Johnson & Johnson

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dots on the line: a member of Congress whose Hunch portfolio holds JNJ filed a disclosure; its hover says what the disclosure reports of JNJ: each trade, bought or sold, with the amount range the member filed (the House asks for a range, not the amount), or in an annual report the range of the holding’s value, the ranges of its entries added up (“in all”) where the report lists JNJ more than once, in several accounts or share classes: a sum that bounds the value as the ranges do but is not a range the form offers. An annual report’s row has no latest trade. Filings: the Clerk of the House. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Dec 2025, Innovative Medicine was 64% and MedTech was 36% of revenue.

In the fiscal year to Dec 2025, United States was 57% and Outside the United States was 43% of revenue; United States rose from 55% in the fiscal year to Dec 2023.

Quarters: Johnson & Johnson's SEC filings, named by the month they end. Fiscal years: Johnson & Johnson's annual reports to the SEC.

How it makes money

Of every $100 in revenue, $28.5 ends up as net income. Net margin rose from 22.4% to 28.5% over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Johnson & Johnson's annual reports to the SEC.

How much goes into research?

Johnson & Johnson spent $16.1B on research and development in the four quarters to Sep 2026, 16.2% of its revenue, against 17.0% a year earlier. Over the year its research spending rose 2.4% and its revenue rose 7.8%.

From Johnson & Johnson's SEC filings: research and development expense by quarter, the fourth being the year minus nine months; its share is the four quarters' expense over their revenue. Some companies count the research they buy, through licences and acquisitions, in this line, so it jumps in the quarter they pay; others report that on a line of its own, not shown here.

Customers and suppliers

In its latest annual report Johnson & Johnson buys from Genmab, Imerys.

Suppliers

Genmab GMAB

I

Imerys

 

JNJJohnson & Johnson

Johnson & Johnson's 10-K for the year to Dec 2025 gives three customers' shares of its revenue: Wholesaler 1 (21.8%), Wholesaler 2 (15.5%) and Wholesaler 3 (11.1%).

From Johnson & Johnson's 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Partners

AbbVie ABBVDevelops and co-markets IMBRUVICA

Bayer HealthCareCo-develops XARELTO

Legend Biotech Ireland LEGNLicenses and collaboratively develops CARVYKTI

Changes since the previous annual report (10-K filed Feb 13, 2025)

Genmab GMABWas a partner, now a supplier

Named in other companies’ filings

AbbVie ABBVlicensing deal with it · Jointly develops and commercializes ImbruvicaApproximately 60% of collaboration development costs borne by Janssen; remaining 40% by AbbVie

Only the companies Johnson & Johnson names in its 10-K filed Feb 11, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Johnson & Johnson. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words.

Is it expensive?

P/E of 43x, in line with the peer median of 48.5x, with earnings still growing.

In line with the peer median of 48.5x (excludes 1 unprofitable peer).

At 43.0× trailing earnings JNJ is above most of its five-year range; the five-year median is 23.5×.

Closing price over diluted earnings per share of the last four reported quarters, as known on each day (a quarter counts 35 days after it ends). From SEC filings; earnings per share adjusted for splits.

What analysts expect

The average analyst price target is $279, 1% below the current price; 70% of 23 analysts rate it a buy; earnings beat estimates in 3 of the last 4 quarters.

Buy or Strong Buy: 16 analysts (70%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $199.71 to $289.50 (+45%), while JNJ went from $195.25 to $283.52 (+45%). In the past three months targets were raised 6 times and cut 4 times. 2 upgrades and no downgrades over the year; the latest: Leerink Partners moved it to Outperform from Market Perform on May 13, 2026.

The day after each of these reports the stock moved +0.1% (Dec 2025, in line); +0.3% (Mar 2026, beat); −1.5% (Jun 2026, beat); −3.7% (Sep 2026, beat).

For the quarter ending Dec 2026 (Johnson & Johnson reports on Jan 26, 2027), analysts expect adjusted earnings of $2.92 a share, 18% more than the $2.46 of a year earlier, and revenue of $26.4B, up 8% on a year earlier. For the fiscal year ending Dec 2027, they expect adjusted earnings of $11.62 a share, 5% more than the year before's estimate of $11.12, and revenue of $107.8B, up 6% on the year before's estimate.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $20.6B in free cash flow over the year and returned more than it generated: $20.6B went back to shareholders (dividends plus buybacks), so $10M came from cash on hand or borrowing.

Johnson & Johnson had 2.45B diluted shares in the quarter ended Sep 2026, 0.8% more than a year earlier, and 1.3% fewer each year on average since Jun 2020. It spent $7.9B on buybacks over the last four quarters. Over the last four quarters its earnings per share fell 36.3% and its net income fell 35.9%: more shares took about 0 points off.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter. Shares: each quarter's diluted weighted average as filed with the SEC, since the stock's listing and its latest split.

Financial health

Current ratio 1.0, short-term debt is manageable; debt-to-equity 0.6, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

3 portfolios Hunch tracks hold JNJ: 2 members of Congress and 1 fund. It is 61.6% of Tom Kean Jr.'s portfolio (13.1% as filed).

• CongressTom Kean Jr.U.S. Representative (New Jersey)JNJ is 62% of this portfolio13% as filed+70.1%2-year backtest
• FundWELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUSTInvestment portfolio of the UK's Wellcome TrustJNJ is 8% of this portfolio4% as filed+51.1%2-year backtest
• CongressEd CaseU.S. Representative (Hawaii)JNJ is 7% of this portfolio4% as filed+55.6%2-year backtest

JNJ's weight in each portfolio is its target weight in the copy Hunch follows: the stocks of the latest filing that the app can trade, their weights scaled up to add to 100%. “As filed” is its weight in the filing itself: a fund’s latest 13F, or a member of Congress’s holdings from the last annual report and the trades disclosed since, each at the low end of its range. Returns are backtests based on public filings, not actual trading results. Photo credits

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 16 held JNJ at the end of their latest quarter (for most, Q3 2026). Over that quarter 6 added shares, 7 cut and 3 held the same. The largest of them is Norges Bank, 31.83M shares worth $8.1B at Jun 30, 2026, 4.9% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of JNJ at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Are insiders buying or selling?

Officers and directors bought $258K and sold $151M of JNJ on the open market in the 12 months to Nov 12, 2026. The largest was Joaquin Duato (CEO and Chairman of the Board; director), who sold $66.8M in 6 sales.

From the Form 4s filed with the SEC about Johnson & Johnson (60 in the 12 months): purchases (code P) and sales (code S) on the open market by its officers and directors, at the price each filing gives (often an average of the day's trades). A sale is a 10b5-1 sale when its filing says it was made under such a plan, set up in advance. Not counted: 113 other transactions (option exercises and shares withheld for tax).

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