JNJ
JOHNSON & JOHNSON
Healthcare • CIK: 0000200406
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Market Cap
$432.60B
P/E (TTM)
17.2x
Rev Growth (TTM)
+5.1%
Net Margin (TTM)
27.3%
FCF Yield (TTM)
4.5%
FCF Margin (TTM)
21.3%
Cash Flow Health
Free Cash Flow8/8 positive
TTM$19.6B
Q3 '25
$8.0B+183%
Q2 '25
$2.8B-16%
FCF Margin
TTM21.3%
Q3 '2533.4%+180%
Sector: 5.8%Top 25%
OCF Margin26.3%
OCF/NI0.96x
CapEx Coverage5.3x
FCF Yield4.5%
FCF Growth (2Y)+3%
Cash Conversion Cycle
106 days
DSO: 65+DIO: 161−DPO: 120
Capital Allocation & Returns
Balanced
Total Shareholder YieldTTM
TTM3.8%
Div Yield2.8%
+Buyback (TTM)1.0%
Balancing returns with reinvestment
Dividend & Payout Metrics
Dividend Yield (TTM)2.8%
FCF Payout Ratio62.4%
Free Cash Flow (TTM)$19.6B
Stock Repurchases (TTM)$4.3B
Capital Return / FCF84.4%
Est. Dividends Paid (TTM)$12.2B
Shows how management rewards shareholders
Operational Efficiency & Returns
Return on Invested CapitalTTM
16.4%
Stable
-0.1% YoY-1.2%
P25MedianP75
75th pctl (med: 0.1%)
DuPont BreakdownROIC = Margin × Turn × (1+D/E)
NOPAT Margin
20.5%
8Q: 21.6%
Asset Turnover
0.49x
8Q: 0.50x
Leverage (1+D/E)
1.58x
D/E: 0.58x
DuPont: 15.8% ≈ 16.4% ROIC
Asset & CapEx Efficiency
Fixed Asset Turn
4.35x
8Q:4.41x
-9.4%
Invested Cap Turn
0.80x
8Q:0.84x
-9.4%
CapEx Intensity
4.0%
8Q:3.8%
CapEx/Depreciation
0.62x
Asset-based ROIC formula
QUARTERLY TRENDS
Last 8 quarters + TTM
| Metric | TTM | Q3 2025 | Q2 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 |
|---|---|---|---|---|---|---|---|---|---|
Revenue | $92.1B | $24.0B↑1.1% | $23.7B↑8.5% | $21.9B↓2.8% | $22.5B↑0.2% | $22.5B↑0.1% | $22.4B↑5.0% | $21.4B↓0.1% | $21.4B |
Operating Income | $23.6B | $7.1B↑5.8% | $6.7B↑8.2% | $6.2B↑70.3% | $3.6B↓28.3% | $5.1B↓21.4% | $6.5B↑6.3% | $6.1B↑41.0% | $4.3B |
Net Income | $25.1B | $5.2B↓7.0% | $5.5B↓49.7% | $11.0B↑220.6% | $3.4B↑27.4% | $2.7B↓42.5% | $4.7B↑44.0% | $3.3B↓19.6% | $4.0B |
Operating Cash Flow | $24.2B | $9.2B↑136.4% | $3.9B↓7.1% | $4.2B↓40.2% | $7.0B↓12.6% | $8.0B↑41.9% | $5.6B↑54.0% | $3.7B↓53.5% | $7.9B |
Free Cash Flow | $19.6B | $8.0B↑182.6% | $2.8B↓16.1% | $3.4B↓37.1% | $5.4B↓22.9% | $7.0B↑49.5% | $4.7B↑63.4% | $2.9B↓54.6% | $6.3B |
Total Equity | N/A |
Valuation Analysis
Fair Value
Price-to-EarningsTTM
17.2x
Volatile
8Q: 85.5x-3630%
Valuation Lenses
Earnings
17.2x
vs – sector
Cash Flow
26.1x
EV/FCF vs –
Growth-Adj
0.3xPEG
Undervalued for growth
Quality-Adj
1.1P/E per %ROIC
ROIC: 16.4%
Shareholder Returns
Dividend
2.8%
Buyback
1.0%
Total Yield
3.8%
Market Cap$432.60B
EV–
Multi-angle valuation analysis with sector context
Business Quality & Moat
Overall Quality Score
94/100
Exceptional
Composite score: Returns (40%) + Consistency (30%) + Earnings Quality (30%)
Returns on Capital
Return on Equity (ROE)Top 25%
33.2%
8Q:–
Return on Invested Capital (ROIC)Top 25%
16.4%
8Q:–
Flat
vs Sector:0.1%
DuPont Analysis (ROIC = NOPAT Margin × Asset Turnover)
NOPAT Margin: 20.5%
Asset Turnover: 0.49x
Earnings Quality
Cash Conversion
0.96x
OCF / Net Income
FCF Consistency
–
Positive quarters
Competitive Moat Indicators
Pricing Power
Gross Margin68.1%
Capital Efficiency
Invested Capital Turnover0.80x
Working Capital
Cash Conversion Cycle106 days
Growth Quality & Momentum
Moderate Growth
Growth Quality Score
57/100
Growth 40%
Margins 30%
FCF 20%
Consistency 10%
Growth Rates
Revenue Growth YoY
5.1%
OpInc Growth YoY
39.7%
EPS Growth YoY
68.5%
FCF 3Y CAGR
3.4%
Margin Quality & Sustainability
Moderate
Profitability Cascade
Gross
68.1%
Operating
25.7%
Top 25% in sector
Net
27.3%
Margins Unknown
Earnings Quality Signals
SBC / Revenue
—
FCF vs Net Gap
-6.0 pts
FCF: 21.3% | Net: 27.3%
Quality = stability + cash conversion + low dilution
Balance Sheet & Solvency
Adequate
Net Debt / EBITDA
–Net Debt: $27.23B
Interest Coverage
–
Leverage Metrics
Debt-to-Equity
0.58x
Balance sheet risk & solvency analysis