JNJ vs MRK: Johnson & Johnson and Merck & Company compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Johnson & Johnson is the larger company, worth $632.9B, about 1.7 times Merck & Company.
- Johnson & Johnson grew revenue faster over the last year (+6.6% vs +5.1%).
- On earnings, Johnson & Johnson is the cheaper stock (30.5x vs 41.3x).
- Johnson & Johnson's price assumes faster free cash flow growth: about 11% a year, against 10% for Merck & Company (reverse DCF).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | JNJ | MRK |
|---|---|---|
| Market cap | $632.9B | $362.1B |
| Share price | $261.44 | $145.60 |
| Revenue (last fiscal year) | $94.2B | $65.0B |
| Free cash flow (last fiscal year) | $19.7B | $12.4B |
| Revenue growth, last year | +6.6% | +5.1% |
| Revenue growth per year, last 5 fiscal years | +4.6% | +7.5% |
| Operating margin | — | — |
| Net margin | 21.5% | 4.8% |
| Return on equity | 24.8% | 7.6% |
| P/E (trailing) | 30.5x | 41.3x |
| Price / free cash flow | 32.1x | 29.3x |
| EV / EBITDA | 19.4x | 36.6x |
| FCF growth the price implies | 11.2% | 10.0% |
| Dividend yield | 2.0% | 2.3% |
| Debt / equity | 1.37x | 2.09x |
| Fundamental grade | C | D |
| Superinvestors holding it | 17 | 17 |
| Insider purchases, last 12 months | 10 | 8 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Johnson & Johnson
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $78.7B | $19.8B | — |
| 2022 | $80.0B | $17.2B | — |
| 2023 | $85.2B | $18.2B | — |
| 2024 | $88.8B | $19.8B | — |
| 2025 | $94.2B | $19.7B | — |
Merck & Company
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $48.7B | $8.7B | — |
| 2022 | $59.3B | $14.7B | — |
| 2023 | $60.1B | $9.1B | — |
| 2024 | $64.2B | $18.1B | — |
| 2025 | $65.0B | $12.4B | — |
Where the revenue comes from
Johnson & Johnson · by segments, 2025
Innovative Medicine$60.4B64%
MedTech$33.8B36%
Merck & Company · by segments, 2025
Pharmaceutical segment$58.1B90%
Animal Health$6.4B10%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open JNJ in InvestinglyQuestions
Which is bigger, Johnson & Johnson or Merck & Company?
Johnson & Johnson (JNJ), at $632.9B against $362.1B.
Is JNJ or MRK cheaper?
By trailing P/E, Johnson & Johnson (30.5x) is cheaper than Merck & Company (41.3x). A lower multiple can also mean the market expects less growth.
Which grows faster, JNJ or MRK?
Johnson & Johnson: revenue grew +6.6% over the last year, against +5.1%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.