Johnson & Johnson (JNJ) intrinsic value & 10-year financials
Johnson & Johnson (JNJ) has a Graham intrinsic value of $233.14 per share. At $255.56 on Oct 17, 2026, the stock trades 10% above that value. Over the last 10 fiscal years revenue grew 2.7% a year to $94.2B, with an average return on invested capital of 22.0%.
- Graham intrinsic value
- $233.14
- Share price (Oct 17, 2026)
- $255.56
- Price vs Graham value
- 10% above
- Market cap
- $620.9B
- Revenue (FY2025)
- $94.2B
- Revenue growth (10-yr CAGR)
- 2.7%
- ROIC (10-yr avg)
- 22.0%
- Free cash flow (FY2025)
- $19.7B
JNJ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $94.2B | $26.8B | $11.03 | $19.7B | — | 29.3% |
| FY2024 | $88.8B | $14.1B | $5.79 | $19.8B | — | 18.3% |
| FY2023 | $85.2B | $35.2B | $13.72 | $18.2B | — | 42.4% |
| FY2022 | $93.8B | $20.9B | $7.81 | $19.8B | — | 23.8% |
| FY2021 | $82.6B | $14.7B | $5.51 | $20.2B | — | 19.1% |
| FY2019 | $82.1B | $15.1B | $5.63 | $19.9B | — | 21.2% |
| FY2018 | $81.6B | $15.3B | $5.61 | $18.5B | — | 20.9% |
| FY2017 | $76.5B | $1.3B | $0.47 | $17.8B | — | 1.7% |
| FY2016 | $70.1B | $15.4B | $5.48 | $15.8B | — | 20.4% |
| FY2014 | $74.3B | $16.3B | $5.70 | $14.8B | 29.0% | 23.2% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Johnson & Johnson has demonstrated mature, steady growth, with revenue compounding at 2.7% annually over the past decade.
Johnson & Johnson has earned high returns on invested capital, averaging 22.0% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Johnson & Johnson shows that management has aggressively returned capital to shareholders by retiring 15.2% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Johnson & Johnson is modeled at 8.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $233.14 per share.