Johnson & Johnson (JNJ) Key Metrics
JNJ valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $615.87B
- Enterprise value
- $677.00B
- P/E (TTM)
- 38.8 10-yr median 24.0
- Forward P/E
- 21.0
- PEG ratio
- 2.82
- Price / sales
- 6.2 10-yr median 4.9
- Price / book
- 7.6 10-yr median 6.1
- EV / EBITDA
- 19.9 10-yr median 15.4
- Dividend yield
- 2.10% $5.36 a year
- Beta
- 0.21
JNJ key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsJNJ valuation Price multiples at each fiscal year-end price.
JNJ returns How much profit the business earns on the capital it uses.
JNJ per-share figures Results divided by the shares outstanding at year-end.
JNJ financial health Debt, liquidity and how easily interest is covered.
JNJ efficiency & capital use Working capital cycle and where the cash goes.
JNJ valuation history
JNJ returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
JNJ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
JNJ cash returned to shareholders
JNJ price vs earnings per share
JNJ key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $502.76B | $351.34B | $401.32B | $470.58B | $457.44B | $420.31B | $391.56B | $352.14B | $383.57B | $321.31B |
| Enterprise value | $530.60B | $363.45B | $407.72B | $487.94B | $459.58B | $430.40B | $399.97B | $362.93B | $399.86B | $306.53B |
| P/E ratio | 18.8 | 25.0 | 11.4 | 26.2 | 21.9 | 28.6 | 25.9 | 23.0 | 295.1 | 19.4 |
| Price / sales | 5.3 | 4.0 | 4.7 | 5.9 | 5.8 | 5.1 | 4.8 | 4.3 | 5.0 | 4.5 |
| Price / book | 6.2 | 4.9 | 5.8 | 6.1 | 6.2 | 6.6 | 6.6 | 5.9 | 6.4 | 4.6 |
| Price / free cash flow | 25.5 | 17.7 | 22.0 | 27.4 | 23.2 | 20.8 | 19.7 | 19.0 | 21.6 | 20.7 |
| Price / operating cash flow | 20.5 | 14.5 | 17.6 | 22.2 | 19.5 | 17.9 | 16.7 | 15.9 | 18.2 | 17.1 |
| EV / sales | 5.6 | 4.1 | 4.8 | 6.1 | 5.8 | 5.2 | 4.9 | 4.4 | 5.2 | 4.3 |
| EV / EBITDA | 12.9 | 14.7 | 13.9 | 18.3 | 17.2 | 18.0 | 16.2 | 14.0 | 16.5 | 12.6 |
| EV / free cash flow | 26.9 | 18.3 | 22.3 | 28.4 | 23.3 | 21.3 | 20.1 | 19.6 | 22.5 | 19.7 |
| Earnings yield | 5.3% | 4.0% | 8.8% | 3.8% | 4.6% | 3.5% | 3.9% | 4.3% | 0.3% | 5.1% |
| Free cash flow yield | 3.9% | 5.6% | 4.5% | 3.7% | 4.3% | 4.8% | 5.1% | 5.3% | 4.6% | 4.8% |
| Dividend yield | 2.5% | 3.4% | 2.9% | 2.5% | 2.4% | 2.5% | 2.5% | 2.7% | 2.3% | 2.7% |
| Shareholder yield (dividends + buybacks) | 3.6% | 4.1% | 4.2% | 3.8% | 3.2% | 3.3% | 4.3% | 4.4% | 4.0% | 5.5% |
| Share price at fiscal year-end | $206.95 | $144.62 | $156.74 | $176.65 | $171.07 | $157.38 | $145.87 | $129.05 | $139.72 | $115.21 |
| Per share | ||||||||||
| Revenue per share | $38.77 | $36.56 | $33.26 | $30.03 | $29.45 | $30.92 | $30.57 | $29.90 | $27.85 | $25.78 |
| Earnings per share | $11.03 | $5.79 | $13.73 | $6.73 | $7.81 | $5.51 | $5.63 | $5.61 | $0.47 | $5.93 |
| Operating cash flow per share | $10.10 | $9.99 | $8.90 | $7.96 | $8.75 | $8.81 | $8.72 | $8.14 | $7.67 | $6.73 |
| Free cash flow per share | $8.11 | $8.17 | $7.13 | $6.45 | $7.39 | $7.56 | $7.42 | $6.79 | $6.48 | $5.57 |
| Cash per share | $8.27 | $10.09 | $8.95 | $8.36 | $11.82 | $9.43 | $7.19 | $7.21 | $6.66 | $15.03 |
| Book value per share | $33.57 | $29.43 | $26.86 | $28.83 | $27.68 | $23.69 | $22.16 | $21.90 | $21.91 | $25.25 |
| Tangible book value per share | −$7.26 | −$4.25 | −$0.77 | $0.85 | −$2.85 | −$9.93 | −$8.13 | −$6.71 | −$9.10 | $7.44 |
| Dividends per share | $5.10 | $4.87 | $4.60 | $4.39 | $4.13 | $3.92 | $3.69 | $3.48 | $3.26 | $3.09 |
| Capex per share | $1.99 | $1.82 | $1.77 | $1.50 | $1.37 | $1.25 | $1.30 | $1.34 | $1.19 | $1.16 |
| Debt per share | $19.73 | $15.08 | $11.46 | $14.88 | $12.62 | $13.20 | $10.32 | $11.17 | $12.60 | $9.73 |
| Shares outstanding | 2.43B | 2.43B | 2.56B | 2.66B | 2.67B | 2.67B | 2.68B | 2.73B | 2.75B | 2.79B |
| Change in shares outstanding | 0.0% | −5.1% | −3.9% | −0.4% | +0.1% | −0.5% | −1.6% | −0.6% | −1.6% | −0.9% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 35.0% | 20.1% | 48.3% | 23.8% | 30.4% | 24.0% | 25.4% | 25.5% | 2.0% | 23.4% |
| Return on invested capital (ROIC) | 21.8% | 23.5% | 22.8% | 20.9% | 26.0% | 24.9% | 26.4% | 24.5% | 14.3% | 32.2% |
| Return on assets (ROA) | 14.1% | 8.1% | 19.8% | 9.7% | 11.7% | 8.8% | 9.7% | 9.9% | 0.9% | 12.0% |
| Return on tangible assets | 26.8% | 14.3% | 36.3% | 15.9% | 20.8% | 17.3% | 19.8% | 20.4% | 1.8% | 18.1% |
| Free cash flow margin | 20.9% | 22.3% | 21.4% | 21.5% | 25.1% | 24.4% | 24.3% | 22.7% | 23.3% | 21.6% |
| Income quality (OCF / net income) | 0.92 | 1.73 | 0.65 | 1.18 | 1.12 | 1.60 | 1.55 | 1.45 | 16.20 | 1.13 |
| Financial health | ||||||||||
| Total debt | $47.93B | $36.63B | $29.33B | $39.64B | $33.75B | $35.27B | $27.70B | $30.48B | $34.58B | $27.13B |
| Cash & short-term investments | $20.10B | $24.52B | $22.93B | $22.28B | $31.61B | $25.18B | $19.29B | $19.69B | $18.30B | $41.91B |
| Net debt | $27.83B | $12.11B | $6.41B | $17.36B | $2.14B | $10.08B | $8.41B | $10.79B | $16.29B | −$14.78B |
| Debt / equity | 0.59 | 0.51 | 0.43 | 0.52 | 0.46 | 0.56 | 0.47 | 0.51 | 0.57 | 0.39 |
| Debt / assets | 0.24 | 0.20 | 0.18 | 0.21 | 0.19 | 0.20 | 0.18 | 0.20 | 0.22 | 0.19 |
| Net debt / EBITDA | 0.68 | 0.49 | 0.22 | 0.65 | 0.08 | 0.42 | 0.34 | 0.42 | 0.67 | −0.61 |
| Current ratio | 1.03 | 1.11 | 1.16 | 0.99 | 1.35 | 1.21 | 1.26 | 1.47 | 1.41 | 2.47 |
| Quick ratio | 0.77 | 0.86 | 0.91 | 0.81 | 1.12 | 0.99 | 1.01 | 1.20 | 1.12 | 2.16 |
| Interest coverage | 26.4 | 29.3 | 17.5 | 76.1 | 114.4 | 98.2 | 65.9 | 21.1 | 20.2 | 28.8 |
| Working capital | $1.50B | $5.57B | $7.21B | −$508.0M | $15.75B | $8.74B | $9.31B | $14.80B | $12.55B | $38.74B |
| Invested capital | $109.38B | $83.60B | $75.18B | $94.17B | $76.17B | $73.36B | $67.88B | $70.55B | $76.44B | $55.64B |
| Tangible asset value | −$17.63B | −$10.33B | −$1.96B | $2.27B | −$7.62B | −$26.52B | −$21.81B | −$18.31B | −$24.97B | $20.74B |
| Net current asset value | −$62.04B | −$52.72B | −$45.29B | −$55.28B | −$47.02B | −$60.38B | −$52.98B | −$47.17B | −$54.05B | −$5.76B |
| Graham number | $91.28 | $61.92 | $91.09 | $66.10 | $69.74 | $54.19 | $52.99 | $52.56 | $15.28 | $58.05 |
| Graham net-net per share | −$31.94 | −$26.21 | −$23.09 | −$26.45 | −$21.30 | −$26.80 | −$23.69 | −$21.49 | −$23.44 | −$5.75 |
| Capital allocation | ||||||||||
| Dividends paid | $12.38B | $11.82B | $11.77B | $11.68B | $11.03B | $10.48B | $9.92B | $9.49B | $8.94B | $8.62B |
| Share buybacks (net) | $5.95B | $2.43B | $5.05B | $6.04B | $3.46B | $3.22B | $6.75B | $5.87B | $6.36B | $8.98B |
| Dividend payout ratio | 46.2% | 84.1% | 33.5% | 65.1% | 52.8% | 71.2% | 65.6% | 62.1% | 687.9% | 52.1% |
| Dividends + buybacks / free cash flow | 93.1% | 71.8% | 92.2% | 103.1% | 73.3% | 67.9% | 83.7% | 82.9% | 86.1% | 113.2% |
| Capex / revenue | 5.1% | 5.0% | 5.3% | 5.0% | 4.6% | 4.1% | 4.3% | 4.5% | 4.3% | 4.5% |
| Capex / operating cash flow | 19.7% | 18.2% | 19.9% | 18.9% | 15.6% | 14.2% | 14.9% | 16.5% | 15.6% | 17.2% |
| Capex / depreciation | 0.64 | 0.60 | 0.61 | 0.58 | 0.49 | 0.46 | 0.50 | 0.53 | 0.58 | 0.86 |
| Stock-based compensation / revenue | 1.4% | 1.3% | 1.4% | 1.4% | 1.4% | 1.2% | 1.2% | 1.2% | 1.3% | 1.2% |
| R&D / revenue | 15.6% | 19.4% | 17.7% | 17.7% | 18.1% | 14.9% | 13.8% | 13.2% | 13.9% | 12.7% |
| SG&A / revenue | 25.1% | 24.7% | 25.3% | 25.3% | 25.5% | 26.7% | 27.0% | 27.6% | 28.1% | 27.9% |
| Efficiency | ||||||||||
| Days sales outstanding | 70.0 | 69.4 | 68.1 | 81.9 | 75.5 | 62.0 | 63.6 | 61.7 | 60.1 | 56.9 |
| Days of inventory on hand | 160.7 | 156.9 | 146.4 | 153.3 | 153.9 | 117.9 | 116.7 | 117.0 | 121.3 | 135.7 |
| Days payables outstanding | 134.5 | 132.5 | 133.2 | 155.4 | 160.3 | 115.9 | 106.5 | 100.0 | 102.1 | 113.8 |
| Cash conversion cycle (days) | 96.1 | 93.9 | 81.3 | 79.8 | 69.0 | 64.0 | 73.7 | 78.7 | 79.4 | 78.8 |
| Receivables turnover | 5.22 | 5.26 | 5.36 | 4.46 | 4.84 | 5.89 | 5.74 | 5.91 | 6.07 | 6.41 |
| Payables turnover | 2.71 | 2.75 | 2.74 | 2.35 | 2.28 | 3.15 | 3.43 | 3.65 | 3.58 | 3.21 |
| Inventory turnover | 2.27 | 2.33 | 2.49 | 2.38 | 2.37 | 3.10 | 3.13 | 3.12 | 3.01 | 2.69 |
| Asset turnover | 0.50 | 0.51 | 0.48 | 0.43 | 0.44 | 0.50 | 0.53 | 0.53 | 0.51 | 0.52 |
| Average receivables | $18.05B | $16.90B | $15.89B | $17.95B | $16.28B | $14.03B | $14.29B | $13.79B | $12.59B | $11.22B |
| Average payables | $11.15B | $9.97B | $9.76B | $10.47B | $10.28B | $9.02B | $8.04B | $7.42B | $7.11B | $6.79B |
| Average inventory | $13.32B | $11.81B | $10.72B | $10.33B | $9.87B | $9.18B | $8.81B | $8.68B | $8.45B | $8.10B |
| Intangibles / total assets | 49.8% | 45.4% | 42.2% | 39.8% | 44.9% | 51.3% | 51.5% | 51.0% | 54.1% | 35.2% |
Computed from JNJ's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
JNJ valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Johnson & Johnson traded at 18.8 times earnings, against a 10-year median of 24.0. Based on the latest twelve months, the trailing P/E is 38.8 and the forward P/E is 21.0. Johnson & Johnson earned a return on equity of 35.0% and a return on invested capital of 21.8% in fiscal 2025. It ended the year with $47.9 billion of debt and $20.1 billion in cash and short-term investments, net debt of $27.8 billion. It returned $18.3 billion to shareholders: $12.4 billion in dividends and $6.0 billion in share buybacks, 93% of free cash flow. The share count fell 12.9% from 2.79B to 2.43B over 9 years.
See the JNJ income statement, the JNJ chart for price history, or the JNJ stock overview for the latest quote and news.
JNJ key metrics FAQ
What is Johnson & Johnson's P/E ratio?
Johnson & Johnson's trailing P/E ratio is 38.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 21.0. At the end of fiscal 2025 it was 18.8, compared with a 10-year median of 24.0.
What is Johnson & Johnson's EV/EBITDA?
Johnson & Johnson's enterprise value was 12.9 times EBITDA at the end of fiscal 2025 (enterprise value $530.6 billion, EBITDA $41.1 billion); the current EV/EBITDA is 19.9.
What is Johnson & Johnson's return on equity?
Johnson & Johnson's return on equity (ROE) was 35.0% in fiscal 2025: net income of $26.8 billion on average shareholders' equity of $76.5 billion.
What is Johnson & Johnson's ROIC?
Johnson & Johnson's return on invested capital was 21.8% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Johnson & Johnson have?
Johnson & Johnson had total debt of $47.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.59 and $27.8 billion of net debt (0.68 times EBITDA).
What is Johnson & Johnson's dividend yield?
Johnson & Johnson's forward dividend yield is 2.10%. Johnson & Johnson paid $12.4 billion in dividends in fiscal 2025 ($5.10 per share), a payout ratio of 46.2%.
Does Johnson & Johnson buy back its shares?
Yes. Johnson & Johnson spent $6.0 billion on net share repurchases in fiscal 2025 Shares outstanding changed 0.0% over the year, to 2.43B..
What is Johnson & Johnson's free cash flow yield?
Johnson & Johnson generated $19.7 billion of free cash flow in fiscal 2025, a free cash flow yield of 3.9% on its market value at year-end ($502.8 billion).
What is Johnson & Johnson's current ratio?
Johnson & Johnson's current ratio was 1.03 at the end of fiscal 2025: current assets were 1.03 times current liabilities.