Johnson & Johnson (JNJ)
Market Price (11/22/2025): $204.05 | Market Cap: $491.4 BilSector: Health Care | Industry: Pharmaceuticals
Johnson & Johnson (JNJ)
Market Price (11/22/2025): $204.05Market Cap: $491.4 BilSector: Health CareIndustry: Pharmaceuticals
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6% | Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% | |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% | Weak multi-year price returns2Y Excs Rtn is -1.3%, 3Y Excs Rtn is -38% | |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%, CFO LTM is 24 Bil, FCF LTM is 19 Bil | ||
| Low stock price volatilityVol 12M is 19% | ||
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Aging Population & Chronic Disease, and Digital Health & Telemedicine. Show more. |
| Attractive yieldTotal YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.6%, Dividend Yield is 2.5%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 3.6% |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 26%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 20%, CFO LTM is 24 Bil, FCF LTM is 19 Bil |
| Low stock price volatilityVol 12M is 19% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, Aging Population & Chronic Disease, and Digital Health & Telemedicine. Show more. |
| Trading close to highsDist 52W High is 0.0%, Dist 3Y High is 0.0% |
| Weak multi-year price returns2Y Excs Rtn is -1.3%, 3Y Excs Rtn is -38% |
Market Valuation & Key Metrics
JNJ Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are the key points for why Johnson & Johnson's (JNJ) stock moved by 24.7% for the approximate time period from July 31, 2025, to November 22, 2025:
1. Johnson & Johnson reported robust third-quarter 2025 financial results, exceeding analyst expectations for revenue and adjusted earnings per share, and subsequently raised its full-year guidance, signaling strong operational performance and an optimistic outlook.
2. The company announced the strategic acquisition of Halda Therapeutics for $3.05 billion in cash, bolstering its oncology pipeline with innovative therapies, particularly for prostate cancer, which was viewed favorably by investors.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| JNJ Return | 11% | 11% | 6% | -9% | -5% | 44% | 64% |
| Peers Return | 10% | 34% | 23% | -1% | 12% | 10% | 122% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 11% | 102% |
Monthly Win Rates [3] | |||||||
| JNJ Win Rate | 50% | 58% | 58% | 50% | 42% | 80% | |
| Peers Win Rate | 48% | 58% | 65% | 38% | 52% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| JNJ Max Drawdown | -23% | -2% | -7% | -16% | -7% | -2% | |
| Peers Max Drawdown | -23% | -7% | -10% | -23% | -8% | -17% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: LLY, ABBV, MRK, PFE, BMY. See JNJ Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/21/2025 (YTD)
How Low Can It Go
| Event | JNJ | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -21.7% | -25.4% |
| % Gain to Breakeven | 27.8% | 34.1% |
| Time to Breakeven | 705 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -27.8% | -33.9% |
| % Gain to Breakeven | 38.6% | 51.3% |
| Time to Breakeven | 31 days | 148 days |
| 2018 Correction | ||
| % Loss | -19.4% | -19.8% |
| % Gain to Breakeven | 24.1% | 24.7% |
| Time to Breakeven | 597 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -35.5% | -56.8% |
| % Gain to Breakeven | 55.0% | 131.3% |
| Time to Breakeven | 1319 days | 1480 days |
Compare to LLY, ABBV, MRK, PFE, BMY
In The Past
Johnson & Johnson's stock fell -21.7% during the 2022 Inflation Shock from a high on 4/25/2022. A -21.7% loss requires a 27.8% gain to breakeven.
Preserve Wealth
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Asset Allocation
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Latest Trefis Analyses
Trade Ideas
Select past ideas related to JNJ. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GDRX | GoodRx | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -19.6% | -19.6% | -22.3% |
| 10312025 | DXCM | DexCom | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.5% | 3.5% | -5.8% |
| 10242025 | ACHC | Acadia Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -35.1% | -35.1% | -38.7% |
| 10102025 | PBH | Prestige Consumer Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -2.6% | -2.6% | -4.1% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 26.1% | 26.1% | -7.0% |
| 04302024 | JNJ | Johnson & Johnson | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 12.5% | 11.6% | 0.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 10312025 | GDRX | GoodRx | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | -19.6% | -19.6% | -22.3% |
| 10312025 | DXCM | DexCom | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 3.5% | 3.5% | -5.8% |
| 10242025 | ACHC | Acadia Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -35.1% | -35.1% | -38.7% |
| 10102025 | PBH | Prestige Consumer Healthcare | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | -2.6% | -2.6% | -4.1% |
| 10032025 | REGN | Regeneron Pharmaceuticals | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 26.1% | 26.1% | -7.0% |
| 04302024 | JNJ | Johnson & Johnson | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 12.5% | 11.6% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Johnson & Johnson
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 150.83 |
| Mkt Cap | 330.9 |
| Rev LTM | 61,215 |
| Op Inc LTM | 18,904 |
| FCF LTM | 14,176 |
| FCF 3Y Avg | 13,642 |
| CFO LTM | 16,843 |
| CFO 3Y Avg | 16,176 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 4.5% |
| Rev Chg 3Y Avg | 2.0% |
| Rev Chg Q | 5.2% |
| QoQ Delta Rev Chg LTM | 1.3% |
| Op Mgn LTM | 25.4% |
| Op Mgn 3Y Avg | 25.1% |
| QoQ Delta Op Mgn LTM | 1.7% |
| CFO/Rev LTM | 26.4% |
| CFO/Rev 3Y Avg | 27.3% |
| FCF/Rev LTM | 20.3% |
| FCF/Rev 3Y Avg | 21.1% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 330.9 |
| P/S | 4.6 |
| P/EBIT | 13.6 |
| P/E | 17.6 |
| P/CFO | 17.2 |
| Total Yield | 9.4% |
| Dividend Yield | 3.0% |
| FCF Yield 3Y Avg | 5.5% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.9% |
| 3M Rtn | 13.0% |
| 6M Rtn | 29.8% |
| 12M Rtn | 21.1% |
| 3Y Rtn | 12.8% |
| 1M Excs Rtn | 7.7% |
| 3M Excs Rtn | 12.4% |
| 6M Excs Rtn | 16.0% |
| 12M Excs Rtn | 10.7% |
| 3Y Excs Rtn | -48.9% |
Comparison Analyses
Segment Financials
Revenue by Segment
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Innovative Medicine | 54,759 | 52,563 | 51,680 | 45,572 | 42,198 |
| MedTech | 30,400 | 27,427 | 27,060 | 22,959 | 25,963 |
| Consumer Health | 15,035 | 14,053 | 13,898 | ||
| Total | 85,159 | 79,990 | 93,775 | 82,584 | 82,059 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| MedTech | 74,710 | 70,956 | 53,372 | 49,578 | 49,462 |
| Innovative Medicine | 58,324 | 58,436 | 64,376 | 66,158 | 56,292 |
| General corporate | 34,524 | 30,749 | 39,189 | 31,803 | 25,356 |
| Discontinued operations | 27,237 | ||||
| Consumer Health | 25,081 | 27,355 | 26,618 | ||
| Total | 167,558 | 187,378 | 182,018 | 174,894 | 157,728 |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 10/14/2025 | -0.0% | 1.5% | 1.5% |
| 7/16/2025 | 6.2% | 8.2% | 12.4% |
| 4/15/2025 | -0.5% | 2.2% | -5.2% |
| 1/22/2025 | -1.9% | 1.5% | 8.6% |
| 10/15/2024 | 1.5% | 0.8% | -5.5% |
| 7/17/2024 | 3.7% | 0.9% | 4.9% |
| 4/16/2024 | -2.1% | 1.0% | 2.6% |
| 1/23/2024 | -1.6% | -1.9% | -1.6% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 17 | 12 |
| # Negative | 11 | 7 | 12 |
| Median Positive | 2.7% | 2.2% | 4.9% |
| Median Negative | -1.5% | -2.0% | -3.1% |
| Max Positive | 6.2% | 8.8% | 12.4% |
| Max Negative | -2.8% | -5.0% | -6.3% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10222025 | 10-Q 9/28/2025 |
| 6302025 | 7242025 | 10-Q 6/29/2025 |
| 3312025 | 4232025 | 10-Q 3/30/2025 |
| 12312024 | 2132025 | 10-K 12/29/2024 |
| 9302024 | 10232024 | 10-Q 9/29/2024 |
| 6302024 | 7252024 | 10-Q 6/30/2024 |
| 3312024 | 5012024 | 10-Q 3/31/2024 |
| 12312023 | 2162024 | 10-K 12/31/2023 |
| 9302023 | 10272023 | 10-Q 10/1/2023 |
| 6302023 | 7312023 | 10-Q 7/2/2023 |
| 3312023 | 4282023 | 10-Q 4/2/2023 |
| 12312022 | 2162023 | 10-K 1/1/2023 |
| 9302022 | 10272022 | 10-Q 10/2/2022 |
| 6302022 | 7292022 | 10-Q 7/3/2022 |
| 3312022 | 4292022 | 10-Q 4/3/2022 |
| 12312021 | 2172022 | 10-K 1/2/2022 |
External Quote Links
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