Johnson & Johnson JNJ

NYSE · Pharmaceutical Preparations · $665.9B

$272.32−1.45%Nov 5 close · Databento

Every report since 2023 →

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JNJ Wire Story Reactions & EOD Technical StudyDaily closes (Databento EOD) pinned with every AlgoThesis Wire story (dot colour = next trading day close) and SEC filing

Nov 5, 2026CLOSE $272.321D −1.45%3M +4.01%SMA20 $263.94SMA50 $265.58RSI(14) 56.2

272.32

RSI (14, Wilder EOD) · 70 Overbought / 30 OversoldRSI 56.2

Data provided by Databento (end of day). Next close = the first close after a story against the close before it; official daily closes only, not a call, not advice.

1 story has a settled next close so far (1 on the Wire). The record starts speaking at three.

The numbers

fiscal 2025, as filed with the SEC · 66-metric EOD snapshot via Databento

Market cap$665.9B

EV / True FCF38.0x

Revenue$94.2B +6.0%

True FCF (ex-SBC)$18.3B −0.7%

Rule of 4026.9%

ROIC15.9%

True FCF Yield2.8%

EPS, diluted$11.03 +90.5%

Modern Valuation (EOD)

Market Cap$665.9B

Enterprise Value$696.1B

EV / True FCF37.95

EV / FCF35.34

EV / Gross Profit10.89

EV / EBIT32.24

EV / Sales7.39

P / E (GAAP)24.84

P / FCF33.81

P / Oper. CF27.15

P / Book8.17

Owner & Cash Yields

True FCF Yield2.8%

FCF Yield3.0%

Owner Earn. Yield4.2%

Earnings Yield4.0%

Shareholder Yield+0.7%

Buyback Yield0.9%

Dividend Yield1.89%

Dividend / sh$5.14

Payout Ratio—

FCF / sh$8.18

EPS (diluted)$11.03

Compounder & Returns

Rule of 4026.9%

ROIC15.9%

Cash ROIC (CROIC)17.6%

GP / Assets32.1%

ROE32.9%

ROA13.5%

Gross Margin67.9%

Oper. Margin22.9%

Net Margin28.5%

FCF Margin20.9%

True FCF Margin19.5%

Quality & Dilution

Cash Conversion74%

Accrual Ratio+1.1%

SBC % of FCF6.9%

SBC % of Rev1.4%

Reinvest. Rate20%

Sales Growth Y/Y+6.0%

Sales 3Y CAGR+5.6%

EPS Growth Y/Y+90.5%

FCF Growth Y/Y−0.7%

FCF 3Y CAGR+4.7%

Share Change Y/Y0.0%

Balance Sheet & Scale

Revenue (FY)$94.2B

Gross Profit (FY)$63.9B

Oper. Income (FY)$21.6B

GAAP Net Income$26.8B

True FCF (ex-SBC)$18.3B

Cash & Equiv$19.7B

Total Debt$49.9B

Net Cash (Debt)$-30.2B

Net Cash % MCap−4.5%

Debt / FCF (yrs)2.5y

Current Ratio1.032.41B sh

Price & Technicals (EOD)

Perf Week−1.05%

Perf Month+5.37%

Perf Quarter+5.05%

Perf Half Y+22.39%

Perf YTD+18.05%

SMA 20 Dist+3.18%$263.94

SMA 50 Dist+2.54%$265.58

SMA 100 Dist+4.25%$261.22

Window High−2.19%$278.43

Window Low+23.04%$221.32

RSI (14) · Vol56.234%v

Income Distribution & Cash Flow ConversionHow every dollar of JNJ revenue flows through cost of goods, operating expenses, taxes, GAAP net income, and dilution-adjusted free cash flow

Where Every $100 of Revenue Goes (FY2025)

Cost of Revenue (COGS)$30.3B ($32.1 / $100)

R&D Reinvestment$109.0M ($0.1 / $100)

SG&A & Other OpEx$42.2B ($44.8 / $100)

Tax & Non-Operating$0 ($0.0 / $100)

Net Profit Kept$26.8B ($22.9 / $100)

Earnings Quality: GAAP Profit → True Owner Cash (FY2025)

GAAP Net Income$26.8B (28.5% margin)

Operating Cash Flow (OCF)$24.5B(26.0% of rev)

Less: Capital Expenditures−$4.8B(5.1% of rev)

Standard Free Cash Flow (FCF)$19.7B(20.9% margin)

Less: Stock-Based Comp (SBC)−$1.4B(6.9% of FCF)

True FCF (Owner Cash ex-SBC)$18.3B(19.5% of rev)

Revenue by fiscal year

Operating leverage — margins

GrossOperatingNet

Line Item (USD)	FY2022	FY2023	FY2023	FY2024	FY2025	YoY Δ	4Y CAGR
Income Statement
Revenue	$78.7B	$80.0B	$85.2B	$88.8B	$94.2B	+6.0%	+4.6%
Cost of Revenue (COGS)	$23.4B	$24.6B	$26.6B	$27.5B	$30.3B	+10.1%	+6.6%
Gross Profit	$55.3B	$55.4B	$58.6B	$61.4B	$63.9B	+4.2%	+3.7%
Research & Development (R&D)	$0	$0	$483.0M	$1.8B	$109.0M	−94.1%	—
Selling, General & Admin (SG&A)	$20.1B	$20.2B	$21.5B	$22.9B	$23.7B	+3.5%	+4.2%
Total Operating Expenses	—	—	—	—	$42.3B	—	—
Operating Income (EBIT)	—	—	—	—	$21.6B	—	—
Interest Expense	$183.0M	$276.0M	$772.0M	$755.0M	$971.0M	+28.6%	+51.8%
Income Tax Expense	$1.4B	$3.0B	$1.7B	$2.6B	$5.8B	+120.4%	+43.1%
GAAP Net Income	$20.9B	$17.9B	$35.2B	$14.1B	$26.8B	+90.6%	+6.4%
Diluted EPS	$7.81	$6.73	$13.72	$5.79	$11.03	+90.5%	+9.0%
Diluted Shares	2.67B	2.66B	2.56B	2.43B	2.43B	+0.0%	−2.4%
Balance Sheet
Cash & Equivalents	$14.5B	$14.1B	$21.9B	$24.1B	$19.7B	−18.2%	+8.0%
Inventory	$10.4B	$10.3B	$11.2B	$12.4B	$14.2B	+14.0%	+8.1%
Total Current Assets	$61.0B	$55.3B	$53.5B	$55.9B	$55.6B	−0.5%	−2.3%
Total Assets	$182.0B	$187.4B	$167.6B	$180.1B	$199.2B	+10.6%	+2.3%
Total Current Liabilities	$45.2B	$55.8B	$46.3B	$50.3B	$54.1B	+7.6%	+4.6%
Total Debt (Short + Long Term)	$35.9B	$41.2B	$30.9B	$38.4B	$49.9B	+30.0%	+8.6%
Total Liabilities	$108.0B	$110.6B	$98.8B	$108.6B	$117.7B	+8.3%	+2.2%
Stockholders' Equity	$74.0B	$76.8B	$68.8B	$71.5B	$81.5B	+14.1%	+2.4%
Net Cash / (Net Debt)	$-21.4B	$-27.1B	$-9.0B	$-14.3B	$-30.2B	−111.5%	—
Invested Capital	$95.5B	$103.9B	$77.8B	$85.8B	$111.8B	+30.3%	+4.0%
Cash Flow & Capital Allocation
Operating Cash Flow (OCF)	$23.4B	$21.2B	$22.8B	$24.3B	$24.5B	+1.1%	+1.2%
Depreciation & Amortization (D&A)	$7.4B	$7.0B	$7.5B	$7.3B	$7.5B	+2.2%	+0.4%
Stock-Based Compensation (SBC)	$1.1B	$1.1B	$1.2B	$1.2B	$1.4B	+15.1%	+4.5%
Capital Expenditures (CapEx)	$3.7B	$4.0B	$4.5B	$4.4B	$4.8B	+9.2%	+7.3%
Free Cash Flow (FCF)	$19.8B	$17.2B	$18.2B	$19.8B	$19.7B	−0.7%	−0.1%
True FCF (ex-SBC Owner Cash)	$18.6B	$16.0B	$17.1B	$18.7B	$18.3B	−1.7%	−0.4%
Share Repurchases (Buybacks)	$3.5B	$6.0B	$5.1B	$2.4B	$6.0B	+144.8%	+14.6%

Fundamentals, income distribution and multi-year statements from SEC EDGAR filings (public domain). Valuation multiples, performance and technicals computed from Databento 1D EOD closes. For information only, not investment advice.

On the Wire

what JNJ did at the next close after each story

Oct 13

J&J medtech sales rise 2.5% as orthopedics spinoff weighs

Bloomberg Television · 9:36 AM ET

−5.73%

What happened · big days

15 big days in a year, and what we hold on each

A big day is a close more than 2.46% from the one before, three times JNJ’s median day (0.82%). On 8 of the 15, its peer group moved the same way at least half as far. We show what we hold. We never name a cause.

every other trading daya big day, numbered in the list below±2.46%Hover a bar for its day. Click a big day to open it.

Shaded: since our stories began, Jun 10. Tap a bar for its day.

#DayJNJWhat we hold that dayGroup (median of 4) · each

1 Nov 11, 2025+2.88%
Before our storiesgroup +2.6%, moved with JNJ
1Nov 11, 2025+2.88%
Before our stories
+2.6% moved with JNJMRK +4.8 · ABBV +3.0 · LLY +2.3 · ABT +0.9
2 Dec 10, 2025+3.29%
Before our storiesgroup +1.0%, did not move with it
2Dec 10, 2025+3.29%
Before our stories
+1.0% did not move with itLLY +1.2 · ABT +1.1 · ABBV +1.0 · MRK +0.8
3 Jan 12, 2026+2.61%
Before our storiesgroup −0.5%, did not move with it
3Jan 12, 2026+2.61%
Before our stories
−0.5% did not move with itLLY +1.6 · ABBV −0.0 · ABT −1.0 · MRK −1.2
4 May 13, 2026+2.75%
Before our storiesgroup +0.6%, did not move with it
4May 13, 2026+2.75%
Before our stories
+0.6% did not move with itLLY +2.6 · MRK +1.0 · ABBV +0.3 · ABT −0.6
5 Jun 18, 2026−2.48%
Nothing on JNJgroup −1.3%, moved with JNJ
5Jun 18, 2026−2.48%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
−1.3% moved with JNJABBV −2.1 · MRK −1.4 · LLY −1.2 · ABT −0.1
6 Jun 23, 2026+3.37%
Nothing on JNJgroup +2.6%, moved with JNJ
6Jun 23, 2026+3.37%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+2.6% moved with JNJMRK +3.6 · ABT +3.1 · ABBV +2.1 · LLY +0.5
7 Jun 26, 2026+3.99%
Nothing on JNJgroup +3.4%, moved with JNJ
7Jun 26, 2026+3.99%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+3.4% moved with JNJLLY +7.1 · ABBV +4.2 · MRK +2.6 · ABT +0.9
8 Jul 2, 2026+3.57%
Nothing on JNJgroup +3.4%, moved with JNJ
8Jul 2, 2026+3.57%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+3.4% moved with JNJABBV +4.0 · ABT +3.5 · MRK +3.3 · LLY +1.9
9 Jul 7, 2026+3.05%
Nothing on JNJgroup +0.9%, did not move with it
9Jul 7, 2026+3.05%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+0.9% did not move with itLLY +3.0 · MRK +1.6 · ABT +0.2 · ABBV −0.0
10 Jul 15, 2026−2.69%
Resultsgroup +0.3%, did not move with it
10Jul 15, 2026−2.69%
ResultsFirst close after the Jul 15 results filing
+0.3% did not move with itABBV −0.3 · LLY +0.3 · ABT +0.3 · MRK +2.3
11 Jul 30, 2026−3.66%
Nothing on JNJgroup −2.2%, moved with JNJ
11Jul 30, 2026−3.66%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
−2.2% moved with JNJLLY −4.5 · ABBV −2.2 · ABT −2.2 · MRK −0.4
12 Aug 18, 2026+3.33%
Nothing on JNJgroup +2.8%, moved with JNJ
12Aug 18, 2026+3.33%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+2.8% moved with JNJLLY +3.6 · ABBV +3.4 · ABT +2.1 · MRK −0.6
13 Oct 13, 2026−5.73%
Results · 1 storygroup −1.9%, did not move with it
13Oct 13, 2026−5.73%
Results · 1 storyFirst close after the Oct 13 results filing
−1.9% did not move with itABBV −2.4 · MRK −2.4 · LLY −1.4 · ABT +0.8
14 Oct 22, 2026+3.81%
Nothing on JNJgroup +1.1%, did not move with it
14Oct 22, 2026+3.81%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+1.1% did not move with itLLY +2.8 · ABT +2.0 · ABBV +0.1 · MRK −1.8
15 Nov 4, 2026+3.81%
Nothing on JNJgroup +3.5%, moved with JNJ
15Nov 4, 2026+3.81%
Nothing on JNJNo JNJ story, brief or results filing in our record that day
+3.5% moved with JNJABT +5.6 · MRK +3.9 · ABBV +3.1 · LLY +0.6

A story on the same day is not a cause, and a group move is not proof either. Group: the median of LLY, ABBV, MRK and ABT that day, the largest companies in JNJ’s SEC industry; “moved with JNJ” means the same direction and at least half the size.

What’s next · results

Before the next report: what the first day after the last four did

Six trading days after each results filing (SEC 8-K, Item 2.02). JNJ reports before the open, so day 1 is that day’s close. 1 of 4 times, day 6 ended on the same side as day 1.

Reported Jan 21, 2026

day 1−0.09%day 6+4.36%

Reported Apr 14, 2026

day 1+0.90%day 6−4.96%

Reported Jul 15, 2026

day 1−2.69%day 6+0.70%

Reported Oct 13, 2026

day 1−5.73%day 6−1.66%

Next report: expected mid-to-late JanuaryEstimated from the dates of its last four results filings. Not announced. Since the Oct 13 report: +4.77%. Four reports is a small sample.

Every report since 2023 →

Each line is JNJ’s close against its close before the filing, on licensed end-of-day closes. What happened after each report, not a forecast; a move on the day is not a cause.

Same industry

JNJ against four drug peers, a year at 100

JNJ is up 48.1% in a year. Merck is up 74.3% and Eli Lilly 53.4%. Of these four, AbbVie (+34.5%) and Abbott (−10.1%) did less. Weekly closes, Nov 7, 2025 = 100, on a log scale, so the same percentage move is the same height on every line.

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JNJ +48.1%. Merck +74.3%, Eli Lilly +53.4%, AbbVie +34.5%, Abbott −10.1%. Weekly closes, Nov 7, 2025 = 100, log scale.

Share this chart

End-of-day closes (Databento EOD), the last close of each week. The four peers are the largest US-listed companies by market value in JNJ’s SEC industry (Pharmaceutical Preparations) with a year of closes. It shows what the closes did; a move here is not a cause, a forecast or a call.

The Wire at 7 AM ET, free. Top stories with a bull and a bear case on each, every morning. No account needed.

LLY	Eli Lilly	$1.33T	—
ABBV	AbbVie	$521.0B	—
MRK	Merck	$371.0B	—
ABT	Abbott	$199.9B	−1.65%
PFE	Pfizer	$175.5B	—
VRTX	Vertex Pharmaceuticals	$139.2B	−1.19%
BMY	Bristol Myers Squibb	$131.1B	−1.65%
REGN	Regeneron Pharmaceuticals	$101.1B	−2.98%