JNJ
Johnson & Johnson
JNJ's outlook is improving despite an expensive valuation.
NVO
Novo Nordisk A/S
NVO has a slight edge over JNJ overall, supported by stronger modeled upside and stronger valuation.
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.
NVO Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Strong | |
| Stable | |
| Healthy |
NVO's revenue, profitability and balance sheet are currently healthy, and its cash flow is 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.
NVO PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Current | 10x | $40.65 | — |
| Cheap | 14x | $53.56 | +32% |
| Fair | 27x | $103 | +154% |
| Expensive | 39x | $152 | +273% |
Historical ranges are pointers, not guarantees.
NVO has the edge over JNJ in the historical PE scenario, which offers more potential upside but is not a forecast.
JNJ Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Stable | |
| Limited | |
| Moderate |
JNJ has the edge over NVO on the outlook, with more favorable earnings and profitability expectations.
NVO Forward outlook
| Metric | Outlook |
|---|---|
| -- | |
| Stable | |
| Growth | |
| Weakening | |
| Limited | |
| Low |
Analysts expect NVO's revenue to grow, but its profitability to weaken. However, they disagree widely on these estimates.
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.
NVO Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Q2 2026 | $3.89 | +4.9% |
| Q1 2026 | $4.07 | +17% |
| Q4 2025 | $3.42 | +1.8% |
| Q3 2025 | $3.47 | +10% |
| Q2 2025 | $3.71 | +24% |
| Q1 2025 | $3.49 | +18% |
| Q4 2024 | $3.36 | +21% |
| Q3 2024 | $3.15 | +27% |
NVO has the edge over JNJ on earnings, with more consistent year-over-year improvement.
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.
NVO Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q2 2026 | $11.7B | +2.1% |
| Q1 2026 | $14.4B | +24% |
| Q4 2025 | $11.8B | -7.6% |
| Q3 2025 | $11.1B | +5.1% |
| Q2 2025 | $11.4B | +13% |
| Q1 2025 | $11.6B | +19% |
| Q4 2024 | $12.7B | +30% |
| Q3 2024 | $10.6B | +21% |
NVO's revenue is growing: $11.7B last quarter, up 2.1% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q2 2026 | 34% | -9 points |
| Q1 2026 | 62% | +12 points |
| Q4 2025 | 40% | -2.8 points |
| Q3 2025 | 32% | -16 points |
| Q2 2025 | 44% | +5.4 points |
| Q1 2025 | 50% | +1 points |
| Q4 2024 | 43% | +2.2 points |
| Q3 2024 | 47% | +1.6 points |
NVO has the edge over JNJ on profitability, with a higher operating margin.
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.
NVO Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q2 2026 | $6.3B | +73% |
| Q1 2026 | $1.8B | +20% |
| Q4 2025 | -$5.4B | -$4.7B |
| Q3 2025 | $4.6B | -2.1% |
| Q2 2025 | $3.6B | -34% |
| Q1 2025 | $1.5B | +89% |
| Q4 2024 | -$632.6M | +$390.5M |
| Q3 2024 | $4.7B | +3.3% |
NVO has the edge over JNJ on cash flow, with more consistent year-over-year improvement.
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.
NVO Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.3% | -12.9M shares |
| 1 year | -0.2% | -11M shares |
| 3 years | -1.5% | -66.8M shares |
| 5 years | -3.8% | -177M shares |
| Available history | -6.5% | -311M shares |
NVO has the edge over JNJ on shareholder dilution, with a more favorable share count trend.
| Quarter | Spent |
|---|---|
| Q2 2026 | $520M |
| Q1 2026 | $356.7M |
| Q4 2025 | — |
| Q3 2025 | — |
| Q2 2025 | — |
| Q1 2025 | $206.3M |
| Q4 2024 | $1.1B |
| Q3 2024 | $357.4M |
NVO spent $877M buying back its own shares over the past year, down 48% 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.
NVO Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q2 2026 | 0.5x | Very low |
| Q1 2026 | 0.7x | Very low |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 0.4x | Very low |
| Q2 2025 | 0.5x | Very low |
| Q1 2025 | 0.5x | Very low |
| Q4 2024 | 0.6x | Very low |
| Q3 2024 | -0.0x | Very low |
NVO has the edge over JNJ on leverage, with a lower net debt burden relative to earnings.
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).
NVO Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 43.0 | Neutral |
| Stochastic | 27.0 | Neutral |
NVO's weekly RSI is 43 (neutral) and its Stochastic is 27 (neutral).
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.
NVO PE vs Healthcare Sector
| Metric | NVO | Sector median | Relative |
|---|---|---|---|
| PE | 10x | 26x | 60% below |
| PE % | 6 | 29 | 23 pts below |
NVO has the edge over JNJ on valuation relative to its sector.
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 has the edge over NVO on trend strength, trading above more of its moving averages.
NVO Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $39.2 | 3.7% above |
| 20 week MA | $43.9 | 7.4% below |
| 50 week MA | $45.3 | 10% below |
| 100 week MA | $56.3 | 28% below |
| 200 week MA | $80.7 | 50% below |
NVO has bounced recently, but its long-term trend is still down: it's above its 8-week average, but 50% below 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 the edge over NVO on returns for 2026, with the stronger performance.
NVO Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $29.1 | $34.7 | +19% |
| 2021 | $34.7 | $54.2 | +56% |
| 2022 | $54.2 | $67.0 | +24% |
| 2023 | $67.0 | $103.5 | +54% |
| 2024 | $103.5 | $87.4 | -16% |
| 2025 | $87.4 | $52.4 | -40% |
| 2026 YTD | $52.4 | $40.7 | -22% |
NVO has finished higher in four of the last six years, two of them by more than 50%. It's down 22% so far in 2026.