JNJ vs NVS: Johnson & Johnson and Novartis AG ADR 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 2.3 times Novartis AG ADR.
- On earnings, Novartis AG ADR is the cheaper stock (20.1x vs 30.5x).
- Johnson & Johnson's price assumes faster free cash flow growth: about 11% a year, against 4% for Novartis AG ADR (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 | NVS |
|---|---|---|
| Market cap | $632.9B | $275.6B |
| Share price | $261.44 | $143.75 |
| Revenue (last fiscal year) | $94.2B | — |
| Free cash flow (last fiscal year) | $19.7B | $15.2B |
| Revenue growth, last year | +6.6% | — |
| Revenue growth per year, last 5 fiscal years | +4.6% | — |
| Operating margin | — | — |
| Net margin | 21.5% | — |
| Return on equity | 24.8% | 33.3% |
| P/E (trailing) | 30.5x | 20.1x |
| Price / free cash flow | 32.1x | 15.6x |
| EV / EBITDA | 19.4x | 14.2x |
| FCF growth the price implies | 11.2% | 3.7% |
| Dividend yield | 2.0% | 3.3% |
| Debt / equity | 1.37x | 1.48x |
| Fundamental grade | C | B |
| Superinvestors holding it | 17 | 12 |
| Insider purchases, last 12 months | 10 | 0 |
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 | — |
Novartis AG ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | — | $12.5B | — |
| 2022 | — | $12.0B | — |
| 2023 | — | $11.7B | — |
| 2024 | — | $13.8B | — |
| 2025 | — | $15.2B | — |
Where the revenue comes from
Johnson & Johnson · by segments, 2025
Innovative Medicine$60.4B64%
MedTech$33.8B36%
Novartis AG ADR
No segment breakdown reported.
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 Novartis AG ADR?
Johnson & Johnson (JNJ), at $632.9B against $275.6B.
Is JNJ or NVS cheaper?
By trailing P/E, Novartis AG ADR (20.1x) is cheaper than Johnson & Johnson (30.5x). A lower multiple can also mean the market expects less growth.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.