Stock Analysis on Net
Stock Analysis on Net

Johnson & Johnson (NYSE:JNJ)

Debt to Equity 
since 2005

Microsoft Excel

Calculation

Johnson & Johnson, debt to equity, long-term trends, calculation

Microsoft Excel
Debt to equity = Total debt1 ÷ Shareholders’ equity1
Dec 28, 2025 0.59 = 47,933 ÷ 81,544
Dec 29, 2024 0.51 = 36,634 ÷ 71,490
Dec 31, 2023 0.43 = 29,332 ÷ 68,774
Dec 31, 2022 0.52 = 39,659 ÷ 76,804
Dec 31, 2021 0.46 = 33,751 ÷ 74,023
Dec 31, 2020 0.56 = 35,266 ÷ 63,278
Dec 29, 2019 0.47 = 27,696 ÷ 59,471
Dec 30, 2018 0.51 = 30,480 ÷ 59,752
Dec 31, 2017 0.57 = 34,581 ÷ 60,160
Dec 31, 2016 0.39 = 27,126 ÷ 70,418
Dec 31, 2015 0.28 = 19,861 ÷ 71,150
Dec 28, 2014 0.27 = 18,760 ÷ 69,752
Dec 29, 2013 0.25 = 18,180 ÷ 74,053
Dec 30, 2012 0.25 = 16,165 ÷ 64,826
Dec 31, 2011 0.34 = 19,627 ÷ 57,080
Dec 31, 2010 0.30 = 16,773 ÷ 56,579
Dec 31, 2009 0.29 = 14,541 ÷ 50,588
Dec 28, 2008 0.28 = 11,852 ÷ 42,511
Dec 30, 2007 0.22 = 9,537 ÷ 43,319
Dec 31, 2006 0.17 = 6,593 ÷ 39,318
Dec 31, 2005 0.07 = 2,685 ÷ 37,871

Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The debt to equity ratio exhibited a generally increasing trend over the period from 2005 to 2025, although with notable fluctuations. Initial values were relatively low, indicating a conservative capital structure, but increased significantly over time. A period of stabilization and then further increase is observed towards the end of the analyzed timeframe.

Initial Phase (2005-2009)
From 2005 to 2009, the debt to equity ratio rose steadily from 0.07 to 0.29. This indicates a growing reliance on debt financing relative to equity. While still relatively modest, the increase suggests a shift in the company’s financial leverage. Total debt increased substantially during this period, while shareholders’ equity also grew, but at a slower pace.
Period of Fluctuations (2010-2015)
Between 2010 and 2015, the ratio experienced some volatility, remaining generally between 0.25 and 0.39. The ratio peaked at 0.39 in 2016, before decreasing slightly. This period suggests a more active management of the debt-equity mix, with increases and decreases in both debt and equity contributing to the fluctuations. Total debt continued to increase, but shareholders’ equity also saw significant growth.
Significant Increase (2016-2017)
A substantial increase in the debt to equity ratio occurred between 2016 and 2017, rising from 0.39 to 0.57. This represents a significant shift towards greater financial leverage. The increase was driven by a larger increase in total debt compared to shareholders’ equity.
Recent Trends (2018-2025)
From 2018 to 2025, the ratio fluctuated between 0.43 and 0.59. While there were periods of decrease, the overall trend remained upward. The ratio reached its highest point at 0.59 in 2025. This suggests a continued, though somewhat managed, reliance on debt financing. The most recent years show a slight decrease in 2022, followed by increases in 2023 and 2024, and a further increase in 2025.

Overall, the company’s debt to equity ratio has demonstrated a long-term tendency to increase, indicating a greater reliance on debt financing. While fluctuations have occurred, the general trend suggests a more leveraged capital structure over the analyzed period. The most significant increase occurred between 2016 and 2017, and the ratio remained elevated in subsequent years.

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Comparison to Competitors

Johnson & Johnson, debt to equity, long-term trends, comparison to competitors

Microsoft Excel
Johnson & Johnson AbbVie Inc. Amgen Inc. Bristol-Myers Squibb Co. Danaher Corp. Eli Lilly & Co. Gilead Sciences Inc. Merck & Co. Inc. Pfizer Inc. Regeneron Pharmaceuticals Inc. Thermo Fisher Scientific Inc. Vertex Pharmaceuticals Inc.
Dec 28, 2025 0.59 — 6.31 2.44 0.35 1.60 1.10 0.94 0.75 0.09 0.74 0.01
Dec 29, 2024 0.51 20.19 10.23 3.04 0.32 2.37 1.38 0.80 0.73 0.09 0.63 0.01
Dec 31, 2023 0.43 5.73 10.37 1.35 0.34 2.34 1.09 0.93 0.81 0.10 0.75 0.02
Dec 31, 2022 0.52 3.67 10.64 1.27 0.39 1.52 1.19 0.67 0.37 0.12 0.78 0.03
Dec 31, 2021 0.46 4.98 4.97 1.24 0.49 1.88 1.27 0.87 0.50 0.14 0.85 0.06
Dec 31, 2020 0.56 6.58 3.51 1.34 0.53 2.94 1.73 1.26 0.63 0.24 0.63 0.07
Dec 29, 2019 0.47 — 3.09 0.91 0.72 5.88 1.09 1.02 0.83 0.06 0.60 0.09
Dec 30, 2018 0.51 — 2.71 0.52 0.35 1.30 1.28 0.94 0.66 0.08 0.69 0.13
Dec 31, 2017 0.57 7.33 1.40 0.68 0.40 1.18 1.64 0.71 0.60 0.11 0.83 0.29
Dec 31, 2016 0.39 7.95 1.16 0.41 0.53 0.74 1.39 0.62 0.71 0.11 0.77 0.71
Dec 31, 2015 0.28 8.03 1.12 0.47 0.54 0.55 1.20 0.59 0.60 0.10 0.59 0.86
Dec 28, 2014 0.27 8.62 1.19 0.53 0.15 0.52 0.80 0.44 0.51 0.18 0.71 0.75
Dec 29, 2013 0.25 3.28 1.45 0.55 0.16 0.30 0.58 0.50 0.48 0.26 0.62 0.36
Dec 30, 2012 0.25 4.66 1.39 0.54 0.28 0.37 0.88 0.39 0.46 0.37 0.46 0.68
Dec 31, 2011 0.34 — 1.13 0.34 0.31 0.52 1.13 0.32 0.47 0.90 0.47 0.58
Dec 31, 2010 0.30 — 0.56 0.35 0.21 0.56 0.59 0.33 0.50 0.31 0.14 1.07
Dec 31, 2009 0.29 — 0.47 0.43 0.25 0.70 0.18 0.30 0.54 0.27 0.14 0.14
Dec 28, 2008 0.28 — 0.50 0.55 0.27 1.55 0.31 0.33 0.30 0.00 0.14 1.20
Dec 30, 2007 0.22 — 0.63 0.59 0.41 0.37 0.38 0.32 0.20 0.43 0.15 0.07
Dec 31, 2006 0.17 — 0.48 0.74 0.37 0.34 0.77 0.39 0.11 0.92 0.19 0.24
Dec 31, 2005 0.07 — 0.19 0.77 0.21 0.60 0.10 0.45 0.27 1.75 0.21 0.75

Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Pharmaceuticals, Biotechnology & Life Sciences)

Johnson & Johnson, debt to equity, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)

Microsoft Excel
Johnson & Johnson Pharmaceuticals, Biotechnology & Life Sciences
Dec 28, 2025 0.59 1.02
Dec 29, 2024 0.51 1.04
Dec 31, 2023 0.43 0.97
Dec 31, 2022 0.52 0.80
Dec 31, 2021 0.46 0.93
Dec 31, 2020 0.56 1.12
Dec 29, 2019 0.47 1.09
Dec 30, 2018 0.51 0.93
Dec 31, 2017 0.57 0.87
Dec 31, 2016 0.39 0.79
Dec 31, 2015 0.28 0.68
Dec 28, 2014 0.27 0.55
Dec 29, 2013 0.25 0.52
Dec 30, 2012 0.25 0.51
Dec 31, 2011 0.34 0.46
Dec 31, 2010 0.30 0.40
Dec 31, 2009 0.29 0.39
Dec 28, 2008 0.28 0.37
Dec 30, 2007 0.22 0.30
Dec 31, 2006 0.17 0.25
Dec 31, 2005 0.07 0.29

Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Health Care)

Johnson & Johnson, debt to equity, long-term trends, comparison to industry (health care)

Microsoft Excel
Johnson & Johnson Health Care
Dec 28, 2025 0.59 0.86
Dec 29, 2024 0.51 0.87
Dec 31, 2023 0.43 0.82
Dec 31, 2022 0.52 0.72
Dec 31, 2021 0.46 0.80
Dec 31, 2020 0.56 0.92
Dec 29, 2019 0.47 0.90
Dec 30, 2018 0.51 0.80
Dec 31, 2017 0.57 0.82
Dec 31, 2016 0.39 0.77
Dec 31, 2015 0.28 0.69
Dec 28, 2014 0.27 0.54
Dec 29, 2013 0.25 0.50
Dec 30, 2012 0.25 0.54
Dec 31, 2011 0.34 0.47
Dec 31, 2010 0.30 0.43
Dec 31, 2009 0.29 0.42
Dec 28, 2008 0.28 0.42
Dec 30, 2007 0.22 0.36
Dec 31, 2006 0.17 0.32
Dec 31, 2005 0.07 0.30

Based on: 10-K (reporting date: 2025-12-28), 10-K (reporting date: 2024-12-29), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-29), 10-K (reporting date: 2018-12-30), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-28), 10-K (reporting date: 2013-12-29), 10-K (reporting date: 2012-12-30), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-28), 10-K (reporting date: 2007-12-30), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).