JNJ
Johnson & Johnson
JNJ's fundamentals are mixed, but it looks expensive: trading at 43x earnings, above its usual 24x. Its downside scenario is about eight times its upside.
JNJ Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| Strong | |
| Healthy |
JNJ's cash flow and balance sheet are currently healthy, and its revenue and profitability are stable.
JNJ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 17x | $114 | -60% |
| Fair | 24x | $159 | -44% |
| Forward | 25x | $284 | — |
| Expensive | 29x | $191 | -33% |
| Current | 43x | $284 | — |
Historical ranges are pointers, not guarantees.
JNJ's PE is in its expensive range at 43x. If earnings grow as analysts expect, today's price would be 25x next year's earnings, in its fair range.
JNJ Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
Analysts expect earnings and revenue growth for JNJ, with profitability holding steady.
JNJ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $11.26 | +71% |
| Q3 2026 | $6.58 | -36% |
| Q2 2026 | $8.61 | -7.9% |
| Q1 2026 | $8.63 | -4% |
| Q4 2025 | $11.03 | +91% |
| Q3 2025 | $10.36 | +71% |
| Q2 2025 | $9.35 | -38% |
| Q1 2025 | $8.99 | -41% |
| Q4 2024 | $5.79 | -58% |
JNJ's earnings per share have fallen from their peak: $6.58 over the past year, against $15.18 in early 2024.
JNJ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $25.4B | +5.9% |
| Q2 2026 | $25.3B | +6.6% |
| Q1 2026 | $24.1B | +9.9% |
| Q4 2025 | $24.6B | +9.1% |
| Q3 2025 | $24B | +6.8% |
| Q2 2025 | $23.7B | +5.8% |
| Q1 2025 | $21.9B | +2.4% |
| Q4 2024 | $22.5B | +5.3% |
JNJ's revenue has grown year over year for nine quarters in a row: $25.4B last quarter, up 5.9% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 0.1% | -31 points |
| Q2 2026 | 27% | -0.7 points |
| Q1 2026 | 25% | -37 points |
| Q4 2025 | 20% | +3 points |
| Q3 2025 | 31% | +16 points |
| Q2 2025 | 27% | +1.7 points |
| Q1 2025 | 62% | +45 points |
| Q4 2024 | 17% | -5.3 points |
JNJ's operating margin was 0.1% last quarter, down 31 points from the same quarter a year ago, near the bottom of its range since 2019.
JNJ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $6.4B | -21% |
| Q2 2026 | $7.3B | +157% |
| Q1 2026 | $1.5B | -57% |
| Q4 2025 | $5.5B | +1.9% |
| Q3 2025 | $8B | +15% |
| Q2 2025 | $2.8B | -39% |
| Q1 2025 | $3.4B | +19% |
| Q4 2024 | $5.4B | -14% |
JNJ's free cash flow has been positive every quarter for seven years: $20.6B over the past year, up 5.1% from the year before.
JNJ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | +0.3% | +8.5M shares |
| 1 year | +0.8% | +20M shares |
| 3 years | -4% | -101M shares |
| 5 years | -8.5% | -226M shares |
| Available history | -8.8% | -236M shares |
JNJ has 2.4B diluted shares, up 0.8% from a year ago, despite $7.9B in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $1.7B |
| Q2 2026 | $221M |
| Q1 2026 | $4B |
| Q4 2025 | $1.9B |
| Q3 2025 | $1.9B |
| Q2 2025 | — |
| Q1 2025 | $2.1B |
| Q4 2024 | $282M |
JNJ spent $7.9B buying back its own shares over the past year, up 83% from the year before.
JNJ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.1x | Healthy |
| Q2 2026 | 0.9x | Very low |
| Q1 2026 | 1.0x | Healthy |
| Q4 2025 | 0.7x | Very low |
| Q3 2025 | 0.7x | Very low |
| Q2 2025 | 0.9x | Very low |
| Q1 2025 | 0.4x | Very low |
| Q4 2024 | 0.5x | Very low |
JNJ's net debt is about 1.1 years of its operating earnings (EBITDA), up from less than a year a year ago.
JNJ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 64.5 | Neutral |
| Stochastic | 84.7 | Overbought |
JNJ's weekly RSI is 65 (neutral) and its Stochastic is 85 (overbought).
JNJ PE vs Healthcare Sector
| Metric | JNJ | Sector median | Relative |
|---|---|---|---|
| PE | 43x | 26x | 67% above |
| PE % | 100 | 29 | 71 pts above |
JNJ is trading at 43x earnings, a 67% premium to the Healthcare sector's median of 26x.
JNJ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $267.6 | 5.9% above |
| 20 week MA | $265.1 | 6.9% above |
| 50 week MA | $243.5 | 16% above |
| 100 week MA | $204.7 | 39% above |
| 200 week MA | $181.3 | 56% above |
JNJ is in an uptrend: it's above all five of its weekly moving averages, and 56% above its 200-week average.
JNJ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $145.8 | $152.5 | +4.6% |
| 2021 | $152.5 | $168.3 | +10% |
| 2022 | $168.3 | $177.5 | +5.5% |
| 2023 | $177.5 | $156.7 | -12% |
| 2024 | $156.7 | $145.1 | -7.5% |
| 2025 | $145.1 | $207.6 | +43% |
| 2026 YTD | $207.6 | $283.5 | +37% |
JNJ has finished higher in four of the last six years. It's up 37% so far in 2026.