-year forecast; zero net borrowing. Required return must exceed terminal growth.

How sensitive is the valuation?

DCF per-share sensitivity · includes reviewed preferred and minority-owner claims · rows: required return · columns: growth
Return / Growth3.0%5.0%7.0%
8.0%$155.89$170.09$185.36
10.0%$114.23$124.29$135.08
12.0%$90.12$97.79$106.01

Annual financial history

Open SEC filings ↗
Fiscal year-endRevenueNet incomeOperating cash flowCapital expenditureAssets
2025-12-2894.2B26.8B24.5B4.8B199.2B
2024-12-2988.8B14.1B24.3B4.4B180.1B
2023-12-3185.2B35.2B22.8B4.5B167.6B
2023-01-0180B17.9B21.2B4B187.4B
2022-01-0278.7B20.9B23.4B3.7B182B
2021-01-0382.6B14.7B23.5B3.3B174.9B
2019-12-2982.1B15.1B23.4B3.5B157.7B
2018-12-3081.6B15.3B22.2B3.7B153B

USD, abbreviated. Restated annual history; not a point-in-time backtest. Missing values appear as dashes.

Trace the inputs

MODEL ANNUAL PERIOD
InputValueSEC tag / sourceFiled
revenue94.2BRevenueFromContractWithCustomerExcludingAssessedTax2026-02-11
netIncome26.8BNetIncomeLoss
Parent-attributable fallback: a verified consolidated total is unavailable in the supported tags. Noncontrolling interests have not been assumed to be zero; this may differ in scope from consolidated cash flow or operating income.
2026-02-11
Parent/common earnings proxy26.8BNetIncomeLoss2026-02-11
cfo24.5BNetCashProvidedByUsedInOperatingActivities2026-02-11
capex4.8BPaymentsToAcquirePropertyPlantAndEquipment2026-02-11
operatingIncomeNot reported under a supported tag
assets199.2BAssets2026-02-11
equity81.5BStockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
Explicit consolidated amount, including the portion attributable to noncontrolling interests.
2026-02-11
Parent book equity proxyNot reported under a supported tag
debt41.4BLongTermDebt2026-02-11
shortDebt8.5BShortTermBorrowings2026-02-11
cash19.7BCashAndCashEquivalentsAtCarryingValue2026-02-11
shares2.4BWeightedAverageNumberOfDilutedSharesOutstanding2026-02-11
dividendsNot reported under a supported tag
buybacks6BPaymentsForRepurchaseOfCommonStock2026-02-11
issuanceNot reported under a supported tag