Johnson & Johnson

Health Care
Biotechnology: Pharmaceutical Preparations
www.jnj.com

Earnings Score
Moat Score
Safety Score

Market Cap $359.95B
PE 25
Debt $35.75B
Cash $19.98B
EV $375.72B
FCF $20.75B

Earnings

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Sales & Net Margins

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Earnings	$14.68B
EBIT	$17.63B
ROE	21%
ROA	10%
FCF	$20.75B
Equity	$70.16B
Growth Stability	8%
PE	24.51
PEG	1.83
PB	5.13
P/FCF	17.35
P/S	4.1
Price/Cash	0.06
Debt/Equity	0.51
Debt/FCF	1.72
Net Margins	16%
Gross Margins	69%
Op. Margins	20%
Earnings CAGR	15%
Sales Growth YoY	67%
Sales Growth QoQ	0%
Sales CAGR	3%
FCF CAGR	2%
Equity CAGR	0%
Earnings Stability	0.17
Earnings Growth YoY	-90%
Earnings Growth QoQ	-43%
Earnings CAGR 5Y	13%

Sales CAGR 5Y	1%
FCF CAGR 5Y	-2%
Equity CAGR 5Y	4%
Earnings CAGR 3Y	-6%
Sales CAGR 3Y	-6%
FCF CAGR 3Y	0%
Equity CAGR 3Y	-3%
Market Cap	$359.95B
Revenue	$87.70B
Dividend Yield	3%
Payout Ratio	80%
Assets	$178.29B
Total Debt	$35.75B
Cash	$19.98B
Shares Outstanding	2.41B
EV	375.72B
Earnings Score	10%
Moat Score	93%
Safety Score	64%
Final Score	56%
Working Capital	1.49B
Current Ratio	1.03
Gross Profit	$60.56B
Shares Growth 3y	-4%
Equity Growth QoQ	-2%
Equity Growth YoY	-2%

Assets & ROA

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Stockholders Equity & ROE

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Johnson & Johnson, together with its subsidiaries, researches, develops, manufactures, and sells various products in the healthcare field worldwide. The company's Consumer Health segment provides skin health/beauty products under the AVEENO, CLEAN & CLEAR, DR. CI:LABO, NEUTROGENA, and OGX brands; baby care products under the JOHNSON'S and AVEENO Baby brands; oral care products under the LISTERINE brand; TYLENOL acetaminophen products; SUDAFED cold, flu, and allergy products; BENADRYL and ZYRTEC allergy products; MOTRIN IB ibuprofen products; NICORETTE smoking cessation products; and PEPCID acid reflux products. This segment also offers STAYFREE and CAREFREE sanitary pads; o.b. tampons; adhesive bandages under the BAND-AID brand; and first aid products under the NEOSPORIN brand. It serves general public, retail outlets, and distributors.

SEC Filings

Direct access to Johnson & Johnson (JNJ) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2024
- 10-Q Sep 29
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Oct 01
- 10-Q Jul 02
- 10-Q Apr 02
- 10-K Jan 01
2022
- 10-Q Oct 02
- 10-Q Jul 03
- 10-Q Apr 03
- 10-K Jan 02

Sector Comparison

How does Johnson & Johnson compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Johnson & Johnson compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR 15%

Stability 17%

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Johnson & Johnson Discounted Cash Flow

Fully customizable DCF calculator online for Johnson & Johnson.

Years

Calculation mode

= $237B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$21B	$21B	$22B	$22B	$22B	$23B	$23B	$24B	$24B	$25B	$25B	$252B
DCF		$19B	$18B	$17B	$15B	$14B	$13B	$12B	$11B	$10B	$9.7B	$97B
Value	$237B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2014	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	01/2022	12/2022	12/2023	TTM
Net Margins	22%	22%	23%	2%	19%	18%	18%	22%	19%	41%	16%
ROA	-	15%	15%	12%	12%	11%	10%	13%	12%	9%	10%
ROE	-	22%	23%	2%	26%	25%	23%	28%	23%	51%	21%

Good Net Margins (16.04%)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2014	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	01/2022	12/2022	12/2023	TTM
Debt over FCF	-	1.26	1.75	1.95	1.65	1.39	1.84	1.82	2.4	1.69	1.72
Debt over Equity	0.27	0.28	0.39	0.57	0.51	0.47	0.59	0.49	0.54	0.45	0.51
Growth Stability	-	-	-	8%	100%	100%	100%	100%	100%	100%	8%

Good Debt/FCF ratio (1.72)

Net Margins are high enough to offer a good protection on the profits in case of higher costs or higher interests. Furthermore higher margins reduce earnings’ volatility.

Good Debt/Equity ratio (0.51)

The company is not overleveraged and has a good balance between equity and debt.

Bad Graham’s Stability (8%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2014	01/2016	12/2016	12/2017	12/2018	12/2019	01/2021	01/2022	12/2022	12/2023	CAGR 5Y
Revenue YoY growth	-	-6%	3%	6%	7%	1%	1%	14%	1%	-10%	1%
Earnings YoY growth	-	-6%	7%	-92%	1K%	-1%	-3%	42%	-14%	96%	13%
Equity YoY growth	-	2%	-1%	-15%	-1%	-0%	6%	17%	4%	-10%	4%
FCF YoY growth	-	7%	-2%	14%	4%	7%	1%	-2%	-13%	6%	-2%