Johnson & Johnson

JNJ

Drug Manufacturers - General · Healthcare

Also trades as: JNJ.DE

Price

$270.24

+2.87 (+1.07%)

Market Cap

$651.25B

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Strong

Growth

Mixed

Cash Flow

Strong

Stability

Strong

Valuation

Good

Dividends

Good

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Share count falling — buybacks

−9.1% over 3y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 2.67B (2022) → 2.43B (2025)

Winston Score History

The full picture

Johnson & Johnson makes medicines, medical devices, and consumer health products that people use every day. The company develops prescription drugs for serious diseases like cancer and autoimmune disorders, manufactures surgical equipment and hip replacements for hospitals, and sells familiar brands like Tylenol, Band-Aid, and Neutrogena to consumers. J&J is one of the largest healthcare companies in the world and has been operating for over 130 years.

The company makes money by selling its products to hospitals, pharmacies, doctors, and directly to consumers through stores. J&J operates in nearly every country globally and generates over $90 billion in annual revenue, making it a healthcare giant. Its competitive advantage comes from having a diversified portfolio across multiple healthcare sectors and strong research capabilities that consistently produce new drugs. The company's main growth driver is its pharmaceutical division, which develops expensive specialty medicines, though it faces ongoing legal costs from lawsuits related to some of its products.

Politician Trades

43 trades / 12mo

22 Congressional buys and 21 sells on JNJ in the last 12 months.

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Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+6.6% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-0.9% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$14.7B/ year

↓ Declining (-15% vs prior year)

15.6% of revenue

In line with sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.2%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

$22.1B cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Johnson & Johnson is growing revenue at 7% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

73.1%

Premium pricing power — 73.1% gross margin

Profit after running costs

Operating Margin

28.3%

Excellent — 28.3% operating margin

Return on the money invested

ROCE

19.3%

Strong — 19.3% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

+8.1%

Steady sales growth (+8.1% YoY)

Profit growth

EPS YoY

-8.1%

Earnings shrinking (-8.1% YoY)

Slight earnings drop. Typical near a cyclical low.

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

109%

Turns 109% of profit into real cash

Spare cash per sale

FCF Margin

18.2%

Converts sales into free cash efficiently (18.2%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

What it owes vs what it owns

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Covers its interest

Interest Cover

33.11x

Comfortably covers interest (33.1x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

31.2x

Pricey — P/E 31.2

P/E above the market average. People are paying up for expected growth.

Cheaper or dearer next year

P/E vs Forward

+13.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (31.2 → 17.9)

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Dividends

Dividend

Dividend Yield

2.04%

Moderate income — 2.04% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record

Dividend Growth

+3.9%

Dividend growing modestly (3.9% YoY)

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