YouTube · Q2 2026 · 2026-08-04
JNJ · NYSE
Johnson & Johnson
Drug Manufacturers - General · United States
USD 270.56-1.0% daily changeQuote 2026-11-02 · USD
- Market cap (USD)
- US$651.32B
- Trailing P/E
- 41.43x
- Forward P/E
- 23.29x
- Quarterly revenue growth
- 5.9%
- Trailing net margin
- 16.2%
- Indicated dividend yield
- 2.0%
Snapshot 2026-11-03 · Latest financial period 2026-09-27 · Yahoo Finance. Quotes may be delayed; reporting periods can differ.
Next earnings: 2027-01-26 (provider estimate; issuer confirmation unavailable here).
Company background
Johnson & Johnson, together with its subsidiaries, engages in the research and development, manufacture, and sale of a range of products in the healthcare field worldwide. It operates in two segments, Innovative Medicine and MedTech. The Innovative Medicine segment offers products for various therapeutic areas, such as oncology, immunology, neuroscience, pulmonary hypertension, infectious diseases, and cardiovascular and metabolism distributed through retailers, wholesalers, distributors, hospitals, and healthcare professionals for prescription use. The MedTech segment provides a portfolio of products used in the surgery, orthopedic, cardiovascular, and vision fields distributed through wholesalers, hospitals and retailers, and used in the professional fields by physicians, nurses, hospitals, eye care professionals and clinics. This segment also offers products and enabling technologies that support joint reconstruction, trauma, spine, sports related injuries, and others, as well as open, laparoscopic, and robotic surgical procedures; instrumentation, energy devices, stapling systems, wound closure, biosurgery products, and digital and robotic technologies; breast aesthetics and reconstruction; contact lenses under the ACUVUE brand; intraocular lenses for cataract surgery, and other products used in cataract and refractive procedures under the TECNIS brand. The company was founded in 1886 and is based in New Brunswick, New Jersey.
Company websiteQ3 2026
Go beyond the headline.
JNJ Stock: Sales Grew, So Why Did Earnings Fall? — Q3 2026
Published 2026-10-15
Q3 2026 REPORT HIGHLIGHTS
What’s changed for JNJ
Johnson & Johnson Q3 2026: growing medicine sales, lower adjusted earnings, litigation cash risk and three transparent valuation routes.
Revenue and earnings diverged.
Innovative Medicine grew faster than MedTech, but research spending, transaction costs and mix weighed on profit.
Separate the legal charge from the business.
The $5.519B litigation adjustment is excluded from adjusted profit; possible settlement cash remains economically relevant.
Tremfya replaces much of the Stelara decline.
Their combined sales increased only $118M; the rest of the portfolio must keep contributing.
The cash story needs the filing.
Management estimates more than $6B of quarterly free cash flow, while detailed Q3 cash-flow and balance-sheet tables are still pending.
Do not pay for every pipeline success today.
The $235 anchor is below the $253.62 dated price; new indications and portfolio changes must earn their valuation.
Comparable businesses
JNJ peer comparison
Same business group first, then company size. Preferred market cap: 0.5–2x; extended range: one-third–3x. Outside that range, industry benchmarks are labeled separately and excluded from peer medians.
| Metric | JNJJohnson & JohnsonSnapshot 2026-11-03Financial period: 2026-09-27 | AMGNAmgen Inc.Snapshot 2026-11-03Financial period: 2026-06-30 | GILDGilead Sciences, Inc.Snapshot 2026-11-03Financial period: 2026-09-30 |
|---|---|---|---|
| Market capMarket value, converted to USD | US$651.32B | US$251.64B | US$211.27B |
| Forward P/EProvider forward earnings estimate | 23.29x | 19.00x | 16.88x |
| EV / EBITDAEnterprise value / trailing EBITDA | 19.67x | 17.08x | 15.65x |
| Revenue growthLatest quarter vs prior-year quarter | 5.9% | 9.5% | 6.8% |
| Operating marginLatest reported quarter | 25.7% | 35.5% | 42.4% |
| Free cash flow yieldTrailing cash flow / market cap | 2.8% | 3.4% | 5.1% |
| Net debt / EBITDANet debt / trailing EBITDA | 0.79x | 2.51x | 1.25x |
| Debt / equityTotal debt / positive book equity | 0.55x | 4.90x | 2.02x |
| Trailing P/ETrailing twelve-month earnings | 41.43x | 28.95x | — |
| Price / bookPrice / positive book equity per share | 7.99x | 21.53x | 16.21x |
| EV / salesEnterprise value / trailing revenue | 6.83x | 7.74x | 7.41x |
| Earnings growthLatest quarter vs prior-year quarter | -95.9% | 64.9% | -20.2% |
| Gross marginTrailing twelve months | 67.8% | 71.9% | 79.9% |
| Net marginTrailing twelve months | 16.2% | 23.0% | -12.5% |
| Return on equityProvider trailing return; positive equity only | 20.0% | 91.5% | -22.4% |
| Free cash flow marginTrailing free cash flow / revenue | 18.6% | 22.7% | 34.5% |
| Dividend yieldIndicated annual dividend / price | 2.0% | 2.2% | 1.9% |
| Earnings payoutProvider trailing dividend payout | 80.1% | 60.9% | 43.5% |
| Current ratioCurrent assets / current liabilities | 1.02x | 1.37x | 1.38x |
| BetaProvider historical market sensitivity | 0.20 | 0.42 | 0.37 |
YouTube · Q2 2026 · 2026-08-04
Gilead Sciences, Inc. (GILD)
Smaller industry benchmark · 0.32x market cap
Drug Manufacturers - General
YouTube · Q2 2026 · 2026-08-05
Comparison methodology & limitations
Reviewed operating groups override broad sector classifications. Other companies are matched only within a sufficiently specific provider industry. Business mix, geography and accounting standards can still differ. Market caps are converted to USD using exchange rates captured during the snapshot refresh. Financial ratios that would mix currencies are omitted. Snapshots must be at most 14 days old and no more than seven days apart for automatic selection.
Peer medians require at least two valid similar-size peers for each metric. Negative earnings, nonpositive equity, missing data and irrelevant bank ratios are not presented as attractive valuations. A higher or lower number is not automatically a better investment. Financial statement periods are not calendar-aligned across companies.
Reported performance
Financial trends
Periods are grouped by their ending calendar year or quarter, not identical fiscal calendars. Exact period-end dates appear in tooltips and reported figures. When reporting currencies differ and a recent captured FX rate is available, money and EPS are normalized to USD for comparison. This is not a historical FX restatement. Gaps are not estimated.
Financial statements load separately from the research page.
Source: . Window ends at the latest available reporting period.
Revenue
Reported figures
Financial data & calculation notes
Standalone charts use the stated reporting currency. When a chart comparison spans currencies, money and EPS can be normalized to USD using a recent captured FX snapshot; this is for comparison only, not a historical FX restatement. Stock-based compensation is noncash. Free cash flow is operating cash flow less capital spending, which may include capitalized software. Missing metrics are not estimated or assumed to be zero. Banking and insurance ratios require industry-specific interpretation. Latest restatements may differ from figures in older episodes.
Market context
Valuation & price history
Adjusted closing price
Price history loads separately.
Price figures
Earnings-multiple scenario
Illustrative price = your earnings-per-share assumption × your P/E assumption. This is not a price target or a complete valuation model.
Starting assumptions, when available, use provider forward estimates as of 2026-11-03. Negative earnings require a different valuation method. This calculation omits balance-sheet, dilution and execution risks.
THE RESEARCH RECORD
Research history for JNJ
Q3 20262026-10-15
FREE RESEARCH PACKET · Q3 2026
JNJ: sales are growing, but what reaches shareholders?
Johnson & Johnson Q3 2026: growing medicine sales, lower adjusted earnings, litigation cash risk and three transparent valuation routes.
Research published October 15, 2026 · Download original report
Read Research PacketJNJ Stock: Sales Grew, So Why Did Earnings Fall? — Q3 2026
Presentation · 2026-10-15 · YouTube
Q2 20262026-07-16
JNJ Stock: A $100 Billion Milestone — But Is the Fortress Fully Priced?
Presentation · 2026-07-16 · YouTube
Q1 20262026-04-18
JNJ Stock: Margins Hit 72% — Q1 2026 Earnings Analysis
Presentation · 2026-04-18 · YouTube
JNJ Q1 2026 earnings analysis
Presentation · 2026-04-09 · YouTube
Deep Dive2026-04-18
Q4 20252026-04-08
Charged Alpha | Johnson & Johnson (JNJ) | Q4 2025 Earnings Deep Dive
Presentation · 2026-04-08 · YouTube