Johnson & Johnson (JNJ)
What the price implies
A reverse DCF: instead of guessing a fair value, it asks what growth today's price already assumes. How it works.
At a market value of $616.8B, Johnson & Johnson's free cash flow of $19.7B (fiscal 2025) would need to grow about 11% a year for the stock to be worth today's price. That is faster than the company has grown its free cash flow over the last 9 years.
Assumes a 9% discount rate and 3% growth after year 10, on free cash flow (operating cash flow minus capital spending) from Johnson & Johnson's SEC filings. Change any assumption, or model revenue and margins instead, in the Modeling tab, or try your own numbers in the reverse DCF calculator.
Fundamental grade
Five factors scored 1 to 9 from JNJ's latest numbers, weighted into one grade. It describes the business, not whether the stock is a buy.
Key numbers
Results from SEC filings
Fiscal years, from Johnson & Johnson's 10-K filings. The deep dive has 15+ years, quarters and every line.
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | $78.7B | $80.0B | $85.2B | $88.8B | $94.2B |
| Net income | $20.9B | $17.9B | $35.2B | $14.1B | $26.8B |
| Free cash flow | $19.8B | $17.2B | $18.2B | $19.8B | $19.7B |
| EPS (diluted) | $7.81 | $6.73 | $13.72 | $5.79 | $11.03 |
| Operating margin | — | — | — | — | — |
Where the revenue comes from
Revenue by segments, fiscal 2025.
Superinvestors who own JNJ
From each investor's latest 13F filing (what a 13F shows). 17 of the investors we track hold it.
| Investor | Last quarter | Value | % of portfolio | Quarter |
|---|---|---|---|---|
| Hersh Cohen ClearBridge Investments |
Trimmed | $1.4B | 1.1% | Q2 2026 |
| Cliff Asness AQR Capital Management |
Trimmed | $738M | 0.26% | Q2 2026 |
| Donald Yacktman Yacktman Asset Management |
Added | $320M | 4.0% | Q2 2026 |
| Tom Gayner Markel Group Inc. |
Held | $155M | 1.2% | Q2 2026 |
| Tom Steyer Farallon Capital Management LLC |
Added | $104M | 0.48% | Q2 2026 |
| Charles Brandes Brandes Investment Partners, LP |
Trimmed | $70M | 0.49% | Q2 2026 |
| Tweedy, Browne Tweedy, Browne Company |
Trimmed | $51M | 3.9% | Q2 2026 |
| Joel Greenblatt Gotham Asset Management |
Trimmed | $51M | 0.12% | Q2 2026 |
| Mario Gabelli GAMCO Investors |
Trimmed | $20M | 0.18% | Q2 2026 |
| Prem Watsa Fairfax Financial Holdings |
Held | $19M | 0.71% | Q2 2026 |
| John Rogers Ariel Investments |
Trimmed | $9M | 0.09% | Q2 2026 |
| Ron Baron Baron Capital (BAMCO) |
Added | $6M | 0.01% | Q2 2026 |
Insider buying
Open-market purchases by Johnson & Johnson's executives and directors in the last 12 months, from SEC Form 4 filings. What insider buying tells you.
| Date | Insider | Shares | Price | Value |
|---|---|---|---|---|
| Mar 10, 2026 | Lloyd Doggett |
0 | $243.75 | — |
| Mar 10, 2026 | Lloyd Doggett |
0 | $243.75 | — |
| Mar 10, 2026 | Lloyd Doggett |
0 | $243.75 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $237.66 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $237.66 | — |
| Feb 5, 2026 | Ro Khanna |
0 | $237.66 | — |
| Dec 9, 2025 | Lloyd Doggett |
0 | $199.99 | — |
| Dec 9, 2025 | Lloyd Doggett |
0 | $199.99 | — |
| Dec 9, 2025 | Lloyd Doggett |
0 | $199.99 | — |
| Nov 7, 2025 | Ro Khanna |
0 | $186.50 | — |
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In the full deep dive
Questions
What growth does Johnson & Johnson's stock price imply?
At a market value of $616.8B, Johnson & Johnson would need its free cash flow to grow about 11% a year for 10 years (discounted at 9%, 3% growth after that) to be worth today's price. Over the last 9 years its free cash flow grew 3% a year.
Are Johnson & Johnson insiders buying the stock?
10 open-market insider purchases of JNJ in the last 12 months, from SEC Form 4 filings.
Which superinvestors own Johnson & Johnson?
17 of the superinvestors Investingly tracks hold JNJ in their latest 13F, including Hersh Cohen, Cliff Asness, Donald Yacktman.
Prices and ratios as of Oct 7, 2026; statements from SEC filings. Information only, not investment advice. Superinvestor holdings come from 13F filings, which are filed up to 45 days after each quarter ends.