# Johnson & Johnson (JNJ)

> Source: Nexqual · https://nexqual.com/JNJ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Johnson & Johnson (JNJ), nexqual.com/JNJ" · informational, not investment advice.

**Price:** USD 267.61 (+3.81% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 257.78 · day 259.04–269.67 · 52w 184.66–281.07 · market cap $645B · NYQ

## Key facts
- Last four reported quarters (through Sep 27, 2026): revenue $99.3B, net income $16.1B (16.2% margin), free cash flow $20.6B (SEC filings).
- Valuation: P/E 40.1x (avg 18.4x at the last 3 fiscal year-ends), net debt $27.4B.
- Earnings quality: non-operating income -$6.89B vs operating income null over the last four quarters; P/E excluding non-operating income ≈28.9x (estimate: non-operating income taxed at the company's 9.3% effective rate).
- 12 of 80 tracked superinvestors hold JNJ (13F, Q2 2026 (1 investor on Q3 2026, filed early)): 1 new, 1 added, 5 reduced, 5 unchanged.
- Insider open-market sales, last ~7 months: 7 Form 4 filings, $70.2M; 7 not under a Rule 10b5-1 plan ($70.2M); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.13 on a 1–5 scale) (23 analysts), mean target USD 279.41 (range 190–320).
- Total return with dividends: 1Y +42.2% vs S&P 500 +14.9%; 5Y +88.0% vs S&P 500 +80.3%.
- Next earnings: 2026-10-13, EPS estimate USD 2.92, revenue estimate $26.4B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $78.7B | $80.0B | $85.2B | $88.8B | $94.2B | $99.3B |
| Gross profit | $55.3B | $55.4B | $58.6B | $61.4B | $63.9B | — |
| Net income | $20.9B | $17.9B | $35.2B | $14.1B | $26.8B | $16.1B |
| EPS (diluted) | $7.81 | $6.73 | $13.72 | $5.79 | $11.03 | — |
| Free cash flow | $19.8B | $17.2B | $18.2B | $19.8B | $19.7B | $20.6B |
| Gross margin | 70.3% | 69.3% | 68.8% | 69.1% | 67.9% | — |
| Net margin | 26.5% | 22.4% | 41.3% | 15.8% | 28.5% | 16.2% |
| Revenue growth | -4.7% | +1.6% | +6.5% | +4.3% | +6.0% | — |
| Cash + short-term investments | $31.6B | $22.3B | $22.9B | $24.5B | $20.1B | — |
| Total debt | $32.1B | $28.4B | $27.4B | $32.4B | $41.4B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Sep 27, 2026)
P/E 40.1x · P/E ex non-operating (est.) ≈28.9x · P/S 6.5x · EV/Sales 6.8x · P/FCF 31.3x · P/B 7.9x · FCF yield 3.19% · Earnings yield 2.50% · Buyback yield (TTM) 1.22% · Net debt $27.4B · EV $672B
P/E at fiscal year-ends: Dec 2025 18.8x, Dec 2024 25.0x, Dec 2023 11.4x.

## Superinvestors (SEC 13F-HR, Q2 2026)
12 of 80 tracked investors hold JNJ (1 investor on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Yacktman Asset Management |  | 3.96% | $320M | Added +0.8% | Q2 2026 |
| Tweedy Browne |  | 3.88% | $51.2M | Reduced -8.1% | Q2 2026 |
| Thomas Gayner | Markel Group | 1.18% | $155M | Unchanged | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 0.99% | $107M | Reduced -26.8% | Q2 2026 |
| Prem Watsa | Fairfax Financial Holdings | 0.71% | $18.6M | Unchanged | Q2 2026 |
| Torray Funds |  | 0.14% | $1.1M | Unchanged | Q2 2026 |
| John Rogers | Ariel Investments | 0.09% | $9.0M | Reduced -12.7% | Q2 2026 |
| Jensen Investment Management |  | 0.05% | $2.2M | Reduced -9.9% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.04% | $429K | Unchanged | Q3 2026 |
| Christopher Bloomstran | Semper Augustus | 0.02% | $202K | New position | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | <0.01% | $5.3M | Unchanged | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | <0.01% | $282K | Reduced -14.7% | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 7 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-02 | Schmid Timothy | EVP, WW Chair, MedTech | 33,597 | $9.2M | 56.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-17 | Taubert Jennifer L | EVP, WWC. Innovative Medicine | 15,000 | $4.0M | 7.2% | No | Too little history (no open-market trades in 2023) |
| 2026-08-13 | Duato Joaquin | CEO and Chairman of the Board | 123,291 | $32.2M | 28.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-06 | Forminard Elizabeth | EVP, Chief Legal Officer | 15,918 | $4.1M | 48.4% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-08-05 | Duato Joaquin | CEO and Chairman of the Board | 48,480 | $12.5M | 13.6% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-07-20 | Broadhurst Vanessa | EVP, Global Corp Affairs | 23,054 | $5.8M | 50.1% | No | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-11 | Wengel Kathryn E | EVP, Chief TO and Risk Officer | 10,000 | $2.4M | 8% | No | Too little history (no open-market trades in 2024 or 2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.13 on a 1–5 scale), 23 analysts; mean target USD 279.41 (low 190, high 320).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Wells Fargo | Target raised | Overweight | $275 → $287 |
| 2026-10-15 | Morgan Stanley | Target lowered | Overweight | $294 → $292 |
| 2026-10-14 | Leerink Partners | Target lowered | Outperform | $276 → $272 |
| 2026-10-14 | Wells Fargo | Target lowered | Overweight | $282 → $275 |
| 2026-10-14 | RBC Capital | Target lowered | Outperform | $290 → $280 |
| 2026-10-07 | Guggenheim | Reiterated | Buy | $287 |
| 2026-10-06 | RBC Capital | Target raised | Outperform | $287 → $290 |
| 2026-10-05 | Citigroup | Target raised | Buy | $298 → $303 |
| 2026-09-29 | JP Morgan | Target raised | Neutral | $270 → $285 |
| 2026-09-10 | HSBC | Target raised | Buy | $290 → $320 |
| 2026-09-02 | UBS | Target raised | Buy | $280 → $320 |
| 2026-08-06 | Guggenheim | Target raised | Buy | $270 → $287 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +42.2% | +88.0% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +42.4% | +13.4% |
| Volatility (annualized) | 20.7% | 17.9% |
| Max drawdown | -11.0% (Mar 2026→May 2026) | -17.4% (Jan 2023→Oct 2023) |

## Peers (Drug Manufacturers - General)
ABBV (AbbVie Inc.) USD 285.19 +0.14% · MRK (Merck & Company, Inc.) USD 147.24 -1.76% · LLY (Eli Lilly and Company) USD 1,306.69 +2.83% · NVS (Novartis AG) USD 156.27 +1.52% · AZN (AstraZeneca PLC) USD 172.57 +2.45% · AMGN (Amgen Inc.) USD 447.28 +2.04%

## More
Full page: https://nexqual.com/JNJ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in JNJ's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/200406/000020040626000016/jnj-20251228.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | AbbVie (ABBV) | "In 2023, the Centers for Medicare & Medicaid Services (CMS) published the first "Selected Drug" list, which includes XARELTO and STELARA as well as IMBRUVICA, which is developed in collaboration and co-commercialized in …" |
| Competitor | Merck (MRK) | "The increase in REMICADE (infliximab) sales was due to favorable patient mix, market growth and the Merck, Sharp & Dohme return of rights in Europe in the fiscal fourth quarter of 2024, partially offset by continued bios…" |

Other companies that name JNJ in their own reports (relationship from JNJ's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| related | Westin Acquisition Corp (WSTN) | 10-K 2026-09-29 | "Earlier in his career, Mr. Chung held various sales and management positions at Johnson & Johnson Vision Care, OCBC Bank" |
| competitor | iBio, Inc. (IBIO) | 10-K 2026-08-28 | "Our most significant competitors, among others, are fully integrated pharmaceutical companies such as Eli Lilly and Company, Novo Nordisk A/S, Amgen Inc., Bristol-Myers Squibb Company, Merck & Co., In…" |
| competitor | TRINITY BIOTECH PLC (TRIB) | 20-F 2026-04-30 | "The Group's competition includes several large companies such as, but not limited to: Abbott Diagnostics, Arkray, Becton Dickenson, Bio-Rad, Copan, Dexcom Inc., Diasorin Inc., Johnson & Johnson, Roche…" |
| partner | Burning Rock Biotech Ltd (BNR) | 20-F 2026-04-28 | "Our products are recognized by the medical, pharmaceutical and scientific communities, as evidenced by (i) the use of our products by oncology key opinion leaders in clinical trials and research studi…" |
| partner | MATERIALISE NV (MTLS) | 20-F 2026-04-23 | "In the medical market, we have entered into collaborations with DePuy Synthes Companies of Johnson & Johnson, or DePuy Synthes, and Zimmer Biomet Holdings, Inc., or Zimmer Biomet, as well as with Enco…" |
| partner | TuHURA Biosciences, Inc./NV (HURA) | 10-K 2026-03-31 | "During his tenure at Johnson & Johnson, Dr. Tendler and his team worked in collaboration with the FDA and the European Medicines Agency to secure worldwide approvals of transformational treatment in p…" |
| partner | OMEROS CORP (OMER) | 10-K 2026-03-31 | "Earlier in his career, Mr. Ghesquiere served in business development and alliance management roles at Aventis Pharmaceuticals (acquired by Sanofi) and worked in product marketing/new product planning …" |
| competitor | NEXGEL, INC. (NXGL) | 10-K 2026-03-31 | "that actively compete for the business of consumers both in the United States and abroad, including companies such as Johnson & Johnson," |
| competitor | Alvotech (ALVO) | 20-F 2026-03-31 | "In addition to Johnson & Johnson's (the originator's) reference product, we can face competition from other approved biosimilars for Stelara (ustekinumab) in the U.S. and EEA, including biosimilars fr…" |
| partner | Nanobiotix S.A. (NBTX) | 20-F 2026-03-31 | "In July 2023, we entered into a global licensing agreement (Janssen Agreement) with Janssen Pharmaceutica NV ("Janssen"), a Johnson & Johnson" |
| competitor | MiNK Therapeutics, Inc. (INKT) | 10-K 2026-03-31 | "Key competitors developing autologous CAR-T and TCR-based therapies include large pharmaceutical and biotechnology companies such as Bristol-Myers Squibb (including former Celgene and Juno Therapeutic…" |
| partner | MeiraGTx Holdings plc (MGTX) | 10-K 2026-03-30 | "On January 30, 2019, we and our wholly-owned subsidiary MeiraGTx UK II Limited entered into a Collaboration, Option and License Agreement with Johnson & Johnson Innovative Medicine (formerly known as …" |
| partner | Eikon Therapeutics, Inc. (EIKN) | 10-K 2026-03-30 | "At Veracyte, he led collaborations with companies such as Bayer AG, AstraZeneca plc, and Johnson & Johnson, Inc., and orchestrated multiple acquisitions." |
| competitor | Vor Biopharma Inc. (VOR) | 10-K 2026-03-30 | "The autoimmune field is a competitive landscape involving multiple fusion protein class members (atacicept, povetacicept), monoclonal antibodies, other biologics, chimeric antigen receptor (CAR) T cel…" |
| partner | Lexeo Therapeutics, Inc. (LXEO) | 10-K 2026-03-30 | "Abiomed, Inc. (Johnson & Johnson subsidiary)—In December 2025, the Company entered into a Collaboration Agreement with Abiomed, Inc. ("Abiomed" and the "Abiomed Agreement"), to investigate localized c…" |

## Revenue by business segment (quarter ended 2026-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Innovative Medicine | $16.76B | 66.0% | +7.7% |
| MEDTECH | $8.64B | 34.0% | +2.5% |
| Total revenue | $25.40B | 100% | — |

## Revenue by region (quarter ended 2026-09-27)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $14.96B | 58.9% | +9.1% |
| Non-US | $10.44B | 41.1% | +1.5% |
| — Europe (part of Non-US) | $5.41B | 21.3% | -0.6% |
| — Asia-Pacific, Africa (part of Non-US) | $3.65B | 14.4% | +1.0% |
| — Western Hemisphere, excluding U.S. (part of Non-US) | $1.39B | 5.5% | +12.5% |
| Total revenue | $25.40B | 100% | — |

## Company outlook (8-K filed 2026-10-13)

- "Full-year 2026 guidance: Johnson & Johnson does not provide GAAP financial measures on a forward-looking basis because the company is unable to predict with reasonable certainty the ultimate outcome of legal proceedings, unusual gains and losses, acquisition-related expenses, and purchase accounting fair value adjustments without unreasonable effort."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $2.92 | $3.01 | -3.2% | $26.43B | 17 |
| Next quarter (ends 2027-03-31) | $2.68 | $2.93 | -8.5% | $25.60B | 7 |
| Current fiscal year (ends 2026-12-31) | $11.12 | $11.66 | -4.6% | $101.22B | 21 |
| Next fiscal year (ends 2027-12-31) | $11.62 | $12.83 | -9.4% | $107.80B | 22 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 26.2% | ±3.1% |
| 2026-11-06 | 14 | 26.3% | ±4.3% |
| 2026-11-13 | 21 | 25.7% | ±5.1% |
| 2026-11-20 | 28 | 25.9% | ±5.8% |
| 2026-11-27 | 35 | 24.5% | ±6.3% |
| 2026-12-04 | 42 | 24.3% | ±6.8% |
| 2026-12-18 | 56 | 24.6% | ±7.8% |
| 2027-01-15 | 84 | 24.0% | ±9.3% |