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$268.04
Market Capi
$646B
Growth-adj P/E (3-yr hist)i
1.3x
Growth-adj P/E (3-yr proj)i
n/a
P/S 26Ei
6.4x
P/S 28Ei
5.4x
EV/EBIT 26Ei
20x
EV/EBIT 28Ei
15x
P/E 26Ei
30x
P/E 28Ei
n/a
P/S 26Ei
6.4x
EV/EBIT 26Ei
20x
P/E 26Ei
30x
P/S 28Ei
5.4x
EV/EBIT 28Ei
15x
P/E 28Ei
n/a
Revenue
2026E
$101B
Gross Margini
68%
Hist. CAGRi
-0.3%
Proj. CAGRi
6.8%
EBIT
2026E
$34B
Op. Margini
28%
Hist. CAGRi
0.7%
Proj. CAGRi
15%
Net profit
2026E
$22B
Net Margini
28%
Hist. CAGRi
14%
Proj. CAGRi
-0.8%
Business Model
Recent Developments
Average Targeti
$271.73+7%
Consensusi
Outperform
23 analysts covering
Net debti
$0K
Div. Yieldi
2.0%
Dilutioni
0.1%
Market Capi
$646B
P/E 26Ei
30x
Adj. P/E (fwd.)i
—
Revenue 26E
$101B
Proj. CAGRi
6.8%
Gross Margini
68%
EBIT 26E
$34B
Proj. CAGRi
15%
Op. Margini
28%
Net Profit 26E
$22B
Proj. CAGRi
-0.8%
Net Margini
28%
Average Targeti
$271.73+7%
Consensusi
Outperform
23 analysts covering
Profile
Johnson & Johnson is one of the world's largest healthcare companies, operating across two distinct segments after spinning off its consumer health division (Kenvue) in 2023:
Industry
J&J sells primarily to hospitals, specialty clinics, and pharmacy benefit managers in over 175 countries. The U.S. accounts for roughly 57% of net sales, with Europe and Asia-Pacific making up most of the remainder. The pharmaceutical segment targets high-complexity, high-cost therapeutic areas where clinical outcomes justify premium pricing. MedTech serves procedural volumes tied to surgical and interventional care. Both segments benefit from recurring, non-discretionary demand — patients do not defer cancer treatment or cardiac procedures in typical economic cycles.
Key metrics
Economic moat
J&J's moat rests on three reinforcing pillars. First, deep patent protection and regulatory exclusivity on blockbuster oncology and immunology drugs creates multi-year pricing power that generic competition cannot immediately erode. Second, its scale in clinical development and global regulatory affairs — built over decades — allows it to run large trials and navigate complex approval pathways more efficiently than smaller peers. Third, in MedTech, installed-base lock-in and surgeon training programs create meaningful switching costs, particularly in electrophysiology and surgical robotics.
Joaquin Duato
Duato became CEO in January 2022 and assumed the Chairman role in January 2023, consolidating both positions. He spent his entire career at J&J, rising through commercial and operational roles across Europe and Asia before leading the pharmaceutical segment as EVP. His tenure as CEO has been defined by the Kenvue consumer health spin-off, accelerating oncology investment, and navigating the talc litigation toward resolution.
Joseph Wolk
Wolk has served as Chief Financial Officer since mid-2018, providing stability across the Kenvue separation and the reshaping of the company into a pure-play pharmaceutical and MedTech business. His background spans investor relations and finance within J&J, giving him deep institutional knowledge of capital allocation priorities, including the 64-year dividend growth streak.
Penny M. Heaton
Heaton joined J&J's scientific leadership in July 2024, overseeing R&D strategy across the Innovative Medicine pipeline. Her appointment reflects J&J's emphasis on late-stage clinical execution — particularly in oncology and immunology, where pipeline depth is the primary long-term value driver.
Other key figures
James Swanson serves as a CTO-level technology officer. The board includes notable independent directors: Jennifer Doudna (CRISPR pioneer, adds scientific credibility), Marillyn Hewson (former Lockheed Martin CEO), and Hubert Joly (former Best Buy CEO), providing diverse operational and governance depth.
P/S Ratioi
EV/EBITiEV/EBIT values for 2021, 2022, 2023, 2024, and 2025 were omitted from this chart because negative or above 250x values usually occur around break-even earnings and would distort the scale. The raw values remain in the table below.
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Johnson & Johnson's second quarter, reported July 15, 2026, brought worldwide sales of $25.3 billion, up 6.6% year over year, with adjusted EPS of $2.90 topping consensus estimates.
Innovative Medicine sales climbed to $16.4 billion (+7.8%), led by Darzalex, Carvykti and Tremfya, while MedTech reached $8.9 billion (+4.5%); Stelara biosimilar erosion stayed a drag on immunology.
Management raised full-year 2026 guidance to roughly $101.1 billion in sales (+7.3% at the midpoint) and an adjusted EPS midpoint of $11.68, putting the company on track to top $100 billion in annual revenue for the first time.
Recent developments
The OTTAVA robotic surgical system received U.S. FDA marketing authorization on July 22, 2026, the first table-integrated soft-tissue surgical robot cleared for procedures including gastric bypass and cholecystectomy.
On July 27, 2026, the company proposed a $5.5 billion settlement to resolve roughly 76,000 pending talc ovarian-cancer claims, contingent on acceptance by at least 95% of eligible claimants; future claims aren't covered.
Days later, J&J completed its $1 billion acquisition of Firefly Bio's antibody-degrader platform and struck a collaboration carrying an option to acquire Sail Biomedicines' in-vivo CAR-T technology; together the deals cut 2026 adjusted EPS guidance by $0.64 to a new midpoint of $11.04.
Debate & sentiment
Bulls point to a broadening new-drug cycle across oncology and immunology that is now more than offsetting Stelara biosimilar losses, alongside accelerating MedTech gains in cardiovascular and surgery.
Skeptics note that Innovative Medicine growth still leans on a narrowing set of products as older franchises decline, raising execution risk against elevated Street estimates.
The proposed talc settlement removes a long-standing legal overhang, but its finality hinges on reaching the 95% claimant opt-in threshold, and the M&A-driven EPS dilution from recent deals tempers near-term earnings momentum even as the longer-term pipeline case builds.
Consensusi
Outperform
Average targeti
$271.73+7%
Highest targeti
$305.00+20%
Lowest targeti
$190.00-25%
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