Price to Book Value (P/BV)
since 2005
Calculation
Johnson & Johnson, P/BV, long-term trends, calculation
| P/BV | = | Share price1, 2, 3 | ÷ | Book value per share1 (BVPS) | BVPS1 | = | Shareholders’ equity1 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | 7.12 | = | 240.86 | ÷ | 33.84 | 33.84 | = | 81,544 | ÷ | 2,409,898,936 | |
| Feb 13, 2025 | 5.30 | = | 157.25 | ÷ | 29.69 | 29.69 | = | 71,490 | ÷ | 2,407,616,693 | |
| Feb 16, 2024 | 5.48 | = | 156.55 | ÷ | 28.55 | 28.55 | = | 68,774 | ÷ | 2,408,767,228 | |
| Feb 16, 2023 | 5.37 | = | 158.24 | ÷ | 29.49 | 29.49 | = | 76,804 | ÷ | 2,604,286,303 | |
| Feb 17, 2022 | 5.90 | = | 166.19 | ÷ | 28.15 | 28.15 | = | 74,023 | ÷ | 2,629,268,158 | |
| Feb 22, 2021 | 6.72 | = | 161.87 | ÷ | 24.07 | 24.07 | = | 63,278 | ÷ | 2,628,679,824 | |
| Feb 18, 2020 | 6.61 | = | 149.14 | ÷ | 22.57 | 22.57 | = | 59,471 | ÷ | 2,634,721,257 | |
| Feb 20, 2019 | 6.08 | = | 136.35 | ÷ | 22.44 | 22.44 | = | 59,752 | ÷ | 2,663,138,579 | |
| Feb 21, 2018 | 5.79 | = | 129.91 | ÷ | 22.42 | 22.42 | = | 60,160 | ÷ | 2,682,901,553 | |
| Feb 27, 2017 | 4.72 | = | 122.40 | ÷ | 25.95 | 25.95 | = | 70,418 | ÷ | 2,713,346,602 | |
| Feb 24, 2016 | 4.07 | = | 104.96 | ÷ | 25.78 | 25.78 | = | 71,150 | ÷ | 2,759,359,192 | |
| Feb 24, 2015 | 4.01 | = | 100.70 | ÷ | 25.09 | 25.09 | = | 69,752 | ÷ | 2,780,488,708 | |
| Feb 21, 2014 | 3.50 | = | 91.52 | ÷ | 26.18 | 26.18 | = | 74,053 | ÷ | 2,828,901,694 | |
| Feb 22, 2013 | 3.29 | = | 76.25 | ÷ | 23.19 | 23.19 | = | 64,826 | ÷ | 2,795,319,117 | |
| Feb 23, 2012 | 3.13 | = | 65.10 | ÷ | 20.79 | 20.79 | = | 57,080 | ÷ | 2,745,078,671 | |
| Feb 25, 2011 | 2.88 | = | 59.64 | ÷ | 20.69 | 20.69 | = | 56,579 | ÷ | 2,735,213,719 | |
| Mar 1, 2010 | 3.45 | = | 63.39 | ÷ | 18.38 | 18.38 | = | 50,588 | ÷ | 2,751,927,062 | |
| Feb 20, 2009 | 3.56 | = | 54.65 | ÷ | 15.37 | 15.37 | = | 42,511 | ÷ | 2,765,804,457 | |
| Feb 26, 2008 | 4.17 | = | 63.72 | ÷ | 15.29 | 15.29 | = | 43,319 | ÷ | 2,832,602,429 | |
| Feb 21, 2007 | 4.78 | = | 65.00 | ÷ | 13.59 | 13.59 | = | 39,318 | ÷ | 2,894,082,681 | |
| Mar 14, 2006 | 4.66 | = | 59.29 | ÷ | 12.73 | 12.73 | = | 37,871 | ÷ | 2,976,068,976 |
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$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Johnson & Johnson Annual Report.
The price-to-book value (P/BV) ratio exhibited considerable fluctuation between 2006 and 2026. Initially, the ratio demonstrated a period of relative stability, followed by a notable increase, and then a period of more moderate variation. A general observation is that the P/BV ratio tends to correlate with overall market sentiment and investor confidence in the company’s future prospects.
- Initial Period (2006-2008)
- From 2006 to 2008, the P/BV ratio remained relatively stable, fluctuating between 4.17 and 4.78. This suggests a consistent valuation of the company relative to its book value during this period. A slight decrease is observed in 2008, potentially reflecting early concerns related to the impending financial crisis.
- Decline and Stabilization (2009-2011)
- A significant decline in the P/BV ratio occurred between 2008 and 2009, falling to a low of 3.56. This likely reflects the impact of the global financial crisis on market valuations. The ratio then stabilized between 2009 and 2011, ranging from 3.45 to 2.88, indicating a period of cautious recovery and reassessment.
- Moderate Increase (2012-2016)
- From 2012 to 2016, the P/BV ratio experienced a moderate increase, rising from 3.13 to 4.07. This suggests improving investor confidence and a positive outlook on the company’s performance. The increase was not dramatic, indicating a steady rather than explosive growth in valuation.
- Significant Expansion (2017-2019)
- The period between 2017 and 2019 witnessed a substantial expansion of the P/BV ratio, increasing from 4.72 to 6.08, and peaking at 6.61 in 2020. This represents a significant premium placed on the company’s net asset value by investors, potentially driven by strong earnings growth or positive market perception.
- Recent Fluctuations (2020-2026)
- Following the peak in 2020, the P/BV ratio experienced a decline to 5.37 in 2021, followed by a further decrease to 5.30 in 2022. However, a substantial increase is observed in 2023 and 2024, reaching 7.12. This recent surge suggests a renewed positive outlook or a re-evaluation of the company’s intrinsic value. The book value per share also increased during this period, but not at the same rate as the share price.
Overall, the P/BV ratio demonstrates a dynamic relationship with market conditions and company-specific factors. The observed trends suggest periods of both undervaluation and overvaluation relative to book value, highlighting the importance of considering this ratio in conjunction with other financial metrics and qualitative factors when assessing the company’s investment potential.
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Comparison to Competitors
Johnson & Johnson, P/BV, long-term trends, comparison to competitors
| 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. | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 11, 2026 | 7.12 | — | 22.99 | 6.61 | 2.82 | 36.91 | 8.07 | 5.82 | 1.78 | 2.62 | 3.62 | 6.69 |
| Feb 13, 2025 | 5.30 | 102.40 | 26.61 | 6.98 | 3.00 | 57.93 | 7.36 | 4.99 | 1.68 | 2.67 | 4.09 | 7.24 |
| Feb 16, 2024 | 5.48 | 29.97 | 24.94 | 3.35 | 3.47 | 65.80 | 4.01 | 8.68 | 1.75 | 3.96 | 4.57 | 6.26 |
| Feb 16, 2023 | 5.37 | 15.52 | 35.01 | 4.88 | 3.64 | 29.36 | 4.90 | 6.07 | 2.48 | 3.77 | 4.83 | 5.50 |
| Feb 17, 2022 | 5.90 | 16.53 | 18.51 | 4.07 | 4.16 | 25.28 | 3.65 | 5.05 | 3.35 | 3.60 | 5.18 | 6.16 |
| Feb 22, 2021 | 6.72 | 14.18 | 14.53 | 3.55 | 3.93 | 35.07 | 4.33 | 7.46 | 2.98 | 4.81 | 5.15 | 6.30 |
| Feb 18, 2020 | 6.61 | — | 13.84 | 2.80 | 3.72 | 51.67 | 3.93 | 7.83 | 3.00 | 3.79 | 4.16 | 10.23 |
| Feb 20, 2019 | 6.08 | — | 9.41 | 5.89 | 2.80 | 12.87 | 3.89 | 7.79 | 3.80 | 5.07 | 3.75 | 10.68 |
| Feb 21, 2018 | 5.79 | 36.95 | 5.02 | 8.88 | 2.58 | 7.33 | 5.15 | 4.30 | 2.94 | 5.66 | 3.30 | 20.14 |
| Feb 27, 2017 | 4.72 | 21.24 | 4.14 | 5.66 | 2.56 | 6.33 | 4.88 | 4.51 | 3.40 | 8.58 | 2.86 | 18.42 |
| Feb 24, 2016 | 4.07 | 22.17 | 3.94 | 7.04 | 2.53 | 5.51 | 6.59 | 3.15 | 2.84 | 10.53 | 2.42 | 22.38 |
| Feb 24, 2015 | 4.01 | 56.09 | 4.59 | 6.72 | 2.63 | 5.14 | 10.08 | 3.42 | 2.95 | 16.22 | 2.51 | 25.60 |
| Feb 21, 2014 | 3.50 | 18.05 | 4.30 | 5.92 | 2.38 | 3.69 | 11.36 | 3.35 | 2.69 | 16.74 | 2.90 | 14.77 |
| Feb 22, 2013 | 3.29 | 18.06 | 3.57 | 4.40 | 2.23 | 4.15 | 7.01 | 2.44 | 2.42 | 12.91 | 1.72 | 10.08 |
| Feb 23, 2012 | 3.13 | — | 2.83 | 3.50 | 2.17 | 3.35 | 5.08 | 2.14 | 1.95 | 19.19 | 1.38 | 10.05 |
| Feb 25, 2011 | 2.88 | — | 2.04 | 2.76 | 2.39 | 3.21 | 5.29 | 1.85 | 1.75 | 6.42 | 1.41 | 16.16 |
| Mar 1, 2010 | 3.45 | — | 2.46 | 2.88 | 2.07 | 4.17 | 6.74 | 1.97 | 1.57 | 5.49 | 1.29 | 7.45 |
| Feb 20, 2009 | 3.56 | — | 2.48 | 3.29 | 1.69 | 5.01 | 9.83 | 2.72 | 1.44 | 2.94 | 1.02 | 21.09 |
| Feb 26, 2008 | 4.17 | — | 2.77 | 4.22 | 2.62 | 4.16 | 11.76 | 5.38 | 2.32 | 3.24 | 1.62 | 8.92 |
| Feb 21, 2007 | 4.78 | — | 3.96 | 5.50 | 3.32 | 5.43 | 18.07 | 5.45 | 2.49 | 5.77 | 1.38 | 7.52 |
| Mar 14, 2006 | 4.66 | — | 4.26 | 4.00 | 3.78 | 5.85 | 9.18 | 4.30 | 2.94 | 8.16 | 2.03 | 18.12 |
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, P/BV, long-term trends, comparison to sector (pharmaceuticals, biotechnology & life sciences)
| Johnson & Johnson | Pharmaceuticals, Biotechnology & Life Sciences | |
|---|---|---|
| Feb 11, 2026 | 7.12 | 7.72 |
| Feb 13, 2025 | 5.30 | 7.03 |
| Feb 16, 2024 | 5.48 | 6.77 |
| Feb 16, 2023 | 5.37 | 5.66 |
| Feb 17, 2022 | 5.90 | 5.72 |
| Feb 22, 2021 | 6.72 | 5.99 |
| Feb 18, 2020 | 6.61 | 5.82 |
| Feb 20, 2019 | 6.08 | 6.02 |
| Feb 21, 2018 | 5.79 | 5.14 |
| Feb 27, 2017 | 4.72 | 4.58 |
| Feb 24, 2016 | 4.07 | 4.15 |
| Feb 24, 2015 | 4.01 | 4.47 |
| Feb 21, 2014 | 3.50 | 3.97 |
| Feb 22, 2013 | 3.29 | 3.21 |
| Feb 23, 2012 | 3.13 | 2.55 |
| Feb 25, 2011 | 2.88 | 2.25 |
| Mar 1, 2010 | 3.45 | 2.37 |
| Feb 20, 2009 | 3.56 | 2.60 |
| Feb 26, 2008 | 4.17 | 3.42 |
| Feb 21, 2007 | 4.78 | 3.82 |
| Mar 14, 2006 | 4.66 | 4.00 |
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, P/BV, long-term trends, comparison to industry (health care)
| Johnson & Johnson | Health Care | |
|---|---|---|
| Feb 11, 2026 | 7.12 | 6.08 |
| Feb 13, 2025 | 5.30 | 5.99 |
| Feb 16, 2024 | 5.48 | 5.94 |
| Feb 16, 2023 | 5.37 | 87,112.79 |
| Feb 17, 2022 | 5.90 | 5.48 |
| Feb 22, 2021 | 6.72 | 5.37 |
| Feb 18, 2020 | 6.61 | 5.14 |
| Feb 20, 2019 | 6.08 | 5.17 |
| Feb 21, 2018 | 5.79 | 4.55 |
| Feb 27, 2017 | 4.72 | 4.06 |
| Feb 24, 2016 | 4.07 | 3.62 |
| Feb 24, 2015 | 4.01 | 4.10 |
| Feb 21, 2014 | 3.50 | 3.51 |
| Feb 22, 2013 | 3.29 | 2.87 |
| Feb 23, 2012 | 3.13 | 2.51 |
| Feb 25, 2011 | 2.88 | 2.24 |
| Mar 1, 2010 | 3.45 | 2.36 |
| Feb 20, 2009 | 3.56 | 2.65 |
| Feb 26, 2008 | 4.17 | 3.45 |
| Feb 21, 2007 | 4.78 | 3.81 |
| Mar 14, 2006 | 4.66 | 3.97 |
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).