GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ
Johnson & Johnson (NYSE:JNJ)
[1]
Fairly Valued[5]$ 159.38
Drug Manufacturers - Drug Manufacturers - General
Market Cap: $ 419,583 Mil
Johnson & Johnson is a holding company, which is engaged in the research and development, manufacture and sale of products in the health care field within its Consumer, Pharmaceutical and Medical Devices segments.
Valuation Rank
Score: 5 /10CurrentIndustry MedianHistorical Median
PE Ratio23.8222.7721.12
Forward P/E15.2916.92N/A
PB Ratio5.972.244.3
PS Ratio4.662.994.26
P/FCF18.9626.5919.64
Shiller P/E29.1425.5723.45
PEG Ratio14.012.037.01
Valuation Analysis
% of Price
NCAV-18.64-12
Tangible Book-4.97-3
DCF (Earnings Based)98.7462
DCF (FCF Based)132.0283
Median PS Value149.9294
Price159.38
Dividend & Ownership
Dividend Yield(ttm) %2.63
Dividend Yield(forward) %2.66
Payout0.62
Dividend Growth(5y) %6.1
Yield on Cost(5y) %3.55
Continuous Div. since1982
Insider Ownership %0.15
Institution Ownership %47.35
Financial Strength
Score: 6 /10CurrentIndustry MedianHistorical Median
Cash-to-Debt0.911.091.04
Equity-to-Asset0.390.600.54
Interest Coverage113.0719.7532.58
Piotroski F-Score656
Profitability Rank
Score: 8 /10CurrentIndustry MedianHistorical Median
Operating Margin %25.975.5925.76
Net Margin %19.553.3018.59
ROE %26.813.9022.29
ROA %10.231.359.80
ROC (Joel Greenblatt) %107.487.39102.99
Growth (Per Share)
10 Yr5 Yr1 Yr
Revenue Growth (%)3.44.913
EBITDA Growth (%)4.21.73.4
Oprt. Income Growth (%)2.92.718.1
EPS w/o NRI Growth (%)-0.875.2
Free Cash Flow Growth (%)5.96.822.6
Book Value Growth (%)0.6-2.29
Quarterly
Sep20Dec20Mar21Jun21Sep21
Revenue2108222475223212331223338
Net Income35541738619762783667
EPS1.330.652.322.351.37
Revenue (YoY) %1.78.337.8827.1410.7
Net Income (YoY) %102.74-56.666.9273.143.18
EPS (YoY) %101.52-56.676.9172.793.01
Warning Signs
SEVEREGross Margin %: Declined
SEVEREOperating Margin %: Declined
SEVEREAsset Growth: faster than revenue growth
Good Signs
GOODAltman Z-Score: Strong
Insider Trades
InsiderPositionDateTradesCur. Shares
Sneed Michael EEVP, Global Cor12/09/20-5466259956
As of 12-05-2021
* All financial numbers are in millions except for per share data, ratios and percentage change.
Gain % SP500 %
1W0.11-1.21
1M-2.80-2.43
3M-8.340.40
6M-2.738.98
YTD3.9322.46
1Y9.7825.39
3Y5.4219.60
5Y9.7417.70
10Y11.7115.98
179.47
60.91
57.66
21M
10.7M
2011201220132014201520162017201820192020CurrentPerformance
67.9272.5295.63109.07106.39125.4143.62148.14146.44157.38179.92Highest Stock Price
57.6661.7870.7486.6290.7395.75111.76119.4125.72111.14148.51Lowest Stock Price
178664194772258342291041283010311817374802343572384004414304419583Market Cap
2775.32812.628772863.92812.92788.92745.32728.72684.32670.72674.9Shares Outstanding-Diluted
18.7918.1619.0418.3518.7419.43297.282325.9128.5623.82PE Ratio
3.1333.494.173.984.436.235.756.466.555.97PB Ratio
2.82.933.74.034.124.475.024.324.775.094.66PS Ratio
10.3210.5612.3311.0711.2612.2316.1313.6615.9217.7415.49EV-to-EBITDA
2011201220132014201520162017201820192020TTMPer Share Data
23.4323.924.7925.9524.9125.7827.8529.930.5730.9234.22Revenue per Share
3.493.864.815.75.485.930.475.615.635.516.69Earnings per Share
4.114.434.85.245.735.576.486.797.427.568.41Free Cash Flow per Share
2.252.42.592.762.953.153.323.543.753.984.14Dividends per Share
8.374.918.267.448.627.66-9.31-6.88-8.29-10.07-4.97Tangible Book per Share
81.1976.4878.9882.6879.3982.1689.99112.82121.04130.48149.92Median PS Value
25.6420.6629.930.8832.6131.97----------Graham Number
2011201220132014201520162017201820192020TTMIncome Statement
6503067224713127433170074718907645081581820598258491446Revenue
4467045566489705158548538501015101154490545035415761732Gross Profit
68.767.868.769.469.369.766.766.866.465.667.5Gross Margin %
2851728534300133044830249292103211433315335333424337988Total Operating Expense
1615317032189572113718289208911889721175209701991423744Operating Income
24.825.326.628.426.129.124.72625.624.126Operating Margin %
96721085313831163231540916540130015297151191471417880Net Income
14.916.119.42222231.718.818.417.819.6Net Margin %
1293214307159532109619748205291860719004176461669819797EBIT
1609017973200572499123494242832424925933246552392927284EBITDA
1717.819.922.721.923.4225.525.42426.8ROE %
8.99.210.912.411.712.10.99.99.78.910.2ROA %
2011201220132014201520162017201820192020Sep21Balance Sheet
2454214911209271452313732189721782418107173051398517604Cash & Equivalents
1058111309117131098510734116991349014098144811357614911Total Receivables
113644121347132683130358133411141208157303152954157728174894179228Total Assets
66584676485236387004468439062796120226313798Short-Term Debt & CLO
1296911489133281512212857224423067527684264943263530130Long-Term Debt & CLO
565645652158630606066226170790971439320298257111616108956Total Liabilities
5708064826740536975271150704186016059752594716327870272Total Stockholders Equity
5708064826740536975271150704186016059752594716327870272Total Equity
2011201220132014201520162017201820192020TTMCashflow Statement
1429815396174141871019569187672105622201234162353626021Cash Flow from Operations
-4612-4510-5103-12305-7735-4761-14868-3167-6194-20825-11226Cash Flow from Investing
-2525-12919-3538-7124-5290-8979-6358-5868-6746-3221-2781Repurchase of Stock
2983-36662028850137978756754-3949-28817095-3786Net Issuance of Debt
-4452-20562-6091-12499-11136-8551-7673-18510-18015-6120-16255Cash Flow from Financing
5187-96316016-6404-7915240-1148283-802-3320-1361Net Change in Cash
-2893-2934-3595-3714-3463-3226-3279-3670-3498-3347-3560Capital Expenditure
1140512462138191499616106155411777718531199182018922461Free Cash Flow
Competitor
TickerCompanyFinancial
Strength
Profitability
Rank
Market Cap
($M)
PE RatioPS RatioNet
Margin %
ROA %ROE %
NYSE:JNJJohnson & Johnson68419,58323.824.6619.5510.2326.81
XSWX:ROGRoche Holding AG68341,89822.295.2323.4616.5339.80
NYSE:PFEPfizer Inc57304,61016.154.4528.6811.8229.01
NYSE:LLYEli Lilly and Co58234,92038.068.0721.5212.7994.59
NYSE:ABBVAbbVie Inc38210,11328.303.8313.665.0454.86
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Financial Strength[2] (Quarterly data, as of Sep. 2021) : Fair (6/10)

0
1
2
3
4
5
6
7
8
9

Cash-to-Debt : 0.91

Cash-to-Debt Ratio measures the financial strength of a company. It is calculated as a company's cash, cash equivalents, and marketable securities divide by its debt. A high ratio indicates that a company is better able to pay back its debt, and is thus able to take on more debt if necessary.


Equity-to-Asset : 0.39

Equity-to-Asset ratio is calculated as total stockholders equity divided by its total assets. Equity-to-Asset ratio can vary greatly across different industries, as they have different capital structure. A company with smaller Equity-to-Asset ratio (more leveraged) may have higher ROE % because of the leverage.


Debt-to-Equity : 0.48

A high Debt-to-Equity ratio generally means that a company has been aggressive in financing its growth with debt.


Piotroski F-Score : 6

The Piotroski F-Score is used to determine the strength of a firm's financial position, with 9 being the best and 0 being the worst.

0
1
2
3
4
5
6
7
8
9


WACC : 5.68% vs ROIC : 17.17%

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all its security holders to finance its assets. Return on invested capital (ROIC) measures how well a company generates cash flow relative to the capital it has invested in its business.


Dividend Yield : 2.56%

Dividend yield is a way to measure how much cash flow you are getting for each dollar invested in an equity position.

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Profitability[3] (Annual data, as of Dec. 2020) : Good (8/10)

0
1
2
3
4
5
6
7
8
9

Revenue : $23,338 Mil vs Net Income : $3,667 Mil

Revenue is the amount of money that a company actually receives during a specific period, including discounts and deductions for returned merchandise. Net Income is a company's total profit. Net income is calculated by taking revenues and adjusting for the cost of doing business, depreciation, interest, taxes and other expenses.


Cash & Equivalents : $17,604 Mil vs Long-Term Debt* : $30,130 Mil

Cash & equivalents are the most liquid assets on the balance sheet. Cash equivalents are assets that are readily convertible into cash. Long-Term Debt* consists of loans and obligations lasting over one year.


Operating Margin % : 28.56%

Operating margin % measures how much profit a company makes on a dollar of sales. Operating Margin % is calculated as Operating Income divided by Revenue.


EPS without NRI : $1.37

Earnings Per Share without Non-Recurring Items is the amount of earnings without non-recurring items per outstanding share of the company's stock. In calculating earnings per share without non-recurring items, the dividends of preferred stocks and Non Operating Income need to subtracted from the total net income first.


Dividends per Share : $1.06

Dividends per Share is the amount of dividends that the shareholders of a company receive on a per-share basis. It is calculated using the total dividends paid out to shareholders over one fiscal year and the number of shares outstanding.


Free Cash Flow per Share : $2.82

Free Cash flow per Share is the amount of Free cash flow per outstanding share of the company's stock.

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Valuation (Quarterly data, as of Sep. 2021)

These valuation metrics should give you a sense of reasonable prices, but be careful with them. Always seek to understand why a valuation is changing over time.


Valuation Chart (Current stock price : $159.38)


PE Ratio without NRI : 24.14

The price-to-earnings ratio can be affected by Non Operating Income such as the sale of part of businesses. This may increase for the current year or quarter dramatically. But it cannot be repeated over and over. Therefore PE Ratio without NRI is a more accurate indication of valuation than regular PE Ratio.


PB Ratio : 6.05

The price-to-book ratio measures the valuation of the stock relative to the underlying asset of the company.


PS Ratio : 4.72

The price-to-sales ratio is a valuation ratio that compares a company’s stock price to its revenues. The price-to-sales ratio is an indicator of the value placed on each dollar of a company’s sales or revenues.


Price-to-Free-Cash-Flow : 19.21

Price-to-free-cash-flow is very similar to the valuation metric of price-to-operating-cash-flow but is considered a more exact measure, owing to the fact that it uses free cash flow, which subtracts capital expenditures from a company's total operating cash flow, thereby reflecting the actual cash flow available to fund non-asset-related growth.


EV-to-EBIT : 21.62

Enterprise value of a company divided by its trailing 12 months earnings before interest and taxes (EBIT).

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Valuation Bands

In these charts the 10-year valuation bands of the price-to-earnings ratio (PE Ratio), price-to-book ratio (PB Ratio), price-to-sales ratio (PS Ratio) and price-to-operating-cash-flow ratio (POCF) are drawn together with the historical stock prices. For example, the upper line of the PE band is where the stock price would have been if it were always traded at the maximum PE ratio of the past 10 years. The lower line of the PE band is where the stock price would have been if it were always traded at the lowest PE ratio of the past 10 years. It is always better if the stock price is close to the lower line, which indicates a lower valuation.


Historical Price and PE Band


Historical Price and PS Band


Historical Price and PB Band


Historical Price and Price-to-Operating-Cash-Flow (POCF) Band

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Warning Signs

GuruFocus conducted a thorough checkup using a checklist of 32 items that cover the areas of financial strength, profitability, growth, and valuation of each company. The purpose of Warning Signs is to warn you that the company may have red flags in certain areas, helping to avoid overlooking them. These warning signs do not necessarily mean you should not invest in the stock. But you should be aware of them before you invest.


Severe Warning Signs

Gross Margin % : Declined

Johnson & Johnson gross margin has been in long term decline. The average rate of decline per year is -1.2%.

Operating Margin % : Declined

Johnson & Johnson operating margin has been in 5-year decline. The average rate of decline per year is -2.1%.

Asset Growth : faster than revenue growth

If a company builds asset at 9.7% a year, faster than its revenue growth rate of 4.9% over the past 5 years, it means that the company may be getting less efficent.

Good Signs

Altman Z-Score : Strong

Altman Z-score of 4.23 is strong.

Beneish M-Score : Unlikely manipulator

Beneish M-Score -2.56 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

Revenue per Share : Consistent growth

Johnson & Johnson has shown predictable revenue and earnings growth.

Medium Warning Signs

Long-Term Debt : Issuing new debt

Johnson & Johnson has been issuing new debt. Over the past 3 years, it issued USD 2.5 billion of debt. But overall, its debt level is acceptable.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Competitive Comparison


5 Year Price Change Comparison


Financial Strength

CompanyFinancial StrengthCash-to-DebtEquity-to-AssetDebt-to-EquityInterest CoveragePiotroski F-ScoreAltman Z-ScoreBeneish M-ScoreWACC %ROIC %
NYSE:JNJJohnson & Johnson6/100.910.390.48113.0764.23-2.565.6817.17
NAS:BIIBBiogen Inc5/100.390.440.737.1353.21-2.912.3311.62
NYSE:LLYEli Lilly and Co5/100.220.162.2021.5264.95-2.283.1019.05
NYSE:MRKMerck & Co Inc5/100.380.380.7412.8973.79-2.774.0012.66
NYSE:PFEPfizer Inc5/100.770.420.5113.5263.48-2.135.4211.22
NAS:AMGNAmgen Inc4/100.340.134.577.5051.67-2.494.3817.65
NYSE:BMYBristol-Myers Squibb Co4/100.350.341.232.9751.74-3.033.825.21
NAS:GILDGilead Sciences Inc4/100.210.321.2911.5272.49-2.102.4217.99
NYSE:ABBVAbbVie Inc3/100.150.095.967.0651.54-2.574.7713.88

Profitability

CompanyProfitability RankOperating
Margin %
Net Margin %ROE %ROA %Price-to-Free-Cash-FlowROC (Joel Greenblatt) %3-Year Revenue Growth %3-Year EBITDA Growth %3-Year EPS w/o NRI Growth %
NAS:AMGNAmgen Inc9/1034.3421.7760.758.9114.91143.6511.508.0066.00
NAS:BIIBBiogen Inc9/1015.6413.9314.496.3515.8842.2313.105.4027.70
NYSE:ABBVAbbVie Inc8/1031.6513.6654.865.049.74188.2515.904.40-6.20
NYSE:LLYEli Lilly and Co8/1026.9421.5294.5912.7948.4678.5212.3035.900.00
NYSE:JNJJohnson & Johnson8/1025.9719.5526.8110.2318.96107.483.600.50127.20
NYSE:MRKMerck & Co Inc8/1019.2013.3123.907.8822.8262.279.006.2047.30
NYSE:BMYBristol-Myers Squibb Co7/108.93-11.89-13.54-4.678.71-42.5214.40-16.100.00
NAS:GILDGilead Sciences Inc7/1043.1926.9038.6011.149.27203.32-0.40-35.30-69.50
NYSE:PFEPfizer Inc7/1025.8128.6829.0111.8210.57134.68-5.00-9.40-29.40

Valuation

CompanyPE RatioPB RatioPS RatioPrice-to-Intrinsic-Value-Projected-FCFPrice-to-Intrinsic-Value-DCF (Earnings Based)Price-to-Median-PS-ValuePrice-to-Peter-Lynch-Fair-ValuePrice-to-Graham-NumberEarnings Yield (Joel Greenblatt) %Forward Rate of Return (Yacktman) %
NYSE:BMYBristol-Myers Squibb CoAt Loss3.362.791.050.000.620.000.00-1.848.65
NAS:GILDGilead Sciences Inc11.874.073.210.730.000.780.000.009.49-14.38
NYSE:PFEPfizer Inc16.154.024.451.480.001.110.000.007.185.85
NAS:AMGNAmgen Inc20.8513.924.540.981.000.833.930.005.5012.71
NAS:BIIBBiogen Inc21.913.153.050.600.520.570.003.675.1613.69
NYSE:JNJJohnson & Johnson23.825.974.661.741.611.060.000.004.696.90
NYSE:MRKMerck & Co Inc25.925.173.451.300.000.892.637.945.7714.27
NYSE:ABBVAbbVie Inc28.3015.513.831.191.880.003.330.003.4815.57
NYSE:LLYEli Lilly and Co38.0630.288.073.740.001.971.710.002.8721.64
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Peter Lynch Chart[4]

GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Per Share Data



Per Share Data

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
16.82
18
20.99
22.48
22.19
22.08
23.43
23.9
24.79
25.95
24.91
25.78
27.85
29.9
30.57
30.92
34.22
Revenue per Share
4.97
5.36
5.62
7.12
6.81
7.29
5.8
6.39
6.97
8.73
8.35
8.71
8.83
9.5
9.19
8.96
10.21
EBITDA per Share
4.27
4.63
4.67
6.12
5.81
6.24
4.66
5.09
5.55
7.37
7.02
7.36
6.78
6.96
6.57
6.25
7.41
EBIT per Share
3.35
3.73
3.63
4.57
4.4
4.78
3.49
3.86
4.81
5.7
5.48
5.93
0.47
5.61
5.63
5.51
6.69
Earnings per Share (Diluted)
3.35
3.73
3.63
4.57
4.4
4.78
3.49
3.86
4.81
5.7
5.48
5.93
0.47
5.61
5.63
5.51
6.69
EPS without NRI
2.97
3.68
3.63
4.12
5.37
4.81
4.12
3.86
4.86
5.98
6.24
5.45
6.37
6.62
7.62
7.68
8.1
Owner Earnings per Share (TTM)
2.94
3.88
4.15
4.2
5.09
5.02
4.11
4.43
4.8
5.24
5.73
5.57
6.48
6.79
7.42
7.56
8.41
Free Cash Flow per Share
3.93
4.81
5.16
5.28
5.94
5.88
5.15
5.47
6.05
6.53
6.96
6.73
7.67
8.14
8.72
8.81
9.74
Operating Cash Flow per Share
5.43
1.41
3.28
4.63
7.05
10.1
11.84
7.59
10.35
11.89
13.93
15.48
6.82
7.4
7.33
9.57
11.78
Cash per Share
1.28
1.46
1.62
1.8
1.93
2.11
2.25
2.4
2.59
2.76
2.95
3.15
3.32
3.54
3.75
3.98
4.14
Dividends per Share
13.01
13.59
15.25
15.37
18.37
20.66
20.95
23.33
26.25
25.06
25.82
26.02
22.43
22.44
22.59
24.04
26.69
Book Value per Share
8.92
3.67
5.13
5.36
7.05
8.97
8.37
4.91
8.26
7.44
8.62
7.66
-9.31
-6.88
-8.29
-10.07
-4.97
Tangible Book per Share
0.9
2.28
3.36
4.29
5.28
6.13
7.2
5.82
6.45
6.74
7.21
10.02
12.89
11.45
10.52
13.4
12.89
Total Debt per Share
60.1
66.02
66.7
59.83
64.41
61.85
65.58
70.1
91.59
105
103
115
140
129
146
157
159
Month End Stock Price

Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
28.53
28.33
25.6
30.17
26.35
24.88
17.02
17.81
19.92
22.7
21.87
23.37
1.99
25.51
25.36
23.97
26.81
ROE %
6.18
5.83
5.86
7.76
7.51
8.32
5.44
5.94
5.71
5.44
5.49
5.28
0.32
4.44
3.93
3.66
4.49
ROE % Adjusted to Book Value
17.94
17.08
13.96
15.61
13.66
13.5
8.93
9.24
10.89
12.41
11.68
12.05
0.87
9.86
9.73
8.85
10.23
ROA %
43.26
59.48
83.98
88.17
71.69
60.65
40.83
59.54
74.85
74.19
69.32
74.35
Neg. E
Neg. E
Neg. E
Neg. E
Neg. E Return-on-Tangible-Equity
22.82
24.96
22.49
23.67
20.32
19.84
12.87
14.52
18.19
20
18.42
18.63
1.59
20.8
19.98
18.22
20.02
Return-on-Tangible-Asset
101
86.88
78.05
95.79
84.68
91.09
65.66
67.84
71.5
104
115
119
108
112
102
91.69
107
ROC (Joel Greenblatt) %
29.97
28.09
24.14
27.74
23.66
22.78
15.15
15.23
15.63
19.87
18.72
18.61
15.4
15.3
14.49
13.14
14.81
ROCE %
33.33
25.05
22.76
22.64
22.28
20.86
19.22
17.17
20.11
20.16
17.94
20.99
1.36
15.39
15.92
14.39
17.17
ROIC %
4.37
4.85
4.72
5.45
7.27
6.54
4.91
4.04
5.86
7.06
7.89
6.22
5.86
5.91
6.19
5.06
5.68
WACC %
--
--
3.67
4.07
3.42
2.91
3.14
2.97
2.81
2.89
2.86
3.09
3.03
3.09
1.09
0.64
0.6
Effective Interest Rate on Debt %
72.27
71.76
70.95
70.96
70.2
69.49
68.69
67.78
68.67
69.4
69.27
69.69
66.72
66.79
66.42
65.58
67.51
Gross Margin %
25.4
25.71
24.9
25.36
26.92
26.84
24.84
25.34
26.58
28.44
26.1
29.06
24.72
25.96
25.55
24.11
25.97
Operating Margin %
19.92
20.73
17.31
20.31
19.82
21.65
14.87
16.14
19.4
21.96
21.99
23.01
1.7
18.75
18.42
17.82
19.55
Net Margin %
17.47
21.59
19.77
18.68
22.95
22.73
17.54
18.54
19.38
20.17
22.98
21.62
23.25
22.71
24.27
24.45
24.56
FCF Margin %
0.07
0.17
0.22
0.28
0.29
0.3
0.34
0.25
0.25
0.27
0.28
0.39
0.58
0.51
0.47
0.56
0.48
Debt-to-Equity
0.66
0.56
0.54
0.5
0.53
0.55
0.5
0.53
0.56
0.54
0.53
0.5
0.38
0.39
0.38
0.36
0.39
Equity-to-Asset
0.05
0.09
0.12
0.14
0.15
0.16
0.17
0.13
0.14
0.14
0.15
0.19
0.22
0.2
0.18
0.2
0.19
Debt-to-Asset
0.34
0.44
0.47
0.5
0.47
0.45
0.5
0.47
0.44
0.47
0.47
0.5
0.62
0.61
0.62
0.64
0.61
Liabilities-to-Assets
65.08
59.14
57.22
54.55
48.39
43.32
41.26
38.78
38.55
39.22
36.8
36.49
34.18
35.13
35.09
32.56
35.32
Gross-Profit-to-Asset %
0.9
0.82
0.81
0.77
0.69
0.62
0.6
0.57
0.56
0.57
0.53
0.52
0.51
0.53
0.53
0.5
0.52
Asset Turnover
0.38
0.39
0.45
0.39
0.44
0.44
0.65
0.62
0.54
0.48
0.54
0.53
7.06
0.63
0.67
0.72
0.62
Dividend Payout Ratio
50.01
53.81
54.23
54.86
57.1
57.55
57.12
59.43
58.92
55.73
56.56
56.95
60.13
61.72
63.56
62
58.18
Days Sales Outstanding
124
121
130
142
129
108
102
97.38
98.81
112
121
114
102
100
107
116
105
Days Payable
100
107
103
100
101
103
105
116
126
129
138
136
121
117
117
118
121
Days Inventory
26.05
39.77
27.49
12.96
29.28
51.66
59.94
78.17
85.68
73.08
72.97
78.82
79.37
78.67
73.75
64.03
74.55
Cash Conversion Cycle
3.64
3.4
3.55
3.64
3.61
3.56
3.49
3.14
2.91
2.83
2.65
2.69
3.01
3.12
3.13
3.1
3.01
Inventory Turnover
0.28
0.28
0.29
0.29
0.3
0.31
0.31
0.32
0.31
0.31
0.31
0.3
0.33
0.33
0.34
0.34
0.32
COGS-to-Revenue
0.08
0.08
0.08
0.08
0.08
0.09
0.09
0.1
0.11
0.11
0.12
0.11
0.11
0.11
0.11
0.11
0.11
Inventory-to-Revenue
0.06
0.05
0.05
0.05
0.04
0.04
0.04
0.04
0.05
0.05
0.05
0.05
0.04
0.05
0.04
0.04
0.04
Capex-to-Revenue
* All financial numbers are in millions except for per share data, ratios and percentage change. When Return-on-Tangible-Equity displays Neg. E, it means the the tangible equity is negative.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Financial Satement



Income Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
50514
53324
61095
63747
61897
61587
65030
67224
71312
74331
70074
71890
76450
81581
82059
82584
91446
Revenue
14010
15057
17751
18511
18447
18792
20360
21658
22342
22746
21536
21789
25439
27091
27556
28427
29714
Cost of Goods Sold
36504
38267
43344
45236
43450
42795
44670
45566
48970
51585
48538
50101
51011
54490
54503
54157
61732
Gross Profit
72.27
71.76
70.95
70.96
70.2
69.49
68.69
67.78
68.67
69.4
69.27
69.69
66.72
66.79
66.42
65.58
67.51
Gross Margin %
17211
17433
20451
21490
19801
19424
20969
20869
21830
21954
21203
20067
21520
22540
22178
22084
23962
Selling, General, & Admin. Expense
6462
7125
7680
7577
6986
6844
7548
7665
8183
8494
9046
9143
10594
10775
11355
12159
14026
Research & Development
23673
24558
28131
29067
26787
26268
28517
28534
30013
30448
30249
29210
32114
33315
33533
34243
37988
Total Operating Expense
12831
13709
15213
16169
16663
16527
16153
17032
18957
21137
18289
20891
18897
21175
20970
19914
23744
Operating Income
25.4
25.71
24.9
25.36
26.92
26.84
24.84
25.34
26.58
28.44
26.1
29.06
24.72
25.96
25.55
24.11
25.97
Operating Margin %
--
--
452
361
90
107
91
64
74
67
128
368
385
611
357
111
53
  Interest Income
--
--
-296
-435
-451
-455
-571
-532
-482
-533
-552
-726
-934
-1005
-318
-201
-210
  Interest Expense
--
--
156
-74
-361
-348
-480
-468
-408
-466
-424
-358
-549
-394
39
-90
-157
Net Interest Income
285
878
-2086
834
-547
768
-3312
-2789
-3078
-108
1331
-730
-675
-2782
-3681
-3327
-4000
Other Income (Expense)
13116
14587
13283
16929
15755
16947
12361
13775
15471
20563
19196
19803
17673
17999
17328
16497
19587
Pre-Tax Income
-3056
-3534
-2707
-3980
-3489
-3613
-2689
-3261
-1640
-4240
-3787
-3263
-16373
-2702
-2209
-1783
-1707
Tax Provision
23.3
24.23
20.38
23.51
22.15
21.32
21.75
23.67
10.6
20.62
19.73
16.48
92.64
15.01
12.75
10.81
8.71
Tax Rate %
10060
11053
10576
12949
12266
13334
9672
10514
13831
16323
15409
16540
1300
15297
15119
14714
17880
Net Income (Continuing Operations)
--
--
--
--
--
--
--
339
--
--
--
--
--
--
--
--
--   Other Income (Minority Interest)
10060
11053
10576
12949
12266
13334
9672
10853
13831
16323
15409
16540
1300
15297
15119
14714
17880
Net Income
19.92
20.73
17.31
20.31
19.82
21.65
14.87
16.14
19.4
21.96
21.99
23.01
1.7
18.75
18.42
17.82
19.55
Net Margin %
3.38
3.76
3.67
4.62
4.45
4.85
3.54
3.94
4.92
5.8
5.56
6.04
0.48
5.7
5.72
5.59
6.78
EPS (Basic)
3.35
3.73
3.63
4.57
4.4
4.78
3.49
3.86
4.81
5.7
5.48
5.93
0.47
5.61
5.63
5.51
6.69
EPS (Diluted)
3003
2963
2911
2836
2789
2789
2775
2813
2877
2864
2813
2789
2745
2729
2684
2671
2675
Shares Outstanding (Diluted Average)
12831
13709
13579
17364
16206
17402
12932
14307
15953
21096
19748
20529
18607
19004
17646
16698
19797
EBIT
2093
2177
2777
2832
2774
2939
3158
3666
4104
3895
3746
3754
5642
6929
7009
7231
7487
Depreciation, Depletion and Amortization
14924
15886
16356
20196
18980
20341
16090
17973
20057
24991
23494
24283
24249
25933
24655
23929
27284
EBITDA

Cashflow Statement

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
10060
11053
10576
12949
12266
13334
9672
10514
13831
16323
15409
16540
1300
15297
15119
14714
17880
Net Income From Continuing Operations
2093
2177
2777
2832
2774
2939
3158
3666
4104
3895
3746
3754
5642
6929
7009
7231
7487
Depreciation, Depletion and Amortization
-568
-699
-416
-736
453
-207
-915
-9
-632
-247
-433
-1065
-633
-1185
-289
774
-604
  Change In Receivables
-396
-210
14
-101
95
-196
-715
-1
-622
-1120
-449
-249
581
-644
-277
-265
-659
  Change In Inventory
-911
1750
2642
-272
-507
20
493
2768
1821
1194
287
656
2725
3951
4060
5141
5442
  Change In Payables And Accrued Expense
885
141
-1014
-616
1240
-487
2628
-3819
-1395
-654
2224
-1115
8568
-2119
371
-2960
-1414
  Change In Other Working Capital
-990
982
1226
-1725
1281
-870
1491
-1061
-828
-827
1629
-1773
11241
3
3865
2690
2765
Change In Working Capital
-235
-1168
-1762
22
-436
356
-836
-39
-607
441
-270
-341
2406
-1016
-2476
-1141
-3467
Deferred Tax
--
--
698
627
628
614
621
662
728
792
874
878
962
978
977
1005
1080
Stock Based Compensation
--
--
678
--
--
--
160
2131
739
410
624
283
795
1258
1096
233
999
Asset Impairment Charge
871
1204
829
267
58
12
32
-477
-553
-2324
-2443
-574
-1290
-1248
-2174
-1196
-723
Cash Flow from Others
11799
14248
15022
14972
16571
16385
14298
15396
17414
18710
19569
18767
21056
22201
23416
23536
26021
Cash Flow from Operations
-2973
-2738
-2942
-3066
-2365
-2384
-2893
-2934
-3595
-3714
-3463
-3226
-3279
-3670
-3498
-3347
-3560
Purchase Of Property, Plant, Equipment
154
511
230
--
154
524
1342
--
--
--
--
--
--
--
--
--
-- Sale Of Property, Plant, Equipment
--
--
-1388
-1214
-2470
-1269
-2797
-4486
-835
-2129
-954
-4509
-35151
-899
-5810
-7323
-6374
Purchase Of Business
-5660
-467
-9659
-3668
-10040
-15788
-29882
-13434
-18923
-34913
-40828
-33950
-6153
-5626
-3920
-21089
-23689
Purchase Of Investment
9187
426
7988
3059
7232
11101
30396
14797
18058
24119
34149
35780
28117
4289
3725
12137
22361
Sale Of Investment
-987
-18023
-141
702
-109
-38
-778
1547
192
4332
3361
1144
1598
2739
3309
-1203
36
Cash From Other Investing Activities
-279
-20291
-5912
-4187
-7598
-7854
-4612
-4510
-5103
-12305
-7735
-4761
-14868
-3167
-6194
-20825
-11226
Cash Flow from Investing
774
1135
1562
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Issuance of Stock
-1717
-6722
-5607
-6651
-2130
-2797
-2525
-12919
-3538
-7124
-5290
-8979
-6358
-5868
-6746
-3221
-2781
Repurchase of Stock
293
3745
24726
10068
9493
8992
14199
3313
5018
3961
2491
12115
9861
85
42
10822
1342
  Issuance of Debt
--
--
-21709
-7343
-7010
-6597
-11216
-6979
-2990
-3111
-1112
-4240
-3107
-4034
-2923
-3727
-5128
  Payments of Debt
293
3745
3017
2725
2483
2395
2983
-3666
2028
850
1379
7875
6754
-3949
-2881
7095
-3786
Net Issuance of Debt
-3793
-4267
-4670
-5024
-5327
-5804
-6156
-6614
-7286
-7768
-8173
-8621
-8943
-9494
-9917
-10481
-10899
Cash Flow for Dividends
--
--
--
1486
882
1226
1246
2637
2705
1543
948
1174
874
801
1529
487
1211
Other Financing
-4443
-6109
-5698
-7464
-4092
-4980
-4452
-20562
-6091
-12499
-11136
-8551
-7673
-18510
-18015
-6120
-16255
Cash Flow from Financing
-225
180
275
-323
161
-6
-47
45
-204
-310
-1489
-215
337
-241
-9
89
99
Effect of Exchange Rate Changes
6852
-11972
3687
2998
5042
3545
5187
-9631
6016
-6404
-791
5240
-1148
283
-802
-3320
-1361
Net Change in Cash
-2973
-2738
-2942
-3066
-2365
-2384
-2893
-2934
-3595
-3714
-3463
-3226
-3279
-3670
-3498
-3347
-3560
Capital Expenditure
8826
11510
12080
11906
14206
14001
11405
12462
13819
14996
16106
15541
17777
18531
19918
20189
22461
Free Cash Flow
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Financial Satement


Balance Sheet

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
16055
4083
7770
10768
15810
19355
24542
14911
20927
14523
13732
18972
17824
18107
17305
13985
17604
  Cash And Cash Equivalents
83
1
1545
2041
3615
8303
7719
6178
8279
18566
24644
22935
472
1580
1982
11200
13397
  Marketable Securities
16138
4084
9315
12809
19425
27658
32261
21089
29206
33089
38376
41907
18296
19687
19287
25185
31001
Cash, Cash Equivalents, Marketable Securities
7010
8712
9444
9719
9646
9774
10581
11309
11713
10985
10734
11699
13490
14098
14481
13576
14911
  Accounts Receivable
7010
8712
9444
9719
9646
9774
10581
11309
11713
10985
10734
11699
13490
14098
14481
13576
14911
Total Receivables
931
980
905
839
1144
1073
1206
1416
1224
1214
936
952
1140
1114
1117
1410
1587
  Inventories, Raw Materials & Components
1073
1253
1384
1372
1395
1460
1637
2262
2612
2461
2241
2185
2317
2109
1832
2040
2164
  Inventories, Work In Process
1955
2656
2821
2841
2641
2845
3442
3817
4042
4509
4876
5007
5308
5376
6071
5894
6636
  Inventories, Finished Goods
3959
4889
5110
5052
5180
5378
6285
7495
7878
8184
8053
8144
8765
8599
9020
9344
10387
Total Inventories
4373
5290
6076
6797
5290
4497
5189
6223
7610
3486
3047
3282
2537
3649
2486
3132
3590
Other Current Assets
31480
22975
29945
34377
39541
47307
54316
46116
56407
55744
60210
65032
43088
46033
45274
51237
59889
Total Current Assets
--
--
2
--
--
--
--
--
--
--
--
--
--
--
--
--
-- Investments And Advances
502
611
756
886
714
738
754
793
885
833
780
753
829
807
854
882
--   Land And Improvements
5875
7347
7913
7720
8863
9079
9389
10046
10423
10046
9829
10112
11240
11176
11877
12502
--   Buildings And Improvements
10835
13108
14554
15234
17153
18032
19182
21075
22527
22206
22511
23554
25949
25992
26964
29104
--   Machinery, Furniture, Equipment
2504
2962
3243
3552
2521
2577
2504
2740
3298
3600
3528
3354
3448
3876
3637
4316
--   Construction In Progress
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
--
47347
  Other Gross PPE
19716
24028
26466
27392
29251
30426
31829
34654
37133
36685
36648
37773
41466
41851
43332
46804
47347
Gross Property, Plant and Equipment
-8886
-10984
-12281
-13027
-14492
-15873
-17090
-18557
-20423
-20559
-20743
-21861
-24461
-24816
-25674
-28038
-28869
  Accumulated Depreciation
10830
13044
14185
14365
14759
14553
14739
16097
16710
16126
15905
15912
17005
17035
17658
18766
18478
Property, Plant and Equipment
12175
28688
28763
27695
31185
32010
34276
51176
50745
49054
47393
49681
85134
78064
81282
89795
83345
Intangible Assets
5990
13340
14123
13719
14862
15294
16138
22424
22798
21832
21629
22805
31906
30453
33639
36393
35569
  Goodwill
4379
5849
8059
8475
9197
9038
10313
7958
8821
9434
9903
10583
12076
11822
13514
15096
17516
Other Long Term Assets
27384
47581
51009
50535
55141
55601
59328
75231
76276
74614
73201
76176
114215
106921
112454
123657
119339
Total Long-Term Assets
58864
70556
80954
84912
94682
102908
113644
121347
132683
130358
133411
141208
157303
152954
157728
174894
179228
Total Assets
4315
5691
6909
7503
5541
5623
5725
5831
6266
7633
6668
6918
7310
7537
8544
9505
8961
  Accounts Payable
--
--
223
417
442
578
854
1064
770
446
750
971
1854
818
2266
1392
2161
  Total Tax Payable
7652
8891
10242
9200
9430
9254
7245
10268
10993
10563
10851
11038
14514
16981
20598
25481
26495
  Current Accrued Expense
11967
14582
17374
17120
15413
15455
13824
17163
18029
18642
18269
18927
23678
25336
31408
36378
37617
Accounts Payable & Accrued Expense
668
4579
2463
3732
6318
7617
6658
4676
4852
3638
7004
4684
3906
2796
1202
2631
3798
  Short-Term Debt
668
4579
2463
3732
6318
7617
6658
4676
4852
3638
7004
4684
3906
2796
1202
2631
3798
Short-Term Debt & Capital Lease Obligation
--
--
--
--
--
--
2329
2423
2794
2751
2474
2676
2953
3098
3354
3484
3146
Other Current Liabilities
12635
19161
19837
20852
21731
23072
22811
24262
25675
25031
27747
26287
30537
31230
35964
42493
44561
Total Current Liabilities
2017
2014
7074
8120
8223
9156
12969
11489
13328
15122
12857
22442
30675
27684
26494
32635
30130
  Long-Term Debt
2017
2014
7074
8120
8223
9156
12969
11489
13328
15122
12857
22442
30675
27684
26494
32635
30130
Long-Term Debt & Capital Lease Obligation
0.07
0.17
0.22
0.28
0.29
0.3
0.34
0.25
0.25
0.27
0.28
0.39
0.58
0.51
0.47
0.56
0.48
Debt-to-Equity
--
--
5402
7791
6769
6087
8353
9082
7784
9972
8854
9615
10074
9951
10663
10771
10171
PensionAndRetirementBenefit
211
1319
1493
1432
1424
1447
1800
3136
3989
2447
2562
2910
8368
7506
5958
7214
7147
NonCurrent Deferred Liabilities
5291
8744
3829
4206
5947
6567
10631
8552
7854
8034
10241
9536
17489
16831
19178
18503
16947
Other Long-Term Liabilities
7519
12077
17798
21549
22363
23257
33753
32259
32955
35575
34514
44503
66606
61972
62293
69123
64395
Total Long-Term Liabilities
20154
31238
37635
42401
44094
46329
56564
56521
58630
60606
62261
70790
97143
93202
98257
111616
108956
Total Liabilities
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
3120
Common Stock
42310
49290
55280
63379
70306
77773
81251
85992
89493
97245
103879
110551
101793
106216
110659
113890
121092
Retained Earnings
-755
-2118
-693
-4955
-3058
-3531
-5632
-5810
-2860
-10722
-13165
-14901
-13199
-15222
-15891
-15242
-15415
Accumulated other comprehensive income (loss)
-5965
-10974
-14388
-19033
-19780
-20783
-21659
-18476
-15700
-19891
-22684
-28352
-31554
-34362
-38417
-38490
-38525
Treasury Stock
38710
39318
43319
42511
50588
56579
57080
64826
74053
69752
71150
70418
60160
59752
59471
63278
70272
Total Stockholders Equity
38710
39318
43319
42511
50588
56579
57080
64826
74053
69752
71150
70418
60160
59752
59471
63278
70272
Total Equity
0.66
0.56
0.54
0.5
0.53
0.55
0.5
0.53
0.56
0.54
0.53
0.5
0.38
0.39
0.38
0.36
0.39
Equity-to-Asset
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Valuation Ratios



Valuation Ratios

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
17.94
17.7
18.37
13.09
14.64
12.94
18.79
18.16
19.04
18.35
18.74
19.43
297
23
25.91
28.56
23.82
PE Ratio
17.94
17.7
18.37
13.09
14.64
12.94
18.79
18.16
19.04
18.35
18.74
19.43
297
23
25.91
28.56
23.82
PE Ratio without NRI
20.22
17.94
18.35
14.54
11.99
12.86
15.94
18.15
18.84
17.48
16.45
21.12
21.94
19.48
19.14
20.49
19.69
Price-to-Owner-Earnings
4.62
4.86
4.37
3.89
3.51
2.99
3.13
3
3.49
4.17
3.98
4.43
6.23
5.75
6.46
6.55
5.97
PB Ratio
6.74
17.97
13.01
11.17
9.14
6.89
7.84
14.27
11.08
14.06
11.91
15.04
--
--
--
--
-- Price-to-Tangible-Book
20.45
17
16.07
14.25
12.65
12.32
15.96
15.82
19.07
19.97
17.94
20.68
21.58
19
19.66
20.82
18.96
Price-to-Free-Cash-Flow
15.3
13.73
12.92
11.33
10.84
10.53
12.73
12.81
15.13
16.01
14.76
17.12
18.22
15.86
16.72
17.86
16.37
Price-to-Operating-Cash-Flow
3.57
3.67
3.18
2.66
2.9
2.8
2.8
2.93
3.7
4.03
4.12
4.47
5.02
4.32
4.77
5.09
4.66
PS Ratio
1.23
1.62
2.08
1.49
1.57
1.33
4.74
--
--
7.55
2.4
1.97
46.02
5.4
10.58
10.94
14.01
PEG Ratio
3.27
3.63
3.1
2.58
2.79
2.57
2.55
2.82
3.47
3.72
3.77
4.13
5.12
4.34
4.78
5.14
4.62
EV-to-Revenue
11.08
12.18
11.6
8.15
9.09
7.79
10.32
10.56
12.33
11.07
11.26
12.23
16.13
13.66
15.92
17.74
15.49
EV-to-EBITDA
12.88
14.12
13.97
9.47
10.65
9.11
12.84
13.27
15.5
13.12
13.39
14.47
21.02
18.65
22.24
25.42
21.34
EV-to-EBIT
7.76
7.08
7.16
10.56
9.39
10.98
7.79
7.54
6.45
7.62
7.47
6.91
4.76
5.36
4.5
3.93
4.69
Earnings Yield (Joel Greenblatt) %
18.67
15.27
13.67
14.79
15.41
16.81
10.84
4.96
2.24
7.02
12.52
14.28
10.36
8.8
6.77
6.87
6.9
Forward Rate of Return (Yacktman) %
29.14
28.08
25.11
20.16
19.45
17.02
17
17.37
21.36
23
21.75
23.18
29.82
26.86
29.45
31.45
29.14
Shiller PE Ratio
2.12
2.2
2.43
3
3
3.41
3.43
3.42
2.83
2.64
2.87
2.73
2.38
2.74
2.57
2.53
2.63
Dividend Yield %

Valuation and Quality

Dec05
Dec06
Dec07
Dec08
Dec09
Dec10
Dec11
Dec12
Dec13
Dec14
Dec15
Dec16
Dec17
Dec18
Dec19
Dec20
TTM Fiscal Period
178766
191011
189443
165478
177406
169351
178664
194772
258342
291041
283010
311817
374802
343572
384004
414304
419583
Market Cap
165313
193520
189665
164521
172522
158466
166030
189848
247316
276712
264495
297036
391087
354365
392413
424385
422510
Enterprise Value
60.1
66.02
66.7
59.83
64.41
61.85
65.58
70.1
91.59
105
103
115
140
129
146
157
159
Month End Stock Price
-1.35
-9.39
-9.97
-10.7
-8.96
-6.82
-8.92
-12.75
-10.43
-9.89
-8.67
-10.67
-29.39
-27.61
-30
-32.83
-29.61
Net Cash per Share
3.81
-2.86
-2.71
-2.9
-1.65
0.36
-0.83
-3.74
-0.79
-1.75
-0.74
-2.13
-20.15
-17.72
-20.13
-22.94
-18.64
Net Current Asset Value
1.08
-6.28
-6.58
-7.15
-5.39
-3.16
-4.85
-8.35
-5.92
-5.46
-4.29
-5.93
-23.99
-22.03
-24.16
-27.19
-23.39
Net-Net Working Capital
46.14
52.25
55.98
60.49
64.66
63.54
59.2
60.91
63.48
64.53
68.43
71.8
74.43
74
77.97
83.25
91.56
Intrinsic Value: Projected FCF
69.72
74.9
87.02
91.84
87.11
82.91
81.19
76.48
78.98
82.68
79.39
82.16
89.99
113
121
130
150
Median PS Value
48.74
40.84
32.09
40.22
40.96
46.46
--
--
--
--
42.93
58.59
2.52
--
--
--
-- Peter Lynch Fair Value
25.93
17.56
20.46
23.47
26.41
31.07
25.64
20.66
29.9
30.88
32.61
31.97
--
--
--
--
-- Graham Number
35.58
34.66
41.32
47.31
54.16
60.34
63.27
59.23
64.79
69.06
72.33
76.03
44.56
47.14
51.4
55.14
60.99
Earnings Power Value (EPV)
8.31
6.15
5.42
5
4.9
4.69
4.18
4.22
4.8
5.31
5.12
5.06
4.19
4.24
4.29
3.99
4.23
Altman Z-Score
7
5
5
7
6
5
5
5
6
7
5
8
5
8
7
4
6
Piotroski F-Score
-2.53
-2.23
-2.61
-2.69
-2.63
-2.66
-2.47
-2.36
-2.51
-2.63
-2.7
-2.49
-2.78
-2.59
-2.58
-2.7
-2.56
Beneish M-Score
0.47
0.71
0.62
0.51
0.54
0.48
0.43
0.53
0.52
0.42
0.4
0.42
0.54
0.45
0.44
0.47
0.42
Scaled Net Operating Assets
-2.48
24.23
1.81
2.55
3.48
4.67
-0.01
-0.03
1.15
7.61
2.68
1.79
-3.11
-2.44
-1.33
6.86
1.72
Sloan Ratio %
2.49
1.2
1.51
1.65
1.82
2.05
2.38
1.9
2.2
2.23
2.17
2.47
1.41
1.47
1.26
1.21
1.34
Current Ratio
2.18
0.94
1.25
1.41
1.58
1.82
2.11
1.59
1.89
1.9
1.88
2.16
1.12
1.2
1.01
0.99
1.11
Quick Ratio
1.28
0.21
0.47
0.61
0.89
1.2
1.41
0.87
1.14
1.32
1.38
1.59
0.6
0.63
0.54
0.59
0.7
Cash Ratio
N/A
N/A
51.4
37.17
36.95
36.32
28.29
32.02
39.33
39.66
33.13
28.78
20.23
21.07
65.94
99.07
113
Interest Coverage
69.4
69.1
68.4
72.22
64.96
66.03
67.92
72.52
95.63
109
106
125
144
148
146
157
180
Highest Stock Price
60.04
56.8
59.77
55.33
46.6
57.02
57.66
61.78
70.74
86.62
90.73
95.75
112
119
126
111
149
Lowest Stock Price
-0.12
2.73
1.83
2.62
0.42
0.59
0.5
-1.99
-1.52
1.33
1.01
1.77
0.89
0.75
1.12
--
-0.01
Shares Buyback Ratio %
0.53
2.92
2.14
4.02
1.2
1.65
1.41
6.63
1.37
2.45
1.87
2.88
1.7
1.71
1.76
0.78
0.66
Buyback Yield %
6.06
6.98
16.64
7.1
-1.29
-0.49
6.1
2
3.71
4.71
-4.01
3.47
8.03
7.36
2.25
1.15
12.98
YoY Rev. per Sh. Growth
22.26
11.34
-2.68
25.9
-3.72
8.64
-26.99
10.6
24.61
18.5
-3.86
8.21
-92.07
1094
0.36
-2.13
5.19
YoY EPS Growth
2.47
7.87
4.81
26.75
-4.45
7.19
-20.51
10.21
9.09
25.18
-4.29
4.25
1.45
7.6
-3.36
-2.45
3.36
YoY EBITDA Growth
14.55
10.95
8.84
8.8
9.31
9.72
3.96
-1.53
-2.85
2.43
7.82
9.88
6.46
4.26
2.45
2.61
1.7
5-Year EBITDA Growth Rate
2976
2940
2883
2803
2760
2751
2736
2753
2809
2815
2772
2737
2692
2682
2645
2633
2633
Shares Outstanding (Basic Average)
2974
2893
2840
2766
2754
2738
2724
2778
2821
2783
2755
2707
2683
2662
2633
2633
2633
Shares Outstanding (EOP)
0.01
0.04
0.14
0.56
0.63
0.59
0.53
0.41
0.51
0.86
1
0.67
0.65
0.62
0.78
0.74
0.77
Beta
03/14/06
02/21/07
02/26/08
02/20/09
03/01/10
02/25/11
02/23/12
02/22/13
02/21/14
02/24/15
02/24/16
02/27/17
02/21/18
02/20/19
02/18/20
02/22/21
  Filing Date
02/21/07
02/21/07
02/20/09
03/01/10
02/25/11
02/22/13
02/21/14
02/24/15
02/24/16
02/27/17
02/21/18
02/20/19
02/18/20
02/22/21
02/22/21
02/22/21
  Restated Filing Date
01/26/10
01/25/11
01/24/12
01/22/13
01/21/14
01/20/15
01/26/16
01/24/17
01/23/18
01/22/19
01/22/20
01/26/21
  Earnings Release Date
--
--
171981
--
185121
181232
176293
169820
165304
162062
158749
156073
147484
142029
135953
132376
132376
Number of Shareholders
115600
122200
119200
118700
--
--
--
127600
128100
126500
--
--
134000
135100
132200
--
-- Number of Employees
* All financial numbers are in millions except for per share data, ratios and percentage change.
GuruFocus Manual of Stocks™  |  Dec 05, 2021
Johnson & Johnson (NYSE:JNJ)
www.gurufocus.com/stock/NYSE:JNJ

Explanation

1. Predictability Rank

GuruFocus Predictability Rank is a proprietary ranking of the consistency of a business. We rank the predictability of companies based on the consistency of their revenue per share and EBITDA (earnings before interest, tax, depreciation and amortization) per share over the past 10 fiscal years. Our study found that there is a strong correlation between the stock performance and the predictability of a business. Over the long term, companies with higher predictability also have better stock performance.

The rank is from 1-star to 5-star, with 5-star as the best.

2. Financial Strength

GuruFocus Financial Strength Rank measures how strong a company's financial situation is. It is based on these factors:

  1. The debt burden that the company has as measured by its Interest Coverage (current year). The higher, the better.
  2. Debt to revenue ratio. The lower, the better.
  3. Altman Z-Score.

The rank is from 1 to 10, with 10 as the highest.

A Financial Strength rank of 8 or above indicates good financial strength; between 4-7 indicates fair financial strength; 3 or below means poor financial strength.

3. Profitability Rank

GuruFocus Profitability Rank indicates how profitable a company is and how likely it is that the company's business will stay that way. It is based on these factors:

  1. Operating Margin %.
  2. Piotroski F-Score.
  3. Trend of the Operating Margin percentage (five-year average). A company with an uptrend in profit margin will have a higher rank.
  4. Consistency of the profitability.
  5. Predictability Rank.

The rank is from 1 to 10, with 10 as the highest.

A Profitability Rank of 8 or above indicates good profitability; between 4-7 indicates fair profitability; 3 or below means poor profitability.

4. Peter Lynch Chart

In Peter Lynch's excellent book, "One Up on Wall Street," he used many charts to illustrate the valuation of stocks. “A quick way to tell if a stock is overpriced is to compare the price line to the earnings line. If you bought familiar growth companies – such as Shoney’s, The Limited, or Marriott – when the stock price fell well below the earnings line, and sold them when the stock price rose dramatically above it, the chances are you’d do pretty well.”

The original Peter Lynch Chart does have limitations due to the right side price scale is pre-set at 15 times the earnings scale on the left side. When the stock price and earnings line coincide, the price-to-earnings ratio is always 15 times. Instead of using the fixed PE Ratio of 15, our approach is using 15-year historical median PE without NRI Ratio for each stock.

The Peter Lynch Chart with earnings line at median PE without NRI ratio works well for the companies with steady growth and earnings trends, or the stalwarts, as coined by Lynch. These companies tend to be found in sectors such as consumer staples, healthcare, and utilities, where the consumption of the product or service is relatively independent of economic conditions. It does not work well with the sectors that are cyclical: industrials, chemicals, durable goods, and so forth.

5. GF Value

Based on the relationship between the current stock price and the GF Value, GuruFocus provides the following 6 evaluations:

  1. Possible Value Trap, Think Twice
  2. Significantly Overvalued
  3. Modestly Overvalued
  4. Fairly Valued
  5. Modestly Undervalued
  6. Significantly Undervalued
There is only a sufficient margin of safety when the stock is undervalued.

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